1. Malaysian Authorities Crack Down on Crypto Mining Electricity Theft Nationwide link

Malaysian authorities have dismantled 985 Bitcoin mining machines in a nationwide crackdown on electricity theft related to cryptocurrency mining. A circulating video shows a heavy-duty roller slowly crushing these machines in an attempt to destroy them. According to the Malaysia Gazette, the operation, led by the Perak District Police Headquarters, resulted in the destruction of mining equipment worth approximately 1.98 million MYR (450,000 USD). The Deputy Minister of Energy Transition and Water Resources stated to local media that local cryptocurrency mining groups have stolen electricity worth 3.4 billion MYR (776 million USD) over the past five years.

2. Russian Media: Insiders Reveal Russia’s Plan to Establish Two Cryptocurrency Exchanges link

According to a report by Russian media outlet *Kommersant*, sources have revealed that Russia plans to establish at least two cryptocurrency exchanges. One of these exchanges is expected to be based on the infrastructure of the Saint Petersburg Currency Exchange, focusing on foreign trade activities. The other is planned for Moscow, though it is still undecided whether it will be built on the Moscow Exchange or as an independent entity under an experimental legal framework.

The primary idea is to create stablecoins pegged to the Chinese yuan and a basket of BRICS currencies. However, challenges exist regarding the legal status of stablecoins in Russia, as well as concerns about their liquidity, convertibility, and asset backing. Current Russian law does not explicitly regulate the operation of cryptocurrency exchanges, so these potential exchanges will operate under a newly passed experimental legal regime.

During the initial testing phase, the exchanges will only be accessible to a limited number of users, with the possibility of expanding access to large exporters and importers later. Experts have cautioned that the transparency of blockchain technology could lead to the disclosure of transaction information, potentially resulting in these exchanges being added to sanctions lists.

3. 307 Chinese Nationals Arrested for Cross-Border Telecom Fraud Involving Cryptocurrency Scams link

Recently, public security authorities in Yunnan Province, in cooperation with local law enforcement agencies in northern Myanmar’s Wa State, conducted a border law enforcement operation that successfully apprehended 307 Chinese nationals suspected of cross-border telecom network fraud, including 20 individuals who were fugitives online. The criminal gang deceived victims through a virtual currency investment platform, enticing them to engage in “buy low, sell high” virtual currency transactions to commit fraud. All suspects and related evidence have been smoothly handed over to the Chinese authorities, who have also arrested 9 accomplices within the country. The investigation is ongoing.

4. HongKong’s Crypto News This Week

3.1 Johnny Ng: Hong Kong Government Should Explore Establishing a Legal Framework for Decentralized Autonomous Organizations link

Hong Kong Legislative Council member Johnny Ng has proposed that the government explore establishing a legal framework to regulate decentralized autonomous organizations (DAOs) to enhance Hong Kong’s stability in the Web3 investment landscape and attract substantial foreign talent and capital. Recently, the High Court of Hong Kong has ordered key figures involved in the MANTRA DAO project to disclose financial records in response to allegations of asset misappropriation and unauthorized control. The plaintiff claims that the defendants, originally affiliated with RioDeFi, embezzled assets and business from MANTRA DAO. The defendants argue that ownership belongs to the DAO’s token holders rather than the company.

3.2 Bloomberg: Hong Kong Cryptocurrency Exchanges Face Challenges in Securing Full Licenses link

Bloomberg reports that Hong Kong’s push to develop a digital asset hub faces challenges, and it remains uncertain whether all 11 cryptocurrency exchanges that have received preliminary approval will obtain formal licenses. Sources indicate that since these platforms were granted “deemed licensed” status in June, the Securities and Futures Commission (SFC) has identified some unsatisfactory practices during on-site inspections. Some cryptocurrency companies have overly relied on a few senior executives for the management of client asset custody, while others have failed to adequately mitigate cybersecurity risks. It is not yet clear which companies have not met the SFC’s requirements. Inspections are ongoing, and the results may change. The 11 deemed licensed exchanges include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin, and Matrixport HK.

