AsiaPay and BLOX explore crypto payments within Malaysian market

SEC Seeks to Question Co-Founder of Singapore’s Terraform LabsThe United States Securities and Exchange Commission (SEC) has taken a step forward in its ongoing case against Singapore’s Terraform Labs by seeking to question Daniel Shin, the Co-Founder of the company.The SEC's intention is to gather evidence related to Chai Corporation, a payments company associated with Terraform and the Terra blockchain. District Judge Jed Rakoff granted the SEC’s request earlier this week, which is part of the regulatory body’s efforts to build a case against Terraform Labs and its Co-Founder, Do Kwon. The decision was based upon a motion originally filed in July.Photo by Bermix Studio on UnsplashRequesting South Korean assistanceThe motion, which was granted on Tuesday, allows the SEC to reach out to South Korea for assistance in questioning Shin and obtaining documents related to Chai Corporation. The regulatory body aims to gain insights into Kwon’s role at Chai, the utilization of the Terra blockchain by Chai, and the disclosures made by Chai regarding its relationship with Terraform.Additionally, the SEC is interested in understanding the reasons behind Chai’s separation from Terraform, as the two companies shared offices and staff until their split in 2020.No opposition filedOn a previous occasion, Kwon unsuccessfully challenged the SEC's attempt to access company records on the basis of a lack of jurisdiction given that Terraform is a Singapore-domiciled company. In June, both Terraform and Kwon attempted unsuccessfully to have the entire action thrown out.On this occasion neither Terraform Labs nor Kwon have opposed the SEC’s motion. In fact, they have even included their own set of questions and document requests. Both the Singaporean firm and its Co-Founder have denied the SEC’s allegations, which were filed earlier this year.The SEC’s lawsuit claims that Terraform’s cryptocurrencies, specifically Terra Luna Classic (LUNC) and Terra ClassicUSD (USTC), were involved in fraudulent activities. The US regulatory body further alleges that Kwon and Terraform falsely promoted the use of the Terra blockchain by Chai for processing and settling transactions.The SEC’s lawsuit also accuses Terraform and Kwon of fabricating transactions involving TerraKRW (KRT), a Korean won-pegged stablecoin, to give the impression that Chai was actively utilizing the Terra blockchain.Collapse falloutTerra, an interconnected crypto ecosystem, faced a collapse in May 2022, resulting in the loss of approximately $40 billion in value and impacting the wider cryptocurrency market. The aftermath of this collapse led to legal actions against individuals associated with Terraform Labs. South Korean prosecutors, for instance, charged Shin with multiple fraud offenses in April, alleging that he had concealed the risks of investing in Terraform’s cryptocurrencies.Kwon’s legal situation is equally complex. He is currently serving a prison sentence in Montenegro for attempting to leave the country using a fake passport. He faces criminal charges in both the United States and South Korea, and both countries have requested his extradition.The ongoing investigation sheds light on the intricate relationships within the Terra ecosystem, having an impact across different jurisdictions. As legal proceedings unfold, the outcome will likely have implications for the regulation and oversight of cryptocurrency and blockchain projects internationally.

Leading crypto exchange platform OKX has recently unveiled its plans to enhance its marketplace by incorporating Atomicals (ARC-20), Runes, Stamps (SRC-20) and Dogecoin’s Doginals (DRC-20) into its Web3 wallet. ‘First-to-market’ initiativeTaking to social media on Monday, the firm provided further details regarding the additions, outlining that it is part of a "first-to-market" initiative, solidifying OKX's commitment to the expanding realm of Bitcoin NFTs. The integration of these token standards is aimed at positioning OKX as a leading one-stop NFT ecosystem within Web3. Starting with the integration of Stamps on Feb. 5, OKX Wallet users will gain the ability to view and transfer Bitcoin token standards. Subsequently, in late February, OKX Wallet will extend its support to Atomicals, Doginals and Runes, enabling millions of users to engage in buying and selling these NFTs without incurring any trading fees. OKX Marketplace will also follow suit, integrating DRC-20, ARC-20 and Runes standards in late February, thus broadening the scope for users to participate in zero-fee trading.Photo by Shubham's Web3 on UnsplashDriving mainstream adoption of Web3Jason Lau, chief innovation officer at OKX, underscored the platform's dedication to driving mainstream adoption of Web3 technologies, making the exploration and realization of NFT potential more accessible for users. Despite concerns about potential blockchain congestion due to NFTs, Lau characterized these challenges as "growing pains," expressing confidence that they will be addressed over time. Lau told CoinDesk that “these things will last forever, as long as the chain lasts.” Emphasizing the surge in activity and user growth since the launch of their product, Lau positioned OKX as an evolving platform at the forefront of developing tools for users to access all of Web3. OKX Wallet's inscriptions tool presently supports minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C and Arbitrum One, among others. Boosting OKX MarketplaceThe move aims to establish OKX Marketplace as the largest NFT marketplace in the industry, boasting zero-fee trading across an expanding range of token standards. The platform's advanced NFT offering includes features such as hex error checking, liquidity across multiple standards, bulk minting capabilities and automatic error detection. Despite OKX's open embrace of Ordinals and other Bitcoin protocols, some members of the Bitcoin ecosystem express discontent, labeling Ordinals as digital spam. Jason Lau vehemently disagrees, asserting that in open and permissionless networks like Bitcoin, "there is no such thing as spam." He contends that as long as fees are paid and transactions adhere to consensus rules, they are valid. Lau emphasizes OKX's historical support for the Bitcoin ecosystem, including upgrades like SegWit, Taproot and Lightning. As debates surrounding the role of Ordinals and NFTs within the Bitcoin ecosystem persist, OKX's proactive stance signals a belief in the potential of Bitcoin-based NFTs to introduce innovative use cases and design possibilities. The disruptions experienced by various blockchains in December, attributed to increased transaction activity related to inscriptions, underscore the growing impact of these developments within the Bitcoin ecosystem and the broader crypto landscape. 

Planetarium Labs’ blockchain MMORPG Nine Chronicles M launches worldwideWeb3 gaming company Planetarium Labs has officially released its mobile game Nine Chronicles M worldwide, which is now available for download on Google Play and the App Store.Photo by Jonas Leupe on UnsplashRedefining the MMORPG genreNine Chronicles M is the mobile version of the popular Nine Chronicles, a fully on-chain open-source massively multiplayer online role-playing game (MMORPG) — the first of its kind in the world — set against the backdrop of Norse mythology. The PC version of the game has consistently topped the ranks of dApp store DappRadar’s blockchain game listings with more than 200,000 users worldwide. Building on this experience, Planetarium Labs stated that the mobile version would provide an even more immersive game experience surpassing that of the original version.“With Nine Chronicles M, we aim to create an experience where the community not only enjoys the game but actually owns it,” said Kim Jae-seok, CEO of Planetarium Labs, referring to the game’s fully decentralized format and interactive open-source protocol. “From various events to creative and enhanced gameplay and the largest reward pool known in PvP battlegrounds, we promise to deliver an exciting and thrilling gaming experience.”Successful pre-registration turnoutThis latest release comes after the global pre-registration event that recently ended on Wednesday (UTC), which attracted some 200,000 gamers. Various rewards will be distributed to participants through a gacha game dubbed “Dvergr’s Gacha Workshop”. Such rewards include rare character costumes and allotted amounts of the in-game currency Nine Chronicles Gold (NCG), which can be used to purchase in-game items or staked to earn additional rewards. They can be claimed by downloading and logging into the game, Planetarium Labs explained.