CarrieVerse secures investment from JB Financial Group and Ecrux Venture Partners

BU Technology to provide digital asset issuance platform to Ret GamesSouth Korean blockchain firm BU Technology has partnered with digital asset management service provider Byffin to supply a digital asset issuance platform built on its distributed ledger core optimization solution, All-in-one DLT Core (ADC), to Seoul-based Web3 gaming studio Ret Games, according to local news platform Financial Review on Thursday.Photo by GuerrillaBuzz on UnsplashElevating gaming dynamicsAccording to the article, the digital asset issuance platform will be on-boarded to Ret Games’ Play-to-Earn (P2E) gaming platform Pomerium, which houses flagship games like Pome Run and Pome Rumble.“This contract can be seen as proof that ADC is the most competitive blockchain solution in the gaming field,” BU Technology said. “The number of companies submitting inquiries about adopting ADC has increased drastically compared to the previous quarter, especially considering the advantages of ADC like blockchain data processing speeds of over 10,000 transactions per second (TPS).”With ADC and the digital asset issuance platform, Ret Games will be equipped with a high-speed blockchain system that can be utilized in games. The gaming company will also be able to receive a portion of the fees that are paid when issuing digital assets such as game items, thereby yielding increased sales and profits.Safeguarding gaming integrityNotably, Ret Games has generated some KRW 18 billion (approximately $14 million) in revenue through the game data verification system developed by Pomerium called “Guardians”, which validates forged and irregular data in the Pomerium ecosystem and distributes token rewards in return.“Ret Games will be able to detect and verify abnormal transactions of off-chain and on-chain game data for users with the Guardians system installed on their PC,” BU Technology explained. “Web3-based business can also be facilitated since users who participate in the validation of game data are rewarded with PMG tokens.” PMG is the governance token for Pomerium.

South Korea is set to allow initial coin offerings (ICOs) next year, easing a ban on crypto fundraising that has been in place since 2017. A draft of the Digital Asset Basic Act, prepared by the Financial Services Commission, would allow domestic sales of digital assets if issuers meet disclosure requirements, the Maeil Business Newspaper reported. The measure is intended to address concerns about tokens that are initially listed on overseas exchanges before becoming available to South Korean investors. The legislation outlines tougher accountability standards for crypto issuers. Projects that provide false information or fail to disclose material details in their whitepapers ahead of an ICO could be held liable for investor losses. Liability would also extend to other parties substantially involved in an offering, including outsourced operators and market makers.Photo by Y K on UnsplashStablecoin issuers need Korean presenceSeparate provisions set out rules for stablecoins, barring tokens issued by entities without a physical presence in South Korea from domestic trading, a restriction that would apply to widely used stablecoins such as USDT and USDC. Issuers would be required to fully back stablecoins with reserves such as cash or government bonds held at banks or financial institutions and would be prohibited from paying interest to users. The proposal reflected the FSC’s position on the second phase of digital asset legislation focused on stablecoin issuers. The issue remains subject to inter-institutional debate, with the Bank of Korea pressing for a bank-led consortium model for stablecoin issuance. The ruling Democratic Party of Korea (DPK) is expected to review a consolidated bill combining proposals from the government and the National Assembly next month, with plans to advance the legislation during the regular parliamentary session in the first quarter of 2026. The FSC’s focus on consumer protection is also reflected in its plans to introduce a Digital Finance Security Act, detailed in a recent report to the presidential office. According to Digital Asset, the proposed legislation would establish rules for traditional financial institutions as well as electronic financial businesses and virtual asset service providers. The move came after a 44.5 billion won ($30 million) hacking incident last month at Upbit, the country’s largest crypto exchange. Existing regulations under the Virtual Asset User Protection Act do not contain provisions specifically covering such cases. Separately, the FSC is working to strengthen its response to emerging forms of financial crime, including transnational offenses and crypto-enabled money laundering. It said measures under consideration included adding state-level criminal organizations to the list of entities barred from financial transactions, improving anti-money-laundering (AML) rules to better align with international standards, and expanding the scope of the travel rule. On the supervisory side, the commission intends to make the Virtual Asset Division a permanent unit after initially establishing it as a temporary body, News1 reported. The Virtual Asset Inspection Division within the Financial Intelligence Unit is also set to become a standing unit. Price declines weigh on exchangesThe stepped-up regulatory focus has coincided with a broader downturn in the crypto market. Bitcoin is trading below $89,000, about 30% below its all-time high of $126,000 set earlier in October. CoinGecko data cited by IT Chosun showed average daily trading volume across South Korean exchanges falling to $2.95 billion in November from $4.41 billion in August, with trading fees accounting for about 98% of exchange revenue. The broader market weakness has also been accompanied by declines in altcoins. South Korean crypto investors attributed the recent drop in altcoin prices to capital flowing into major cryptocurrencies such as Bitcoin and Ethereum. A weekly survey conducted by CoinNess and Cratos showed that 41.7% of the 2,000 respondents cited capital concentration in leading tokens as the primary factor, followed by the growing number of altcoins at 31.6%, their limited practical value at 14.7%, and technical factors such as chart patterns at 12.1%. 

Chinese authorities have apprehended an individual suspected of identity forgery in connection with the StarkNet (STRK) airdrop. The suspect, identified as Lan Mou, allegedly assumed the identities of others to submit false Early Community Member Program (ECMP) airdrop forms. Through this scheme, the suspect claimed over 40,000 STRK tokens that originally belonged to the victims. After successfully claiming the tokens, the suspect transferred them to an OKX wallet. Subsequently, the tokens were converted into over $91,000 worth of Tether, as reported by local media on April 30. Lan Mou was apprehended by police in Guangdong Province on April 25. Authorities seized a computer and two mobile phones during the arrest.Photo by Tamara Gak on UnsplashUnprecedented scale of identity theftWhile cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. The suspect's method involved claiming airdrops using stolen identities, marking a novel approach to fraudulent activity in the cryptocurrency space. A crypto airdrop is a method used to distribute new cryptocurrency tokens, typically targeting early users who engage with a specific protocol. In the case of the StarkNet Foundation's airdrop, which launched on Feb. 20, a total of 700 million STRK tokens were distributed to various participants, including Ethereum solo and liquid stakers, Starknet developers, users, external projects and developers within the Web3 ecosystem. Concerns raised by developerFollowing the StarkNet airdrop, concerns were raised by pseudonymous Yearn.finance developer Banteg regarding the eligibility criteria. Banteg warned that the eligibility list mainly consisted of airdrop squatters, individuals who exploit airdrop opportunities for financial gain. These individuals often control multiple addresses to maximize their rewards. This incident is not the first instance of airdrop exploitation. In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets, highlighting the prevalence of such fraudulent activities within the cryptocurrency community.