Galaxia Moneytree Forms Aviation Asset Tokenization Consortium

KuCoin Halts Bitcoin and Litecoin Mining Pools Amidst Strategic ShiftIn an announcement on Tuesday, Seychelles-based cryptocurrency exchange KuCoin revealed its decision to temporarily suspend its Bitcoin and Litecoin mining pools, effective from 16:00:00 on August 15, 2023 (UTC).Photo by Traxer on UnsplashChanging business strategyThis move is attributed to KuCoin’s evolving business strategy, although specific details remain undisclosed. The exchange expressed its regret for any inconvenience caused and extended gratitude for users’ continued support.It appears that the company wants to focus on core business activities and for that reason, it’s terminating its mining pool activity. That said, the discontinuation was described in its statement as being “temporary” although that has been left open-ended with no indication of if or when it would bring the service back into operation.The company is open to the idea of revisiting the facilitation of mining pools in the future. “We will see if it is needed to restart based on the market and users’ demand in the future,” a spokesperson for the company told The Block.To ensure miners’ uninterrupted earnings during the suspension, KuCoin advised users engaged in cryptocurrency mining to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the specified suspension date. Additionally, the exchange emphasized the importance of backing up and preserving mining records and related data, recommending users complete these actions before August 27.Presently, the KuCoin Bitcoin mining pool maintains a hash rate of 9.08 exahash per second (EH/s), while the Litecoin pool operates at 3.90 terrahash per second (TH/s). These figures contribute to the broader hash rate landscape, where the entire Bitcoin network boasts a hash rate of 349.19 EH/s, compared to the Litecoin network’s 792.16 TH/s.Workforce reductionIt is clear that the company is in the process of adjusting to current market conditions. Last week, rumors surfaced of a plan to effect a workforce reduction. That prompted KuCoin’s CEO Johnny Lyu to respond, clarifying that the exchange’s operations are running smoothly. Dismissing layoff speculation, Lyu highlighted the exchange’s steady expansion and strong growth as demonstrated by the H1 2023 report. The report showcased an increase in users and new listings, underscoring the platform’s vitality and development.Mandatory KYCIn recent months, KuCoin has also implemented mandatory Know Your Customer (KYC) requirements, obligating users to undergo verification processes. Existing customers who fail to complete KYC procedures will be unable to make deposits. With over 20 million registered accounts, the exchange felt that it needed to improve on its level of regulatory compliance and security measures.It’s highly likely that an action taken by authorities in New York in the United States in March prompted KuCoin’s decision to tighten up on KYC. At that time, the New York Attorney General said that action was being taken against KuCoin due to its failure to register as a securities and commodities broker-dealer.As KuCoin undergoes these changes, the suspension of its mining pools raises questions about the broader implications for its business strategy and the potential impact on miners within its ecosystem. That said, the firm is not alone in making changes, with most crypto exchanges having had to adjust to a business and regulatory environment that has changed considerably since the 2021 crypto bull run.

