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Report: Operator of South Korean Crypto Exchange Upbit Sees a Nearly 40% Drop in Operating Profit

Dunamu, the operator of the South Korean crypto exchange Upbit, recently said it had realized an operating profit amounting to $79 million in the third quarter of 2023. Virtual asset valuation losses contributed to the 81.6% drop in the operator’s net profit for the period.

Operating Profit Down by Nearly 40%

In the third quarter (Q3) of 2023, Dunamu, the operator of the South Korean crypto exchange Upbit, reportedly realized an operating profit of just over $79 million (101.8 billion won). According to a Decenter report, Dunamu’s Q3 operating profit is nearly 40% lower than the $130.9 million realized in the corresponding period in 2022.

Similarly, Dunamu’s Q3 revenue, which stood at approximately $150 million, is 29% lower than the $211 million realized in the same period last year. Also, the crypto exchange operator’s Q3 net profit of $22.9 million is reportedly 81.6% lower than in the same period last year.

As per the report, Dunamu’s net profit for the period is lower due to so-called virtual asset valuation losses.

Meanwhile, the report revealed that Dunamu is now working on finding ways to mitigate the effects of the recession in the virtual assets market. An unnamed company official suggested that Dunamu is hoping to achieve this by pursuing new business opportunities.

“We will strive to revitalize the blockchain ecosystem and create an advanced investment environment, and do our best to provide innovative services based on Dunamu’s unique technological capabilities,” the unnamed official said.

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LBank’s Launchpad for ACGN Protocol Wraps Up with Over 9.5 Million USDT Invested, $AIMEME Listing Ahead on LBank

PRESS RELEASE. LBank recently wrapped up its third Launchpad event, this time for the ACGN Protocol ($AIMEME), and the results were remarkable. The event attracted significant attention, following in the footsteps of the successful MetaExpand and PINS Network Launchpads. A total of 95,098,311 USDT was raised by 61,005 participants, demonstrating the growing interest in this creative sector.

$AIMEME, the native token of the ACGN Protocol, is scheduled to be listed on LBank and will commence trading on December 1st at 06:00(UTC), marking a new milestone for this emerging ecosystem.

Background and Significance

LBank’s decision to host the ACGN Protocol ($AIMEME) Launchpad mirrors its previous successes, such as the $PINS Launchpad, which not only raised substantial investment but also saw a 2003% increase in value, rewarding its 34,587 participants handsomely.

LBank has established itself as a key player in the cryptocurrency market, especially in sectors like MEME coins, and continues to offer specialized financial services and a secure trading environment to its 9 million global users.

Participation Rules for $AIMEME

The guidelines for engaging in the $AIMEME Launchpad were meticulously crafted. Following a model similar to that of $PINS, emphasis was placed on a user’s daily average holdings in mainstream cryptocurrencies such as BTC, ETH, USDT, and LBK. LBank determined investment quotas by considering the average holdings in Spot, Futures, and Earn accounts over a specific period.

Moreover, to qualify for participation, users needed to execute at least one trade on LBank within a specified time frame. These regulations have demonstrated their effectiveness in enhancing platform engagement across diverse metrics.

LBank’s spokesperson expressed gratitude for the overwhelming engagement and support from the user community, especially in the wake of the successful prior Launchpads. The $AIMEME Launchpad rules were strategically crafted to reward active users and asset holders, building on the triumphs of past events.

Details for the official listing of $AIMEME are as follows:

Token Distribution: November 30th, 2023 at 13:00 (UTC)
Trading Available: December 1st, 2023 at 06:00 (UTC)
Withdrawal Available: December 3rd, 2023 at 06:00 (UTC)

About ACGN Protocol ($AIMEME)

ACGN Protocol operates as an AI-driven Web3 ecosystem for ACGN (anime, comics, games, and novels) creators. Utilizing the open-source creator protocol, ACGN Protocol, users can harness our AI-powered tools to generate derivative content from original IPs. This process nurtures an NFT content network that bridges derivatives with originals, contributing to the development of a grassroots ACGN content creation ecosystem.

Within the ACGN Protocol, users gain access to AI-powered creator tools. These tools empower users to upload derivative creations, engage in creative processes with AI assistance, train AI models, explore diverse content, trade NFTs on the platform, and employ the visual novel maker for importing illustrations, music, dubbings, and scripts to craft compelling visual novels.

About LBank

Founded in 2015, LBank stands at the forefront of the global cryptocurrency exchange landscape, offering a secure and user-friendly trading experience. With a steadfast commitment to innovation, LBank consistently pioneers groundbreaking opportunities in the dynamic realm of crypto space. Renowned for its cutting-edge platform and forward-thinking approach, LBank not only ensures the security of digital assets but also empowers users with access to the latest tools and features, shaping the future of finance.






