Korean crypto firm pulls off the biggest raise in Asia this year, AI market in China is now worth $1.4T, and Huobi trademark court battle.
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Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
South Korean nonfungible token developer Line Next secured a $140 million investment on Dec. 13 from a consortium led by Peter-Thiel-backed private equity firm Crescendo Equity Partners. It’s the largest blockchain series funding round in Asia this year.
The firm’s NFT platform, dubbed “DOSI,” is scheduled to premiere in January, integrated with Japanese NFT marketplace Line NFT.
“With this investment, Line Next also plans to introduce new services to further accelerate Web3 popularization. These include introducing a social app that allows users to communicate based on the characters they made utilizing AI technology and launching new Web3 games utilizing BROWN & FRIENDS characters that anyone can enjoy.”
Line Next plans to create new services on the public blockchain Finschia, with Line and Crescendo participating in the Finschia Foundation as governance members. The firm claims it has achieved over 470,000 cumulative transactions through various decentralized applications operating under its DOSI brand. Its popular messaging app, Line, has over 5 million users.
Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
South Korean nonfungible token developer Line Next secured a $140 million investment on Dec. 13 from a consortium led by Peter-Thiel-backed private equity firm Crescendo Equity Partners. It’s the largest blockchain series funding round in Asia this year.
The firm’s NFT platform, dubbed “DOSI,” is scheduled to premiere in January, integrated with Japanese NFT marketplace Line NFT.
“With this investment, Line Next also plans to introduce new services to further accelerate Web3 popularization. These include introducing a social app that allows users to communicate based on the characters they made utilizing AI technology and launching new Web3 games utilizing BROWN & FRIENDS characters that anyone can enjoy.”
Line Next plans to create new services on the public blockchain Finschia, with Line and Crescendo participating in the Finschia Foundation as governance members. The firm claims it has achieved over 470,000 cumulative transactions through various decentralized applications operating under its DOSI brand. Its popular messaging app, Line, has over 5 million users.
US energy NGO warns of overwhelming demand as ERCOT considers crypto proposals
Government policy and challenges getting projects online complicate energy policy and may have grave consequences.
Majority of UK MPs ‘lack crypto knowledge,’ says industry association
According to CryptoUK, MPs Andrew Griffith and Lisa Cameron were among the top crypto proponents in the U.K. government.
Ledger CEO explains hack, calls it ‘isolated incident’
CEO and chairman Pascal Gauthier says the company is working with law enforcement to “find this bad actor, bring them to justice.”
Ledger CEO explains hack, calls it ‘isolated incident’
CEO and chairman Pascal Gauthier says the company is working with law enforcement to “find this bad actor, bring them to justice.”
Security engineer pleads guilty to Nirvana Finance exploit and one other hack
Shakeeb Ahmed was arrested for hacking an unspecified DEX, and then admitted to the Nirvava Finance hack too.
Cardano (ADA), Solana (SOL) and Polkadot (DOT) soar — Is it altseason?
Bitcoin (BTC) faced a sharp correction on Dec. 11, plummeting as much as 8% to a four-month low at $40,150, wiping out the gains of the past seven days.
This drop in BTC’s price has triggered a marketwide reevaluation, prompting a debate on the potential for altcoins to spearhead the next significant rally in the cryptocurrency landscape.
Market experts and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of a bullish surge, a correction was inevitable.
Analysts’ insights into Bitcoin’s recent pull-back
Will Clemente, a crypto analyst and co-founder of Reflexivity Research, interpreted the market correction as a means to shake out weak positions and reduce the highly leveraged crypto markets, attributing this volatility to a necessary phase in market evolution.
Additionally, Kaleo, co-founder of the LedgArt nonfungible token (NFT) project, took to X (formerly Twitter) to express their belief that the recent downturn was “nothing more than a healthy correction after a massive parabolic extension.”
Cardano (ADA), Solana (SOL) and Polkadot (DOT) soar — Is it altseason?
ADA, SOL and DOT are showing strong bullish momentum as Bitcoin price consolidates.
Cardano (ADA), Solana (SOL) and Polkadot (DOT) soar — Is it altseason?
Bitcoin (BTC) faced a sharp correction on Dec. 11, plummeting as much as 8% to a four-month low at $40,150, wiping out the gains of the past seven days.
This drop in BTC’s price has triggered a marketwide reevaluation, prompting a debate on the potential for altcoins to spearhead the next significant rally in the cryptocurrency landscape.
Market experts and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of a bullish surge, a correction was inevitable.
Analysts’ insights into Bitcoin’s recent pull-back
Will Clemente, a crypto analyst and co-founder of Reflexivity Research, interpreted the market correction as a means to shake out weak positions and reduce the highly leveraged crypto markets, attributing this volatility to a necessary phase in market evolution.
Additionally, Kaleo, co-founder of the LedgArt nonfungible token (NFT) project, took to X (formerly Twitter) to express their belief that the recent downturn was “nothing more than a healthy correction after a massive parabolic extension.”
Which world leaders have made big promises on crypto?
From Nayib Bukele to Donald Trump, many current and former heads of state across the globe have used crypto and blockchain as political tools.
Ledger breach possibly affecting whole EVM ecosystem — Linea
Wallet provider MetaMask was also affected by the incident. Ledger released a patch to resolve the issue but warned users to wait 24 hours before using its connector library again.
Ledger breach possibly affecting whole EVM ecosystem — Linea
Wallet provider MetaMask was also affected by the incident. Ledger released a patch to resolve the issue but warned users to wait 24 hours before using its connector library again.
CoinList agrees to $1.2M settlement over apparent US sanctions violations
The crypto exchange processed 989 transactions for users in Crimea from April 2020 to May 2022, according to the Office of Foreign Assets Control.
Decentralized applications pause Ledger Connect as exploit fix deployed
Ledger has since attributed the exploit to a phishing attack on a former employee.
'No excuse' not to long crypto: Arthur Hayes repeats $1M BTC price bet
Bitcoin (BTC) and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says.
In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.
$1 million Bitcoin still in play in 2024 "great pivot"
Going long crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues.
On Dec. 13, at the latest meeting of the Federal Open Market Committee (FOMC), Fed policymakers voted to continue a freeze on interest rate hikes.
While broadly expected, a subsequent speech and press conference with Chair Jerome Powell sparked talk of impending rate cuts — an event known as a “pivot” in policy.
'No excuse' not to long crypto: Arthur Hayes repeats $1M BTC price bet
Bitcoin (BTC) and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says.
In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.
$1 million Bitcoin still in play in 2024 "great pivot"
Going long crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues.
On Dec. 13, at the latest meeting of the Federal Open Market Committee (FOMC), Fed policymakers voted to continue a freeze on interest rate hikes.
While broadly expected, a subsequent speech and press conference with Chair Jerome Powell sparked talk of impending rate cuts — an event known as a “pivot” in policy.
'No excuse' not to long crypto: Arthur Hayes repeats $1M BTC price bet
Bitcoin and altcoins are a sure-fire bet ahead of a "great pivot" by the Fed on interest rates in 2024, Hayes believes.
Ledger attacker drained at least $484K
The hacker behind the attack on Ledger's connector library had stolen at least $484,000, according to blockchain analysis platform Lookonchain.