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Report: Vietnamese Crypto Investors Rely Heavily on ReferralsWhile Vietnam has been leading the way in terms of cryptocurrency adoption among ordinary people, the decision-making process of Vietnamese crypto holders also sets them apart, according to a new report.The report, a collaboration between Vietnamese venture capital firms Kyros Ventures and Coin68, in association with Hong Kong-based Web3 firm Animoca Brands, reveals a striking trend. 76% of Vietnamese crypto holders base their investment choices on recommendations from friends and acquaintances.Photo by Silver Ringvee on UnsplashThe importance of referralsReleased on Wednesday, the report relied upon a survey involving 3,300 participants. A staggering 75.5% of respondents admitted that their crypto investment decisions were significantly “influenced by recommendations or referrals.” This figure stands at 2.5 times the equivalent percentage reported in the United States.Aside from word of mouth, Vietnamese crypto investors rely heavily on self-study, community groups, and media news as primary sources of information relative to crypto. Nearly 50% of survey participants indicated their reliance on these methods for staying informed about the crypto market.Market sentimentThe “Vietnam Cryptocurrency Market Report” for the first half of 2023 also sheds light on the sentiments of the crypto community. It indicates that 70% of survey participants believed that the bear market has already concluded or is approaching its end.Notwithstanding that, another data point could be interpreted such that market participants are still exercising an abundance of caution. Around 60% of respondents confirmed that they hold stablecoins as a significant constituent of their portfolios. Stablecoins are widely used by traders when exercising risk-off positioning.Interestingly, another finding of the report is the fact that an overwhelming 75% of respondents expressed a desire for increased regulatory intervention within the crypto sector. It’s unlikely that this is coincidental, given the number of high-profile crypto platform failures that took place in 2022.Vietnam leading adoptionChainalysis data confirms Vietnam’s dominant position globally in terms of crypto adoption and its impressive second-place ranking in decentralized finance (DeFi) adoption. Remarkably, more than 19% of adults in Vietnam own digital assets while Vietnam ranks among the top five countries when it comes to trading volume on global crypto platform Binance.However, this level of adoption stands in contrast with the limited educational infrastructure supporting it. Only nine educational institutions in the country offer blockchain courses.The survey also probed into user behavior within various crypto domains. The findings show a significant engagement in DeFi activities, with nearly 90% of respondents participating. By the end of 2022, there were in excess of 200 active blockchain projects in operation within Vietnam.GameFi, non-fungible tokens (NFTs), centralized finance (CeFi), and SocialFi are also popular among the Vietnamese crypto community, with engagement rates of between 55% and 91%. The research also found that users maintain a balanced preference between centralized and decentralized exchanges.The report concludes by highlighting the rapidly evolving local tech landscape and its synchronization with global trends. Largely, the report points to a positive sentiment in Vietnam relative to the future of cryptocurrency and Web3 innovation in the country.

Seoul police arrest 24 in $11.6M crypto investment scamForty-nine individuals involved with six investment fraud rings, which ran fraudulent cryptocurrency investment websites promising returns of 500% on the day of the investment, have been referred to South Korean prosecutors, according to a report by local news outlet Edaily. Korean police have arrested and detained 24 members of these syndicates and issued Interpol red notices for nine individuals, including two leaders based abroad.The Cyber Investigation Unit of the Seoul Metropolitan Police Agency (SMPA) announced on Tuesday (local time) that they have handed over a total of 49 individuals involved in the fraudulent scheme to the prosecution. These individuals collectively defrauded 253 victims out of KRW 15.1 billion ($11.6 million) by masquerading as investment advisors and luring the victims into chat rooms designed to offer fake investment opportunities. The police have charged them with fraud and violating the law against hiding illegal earnings, confiscating KRW 1.6 billion of the illicit funds.Photo by Bermix Studio on UnsplashOverseas leadershipTwo South Korean leaders are alleged to have orchestrated a crypto scam from the Philippines and other locations. Between September 2020 and April of last year, they recruited teams to work through Telegram, a messaging app, to execute various tasks, including withdrawing and laundering victims’ funds, managing bank accounts, running websites and enticing and defrauding victims. They imitated a legitimate investment firm to create a bogus cryptocurrency investment website and also operated chat rooms on Korean mobile messaging platforms to facilitate their scam.The fraudsters involved in this cryptocurrency scam operated by employing a database containing 1.62 million pieces of personal information illegally obtained through Telegram. Using this information, they randomly invited potential victims into chat rooms.Luring victims with promises of 500% returnsParticipants in the scheme took on multiple roles to share fabricated success stories about investments to lure individuals to their fraudulent site. They enticed victims with promises of a 500% return on the day of investment.Once lured to the site, victims were presented with manipulated images that showed fictitious investment returns, persuading them to invest money. The scammers would then entice victims to pay even more, citing taxes and extra fees. Eventually, the fraudsters would cut off the victims’ access to their accounts. The stolen funds, ranging from KRW 2 million to KRW 430 million per victim, were laundered through currency exchanges or by buying gift certificates.After 253 similar complaints were filed nationwide, police consolidated these reports and initiated an investigation in January of last year. During the investigation, they uncovered the participation of several local teams in the fraudulent operation. From March 2022 to last month, all Korean members involved were apprehended, except for nine individuals now on Interpol’s wanted list. Police are working on extraditing one of the two masterminds orchestrating the scheme from abroad after the person voluntarily surrendered. The other ringleader remains at large, flagged as a fugitive by Interpol, and authorities are pursuing their extradition.Oh Kyu-sik, who leads Cybercrime Investigation Unit 2 at the SMPA, has warned that chat rooms promising high returns on investments in virtual assets, stocks and futures should be approached with caution due to the high risk of fraud. He recommends that investors should verify the legitimacy of cryptocurrency investment sites by checking for any fraud reports listed on the Financial Intelligence Unit (FIU) website. Additionally, he suggests confirming the authenticity of investment companies through the FINE portal, which is operated by the Financial Supervisory Service (FSS).

