Korean health management app leverages blockchain for iris-based solutions

Research Center Highlights Overvaluation in Overseas Crypto Holdings Reported to Korean Tax AgencyThe Korbit Research Center, affiliated with one of South Korea’s leading cryptocurrency exchanges, Korbit, has raised questions about the size of overseas cryptocurrency holdings reported by Korean individuals and businesses to the National Tax Service.Photo by REDioACTIVE on PixabayThe issue of market-making activitiesThe center noted that following the 2017 initial coin offering (ICO) boom, many enterprises that issued cryptocurrencies through offshore entities might still be holding onto their native tokens. This would have resulted from their inability to distribute these tokens to the market after the speculative bubble burst. The center believes these reported values could have been influenced by the issuers’ market-making activities, possibly inflating their worth.According to the National Tax Service, Korean individuals and corporations hold a total of KRW 130.8 trillion (around $98 billion) in overseas crypto accounts. Notably, 73% (KRW 120 trillion) of this sum is held by 73 corporate entities.Highlighting a critical aspect of cryptocurrency valuation, the Korbit Research Center pointed out that when tokens are priced based on market-making activities, they may be overvalued. They further underscored that even if the true value of overseas holdings by these entities is only a tenth of the reported sum, a figure like KRW 12 trillion is still substantial.Retail investors seeking overseas optionsFurthermore, the center touched on retail investors, noting that the KRW 10 trillion in their offshore accounts indicates a gap in services offered by Korean crypto enterprises. It suggests that individual investors might be exploring foreign markets due to domestic limitations like the absence of derivatives and lending options.Given the borderless nature of the crypto industry, Korean individuals readily turn to overseas services that cater to their needs. The Korbit Research Center estimates a KRW 10 trillion unmet demand in the domestic crypto sector, suggesting that stringent local regulations might be driving capital outflows.

Ripple to lead National Bank of Georgia’s CBDC pilot projectThe National Bank of Georgia (NBG) has selected enterprise blockchain and cryptocurrency solutions firm Ripple as the official technology partner for its ambitious Digital Lari (GEL) pilot project. The initiative aims to explore Ripple’s central bank digital currency (CBDC) technology, assessing its practical applications and potential benefits for a wide range of stakeholders, including the public sector, businesses and retail users.Photo by Max Kukurudziak on UnsplashCiting Ripple’s CBDC tech capabilitiesRipple divulged details of the collaboration via a press release published to its website on Thursday. The decision to entrust Ripple with this pivotal role came after a competitive selection process. The Georgian central bank cited a number of reasons for choosing to partner with Ripple, including Ripple’s deep understanding of the project’s objectives and a commitment to its success.The central bank thought that it had a clear project development roadmap and that it could facilitate a gradual deployment approach to various use cases. Additionally, the NBG acknowledged Ripple’s extensive experience in implementing real-life pilot projects, encompassing primary CBDC digital infrastructure, smart contracts and tokenization.Ripple’s CBDC solution, the Ripple CBDC Platform, emerged as the frontrunner for its capacity to provide a comprehensive end-to-end solution. The company launched the platform in May of this year. This platform empowers central banks, financial institutions and governments to seamlessly create, manage, transact and redeem CBDCs. Notably, it leverages the XRP Ledger (XRPL), known for its energy efficiency and open-source nature.Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, expressed satisfaction with the choice of Ripple as their official technology partner, emphasizing Ripple’s technical excellence and the expertise of its team.She also expressed gratitude to other companies that participated in the selection process. Ripple’s James Wallis, VP of Central Bank Engagements, highlighted the NBG’s pioneering role in adopting blockchain technology to usher in the digital era for the Georgian economy.He noted that this pilot project, empowered by the Ripple CBDC Platform, would set the stage for transformative advancements in blockchain technology’s utilization within the public sector, enhancing efficiency and transparency in transactions. Back in May, Wallis remarked on the launch of its CBDC platform that he believed “this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations.” He added:“The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”Transitioning from selection to pilot phaseWith the selection phase now concluded, the NBG is preparing to transition to the pilot stage, where they will test the Ripple CBDC Platform in a live environment. This real-world testing will enable the NBG to assess the practicality of select use cases, taking Georgia one step closer to realizing the full potential of CBDCs in their economic landscape.Ripple’s impact is not limited to Georgia. It has been actively engaging with governments and central banks worldwide. Ripple has announced five pilot programs in collaboration with countries like Bhutan, Palau, Montenegro, Colombia and Hong Kong. Furthermore, discussions are underway with over 20 other nations across the globe.

