KCS Says Illegal Forex Transactions for Crypto Purchases Amount to $7.7B

Cartesi Launches Inaugural dApp on Ethereum MainnetSingapore-based Cartesi, the app-specific roll-up protocol with a virtual machine running Linux distributions, has introduced its inaugural dApp.The decentralized application, aptly named Honeypot, has been designed to serve as a platform for developers and ethical hackers to rigorously scrutinize the security of the Cartesi protocol’s underlying codebase, all in exchange for lucrative bounties.Photo by Michael Förtsch on UnsplashHoneypot deploymentAccording to a press release published on Tuesday, Honeypot is set to fulfill the vital role of stress-testing Cartesi’s foundational code on the Ethereum mainnet. The successful deployment of Honeypot will pave the way for Cartesi’s technology to be employed in a multitude of other dApps. Notably, a unique aspect of Honeypot is the tempting incentive it offers. The first individual to successfully hack it will be entitled to drain the sum of 1.77 million Cartesi tokens, equivalent to $220,000, after one year without any constraints.Embedded within the Honeypot dApp’s backend code is an algorithm that only permits the Cartesi Foundation’s depositor account to make fund withdrawals. Participants who dare to take on this code-breaking challenge must successfully navigate the intricacies of the algorithm to claim the reward.Developer Advocacy contributor to Cartesi, Gabriel Barros, stated: “We want to welcome all developers to test Cartesi’s Rollup infrastructure — but in a gamified challenge.”Aiding dApp developmentCartesi stands as a Layer 2 network specifically designed to streamline the development of intricate and powerful dApps. Its mission is to bridge the gap between conventional development practices and blockchain-based solutions, attempting to offer a seamless transition for developers.At its core, Cartesi introduces a mechanism that enables dApps to execute resource-intensive computations off-chain within a Linux environment. Crucially, these off-chain computations are verifiable by the blockchain, ensuring that the final results remain consistent across all nodes. This approach empowers developers to harness existing software and tools while ensuring compatibility with the blockchain.Linux insideThe choice of a Linux environment is pivotal to Cartesi’s framework. Linux enjoys widespread usage worldwide, particularly in server environments, making it a familiar and well-adopted platform. This familiarity extends to the extensive array of tools and libraries available within the Linux ecosystem, which are leveraged by developers for a myriad of traditional web applications.Gabriel Barros underlined Cartesi’s mission, stating:“Cartesi’s goal is to eliminate the limitations Web3 developers face by enabling them to import decades of familiar programming tools, libraries, and languages to the blockchain. By doing so, Cartesi unlocks a new realm of possibilities, allowing developers to surpass what was previously imaginable with earlier web3 applications.”Cartesi’s introduction of the Honeypot dApp on the Ethereum mainnet signifies a significant step towards ensuring the security and robustness of its protocol. Furthermore, it demonstrates Cartesi’s intentions in attempting to foster a vibrant and innovative ecosystem for developers in the blockchain space.

Crypto Exchange Bithumb Holds Free Trading Event To Boost User Base and LiquidityBithumb, South Korea’s second-largest cryptocurrency exchange, has announced a major “no trading fee” event in an attempt to narrow the gap with its competitor Upbit, the leading exchange in the market.The event started on August 1, with select listed virtual assets available for trading without having to pay a fee on the exchange’s Korean won market.Photo by Pierre Borthiry — Peiobty on UnsplashAssets with no trading feesAptos (APT), Stacks (STX), Flow (FLOW), Sui (SUI), Bitcoin Gold (BTG), FirmaChain (FCT2), Blur (BLUR), Waves (WAVES), Metal (MTL), and Loom Network (LOOM) will be the first assets to have no fees during the event.The cryptocurrencies eligible for free trading can easily be distinguished by the blue “Free” badge displayed next to their names. Users can also check the full list through the “Fee-Free” category displayed at the top of the exchange chart.The event is scheduled to continue until further notice and an additional ten assets eligible for free trading will be added every week as well.Boosting liquidityAccording to a Bithumb official, the virtual assets to be unveiled later on will be “subject to active domestic and international investment,” and the exchange will strategically select those that have the highest potential to expand liquidity.Through this event, Bithumb aims to support the diversification of cryptocurrency investors’ portfolios and increase its user base, thereby enhancing trading liquidity.

Non-Fiat Crypto Exchanges in Korea Urge Banks for Real-Name AccountsThe Virtual Asset Exchange Association (VXA) made an announcement today regarding its recent due diligence request sent to 12 South Korean banks, as reported by local news outlet Digital Today. These banks have not yet entered into contracts to provide real-name deposit and withdrawal accounts to cryptocurrency exchanges.VXA is a group comprised of representatives from ten non-fiat crypto trading platforms in the country. Among its members, eight exchanges–Aprobit, Probit, BTX, Foblgate, GDAC, Flata Exchange, Flybit, and High Block (previously known as Huobi Korea)–participated in the request.Photo by Eduardo Soares on UnsplashPartnerships with banksThe objective of the request is to urge the banks to consider establishing partnerships with competent non-fiat exchanges. The requesters argued that such collaborations would promote fair trading in the market and provide customers with more options. They highlighted the growing presence of the virtual asset trading sector in the capital market.Uneven crypto marketAn official from VXA emphasized the key role played by real-name bank account issuers in creating a healthy environment that addresses the existing monopoly in the Korean crypto market. According to a March report published by the Financial Services Commission, non-fiat crypto trading platforms accounted for only 3 percent of the total Korean crypto market capitalization during the second half of 2022. The remaining 97 percent was attributed to fiat-supporting crypto exchanges.The official further explained that allowing more exchanges to support the trading of the Korean won currency would contribute to shaping a free market while bolstering transparency and investor protection.Legal requirementsEarlier this month, VXA also sought fair due diligence from five Korean banks that have already formed partnerships with fiat-supporting crypto exchanges. In Korea, crypto trading platforms are required by law to obtain real-name accounts from banks in order to provide cash deposit and withdrawal services.