{"id":17596,"date":"2023-11-24T01:58:26","date_gmt":"2023-11-24T06:58:26","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-10\/"},"modified":"2023-11-24T01:58:26","modified_gmt":"2023-11-24T06:58:26","slug":"asia-express-cointelegraph-magazine-10","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-10\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div style=\"overflow-x: hidden;\">\n<p><em>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/em><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-htx-exchange-hacked-again\">HTX exchange hacked\u2026 again\u00a0<\/h2>\n<p>In the fourth hack affecting the HTX (formerly Huobi Global) ecosystem in just two months, the exchange lost $30 million via a hot wallet hack that occurred on Nov. 22.\u00a0<\/p>\n<p>In its Nov. 23 announcement, the exchange <a href=\"https:\/\/www.htx.com\/support\/zh-cn\/detail\/24955033595175\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">promised<\/a> to \u201cfully compensate for the losses caused by this attack and 100% guarantee the safety of user funds,\u201d as well as restore services within 24 hours of the attack. The day prior, the HTX Eco Chain (HECO) bridge was exploited for $86.6 million. An investigation is ongoing.\u00a0<\/p>\n<p>In September, the HTX exchange was hacked for $7.9 million; this was followed by a $100 million hack against the Poloniex exchange, a related entity, in November. Justin Sun, the Chinese blockchain personality and de-facto owner of HTX (not to mention an \u201cadvisor\u201d to, but probably owner of, Poloniex, founder of Tron and CEO of BitTorrent), <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1727304656622326180\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">stated<\/a> after the attack that \u201cHTX Will Fully Compensate for HTX\u2019s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure.\u201d Sun previously also madeassurancesthat \u201call user assets are #SAFU\u201d in the aftermath of the September hack against HTX.<\/p>\n<p>Huobi rebranded to HTX during this year\u2019s Token 2049 event in September. Although its executives have repeatedly reassured that the exchange is doing well, the exchange ran into a number of <a href=\"https:\/\/cointelegraph.com\/magazine\/chinas-risky-bitcoin-court-decision-is-huobi-in-trouble-or-not-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">serious incidents<\/a> this year, including an <a href=\"https:\/\/cointelegraph.com\/magazine\/huobi-employees-revolt-gamefi-lives-antminer-on-steroids-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">alleged employee revolt<\/a>.<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Justin Sun during Web3 Hong Kong. (Twitter)\" class=\"wp-image-18407\" width=\"698\" height=\"393\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1024x576.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-300x169.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-770x433.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1536x864.jpg 1536w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v.jpg 2048w\" data-lazy-sizes=\"(max-width: 698px) 100vw, 698px\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1024x576.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1024x576.jpg\" alt=\"Justin Sun during Web3 Hong Kong. (Twitter)\" class=\"wp-image-18407\" width=\"698\" height=\"393\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1024x576.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-300x169.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-770x433.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v-1536x864.jpg 1536w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/FtcbQSpaYAAV18v.jpg 2048w\" sizes=\"(max-width: 698px) 100vw, 698px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Justin Sun blushes as he shares a stage with Nina on April 11.<\/em><\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-binance-pleads-guilty-settles-criminal-charges-for-4-3-billion\">Binance pleads guilty, settles criminal charges for $4.3 billion<\/h2>\n<p>Crypto exchange Binance has agreed to plead guilty to violating the U.S. Bank Secrecy Act, knowingly failing to register as a money-transmitting business, and willfully violating the International Emergency Economic Powers Act. The exchange will pay $4.3 billion in penalties and forfeiture to the U.S. Justice Department.\u00a0<\/p>\n<p>According to the Nov. 21 <a href=\"https:\/\/www.justice.gov\/opa\/speech\/attorney-general-merrick-b-garland-delivers-remarks-announcing-binance-and-ceo-guilty#:~:text=Binance%20has%20agreed%20to%20plead,International%20Emergency%20Economic%20Powers%20Act.\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">announcement<\/a>, Changpeng Zhao, co-founder and CEO of Binance, has also pled guilty to one count of willfully violating the U.S. Bank Secrecy Act. Zhao has since entered his personal plea in the District Court for the Western District of Washington. <\/p>\n<p>At the time, Zhao was granted a $175 million bond that allowed him to reside in Dubai pending his sentencing hearing on Feb. 24. However, the U.S. Department of Justice has since appealed that decision, asking to confine his residence to the U.S. pending the sentencing hearing due to Zhao allegedly possessing an \u201cunacceptable risk of flight.\u201d<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/reformed-altcoin-slayer-eric-wall-shitposting-scaling-ethereum\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Reformed \u2018altcoin slayer\u2019 Eric Wall on shitposting and scaling Ethereum<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/capitalism-perestroika-moment-bitcoin-centralization\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Capitalism\u2019s Perestroika Moment: Bitcoin Rises as Economic Centralization Falls<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<p>In its indictment, the Department of Justice <a href=\"https:\/\/www.justice.gov\/opa\/speech\/attorney-general-merrick-b-garland-delivers-remarks-announcing-binance-and-ceo-guilty#:~:text=Binance%20has%20agreed%20to%20plead,International%20Emergency%20Economic%20Powers%20Act.