This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Philippines Securities Regulator Says Binance Is Operating Without a License

Crypto exchange Binance is not a registered corporation in the Philippines hence its activities in the country are not above board, the Asian country’s securities regulator has said. The regulator warned of a possible jail term for individuals found enabling Binance’s activities in the Philippines.

Licensed Overseas Organizations Still Need to Get Local Approval

According to the Philippines securities regulator, crypto exchange Binance is not a registered corporation and has been operating without the necessary license or authority. In an advisory issued on Nov. 28, the Asian country’s Securities and Exchange Commission (SEC) alleges that Binance has been “actively employing promotional campaigns” despite not having the requisite license.

Explaining why it has warned Filipinos against using Binance, the SEC said it is aware that some online crypto exchange platforms are in possession of licenses issued by overseas institutions. However, the regulator insists brokers and crypto exchanges still need to obtain licenses from it before selling or offering securities and investment products to the public.

To get the license, operators of crypto exchange platforms must submit an application for registration together with details on the issuance price, use of the proceeds as well as the nature of the securities. Also, they must be in possession of “a secondary license to sell offer securities to the public.”

Possible Jail Term for Offenders

The SEC claimed that since Binance has not submitted an application for registration it is therefore in violation of the relevant section of the Securities Regulation Code (SRC).

Meanwhile, in addition to advising against the use of Binance, the regulator revealed the penalties that offenders face.

“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the Binance platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of five million pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC,” the SEC said.

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Paxos Secures In Principle Approvals for Stablecoin Issuance and Crypto Services in Abu Dhabi

Paxos, a provider of blockchain and tokenization infrastructure, has recently received preliminary approvals from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. The company stated that these endorsements are crucial steps for Paxos, enabling it to issue stablecoins pegged to the U.S. dollar and introduce crypto brokerage and custodial services in the Abu Dhabi Global Market (ADGM).

Paxos Expands into Middle East: Receives Key Approvals for Crypto Operations in ADGM

These preliminary approvals mark Paxos’s significant venture into the rapidly evolving digital asset sector in the Middle East, the company explained on Wednesday. Paxos is set to operate under two regulated frameworks within the ADGM, pending final confirmation. In addition, Paxos has expressed its dedication to ensuring its custody and digital asset infrastructure services are fully compliant with FSRA’s stringent regulations.

“Today’s announcement marks yet another milestone in Paxos’ ability to provide billions of users with safe and trusted digital asset services,” Walter Hessert Paxos’s head of strategy detailed on Wednesday in the press announcement sent to News.

Hessert added:

Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks.

A significant number of companies have recently been extending their operations into the United Arab Emirates (UAE), Dubai, and the Abu Dhabi Global Market (ADGM). In mid-September, the FSRA, ADGM’s financial watchdog, introduced six guiding principles to shape its strategy for regulating and supervising virtual assets.

Subsequent to these regulatory developments, Pyypl, a fintech company based in Abu Dhabi, secured $20 million in Series B funding, while the bitcoin mining company Phoenix Group announced its oversubscribed initial public offering (IPO). Paxos has stated that it now adheres to the regulatory standards of New York, Singapore, and ADGM.

“Blockchain technology is revolutionizing the global financial system to be more open, secure, and innovative,” Hessert concluded.

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Hacker Seeks Civility in $47 Million Kyberswap Heist, Demands Friendly Negotiations

In the wake of Kyberswap, a decentralized exchange (dex) platform, suffering a $47 million loss due to a cyberattack, the perpetrator indicated a readiness to engage in negotiations. Yet, despite expressing an openness to resolution, the hacker lamented encountering primarily “received (mostly) threats, deadlines, and general unfriendliness.” They warned that if such hostility persists, the Kyberswap team might face delays in resolving the issue.

Kyberswap Hacker Demands Cordiality in $47 Million Heist Talks

Five days ago, Kyberswap, a decentralized finance (defi) trading platform, fell victim to a cyber attack, resulting in a loss of $47 million. The team announced that its market maker, Kyberswap Elastic, had “experienced a security incident.” Since the attack, they have established communication with the perpetrator, and an onchain message indicates the hacker’s openness to negotiate the return of the funds.

Yet, the hacker claims to have faced unjust treatment and warns that if such circumstances persist, the team may need to postpone the negotiations to a later date. “Dear Kyberswap executives, employees, token holders, and LPs,” the hacker wrote. “I said I was willing to negotiate. In return, I have received (mostly) threats, deadlines, and general unfriendliness from the executive team. That’s ok, I don’t mind. I have prepared a statement concerning our (potential) treaty. I plan to release it on Nov. 30 at Noon UTC, sharp.”