Experts Offer Insights into Bitcoin ETFs, Stablecoins, and On-Chain Data AnalysisDuring Korea Investment Week 2023, hosted by local newspaper Korea Economic Daily, experts in the field of virtual assets gathered at the Korea Exchange (KRX) PR Hall on Thursday. They came together to share their expertise on the cryptocurrency market and discuss various investment strategies.Key topics covered at the event ranged from the global outlook for virtual asset exchange-traded funds (ETFs) to the prospects of the US approving Bitcoin spot ETFs. Strategies based on on-chain data analysis were also on the agenda.Photo by Kanchanara on UnsplashThe potential of Bitcoin spot ETFsOne of the notable speakers, Lee Tae-yong, the Chief Global Strategy Officer at Wavebridge, a cryptocurrency market index provider, argued that the potential approval of Bitcoin spot ETFs could attract global investors to the market. He opined that this could subsequently improve market liquidity and contribute to stabilizing the Bitcoin market.Lee has made a prediction that Bitcoin spot ETFs will likely receive approval in the United States. He cited examples from Europe, Australia, and Brazil, where such financial products are already being managed effectively. He also suggested that the US Securities and Exchange Commission (SEC) would likely take note of this global trend and may find it challenging to go against it.Experts believe that among the various Bitcoin spot ETF applications submitted to the US SEC, Grayscale Investments’ proposal to convert the Grayscale Bitcoin Trust (GBTC) into an ETF stands the best chance of receiving approval first. Data from The Block indicates that the Grayscale Bitcoin Trust manages crypto assets totaling $16.13 billion as of September 7.Lee predicts that the approval of Bitcoin spot ETFs will serve as a pivotal milestone for the cryptocurrency market, potentially triggering a significant uptick in the price of Bitcoin. To support this assertion, Lee pointed to the historical precedent set by the introduction of a gold-backed ETF in 2004. Since its inception, the gold-backed ETF has swelled in value to exceed $45 billion. Importantly, gold does not have a fixed supply, yet the availability of an ETF mechanism boosted its value considerably. Lee argues that the impact on Bitcoin could be even more pronounced given its fixed supply cap.There was also a projection that virtual assets are set to play a crucial role in expanding the size of the ETF market, potentially more than doubling it. Lee pointed out that conventional ETFs typically charge fees of around 0.15%, whereas virtual asset ETFs tend to charge over 1%. This underscores that virtual assets are seen as a new revenue source among asset managers.Stablecoins and regulationsSome viewed that stablecoins would emerge as a focal point among the innovations taking place within the cryptocurrency industry. Kim Yong-beom, the CEO of Hashed Open Research and a former vice minister of the Ministry of Strategy and Finance, noted that Asia has been actively advancing regulations related to stablecoins. Stablecoins are a category of cryptocurrencies that are pegged to traditional fiat currencies like the US dollar.Highlighting the efforts of many countries to develop a comprehensive regulatory framework for cryptocurrencies, Kim noted the importance of establishing regulations that accommodate stablecoins. In his view, the introduction of such regulations will amplify the impact of stablecoins within the market.Kim mentioned that Asian countries are leading in blockchain research and digital competitiveness. He said that Asian universities, particularly those in China, are among the world’s best in producing blockchain research papers and offering related lectures. Kim also pointed out that while the leadership in the blockchain industry has shifted towards Asia, South Korea is now emerging as a prominent hub for virtual assets in the region. He emphasized the need for South Korea to position itself as a more influential nation in this context.On-chain data and investmentDuring the event, a cryptocurrency investment strategy based on on-chain data was also presented. On-chain data refers to publicly accessible information about transactions conducted on a blockchain network. This data can be utilized as an investment indicator that is not available within the traditional financial sector.Ju Ki-young, the CEO of on-chain analytics resource CryptoQuant, underlined that virtual asset investors are particularly interested in tracking who is selling which tokens at any given moment. He stressed that examining on-chain data, such as deposit and withdrawal information from major cryptocurrency exchanges, can be a valuable tool for risk mitigation.