Kloint and Korea University to develop on-chain data analysis solutions

Blockchain security audit firm Verichains has joined as one of WEMIX’s 40 WONDERS, or Node Council Partners (NCP), on the WEMIX3.0 blockchain, according to an official announcement on Tuesday (KST).Photo by Shubham Dhage on UnsplashEmpowering community governanceThe 40 WONDERS make up a governance council that represents the interests of the WEMIX community by participating in on-chain voting processes for improving or changing WEMIX3.0’s protocol. They are also responsible for validating transactions and operating nodes on the mainnet to boost and maintain its integrity and security. Each member gets to choose their own WONDER number, and Verichains has joined as WONDER 12. Securing the Web3 frontierVerichains is a leading provider of blockchain security services, specializing in crypto analytics, security audits and application protection. Recognized for its participation in investigating and mitigating some of the most notorious hacks to date in Web3 history, such as the Ronin Bridge and BNB Chain Bridge hacks, the company merges groundbreaking research with practical security solutions to deliver comprehensive protection solutions catered to the blockchain industry. Verichains’ world-class security and cryptography research team has successfully identified critical vulnerabilities across the industry capable of causing disruptions worth billions of dollars through key actions like uncovering flaws within Multi-Party Computation (MPC) and Zero-Knowledge Proofs (ZKP) mechanisms developed by major vendors. As a trusted security partner to leading Web3 companies and cryptocurrency exchanges like BNB Chain, Polygon Labs, Aptos, Klaytn, Bullish, DWF Labs and now WEMIX, Verichains leverages its background and expertise in traditional cybersecurity to be translated into the upcoming Web3 era, delivering cutting-edge solutions for a safer, more secure Web3 ecosystem. The firm’s participation as an NCP is poised to boost the security and stability of the WEMIX platform, laying the necessary groundwork for fostering the expansion of the WEMIX ecosystem. Ubisoft’s recent joiningAside from Verichains, global gaming company Ubisoft also joined the council as WONDER 26. Ubisoft is known for world-renowned games like Assassins’ Creed, Just Dance, Far Cry and Watch Dogs, and has been developing a new game called Champions Tactics, built on the Oasys blockchain. 

Seoul police arrest 24 in $11.6M crypto investment scamForty-nine individuals involved with six investment fraud rings, which ran fraudulent cryptocurrency investment websites promising returns of 500% on the day of the investment, have been referred to South Korean prosecutors, according to a report by local news outlet Edaily. Korean police have arrested and detained 24 members of these syndicates and issued Interpol red notices for nine individuals, including two leaders based abroad.The Cyber Investigation Unit of the Seoul Metropolitan Police Agency (SMPA) announced on Tuesday (local time) that they have handed over a total of 49 individuals involved in the fraudulent scheme to the prosecution. These individuals collectively defrauded 253 victims out of KRW 15.1 billion ($11.6 million) by masquerading as investment advisors and luring the victims into chat rooms designed to offer fake investment opportunities. The police have charged them with fraud and violating the law against hiding illegal earnings, confiscating KRW 1.6 billion of the illicit funds.Photo by Bermix Studio on UnsplashOverseas leadershipTwo South Korean leaders are alleged to have orchestrated a crypto scam from the Philippines and other locations. Between September 2020 and April of last year, they recruited teams to work through Telegram, a messaging app, to execute various tasks, including withdrawing and laundering victims’ funds, managing bank accounts, running websites and enticing and defrauding victims. They imitated a legitimate investment firm to create a bogus cryptocurrency investment website and also operated chat rooms on Korean mobile messaging platforms to facilitate their scam.The fraudsters involved in this cryptocurrency scam operated by employing a database containing 1.62 million pieces of personal information illegally obtained through Telegram. Using this information, they randomly invited potential victims into chat rooms.Luring victims with promises of 500% returnsParticipants in the scheme took on multiple roles to share fabricated success stories about investments to lure individuals to their fraudulent site. They enticed victims with promises of a 500% return on the day of investment.Once lured to the site, victims were presented with manipulated images that showed fictitious investment returns, persuading them to invest money. The scammers would then entice victims to pay even more, citing taxes and extra fees. Eventually, the fraudsters would cut off the victims’ access to their accounts. The stolen funds, ranging from KRW 2 million to KRW 430 million per victim, were laundered through currency exchanges or by buying gift certificates.After 253 similar complaints were filed nationwide, police consolidated these reports and initiated an investigation in January of last year. During the investigation, they uncovered the participation of several local teams in the fraudulent operation. From March 2022 to last month, all Korean members involved were apprehended, except for nine individuals now on Interpol’s wanted list. Police are working on extraditing one of the two masterminds orchestrating the scheme from abroad after the person voluntarily surrendered. The other ringleader remains at large, flagged as a fugitive by Interpol, and authorities are pursuing their extradition.Oh Kyu-sik, who leads Cybercrime Investigation Unit 2 at the SMPA, has warned that chat rooms promising high returns on investments in virtual assets, stocks and futures should be approached with caution due to the high risk of fraud. He recommends that investors should verify the legitimacy of cryptocurrency investment sites by checking for any fraud reports listed on the Financial Intelligence Unit (FIU) website. Additionally, he suggests confirming the authenticity of investment companies through the FINE portal, which is operated by the Financial Supervisory Service (FSS).

