Former Coinone Executive admits bribery allegations, Dubai Financial Watchdog Advocates for Global Cooperation, ESMA’s Concern and more

> A past high-ranking official of the renowned South Korean crypto exchange, Coinone, has conceded to allegations of accepting bribes for listing specific digital currencies, as per the local news source Yonhap.

> The ex-executive, referred to as “Mr. Jeon,” was the previous listing director at Coinone. He stands accused of accepting nearly 2 billion won (equivalent to $1.51 million) as a bribe for listing particular virtual assets including the “Furiever Coin,” which has since been entangled in a serious crime investigation involving abduction and homicide in Seoul’s Gangnam district.

> “Mr. Ko,” an intermediary associated with Jeon, is suspected of enabling these questionable listings. Continue here.

An official from Dubai’s financial watchdog has urged global regulators to intensify collaborative efforts to prevent the exploitation of loopholes in cryptocurrency regulations.

> Elisabeth Wallace, an associate director at the Dubai Financial Services Authority (DFSA), outlined the agency’s plans to revise existing cryptocurrency token regulations in the city’s business hub, anticipated later this year.

> Speaking at an online conference, Wallace expressed concern about the vast activities that cryptocurrency businesses tend to operate under one organization.

> “These businesses span the globe, and as regulators, we need to enhance our communication and collaboration in this sector. We’ve noticed numerous gaps that some unscrupulous entities are trying to exploit,” she stated. More here.

The European Securities and Markets Authority (ESMA), in a recent announcement, expressed concerns over the potential misrepresentation of risk in the crypto investment sector by EU-based firms offering digital assets alongside traditional financial instruments.

> According to the EU regulatory agency, these firms could be leveraging their regulatory approval for offering traditional financial stocks or funds to give clients a false assurance of sound financial advice or compensation mechanisms in case of any mishaps with their crypto investments.

> The agency draws attention to the fact that while the Markets in Financial Instruments Directive (MiFID) in the EU ensures that only appropriate financial products are promoted to clients by investment intermediaries, it does not extend to more unconventional investment opportunities like precious metals, real estate, or non-transferable loans. Continue reading.

> Premier Formula 1 ticket distributor, Platinium Group, is venturing into the realm of non-fungible tokens (NFTs) by launching NFT race passes, starting with the much-anticipated Monaco Grand Prix.

> This innovative project is the result of a collaboration with Elemint, a blockchain infrastructure firm, and Bary, a Web3 agency, tasked with designing, minting, and retailing the NFT passes.

> These novel tickets will be created on the Ethereum offshoot, Polygon, and will offer holders more than just entry to the race.

> They are designed to continue delivering value post-event through perks like hospitality advantages and future race discounts, a strategy aimed at fostering brand loyalty among collectors. Full report here.

Financial analysts at JPMorgan have drawn parallels between the value trends of gold and Bitcoin, projecting a possible Bitcoin price of $45,000 given the recent surge of gold prices past the $2,000 per ounce mark.

> They argue that both assets are perceived as investment alternatives and usually share a synchronized movement.

> “Investors are currently holding gold for investment purposes outside of central banks to the tune of around $3 trillion, which, if paralleled with bitcoin, presents a $45,000 price.

> This projection is based on the assumption that bitcoin’s value will match that of gold in private investors’ portfolios, in terms of risk capital or volume,” detailed a note from the team led by Nikolaos Panigirtzoglou at JPMorgan. Continue reading.

Gulf Binance, a joint venture between Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, and Gulf Energy, one of Thailand’s largest private power producers, has secured regulatory approval in Thailand.

> The move solidifies the venture’s mission to showcase the vast potential of blockchain technology to meet the needs of Thai users.

> Richard Teng, Binance’s Head of Asia, Europe, and MENA, expressed his enthusiasm for the new development in a statement.

> “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to fully leverage blockchain technology to cater to the needs of Thai users,” he said. More here.

Crypto magnate Michael Egorov’s partner, Anna Egorova, has made a headline-grabbing acquisition of a luxurious $41 million estate, Avon Court, in Melbourne.

> This deal currently ranks as the priciest real estate transaction in Victoria this year.

> The Russian-born duo has a penchant for Melbourne’s upmarket properties, illustrated by their $18.25 million purchase of the adjacent mansion, Verona, in the previous year.

> The newest addition to their portfolio, Avon Court, built in 1890, expands their overall land possession to a hefty 5663 square meters.

> This aligns with the actions of another cryptocurrency entrepreneur, Ed Craven, who shelled out $80 million for a sprawling mansion in Melbourne’s prestigious Toorak area. Full report here.

A wallet, inactive since its purchase of 8,000 ether (valued at $14.8 million) in Ethereum’s Initial Coin Offering (ICO) in 2015, has recently come alive, transferring its assets to a new address.

> As observed by Lookonchain, a platform for on-chain data analysis, the wallet executed a preliminary transaction of 1 ether ($1,845) before dispatching the remaining balance of 7,999 ether to a different address.

> The original owner, who participated in the Ethereum ICO, acquired the tokens at approximately $0.31 each, or slightly under $2,500 in aggregate.

> Given the current market value, the owner’s return on investment stands at a staggering 591,900%. More here.

Jimbos Protocol, a cryptocurrency project, fell victim to an exploit resulting in the loss of 4,090 ETH ($7.5 million), a mere three days following the launch of its second version.

> As per the examination by cryptocurrency analyst PeckShield, the project’s security lapse stemmed from its failure to maintain control over slippage for the tokens it managed.

> The perpetrator leveraged a flash loan worth $5.9 million — a mechanism where tokens are borrowed and immediately repaid — to execute the assault.

> “We acknowledge the breach concerning our protocol and are currently in liaison with law enforcement agencies and security experts. More information will be disseminated as and when appropriate,” Jimbos Protocol declared on its Twitter handle. Details here.

> Lately, Bitcoin, renowned for its high volatility, has been relatively stable.

> The leading digital currency hasn’t recorded a daily fluctuation of 6% for 70 consecutive days, marking the longest period of tranquility since October 2020, according to data.

> Moreover, Bitcoin is trending toward a minor loss in May, after increasing for the first four months of the year.

> As of 12:17 p.m. in New York, Bitcoin experienced a slight increase of 1.1%, bringing its value to $26,781. Despite plummeting 64% in 2022, Bitcoin managed to rally by over 70% in the initial four months of the current year.

> The digital currency’s record high was nearly $69,000, achieved in November 2021.