UAE Accelerates Cross-Border Payments with JPMorgan’s Onyx

Terraform Labs Co-Founder Indicted in South KoreaTen individuals linked to the Terra USD collapse have been indicted in South Korea on charges associated with violations of capital markets law, including the Co-Founder of Terraform Labs, Daniel Shin. That’s according to a report published by Bloomberg on Tuesday.©Pexels/Donald TongTwo of the ten were charged with breach of trust while the remaining eight, including Shin, were charged with illegal trading. Prosecutors confirmed that all of the charged individuals have ties to Terraform Labs, the company responsible for developing the Terra protocol, and the Terra USD (TUSD) stablecoin and Luna cryptocurrency which collapsed in 2022.It’s understood that the ten individuals were also accused of illegal disclosure of clients’ payment information and the embezzlement of corporate funds. The authorities have claimed that the ten individuals are responsible for causing “astronomical damage” to investors. They estimate that all ten of them took 463 billion won, around $347 million, in profit.Business interestsShin co-founded Terraform Labs with Do Kwon in 2018. He left the project in 2020, long before its spectacular failure in 2022. However, he would have profited considerably from the project. Prior to co-founding Terraform Labs, Shin had founded lifestyle commerce company TMON in 2010. Two years later, he founded venture capital and private equity firm, Fast Track Asia while in 2017 he was a founding partner of another venture capital and private equity firm, Bass Investment.He remains involved in all of those other businesses. Furthermore, Shin founded integrated payments firm PortOne Global in January 2020, immediately upon exiting Terraform Labs. He remains CEO of PortOne Global today.$185 million frozenOn Tuesday, the Seoul Southern District Prosecutor’s Office outlined that it had frozen assets to the value of 246.8 billion won, approximately $185 million, belonging to those that it has brought charges against. South Korean authorities had previously acknowledged a difficulty in seizing assets related to Terraform Labs Co-Founder Do Kwon. It’s understood that a transfer of funds from Do Kwon to a prominent South Korean law firm is being investigated. Otherwise, the search for funds has led them overseas where it’s understood that Do Kwon purchased real estate in his mother’s name in the United States in a bid to evade asset confiscation.Free pending trialShin remains at liberty pending trial. Back in December, a South Korean court turned down a request to arrest him on the basis that he wasn’t likely to destroy evidence and wouldn’t pose a flight risk.That hasn’t proven to be the case where his former colleague Do Kwon is concerned. Do Kwon fled to Montenegro where he was recently charged with having entered the country on false documents. Both South Korea and the United States have formally applied for his extradition. In the United States, the Securities and Exchange Commission (SEC) has sued both Do Kwon and Terraform Labs. Terraform Labs subsequently submitted a request to the courts in the US to dismiss the lawsuit, claiming the SEC lacks jurisdiction.

Metabora Singapore (Metabora SG), a blockchain content platform and an affiliate of multi-platform game company Kakao Games, announced a partnership today with Oasys, a blockchain platform tailored for Web3 games.  According to local media outlet Dailian, the partnership is expected to attract more users to Oasys’ Web3 gaming platform by enhancing its interoperability, expanding its ecosystem and providing “killer content,” all of which are the pillars of “Dragon Update,” a vision to achieve for Oasys for the year 2024.  Oasys has been emerging as a blockchain for Web3 gamers, as it continues to forge partnerships with Asian tech and game giants such as Com2uS and Ground X, a blockchain subsidiary of Kakao. Com2uS is the developer of popular games such as “Summoners War: Chronicles” and “Walking Dead: All Stars”, while Ground X operates its own crypto wallet.  Photo by Fredrick Tendong on UnsplashMaking inroads into the Japanese gaming market It is anticipated that Metabora SG will make use of Oasys’s strong network and powerful user base to enter the Japanese gaming market, which is deemed one of the biggest global markets boasting $44.4 billion in sales this year, according to Statista.  Oasys is known to have forged deep partnerships with major gaming companies in Japan, of which Oasys serves as their network validator. Metabora SG will be able to leverage Oasys’ support when entering the Japanese market.  Collaboration on blockchain technology “We are delighted to partner with Metabora SG, a company that fully shares our vision of revolutionizing the gaming industry through the use of blockchain technology. As we aggressively move forward and expand our business relationships with various gaming giants based in Korea, the partnership with Metabora SG by Kakao Games marks another important milestone for further business expansion in the region,” said Dominic Jang, the head of global business development at Oasys and the head of Korea at Oasys. “We are keen to nurture a more in-depth relationship with the Metabora SG team to maximize the synergy with Oasys, advancing the mass adoption of blockchain gaming,” he added.  With its extensive experience in offering immersive gaming experiences to users, Metabora SG is on its way to revolutionizing the gaming industry by integrating eco-friendly technology provided by Oasys.  Vincent Lim, CBO of Metabora SG, said that behind this partnership are people who share the same vision of enhancing the Web3 gaming ecosystem. He added that the two companies will provide immersive games that are easy to access to gamers all across the world, who haven’t yet experienced blockchain-based games. 

Finger Labs Embarks on Web3 Content Distribution Project through NFT Marketplace XclusiveFinger Labs, the blockchain subsidiary of South Korean digital marketing giant FSN, announced today the launch of a Web3 content distribution project through its non-fungible token (NFT) marketplace Xclusive, according to local news outlet Newsis.Photo by GR Stocks on UnsplashBTS-inspired dramaTo make this project a reality, Finger Labs has joined forces with CRB Media in a strategic partnership aimed at enhancing content publishing, promotion, and distribution. Their first collaboration is a drama series called “YOUTH,” which draws inspiration from BTS’ album “The Most Beautiful Moment in Life: Young Forever.” The partnership between the two entities will allow Finger Labs to gain access to CRB Media’s copyrighted content materials and design resources required for effective marketing.NFT marketplaceXclusive, launched as a beta service last year, serves as a secondary market for NFTs and a launch pad for a wide variety of projects, contributing to the expansion of the NFT sector. In preparation for Xclusive’s official introduction, Finger Labs has been diligently working on developing user-friendly functions to fuel the growth of the Web3 ecosystem. The company explained that the Web3 content distribution project represents a major milestone in the expansion of innovative businesses.Sharing revenuesFinger Labs looks forward to addressing issues faced by traditional content distribution platforms, especially in the wake of the rise of over-the-top (OTT) media services. By leveraging blockchain technology, the Web3 content distribution system will introduce decentralization, enabling network participants to claim their share of revenues. The system will pave the way for decentralized content consumption practices like trading or lending of video access rights, which will be unveiled when the first content YOUTH goes live.Kim Dong-hoon, CEO of Finger Labs, emphasized that the surge in popularity of OTT platforms has presented challenges for content distributors. In response, Finger Labs aims to utilize new technologies to reshape content distribution, nurturing a new cultural landscape. Kim expressed excitement over their first collaboration, YOUTH, whose global recognition will provide momentum to the company’s initiative.