OKX Ventures invests in Web3 infrastructure startup

BPMG launches competition platform GemPION for Web3 gamersBPMG, a South Korean Web3 platform developer, revealed the launch of GemPION. This platform, operated under BPMG’s gaming arm GemHUB and developed in collaboration with blockchain network Everscale, is designed specifically for competitive gaming. It offers users of its integrated games the opportunity to engage in tournament competitions or partake in various missions.Photo by Andrey Metelev on UnsplashDiverse competitive formatsOn the GemPION platform, gamers have the opportunity to participate in various competitive formats such as single-elimination tournaments, battle royales, or leaderboard challenges. The platform features both free-to-enter and paid competitions, with the latter offering larger prize pools. To maintain and increase user engagement, each game hosted on GemPION provides a variety of competitions, either through seasonal events or on an ongoing, all-year-round basis.Launch eventsIn celebration of its official launch, GemPION is organizing a series of events. From Nov. 18 to Dec. 16, a selection of games on GemHUB, including Number Shoot, Jelly Snake, Find Bird, Push Push Cat and Mayan Cryptex, will be highlighted in tournament competitions. These tournaments are set to occur every Saturday and feature a total prize pool of $3,500.The platform is offering 1,000 tickets for complimentary access to paid tournaments. These tickets are available on a first-come, first-served basis and can be obtained by users who apply the promotion code. Furthermore, users who invite friends to join the platform, either by completing certain missions or through the use of referral links, will receive additional incentives.GemPION is also preparing to launch more games, including Heroes9 with NFT, Jewel Dungeon Quest and Farm Raid Mission.Cha Ji-hoon, CEO of BPMG, stated that GemPION is a gaming system designed to elevate the immersive experience of users and increase their engagement. He highlighted that the system utilizes technology that is not only applicable to Web3 games but also to conventional games. Cha further shared his vision for GemPION, expressing his aspiration to broaden the gaming ecosystem. He plans to do this by introducing seasonal events and country-specific competitions, which will feature even larger prize pools.

The U.S. Department of Justice said on Dec. 2 that it had seized the web domain tickmilleas.com, which was used to facilitate cryptocurrency investment fraud (CIF) schemes, adding to two others seized last month as part of actions against the same Burma-based network. According to the announcement, the domains were operated by scammers based in Kyaukhat, Burma, who presented the site as a legitimate investment platform in order to solicit deposits from victims.Photo by Markus Spiske on UnsplashPromises of high returns as baitVictims who reported the activity to the Federal Bureau of Investigation (FBI) indicated that the recently seized website displayed fabricated investment returns and showed purported deposits credited to their online accounts. These figures appeared during guided walkthroughs of falsified trades, creating the appearance of a functioning platform. The Justice Department said the domain seizures are among the first actions taken since it established its first district-level CIF strike force, known as the Scam Center Strike Force, three weeks earlier. The unit operates under the U.S. Attorney’s Office for the District of Columbia. According to the DOJ, the group behind the scheme is known as the Tai Chang scam compound. The network is described as being affiliated with the Democratic Karen Benevolent Army (DKBA) in Burma, Trans Asia International Holding Group Thailand Company Limited, and other entities. The U.S. Treasury listed these parties as specially designated nationals on Nov. 12, citing their ties to Chinese organized crime and their involvement in developing scam hubs across Southeast Asia. Russia probes crypto briberyWhile the U.S. case focused on fraud targeting individual investors, a separate development in Russia involved alleged corruption tied to cryptocurrency. DL News, citing a local media report, said Russian prosecutors are seeking to seize a portfolio of luxury assets linked to Georgy Satyukov, a fugitive former employee of the Ministry of Internal Affairs, after investigators concluded he had accepted illicit payments in Bitcoin and Ethereum, described as the world’s largest cryptocurrencies. Russian authorities allege that between March and October 2021, Satyukov received $184 million in Bitcoin and $30 million in Ethereum from operators of the failed WEX crypto exchange in return for shielding them from a criminal investigation. WEX had taken over the operations of the BTC-e trading platform in 2017. Investigators say Satyukov liquidated much of his cryptocurrency holdings and used the proceeds to purchase residential and commercial properties in several cities, as well as high-end cars, luxury watches, and jewelry. They have identified $29.6 million in assets believed to be linked to the alleged bribes, which could be transferred to the Federal Treasury if prosecutors win a conviction. The U.S. domain seizures and the separate corruption investigation in Russia illustrate the varied ways cryptocurrency has been implicated in recent criminal cases. Both developments underscore the continued attention authorities are giving to the risks surrounding digital assets. 

Kaspersky Says Crypto Phishing on the Rise in the PhilippinesThe Philippines witnessed a significant increase in detected cryptocurrency-related attacks last year while Vietnam recorded the highest level in Southeast Asia, according to cybersecurity firm Kaspersky.Photo by Markus Spiske on UnsplashEase of crypto accessVietnam topped the list with over 64,000 detections. Meanwhile, the Philippines recorded 24,737 cases of crypto-phishing attacks in 2022, up from 9,164 cases in 2021, making it the second-highest number in Southeast Asia.Adrian Hia, Managing Director for Asia Pacific at Kaspersky, attributed the rise to the ease of accessing cryptocurrency in the Philippines. He explained that as users increasingly turn to mobile devices, they are inadvertently exposing themselves to potential breaches, as malware can be installed through various touch points.Research published by Malaysian crypto data aggregator, CoinGecko, earlier this month, also points to the Philippines as having the second highest level of interest in crypto in Southeast Asia, after Singapore.Targeting popular platformsCybercriminals commonly target accounts of popular online gaming platforms and crypto wallets using advanced stealers or “stalkerware” that allow them to spy on individuals through their mobile devices, Kaspersky stated. The firm’s monitoring data revealed that malware is spreading through legitimate channels such as official marketplaces and advertisements in popular apps.Across Southeast Asia, the total number of crypto-phishing detections decreased to 147,649 in 2022 from 164,330 in 2021, according to Kaspersky. However, only Singapore (down 74%), Thailand (down 51%), and Vietnam (down 15%) observed declines in detections. Besides the Philippines, crypto-related attacks also increased in Indonesia (from 19,584 in 2021 to 24,642 in 2022) and Malaysia (from 16,071 to 16,767).Kaspersky discovered an average of 400,003 new malicious files per day in 2022, representing an increase of 20,000 files per day compared to the previous year. Hia emphasized that scammers are relentless in their efforts to steal cryptocurrency due to its increasing popularity and adoption, particularly in Southeast Asia. He urged cryptocurrency adopters in the region to stay informed about the latest tricks used by crypto phishers to protect their digital assets.Email-based attacksRoman Dedenok, a spam analysis expert at Kaspersky, revealed that crypto phishers often employ email-based attacks to target crypto users. He explained that scammers entice victims with the prospect of participating in a cryptocurrency giveaway, offering popular digital assets such as Bitcoin, Ethereum, Litecoin, Tron, or Ripple.The scammers provide a three-point guide to claim the free cryptocurrency along with a link to the “promotion” website. Clicking on the link leads users to a phishing site where they are prompted to specify the wallet to which they want the funds transferred.In response to the growing cybersecurity concerns, Kaspersky is engaging in discussions with government institutions worldwide. In the Philippines, while the central bank does not directly regulate cryptocurrency, it has established guidelines for virtual asset service providers. The Chairman of the Securities and Exchange Commission (SEC) in the Philippines, Emilio Aquino, recently delayed publication of a regulatory framework for crypto, on the basis of having “to make sure people don’t get burned.”Entities involved with virtual assets are required to obtain a license from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to comply with regulations.