Vietnamese authorities have dismantled a criminal ring that used cryptocurrency to launder illicit gambling profits, AFP reported, citing local media. The group converted local currency into digital assets such as USDT and Ethereum, routing funds to users for online betting. Operating multi-layered investment websites, the network grew to as many as 20,000 users and managed 25 million accounts, despite Vietnam’s ban on cryptocurrency. In total, the transactions involved were valued at roughly $3.8 billion. Police allege that millions of dollars were funneled into real estate, luxury cars, and cross-border cash transfers. While the money laundering probe continues, the gambling case has already produced convictions. Four Vietnamese siblings who ran the network, along with 39 other defendants, received sentences in Ho Chi Minh City ranging from a three-year suspended term to 13 years in prison. An Indian national identified as the alleged mastermind remains at large.Photo by Amanda Jones on UnsplashThai police foil crypto-themed fraudElsewhere in the region, police in neighboring Thailand busted a South Korean crime syndicate based in Pattaya that allegedly stole more than 20 billion won ($14.2 million) through fraud schemes that invoked cryptocurrency as a lure, along with other scams, the Chosun Ilbo reported. The scam ring reportedly obtained customer data from a lottery tip site and collected money from victims either by posing as agents offering membership refunds or by claiming to provide compensation for leaked personal information, which they disguised as opportunities to buy digital assets. In addition to these schemes, the syndicate ran romance scams and posed as authorities. Thai police arrested 20 members in a June resort raid. Nine more suspects, including ringleaders, remain in custody awaiting extradition. Seoul police said that, in total, 25 members have been caught, 21 of whom are now detained. Authorities believe the network may be linked to other groups in Thailand and are widening the investigation. Europe uncovers $120M crypto fraudCrypto crimes aren’t limited to Asia. In Europe, police arrested five suspects in a Eurojust-led operation that uncovered an online investment scam worth at least €100 million ($116.8 million). Operating since 2018 across 23 countries, the scheme lured victims with platforms promising high returns, then funneled deposits through Lithuanian accounts before disappearing. In a report by the Organized Crime and Corruption Reporting Project, Elliptic Chief Scientist Tom Robinson said such schemes often have little to do with cryptocurrency itself, instead exploiting its technical obscurity and the allure of quick gains. Beyond scams, outright theft from crypto platforms is also climbing. A Chainalysis study found that by the end of June 2025, more than $2.17 billion had been stolen from exchanges and related platforms—already surpassing the total for all of 2024. The firm projects losses could reach $4 billion by year-end. The single largest incident was the February hack of the Bybit exchange, in which thieves took $1.5 billion, roughly 69% of all funds stolen in the first half of this year. Crypto crime turns increasingly violentThe Chainalysis report also flagged a rise in physical attacks, in which criminals use violence or coercion to force individuals to hand over their crypto holdings. The firm warned that 2025 may log nearly twice as many cases as the worst year on record, noting that the attacks often rise and fall with expectations for Bitcoin’s price. In response to these threats, Chainalysis stressed the need for a multilayered approach to crypto security. It advised service providers to strengthen internal controls through regular audits and employee screening, while upgrading wallet infrastructure and other technical defenses. For individuals, the firm said, keeping holdings discreet has become as critical as technical safeguards, especially amid the rise in physical attacks.