Singapore dazzles as regional crypto hub with Token2049

In the Token Issue, we chat with OKX, which is no longer “crypto’s best kept secret,” and get trading tips from Korean crypto influencer Maeuknam. [Read from your browser]( Token Issue Welcome to Token Issue! Delivered every Friday, this free newsletter breaks down the biggest stories in Asia’s crypto scene and beyond. View past issues [here]( or [sign up here]( to receive future newsletters. Written by Shihan Fang Crypto journalist Hi {NAME} What do a [llamicorn]( buxom cosplayers, and a masked guy in a suit handing out black business cards ala [Snow Crash]( all have in common? You can find them all - and then some - at [Token2049](. Arguably the biggest Asian crypto conference of the year, the event coincides with a deluge of other industry conferences kicking off just in time for the Singapore Grand Prix . Even former Google CEO Eric Schmidt is in town, albeit for a non-crypto event. The turnout, easily the biggest over the last fews years, speaks volumes about everyone’s desire to return to pre-Covid-19 normalcy. But with one out of every five people sniffling to some degree (I was counting), it’s clear that respiratory issues are still a problem. But rain or shine, the party goes on. Practice sessions for F1 start tonight and qualifying sessions begin on Saturday. Eagle-eyed McLaren fans may be able to spot the OKX logo on the front, sides, and rear wings of cars driven by Daniel Ricciardo and Lando Norris . And what is OKX? Good question, read on. – Shihan  ---------------------------------------------------------------  THE BIG STORY [OKX, “crypto’s best kept secret” is out]( Crypto exchange [OKX]( is making a splash this year. While others are laying off staff, OKX plans to add another 1,000 employees to its global headcount this year. It has also secured high-profile partnerships with Manchester City (a US$20 million deal to sponsor the team’s training kits) and F1 (worth “hundreds of millions” in co-branding opportunities). Accompanying the company’s newly polished exterior is a corporate architecture carefully designed to keep OKX operating at arm’s length from its founder, Star Xu. By going global, it is hoping to shake off its origins as a Chinese exchange that has been the subject of two police investigations. We caught up with OKX’s managing director, Lennix Lai, who was also one of OKX’s first employees when it launched in 2017.  --------------------------------------------------------------- TO THE STARS A look at what’s pushing Web3 forward. Binance plays ball with global authorities The world’s largest crypto exchange launched its [global law enforcement training program]( to help authorities detect financial and cyber crimes and prosecute offenders. The one-day, in-person training program will be conducted by Binance’s internal investigations team, a 150-member department that includes former law enforcement and security experts. The program is the latest effort by Binance to strengthen its relationships with regulators globally. Earlier this year, Reuters published an investigative report detailing how the exchange’s weak anti-money laundering processes made it a conduit for laundering at least US$2.3 billion in illicit funds. Early in September, the same Reuters team published [another report]( about a US Justice Department investigation into Binance’s compliance with the country’s financial crime laws. This investigation began in 2020 and is still ongoing.  Ex-politicians, bureaucrats in Singapore join crypto [Singapore-based blockchain firm ChainUp]( has hired the country’s former prime minister, [Goh Chok Tong]( as a special advisor to the company. Founded in 2017, ChainUp offers blockchain solutions in the form of both infrastructure development and ecosystem support services. The company’s offerings are available in over 30 countries, with offices located in Japan, the US, South Korea, and Hong Kong. Goh isn’t the first former public servant to join the Web3 space. Former government executive [Chin Tah Ang]( who served as head of Digital Industry Singapore, was also recruited into Crypto.com in August, where he now serves as general manager in the city-state. And last year, Binance Singapore announced the appointment of [Richard Teng]( former director of corporate finance at the Monetary Authority of Singapore, as its new chief executive.  ---------------------------------------------------------------  TO THE MOON Tokens, NFTs, and yield generators we’re noticing [Korean crypto influencer Maeuknam shares investing tips]( Maeuknam literally means “guy who makes US$100,000 every month.” He is best known for winning Bybit’s World Series of Trade competition several times. In his latest victory in August, he made a 10,000% profit on his portfolio. What most people don’t realize is how conservative he is as a person and as a trader. He’s doing just fine in the crypto winter and wants to show you how. --------------------------------------------------------------- BACK TO EARTH The week’s biggest roadblocks. Chinese authorities arrest 93 for laundering money with crypto Authorities in China’s Hunan province [arrested 93 people]( for allegedly laundering US$5.6 billion using cryptocurrencies. Although cryptocurrencies, trading, mining, and crypto payments are banned in the country, many are still able to access these services using VPNs. According to the Hengyang county police department, which made the arrest, the racket was led by an individual named Hong who had been laundering illicit gains from fraud and gambling since 2018. The group used crypto to convert the funds to US dollars. If you’re fluent in Mandarin, read the original post on WeChat [here]( otherwise, this [Coindesk report]( sums it up.  Tether's former auditor fined US$1 million for sloppy accounting New York-based accounting firm Friedman LLP was accused by the US Securities and Exchange Commission (SEC) of “serial violations of the federal securities laws” and “improper professional conduct” when it served as the auditing firm of stablecoin issuer Tether Limited. [In its settlement with the SEC]( Friedman agreed to train its staff in proper auditing procedures and will pay a US$1 million civil penalty plus US$564,138 in disgorgement and prejudgment interest. While the SEC order didn’t mention Tether, the stablecoin issuer was working with Friedman between May 2017 to January 2018, when the professional relationship was “dissolved.” The SEC order follows [another ruling last week]( from a federal judge in New York, which called for Tether to produce financial documents relating to the backing of its stablecoin USDT.  --------------------------------------------------------------- STILL A PONZI SCHEME The dark underbelly of Web3 and crypto today “SCOOP: A Forbes investigation based on leaked documents, former employee testimonies, and blockchain data found that as @Helium crypto execs touted the equality of the “People’s Network,” they quietly amassed the majority of its wealth at the start.” — [Sarah Emerson, Tech reporter at Forbes]( Established in 2013 by Napster co-founder Shawn Fanning and game designer Amir Haleem, Helium claimed that it was building the “People’s Network” - a global, wireless network for the internet-of-things. All you had to do was to buy a Helium device for US$500 and plug it in. The device then forms a low-range wide area network (a LoRaWAN) that works collectively with other Helium devices. In return for being part of the network, users would receive a passive stream of income in the form of Helium cryptocurrency tokens. Not only did the company struggle to generate revenue, the Forbes investigation also found that Helium insiders were hoarding Helium tokens right from the very beginning. --------------------------------------------------------------- MORE TO CHEW ON Essential news and views. 1️⃣ [Terra founder Do Kwon refutes accusations of Bitcoin transfer]( South Korean police allege that 3,313 bitcoins from the Luna Foundation Guard were moved to crypto exchange platforms KuCoin and OKX between September 15 and 18. Do Kwon denied the allegation [via Twitter]( but has still not shown up for face-to-face questioning with the authorities. 2️⃣ [Lamina1 published its white paper, and here is where you can find it]( The blockchain protocol founded by Neal Stephenson has published its white paper, not on its website but on its Discord channel. We thank the good people of [Reddit]( for unearthing this gem. 3️⃣ [Physical collectibles maker Mighty Jaxx launches NFT collection]( Mighty Jaxx has launched an NFT collection called Inked Stories: Medusa. It will team up with checkout solutions provider Paper to offer buyers the option to pay via credit card. 4️⃣ [Disney pushes further into crypto, DeFi, NFTs with recent job post]( Disney’s push into Web3 may still be small, but a recent job posting shows that it is looking for a principal counsel specializing in NFTs, the metaverse, blockchain technologies, and decentralized finance.  --------------------------------------------------------------- That’s all for this issue - we hope you liked it. WAGMI! P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894