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<p><em>Our weekly roundup of news from East Asia curates the industrys most important developments.</em></p>
<h2 class="wp-block-heading" id="h-stephen-chow-nfts-impress">Stephen Chow NFTs impress</h2>
<p>Hong Kong director Stephen Chow, best known for the iconic film<em>Kung Fu Hustle</em>, has launched a novel NFT collection dubbed “Nobody. It’s seen more than 10,609 Ether in total volume <a href="https://opensea.io/collection/real-nobody-xyz" target="_blank" rel="nofollow">traded</a> since its inception earlier this month. <br><br>On Feb. 8, Ray Chan, the Hong Kongese co-founder of entertainment platform 9GAG, <a href="https://twitter.com/9gagceo/status/1755535463946035433" target="_blank" rel="nofollow">purchased</a> a Nobody NFT avatar for 19.527 Ether, representing a premium of 3,155% to their current floor price of 0.6 Ether.</p>
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 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-07-163729.png" alt="Nobody's popularity on OpenSea reached a peak on February 7." class="wp-image-28537" width="564" height="582" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-07-163729.png 662w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-07-163729-291x300.png 291w" sizes="(max-width: 564px) 100vw, 564px">
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  <em>Nobody’s popularity on OpenSea reached a peak on Feb. 7.</em>
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<p>“One actor a year, Stephen Chow for a century; There are millions of little people, but the supreme treasure is unparalleled; Pictures are valuable, [but] memories are priceless,” Chan <a href="https://twitter.com/9gagceo/status/1755535463946035433" target="_blank" rel="nofollow">wrote</a> in praise of the collection. </p>
<p>Amid its popularity, Chow himself changed his X and Instagram profile pictures to Nobody NFTs. “Does anyone have any great ideas for&nbsp;Nobody’@realnobodyxyz’s community events? Leave your comments,” the director wrote in a <a href="https://twitter.com/stephenchow/status/1755178318922752482" target="_blank" rel="nofollow">post</a>.&nbsp;</p>
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<p>Nobody NFTs have a maximum supply of 10,000, a quarter of which were given away in a promo with crypto exchange OKX that attracted more than 125,000 applicants. They were created last December in collaboration with Chinese-American rapper Jin Au-Yeung, also known as MC Jin, and launched on the Moonbox platform created by the namesake Hong Kong startup.</p>
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   <p lang="zh" dir="ltr"><br><br><a href="https://twitter.com/realnobodyxyz?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@realnobodyxyz</a> <a href="https://twitter.com/stephenchow?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@stephenchow</a> <a href="https://t.co/t26ro9F4HM" target="_blank" rel="nofollow">pic.twitter.com/t26ro9F4HM</a></p>— 9GAGCEO Memecoin (@9gagceo) <a href="https://twitter.com/9gagceo/status/1755535463946035433?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">February 8, 2024</a>
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<h2 class="wp-block-heading" id="h-ubs-and-osl-tokenize-call-warrant-on-xiaomi-stock-in-hong-kong">UBS and OSL tokenize call warrant on Xiaomi stock in Hong Kong</h2>
<p>Swiss multinational bank UBSs Hong Kong subsidiary has tokenized a call warrant option on shares of Chinese smartphone maker Xiaomi using Ethereum. In the Feb. 7 announcement, UBS <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20240207-tokenized-warrant.html?caasID=CAAS-ActivityStream" target="_blank" rel="nofollow">disclosed</a> that the tokenized financial derivative was sold to Hong Kong cryptocurrency exchange OSL.</p>
<p>Winni Chuek, head of sales at UBS Global Markets, said that the product “enhances transparency, reduces transaction fees, streamlines settlement processes, and allows for more flexible trading hours.” </p>
<p>Patrick Pan, the CEO of OSL, <a href="https://osl.com/press-release/osl-transacts-first-investment-grade-tokenised-warrant-hong-kong/" target="_blank" rel="nofollow">explained</a> that the firm is attempting to simulate the “whole product life cycle of an equity-linked structured product token, from token mint, through simulated secondary market transactions, and finally to token burn at maturity.”</p>
