Gemini receives in-principle MPI license approval in Singapore

BitKeep Changes Name to Bitget Wallet Following AcquisitionContinuing the trend set by industry giants like Binance, KuCoin, and OKX, cross-chain wallet provider BitKeep has undergone a transformation, rebranding itself as Bitget Wallet. This strategic shift comes on the heels of the wallet’s acquisition by the prominent Seychelles-headquartered crypto exchange, which acquired a controlling stake for $30 million in March.Photo by Jon Tyson on UnsplashBitget Swap unveiledThe rebranding announcement, made on August 10, coincides with the unveiling of Bitget Swap, a novel cross-chain swap mechanism integrated into the wallet. This innovative feature draws liquidity from a network of approximately 100 decentralized exchanges spanning across 20 chains. The move positions Bitget Wallet as a versatile platform catering to traders seeking fluidity and efficiency across diverse cryptocurrencies.Bitget Wallet users are set to benefit from an enticing proposition as the exchange merges its offerings. A collective Bitget User Protection Fund, boasting a substantial $360 million pool, has been established.The fund is anchored by 6,500 Bitcoin, ensuring robust safeguards against security incidents. This initiative finds its origins in the wake of the FTX exchange collapse last November, with the fund’s value boosted by a subsequent $60 million capital appreciation due to the rally in Bitcoin prices.The synergy between the two businesses has already borne fruit for Bitget. Last month, it clarified that it had surpassed 20 million users, with the wallet integration believed to be responsible for a large part of that user growth.Growing painsBitKeep’s past wasn’t without its challenges. A security breach occurred in December when the wallet’s Android Package Kit (APK) was compromised by malware, causing losses of around $8 million among users who had installed the compromised package. In a commendable move, the company fully compensated the affected users on March 29, signaling its commitment to rectifying such setbacks.Moka Han, Chief Operating Officer of Bitget Wallet, underscored the wallet’s security-focused approach. Han revealed that cross-chain bridges are subject to stringent third-party security audits by notable entities like SlowMist and CertiK before deployment. Rigorous post-deployment monitoring further guarantees a resilient security environment.Payment channel integrationIn its recent evolution, Bitget Wallet has integrated five stable payment channels, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These integrations empower users to conveniently purchase cryptocurrencies within the wallet using methods such as credit cards, Google Pay, and Apple Pay. Additionally, the wallet has introduced a peer-to-peer marketplace, characterized by comprehensive security measures that protect both buyers and sellers.Bitget Wallet’s appeal extends far and wide across the Asia Pacific (APAC) region, boasting an impressive user base exceeding 10 million individuals. This figure constitutes nearly half of MetaMask’s user count, signifying the wallet’s considerable popularity.The company didn’t allow the rebrand milestone to pass without taking the opportunity to further promote its offering. On Thursday, it commenced a “Mystery Box Airdrop” event, offering new Bitget Wallet users the opportunity to claim individual rewards of up to 1,000 USDT.Biget’s wallet integration is in line with the changing landscape of crypto exchanges generally, with other prominent players such as OKX, KuCoin, and Binance having also ventured into the realm of self-custody wallets, enhancing their service offerings beyond traditional exchange operations.

