Crypto News of the Day: Japan Ministry will create a DAO, Asics partner STEPN to launch running shoes

Hello, ApolloXplorer!

Have you seen today’s key headlines yet?

#1. Japan ministry to create DAO

Japan's Digital Ministry will create a DAO to further its exploration of Web3 technology.

The DAO will help the government understand what such organizations can achieve and identify their limitations. The ministry also wants to look at the legal position of governance tokens used for voting.

Prime Minister Fumio Kishida recently established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI) focused on creating policies to enable the expansion of blockchain.

#2. Gala Games responds to fears of hack

Blockchain gaming company Gala Games saw its GALA token crash 25.6% after fears of a multi-billion dollar hack.

The initial panic came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — flagged by blockchain security firm PeckShield on November 3.

Gala Games took to Twitter to dispel the “FUD”, explaining that the unusual activity detected on PancakeSwap was performed by pNetwork as a means to safeguard it from a potential vulnerability.

#3. ASICS partners STEPN to launch running shoes

Sportswear manufacturer ASICS announced the launch of the ASICS X SOLANA UI Collection.

The new line features custom-made running shoes that also give owners a chance to win a limited edition ASICS x STEPN GT-2000 NFT.

The shoes will sell for $200 USDC via Solana Pay from November 4-8. Buyers will also receive an ASICS Badge NFT that unlocks access to future ASICS rewards and experiences.

#4. South Korean prosecutors accuse Do Kwon of price manipulation

A local report from South Korea claims that the country's prosecutors have obtained evidence to suggest Do Kwon had ordered an employee to manipulate the price of LUNC.

The reported evidence came in the form of a "messenger conversation" between Kwon and a former Terraform Labs employee.

LUNC’s price rose over 2,800% from $4.18 in late May 2021 to its all-time high of $119.18 on April 5, 2022, before its cataclysmic fall on April 30.

#5. Twitter reportedly halts work on crypto wallet

Twitter has halted its plans to build a crypto wallet, the online publication Platformer wrote Thursday.

Dogecoin (DOGE) sank almost 10% in the aftermath of the news, though it had more than doubled over the past week as Musk took over Twitter.

The company is expected to lay off about half its employees, according to a Bloomberg report on Thursday.

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