Worldcoin launches in Singapore post India hiatus

Hashed CEO Emphasizes South Korea’s Potential to Lead Mass Adoption of Web3 in AsiaSimon Kim, CEO of Asian blockchain investment firm Hashed, highlighted South Korea’s potential to pioneer the mass adoption of Web3 during his keynote speech on Tuesday at Impact, the main conference of Korea Blockchain Week 2023 held at the Shilla Hotel in Seoul.“Korea possesses the strength to lead despite its small size,” he said. “The country will serve as the turning point for Web3.”Photo by Daniel Bernard on UnsplashTech trailblazerKim elaborated on the unique characteristics of Korea’s Web3 ecosystem, citing the so-called “kimchi premium” phenomenon, where cryptocurrencies in Korea are valued higher than other global exchanges, as well as the country’s role in leading altcoin price fluctuations and bull markets.Furthermore, Korea also has one of the world’s fastest and most widespread high-speed Internet networks, with nearly 100% coverage and a smartphone penetration rate exceeding 97%.According to Kim, digital natives are the driving force behind many inventions that have marked the country as a longstanding hub of innovation and digitization. Among these inventions is the world’s first online game, The Kingdom of the Winds, and the world’s first avatar-based social platform Freechal, as well as the pioneering e-sports league StarCraft League and game item trading platform itemBay.In particular, Freechal can be deemed as a forerunner to the current trend of using non-fungible tokens (NFTs) as profile pictures on social media. itemBay also serves as the precursor to both virtual asset and NFT exchanges. These types of early ventures are inextricably linked to the rise of cryptocurrency exchanges.Kim went on to underscore Korea’s prowess in the gaming industry, mentioning popular games like Dungeon Fighter Online, MapleStory, and PlayerUnknown’s Battlegrounds (PUBG). He noted that many local game developers have already established Web3 studios and are actively preparing to transition to the world of Web3 gaming. The K-pop industry has also been incorporating Web3 technology in various projects.Merging hemispheresHashed has been actively investing in projects since 2016, with over 150 projects in its extensive portfolio. Of these projects, approximately 71% of those based in Western countries are related to infrastructure, while 67% of those based in Eastern countries are related to digital content and apps. The company ultimately aims to serve as a bridge connecting the East and West by acting as a network builder to facilitate this exchange, Kim said.

Remitano Struck by $2.7M Alleged HackHacks have been an unfortunate constant in the crypto and DeFi space with that reality having been compounded by news that Seychelles-based crypto exchange Remitano is believed to have been the victim of a $2.7 million heist.Photo by Growtika on UnsplashSuspicious transactionsIt’s understood that the firm encountered highly suspicious transactions, with the $2.7 million having seemingly vanished from its wallet, all at the hands of a single account. The incident unfolded on Thursday and has left blockchain analysts speculating about a potential security breach.The Remitano hot wallet initiated transfers to an address devoid of any prior transaction history. These transfers amounted to approximately $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 ANKR tokens (valued at $2,000 at the time). Those transfers raised concerns about the security of the platform.Israeli blockchain analytics platform Cyvers promptly sounded the alarm, notifying the crypto community about these suspicious transactions that had drained significant sums from Remitano’s coffers. This sudden event raised concern within the crypto space and naturally among Remitano customers.Tether freezes wallet addressAmid the growing apprehension, Tether, the issuer of USD stablecoin USDT, took decisive action by freezing the address associated with the alleged attacker. This swift intervention effectively halted any further movement of $1.4 million worth of drained cryptocurrency. Tether’s proactive response could potentially have prevented additional loss, preserving customers’ assets from further depletion.Remitano had remained notably silent initially in the wake of this incident, declining to issue any formal statement regarding the breach. It has since acted, as on Friday, it published a statement relative to the issue on its website. The absence of communication from the exchange had only fueled greater speculation surrounding the incident. However, the statement outlined:”On September 14, 2023, our Security Management team discovered a data breach from a third-party source that had compromised some of our sensitive information. As a result, a small amount of funds from the exchange’s hot wallets were transferred to suspicious wallet addresses through unauthorized withdrawal transactions.”Remitano, recognized as a peer-to-peer cryptocurrency exchange and payment processor, primarily caters to users in emerging markets across several countries, including Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.The firm sought to reassure its customers:”As of now, Remitano ensures that users’ assets have NOT been and will NOT be affected by this incident. We are working tirelessly to uphold our commitment to ensuring the security and protection of your crypto assets.”Remitano was established in 2015; it is operated by Babylon Solutions Limited, which is headquartered in the Seychelles.Unfortunately, this episode adds to the troubling trend of cryptocurrency exchange hacks witnessed in 2023. Authorities in the United States have attributed these attacks to the Lazarus Group, a notorious cyber-crime organization allegedly linked to the North Korean government which has wreaked havoc globally although disproportionately so within the Asian region.

Bakkt Holdings, a software as a service (SaaS) and API platform for owning and trading cryptocurrency, has unveiled its plans for an extensive expansion into Asia and other crypto-friendly international jurisdictions. Focus on Hong Kong and SingaporeAccording to a recent press release, Bakkt has broadened its footprint into two additional Asian markets, namely Hong Kong and Singapore. This strategic expansion aligns with the company's key objectives for 2024. Data from South Korean Web3 advisory and research firm Tiger Research suggests that Asia is poised to become the epicenter of the global crypto landscape within the next five years. In particular, Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape. Their well-defined regulations, favorable tax structures and status as international financial hubs have attracted major players in the crypto industry. The announcement emphasizes Bakkt's commitment to making cryptocurrencies more accessible globally. The company envisions that crypto has the potential to enhance financial inclusivity and connect communities within the global economy. CEO Gavin Michael expressed excitement about the opportunities these regions present, highlighting the company's dedication to reaching millions of people through its crypto services.Photo by Jigar Panchal on UnsplashBroader global expansionBakkt's international expansion is not limited to Asia. Additionally, the company is targeting Latin America. Brazil, Argentina and Mexico lead the way in the adoption of crypto assets in Latin America. The digital assets solutions firm has successfully established crypto trading and on-ramp capabilities in Brazil and Guatemala, adding to its existing operations in Argentina and Mexico. Furthermore, Bakkt has plans to establish a presence in the United Kingdom and Australia in the coming months.   The decision to expand into these specific jurisdictions is influenced by the rapid growth of the crypto economy and the regulatory clarity observed in these regions. Despite global market fluctuations and recoveries, certain countries continue to welcome crypto-related businesses with robust regulatory frameworks. In collaboration with Bakkt Holdings, Hapi and SogoTrade have launched new crypto trading capabilities, expanding their offerings across Asia, Europe, North America and South America. Hapi, a stock trading platform, has extended its crypto trading services to Brazil, Guatemala and Spain, deepening its relationship with Bakkt. On the other hand, SogoTrade, a digital brokerage, has initiated crypto trading in Hong Kong and Singapore, marking the beginning of its foray into Asian markets. Bakkt, established in 2018, is focused on providing institutional-grade custody, trading and on-ramp capabilities. The company positions itself as a partner for sustainable, long-term crypto involvement. The firm was established with Intercontinental Exchange (ICE), the owners of the New York Stock Exchange, having a 66.7% controlling interest in the company.  Bakkt's strategic expansion into diverse international jurisdictions, including the Asian region, underscores its intention to enable global platform accessibility, together with its belief in the transformative power of cryptocurrencies within the financial landscape.