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Samsung’s Bitcoin ETF, $700M bust, Coinbase exits Japan: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Samsung’s new Bitcoin ETF
On Jan. 13, Samsung Asset Management, a wholly-owned subsidiary of the namesake South Korean conglomerate, successfully listed the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. According to local news outlet Edaily, the ETF debuted under the ticker 3135:HK and seeks to replicate the performance of spot Bitcoin by investing in Bitcoin futures listed on the Chicago Mercantile Exchange (CME).
The ETF will also simplify the procedures for investors seeking exposure to regulated Bitcoin products in the Asia-Pacific time zone. Park Seong-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 in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”
North Korean hackers launder 41K ETH
As revealed by blockchain sleuth ZachXBT on Jan. 16, hackers linked to the North Korea-backed Lazarus Group moved close to 41,000 Ether ($63.5 million) from the Harmony bridge hack to Railgun, a platform that uses zero-knowledge technology to obfuscate blockchain transactions.
Samsung’s Bitcoin ETF, $700M bust, Coinbase exits Japan: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Samsung’s new Bitcoin ETF
On Jan. 13, Samsung Asset Management, a wholly-owned subsidiary of the namesake South Korean conglomerate, successfully listed the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. According to local news outlet Edaily, the ETF debuted under the ticker 3135:HK and seeks to replicate the performance of spot Bitcoin by investing in Bitcoin futures listed on the Chicago Mercantile Exchange (CME).
The ETF will also simplify the procedures for investors seeking exposure to regulated Bitcoin products in the Asia-Pacific time zone. Park Seong-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 in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”
North Korean hackers launder 41K ETH
As revealed by blockchain sleuth ZachXBT on Jan. 16, hackers linked to the North Korea-backed Lazarus Group moved close to 41,000 Ether ($63.5 million) from the Harmony bridge hack to Railgun, a platform that uses zero-knowledge technology to obfuscate blockchain transactions.
Samsung’s Bitcoin ETF, $700M bust, Coinbase exits Japan: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Samsung’s new Bitcoin ETF
On Jan. 13, Samsung Asset Management, a wholly-owned subsidiary of the namesake South Korean conglomerate, successfully listed the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. According to local news outlet Edaily, the ETF debuted under the ticker 3135:HK and seeks to replicate the performance of spot Bitcoin by investing in Bitcoin futures listed on the Chicago Mercantile Exchange (CME).
The ETF will also simplify the procedures for investors seeking exposure to regulated Bitcoin products in the Asia-Pacific time zone. Park Seong-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 in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”
North Korean hackers launder 41K ETH
As revealed by blockchain sleuth ZachXBT on Jan. 16, hackers linked to the North Korea-backed Lazarus Group moved close to 41,000 Ether ($63.5 million) from the Harmony bridge hack to Railgun, a platform that uses zero-knowledge technology to obfuscate blockchain transactions.
Nexo agrees to $45M settlement with SEC and NASAA over earn product
The crypto lender didn't categorically admit or deny the findings from the SEC's investigation despite agreeing to the settlement.
Nexo agrees to $45M settlement with SEC and NASAA over earn product
Crypto lender Nexo Capital has agreed to pay $45 million in penalties to the United States Securities Exchange Commission (SEC) and The North American Securities Administrators Association (NASAA) for allegedly failing to register the offer and sale of its Earn Interest Product (EIP).
The news was announced by the SEC and NASAA in two separate statements on Jan. 19. According to a statement from the SEC, Nexo agreed to pay a $22.5 million penalty and cease its unregistered offer and sale of the EIP to U.S. investors.
The additional $22.5 million will be paid in fines to settle similar charges by state regulatory authorities, the report said.
NASAA in its Jan. 19 statement said that the settlement in principle comes after investigations into Nexo's alleged offer and sale of securities after the past year of investigations.
"During the investigation, it was discovered that EIP investors could passively earn interest on digital assets by loaning those assets to Nexo."
Nexo agrees to $45M settlement with SEC and NASAA over earn product
The crypto lender didn't categorically admit or deny the findings from the SEC's investigation despite agreeing to the settlement.
FTX-linked Moonstone bank to exit the crypto space
Following the collapse of FTX, the company has decided to rebrand and exit the crypto space.
New Hampshire gov releases report on blockchain following executive order
According to the commission, New Hampshire should work towards building a legal framework "for sound development of blockchain technologies and its applications."
New Hampshire gov releases report on blockchain following executive order
According to the commission, New Hampshire should work towards building a legal framework "for sound development of blockchain technologies and its applications."
Bullish crypto traders maintain the upper hand despite the total market cap rejecting at $1T
The total crypto market capitalization soared by 29.4% in two weeks, although Bitcoin's (BTC) price stabilized near $21,000 on Jan. 19.
As a result, it became increasingly difficult to justify that the 5-month-long bearish trend still prevails after the $930 billion total crypto channel top has been breached. Still, the psychological $1 trillion resistance remains strong.
Total crypto market cap in USD, 2-day. Source: TradingViewThe move possibly reflects investors becoming more optimistic about risk assets after weaker than expected inflation metrics signaled that United States Federal Reserve interest rate hikes strategy should ease throughout 2023.
However, Klaas Knot, who serves as the governor of the Dutch central bank, stated on Jan. 19 that the European Central Bank (ECB) "will not stop after a single 50 basis point hike, that's for sure."
At the Davos forum Knot added: "core inflation has not yet turned the corner in the Euro area."
Bullish crypto traders maintain the upper hand despite the total market cap rejecting at $1T
Former BitMEX CEO Arthur Hayes says catastrophe is coming for the crypto sector, but derivatives data shows bulls slowly taking control of the market.
Bullish crypto traders maintain the upper hand despite the total market cap rejecting at $1T
The total crypto market capitalization soared by 29.4% in two weeks, although Bitcoin's (BTC) price stabilized near $21,000 on Jan. 19.
As a result, it became increasingly difficult to justify that the 5-month-long bearish trend still prevails after the $930 billion total crypto channel top has been breached. Still, the psychological $1 trillion resistance remains strong.
Total crypto market cap in USD, 2-day. Source: TradingViewThe move possibly reflects investors becoming more optimistic about risk assets after weaker than expected inflation metrics signaled that United States Federal Reserve interest rate hikes strategy should ease throughout 2023.
However, Klaas Knot, who serves as the governor of the Dutch central bank, stated on Jan. 19 that the European Central Bank (ECB) "will not stop after a single 50 basis point hike, that's for sure."
At the Davos forum Knot added: "core inflation has not yet turned the corner in the Euro area."
Decentralized forex will reduce cost by as much as 80%: Report
The researchers compared the average cost of remittances according to World Bank data with estimated costs of trading USDC and EUROC stablecoins at Uniswap.
OKX declares $7.5B in liquid assets in proof-of-reserves report
According to blockchain analytics firm CryptoQuant, OKX has the largest clean asset reserves of all the major exchanges.
City of Busan to establish digital assets exchange: Report
The Busan Digital Asset Exchange Establishment Promotion Committee said it plans to create a functional exchange by the end of the year.
Bitcoin miner CleanSpark expands operations in Georgia
Some BTC miners have declared bankruptcy or sought financial aid to stay afloat. Others are finding unique ways to grow amid the bear market.