Rotonda holds blockchain hackathon at GBIC 2023Rotonda, the operator of the digital asset wallet platform Bithumb Buritto Wallet, hosted a hackathon on Monday (local time) at this year’s Global Blockchain Incheon Conference (GBIC), centered around the theme of addressing a variety of local issues, such as carbon reduction, industrial and urban issues and public services using Web3 technology. Contestants from across the country gathered to create blockchain-based prototypes aimed at addressing such issues.Photo by Marvin Meyer on UnsplashOther blockchain and Web3 companies like Roa Core, Ret Games and ReFi Korea also participated as sponsors for the competition, which was held at Songdo Convensia, an international conference complex located in Songdo International Business District.Innovative solutions recognizedThe ten teams that made it to the finals presented a range of ideas related to the theme, which were judged based on how applicable, feasible and influential they are, as well as their potential for development and social contribution.“Through this year’s hackathon, we were introduced to innovative ideas and high-quality technologies to address various local problems. Discovering and supporting passionate entrepreneurs is in line with the values that we uphold within our ecosystem at Bithumb Buritto Wallet,” said Lee Sang-ho, Vice President at Bithumb Burrito Wallet.The grand prize of KRW 5 million (approximately $3,600) was awarded to DIY, a team that developed a project to promote cultural resources, tourism experiences and sports industries in Incheon using dynamic non-fungible tokens (dNFTs). dNFTs can be adapted or changed based on external events and data. The hackathon judges praised the team for adding gamification elements to increase citizen participation and streamlining administrative procedures through smart contracts. The team also won additional benefits like office space in Incheon’s Jemulpo Smart Town.“We are delighted to be recognized for the in-depth discussions we had amongst our members to develop a highly usable and differentiated platform,” the team said in a statement. “We will strive to leverage blockchain technology to create various success stories.”Additional winnersTwo runner-up prizes went to the Caffeine Addiction team, which developed a platform for motivating coffee drinkers to dispose of used coffee grounds, and the Datayo team, which developed dBus, a smart mobility platform with token-based crowdfunding processes. They received KRW 3 million and KRW 2 million, respectively, in prize winnings.

Legal Process Continues Following Crypto.com Transfer MishapJatinder Singh, a customer of Singapore-headquartered Crypto.com is expected to face a plea trial next month in the wake of an errant transfer that occurred on the platform over two years ago.In 2021, Crypto.com inadvertently transferred over $10 million into Thevamanogari Manivel’s Commonwealth Bank account in Australia. Remarkably, this substantial error went unnoticed by Crypto.com for seven months until it was uncovered during an audit.Photo by Tingey Injury Law Firm on Unsplash18-month sentenceManivel, a 41-year-old disability support worker, was arrested at Melbourne airport while attempting to board a plane to Malaysia in March 2022. She was holding a one-way ticket and nearly $11,000 in cash. Her recent sentencing, following her guilty plea for recklessly dealing with the proceeds of the crime, has garnered significant attention.The court imposed an 18-month community corrections order, including six months of intensive compliance and unpaid community work. This punishment was in addition to the 209 days Manivel had already spent in custody.Embarrassing errorCrypto.com’s multimillion-dollar mistake made headlines globally when it came to light during legal proceedings aimed at freezing Manivel’s assets. This incident occurred during a period of heightened uncertainty in the cryptocurrency market, mere months before the highly publicized collapse of rival FTX.In 2018, Manivel met Jatinder Singh, who became her partner and shared her interest in cryptocurrency investments. Singh attempted to make a payment using Manivel’s bank account on Crypto.com but encountered a rejection due to a name mismatch. A processing error, however, led to a massive transfer of $10.47 million into Manivel’s account.Realizing the overpayment, Singh advised Manivel to move the funds to a joint Westpac account. Between the transfer and Manivel’s arrest, the money was used to purchase four houses, vehicles, art, and furniture, and $4 million was sent to an overseas account.Crypto.com discovered the error during an audit in December 2021 and initiated efforts to reclaim the funds from Commonwealth Bank. In January 2022, the bank contacted Manivel multiple times, seeking the return of the money. Manivel, initially regarding these communications as scam attempts, remained unaware of the gravity of the situation. She later informed the police that Singh had claimed to win the money in a Crypto.com competition.Theft chargesWith Manivel having been dealt with by the courts, attention now turns to Singh, who faces charges of theft and is scheduled for a plea hearing on October 23.In response to this incident, Crypto.com highlighted its commitment to enhancing internal processes to ensure security and compliance in financial services. This includes updates to their refund and withdrawal systems to prevent such occurrences in the future.The wayward transfer may have left Crypto.com with egg on its face, but the firm has been redeeming itself via other endeavors, including the roll-out of the use of AI on its platform. On the regulatory front, the company has been working diligently towards compliance in the Spanish market, having already acquired trading licenses in Dubai and its home market of Singapore.This case serves as a cautionary tale of the unexpected consequences that can arise in crypto. Such elementary mistakes will not provide confidence to service users. The saga lays down a marker for a need for greater professionalism in the sector.