XPLA and PERPLAY join forces to bolster rewarding mechanism to Web3 games

Metaplanet Inc., a Tokyo-listed crypto investment and consulting firm, has announced its adoption of Bitcoin as its strategic treasury reserve asset. This decision comes in response to the ongoing economic challenges facing Japan, including high government debt levels, prolonged negative real interest rates, and a weakened yen. Japan currently faces significant economic adversity, with the highest government debt-to-GDP ratio among developed countries at 254.6%, according to the International Monetary Fund. Despite the government's decision to raise interest rates in March, the Japanese yen experienced a sharp decline to its lowest level in 34 years last month, as reported by Reuters.Photo by Takashi Miyazaki on UnsplashBitcoin as a store of valueMetaplanet Inc. highlighted Bitcoin's attributes as a non-sovereign store of value that has demonstrated appreciation against fiat currencies. The firm noted that Bitcoin's monetary policy is predetermined and immutable, with a maximum supply of 21 million coins set to be reached by the year 2140. This characteristic distinguishes Bitcoin from traditional monetary metals and other cryptocurrencies subject to centralized control. Strategic approachIn its official release, Metaplanet Inc. stated its intention to leverage a variety of capital market instruments to enhance its bitcoin reserves. As of May 10, the company reportedly held 117.7 BTC, equivalent to $7.2 million, according to data from Bitcointreasuries.net. This move reflects Metaplanet's strategic response to Japan's economic conditions and its commitment to diversifying and growing its assets in the cryptocurrency space. 

Bithumb celebrates 10th anniversary with a commitment to changeBithumb, South Korea’s major fiat-to-cryptocurrency exchange, celebrated its 10th anniversary on Wednesday (local time), as per a report by local news agency Newsis.Photo by Adi Goldstein on UnsplashFoundation for the marginalizedTo celebrate this occasion, the platform has set up a foundation with a budget of KRW 10 billion (approximately $7.6 million). The foundation is dedicated to addressing the challenges faced by marginalized individuals in the community.Bithumb has also introduced a new slogan, “Deep change for customers,” reflecting the exchange’s commitment to transformation, its top core value.Demonstrating such efforts, the platform has implemented a zero-trading fee policy for all supported cryptocurrencies since October. This policy will remain in effect until further notice. In response to this competitive move, other players in the market followed suit. Later in the same month, Korbit introduced fee-free trading for all types of tokens, and Gopax removed trading fees for four major cryptocurrencies: BTC, ETH, XRP and USDC.IPO planned in 2025Furthermore, Bithumb is striving to go public on the Korean stock market, a move partly driven by criticisms of inadequate governance transparency. The virtual asset service provider aims to conduct an initial public offering (IPO) in the second half of 2025. Through this IPO, Bithumb intends to demonstrate its corporate transparency and strengthen its position as a trustworthy exchange.Identifying and fostering young entrepreneurs is another initiative Bithumb is spearheading. The crypto exchange is processing applications from aspiring business owners for its support program. These applicants will be assessed based on their creativity and the feasibility of their business models without any restriction on the type of business area they are involved in. For this purpose, Bithumb has allocated KRW 30 billion to support startups that have been operational for less than three years.User engagement eventsA customer engagement event called the “10 Bitcoin 1/N challenge” is also underway for Bithumb users. Participants in this event will have the opportunity to equally share a total of 10 BTC. To join, customers need to send the message “Happy 10th birthday, Bithumb” to Bithumb’s KakaoTalk channel. Upon successfully sending this message, customers will receive a coupon code. After receiving a coupon code, they must apply it on the Bithumb app. The distribution of rewards is set for Dec. 11.In addition, Bithumb is set to airdrop cryptocurrencies worth up to KRW 1 million to users who have been inactive for an extended period. To participate, these users simply need to log into the Bithumb app and enter the MISS-YOU coupon code. This promotional event will last from Dec. 6 to 12, with the airdrop occurring on Dec. 18.Lee Jae-won, CEO of Bithumb, remarked that Bithumb’s 10-year journey mirrors the rapid growth and evolution of the cryptocurrency market. He emphasized that the exchange believes growth stems from embracing new challenges and transformative efforts. Lee added that Bithumb is determined to implement authentic changes to better serve its customers.

In the aftermath of the massive $235 million hack of the WazirX cryptocurrency exchange on July 18, users and stakeholders are grappling with its devastating consequences. The breach, which compromised a significant portion of the exchange’s reserves, has led to a series of legal, financial and security-related challenges, leaving millions of users uncertain about the future of their funds. The hack and its aftermathWazirX, once a leading Indian cryptocurrency exchange, lost approximately $235 million due to a breach in one of its multi-signature wallets. This included significant amounts of Shiba Inu (SHIB), Ethereum (ETH) and other assets. The hack crippled the exchange, forcing it to temporarily shut down operations and seek a restructuring process under Singapore's insolvency laws. The WazirX hacker has since begun laundering the stolen assets through Tornado Cash, a crypto mixer known for obscuring transaction details. According to blockchain security firm Cyvers, the hacker transferred over 5,000 ETH (approximately $12 million) to a new wallet and laundered $10 million in Ethereum through Tornado Cash. This mirrors the tactics of the North Korea-backed Lazarus Group, which has used similar methods in past high-profile crypto thefts. Photo by GuerrillaBuzz on UnsplashUsers seeking redress and government interventionAs the victims of the hack face uncertainty, over 4 million active WazirX users are expected to suffer a loss of at least 43% of their funds due to the restructuring process. Frustrated by the lack of action from Indian authorities, many users have sought help from Indian Prime Minister Narendra Modi, who was visiting Singapore at the time. Users took to social media to air their grievances and demand justice, urging the government to intervene. WazirX co-founder Nischal Shetty, who is based in Dubai, added to the confusion by stating that he does not know who is responsible for safeguarding user crypto funds on the platform. His statement has fueled outrage among users, who feel abandoned by the exchange’s management. Legal and ownership disputesAmid the chaos, WazirX is also battling a legal dispute over its ownership with Binance, the world’s largest cryptocurrency exchange. Shetty has repeatedly claimed that Binance acquired WazirX, granting it significant control over the platform's operations. However, Binance founder Changpeng Zhao (CZ) refuted these claims in 2022, stating that the acquisition deal was never completed. The uncertainty surrounding the ownership of WazirX has further aggravated users, many of whom are demanding a clear statement from Binance. So far, Binance has remained silent, neither confirming nor denying its involvement. This ambiguity has intensified calls for clarification, with users fearing that a lack of transparency may worsen their chances of recovering their funds. Partial withdrawals and restructuring effortsIn response to the crisis, WazirX has initiated phased withdrawals for users, allowing them to access 66% of their Indian Rupee (INR) token balances. Initially set for September 9, the withdrawal window was moved forward, offering some relief to users. However, many are dissatisfied with the partial access to their funds and are questioning when full crypto withdrawals will resume. WazirX’s legal team has indicated that users may recover only 55% to 57% of their crypto holdings, sparking further discontent. Meanwhile, the exchange has filed a moratorium application in the Singapore High Court, seeking a six-month reprieve from legal actions as it works on a restructuring plan. Looking aheadAs the WazirX saga unfolds, the future of the exchange and its users remains uncertain. The legal battles, ownership disputes and the ongoing laundering of stolen assets pose significant challenges to the platform's recovery. For now, users can only hope that the restructuring process will bring them closer to recovering their lost funds and that authorities will step in to provide clarity and resolution.