BitBunny app offers users Bitcoin rewards for walking

Further JPEX Controversy Due to DAO PlanDubai-headquartered crypto exchange JPEX, which has recently found itself at the center of controversy in Hong Kong, has moved forward with a plan to transition the platform into a decentralized autonomous organization (DAO).Photo by Clint Adair on UnsplashDisputed voting outcomeThe firm’s management envisages converting user assets into dividend shares, with an incentive to lock them up for two years. While the exchange claims that the majority of its users voted in favor of the plan, some users are alleging that their assets have been converted without their knowledge or consent.The company announced the outcome of its DAO Shareholder Dividend Scheme referendum on its website on Wednesday. According to JPEX, voting on the program concluded on September 28. The company alleges that 68% of users voted to support the proposed scheme.Asset conversionUnder this plan, users can convert their currently frozen assets into DAO Stakeholder dividends at a 1:1 ratio. JPEX also offers a repurchase option at 30% of the conversion price after one year and a 100% repurchase option after two years.In a prior announcement, JPEX stated that users who agreed to the scheme would receive dividends from the exchange through a new token listing, trading fees, and a distribution of JPEX Coin (JPC), the platform’s native token, in proportion to their shareholder dividends.The scheme seems to encourage users to keep their funds on the exchange, which has been grappling with liquidity issues. Previously, the exchange had taken to putting in place unreasonably high withdrawal fees to discourage users from attempting to withdraw their funds from the platform.Ongoing falloutThere has been ongoing fallout from the exchange businesses' difficulties over recent weeks. At first, a number of influencers who had promoted the exchange were arrested. Later, Hong Kong regulators suggested they were giving further scrutiny to crypto trading regulations in light of the scandal.Further arrests were made in connection with the exchange’s activities. Regulators have suggested that they would create a public listing of platforms that are actually regulated within the Chinese autonomous territory and the licensing status of those businesses. On Thursday the South China Morning Post (SCMP) reported that a further six people have been arrested in relation to the scandal, including the company’s CEO.In another report on Wednesday the SCMP had cited one platform user who maintained that her assets had already been converted to JPC tokens without her consent or prior knowledge. She and other users discovered that they could no longer withdraw their assets following JPEX’s announcement to proceed with the plan.“All of my [Tether] USDT and other cryptocurrencies are gone, all transferred to JPC,” she lamented, noting that her assets had been converted to JPC, a token with low liquidity and limited use cases. She expressed concern about the unknown price of JPC and the inability to withdraw, suggesting their assets had become worthless.On Wednesday, Hong Kong’s police and securities regulator jointly launched a crypto-focused task force aimed at combating illicit activities by cryptocurrency exchanges in the region.

Lotte World Unveils Theme Park Maps in Metaverse Platform The SandboxLotte World, one of South Korea’s major theme parks, announced Wednesday (local time) that it is making its debut on the global metaverse platform The Sandbox, on which it will unveil a virtual map that mirrors the offline theme park experience with quests and missions.Photo by Shuto Araki on UnsplashImmersive virtual adventuresThe map portrays a fantastical concept with two realms — Lotte World Station and Fairy Tale World. Lotte World Station is a map of a train station modeled after the theme park that serves as both the starting point for all journeys through the metaverse and as a gateway to other maps. Users can explore the map and learn about the various virtual adventures awaiting them. The map also offers information about Lotte World’s five businesses, including Lotte World Adventure, Lotte Water Park, Seoul Sky, and more.Users can even enjoy attractions such as Lotte World Adventure’s Balloon Ride and World Monorail, as well as Seoul Sky’s Sky Bridge and the Water Park’s Tornado Water Slide.On the other hand, Fairy Tale World is a kingdom-themed map where Lorry and Lotty — Lotte World’s famous mascots — reside as queen and knight. Users can access this map by riding the World Monorail from Lotte World Station. They can then embark on quests to save the cursed Fairy Tale World and enjoy rides such as Gyro Drop, Fantasy Dream, Bumper Cars, and Merry-Go-Round.Furthermore, the virtual map features Lotte World Adventure’s iconic landmark, Magic Castle, and Lotte World Adventure Busan’s Talking Tree, where parades will also be held.Special eventThe theme park is also holding an opening event in celebration of the map’s launch. Users who complete quests within Lotte World Station and Fairy Tale World by November 8 will receive rewards. Furthermore, those who possess items that they collected from the Lotte World Adventure game that was released in July will receive additional rewards.“We plan to release three more maps in the future to further diversify our metaverse content. We are committed to showcasing unique content that Lotte World alone can provide, transcending the boundaries of online and offline experiences,” the theme park said.

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.