Asia Express – Cointelegraph Magazine

Our weekly round-up of news from East Asia curates the industry’s most important developments.

Samsung’s New Bitcoin ETF

On January 13, Samsung Asset Management, a wholly-owned subsidiary of the South Korean conglomerate, successfully listed the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. According to local news outlet Adeli, the ETF debut The ticker attempts to replicate the performance of spot bitcoin by investing in bitcoin futures under the ticker 3135:HK and listed on the Chicago Mercantile Exchange (CME).

The ETF will also simplify the process for investors seeking exposure to regulated bitcoin products in the Asia-Pacific time zone. Park Seung-jin, head of Samsung Asset Management’s Hong Kong office, commented:

“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded on the institutional market. This will be a new option for investors who are interested in Bitcoin as a competitive risk management product. and reflects their experience in risk management.

Also read: How to stop AI from ‘destroying humanity’ using blockchain

North Korean Hackers Launder 41K ETH

As revealed by blockchain sleuth ZachXBT on January 16, hackers linked to the North Korean-backed Lazarus group made off with close to 41,000 ether ($63.5 million) from the Harmony Bridge hack, a platform that obfuscates blockchain transactions. Uses zero-knowledge technology to .

After leaving Railgun, the funds were reportedly deposited into three different cryptocurrency exchanges. On the same day, Binance CEO Changpeng Zhao said that the exchange, together with Huobi Global, had frozen a portion of the stolen funds and recovered 124 bitcoins ($2.59 million).

Gypsy bridge before and after TVL exploitation.
Gypsy bridge before and after TVL exploitation. Source: DefiLlama

Last June, Nomad was the cross-chain bridge Over $100 million was lost. After suspected North Korean hackers targeted the login credentials of migrant workers in the Asia-Pacific region. After gaining control of the protocol, the hackers deployed automated laundering programs that moved the stolen assets late at night.

Lazarus has been linked to a series of groups High profile Decentralized financial events, including last year $600 million ex-infinity Ronin hack, as the embargoed country turned to hacking and ransomware to make up for its lack of foreign currency reserves.

Butzlato was busted for laundering $700M+.

According to According to a January 18 statement from the U.S. Department of Justice, Hong Kong cryptocurrency exchange Bitzlato was shut down by U.S. and European Union authorities on charges that the exchange had received $700 million in funds linked to illegal activities since May 2018. , including millions in ransomware. . Prosecutors allege that illegal funds make up a significant portion of its trading volume, with Bitzalato processing only $4.58 billion worth of cryptocurrency transactions since its inception.

The Butzlato website was taken down after authorities raided it.
Butzlato’s website has been taken down following enforcement action. Source: Butzlato

Anatoly Legkodemov, a Russian citizen and majority shareholder of Bitzlato, was arrested in Miami on January 17 on charges of running an unlicensed money transmission business. He faces a maximum sentence of five years in prison if convicted.

Legkodymov was reportedly an OG in the early Bitcoin community.  Source: Telegram.
Legkodymov was apparently an OG in the early Bitcoin community. Source: Telegram

Legkodymov, who lives in Shenzhen, China, reportedly applied his customer requirements to Bitzalato users minimally, stating that “neither selfies nor passports [are] required, and allows users to sign up using information belonging to “strawman” registrants. Butzlato became a safe haven for illegal transactions and served as the largest counterparty to dark web marketplace Hydra Market, officials said.

Hydra Market users exchanged more than $700 million worth of cryptocurrency with Bitzlato, either directly or through intermediaries, until Hydra Market was shut down by US and German law enforcement in April 2022. . Butzlato received more than $15 million in ransomware revenue.”

Coinbase originates from Japan.

In a January 18 statement, cryptocurrency exchange Coinbase said It will cease operations in Japan, citing difficult marketing conditions. According to the exchange, users’ Japanese yen and crypto assets were segregated, and all users will have until February 16 to withdraw their crypto holdings. Alternatively, users can also liquidate their digital assets and withdraw yen to their fiat bank.

“Crypto holdings remaining on Coinbase on or after February 17th will be converted to JPY. In the month following February 17th, Coinbase will guarantee any remaining JPY to the Bureau of Legal Affairs in accordance with legal requirements. account.If customers do not take action before February 16, they must contact the Legal Affairs Bureau to recover their JPY balance.

Coinbase first began its expansion into the Japanese market in 2018. Another crypto exchange, Kraken, Stopped working in Japan. On December 28, citing “weak market conditions” earlier this month, Coinbase said it would lay off another 20% of its staff amid the ongoing crypto winter.

Also read this

Features

Guide to Real-Life Crypto OGs You’ll Meet at a Party (Part 2)

Features

De Fay abandons Ponzi schemes for ‘real production’

Hoddlenot’s disgruntled creditors

Bloomberg on January 13 Reported That creditors of Singaporean cryptocurrency borrowing and lending platform Hodlnaut have rejected a corporate restructuring plan and opted to liquidate remaining assets. Last August, Hoddlenot suspended All withdrawal, deposit and token swap services. The firm is currently under investigation after allegedly misrepresenting its exposure to Terra USD Stablecoin (USTC) and subsequently costing investors $190 million in the collapse of the Terra ecosystem. A police investigation is underway.

Japan Clarifies NFT Tax Rules

As first reported by local news outlet Coinpost, Japan’s National Tax Agency. Continued A January 13 document summarizing the general tax treatment of non-fungible tokens, or NFTs, in the country. Specifically, NFTs are taxed if an individual creates a digital collectible and sells it to a third party and when the individual resells it to another person.

In both cases, the sale represents the transfer of viewing rights related to the digital art and is classified as business income during the primary sale and income transfer during the secondary sale, where capital gains rules apply. . Moreover, in the event of hacking or theft of NFTs, individuals can either claim a miscellaneous loss deduction or include the lost NFT as part of an expense if it was a business asset.

30,000 e-CNY airdrop prizes claimed in 15 seconds.

According to a report by local news outlet Hangzhou Wang on January 18, the city of Hangzhou, in partnership with Chinese food delivery platforms Meituan Dianping and Eleme, left the air A series of Digital Yuan Central Bank Digital Currency (e-CNY CBDC) vouchers for residents. Once claimed, users can cash them on the named platforms to purchase deliverables for the upcoming Chinese New Year on January 22.

The only catch? All 30,000 e-CNY vouchers were claimed within 15 seconds of launch. Since late last year, e-CNY has expanded to include utilities such as paying taxes, and local transportation, as well as joining the People’s Bank of China. M0 calculations.

Xuan Sun

Zhiyuan sun is a journalist at Cointelegraph focusing on technology news. He has years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.



#Asia #Express #Cointelegraph #Magazine

Leave a Reply

Your email address will not be published. Required fields are marked *