The one with panties, birds, and squabbles

In Token Issue, we check out the “highly liquid” NFTs of panties, a brand new stablecoin in Singapore, and the continuation of the Hodlnaut saga. [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 Deepti Sri Journalist Hi {NAME} While the world celebrated Halloween in [fun ways]( this week, crypto folk were elated for different reasons. 14 years after the release of Satoshi Nakamoto’s whitepaper, countries are now finding the sweet spot in crypto regulation – one that can strike a balance between investor protection and a flourishing industry that creates jobs. While Hong Kong updated its cryptocurrency rules to legalize retail trading, Singapore is dramatically restricting access to crypto for investors after last year's market rout caused great losses throughout the industry. But it’s not all doom and gloom in Singapore. NFTs now [qualify as property]( in the city-state, positioning the country as the first in Asia to regulate digital assets as physical ones. Meanwhile, companies at the Singapore Fintech Festival are [capitalizing]( on the regulator’s positive sentiment around stablecoins. In this week’s Token Issue, we’ve lined up a bunch of stories, ranging from a fun one about the “highly liquid” NFTs of panties to a brand new stablecoin in Singapore as well as the continuation of the Hodlnaut saga. – Deepti  ---------------------------------------------------------------  THE BIG STORIES [Coming soon from PussyDAO: an NFT you can wear]( PussyDAO is the latest among a slew of companies to link buying NFTs attached to clothes, joining the likes of Adidas, Gap, and Patron Tequila. What started as a joke is now a platform that’s set to launch its line of redeemable NFTs - attached to lingerie – on the Solana blockchain. Read on for more details on the project. [Hodlnaut founders hid financial documents, new Singapore court report says]( Hodlnaut has become one of the hottest pieces of gossip in crypto town, thanks to the drama that doesn’t stop. Our latest story will tell you why Hodlnaut’s court-appointed managers are trying to force the founders to turn over financial documents, potentially containing information that determines whether the company will get liquidated.  [Bluejay looks to raise $5m to mint SG stablecoins]( Bluejay’s launch of a stablecoin after the TerraUSD collapse comes across as a bold move. However, the company has explained how its own stablecoin is different from the latter in an email to Tech in Asia.  --------------------------------------------------------------- ⭐ TO THE STARS A look at what’s pushing Web3 forward A new crypto era in India While India has so far been wary of cryptocurrencies, the government seems to be warming up to central bank digital currencies (CBDCs). The Reserve Bank of India (RBI) announced in October that it would begin a wholesale CBDC experiment on November 1. The Digital Rupee, or e-rupee, is now out in circulation. India's central bank launched the CBDC pilot program after releasing a 50-page concept note earlier this month. The CBDC pilot gave some banks permission to use the asset to settle second-market transactions in government securities. According to the RBI, the retail version's pilot program will begin in a month in a few key regions, with chosen closed-user groups made up of customers and retailers. When India assumes the G-20 group presidency for a year, it will play a significant role in establishing global crypto regulation. Cryptocurrency will be on the table, according to Nirmala Sitharaman, the country's finance minister. See also: [Are state-backed digital currencies a game-changer?](  --------------------------------------------------------------- 🌙 TO THE MOON Tokens, NFTs, and yield generators we’re noticing [Art Gobblers]( An NFT project from Rick and Morty co-creator Justin Roiland called Art Gobblers started minting this week and quickly rose to the top of the month's most popular collections. The unrevealed NFTs are currently trading for tens of thousands of dollars on secondary markets after the initiative was introduced as a free mint - meaning that select supporters simply had to pay gas fees to obtain their NFTs. Art Gobblers, which aims to be a factory NFT collection, will create a token named GOO. This token can be used as a digital canvas that Gobblers can then consume; as a result of which, ownership of the artwork is given to the NFT itself. [Big Eyes Coin]( Big Eyes Coin, a new cryptocurrency, has received attention for the number of investors it has drawn to its presale. It has so far raised over US$9 million for the meme token, and it won't stop. Investors are drawn to Big Eyes Coin’s NFT club as it allows developers to feature and trade their tokens and NFTs. Its main selling point is the absence of gas fees for all transactions made on the NFT platform. The preservation of the ocean is a societal obligation that the token has taken on. The cat mascot loves sushi and wants to conserve fish, so some of the money made from these NFTs will also be donated to ocean welfare initiatives. --------------------------------------------------------------- 🌏 BACK TO EARTH The week’s biggest roadblocks [MakerDAO co-founder passes away at 29]( Nikolai Mushegian, an early MakerDAO contributor, was found dead in Puerto Rico after allegedly drowning at sea. The developer was well known among crypto enthusiasts for his support of numerous initiatives and technologies - some even dubbed him the "DAI architect" for co-founding the decentralized Dai stablecoin. MakerDAO CEO Rune Christensen [said]( that Maker would have been “toast” without Mushegian’s help. “In the early days of Ethereum, he was among the only people to predict the possibility of smart contract hacks and invented the security-oriented approach to smart contract design.” Mushegian was very active on social media and raised some eyebrows when he published his last [tweet]( a day before his death, saying he was being pursued by a sex-trafficking organization in Puerto Rico, and that they would "torture him to death." Less than two months ago, he said he may commit "suicide by the CIA."  --------------------------------------------------------------- STILL A PONZI SCHEME The dark underbelly of Web3 and crypto today “2022, the year of hacking” — [@Mrsnowlink]( This tweet is pretty accurate, and blockchain intelligence firm Chainalysis agrees with it as well. In 2022, hackers have grossed over [US$3 billion]( across 125 hacks, likely making this year the biggest year for hacking on record. The latest victim, crypto exchange Deribit, suffered a hot-wallet breach that led to a theft worth US$28 million. The exchange [said]( that customer funds were safe and that the loss was reimbursed by corporate reserves, even though withdrawals were stopped while security checks were being conducted. Deribit is one of the main creditors of the under-liquidation cryptocurrency hedge firm Three Arrows Capital. --------------------------------------------------------------- MORE TO CHEW ON 1️⃣ [Minting NFTs on Instagram]( Meta is set to introduce an update to Instagram, where users can mint and sell NFTs, similar to a traditional NFT marketplace. The company’s digital collectibles toolkit will allow users to create NFTs on the Polygon blockchain and then sell on Instagram. 2️⃣ [Beating bear market blues]( Singapore-based Crypto.com said it currently has more than 70 million users. The crypto exchange has also generated more than US$1 billion in revenue this year after posting similar figures last year. 3️⃣ [Siam Commercial Bank’s latest Web3 bet]( SCB 10X, the investment arm of Thailand’s Siam Commercial Bank, has invested US$10 million in digital-asset custodian RakkaR Digital. The startup provides institutions on digital-asset custody platform Fireblocks with a place to store and manage their Web3 assets, ensuring the “highest-grade” security, the company said. 4️⃣ [A greener cryptoverse]( The Indonesia Stock Exchange (IDX) has signed a deal with Metaverse Green Exchange to help the former build a carbon registry via blockchain tech.  --------------------------------------------------------------- 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