The Kyberswap attacker added:

Under the assumption that I am treated with further hostility, we can reschedule for a later date, when we all feel more civil. You need only say the word. If not, we proceed as planned on Nov. 30. Thank you.

The hacker’s message gained momentum on social media platforms. One individual who circulated the message commented, “We need a professional negotiator it seems.” It appears that the negotiation process hit a snag following the disclosure of the bounty’s percentage and the mentioning of potential legal consequences for failing to respond. Nevertheless, should the Kyberswap team successfully foster a cooperative atmosphere and smooth out any issues, the attacker might announce positive news on Thursday at noon UTC.

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Economist Peter Schiff: US Dollar Near ‘Historic Crash’ — ‘Forget Soft Landing, It’s Crash and Burn’

Economist Peter Schiff has warned that the U.S. dollar is “on the verge of a historic crash.” He stressed that there won’t be a soft landing for the U.S. economy, predicting a “crash & burn” scenario. Schiff highlighted the potential for increased inflation, rising interest rates, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he noted.

Peter Schiff’s Latest Economic Warnings

Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday:

The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn.

He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”

On Wednesday, the economist explained on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”

In another post on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:

The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation.

Schiff has consistently raised concerns about the U.S. economy and the fall of the U.S. dollar. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that individuals holding U.S. dollars would face significant losses. Furthermore, the economist has warned of the potential for a severe recession, an inflationary depression, an “unprecedented” financial crisis, and a tragic ending. In September, he said a “massive crisis” will lead to a rush to exit the U.S. dollar.

What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.

Rich Dad Poor Dad Author Robert Kiyosaki Recommends Buying Bitcoin ETFs

Rich Dad Poor Dad author Robert Kiyosaki has recommended buying bitcoin exchange-traded funds (ETFs). Warning that the global economy is slowing to a possible depression and the U.S. Treasury and Federal Reserve will print trillions in “fake dollars,” he urged investors: “Don’t be caught sleeping like most Americans. Take action now.”

Robert Kiyosaki and Spot Bitcoin ETFs

The author of Rich Dad Poor Dad, Robert Kiyosaki, has suggested investing in bitcoin exchange-traded funds (ETFs) for investors who prefer this approach over direct investment in bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

On Tuesday, Kiyosaki posted on social media platform X, expressing concern about the Cardboard Box Index, an indicator used by some investors to assess consumer goods production, which he claims is crashing. Kiyosaki stated that shoppers have ceased shopping, indicating a potential global economic downturn that could result in a depression. He anticipates that the Treasury and Federal Reserve will respond by printing trillions in fake dollars.

In response to these concerns, the renowned author recommended his usual choices of gold, silver, and bitcoin. He highlighted the rising price of gold and the relatively low cost of silver. Additionally, Kiyosaki suggested considering a bitcoin ETF as an alternative. In conclusion, he urged investors to take immediate action and avoid being caught off guard, emphasizing the need for proactive measures.

This isn’t the first instance of Kiyosaki warning about a potential depression. In July, he predicted that a depression is coming. In February, he cautioned about an impending giant crash, stating that a depression is possible. He projected that by 2025, gold would be valued at $5,000, silver at $500, and bitcoin at $500,000. Kiyosaki attributed these predictions to the anticipated loss of faith in the U.S. dollar, which he refers to as “fake money.” In his perspective, gold and silver are regarded as “God’s money,” while bitcoin is seen as “people’s money.”

Kiyosaki did not specify the type of bitcoin ETFs he recommends. In the U.S., there are futures bitcoin ETFs but the U.S. Securities and Exchange Commission (SEC) has yet to approve a spot bitcoin ETF. SEC Chairman Gary Gensler recently revealed that the securities regulator is considering between eight and 10 spot bitcoin ETF applications. Recently, a former NYSE president said he expects money to flood into the crypto industry with spot bitcoin ETF launches. Microstrategy chairman Michael Saylor expects demand for bitcoin to double after the halving and the approval of spot bitcoin ETFs.

What do you think about the advice by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected

Standard Chartered Bank has doubled down on its bitcoin price forecast of $100,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.

Standard Chartered’s Bitcoin Price Prediction

Standard Chartered Bank has reiterated its bitcoin price forecast of $100,000 with more price upside happening sooner than it previously predicted. In a note published Tuesday, Standard Chartered’s head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.”

The analyst explained that bitcoin’s unwavering dominance in the cryptocurrency space and heightened token hoarding by miners continue to drive the asset’s upward trajectory. Bitcoin’s share of the crypto market cap rose from 45% in April to approximately 50% while its value surged by over $10,000. The price upswing has sparked renewed interest in the cryptocurrency space. Kendrick shared:

Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.