Aevo, the Singaporean crypto derivatives platform, is gearing up to broaden its ecosystem by allowing other protocols to build on its rollup infrastructure. ‘The future is modular’Currently, Aevo exchange is the sole application on its rollup, but according to Julian Koh, co-founder of Ribbon Finance, the platform's parent protocol, the intention is to open it up for other developers. On Tuesday, Koh retweeted a social media post by the company which stated “The future is modular,” adding the comment “build whatever.” Koh told The Block that "the primary angle here is we are currently built on our own rollup — but Aevo exchange is currently the only app on this rollup. Our plan is basically to open this up for other [developers] as well and build an ecosystem around our exchange."Photo by Shubham Dhage on UnsplashTransitioning to CelestiaAevo, specializing in options and derivatives trading, operates on its own Layer 2 network, built using the OP Stack and running atop the Ethereum blockchain. In a cost-saving initiative, the platform plans to transition to Celestia for storing transaction data in the near term. Celestia launched on mainnet last October with the aim of enhancing blockchain scalability. It’s a modular data availability network which securely scales relative to the number of network users. This expansion is part of a broader roadmap set to be unveiled in the coming weeks, as Aevo looks towards achieving aggressive growth. According to DeFi data aggregator DeFiLlama, Aevo has already been hitting ever higher numbers in recent months. Only two months ago, the protocol had $10 million total value locked (TVL). At the time of writing that metric has increased to $50 million. Last month, the platform achieved a new record-high weekly trading volume level in excess of $500 million. Julian Koh attributes this growth in part to Aevo's yield-bearing balances. Users deposit their crypto, which is then sent to MakerDAO to generate yield. In return, users receive a derivative token to trade on the Aevo platform, providing a mechanism for traders to earn yield while actively engaging in trading. 2023 rebrandRibbon Finance, which initially launched Aevo separately, merged the projects under the Aevo branding in July 2023. As part of the rebrand, an Aevo token will be introduced, with a 1:1 exchange rate for RBN token holders during migration. Post-rebrand, Aevo plans to roll out an incentive program aimed at boosting the platform's metrics.  Looking ahead, Aevo plans to delve deeper into yield offerings, drawing inspiration from Ribbon Finance. The platform aims to launch yield strategies in Q1 of this year, allowing users to lock up their crypto in various setups designed to generate returns, with the tokens being unavailable for trading during this period. One notable strategy that has contributed to Aevo's appeal is the pre-launch trading of upcoming tokens. The platform supports trading for tokens expected to launch soon, often through airdrops, providing an opportunity for traders to hedge against airdrops or lock in specific prices before the official launch. The project team membership draws on past experience at Coinbase, Kraken and Goldman Sachs, with academic backgrounds attained from Stanford, MIT and Cornell University. 

Do Kwon Loses Fight to Conceal Singapore RecordsDo Kwon, the founder of Terraform Labs has failed in his attempt to deny the United States’ Securities and Exchange Commission (SEC) from accessing company records in Singapore.©Pexels/George BeckerIn February, the SEC filed a complaint against Terraform Labs and its founder in a US court. The move followed an investigation that the agency had carried out into the collapse of a number of digital assets established by the company. The lawsuit claims that both the company and Do Kwon had engaged in fraud, together with the sale of unregistered securities to US citizens.Jurisdictional challengeLawyers for Do Kwon had claimed that in trying to access documents related to the Singapore-domiciled company, the SEC was acting far beyond its jurisdiction. According to court filings, his defense team argued that Do Kwon is a Singapore resident while Terraform Labs is a Singapore-based company that operates on a global basis and not specifically in the United States.The filing pointed to the fact that the Terraform Labs CEO had “limited contact with the US.” “Most of the company’s business is essentially global, and it’s not specifically aimed at the United States,” it stated.His lawyers had filed a request for the SEC to withdraw its documentation request. In a recent hearing, US District Judge Jed Rokoff turned down Terraform’s request. The documents are understood to be held by the Monetary Authority of Singapore (MAS) although the specific nature of the documentation sought remains unclear.The SEC claims that in founding the Terra US dollar stablecoin (TUSD) and associated cryptocurrency LUNA, Terraform Labs and Do Kwon were responsible for wiping out more than $40 billion dollars in value following their collapse. The Luna Foundation Guard (LFG), which was established to provide funds to keep the TUSD stablecoin at a $1 value, is another entity that the SEC intends to access documents from with the court’s permission. Singaporean police had stated last month that they had launched an investigation into the collapse of the TUSD stablecoin.Meanwhile, both the South Korean and US authorities are seeking the extradition of Do Kwon to face related charges. He was arrested last month in the southeastern European country of Montenegro where he was charged with having used forged documentation to enter the country. Although he had denied it on social media, in effect Do Kwon had been on the run from the reach of South Korean authorities over the course of a number of months, spending a portion of that time in Montenegro.Asset huntAn investigation by authorities in South Korea in recent weeks revealed that they were unable to find any assets held in the country owned by the Terraform Labs founder. The trail in chasing down any such assets has led to the United States. It is understood that Do Kwon bought real estate in the United States under his mother’s name. This is a common tactic for those who attempt to evade future confiscation of assets.Earlier this week, South Korean prosecutors confirmed that they are investigating a transfer of funds by Do Kwon to a leading law firm based in Seoul.