Vietnam’s Military Bank to launch the country’s first domestic crypto exchange

Bitcoin layer-2 project Elastos sees ELA token surgeSingaporean blockchain developer Elastos has unveiled its BeL2 layer-2 network set to run on top of the Bitcoin blockchain, eventually prompting a token price surge.50% increaseThe project aims to address challenges such as transaction volume limitations and the complexity of programmable contracts within the Bitcoin ecosystem. Despite the initial muted response from the crypto community after the late November announcement, Elastos’ native token, ELA, has experienced an extraordinary surge on Wednesday. Over the course of the past 24 hours, the token’s unit price has jumped from $2.06 to $3.09. That represents a 50% increase.Photo by Kanchanara on UnsplashBringing smart contracts to BitcoinOn Dec. 2, the project released its BeL2 whitepaper, describing it as “a transformative approach to enhancing Bitcoin’s functionality.” BeL2 has the potential to bring about significant advancements by leveraging SmartWeb technology to introduce staking solutions and incorporate zero-knowledge proof technology.A zk proof is a cryptographic method through which one party can prove to another party that a particular statement is true, all the while avoiding the leakage of any additional information aside from confirming the statement is true. Up until now, zk proofs have been largely the preserve of Ethereum-centric projects.Alongside zk proofs, BeL2 will utilize Bitcoin-powered Ethereum Virtual Machine (EVM) smart contracts. This approach is expected to expedite transactions within the network and introduce governance through a decentralized model.BeL2 roadmapThe roadmap for BeL2 includes a three-month development phase for a proof-of-concept, followed by an additional three months dedicated to the decentralization of relayers. These relayers, acting as third-party services facilitating communication and data transactions between different blockchain networks, play a crucial role in the overall implementation of BeL2.Elastos envisions BeL2 as a Layer 2 network built on Bitcoin, introducing sophisticated BTC transactions on its blockchain. Beyond staking, the network aims to provide direct yield and affordable transactions on native decentralized applications. The move marks a significant shift, allowing Bitcoin holders to stake their assets directly, unlocking potential value exceeding $700 billion.Looking ahead, Elastos plans to chart the decentralized finance (DeFi) course on BTC by enabling smart contract deployment and irreversible digital agreements between participants.As interest in Bitcoin continues to rise, driven by innovations like inscriptions and spot ETF discussions in the United States, Elastos’ BeL2 initiative is garnering greater attention, relative to the potential to usher in a new era of possibilities for the world’s most popular digital currency.The project was founded in 2017 by Rong Chen, a former senior software engineer at Microsoft. Taking to the X social media platform earlier this month, Chen wrote:“I don’t see any other paths to the final #Web3 destination except:(1) A #BTC merge mining blockchain, plus smart-contract sidechains as needed;(2) A #SmartWeb operating system (OS) to facilitate personal node to own data, plus personal-node to personal-node direct communication links;(3) Personal Cloud Compute (#PC2) Runtime sandbox, so individuals are on the same footing as big brothers;(4) Digital goods software-development-kits (embedded OS #SDKs), entrusting your data to nobody else but yourself, i.e., your own code to check access tickets/tokens before loading and rendering data.”The Elastos ecosystem employs three-layer consensus mechanisms: auxiliary proof-of-work, proof-of-integrity and bonded proof-of-stake. It’s hoped that the project can improve upon the original layer-2 solution for Bitcoin, the Lightning Network, which has had issues in terms of scalability and centralization risk.

BitBunny, a South Korean mobile app that distributes rewards based on walking activity, now offers rewards in the form of Bitcoin, according to an article by local news outlet TechM on Tuesday (KST).Photo by Thom Milkovic on UnsplashUnlocking rewardsBitBunny allows users to earn Bitcoin by completing missions like walking, checking daily attendance, inviting other friends to use the app, watching advertisements and participating in quizzes and games. Last Friday, the app added a new feature called "Catch the Bunny," a game where users can earn up to 10,000 points, or “coins”. These coins can either be used as cash when exchanged for vouchers – which can be used at various brands like Starbucks or Burger King – or invested in cryptocurrencies like Bitcoin, Ethereum, Ripple and Dogecoin. Due to these features, the app surpassed 100,000 users within just three months of release. BitBunny's vision"BitBunny's growth is an example of how mobile app technology and crypto are converging in everyday life, creating new user experiences," said Lee Kyung-tae, Team Lead at BitBunny. "We will continue to try different things to keep users interested and engaged." With a commitment to experimentation and user engagement, BitBunny is poised to redefine the way that users interact with both mobile apps and cryptocurrencies, offering a glimpse into a more integrated and rewarding digital future.

Police Crack Down on JPEX Continues with Millions RecoveredHong Kong authorities are intensifying their efforts to deliver justice to victims of the JPEX cryptocurrency exchange fraud, a scandal that has left thousands of investors in distress.According to recent reports in the South China Morning Post (SCMP) on Wednesday and Friday, more arrests have been made, with the recovery of more assets. The pursuit of those responsible for orchestrating this massive scam is in full swing.Photo by RJ Joquico on UnsplashLargest digital asset fraud in Hong Kong historyThe Dubai-headquartered JPEX crypto exchange, an unauthorized platform, stands accused of defrauding more than 2,400 individuals of nearly $200 million, marking it as the largest digital asset fraud case in Hong Kong’s history. During a recent press conference, the Secretary for Security of Hong Kong, Chris Tang Ping-keung, expressed his commitment to ensuring justice prevails for the victims.Tang revealed that among the assets seized by the police were more than HK$8 million ($1 million) in cash and assets valued at HK$77 million ($9.8 million), including real estate and digital currency. These significant seizures mark a pivotal step in the ongoing investigation. Furthermore, the police have apprehended 12 individuals connected to the JPEX scheme, including three employees of JPEX Technical Support Company and two YouTubers.The first signs of trouble emerged when JPEX users faced difficulties in withdrawing their funds on September 15. In response to mounting complaints and regulatory warnings, JPEX infamously raised its withdrawal fees to 999 Tether in a desperate attempt to discourage users from withdrawing funds. This maneuver raised suspicion and intensified the scrutiny on the exchange.Ongoing investigationLocal authorities in Hong Kong have been inundated with 2,369 complaints from victims who lost their investments in the unregulated exchange. The estimated total monetary loss is HK$1.4 billion ($178 million). While the police continue towards bringing those responsible to justice, they are also collaborating closely with regulators to implement measures aimed at preventing the emergence of such fraudulent schemes in the future.Recent developments have seen the net tighten around the individuals connected to JPEX. Additional arrests have been made in Hong Kong and Macao. Hong Kong police apprehended two individuals who were caught attempting to destroy documents with paper shredders and bleach. In addition, they seized almost HK$9 million ($1.15 million) in cash and gold from three apartments.Meanwhile, Macao authorities apprehended two more individuals and confiscated over HK$14 million ($1.8 million) in cash and valuables. The suspects had made multiple visits to Macau this month, which may be linked to their illicit activities.Hong Kong’s Securities and Futures Commission (SFC) had issued a prior warning, stating that JPEX operated without the necessary licenses and had maliciously frozen users’ funds. Last week, the SFC took a step further, blocking access to web and mobile versions of the platform with JPEX responding by encouraging users to sidestep the measure through the use of VPN.