As bitcoin’s price escalates, miners are increasingly holding onto their BTC, leading to a sharp decline in mined bitcoin sales to around 80% in the fourth quarter. The upcoming Bitcoin halving in April will further reduce the supply of new bitcoin. Kendrick noted that historically, bitcoin prices peaked 12-18 months after a halving.

The bank initially forecasted a bitcoin price of $100,000 back in April, declaring that crypto winter is over and anticipating that the price could reach $100,000 by the end of 2024. In July, the bank adjusted its prediction, stating that BTC could reach $120,000 next year while emphasizing that crypto winter has ended.

The Standard Chartered analyst further explained that an unexpected positive development is unfolding on the demand side, with an increasing probability of spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC). Kendrick detailed:

We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.

Many analysts expect the SEC to approve multiple spot bitcoin ETFs next year, including one from Blackrock, the world’s largest asset manager. SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications.

What do you think about Standard Chartered Bank’s bitcoin price forecast? Let us know in the comments section below.

BNB’s Tech Roadmap for Opbnb Targets 10,000 Transactions per Second

In a six-month roadmap unveiled on Nov. 29, the BNB Chain development team said it is targeting 10,000 transactions per second and fees of $0.001 on the layer two (L2) solution Opbnb. Sometime between 2024’s second and third quarters, the objective will be to lower the gas limit per block increase from 100M to 200M.

Making the Chain More Accessible

On Nov. 29 the BNB chain unveiled what it called a tech roadmap for Opbnb, a layer two (L2) solution within its ecosystem. The goal of the roadmap is to make “blockchain more accessible, with the design principles based on making the Opbnb network more efficient for users and developers.” To achieve this, the roadmap is targeting 10,000 TPS (transactions per second) for transfers as well as “a price reduction of ten times on Opbnb.”

The unveiling of the six-month roadmap came just days after the transaction count on Opbnb tapped a new all-time high of 5.47 million. This milestone was achieved when “the network handled the full capacity of 100M gas per second smoothly in a single block.” This is said to have resulted in the network processing 645 minting transactions per second.

Meanwhile, in a statement, the BNB Chain core development team praised the Opbnb community for being instrumental in the L2’s success so far. The team also noted that the community’s efforts can prove to be potentially vital in the development of decentralized applications.

“We recognize the immense potential of our community members to contribute not only to the development of dapps on Opbnb but also to core chain technology innovations. In addition, developers who contribute to Opbnb, will have access to the Most Valuable Builder Program (MVB) in collaboration with Binance Labs and CMC Labs and be eligible to apply for grants and mentorship,” the team said.

As explained in the statement, Opbnb is also aiming to reduce transacting fees from $0.005 to $0.001 in the last quarter of 2023. In the first quarter of 2024, the objective is to increase capacity from 100M to 150M. Between Q2 and Q3 of 2024, the goal is to lower the gas limit per block increase from 100M to 200M and achieve a transaction per second milestone of 10,000.

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Bankrupt Crypto Lender Celsius Reopens Withdrawals for Certain Custody Clients

The now-inoperative crypto lending firm Celsius has announced the opening of withdrawals for select “Eligible Custody Users,” as declared in a recent statement on Wednesday. These custody account holders now have the opportunity to withdraw approximately 72% of their cryptocurrency assets, with the deadline set for February 28, 2024.

Celsius Announces Limited Withdrawal Window for Eligible Users

On Wednesday, Celsius communicated that certain customers have been granted withdrawal rights following court approval of the company’s restructuring plan. The decision comes after Celsius sought Chapter 11 bankruptcy protection on July 13, 2022, a month subsequent to the suspension of withdrawals. Now, “Eligible Custody Users” are permitted to access their funds.

The company’s official X page stated, “Beginning today, additional withdrawals for Eligible Custody Users are now available. Please note that the only assets currently available for withdrawal are certain Custody Assets; all other cryptocurrency remains unavailable for withdrawal at this time.”

This segment of custody clients originates from two separate groups of claimants, who have until February 28, 2024, to execute their withdrawals. Handling of other clients, including those who opposed Celsius’ restructuring plans, will occur over the forthcoming six months. Participants in the current withdrawal process will receive slightly more than 72% of their crypto assets, according to the docket provided by Stretto, a bankruptcy case filings management company.

As per the latest update on November 24, 2023, on Claims Market, bids for Celsius claims are at $0.38 on the dollar. In comparison, FTX claims in that specific bankruptcy case are fetching $0.57 on the dollar through Claims Market. Furthermore, Celsius has advised its eligible clients on social media to expedite the withdrawal of their cryptocurrency assets before the window of opportunity lapses.

The company emphasized on Wednesday, “We strongly encourage you to withdraw these assets from the Celsius app and take personal records of information you may find useful immediately, as the Celsius app will only be available for a limited time.”

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