Coinbit suspends operations, marking second crypto exchange shutdown this month

As part of the celebration of Holi, the Hindu festival of colors, the Indian Railway Catering and Tourism Corporation (IRCTC) is unveiling a series of colorful NFT tickets for the Lucknow to Delhi train service. Governed by the Ministry of Railways, IRCTC is a central public sector enterprise in India. Taking to the X social media platform on March 13, the railway company offered a sneak peek into these NFTs, showcasing sketches of iconic landmarks from both Delhi and Lucknow against vividly shaded backgrounds.Photo by Johannes Plenio on UnsplashLimited-time ticketing offeringCommencing March 20, passengers booking tickets for Tejas trains numbered 82501 and 82502 will have the opportunity to access these exclusive NFTs, with the initiative set to conclude on April 2. In its social media post, the IRCTC outlined the additional perks accompanying these NFT tickets, stating:"These tickets are not merely digital souvenirs. ... They symbolize our dedication to enriching your journey experiences, allowing you to personalize your travel memories with your own photographs and enjoy exclusive offers from handpicked brands." As of now, the IRCTC has not officially confirmed whether these NFT tickets will be complimentary with ticket purchases or if passengers will need to make additional payments to acquire these digital collectibles. Polygon and HyperledgerNFTs, or non-fungible tokens, are digital assets built on blockchain networks. Earlier this year, the IRCTC collaborated with NFTtrace, a service offered by Bangalore-based blockchain development firm ChainCode Consulting, to offer NFT tickets for journeys to the Hindu sacred city of Ayodhya. The tickets were presented as more than mere travel documents but as cherished mementos of divine experiences. The NFTtrace website stated:"More than just a ticket to Ayodhya Dham - a souvenir of the divine Shree Ramotsav. Treasure the pious memories of Lord Shree Rama's arrival forever, with Blockchain NFT.”On that occasion, the NFT certificates were minted on the Polygon blockchain. Indian Railways has been exploring blockchain technology for some time now. Last March, the National Academy of Indian Railways partnered with Polygon to conduct a workshop aimed at raising awareness about the benefits of blockchain in railway industries. Polygon outlined that the integration of blockchain within the Indian railway system was the beginning of a new era that moves the technology towards mass adoption.In this latest instance, the NFTtrace platform is involved once again. However, this time around, the NFTs will be minted on the Hyperledger blockchain. Ava Labs, the developer of the Avalanche layer one blockchain, has expressed its interest in developing ticketing-related blockchain applications in India. Last October the firm highlighted blockchain-based ticketing as one of a number of areas it wanted to concentrate on in an expansion within India. Conventional firms in the travel industry have been experimenting with the technology on an ongoing basis in recent times. In 2023 Japan’s largest airline All Nipon Airways (ANA) launched its own NFT marketplace. Argentinian budget airline Flybondi took the decision to offer NFT-based tickets in 2023 in a partnership with NFT ticketing firm TravelX.

CipherBlade Opens Singapore OfficeThe emerging crypto hubs in Asia continue to make progress and on this occasion blockchain and crypto investigations firm, CipherBlade has decided to be part of that emerging growth in Singapore, opening an office in the city state.Cybercrime investigationsAccording to Asia-centric digital assets publication, Blockhead, the firm’s decision to open an Asian base was rooted in a need to service the requirements of a growing client base in the region, as demand intensifies for its services. CipherBlade has developed an expertise in the particular niche of blockchain analytics, cryptocurrency investigations and digital forensics.The firm was co-founded by its lead investigator Richard Sanders in 2018. Initially based out of Pittsburgh, CipherBlade has team members distributed internationally, in Europe, and now also in Singapore via its new office location.CipherBlade’s CEO of Americas, Justin Maile, said that “Singapore is a perfect location for us, with its strong reputation as a financial hub and its commitment to technological innovation.”With the expansion, it is understood that the company is currently recruiting to fill a variety of specialist positions.Photo by cottonbro studio on PexelsTracking down hackersAs the crypto and blockchain sector as a whole grows, it has also been accompanied by a significant component of illegal and illicit activity. This includes money laundering, fraud and hacking. The stand out example in the Asian region would be the activities of hacker collective, Lazarus Group.The hacker group has become notorious in the crypto space, given the extent to which it has pulled off hacks of various entities and DeFi networks in the sector. Hacks and exploits of DeFi networks accounted for 82% of all digital assets stolen in 2022. Lazarus Group has received particular attention as it is understood to be affiliated with the North Korean regime.The default approach for start-ups across all sectors is to focus on growth. The danger for start-ups in the DeFi space is that they overlook elements of network security in pursuing that growth, when achieving a high level of network security is an incredibly difficult task to begin with.Collaborating with industry stakeholdersThe activities of Lazarus Group and other more disparate entities like them, have created a need for the services of companies like CipherBlade. To that end, the firm collaborates with a wide range of industry stakeholders, including regulators, law enforcement, intelligence agencies and cryptocurrency exchanges.Recent work the blockchain forensics and cybercrime firm has been involved in includes a class action lawsuit brought against failed crypto lender Voyager. The allegation of the class action is that Voyager built in hidden fees to the detriment of customers.From crypto divorces to ‘pig butchering’ scamsPointing to the diversity of the firm’s work, it has been involved in over 150 crypto divorce cases. That is to say, tracking down digital assets belonging to one of the parties to a divorce so that those assets are recognized and made part of any divorce settlement.CipherBlade’s investigators have worked on cases involving ‘pig butchering’ crypto scams. These are instances of scams that lure the victim into contact with the scammer before the scammer gains their confidence, directing them onwards towards fraudulent crypto investment platforms where they’re encouraged to invest.

Duncan Chiu, a member of Hong Kong's Legislative Council, has expressed concerns over the stringent regulations imposed on cryptocurrency exchanges by the Securities and Futures Commission (SFC). In an opinion piece for the Hong Kong Economic Journal, Chiu argued that these rigorous standards have deterred major global exchanges from entering the Hong Kong market, undermining confidence in the region's commitment to developing Web3 technologies. He highlighted the recent withdrawal of license applications by prominent exchanges such as OKX, Gate.io and HTX as indicative of the flaws in the current regulatory framework.Photo by Chapman Chow on UnsplashLicensing system and industry developmentChiu criticized the fragmented approach to policy development for Hong Kong’s virtual asset market, noting that various aspects like VATP (Virtual Asset Trading Platforms), stablecoin issuance and virtual asset over-the-counter trading are managed by different departments without strategic industry consideration. He also mentioned feedback from license applicants who feel that the authorities lack a forward-thinking vision for fintech and are applying traditional financial principles too rigidly to the dynamic and innovative sector of Web3. Furthermore, Chiu pointed out the disconnect between the industry and regulators, particularly in the experience required of management in licensed crypto operations versus the practical experience of regulators in Web3, complicating effective communication and progress.