GDAC joins hands with Zodia Markets to cultivate global digital asset network

The Ethereum Foundation is set to make a significant impact on the Southeast Asian Ethereum community as it announces Bangkok as the location for Devcon 7.Photo by Viktor Forgacs on UnsplashFocusing on Southeast AsiaThe Ethereum developer conference will be held in the Thai capital from Nov. 12 to 15. The decision signifies a broadened vision for the event, shifting from a city-focused approach to embracing the entire Southeast Asia region as the backdrop for this community gathering. To underscore the Foundation’s intent, it has renamed the event from Devcon 7 to "Devcon Southeast Asia." Expressing enthusiasm about the potential and rapid growth of the Ethereum community in Southeast Asia, the Ethereum Foundation sees the scheduling of Devcon 7 for 2024 as an opportunity to deeply engage with local communities, providing meaningful support and empowerment. This shift aims to make Devcon 7 a more inclusive and regionally focused event, aptly named "Devcon Southeast Asia" to highlight its broader reach and impact. There has already been a positive reaction from crypto community members in the region in response to the choice of Bangkok for the conference. Navaporn Nalita, the founder of Crypto City Connext in Thailand wrote that “Bangkok's collaborative ecosystem, welcomes Devcon 2024 with open arms (and open blockchains)! Thailand's vibrant dev scene is primed to ignite alongside the world's brightest minds.” In short order, community builders have been looking to make the most out of the opportunity. Aligning with crypto growth potentialAccording to the blog post published by the Ethereum Foundation outlining the announcement, the choice of Bangkok as the host city aligns with the region's crypto adoption growth. Countries like Vietnam, the Philippines, Indonesia and Thailand have shown remarkable positions in the Global Crypto Adoption Index, underscoring the pivotal role of Southeast Asia in the global Ethereum landscape. To support Ethereum events, grassroots communities and educational initiatives in Southeast Asia, the Ethereum Foundation (EF) initiated the Road to Devcon (RTD) Grants round on June 29. This grant round is specifically aimed at individuals in Southeast Asia actively building communities, developing educational activities, and contributing to the growth of the Ethereum ecosystem. Encouraging smaller meet-ups over large events, the EF set the maximum grant at $1,000. The initiative aims to empower the Southeast Asian Ethereum community by providing support along the Road to Devcon. In a recent Chainalysis research report, Vietnam has emerged as the leader in cryptocurrency adoption within Southeast Asia, claiming the top spot in the region and ranking third globally in the Global Crypto Adoption Index for 2023. This index considers transaction volumes, protocols, web traffic patterns and factors like population size and purchasing power. The competition among Southeast Asian countries to establish themselves as crypto hubs is evident. Each nation adopts different regulatory approaches, with Singapore and Thailand implementing stricter measures. There has been a steady stream of Ethereum developer-centric conferences in recent years. 2022 featured EthDenver, Avax Barcelona, Devconnect Amsterdam, Devcon Bogota and EthSF (San Francisco). EthDenver, EthCC Paris and Devconnect Istanbul followed in 2023. As Devcon Southeast Asia approaches, the Ethereum Foundation anticipates fostering deeper connections and collaboration in this vibrant and evolving ecosystem. 

