Bitget Launches Crypto Loans Product

South Korean crypto exchange Bithumb is working with the International Criminal Police Organization (Interpol) to combat global criminal activities involving digital assets. According to Korean media outlet Joseilbo, Yoo Jung-ki, who heads Bithumb's Policy Support Office, met with Tomonobu Kaya, Assistant Director of Interpol's Financial Crime and Anti-Corruption Centre, during a recent meeting in Thailand. The gathering was part of a three-day event held from March 10 to 12, organized under Interpol's Project ViCTOR (Virtual assets-facilitated financial Crime – Trace, Obstruct and Recover), an initiative funded by Japan's Ministry of Foreign Affairs. During their meeting, the two officials explored ways to enhance cooperation while committing to maintaining a close, sustainable working relationship.Photo by rc.xyz NFT gallery on UnsplashExchange shares expertiseDuring his Bangkok visit, Yoo delivered a speech addressing emerging crypto crime trends and necessary regulatory changes to protect users. He also discussed the Financial Action Task Force's (FATF) guidelines and recommendations, along with South Korea's policies on anti-money laundering and combating terrorism financing (AML/CFT). His presentation resonated with the audience, particularly when he emphasized the importance of collaboration between the public sector and crypto exchanges on multiple fronts, including recovering stolen funds from criminals. Regarding the meeting, Yoo stated that he found it meaningful to participate, as a representative of South Korean crypto exchanges, in a gathering focused on developing global countermeasures against money laundering and digital asset crimes. He added that Bithumb is committed to supporting the international cooperative system aimed at preventing and recovering from crypto crimes. Interpol’s effortsThe event also covered recent updates on Interpol's Global Rapid Intervention of Payments (I-GRIP) stop-payment mechanism, launched in 2022, and Singapore's evolving crypto regulatory landscape. In June last year, Interpol reported that police across 61 countries had collectively intercepted approximately $135 million in fiat currency and $2 million in cryptocurrency, with I-GRIP helping authorities track illicit proceeds from both types of currencies.Interpol's involvement in investigating crypto crimes has been expanding recently. According to Cointelegraph, Argentine lawyer Gregorio Dalbon has requested that a prosecutor and judge issue an Interpol Red Notice for Hayden Davis, a co-creator of the LIBRA token allegedly linked to Argentine President Javier Milei. The controversial memecoin, launched last month, briefly reached a $4.5 billion market cap before its value collapsed.

Su Zhu, the co-founder of the now-defunct Singaporean crypto hedge fund Three Arrows Capital (3AC), raised some eyebrows within the crypto community recently, having shared unconventional thoughts on his time spent in a Singaporean prison. Zhu's arrest took place in October of last year in Singapore, where he was apprehended while attempting to flee. Liquidators of 3AC had tipped off police in the city-state that Zhu was going to Changi airport, a number of days after they had secured a court order against him for failing to cooperate with their efforts to wind up the company. Alongside his business partner, Kyle Davies, Zhu was sentenced to four months in prison for contempt of court following a committal order.Photo by Christian Lue on Unsplash‘Enjoyable experience’Clips from an unreleased podcast were published on social media on Monday, in which Zhu referred to his time in prison as an "enjoyable experience overall." In the video podcast, Zhu expressed gratitude for his incarceration, even going so far as to claim that he had the "best sleep" of his life while behind bars. Zhu suggested that everyone should have the opportunity to experience prison at least once, believing it to be a beneficial and enlightening experience. He provided insights into his daily life during incarceration, emphasizing the simplicity of entertainment and drawing parallels with activities from "ancient days." The disgraced crypto boss discussed the routines and privileges within the prison facility, including access to ample reading material, opportunities for exercise and a structured diet. He highlighted the ability to read books and engage in physical activities like push-ups during his time in prison. What particularly impressed Zhu was the quality of sleep in the prison environment. He also found a sense of connection with his ancestors through the use of mats instead of beds. Crypto community responseCrypto users on various platforms responded with mixed feelings toward Zhu's philosophical insights. Some viewed his perspective with skepticism, while others found humor in the apparent contrast between his experiences and traditional notions of imprisonment. Taking to the X social media platform, pseudonymous crypto restructuring lawyer "Wassielawyer" wrote:”Singapore prison is widely regarded as one of the shittiest prisons you can find in a first world country. And the man made it sound like a 5-star mindfulness retreat everyone needs to go on in order to revitalize mind, body and soul. Man is blessed with a superpower…” The hedge fund collapsed in June 2022, resulting in over $3.5 billion in losses for investors, making it one of the largest hedge-fund trading losses ever. Zhu and fellow 3AC founder Kyle Davies have been active online over the course of the past year, despite their whereabouts largely remaining unknown during that time. The duo have launched a new crypto exchange and bankruptcy claims platform called Open Exchange (OPNX). However, their troubles continue, as liquidator Teneo seeks to recover $1.3 billion directly from the founders, alleging misuse of investor funds after 3AC became insolvent. In September, the Monetary Authority of Singapore (MAS) prohibited both from floating regulated investments for nine years. Teneo has estimated a 46% recovery rate in respect of creditor claims.  

Korean Crypto Exchange Alliance Launches Its Official WebsiteThe Digital Asset eXchange Alliance (DAXA), which comprises South Korea’s five major cryptocurrency exchanges Gopax, Bithumb, Upbit, Korbit, and Coinone, announced the launch of its official website on Tuesday.Photo by Markus Winkler on PexelsWebsite structure and featuresThe website has three primary sections: Introduction, News, and Archives. The Introduction section provides comprehensive information about the exchange, including a greeting from Chairman Lee Sirgoo, who also serves as the CEO of Upbit’s operator Dunamu. It also presents an organizational structure, details of the corporate identity, and links to each individual exchange.The News section provides users with announcements, press releases, and event information. Meanwhile, the Archives section houses educational videos, institutional reports, and a list of important statutes and regulations.Mitigating information disparityDAXA Vice Chairman Kim Jae-jin said the website would offer easy access to information concerning digital assets and the alliance’s self-regulatory measures. She mentioned the group’s commitment to investor protection, focusing on addressing information asymmetry.In addition to the website, DAXA runs a Youtube channel, with its first video uploaded in January of this year.Controversy surrounding the allianceEarlier this year, DAXA faced backlash after it implemented a new clause in its guidelines, which disallowed the re-listing of cryptocurrencies that had been removed from its member exchanges for a period of one year. Critics claimed that DAXA’s guideline was unclear and voiced concerns about the Alliance’s growing influence in the crypto sector. These worries are amplified by the fact that the member exchanges of DAXA command 98% of the crypto trading volume in Korea.