Lotte Group Leaps into the NFT Market to Boost Customer Engagement

DWF Labs Enters Into Strategic Partnership with TRONDWF Labs, a Singapore-headquartered global digital asset market maker and Web3 investment firm, has announced a strategic partnership with TRON, the leading blockchain network focused on decentralizing the Internet through decentralized applications (dApps).Photo by Ketut Subiyanto on PexelsProviding liquidityThe partnership was announced via a press release published on Tuesday. As part of this collaboration, DWF Labs has become a liquidity provider for TRON, aiming to strengthen the ecosystem support of the blockchain.Andrei Grachev, the Managing Partner of DWF Labs, expressed confidence in the TRON ecosystem, highlighting its impressive adoption in the Web3 space. Grachev stated: “TRON stands as one of the fastest-growing dApps ecosystems in the space at the moment, and the consistent rollout of innovative tools and services proves that TRON has a leading role in paving the trail in blockchain.” He further emphasized DWF Labs’ commitment to supporting the ecosystem through additional investments in the near future.DWF Labs, known for its active support and investments in Web3 protocols, had previously allocated $15 million to the Web3 Industry Recovery Initiative, led by Binance Labs, to aid struggling protocols in the industry’s recovery. The company has also formed strategic partnerships with other prominent players in the crypto industry.Global market makerDWF Labs, as a global digital asset market maker and multi-stage Web3 investment firm, supports portfolio companies throughout various stages, from token listing to market making to OTC trading solutions. With offices in multiple locations worldwide, including Singapore, Switzerland, the United Arab Emirates (UAE), Hong Kong, South Korea, and the British Virgin Islands (BVI), DWF operates as an affiliate of Digital Wave Finance (DWF), known for its proprietary technology in high-frequency trading and consistently ranking among the top 5 trading entities by volume in the cryptocurrency world.The firm has been on a spending spree in recent months. In April, it invested $10 million into Singapore-based payments provider Alchemy Pay. In the same month, it led a Series A funding round into Crypto GPT, an AI-powered blockchain platform. A $60 million investment in layer one blockchain EOS followed.A spokesperson for TRON expressed delight in partnering with DWF Labs, acknowledging their expertise and excellence in further strengthening the TRON ecosystem. Together, the aim is to advance TRON’s vision of a decentralized future, empowering decentralized commerce and community for every individual worldwide.By joining TRON as a liquidity provider, DWF Labs intends to contribute to the growth and development of the TRON ecosystem. This partnership aims to enhance the accessibility of the blockchain network for all TRON users and community members.TRON, founded in September 2017 by Justin Sun, has achieved significant milestones since the launch of its Mainnet in May 2018. Notably, the integration of BitTorrent, a decentralized Web3 services pioneer with over 100 million monthly active users, into the TRON ecosystem in July 2018. TRON has gained significant traction, with over 166.5 million total user accounts, more than 5.85 billion total transactions, and over $11.52 billion in total value locked (TVL) as of June 2023, according to TRONSCAN.

