India blocks new crypto ban to support CBCC, Lazarus group strikes again: Asia Express

India's Bitcoin and crypto ban concerns re-emerge

Indian regulators are reportedly considering banning cryptocurrencies again.

According to local outlet Hindustan Times, the government has been consulting experts who support banning cryptocurrencies in favor of Central Bank Digital Currency (CBCC).

Citing two anonymous sources familiar with the matter, the news outlet reported that the consensus view is that the risks of cryptocurrencies outweigh their benefits.

One of the anonymous sources stated that CBDCs have “everything that crypts can do” and even more benefits.

The Indian cryptocurrency sector has repeatedly faced regulatory restrictions imposed by local authorities.

In the year In 2018, the RBI banned financial institutions from offering services to crypto companies, a decision later overturned by the Supreme Court.

In the year In 2021, a proposed law seeks to ban cryptocurrencies again. However, in 2022, instead of enforcing an outright ban, the government introduced one of the harshest crypto tax regimes in the world.

Indian crypto traders are subject to a 30% tax on cryptocurrency earnings with an additional 1% tax on each transaction. India's CBCC, also known as Digital Rupee, is currently in the pilot phase.

Retail trials have reached 5 million users, according to the Reserve Bank of India, the country's central bank.

Lazarus again suspected of linking BingX hack to Indodex exploit

Recent Asian exchanges BingX and Indodax have been linked together by exploiters, Misttrack reports.

Security experts have accused North Korea's state-run hacking group Alazar of being a suspect in the $22 million hacking of Indodex in September.

Blockchain traces now point to the Lazarus group as the main suspect behind the attack on BingX.

North Korean hackers are tied to the biggest cyberattacks of the year, two of which took place on Asian crypto exchanges.

Japan's DMM Bitcoin saw a $305 million profit in May, while India's Wazir X lost $235 million in July.

WazirX has been at the center of controversy over the past week, as it has been accused of running a “disinformation campaign” by security partner Liminal, which WazirX has blamed for the breach.

$13M in user funds is stuck in the grave of South Korean crypto exchange

South Korea's crypto exchange licensing requirements have closed or suspended operations at 14 local exchanges.

More than 33,000 customers of these now-defunct exchanges failed to redeem 17.8 billion Korean won (about $13 million) in fiat and cryptocurrencies, according to information provided to lawyer Kang Min-guk by the Financial Services Commission (FSC).

On October 24, during the State Audit Audit of the National Assembly, Kang said that it is not possible to get more funds due to strict environmental regulations that may close more exchanges.

A local industry self-regulatory group known as the Digital Asset Exchange Association has established a foundation to help consumers voluntarily return funds with the blessings of the FSC.

Kang criticized the voluntary model, saying the office was meaningless to local media.

The FSCC's handling of the crypto industry has faced heavy criticism from lawmakers during the country's government audit, which typically lasts three weeks in October.

They accused the commission of showing discrimination against Upbit by allowing it to gain a monopoly while driving other exchanges out of business.

One legal expert compared the FSC's actions to the “squid game”, a children's game made famous by the hit Netflix series. Contestants are killed until only one is left in the show.

Assassin's Creed developer made a blockchain game

Ubisoft, the gaming giant behind popular titles like Assassin's Creed and Far Cry, entered the blockchain gaming space on October 23, launching its first Web3 game on Japanese blockchain Oasys.

This turn-based game allows players to fight against others using Non-Explosive Token (NFT) characters on Oasys.

Oasys has attracted major gaming firms such as Sonic the Hedgehog creator Sega and Pac-Man creator Bandi Namco.

It supports games through special measurement networks known as “numbers”.

The project recently decided to expand into Asia for Web3 gaming with the backing of Japanese financier SBI Holdings.

Ubisoft's entry into the Web3 space adds to the growing momentum for blockchain games following the success of Off the Grid, a game that features alternative blockchain elements on Avalanche Subnet Gunz.

However, Off The Grid has taken a different approach, distancing itself from the label by minimizing its crypto and NFT segments.

“Off The Grid is not an NFT game. It's a battle royale game with an optional NFT member. If you want to try NFT, you can; If you don't want to, you don't have to. It is entirely up to the player how they want to play the game, and the game can be played without going into NFTs,” it says on its FAQ page.

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John Yun

Yohan Yun is a multimedia journalist who has been reporting on blockchain since 2017. He has contributed as an editor to crypto media outlet Forkast and covered Asian technology stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.