Oasys and XPLA to Host Hackathon Promoting Blockchain Interoperability

Upbit Reassures Investors Following False APT Token DepositsFollowing a recent situation where false Aptos (APT) tokens were mistakenly accepted as authentic deposits, Upbit, South Korea’s leading cryptocurrency exchange, has reassured investors that such problems will not recur.Photo by Markus Spiske on UnsplashIrregular Aptos token depositsAn Upbit representative informed local news outlet Digital Asset that the platform had detected irregular deposit activities related to Aptos-based tokens of the same type on September 24. In response, the platform addressed the coding anomalies during the suspension of APT deposits and withdrawals.Software correctionThe representative said that, as the resumption of APT deposits and withdrawals took place at 23:00 KST on September 24 after the software correction, no virtual assets on the exchange, including APT, should face similar issues in the future.Asset monitoringThe official highlighted that the trading platform employs a real-time process that monitors and compares customer assets with on-chain assets, a step that contributed to the mitigation of the fallout from the incident.

Singapore Judge Says Crypto Not MoneyIn recent years, legal processes in various jurisdictions worldwide have seen judges comment on whether cryptocurrency is actually money. The latest such determination has been made by Justice Vinodh Coomaraswamy who outlined in a Singapore court that while being a component of financial transactions, cryptocurrencies are not money.The consideration emerged in a recent court hearing at Singapore’s High Court in a case involving the Algorand Foundation and failed Singapore-based hedge fund, Three Arrows Capital (3AC). Justice Coomaraswamy’s comments arose due to a discussion in the midst of the court proceedings involving the Judge and counsel representing the Algorand Foundation.©Pexels/EKATERINA BOLOVTSOVASeashells as moneyIn setting out his rationale for the need for 3AC to be wound up, Daniel Chan, a lawyer for the WongPartnership law firm that was representing the Algorand Foundation in the proceedings, told the judge that despite foreign currencies not being recognized as legal tender in Singapore, or used broadly as a medium of exchange within the city state, those foreign currencies are recognized by Singapore law as money. Using that analogy Chan suggested that by implication, the same scenario should be considered where cryptocurrencies are concerned.The judge provided a counterpoint: “What if you had a [community] in the world that used seashells as its internal medium of exchange? Would the Singapore courts have to recognize that as money.” Chan claimed that the judge had used an extreme example although Coomaraswamy remained steadfast in his view, pointing out that seashells had indeed been used as a form of money in the distant past.Coomaraswamy proceeded to dismiss the Algorand Foundation’s winding up application. He acknowledged that the Foundation did have standing in bringing the application. However, as he determined that cryptocurrency couldn’t be classed as money, on that basis he dismissed the application. In conveying his decision, he stated: “The word indebtedness, in my view, must require a debt which is in fiat currency. Determining whether or not a particular intangible, such as cryptocurrency, is money would require a detailed examination of evidence which is not appropriate in the context of insolvency.”Legal tenderThus far, bitcoin has been recognized as legal tender in two countries — El Salvador and the Central African Republic. In 2020, a French court referred to the leading cryptocurrency as money, agreeing that Bitcoin loans can be recognized as customer loans in the same way as loans denominated in fiat currencies. Earlier that year, an Australian court recognized bitcoin as a legally legitimate form of investment. In the United States, a Federal court recognized bitcoin as “money” or “funds” in a prosecution taken against Silk Road website operator Ross Ulbricht.There have been many similar instances in courts globally where judges have had to grapple with the consideration of whether bitcoin and crypto more generally can be regarded as money. Similar to the difficulty authorities are having in regulating cryptocurrency, it’s an issue that in most cases lacks complete clarity and in which we can expect further discussions on, similar to this most recent consideration in the Singaporean high court.

The Korea Security Token Offering (KSTO), a South Korea-based association dedicated to providing compliance guidelines for STO projects, announced on Monday that it signed a memorandum of understanding (MOU) with blockchain company Metalab for STO mainnet development. The news was reported by local media outlet Ajunews. Through the MOU, the two institutions plan to create a blockchain platform for local blockchain companies, catering to their needs for STO issuance.Photo by Kaitlyn Baker on UnsplashThe KSTO is an association aiming to provide consultation services on STO design and development and assist blockchain projects in complying with laws and regulations, contributing to building a healthy blockchain ecosystem. Meanwhile, a member of the KSTO, Metalab is a blockchain firm with expertise in developing crypto tokens and decentralized applications, or DApps. The company is reportedly participating in an STO mainnet development project led by the KSTO.  STO infrastructure catering to Korean firms and investors Mainnet refers to the primary blockchain network where actual crypto transactions take place, such as the Ethereum or Solana platform. Mainnets, which operate on their own based on their independent infrastructures, are highly valued in the crypto markets due to the complexity of developing such networks.  This blockchain mainnet project involving Metalab will offer basic infrastructures that enable large-scale STO transactions, with plans to release features for STO issuance and management in connection with crypto wallets.  An KSTO official stated that the institution aims to support companies willing to issue STOs, from both technological and legal perspectives. The person highlighted the institution’s commitment to creating an STO ecosystem tailored for Korean companies, saying that the project will create a regulation-compliant, user-friendly platform and develop it to a level where it can rival the industry’s leading players like Polymesh, a prominent security token platform.