Terraform Labs Co-Founder Daniel Shin Denies Wrongdoing in LUNA Collapse

Hong Kong’s Metalpha Secures $5M Investment from BitmainMetalpha Technology Holding, a Hong Kong-headquartered crypto-based wealth management company, has recently announced a significant milestone for its Next Generation Fund I. The fund, put together in collaboration with NextGen Digital Venture Limited, has secured a strategic investment of $5 million from Bitmain, a prominent player in the crypto space.Photo by Pixabay on PexelsFund expansionThe timing of this investment is noteworthy as Metalpha’s licensed fund products are experiencing rapid growth. These products cater to the increasing demand for exposure to cryptocurrencies among institutional investors, family offices, and high net worth individuals. The Next Generation Fund I serves as a regulated and compliant avenue for investing in the Grayscale Trust’s digital asset investment products through structured derivatives.Having set a target capital raise of $100 million, the fund had already secured $20 million by March of this year, demonstrating a strong market interest. This additional $5 million investment from Bitmain further solidifies Metalpha’s position and potential for expansion.Adrian Wang, the President of Metalpha, commented on the development: “We aim to capitalize on the fast growing digital assets industry here in Hong Kong and provide our clients with competitive, complaint products worldwide.”Founded in 2015, Metalpha aims to provide customers with high-quality investment products and trading capabilities. The company, which went public in October 2017, claims to deliver the best structured derivative products to participants in the cryptocurrency market.Strategic investmentThe strategic investment from Bitmain not only brings substantial financial backing to Metalpha’s Next Generation Fund I but also signifies the confidence that industry leaders have in the company’s potential. Bitmain’s reputation as a prominent manufacturer of cryptocurrency mining hardware lends credibility to the investment and serves as a testament to Metalpha’s position in the market.The digital assets sector has had to deal with a 2022 bear market and macroeconomic headwinds. Notwithstanding that, the investment is timely and while we are not in bull market conditions, the space remains progressive, working towards ongoing adoption. Institutional investors, in particular, are increasingly seeking exposure to digital assets as part of their diversified portfolios. Metalpha’s licensed fund products provide a regulated and compliant solution to meet this demand, offering investors a secure and structured way to access the cryptocurrency market.Asian hubHong Kong, as a global financial hub and aspiring crypto hub, has witnessed substantial interest in digital assets in recent months. The region’s supportive regulatory environment, combined with its proximity to major Asian markets, makes it an attractive destination for companies like Metalpha to operate and grow. The autonomous Chinese territory’s credentials have been bolstered in that respect recently with a move to permit retail crypto trading while enabling aspiring digital asset unicorns.The $5 million investment from Bitmain will enable Metalpha to further enhance its fund offerings, expand its reach, and strengthen its position as a leader in crypto-based wealth management. With the financial support and industry expertise of Bitmain, Metalpha can leverage this partnership to drive innovation and develop new investment opportunities for its clients.As the digital assets industry continues to evolve and mature, companies like Metalpha play a crucial role in bridging the gap between traditional finance and the crypto space. By providing regulated investment products and maintaining compliance with regulatory frameworks, Metalpha contributes to the overall growth and legitimacy of the cryptocurrency market.

