Huobi Delists USDD Stablecoin Pairs

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.

1st-Generation, a leading firm in the blockchain sector based in Daegu, South Korea, has signed a memorandum of understanding (MOU) with global cryptocurrency exchange Tapbit, according to an article published by South Korean news outlet Tokenpost on Tuesday (KST). Through this MOU, 1st-Generation expects to further accelerate its growth through active participation and advancement into the global blockchain industry.Photo by Chris Liverani on Unsplash"As the global blockchain industry continues to grow at a rapid pace, we aim to create an ecosystem where we can make a positive impact through cooperation," said Lee Jun-hyuk, CEO of 1st-Generation. Pioneering the future of blockchainWith its advanced technology and outstanding expertise in the blockchain field, 1st-Generation has registered with the Financial Supervisory Service (FSS) under the name "1st Generation Group". The company is focused on providing innovative solutions globally, effectively utilizing blockchain technology based on advanced IT experience. Tapbit’s statisticsFounded in 2021, Tapbit is a global exchange with a user base that exceeds six million users worldwide. In particular, it is currently ranked 38th on CoinMarketCap’s top cryptocurrency derivatives exchange list with a 24-hour derivative trading volume of about $8 billion as of this writing. In addition, it is also working on creating crypto Travel Rule solutions through cooperation with domestic exchanges.

EMERGE Group, a leading Southeast Asian marketing technology firm specializing in intellectual property (IP) and gaming partnerships, has forged a strategic alliance with TZ APAC in an effort to drive Web3 gaming relative to the Tezos layer one blockchain. Singapore-based TZ APAC is a Web3 ecosystem builder dedicated to advancing the Web3 ecosystem on the Tezos blockchain by empowering founders, creators and developers. It’s also the Asian adoption entity supported by the Tezos Foundation with a mandate to garner adoption of the Tezos blockchain within the region. EMERGE is also a Singapore-based entity that established itself during the pandemic.Photo by Rodion Kutsaiev on UnsplashPositioning Tezos as preferred gaming blockchainNews of the partnership was publicized recently within "The Baking Sheet," a bulletin published by an independent not-for-profit entity, Tezos Commons. The primary focus of this partnership is to offer marketing solutions and publishing partnership support. EMERGE Group, known for its expertise and influential network, including partnerships with Moonton, Singtel and Shopback, aims to position Tezos as the preferred blockchain platform for the gaming community. Leveraging advertising inventories and critical IPs, EMERGE Group intends to facilitate the seamless onboarding of game studios onto the Tezos blockchain. Tezos, renowned for its open-source blockchain emphasizing upgradability, participation and smart contract safety, joins forces with EMERGE Group, which has previously established strategic alliances with industry leaders like Nvir World and Infinite Loop Media. This partnership is seeking to make an impact within the gaming industry, harnessing the potential of blockchain technology. Jason Lim, responsible for business development (gaming) at TZ APAC, commented on the partnership:“With this collaboration, TZ APAC can now rely on a partner that shares the same goal — to empower the gaming community with the relevant tools, resources, and network to succeed. Builders, gamers, and ecosystem partners can stand to benefit from the marriage of full-suite support provided by TZ APAC and the marketing prowess of EMERGE Group.”  EMERGE Group co-founder and CEO Roy Kek was similarly enthused, stating that the partnership reflected the firm’s expertise in the Web3 gaming space. Bridging Web2 to Web3The collaborative effort is designed to create a bridge between Web2 and Web3 technologies, enhancing the overall gaming experience. By fostering a supportive environment for game developers and capitalizing on Tezos' blockchain capabilities, the partnership aims to deliver a frictionless onboarding experience.  The collaboration between EMERGE Group and TZ APAC signifies a proactive move towards the integration of gaming into the Web3 ecosystem on Tezos. In the past, gaming giant Ubisoft has leaned on Tezos in providing in-game items for some of its gaming titles. The project has partnered with Google Cloud in an effort to enable Google Cloud customers to build Web3 applications on the blockchain. It’s still early days for Web3 gaming and with that, this partnership is seeking to advance gaming development on Tezos.