Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5M

SEC Seeks to Question Co-Founder of Singapore’s Terraform LabsThe United States Securities and Exchange Commission (SEC) has taken a step forward in its ongoing case against Singapore’s Terraform Labs by seeking to question Daniel Shin, the Co-Founder of the company.The SEC's intention is to gather evidence related to Chai Corporation, a payments company associated with Terraform and the Terra blockchain. District Judge Jed Rakoff granted the SEC’s request earlier this week, which is part of the regulatory body’s efforts to build a case against Terraform Labs and its Co-Founder, Do Kwon. The decision was based upon a motion originally filed in July.Photo by Bermix Studio on UnsplashRequesting South Korean assistanceThe motion, which was granted on Tuesday, allows the SEC to reach out to South Korea for assistance in questioning Shin and obtaining documents related to Chai Corporation. The regulatory body aims to gain insights into Kwon’s role at Chai, the utilization of the Terra blockchain by Chai, and the disclosures made by Chai regarding its relationship with Terraform.Additionally, the SEC is interested in understanding the reasons behind Chai’s separation from Terraform, as the two companies shared offices and staff until their split in 2020.No opposition filedOn a previous occasion, Kwon unsuccessfully challenged the SEC's attempt to access company records on the basis of a lack of jurisdiction given that Terraform is a Singapore-domiciled company. In June, both Terraform and Kwon attempted unsuccessfully to have the entire action thrown out.On this occasion neither Terraform Labs nor Kwon have opposed the SEC’s motion. In fact, they have even included their own set of questions and document requests. Both the Singaporean firm and its Co-Founder have denied the SEC’s allegations, which were filed earlier this year.The SEC’s lawsuit claims that Terraform’s cryptocurrencies, specifically Terra Luna Classic (LUNC) and Terra ClassicUSD (USTC), were involved in fraudulent activities. The US regulatory body further alleges that Kwon and Terraform falsely promoted the use of the Terra blockchain by Chai for processing and settling transactions.The SEC’s lawsuit also accuses Terraform and Kwon of fabricating transactions involving TerraKRW (KRT), a Korean won-pegged stablecoin, to give the impression that Chai was actively utilizing the Terra blockchain.Collapse falloutTerra, an interconnected crypto ecosystem, faced a collapse in May 2022, resulting in the loss of approximately $40 billion in value and impacting the wider cryptocurrency market. The aftermath of this collapse led to legal actions against individuals associated with Terraform Labs. South Korean prosecutors, for instance, charged Shin with multiple fraud offenses in April, alleging that he had concealed the risks of investing in Terraform’s cryptocurrencies.Kwon’s legal situation is equally complex. He is currently serving a prison sentence in Montenegro for attempting to leave the country using a fake passport. He faces criminal charges in both the United States and South Korea, and both countries have requested his extradition.The ongoing investigation sheds light on the intricate relationships within the Terra ecosystem, having an impact across different jurisdictions. As legal proceedings unfold, the outcome will likely have implications for the regulation and oversight of cryptocurrency and blockchain projects internationally.

Bitdeer Technologies, led by Jihan Wu and based in Singapore, has unveiled the very latest development in the world of Bitcoin mining technology with the announcement of the successful testing of its proprietary Bitcoin mining chip, slated for integration into its forthcoming mining rig. In addition, the firm has followed up on March 4 with the publication of financial results for Q4 2023.Photo by Thought Catalog on UnsplashSealminer A1The company revealed on X that its inaugural crypto mining chip, known as the SEAL01, destined to drive the Sealminer A1 mining rig, was engineered utilizing four-nanometer process technology, a feat achieved in collaboration with a semiconductor fabricator. Bitdeer boasts that this chip exhibits a power efficiency ratio of 18.1 J/TH. At the heart of Bitdeer's latest achievement lies the SEAL01 chip, the culmination of years of dedicated research and development. By harnessing state-of-the-art technology and meticulous planning, Bitdeer aims to tackle the pressing challenges confronting Bitcoin miners, including skyrocketing operational costs and environmental implications. The company claims that the efficiency of the SEAL01 chip not only promises a shift towards more sustainable mining practices but also holds the potential to significantly reduce energy consumption, thereby bolstering profitability and return on investment for miners. "This powerful chip offers enhanced Bitcoin mining performance with minimized power consumption, leading to lower operating costs and a reduced environmental footprint for miners," Bitdeer affirmed in the X post. The firm stopped short of disclosing the launch timeline for its upcoming mining rig. On the financial front, Bitdeer disclosed its financial results for Q4 2023, on March 4. The company reported a total of 111,966,634 outstanding ordinary shares as of Dec. 31, 2023, including class A and class V ordinary shares. Additionally, Bitdeer revealed key operational metrics for Q4 2023, including total Bitcoin mined, power usage across its mining data centers, average cost of electricity and miner efficiency. Bitdeer's shares closed up 2.11% at $6.76 on Nasdaq on Friday, indicating a positive market response to its recent newly developed Bitcoin mining chip. However, trading outside regular hours, going into March 4, have seen the share price peak at $7.52, yet having retraced to $6.9 at the time of writing. That may indicate that investors are not particularly enthralled by the firm’s Q4 2023 results. Bitdeer emphasizes that the SEAL01 chip is engineered to meet the evolving demands of the cryptocurrency mining industry. As mining activities continue to gain traction and market dynamics evolve, the adaptability of hardware solutions becomes paramount. Bitdeer's strategic emphasis on innovation with the SEAL01 chip aims to pave the way for future advancements in cryptocurrency mining technology, ultimately fostering the growth and sustainability of the industry. Moreover, Bitdeer asserts that the newly developed chip enables it to optimize efficiency, stability and performance in anticipation of the upcoming Bitcoin halving event slated for April. Last month, the company’s founder Jihan Wu was installed as CEO, in a move that is understood to better position the company as it transitions to a growth phase.

