1. Upbit and Other Korean Crypto Exchanges to Pay Regulatory Fees Starting Next Year link

With the implementation of the “Virtual Asset User Protection Act,” Korean exchanges such as Upbit, Bithumb, and Coinone will begin paying regulatory fees based on their operating revenue starting next year. The total anticipated amount is 300 million KRW. According to the 2024 allocation rates, Upbit will pay approximately 272 million KRW, Bithumb around 36.5 million KRW, and Coinone and Gopax will pay 6.03 million KRW and 830,000 KRW, respectively.

2. Russia Crypto News This Week

2.1 Russia Plans to Exchange BTC-e Founder Vinnik for Imprisoned Journalist and Former Marine link

Russia plans to exchange two prisoners — Wall Street Journal reporter Evan Gershkovich and former U.S. Marine Paul Whelan — for several Russians held by the U.S. and its allies, including BTC-e cryptocurrency exchange operator Alexander Vinnik. According to Bloomberg, Gershkovich and Whelan are being transferred to locations outside Russia. As reported by Business Insider citing Russian state media TASS, Vinnik, Vladislav Klyushin, Vadim Konoschenko, and Maxim Marchenko will be sent to the U.S. Vinnik pleaded guilty in May to conspiracy to commit money laundering during his tenure at BTC-e, where he was responsible for approximately $121 million in losses and encouraged criminals to use the platform for laundering and storing illicit funds.

2.2 Russian Diplomat: El Salvador Proposes Using Cryptocurrency as an Alternative Payment Method for Trade with Russia link

Russian diplomat Alexander Ilyukhin stated that El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Salvadoran government maintains a neutral stance and seeks to establish trade relations with Russia, expressing interest in joining the BRICS group, with plans to formally apply within a year or two. Ilyukhin emphasized that while settling trade in each country’s respective currencies is feasible, it could face the risk of Western sanctions.

3. Qatar Reexamines Stance on Cryptocurrency After Ban, Promises Regulatory Framework by End of 2024 link

Following a previous ban, Qatar is reassessing its stance on cryptocurrency. The Qatar Financial Regulatory Authority proposed a digital assets framework last year aimed at supporting the digital economy strategy. They are now seeking industry feedback to refine the proposed regulations, with the final legislation expected to be enacted in the fourth quarter of 2024. Previously, Qatar banned Bitcoin trading in 2018.

4. Yulin Jingbian County Public Security Bureau Cracks Virtual Currency Investment Scam Involving 410,000 RMB link

According to Shaanxi police, on July 27, the Yulin Jingbian County Public Security Bureau cracked a virtual currency investment fraud case, arresting four suspects involved in the case, with a total amount of 410,000 yuan. The victim, Wang, was deceived into investing in virtual currency online. The suspects claimed that there was a system loophole in a certain app that guaranteed a profitable investment without any loss. Tempted by the promise of high returns, Wang invested a total of 410,000 yuan in the app. On July 4, suspect Zhai, in order to profit from converting virtual currency into cash, colluded with Wang, Li, and another individual named Li to drive to Jingbian County to trade virtual currency with Wang. After meticulous investigation, the police have criminally detained the four suspects, and the case is still under further investigation.

5. Montenegro Appeals Court Rules Do Kwon to Be Extradited to South Korea link

The Montenegro Court of Appeals has ruled that Terraform Labs co-founder Do Kwon will be extradited to South Korea, rather than the United States. The court stated that this decision is final and upheld the previous fast-track extradition procedure issued by another Montenegrin court. Do Kwon’s lawyer, Goran Rodic, responded by saying that Montenegro will cooperate with Interpol to arrange the extradition and hopes to complete the process as soon as possible.

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6. 3AC Liquidators Su Zhu and Davies for Crypto Hedge Fund Collapse link

The liquidators of Three Arrows Capital Limited have filed a lawsuit against Zhu and Davies, accusing them of their roles in the 2022 collapse of the crypto hedge fund. The liquidators have obtained an order from the British Virgin Islands court. Zhu and Davies have declared that they do not own any cryptocurrency or other digital assets worth more than $10,000. Anyone with information about any cryptocurrency, wallets, or other digital assets directly or indirectly owned, controlled, or held by Su Zhu or Kyle Davies is encouraged to contact the liquidators.

7. North Korean Hacker Rim Jong Hyok Indicted for Ransomware Attack on U.S. Hospital link

According to the U.S. Department of Justice, North Korean hacker Rim Jong Hyok has been indicted for his involvement in ransomware attacks targeting American hospitals and healthcare providers. The North Korean hackers developed custom tools to target and extort victims, leaking vast amounts of sensitive information while laundering funds to support further attacks. The DOJ and FBI announced the recovery of approximately $114,000 in virtual currency proceeds from these ransomware attacks and related laundering transactions. Additionally, the U.S. State Department is offering a reward of up to $10 million for information regarding Rim’s location or identity.

8. Airbnb Hosts Implement “No Cryptocurrency Mining” Policy link

Airbnb host Ashley was compelled to implement a “No Cryptocurrency Mining” policy after a tenant installed ten cryptocurrency mining rigs in her property, leading to a spike in electricity costs to $1,500 over three weeks. The tenant also installed an electric vehicle charging point and claimed to have earned over $100,000 through mining during their stay. Ashley is not alone; multiple Airbnb hosts have reported significant increases in electricity bills due to tenants’ mining activities.

9. Futu Securities International (Hong Kong) to Launch Zero-Commission Cryptocurrency Trading Service on August 1 link

Futu Securities International (Hong Kong) announced on August 1 the launch of zero-commission cryptocurrency trading services, making it the first brokerage in Hong Kong to offer such services. Individual investors can access licensed zero-commission cryptocurrency trading through the Futu NiuNiu app. Futu Securities Managing Director, Xie Zhijian, expressed confidence in the future of Hong Kong’s Web3.0 industry. According to an internal survey, over 40% of investors who had never traded virtual assets expressed a desire to use Futu NiuNiu for such transactions, while nearly 75.6% of experienced investors supported the company’s introduction of virtual asset trading services.

10. Star Xu: Some Tokens Exploit Users After Listing link

AEVO has fallen from its peak of $3.70 at launch to the current $0.37. OKX founder Star Xu stated that some token projects, after listing on exchanges, do nothing but release, reduce, and harvest user investments. He emphasized that exchanges should not act as accomplices for such projects. Xu also criticized OKX’s performance in token listing, noting that the absence of regulations on token listings and reductions is a matter for the entire industry to reflect upon in terms of market protection.

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