\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">noted<\/a> that, in a few noticeable incidents and <a href=\"https:\/\/cointelegraph.com\/magazine\/bithumb-in-turmoil-binances-47k-law-requests-axie-players-down-85-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">despite reassurances<\/a>, Binance facilitated over $1 billion in illicit transactions for Iranian users, the Russian marketplace Hyrdra and cryptocurrency mixer Bestmixer. and it solicited U.S. users without prior registration. Binance was also accused of deliberately masking such actions as \u201ccomplying with U.S. law would stifle their efforts to grow Binance\u2019s profits, market share, and trading volume.\u201d<\/p>\n<p>The same day, Zhao <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1727063503125766367\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">stepped down<\/a> as the CEO of Binance. \u201cI made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,\u201d he stated.\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cBinance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.\u201d<\/p>\n<\/blockquote>\n<p>While Zhao still owns a majority in the exchange, he will be barred from being involved in the exchange\u2019s everyday operations. Richard Teng, Binance\u2019s global head of regional markets, was named the exchange\u2019s new CEO. In his inaugural statement, Teng <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1727214060406808920\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">stated<\/a> that the exchange\u2019s fundamentals were \u201cVERY strong\u201d and that Binance is still \u201cthe world\u2019s largest crypto exchange by volume.\u201d<\/p>\n<p>Blockchain analytics firm Nansen has noted that despite the guilty plea, it did not witness any \u201cmass exodus of funds\u201d after the incident. While the exchange witnessed nearly $965 million worth of withdrawals, its total holdings increased to $65 billion. On November 23, CZ\u2019s X account was <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1727768796931457512\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">temporarily suspended<\/a> after removing \u201cBinance\u201d from his profile name.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"U.S. Attorney General Merrick Garland during the indictment announcement. (DoJ)\" class=\"wp-image-25841\" width=\"662\" height=\"385\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703.png 586w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703-300x175.png 300w\" data-lazy-sizes=\"(max-width: 662px) 100vw, 662px\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703.png\" alt=\"U.S. Attorney General Merrick Garland during the indictment announcement. (DoJ)\" class=\"wp-image-25841\" width=\"662\" height=\"385\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703.png 586w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-23-234703-300x175.png 300w\" sizes=\"(max-width: 662px) 100vw, 662px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>U.S. Attorney General Merrick Garland during the indictment announcement. (DoJ)<\/em><\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-south-korea-invites-100-000-people-to-test-cbdc\">South Korea invites 100,000 people to test CBDC<\/h2>\n<p>The Bank of Korea, South Korea\u2019s<a href=\"https:\/\/cointelegraph.com\/magazine\/hong-kong-crypto-exchanges-do-kwon-jail-korean-crypto-lenders-contagion-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> <\/a>central bank, will invite 100,000 Korean citizens to purchase goods with deposit tokens issued by commercial banks as part of its central bank digital currency (CBDC) pilot test. The first of such trials began in October.\u00a0<\/p>\n<p>According to local news reports on Nov. 23, \u201cparticipants will be restricted to using the currency solely for its designated purpose of payment. Other uses, including personal remittance, will not be permitted at this time.\u201d Although the Bank of Korea has not yet decided whether or not to implement a CBDC, further trials are expected, including an integration simulation system for carbon emissions trading on the Korea Exchange. It said:\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cRecently, the rapid digitalization of the economy has led to a growing demand for a digital form of public currency. This demand is evident in the private sector, where new payment instruments such as stablecoins have been developed and are already widely used in certain sectors.\u201d<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Evening in downtown Seoul.\" class=\"wp-image-14498\" width=\"686\" height=\"458\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul.jpg 600w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul-300x200.jpg 300w\" data-lazy-sizes=\"(max-width: 686px) 100vw, 686px\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul.jpg\" alt=\"Evening in downtown Seoul.\" class=\"wp-image-14498\" width=\"686\" height=\"458\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul.jpg 600w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/11\/Evening-in-downtown-Seoul-300x200.jpg 300w\" sizes=\"(max-width: 686px) 100vw, 686px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Evening in downtown Seoul. (Source: Pexels)<\/em><\/figcaption><\/figure>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/htx-hacked-again-100k-koreans-test-cbdcs-binance-asia-express\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. HTX exchange hacked\u2026 again\u00a0 In the fourth hack affecting the HTX (formerly Huobi Global) ecosystem in just two months, the exchange lost $30 million via a hot wallet hack that occurred on Nov. 22.\u00a0 In its Nov. 23 announcement, the exchange promised to \u201cfully compensate for the losses caused by this attack and 100% guarantee the safety of user funds,\u201d as well as restore services within 24 hours of the attack. The day prior, the HTX&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[89,148,2621,130],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17596"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=17596"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15992"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}