North Korean Hackers Take Off With $100M Atomic Wallet HoneypotHaving reported last week on a $35 million hack of Atomic Wallet users’ funds, an update on the matter reveals that the situation is much worse than originally thought, with losses now exceeding $100 million.Photo by Kenny Eliason on Unsplash5,500 wallets compromisedThe attack has sent shockwaves throughout the crypto community, raising concerns about the security of decentralized wallets. Atomic Wallet, an Estonia-based project known for its non-custodial approach where users take full responsibility for storing their assets securely, has been hit hard by this unforeseen breach.Elliptic, a crypto compliance analysis company, published an update on the situation on Tuesday. According to that blog article, it estimates that approximately 5,500 crypto wallets have been compromised, meaning that losses have risen to more than $100 million, highlighting the severity of the attack.Despite the significant impact on users, Atomic Wallet has yet to provide an explanation regarding the root cause of these substantial losses. Users have taken to social media in frustration, demanding clarification from the company. Surprisingly, the company’s last direct update on Twitter dates back to June 7, leaving users feeling even more anxious.User frustrationOne user, Ezra Carlson, expressed frustration, questioning why Atomic Wallet didn’t warn users when they were aware of the ongoing hack. Carlson tweeted: “@AtomicWallet why won’t AM give me a straight answer about why they didn’t warn me, knowing full well that they were being hacked, that it was not safe to use AM last week before I made a transfer to my wallet that was then hacked.”Another user, “Real Deal Crypto,” criticized Atomic Wallet’s lack of updates, stating: “Your last update was five days ago — SERIOUSLY?!?!”Although Atomic Wallet acknowledged reports of compromised wallets on June 3, downplaying the impact by claiming that less than 1% of users were affected, the staggering sum of losses indicates a significant breach. Its last communication on the matter came on June 11 when, in responding to a user, the firm said that it continued to investigate and to await Twitter updates on the matter.Hack tied to North Korea’s Lazarus GroupElliptic has connected this heist to the notorious Lazarus Group, a cyber-criminal organization with ties to the North Korean regime, responsible for stealing over $2 billion in crypto assets through various thefts. This attribution marks the first time a significant crypto heist has been openly linked to the Lazarus Group since their $100 million exploit of Horizon Bridge in June 2022.In response to the heist, Elliptic has been collaborating with international investigators and exchanges, mobilizing resources to recover the stolen assets. Their efforts have reportedly led to the freezing of over $1 million worth of funds. However, the thief has adapted its behavior in response to the freezing of assets, turning to the Russia-based Garantex exchange to launder the stolen assets, as noted by Elliptic.This recent attack adds to a series of notable breaches in the crypto industry. Jimbos Protocol experienced an exploit resulting in a loss of $7.5 million, and Tornado Cash faced a malicious proposal that seized control of its governance in May. According to a report by Chainalysis, crypto hackers made off with an estimated $3.8 billion in 2022, with North Korea being responsible for a significant portion of the attacks.

Monex Group, a well-known securities broker in Japan’s financial services sector, is delving further into the digital currency space through the acquisition of a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company. Whilst the acquisition was announced via a joint press release on Thursday, the specific details of the deal were not disclosed.Photo by sebastiaan stam on UnsplashAchieving growth through cryptoYuko Seimei, the CEO of Monex Group, emphasized the long-term strategy of strengthening their asset management business. By incorporating 3iQ into their portfolio, the aim is to achieve substantial growth by catering to the evolving crypto asset management needs of institutional investors and crypto exchanges globally. Monex Group is already a key player in the Japanese crypto landscape, owning the Coincheck exchange. Coincheck is one of the largest cryptocurrency exchanges in Japan. It has regained market dominance after a cyber attack resulting in the theft of $534 million in digital assets in 2018. Monex collaborated with Japanese telecommunications firm NTT DOCOMO in October, forming Monex Securities as a holding company containing Coincheck, while selling NTT DOCOMO a 49% stake. ETF focusThe acquisition of 3iQ marks Monex’s strategic move to extend its exposure to the North American crypto industry. This adds to the conglomerate’s existing presence in the United States through the ownership and operation of TradeStation, an American brokerage firm. 3iQ, operating under a Canadian license, has come to prominence in the crypto-sphere for launching two exchange-traded funds (ETFs) in Canada. Notably, it introduced Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, showcasing innovation in a region where regulatory approval is awaited by U.S.-based companies. Spot bitcoin ETFs have been hotly tipped to offer the next form of crypto adoption, potentially facilitating the in-flow of massive amounts of money currently within the domain of traditional finance. While the focus has been largely on the United States in that regard, other centers such as Hong Kong are similarly gearing up towards offering spot ETF crypto products to both institutions and retail investors. Amid that background, this acquisition by Monex didn’t go unnoticed by ETF sector professionals. Bloomberg Intelligence ETF Research Analyst James Seyffart took to social media platform X on Thursday to draw attention to the deal. Frederick Pye, the Chairman and CEO of 3iQ, expressed enthusiasm about joining forces with Monex Group. With Monex already owning Coincheck, a crypto exchange powerhouse in Japan, Pye highlighted the potential synergy. The collaboration is seen as an opportunity to enhance Coincheck’s offerings, particularly for institutional investors. Pye characterized the partnership as a groundbreaking collaboration that promises to reshape the crypto industry. Monex’s acquisition of 3iQ is aligned with its broader vision of being a key player in the global crypto asset management landscape. The move not only expands their reach into North America but also positions them to capitalize on the growing demands of institutional investors in the evolving digital currency market.