OKX Entering Indian Market With a Focus on Web3

Seychelles-headquartered global crypto exchange KuCoin has announced the full launch of its affiliate in Thailand. KuCoin Thailand was first presented by KuCoin back in April. The affiliate company emerged through a rebranding of local digital asset exchange, ERX. The renamed entity continues to be operated by ERX Company Ltd., while benefiting as a KuCoin affiliate from its global market presence and global exchange infrastructure.Photo by Bradley Prentice on UnsplashERX platform users onboardedSince that initial announcement, the exchange has been operated by onboarding users on an invite-only basis. All of the original ERX platform users have been ported across to KuCoin Thailand. In a statement published to its website on June 13, KuCoin Thailand pointed out that it is moving on from that invite-only phase to fully launch the platform.  It asserted that the platform is fully licensed by Thailand’s Securities and Exchange Commission (SEC) and it has now proceeded to full launch with no further access restrictions. In tandem with the full public launch of the platform, the company indicated that it was running a special rewards initiative with a prize pool of one million Thai Baht ($30,845) and introducing a new brand mascot named “Kuku.” In a press release, KuCoin claimed that “this marks the first fully regulated local digital asset exchange under KuCoin's brand,” contributing towards the company’s goal “to build fast, secure, and user-friendly infrastructure for crypto users” globally. Strengthening KuCoin’s presence in Southeast AsiaKuCoin CEO BC Wong described the launch as “a significant milestone in [the company’s] global compliance journey.” He added: “From being the first global exchange to register with India's FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of South East Asia.” In discussion with Cointelegraph, the KuCoin CEO provided an insight into how the company is approaching global growth while focusing on local market considerations. He stated: “While KuCoin Global supports a wide range of products for international users, we plan to expand locally in line with regulations and market demand.” Wong confirmed that the newly branded entity facilitates crypto spot trading for its users, with Thai Baht-based on and off ramps. Regulator & police enforcementThailand’s SEC moved to block five cryptocurrency platforms from accessing investors resident in Thailand late last month. The exchanges, OKX, Bybit, CoinEx, XT.com and 1000X.Live, were deemed to have been offering their services in Thailand on an unlicensed and unauthorized basis. In addition to blocking access, criminal complaints have been filed against all five exchanges. Thai police have also been busy recently with crypto-related enforcement. Last month, a Vietnamese woman was arrested on the basis of her alleged involvement in a crypto-related scam that saw 2,600 victims lose a total of $300 million. On June 12, Bangkok-based news platform Khaosod English reported that a Chinese man had been arrested in connection with a $6 million Bitcoin fraud case.

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

Hot Wallet Exploit Results in $23M Bitrue LossBitrue, a Singapore-based crypto exchange, has fallen prey to a $23 million hack due to a hot wallet exploit. The exchange has been forced to suspend all withdrawals until April 18, to provide an opportunity to conduct a thorough security review.©Pexels/Karolina GrabowskaHot wallet vulnerabilityHot wallets are used by exchanges to store small amounts of cryptocurrencies for easy access. These wallets are connected to the internet and are therefore more vulnerable to attacks compared to cold wallets, which are stored offline. In the case of Bitrue, hackers were able to exploit the hot wallet and steal cryptocurrencies worth $23 million.In a series of Twitter posts, the exchange outlined that the exploit occurred at 07:18 (UTC) on Friday. “We were able to address the matter quickly and prevented the further exploit of funds”, it went on to state.The stolen digital assets include ETH, QNT, GALA, SHIB, HOT and MATIC. Bitrue outlined that the hot wallet funds account for only 5% of overall funds and that the rest of its wallets remain secure and have not been compromised.Blockchain security firm PeckShield outlined how the funds were swapped and drained. A wallet it has labeled as “Bitrue drainer” swapped 173,000 QNT, 22.55 billion SHIB tokens, 46.4 million GALA and 310,000 MATIC for 8,540 ETH. The ether is now being held within the following address:0x1819EDe3B8411EbC613F3603813Bf42aE09bA5A5Reimbursing usersIn response to the hack, Bitrue has promised to reimburse all affected users. However, the process could take some time.The incident underscores the importance of taking precautions when storing cryptocurrencies on exchanges. Users should only keep a minimal amount of cryptocurrencies on an exchange and should not store more than they can afford to lose. Ongoing exploits, hacks and frauds exemplify the need for users to only use reputable platforms with a proven track record of security.Doubling down on securityBitrue has promised to improve its security measures to prevent similar incidents from occurring in the future. The exchange’s response to the hack has been lauded by many in the cryptocurrency community, who have praised the company’s transparency and commitment to reimbursing affected users.The cryptocurrency community has been vocal in its criticism of exchanges that fail to prioritize security. The Bitrue hack is just the latest in a series of incidents that have highlighted the importance of maintaining security in the world of cryptocurrency.It’s not the first security breach that the exchange has encountered. In 2019 Bitrue suffered a $4.7 million loss, with quantities of both XRP and Cardano (ADA) having been stolen. On that occasion, the exchange released tracking details relative to the stolen funds. Thanks to collaboration with Huobi, Bittrex and ChangeNOW, the funds and associated accounts were frozen.According to data from CoinGecko, Bitrue trades an average of $1 billion in digital assets daily, with bitcoin and ether trading pairs accounting for a large proportion of that trading volume. The Bitrue hack has been a wake-up call for the cryptocurrency community and serves as a reminder of the ongoing risks associated with storing cryptocurrencies on exchanges.