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Dispute Embroils Bitget in Legal Battle With Crypto InfluencerBitget, the crypto exchange registered in Seychelles, finds itself entangled in a legal dispute with prominent crypto influencer Evan Luthra.Photo by Tingey Injury Law Firm on UnsplashAccount freezing allegationsThe conflict stems from Luthra’s allegations of account freezing and loss of funds after a token listing incident in March. Luthra has filed a lawsuit against Bitget, accusing the exchange of withholding $200,000 in Tether (USDT) without adequate explanation, while also freezing his account.The legal drama follows Luthra’s involvement with the Reel Star project, where he served as an advisor for the platform which is aimed at creators. As compensation for his collaboration with the project, Luthra received Reel Token (REELT), the project’s utility token.Bitget alleged market manipulationUpon the listing of REELT tokens, Luthra reportedly sold 1.3 million tokens on Bitget. In response, Bitget claims it faced a manipulative attack orchestrated by a group of traders attempting to profit from market manipulation immediately after the token’s listing. This allegedly caused a significant drop in the token’s price, prompting Bitget’s decision to freeze Luthra’s account.Bitget states that it contacted Luthra seeking an explanation for the suspicious trading behavior. Luthra acknowledged the token sale but failed to provide satisfactory reasons for his actions, according to Bitget’s version of events. The exchange maintains that user protection is its foremost priority and that it takes swift action against illegal or fraudulent behaviors.$16 million damages claimLuthra refutes the allegations, asserting his innocence and citing alleged approval from Reel Star’s Co-Founder Navdeep Sharma for his token sale plans. He seeks a substantial $16 million in damages, in addition to the frozen funds. Luthra claims that Bitget unjustly deprived him of his tokens, asserting his status as a fully KYCed user entitled to access his holdings.In the aftermath of the incident, Bitget conducted an investigation and offered a compensation plan for affected clients. Gracy Chen, Bitget’s Managing Director, emphasized the exchange’s commitment to user protection and its actions against illicit activities on its platform. Addressing the matter on Twitter, Chen didn’t hold back in her commentary on Luthra, stating that he “has a history of fraudulent activities,” which she says were exposed by crypto journalist CoffeeZilla.The legal dispute has ignited debates within the crypto community. Supporters of Luthra contend that his case underscores broader issues faced by users of centralized exchanges, shedding light on the need for improved user rights and protection. On the other hand, some argue that Bitget acted appropriately to safeguard its users and the market integrity.CZ brought into the disputeThe legal battle has attracted attention from influential figures in the crypto industry. Against a backdrop of a very public airing of the dispute on Twitter, in a recent tweet Luthra invited Changpeng Zhao (CZ), the CEO of Binance, to respond to Luthra’s claim that Bitget spreads rumors about other exchanges. CZ was having none of it, writing: “You should talk to them, right? We are not a regulator for other exchanges.”The case highlights the intricate challenges surrounding market manipulation and token listings within the crypto space. As it unfolds, the outcome could potentially set a precedent for similar situations involving token listings, market manipulation, and user protection.

Japanese Security Token Platform Alterna Surpasses 10,000 Pre-RegistrationsAlterna, a Japanese real estate-focused security token platform operated by Mitsui & Co. Digital Asset Management (Mitsui & Co. DAM), has garnered over 10,000 pre-registrations ahead of its launch, according to a recent press release.Benefits for pre-registrantsPre-registrants for Alterna will be able to enjoy benefits such as preferential treatment in the selection process for projects upon its launch. The pre-registration window will remain open until May 8, 2023.Real estate of $1.7BMitsui & Co. DAM manages real estate properties valued at around 230 billion yen (~$1.7 billion), which will be gradually digitized into security tokens. The company will choose investments that offer greater stability compared to publicly traded stocks, focusing on large-scale real estate properties and infrastructure with consistent cash flows, such as rental income.More investment opportunitiesBy utilizing blockchain technology to issue security tokens, Alterna will enable retail investors to invest small sums in stable assets that were previously inaccessible. The platform has digitized its operations and developed an optimized system to reduce management costs. Additionally, it has gone paperless to provide convenience to its users. With a smartphone, users can complete the entire process, from opening an account to making an investment.Firm’s expansionSince the enactment of the revised Financial Instruments and Exchange Act in 2020, security tokens have gained traction as an investment vehicle in Japan. Mitsui & Co. DAM has launched four security token offerings, tokens from which are subject to tax benefits. As the firm expands its business, Mitsui & Co. DAM is also seeking talented individuals for various positions, including compliance, asset management, sales, and internships.Photo by Shubham Dhage on Unsplash

Dunamu & Partners Invests $109M in 60 Promising StartupsInvestment firm Dunamu & Partners (D&P), a subsidiary of South Korean cryptocurrency exchange Upbit’s operator Dunamu, announced that it has made 144.4 billion KRW ($109 million) investments in 60 promising startups, as per economic news media Moneytoday.Photo by Precondo CA on UnsplashDiversified portfolioHaving commenced its operations five years ago, the investment company started investing in fintech and blockchain domains and later diversified its investments into other cutting-edge fields such as artificial intelligence (AI) and data management.AI and data managementA D&P official said that more than half of the investment (52%) has been allocated towards AI and data management. The company made initial investments in nascent startups and continued to provide additional funds to support their noticeable growth.One of the best cases is Korea Credit Data (KCD), the company behind retail revenue management solution Cashnote. After receiving strategic investment from D&P in 2018, KCD secured another 35 billion KRW ($26.4 million) last October to turn into a unicorn company, elevating its status to a unicorn company — a privately-owned startup valued at over $1 billion.Other notable companies in D&P’s portfolio include cloud-based foreign exchange payment solution Travel Wallet, AI-driven investment tech provider Qraft Technologies, and AI chip design firm Rebellions.Positive social impactD&P has also made investments in areas that generate positive social impact. D&P has committed 10 billion KRW ($7.6 million) each to whole-genome sequencing analysis company Genome Insight and knowledge-sharing platform Classum.Investments with capitalD&P invests entirely with capital and does not rely on funds for financing its investments. D&P CEO Lee Kang-joon emphasized the firm’s preemptive monitoring of market trends and its persistent investment strategy in the quest to identify the next industry trailblazer.