Zodia Custody Expands Its Custodial Services to Singapore

SK Planet and Milk Partners to Propel Blockchain Ecosystem DevelopmentSouth Korean tech company SK Planet announced today a partnership with Milk Partners, the operator of MiL.k, a blockchain-based reward points platform, in order to foster the UPTN blockchain ecosystem. That’s according to a report by local news outlet Edaily. This alliance comes after conglomerate SK Group’s affiliate recently launched its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Karolina Grabowska on PexelsSK Planet’s NFT initiativeRoad to Rich is an initiative within OK Cashbag, SK Planet’s popular reward points system. In an effort to promote this initiative, the two companies will organize a Road to Rich event on the MiL.k app this month and enable users to exchange between OK Cashbag points and MiL.k points later this year.Milk Partners’ tech contributionMilk Partners’ parent company, Keyinside, has contributed to the development of SK Planet’s blockchain platform UPTN and has been involved in OK Cashbag’s NFT project, providing business consulting and technology development. UPTN, built on the Avalanche network’s subnet, made its debut through OK Cashbag’s NFT initiative, and a dedicated wallet based on UPTN was recently launched.Kim Kyo-soo, the head of the customer experience division at SK Planet, said that the company plans to build the UPTN ecosystem where customers can enjoy various services, including membership benefits, concert tickets, and shopping.Milk Partners CEO Cho Jung-min expressed enthusiasm about the synergies that can be achieved by participating as a major partner in the blockchain project spearheaded by Korea’s major corporate. He added that the two sides will work together to offer valuable and beneficial services to users.

dYdX Foundation CEO Shares the Importance of Korean Developers of the Cosmos NetworkDecentralized crypto derivatives exchange dYdX is in the midst of a significant transition, as it prepares to move away from its current Ethereum-based layer-2 protocol to Cosmos, a decentralized network of independent blockchains. Meanwhile, senior members of the dYdX Foundation, a Swiss-based not-for-profit entity behind the derivatives exchange, paid a visit to South Korea on the occasion of Korea Blockchain Week: KBW2023, which is an annual event that spans from September 4 to 10 this year.Photo by Mariia Shalabaieva on UnsplashBusy Q4Regarding the upcoming v4 update on a Cosmos-based blockchain, Charles d’Haussy, the CEO of the dYdX Foundation, shared his thoughts in an interview with CoinNess. He expressed anticipation for a bustling fourth quarter this year but also acknowledged that the exact timeline remains uncertain, as it hinges on the voting processes, including one for bridging tokens to Cosmos, within the dYdX community.Utility token on v4As part of dYdX’s migration to Cosmos, its governance token will undergo a transformation into a utility token. The forthcoming dYdX v4 will be fully decentralized, with 100% of the fees collected from the exchange distributed to stakers and validators. Following the completion of this migration, the current dYdX protocol on Ethereum will eventually become deprecated.Exclusive focus on crypto derivativesIn a significant milestone, dYdX achieved over $1 trillion in total trading volume on its Layer 2 platform on July 14 of this year. d’Haussy expressed pride in this achievement and highlighted that dYdX’s competitive edge lies in its exclusive focus on crypto derivatives.DeFi mullet memeAlthough DeFi derivatives trading currently represents just 1% of the overall crypto derivatives volume, d’Haussy is optimistic about its future growth, predicting an acceleration. In a parallel to how traditional banks offer an array of products that originate from external entities such as brokerages and insurance companies, Charles d’Haussy envisions that centralized exchanges will provide a diverse range of offerings sourced from decentralized platforms. He expressed his strong belief in the idea encapsulated by the DeFi mullet meme, which features the phrase “Fintech In The Front, DeFi In The Back.”Top-tier Cosmos builders in KoreaWhen asked about his visit to Korea, d’Haussy emphasized the presence of top-tier Cosmos builders in the country. He underscored South Korea’s importance within the Cosmos ecosystem, highlighting that 10% of dYdX’s testnet participants are Korean companies.

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.