5. Indian Authorities Arrest Suspect in Cryptocurrency Extortion Case link

India’s Enforcement Directorate (ED) reports that Shailesh Babulal Bhatt, a resident of Gujarat, has been arrested for violating anti-money laundering laws in connection with kidnapping and extortion cases, including a major crime involving cryptocurrency with an amount exceeding 12 billion INR (144 million USD). It is alleged that Bitconnect Coin founder Satish Kumbhani deceived investors and fled after shutting down the Bitconnect platform in January 2018. Bhatt, a former Bitconnect investor, kidnapped two of Kumbhani’s employees to recover his funds and extorted 2,091 bitcoins, 11,000 litecoins, and 1.45 billion INR in cash. Authorities have currently seized movable and immovable assets valued at 4.42 billion INR.

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6. Japanese Public Company Metaplanet Spends ¥500 Million to Increase BTC Holdings by Approximately 57.273 Coins link

Simon Gerovich, CEO of the Japanese listed company Metaplanet Inc., announced that the company has increased its holdings of BTC by 500 million JPY (approximately 57.273 BTC) at an average price of 8,730,117 JPY per BTC. As of August 20, Metaplanet holds approximately 360.368 BTC, valued at 3.45 billion JPY, with an average purchase price of 9,573,556 JPY per BTC.

7. Crypto Investor Balaji Srinivasan Establishes the Network School, an Innovative University in Singapore link

Cryptocurrency investor, former a16z general partner, and Coinbase’s first CTO Balaji Srinivasan has announced the establishment of an innovative university, THE NETWORK SCHOOL, on an island near Singapore. The school will launch a 90-day program from September 23 to December 23, 2024, focusing on Learning, Burning, Earning, and Fun. The initiative aims to provide new educational opportunities for global “Dark Talent,” aiming to transcend traditional educational constraints. Applications for the program are currently open.

8. New Huo Technology Acquires Japanese Crypto Exchange BitTrade for Over $33.23 Million link

AASTOCKS reports that New Huo Technology has announced the acquisition of 100% of the issued share capital of Avenir Asset Holding for approximately $30.46 million (about HKD 238 million). The company will pay for the acquisition by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly owns approximately 84.62% of the issued share capital of BitTrade. Additionally, the company has acquired approximately 7.69% of BitTrade’s issued share capital from Goldenway for $2.77 million (about HKD 21.60 million). Avenir Asset Holding will become a wholly-owned subsidiary of New Huo, while BitTrade will become an associated subsidiary. BitTrade is a licensed virtual currency exchange service provider in Japan.

9. CoinGecko to Host GeckoCon: Web3 Games Unleashed Conference in Thailand on November 11, 2024 link

CoinGecko has announced its inaugural hybrid conference, GeckoCon: Web3 Games Unleashed, to be held on November 11, 2024, at ICONSIAM in Bangkok, Thailand. The one-day event will focus on Web3 gaming and will bring together industry leaders, developers, and gaming enthusiasts for talks, panel discussions, and interactive activities. Global audiences can attend virtually, and early bird tickets are now on sale, with the deadline for purchase set for August 29, 2024.

10. TechFlow Investigation: Binance, OKX, Gate, Bitget, Bybit, HTX Rank Among the Top Six Most Frequently Used Exchanges link

A survey of 2,053 Chinese-speaking respondents conducted by Deep潮 reveals that among frequently used exchanges, Binance, OKX, Gate, Bitget, Bybit, and HTX are the top six, with Binance reaching 96.7%. Sixty-three percent of respondents keep the majority of their cryptocurrency assets on Binance, while 25% use OKX. Eighty-seven percent of respondents primarily obtain information from Twitter. The most recognized cryptocurrency venture capital firms are a16z, Paradigm, and Binance Labs, in that order. Among echFlow respondents, the highest proportions are INFJ (9.37%), INTJ (8.10%), and INFP (7.83%).

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