Korean Crypto Exchanges Promote Horizontal Cultures to Attract Job Seekers

3AC Co-Founder Disputes US Jurisdiction Citing Singaporean CitizenshipKyle Davies, the Co-Founder of the failed Singaporean crypto hedge fund Three Arrows Capital (3AC), has asserted that he is solely a citizen of Singapore and not of the United States.Photo by Towfiqu barbhuiya on PexelsEvading pursuit of damagesThe assertion may have relevance as it may mean that Davies can evade actions taken against him in a US court on the basis of a lack of jurisdiction. In a recent filing with the US Bankruptcy Court for the Southern District of New York (SDNY), Davies presented documents demonstrating that he had renounced his US citizenship in December 2020. He emphasized that he obtained citizenship in Singapore after being issued a passport in early 2021 and that he does not subject himself to the jurisdiction of US courts.$3.5 billion owedIn June it emerged that liquidators appointed for 3AC were seeking to recover $1.3 billion from the fund’s co-founders, Davies and Su Zhu. The firm reportedly owes creditors a staggering $3.5 billion.In the midst of public criticism surrounding the events leading to 3AC’s collapse, Zhu and Davies launched a platform called Open Exchange (OPNX), allowing trading claims against bankrupt crypto firms. Despite a deficit of goodwill for the duo in the crypto sector, they have been putting all their energies into the new venture.Last month, they outlined that they would donate future earnings from OPNX to 3AC creditors. It’s difficult to reconcile that claim when with this action, Davies is trying to evade contributing to creditors via the 3AC bankruptcy process and this legal action taken by the liquidator.Renounced citizenshipAccording to court documents, Davies officially renounced his US citizenship at the US Embassy in Singapore, citing his decision to reside in the country on a long-term basis. He revealed that he got married to a Singaporean national in 2017 and subsequently gained permanent residency in Singapore. Because Singapore does not permit dual nationality, Davies chose to renounce his US citizenship to establish himself fully as a Singaporean citizen.The submission of these documents came after 3AC’s liquidators requested a subpoena to gather information on the crypto hedge fund’s collapse. Both Kyle Davies and Zhu, were subpoenaed on Twitter, as their whereabouts were unknown. However, while Zhu, being a Singaporean national, might not be subject to the subpoena while residing outside the United States, Davies’ refusal to comply with the order led to discussions about holding him in contempt of court.In response to the subpoena controversy, Davies’ legal representatives claimed that he cannot be validly served with process as a non-party in the case, as he has not been a US citizen or resident since well before the case was initiated. They stated that the court lacks personal jurisdiction over him due to his renunciation of US citizenship. Accordingly, they requested that the Service Order and Compel Order, which were based on the assumption that Davies was a US citizen, be vacated.

KakaoBank to Conduct Routine Due Diligence on Crypto Exchange CoinoneKakaoBank, one of South Korea’s Internet-only banks, is set to conduct a routine due diligence examination on cryptocurrency exchange Coinone from May 8 to 9, according to crypto media Digital Asset.Photo by Markus Winkler on UnsplashThe mobile bank told Digital Asset that the forthcoming due diligence is unrelated to either the alleged illicit token listings involving former Coinone employees or the exchange’s sole relisting of the WEMIX token in February, which had been delisted from major Korean crypto exchanges due to questionable information about the token’s circulating supply.In Korea, crypto trading platforms supporting Korean won trading are legally obligated to obtain real-name bank accounts from a bank. Last August, KakaoBank signed a one-year contract with Coinone to provide such accounts to the exchange, and the bank will need to decide whether it will extend the contract before August this year.A Coinone official said that the exchange has not undergone any routine due diligence checks from KakaoBank since the contract was signed last year.The upcoming examination is expected to address concerns stemming from rumors that KakaoBank might reconsider its contract with Coinone in light of the bribery scandal that involved two former Coinone personnel and two brokers.

Wame and Pacific Meta join forces to build Asian Web3 industryWame, a California-based company specializing in the development of privacy protection and asset monetization technologies using blockchain and artificial intelligence (AI), has signed a memorandum of understanding (MOU) with Japanese Web3 consulting firm Pacific Meta, according to South Korean news outlet Money Today on Monday (local time).Through this MOU, the two firms plan to focus on promoting Play-to-Earn (P2E) games and various Web3 projects, particularly in the Asian market — including Japan, China and the Philippines.Photo by CHUTTERSNAP on UnsplashEmpowering data sovereigntyFormerly known as Altverse, the company has its roots in Korean internet juggernaut Kakao’s startup incubation arm Krust and is dedicated to developing decentralized identity (DID) solutions. DID technology involves digital identity verification utilizing blockchain instead of centralized servers. This enhances personal data ownership and privacy protection and allows for asset monetization, safeguarding against hacking and other potential security threats.Securing partnerships and investmentsWame is also a participant in the Governance Council of Klaytn, Kakao’s blockchain project, and has secured seed investments from Krust, Lotte Ventures and Alphanonce. Together with Pacific Meta’s Asia-based Web3 consulting services, the firm expects to solidify its foothold in the Asian market by nurturing innovative Web3 projects, as highlighted by CEO Lee Eun-ho.Shota Iwasaki, CEO of Pacific Meta and one of Forbes’s 2020 “30 Under 30 Asia”, emphasized the importance of collaboration for opening a new chapter in the development of the Web3 industry in Japan and throughout Asia.