Asia's weekly TOP10 crypto news (Sep 16 to Sep 22)
1. Indian Court Bars Police from Freezing Entire Bank Accounts in Crypto Fraud Investigations link The Madras High Court in India has ruled that police cannot freeze an entire bank account during a financial fraud investigation, but only the amount directly related to the fraud. This ruling came in response to a case where accounts were frozen as part of a cryptocurrency investigation. Justice G. Jayachandran emphasized that freezing an entire account can deprive individuals of their livelihood and financial stability. He noted that account holders are often unaware of the reason for the freeze, and by the time they find out, their routine financial and business transactions have already suffered significant harm. 2. The Mainland of China’s Crypto News This Week 2.1 Cryptocurrency Dispute Rejected by Court in Hunan Following Buyer’s Lawsuit link In this case, an individual named Zhou sought assistance from his friend Dai to purchase BZZ, a type of cryptocurrency, for investment purposes. Acting on Zhou’s behalf, Dai purchased BZZ from Zheng and sent the virtual currency to Zhou’s imToken wallet. However, Zhou later sued Zheng in court, demanding the return of the 76,518 yuan he paid for the BZZ, along with compensation for the use of his funds. The court ruled that cryptocurrency lacks legal tender status, and the related transactions are considered illegal financial activities, which are not protected by law. Consequently, Zhou’s claim was dismissed, and the appellate court upheld the original judgment. 2.2 Chongqing Police Crack Virtual Currency Theft Case Involving 400,000 RMB link Chongqing Liangjiang New Area police recently cracked a virtual currency theft case involving over 2.6 million BLAST coins, valued at approximately 400,000 yuan. The three suspects, all employees of a tech company, exploited their positions to commit the theft. In June, they planted malicious code in the company’s computers, stealing the virtual wallet address and private key password. On the night of June 26, after the company’s virtual wallet received BLAST coins from the game’s official platform, the suspects immediately transferred the cryptocurrency to a pre-prepared wallet and quickly cashed out to split the proceeds. The three suspects have been arrested and charged with theft, and the case is currently under further investigation. 3. Hong Kong Police Dismantle Local Branch of Cryptocurrency Money Laundering Syndicate, Seizing Over 600 Million HKD link Hong Kong police have dismantled the local branch of a transnational crime syndicate operating an illegal gambling platform, successfully arresting four key members. The operation, code-named “Twin Guns,” targeted the syndicate’s 24-hour operation center in Tsuen Wan. The platform primarily served gambling activities in Southeast Asia, handling a daily betting volume of up to HKD 3 million. Since its launch in February of this year, the platform has processed over HKD 668 million. The crime group actively promoted its services via social media, text messages, and mobile apps, offering attractive incentives like “new member registration bonuses” and “cash in, cryptocurrency out” schemes. 4. Russian Man Arrested for Allegedly Sending Crypto to Ukrainian Armed Forces, Charged with Treason link A man in Komsomolsk-on-Amur, a city in Russia’s Far East, has been arrested on charges of treason for allegedly sending cryptocurrency to Ukraine’s armed forces. The man is accused of financially supporting the Ukrainian military through cryptocurrency, with the funds possibly being used to purchase weapons, ammunition, and uniforms. A video released by the Russian Federal Security Service (FSB) shows several agents rushing out of a vehicle, subduing the suspect, and handcuffing him. The case has been classified as treason and is currently under further investigation. 5. More Japanese Companies Push for Relaxed Crypto Regulations as Industry Advocacy Grows link In addition to Sony, other Japanese companies exploring blockchain-related projects include Nippon Telegraph and Telephone Corporation (NTT), Toyota Motor Corporation, and Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, which is researching the issuance of stablecoins. Under the leadership of Prime Minister Fumio Kishida, regulatory bodies have taken steps to simplify the process for listing digital tokens on cryptocurrency exchanges and have prioritized Web3 initiatives. However, with Kishida’s term nearing its end, it remains uncertain whether his successor will continue to support Web3. A key concern for industry participants is the taxation disparity, where traditional investment gains are taxed at 20%, while cryptocurrency gains can be taxed up to 55%. On a positive note, Japan’s crypto trading activity is rebounding, with average monthly trading volumes on centralized exchanges (CEX) nearing $10 billion, up from $6.2 billion in 2023, according to CCData. Crypto Assets TAX Report — Professional,Effortless,Crypto-native. Sponsored by FinTax. 6. Do Kwon Extradition Case Returns to Montenegrin Minister of Justice link Montenegro’s Ministry of Justice will decide whether to extradite Terraform Labs co-founder Do Kwon to the United States or South Korea after the country’s Supreme Court makes a ruling. In a notification dated September 20, the Supreme Court stated that Kwon’s case has been referred to the Minister of Justice following a decision on the request for protection of legality. According to the High Court, both South Korea and the United States meet the conditions for extradition to face criminal charges from Montenegro.。 7. India’s Supreme Court YouTube Channel Allegedly Hacked to Broadcast Crypto Ads link According to Bloomberg, the official YouTube channel used by the Supreme Court of India for live streaming litigation was reportedly hacked on Friday, during which cryptocurrency advertisements were broadcast, and videos related to cryptocurrency products were uploaded. Following the incident, the entire page was deleted. The Supreme Court has been utilizing YouTube to stream important cases live to audiences, and the channel previously stored recordings of court proceedings. However, the currently archived videos have been set to private, and the homepage displays a blank video titled with references to cryptocurrency. Supreme Court officials did not respond to emails and phone calls seeking comment. 