<p>UBS previously <a href="https://cointelegraph.com/news/bank-of-china-issues-28m-in-digital-structured-notes-on-ethereum-blockchain" target="_blank" rel="nofollow">facilitated the issuance</a> of 200 million Chinese yuan ($28 million) worth of digital structured notes minted on Ethereum. OSL is currently <a href="https://cointelegraph.com/news/osl-exchange-ceo-discusses-expansion-plans-after-historical-year-in-hong-kong" target="_blank" rel="nofollow">exploring options</a> to tokenize retail fund products in the region.&nbsp;</p>
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 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205453-1024x469.png" alt="A Xiaomi 13T Pro smartphone." class="wp-image-28536" width="788" height="361" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205453-1024x469.png 1024w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205453-300x137.png 300w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205453-770x352.png 770w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205453.png 1075w" sizes="(max-width: 788px) 100vw, 788px">
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  <em>A Xiaomi 13T Pro smartphone. </em>
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<h2 class="wp-block-heading" id="h-haru-invest-executive-busted-in-alleged-830m-crypto-lending-scam">Haru Invest executive busted in alleged $830M crypto lending scam</h2>
<p>Three key executives affiliated with South Korean crypto lender Haru Invest, including CEO Hyung-soo Lee, have been arrested on charges of fraud by Korean prosecutors for allegedly failing to return over 1.1 trillion won ($830 million) worth of digital assets belonging to more than 16,000 customers.&nbsp;</p>
<p>Local news agencies <a href="https://www.yna.co.kr/view/AKR20240206070100004" target="_blank" rel="nofollow">reported</a> on Feb. 6 that the coins were invested on behalf of customers by Haru from March 2020 to June 2023 while falsely advertising that the investments were “risk-free due to diversified investment techniques,” with promised returns of up to 12% per annum.</p>
<p>On June 13, 2023, Haru Invest <a href="https://cointelegraph.com/news/crypto-yield-platform-haru-suspends-transfers-after-investigation" target="_blank" rel="nofollow">suspended withdrawals and deposits</a>, citing “fraudulent information” provided by a consignment operator. The decision soon prompted fellow South Korean crypto lender Delio, which <a href="https://cointelegraph.com/magazine/thailands-national-airdrop-delio-vietnam-top-crypto-country-asia-express/" target="_blank" rel="nofollow">held $1.2 billion in Bitcoin and Ether</a> at the time, to suspend its deposits and withdrawals as well due to counterparty exposure to Haru. Criminal and civil proceedings are ongoing against both firms in South Korea.&nbsp;</p>
<h2 class="wp-block-heading" id="h-terraform-labs-cfo-extradited-to-south-korea">Terraform Labs CFO extradited to South Korea</h2>
<p>Han Chang-joon, chief financial officer of Terraform Labs, which was behind the failed Terra Luna protocol worth $40 billion at its peak, was extradited from Montenegro to South Korea on Feb. 5. </p>
<p>On arrival, South Korean prosecutors charged Han with fraud for allegedly profiting 53.6 billion won ($40 million) from fraudulent marketing of the Terra stablecoin and leaking upward of 100 million records of customer transactions from payment processor Chai Pay to the Terra Luna project.</p>
<p>Han could potentially face a life sentence in South Korea if convicted. Meanwhile, co-founder and former CEO Do Kwon is currently awaiting extradition in Montenegro. Both men <a href="https://cointelegraph.com/news/montenegro-revokes-do-kwon-extradition" target="_blank" rel="nofollow">were arrested</a> on March 23 in Podgorica airport for using forged Costa Rican passports to flee to Dubai. They were <a href="https://cointelegraph.com/news/do-kwon-sentenced-to-4-months-in-prison-in-montenegro-on-fake-passport-charges" target="_blank" rel="nofollow">sentenced to four months in prison</a> on June 19 over the fake document charges.</p>
