Gate.io Shrugs Off Withdrawal Concerns Amid Multichain Crisis

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.

OCBC Bank Partners With ADDX to Launch Tokenized NoteSingapore’s longest established bank, OCBC Bank, has partnered with blockchain-centric private market investment platform, ADDX, to launch a tokenized equity-linked structured note.Tokenized equity-based productsThe product is significant in that it represents the first tokenized equity-linked structured note that the cornerstone bank has offered. That in itself gives an indication of how conventional finance will mesh with tokenized products as both the conventional finance system and digital assets space evolve over the coming years.An equity-linked note is a debt instrument, normally in the form of a bond. It’s distinct from a standard fixed income security as it’s a market-linked structured product. That means that it performs in sync with a particular equity stock, a basket of equity stocks or with an equity index.ADDX CEO Oi-Yee Choo elaborated on the product offering: “Structured products are designed to provide investors with unique risk and return characteristics that may not be available through traditional investments, and are an attractive option for investors weighing yield-generating options in the current economic climate.”Photo by Shubham Dhage on UnsplashLeveraging tokenizationBy leveraging tokenization, the ADDX platform realizes cost savings, cutting out counterparties from the process. Additionally, tokenization allows fractionalization of assets and financial products, making a product offering accessible to all market participants. In this particular instance, the OCDC/ADDX product is restricted solely to accredited investors.Singapore-based ADDX currently lists in excess of seventy tokenized products on its platform right now. These range from commercial paper, bonds, real estate and equities or equity-based products.On those products it has collaborated with global alternative investment product specialists Investcorp and Hamilton Lane, telecommunications giant Singtel and securities broker CGS-CIMB Securities. Additionally, it has partnered with UOB, Singapore’s third largest bank, and a number of entities owned by state-owned Singaporean investing giant, Temasek.While the conventional finance world has been skeptical of digital assets and the overarching cryptocurrency and blockchain space has had its fair share of setbacks interlaced within its progression, forward-looking TradFi players are conscious of not getting left behind. That’s reflected in the comments of OCBC Bank’s Head of Global Treasury, Kenneth Lai, in relation to the ADDX partnership:”While we already have a comprehensive stable of treasury products which includes sustainability-linked interest rate swaps, cross currency swaps, structured deposits and green bonds, it is important that we continue to innovate and find new channels for our products. We are therefore pleased to be the first Singapore bank to offer an equity-linked structured note in tokenized form on ADDX. It is the first innovation resulting from a longer-term partnership with ADDX, and we are hopeful that it will lead to more diverse product offerings that are relevant and appealing to the global accredited investor base of ADDX.”Further comments by Choo suggest that the two firms have plans to broaden the partnership to encompass a greater range of products. She referred to more structured products being in the pipeline as the duo seek to exploit their combined expertise and capabilities.As it stands today, just $0.3 trillion in global assets are currently tokenized. That number is expected to grow to $16 trillion within seven years.

SK Planet Teams Up with T1 for LoL NFT Event: ‘The Hero’s Journey’SK Planet, the data and tech subsidiary of South Korean conglomerate SK Group, announced last week that it is conducting a non-fungible token (NFT) event called “The Hero’s Journey.” This event is a collaborative effort with T1 Entertainment and Sports, the company behind League of Legends (LoL) team T1. T1 Entertainment and Sports is a global esports joint venture established by American company Comcast Spectacor and SK Telecom, the telecommunications subsidiary of SK Group.This event coincides with the 2023 League of Legends World Championship (Worlds 2023), taking place in Korea from October 10 to November 19 (local time).Photo by RDNE Stock project on PexelsMission-based adventureThe NFT promotion, running until December 3, promises a unique and rewarding experience for users. LoL and NFT enthusiasts are encouraged to complete five missions and earn NFTs at various physical locations related to T1, a participant in Worlds 2023.These locations include T1’s headquarters, Base Camp, Café & Arena, and HiKR Ground. To complete their missions, visitors can collect stamps from each site, sign up for a T1 membership, and either attend a Worlds 2023 game at the stadium or join the viewing party.Anyone who has downloaded UPTN Station, the digital wallet launched in June by SK Planet, can join this promotional event, with the chance to receive rewards for each completed mission. Rewards include NFTs of LoL players like Lee “Faker” Sang-hyeok and Choi “Zeus” Woo-je, discounts on T1 memberships, vouchers for the T1 HQ SHOP, and free drink coupons.Upon completing all five missions, participants will automatically be entered for a chance to win various prizes. These include AVAX tokens, player-signed jerseys, tickets to T1 CON — a fan meet-up with T1 players — and a T1 Bap invitation, which gives fans the opportunity to tour the T1 headquarters and enjoy a meal on-site.SK Planet’s NFT commitmentLately, SK Planet has been actively undertaking NFT endeavors. In June, it introduced an NFT membership program named “Road to Rich,” capitalizing on OK Cashbag, which is the popular customer rewards program of SK Planet. This was followed by the debut of a blockchain-centric ticketing service, developed in partnership with layer 1 blockchain protocol Avalanche. Looking ahead, SK Planet aims to provide an even broader range of practical utility NFTs.Commenting on their latest project, Kim Kyo-soo, who leads the customer experience division at SK Planet, shared his excitement about collaborating with T1, one of the world’s most popular esports teams. He sees the use of NFTs in this event as a meaningful way to connect with fans in person. Kim anticipates a strong response and active participation from the esports community.