In a move that will likely further bolster the digital asset landscape in the United Arab Emirates (UAE) and the wider Middle East region, a collaborative venture between Bridgetower Capital and Deus X Capital is launching a digital asset platform in Abu Dhabi. With an initial investment of $250 million, Bridgetower Middle East, as reported by weekly regional business magazine Arabian Business, is poised to play a pivotal role in fostering institutional-grade digital asset infrastructure within the UAE and the broader Middle East and Gulf Cooperation Council (GCC) region. Cory Pugh, Chairman and CEO of Bridgetower, expressed his enthusiasm about the partnership, stating:“Staying true to our roadmap of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity.”Photo by Kevin JD on UnsplashHeadquartered in ADGMHeadquartered in the Abu Dhabi Global Market (ADGM), Bridgetower Middle East aims to serve as the nerve center for digital asset activities, with a footprint extending to Dubai. The company's core mission is to inaugurate and manage an institutional-grade digital asset infrastructure platform, facilitating the rapid evolution of the digital asset business across the UAE and the region. Backed by significant self-funding, Bridgetower ME brings forth a wealth of expertise, with over $250 million of delegated assets earmarked for turnkey staking, coupled with extensive experience in digital asset management and capital deployment, courtesy of Bridgetower and Deus X. “We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE,” remarked Pugh. Through its suite of services, Bridgetower Middle East aims to provide institutional clients with a secure platform for engaging in staking activities, facilitating transactions across major blockchain networks. In 2022 it partnered with Securitize to offer a Staked Digital Asset Security (SDAS) product on the Avalanche blockchain. Last year, it integrated the Lido liquid staking ecosystem within its own platform. Harnessing AI and blockchain capabilitiesFurthermore, Bridgetower ME is poised to elevate the capabilities of blockchain and artificial intelligence (AI) through its advanced AI GPU services tailored for blockchain networks. By leveraging its specialized data center infrastructure, Bridgetower ME seeks to augment computing capabilities for blockchain and AI applications, thus driving innovation within the digital asset ecosystem. In line with its commitment to nurturing the blockchain ecosystem, Bridgetower ME plans to spearhead private equity investments and support the incubation of startups in the UAE. Additionally, the company envisions the launch of a Web3 commerce platform, aimed at seamlessly integrating traditional businesses with digital assets. Through strategic collaborations with global consumer brands, art markets and sports organizations, Bridgetower ME aims to accelerate the adoption of blockchain technology on a global scale. Tim Grant, representing Deus X Capital, expressed his excitement about the collaboration, stating:“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech.” 

The U.S. Department of Justice said on Dec. 2 that it had seized the web domain tickmilleas.com, which was used to facilitate cryptocurrency investment fraud (CIF) schemes, adding to two others seized last month as part of actions against the same Burma-based network. According to the announcement, the domains were operated by scammers based in Kyaukhat, Burma, who presented the site as a legitimate investment platform in order to solicit deposits from victims.Photo by Markus Spiske on UnsplashPromises of high returns as baitVictims who reported the activity to the Federal Bureau of Investigation (FBI) indicated that the recently seized website displayed fabricated investment returns and showed purported deposits credited to their online accounts. These figures appeared during guided walkthroughs of falsified trades, creating the appearance of a functioning platform. The Justice Department said the domain seizures are among the first actions taken since it established its first district-level CIF strike force, known as the Scam Center Strike Force, three weeks earlier. The unit operates under the U.S. Attorney’s Office for the District of Columbia. According to the DOJ, the group behind the scheme is known as the Tai Chang scam compound. The network is described as being affiliated with the Democratic Karen Benevolent Army (DKBA) in Burma, Trans Asia International Holding Group Thailand Company Limited, and other entities. The U.S. Treasury listed these parties as specially designated nationals on Nov. 12, citing their ties to Chinese organized crime and their involvement in developing scam hubs across Southeast Asia. Russia probes crypto briberyWhile the U.S. case focused on fraud targeting individual investors, a separate development in Russia involved alleged corruption tied to cryptocurrency. DL News, citing a local media report, said Russian prosecutors are seeking to seize a portfolio of luxury assets linked to Georgy Satyukov, a fugitive former employee of the Ministry of Internal Affairs, after investigators concluded he had accepted illicit payments in Bitcoin and Ethereum, described as the world’s largest cryptocurrencies. Russian authorities allege that between March and October 2021, Satyukov received $184 million in Bitcoin and $30 million in Ethereum from operators of the failed WEX crypto exchange in return for shielding them from a criminal investigation. WEX had taken over the operations of the BTC-e trading platform in 2017. Investigators say Satyukov liquidated much of his cryptocurrency holdings and used the proceeds to purchase residential and commercial properties in several cities, as well as high-end cars, luxury watches, and jewelry. They have identified $29.6 million in assets believed to be linked to the alleged bribes, which could be transferred to the Federal Treasury if prosecutors win a conviction. The U.S. domain seizures and the separate corruption investigation in Russia illustrate the varied ways cryptocurrency has been implicated in recent criminal cases. Both developments underscore the continued attention authorities are giving to the risks surrounding digital assets.