OK Group Retires ‘Okcoin’ BrandIn a move to streamline its crypto ventures, cryptocurrency exchange operator OK Group is rebranding its platforms under the single name “OKX.”The announcement was made by Hong Fang, President of OK Group’s Seychelles-registered exchange OKX, via a thread on X (formerly Twitter) on Monday.Photo by Kelly Sikkema on Unsplash‘Okcoin’ to ‘OKX’ global rebrandFounded in 2013, Okcoin will be undergoing a name change to “OKX,” aligning with OK Group’s overarching branding strategy. Hong Fang expressed her personal connection to Okcoin, stating:“I’ve been part of Okcoin for five years. Over the years, we have put a lot of love and passion into our brand and product.”She emphasized that this rebranding effort, beginning in Singapore, will extend to Europe and the United States in the coming months, ensuring consistency across key operational jurisdictions. Despite the name change, OKX maintains that customers can expect the same high-quality services within the same regulatory framework under the new brand. Providing the rationale for the change, Hong Fang went on to state:”We also believe it’s time for a change. Rebranding to OKX in our key operational jurisdictions will be great for our customers and business. I’m very excited about what to come next.”Previous rebranding activityFang also revealed that OK Group has already sunsetted the “Okcoin” brand and product in several regions, including Latin America, the Middle East and North Africa, South Asia, Hong Kong, and others. This transition aims to create a unified and recognizable identity for the group’s crypto ventures.The United States holds particular significance for OK Group’s global strategy, and the company remains committed to that market. Fang acknowledged the unique challenges encountered in the US but expressed the company’s dedication to empowering individuals and protecting freedom through technology within the US market. She stated: “It is home base for a lot of us on our team. It is special to us.”OKEx rebrandThis rebranding news comes approximately one year after OK Group initiated a similar transition with its subsidiary, formerly known as OKEx. In December 2022, OKEx transformed into “OKX,” expanding its scope beyond being a centralized crypto exchange. The move aimed to embrace DeFi, non-fungible tokens (NFTs), and Web3. OKEx, founded by OK Group CEO Star Xu in 2017, had played a significant part in terms of innovation in the cryptocurrency space during that time.OK Group’s decision to rebrand its crypto ventures under the unified name “OKX” signifies a strategic shift toward creating a more cohesive and streamlined brand presence in the global crypto market. The transition stands out as yet another iteration in the development of global crypto platforms within an ever-changing crypto ecosystem. As Hong Fang put it, “Okcoin was started almost 10 years ago.” . . . “We have been unequivocally investing in our Okcoin team and infrastructure ever since.”