Binance APAC Head Resigns Amid Regulatory ChallengesThe uncertainty swirling around Binance, the world’s largest cryptocurrency exchange, continues as Binance Head of Asia Pacific (APAC), Leon Foong, has resigned from his position.The resignation was reported by Bloomberg on Thursday, with the publication citing people familiar with the matter. Foong played a pivotal role in expanding Binance’s reach across markets like South Korea, Thailand, and Japan.Photo by Marten Bjork on UnsplashRecent pattern of executive exitsFoong’s departure is the latest one in a series of high-profile exits in recent months. Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng are among those who have previously left, as regulatory authorities worldwide tighten their grip on Binance.Binance has been navigating a challenging period as regulatory crackdowns sweep across the global crypto space, prompting strategic shifts and senior leadership changes. Foong’s departure may also signify the company’s effort to realign itself in the face of mounting scrutiny.Market share under pressureThe regulatory backlash has not only led to senior leadership changes but has also impacted Binance’s market share. As authorities have clamped down on Binance due to alleged violations, the exchange’s dominance in the crypto trading market has diminished.Losses of key banking partnerships have compelled some customers to migrate to rival platforms. In some cases, Binance has simply been forced to retreat entirely from offering services in certain jurisdictions.Over the course of a period of three months earlier this year, the company lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus. French authorities are investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.In recent days, the global exchange platform has also come under pressure relative to the service it extends to Russian users. A Wall Street Journal exposé published last week alleged that Binance’s activities in Russia were in breach of sanctions imposed by the United States. Binance responded by removing the option for customers to transact over the platform using two sanctioned banks. It’s now understood that the company is considering going a step further and exiting that market entirely.LawsuitsBinance’s legal woes began with the US Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange, along with its billionaire Founder and CEO Changpeng Zhao (CZ). The lawsuit alleged violations of derivatives regulations and criticized the firm’s compliance procedures. Binance reacted by expressing surprise and disappointment over the legal action.The challenges continued with the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance and CZ in June, accusing the exchange of running unregistered exchanges and engaging in various other violations. Binance has consistently contested these allegations from both the CFTC and the SEC.In response to these challenges, CZ took to X (formerly Twitter) in July to reaffirm the exchange’s commitment to growth despite the setbacks.More concern has been created due to the recent filing by the SEC of a motion “under seal” in its case against Binance. That option is usually taken to prevent public knowledge of sensitive information, which possibly could relate to a parallel investigation from the US Justice Department.There’s likely to be no letup in the cloud that hangs over the business until all enforcement actions and lawsuits have run their course.

Terraform Labs Co-Founder Daniel Shin Denies Wrongdoing in LUNA CollapseShin Hyun-seong, popularly known as Daniel Shin, has refuted accusations against him related to the $40 billion collapse of the stablecoin TerraUSD and its companion token, LUNA, according to a report by local news outlet Newspim. He presented this defense during his initial trial at the Seoul Southern District Court on October 30 (local time).Shin co-founded Terraform Labs, the company responsible for issuing TerraUSD and LUNA. His co-founder, Do Kwon, is currently serving a four-month prison sentence in Montenegro for passport forgery.Photo by Tingey Injury Law Firm on UnsplashProsecution’s allegationsKorean prosecutors allege that since 2018, Shin and his colleagues have concealed the fabricated nature of the “Terra project.” By manipulating trades and releasing misleading information, they purportedly misled investors into thinking the project was successful. It’s believed they sold off their tokens before the LUNA crash in May 2022, earning KRW 462.9 billion ($343.3 million) from these activities. They are suspected of personally taking KRW 376.9 billion from this amount.Prosecutors are focusing on Shin as the potential orchestrator of the LUNA crash. They speculate he began selling LUNA tokens around when Terraform Labs launched the Anchor Protocol in March 2021. This DeFi protocol increased the popularity and value of LUNA tokens. Before the crash, Shin is alleged to have gained at least KRW 154.1 billion.Defense argumentHowever, Shin’s legal team countered by asserting that Shin had cut ties with Kwon in 2020. They argued the decline of TerraUSD and LUNA was due to Kwon’s mishandling of the Anchor Protocol and an external attack, neither associated with Shin. Regarding the exploit, Terraform Labs has pursued legal action in the United States Southern District of Florida, claiming that American market maker Citadel Securities played a part in undermining TerraUSD in May 2022.Defending Shin, his lawyers emphasized that at the inception of the Terra project, there were no legal guidelines specifically for cryptocurrency transactions. Additionally, unlike Do Kwon who kept fleeing abroad, Shin willingly came back to Korea and has been cooperating with the investigation. They also noted he received only 32% of the 70 million LUNA tokens initially promised. Regarding classification, they stated LUNA isn’t legally recognized as a security.Shin’s lawyers further argued the prosecution hasn’t clearly identified victims or adequately outlined the components of fraud in this case. They said the prosecution’s case hinges on viewing LUNA as a security. However, Shin’s legal representatives maintained that under the Korean Capital Markets Act, LUNA isn’t a security, making its trades non-fraudulent.To counter a US court ruling the prosecution presented — that a token is a security — Shin’s defense highlighted that the verdict is from a lower court and remains contested. Earlier, prosecutors had cited a ruling from the United States Southern District Court of New York, which classified the XRP tokens sold to institutional investors as securities.