Title: East Asia’s Weekly News Roundup: JPEX Scandal, Mt. Gox Delays, and Singaporean Fintech Investment
– JPEX Scandal: Hong Kong police arrested 11 individuals linked to troubled cryptocurrency exchange JPEX on charges of fraud and operating an unlicensed virtual assets exchange. Over 2,000 users were affected, with $166 million involved. Users’ assets were allegedly embezzled by JPEX staff. The exchange applied for voluntary deregistration and raised withdrawal fees to prevent capital flight.
– Mt. Gox Delays: Bankruptcy trustees announced another year of payment deadline delays for users of the defunct Japanese crypto exchange Mt. Gox. The bankruptcy process may stretch out for 10 years or more since the exchange’s devastating hack in 2014. Mt. Gox was the largest Bitcoin exchange at the time and has since recovered around 200,000 BTC for creditors.
– Singaporean Fintech Investment: DCS Fintech Holdings, a Singaporean firm, received a $10 million investment from Foresight Ventures to develop crypto-fiat on-ramping solutions. DCS plans to create new payment solutions that bridge Web2 and Web3. The company has developed a Singaporean-dollar-backed payment token called “DCS” for the financial service sector. Foresight Ventures is a $400 million fund investing in Web3, AI, and blockchain-related entities.
– Hong Kong’s JPEX scandal involves fraud and unlicensed operation, affecting over 2,000 users and $166 million.
– Mt. Gox’s bankruptcy process faces further delays, stretching out for a decade or more since the 2014 hack.
– Singaporean fintech DCS receives a $10 million investment to develop crypto-fiat on-ramping solutions, bridging Web2 and Web3 technologies.