SBI and Saudi Aramco to explore digital asset business partnershipsJapanese financial services conglomerate SBI and Saudi Arabia’s state-controlled energy giant Saudi Aramco have jointly announced their exploration of potential collaboration in the realms of digital assets and semiconductors.Photo by Chris Liverani on UnsplashDigital asset portfolio co-investingThe partnership, which was publicly disclosed last week, aims to delve into co-investing in each other’s digital asset portfolios. Such an arrangement will leverage SBI’s substantial holdings and the formidable position of Aramco as the world’s second-largest company by revenue, boasting a staggering $604 billion figure. The partnership will mark a strategic alliance that goes beyond geographical boundaries, underscoring the global impact of digital asset investments.The collaboration between SBI and Aramco extends beyond mere investment, with SBI actively seeking to identify Japanese digital asset startups keen on expanding their operations into Saudi Arabia. The joint effort aims to provide comprehensive support to these startups, facilitating their integration into the Saudi market and contributing to the growth of the digital economy.SBI Middle EastIn addition to this venture, SBI is set to establish “SBI Middle East” in Riyadh, serving as a central hub for its operations in the Middle East. This move aligns with SBI’s recent announcement of a $100 million joint fund with Standard Chartered, based in Dubai, solidifying its commitment to fostering financial partnerships in the region.When contemplating cryptocurrency activities in the Middle East, Saudi Arabia might not be the first destination that comes to mind, given Turkey’s significant crypto adoption rate and the UAE’s well-established crypto regulatory authorities, such as Dubai’s VARA and Abu Dhabi’s ADGM.However, Chainalysis data reveals that Saudi crypto activity is steadily gaining ground, experiencing the most significant year-on-year growth (12%) to June 2023. Additionally, the country’s Vision 2030 initiative involves efforts to diversify its economy. With that, blockchain and Web3 are being embraced.TokenizationWhile lacking a formal crypto regulatory regime, recent reports suggest that Saudi regulators are warming up to the idea, indicating a shift in approach. A recent collaboration has emerged between the central banks of Saudi Arabia and Hong Kong which will explore tokenization and payments infrastructure.It is noteworthy that both SBI and Aramco explicitly referred to “digital assets” in their collaboration, avoiding the mention of cryptocurrencies. This emphasis raises the possibility that the focus might extend to tokenization, an area where SBI has a robust presence, notably through the establishment of the Osaka Digital Exchange (ODX), set to commence trading tokenized securities later this month.As part of its digital asset investments, Saudi Aramco has previously engaged in blockchain initiatives, including investments in VAKT, a post-trade solution for the oil sector. Additionally last year Aramco invested in blockchain startup Data Gumbo, which utilizes blockchain in order to bring about operational efficiencies. The collaboration extends to the approval of electronic bill of lading (eBL) providers like TradeGo.In February, Aramco signed an agreement with droppGroup to build out a range of Web3 technologies. Furthermore, Aramco’s investments in companies like Red Date Technologies and IR4LAB underscore its interest in developing blockchain-based services, including document and supply chain solutions.