8. DBS Bank Plans to Launch Crypto Options and Structured Notes for Institutional Clients link Singapore’s DBS Bank will launch over-the-counter (OTC) cryptocurrency options trading and structured notes for institutional clients, continuing to offer financial products linked to Bitcoin and Ethereum. While the bank has not disclosed specific dates, it indicated that the issuance of these cryptocurrency products will begin in Q4 2024. Jacky Tai, head of the bank’s trading and structuring department, stated that this move expands the company’s offerings of digital asset exposure to its clients. 9. Documentary ‘Vitalik: The Story of Ethereum’ Set to Premiere link The documentary “Vitalik: The Story of Ethereum” will premiere on Wednesday in 23 countries, streaming for 30 days via the website ethereumfilm.xyz, with plans for release on major streaming platforms in 2025. Funded by raising 1,036 ETH in 2021, the film chronicles the story of Vitalik Buterin and the Ethereum builder community, featuring interviews with Buterin, his parents, and other tech experts such as Dmitry Buterin, Danny Ryan, Itzel Yard, and Tim O’Reilly. 10. Chainalysis: Hong Kong Leads East Asia in Cryptocurrency Transaction Growth link Research firm Chainalysis released its “Global Cryptocurrency Adoption Index” on Wednesday, showing that Hong Kong has climbed from 47th last year to 30th this year. The report indicates that Hong Kong’s cryptocurrency trading volume has increased by 85.6% year-on-year, making it the city with the largest growth in East Asia. Chainalysis attributes this rise to the regulatory acceptance of cryptocurrency by Hong Kong authorities and their decisiveness in developing a regulatory framework, which has encouraged institutional adoption of cryptocurrencies. According to the report, South Korea holds the largest cryptocurrency trading volume in East Asia. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Older messages
Weekly Project Updates: OKB Sets Record for Highest Token Burn, DeGods Launches DEGOD Token, Bitcoin Magazine Crit…
Saturday, September 21, 2024
On Wednesday, OKX executed its 25th OKB buyback and burn, with approximately 17.34 million OKB repurchased and destroyed, marking the highest amount ever destroyed. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
WuBlockchain Weekly: Federal Reserve Announces First Rate Cut, Trump Buys Burger with Bitcoin, CZ Set for Release …
Friday, September 20, 2024
The Federal Reserve announced a rate cut to 5%, lower than the anticipated 5.25%, marking the first rate reduction since March 2020. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Analysis of the impact of the Fed's 50bps rate cut on the future market
Thursday, September 19, 2024
At its September meeting, the Federal Reserve cut rates by 50 basis points, with its monetary policy statement emphasizing the goal of maximum employment. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Binance co-founder publishes a long article responding to the recent coin listing standards
Wednesday, September 18, 2024
Author: He Yi ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Analysis: Why is Binance Rapidly Listing Tokens from the TON Ecosystem? What's the Future Outlook?
Tuesday, September 17, 2024
WuBlockchain founder Colin and @WuliGy had an in-depth discussion about the recent developments in the TON ecosystem. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
DOO, DAO, or DOC? | BanklessDAO Weekly Rollup
Saturday, September 28, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Senator Lummis predicts SEC Chair Gensler will step down next year if Trump is elected
Saturday, September 28, 2024
The SEC Chair will "certainly" not maintain his role under a Trump government, but a Harris presidency might also end his term. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥛 How to check your portfolio’s pulse 🫀
Saturday, September 28, 2024
Key metrics we're using to track the health of our investments... 🔑
P2P Off-Chain Payments: An Indispensable Map for the Future of Crypto Payments
Saturday, September 28, 2024
Recently, the first fully Bitcoin-isomorphic Layer2 solution CKB released a prototype of Fiber Network, a next-generation common Lightning Network built on Nervos CKB and off-chain channels. ͏ ͏ ͏ ͏ ͏
Weekly Project Updates: Celestia's OTC Token Sales Spark Community Backlash, EIGEN Set to Launch Trading Next Mond…
Saturday, September 28, 2024
The community has expressed strong criticism of the Celestia Foundation's OTC token sales, accusing them of failing to provide necessary transparency to the public. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥛 Is crypto’s vibecession over? 🙃
Friday, September 27, 2024
PLUS: $BTC ETFs hit highest net inflows since July 💪
SEC chair Gensler reaffirms Bitcoin’s commodity status, criticizes industry’s disregard of rules
Friday, September 27, 2024
SEC Chair Gary Gensler reaffirms Bitcoin's non-security status while criticizing industry non-compliance amid SEC scrutiny. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
WuBlockchain Weekly: China Unveils Massive Stimulus Measures, Harris Integrates Cryptocurrency into Her, etc
Friday, September 27, 2024
On Tuesday, China's central bank announced its largest stimulus measures since the pandemic began, aiming to lift the economy out of deflation and return to government growth targets. ͏ ͏ ͏ ͏ ͏ ͏ ͏
L2 Race Heats up in September: Base Leads the Way | Layer 2 Review
Thursday, September 26, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥛 Is Uniswap the Amazon of crypto? 🤔
Thursday, September 26, 2024
PLUS: Crypto only makes up ~0.1% of global asset value 📊 We're still early!