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   <p lang="und" dir="ltr">Drava Crna Gora je danas postupila po zamolnici June Koreje, i po odluci Ministarstva pravde predala Haan Chang Joon-a nadlenim organima njegove matine drave. <a href="https://t.co/OvQ1qNyxr1" target="_blank" rel="nofollow">pic.twitter.com/OvQ1qNyxr1</a></p>— Ministarstvo pravde Crne Gore (@PravdaCG) <a href="https://twitter.com/PravdaCG/status/1754440667693007046?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">February 5, 2024</a>
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<h2 class="wp-block-heading" id="h-zipmex-in-trouble-once-again">Zipmex in trouble once again&nbsp;</h2>
<p>Thailands Securities and Exchange Commission (SEC) has filed charges against Akalarp Yimwilai, former CEO and director of troubled Thai crypto exchange Zipmex, for allegedly making false and deceptive statements during his tenure. The Thai SEC said on Feb. 8 that Zipmex had allegedly transferred customers digital assets abroad and submitted falsified reports on customers account status to the regulator before the exchange halted withdrawals on May 8, 2022.</p>
<blockquote class="wp-block-quote">
 <p>“The SEC therefore filed a complaint against Mr. Akalap with the Office of the Provincial Crime Suppression Division to consider taking further legal action.”</p>
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<p>During the summer of 2022, Zipmex filed for bankruptcy protection in Singapore after disclosing a $53 million exposure to failed crypto lenders Babel Finance and Celsius. On Nov. 29, 2023, media reports revealed that Zipmex creditors would receive as little as <a href="http://$53%20million%20exposure%20to%20crypto%20lenders%20babel%20finance%20and%20celsius/" target="_blank" rel="nofollow">three cents on the dollar</a> for initial claims, with further payouts in a recovery scenario.</p>
<h2 class="wp-block-heading" id="h-snitches-get-riches-binance">Snitches get riches: Binance</h2>
<p>Cryptocurrency exchange Binance has <a href="https://twitter.com/heyibinance/status/1754579213426835695" target="_blank" rel="nofollow">implemented</a> a whistleblower program for tips relating to the alleged misconduct of its employees. In a Feb. 5 tweet, Yi He, co-founder of Binance and spouse of former CEO Changpeng Zhao, said that the exchange would award bounties of $10,000 to $5,000,000 for successful tip-offs of employee corruption within the exchange concerning the listing of new tokens. </p>
<p>“It is much easier [money to make] and more profitable than the rat warehouse [Chinese slang for insider trading]. Report email: audit@binance.com,” the Binance co-founder wrote.</p>
<p>The same day, the <a href="https://coinmarketcap.com/currencies/ronin/" target="_blank" rel="nofollow">price</a> of Ronin tokens, an ecosystem token of the gaming blockchain created by Axie Infinity developer Sky Mavis, saw significant volatility before and after its listing on Binance. It saw a 28% gain in the week prior to listing, then dumped more than 40% after. Prior to the listing, a combination of token accumulation visible on blockchain explorers and leaked external communications from Binance led to the accumulation of RON by those in the know, who then swiftly sold after the actual token was listed, driving down its price. Binance has since stated it would cancel any new token listing if insider information is leaked beforehand.</p>
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 <img decoding="async" src="http://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205209.png" alt="Ronin token price movement before and after the Binance listing (CoinMarketCap)" class="wp-image-28535" width="725" height="475" srcset="https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205209.png 1021w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205209-300x197.png 300w, https://cointelegraph.com/magazine/wp-content/uploads/2024/02/Snimek-obrazovky-2024-02-08-205209-770x505.png 770w" sizes="(max-width: 725px) 100vw, 725px">
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  <em>Ronin token price movement before and after the Binance listing (CoinMarketCap)</em>
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$830M fraud arrests, Nobody’s 3,000% premium, Binance snitches get riches: Asia Express

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