Token2049 captivates Singapore, Huobi rebrands on 10th Anniversary: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Token 2049, one of the largest crypto conferences of the year, attracted a record 10,000 attendees, 300 speakers and 5,000 companies during the two-day event in Singapore.
From Sept. 13–14, attendees entering the majestic Marina Bay Sands Convention Expo and Center were greeted by the energetic beats from the Polyhedra DJ, then to a hall of booths showcasing the latest innovation in the blockchain industry. Aside from the main show, over 400 side events took place this year.
Among the biggest announcements during the event, KXVC, a subsidiary of Kasikornbank, the largest bank in Thailand with 20 million customers, launched a $100 million fund dedicated to Web3, AI and deep tech firms based in Southeast Asia. KXVC wrote:
“For Web3, KXVC targets Web3 infrastructures, nodes validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi and consumerization of NFTs.”
As for AI, the firm said it would prioritize investing in “consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, data annotation, model optimization), and problem-specific AI startups.”
The fund will be led by Krating Poonpol group chairman of Kasikorn Business Technology Group, and Jom Vimolnoht, managing director of KXVC. According to KXVC, Poonpol has over 100 investments, four unicorns, and 10 exits across five funds as a venture capitalist. Meanwhile, Vimolnoht has managed $400 million in startup investments and has backed 35 startups in the region.
On Sept. 15, Ethereum layer-two scaling solution Mantle Network,launcheda $200 million development fund for ecosystem acceleration. Among the first recipients are LiquidX, an application layer-focused venture studio building Web3 companies; Valent, a decentralized money market exploring liquid staking derivatives finance (LSDFi); and Range Protocol, an all-in-one on-chain asset management platform and ecosystem.
Previously known as BitDAO, the Mantle Network has been a maverick in reinvigorating blockchain communities, with the launch of a $500 million blockchain gaming fund in November 2021.
In May 2023, BitDAO (BIT) passed a “One brand, One token” unity governance proposal rebranding the network to Mantle with 235 million BIT tokens voting yes and 988 BIT voting no.
CoffeeDAO tokenizes marketing potential of cafes
A new decentralized autonomous organization, dubbed CoffeeDAO, is partnering with cafes around the world to unravel their market potential in exchange for free coffee.
In a live demonstration at Chye Seng Huat Hardware coffee store in Singapore, Cheney Cheng, co-founder of CoffeeDAO, showed Cointelegraph how to receive up to four free coffees at the store with a simple scan of a bar code, yielding four COFFEE tokens minted on Polygon, which could then be directly exchanged for coffee. Not only do customers receive airdrop tokens per visit, but the “loyalty points” can then be spent at other cafes.
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According to Cheney, the concept is all about the neighborhood, which would allow community-based mom-and-pop stores to compete with the likes of Starbucks and McDonald’s. Customers aside, a referral program exists where individuals can receive up to 200 COFFEE tokens (200 cups of espresso) for onboarding cafes to the program. So far, over 15 cafes have partnered with CoffeeDAO throughout Singapore and Hong Kong.
Huobi Global changes name to… HTX?
Cryptocurrency exchange Huobi Global is changing its name to a word where “H” represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange’s 10th anniversary; the new name also happens to be eerily similar to the now bankrupt crypto exchange FTX.
According to the Sept. 13announcement, the rebranding coincides with the exchange’s goals in its new era to further “global expansion, thriving ecosystem, wealth effect and security and compliance.”
Justin Sun, de facto owner of HTX, said during a Token2049 press conference that the new name is also designed for non-Chinese users of the exchange, citing the difficulty of pronouncing “Huobi” for foreigners.
HTX has been in turmoil since the beginning of the year, shortly after Sun acquired the exchange and reportedly crushed an employee revolt. Despite touting stellar revenue and profit figures, Edward Chen, managing director of HTX Ventures, revealed that the exchange had cut its staff count down to 900 from 2,500 at the beginning of the year. Last month, the exchange denied it was close to insolvency and that Chinese police had arrested its senior executives.
Justice’s late arrival for 3AC
It seems that some mild justice has finally arrived for Zhu Su and Kyle Davies, both co-founders of Singaporean crypto hedge fund Three Arrows Capital (3AC), who blew up the $3.5 billion firm in 2022 and then embarked on a game of catch-me-if-you-can with creditors.
In a September 14 statement, the Monetary Authority of Singapore (MAS) reprimanded both Zhu and Davies, barring the two from enterprise activities in the city-state’s regulated capital markets for nine years. As told by the MAS, the misconduct includes:
“(i) Providing false information to MAS [on 3AC]; (ii) failing to notify MAS about changes to Mr Zhu’s and Mr Davies’ directorship and shareholdings; and (iii) exceeding the assets under management threshold allowed for a registered fund management company.”
More than a year later, 3AC’s bankruptcy is still ongoing, and no criminal complaints have been filed against either Davies or Zhu in any jurisdiction. Last month, an embarrassing mistake that assumed Davies was a U.S. instead of a Singaporean citizen invalidated Davies’ court service in U.S. bankruptcy courts, which have cost over $30 million to date. Both Davies and Zhu have now been served in Singaporean courts.
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Cryptocurrency markets saw another week of consolidation following last week’s long-awaited market recovery.
While Bitcoin (BTC) remained above the key $90,000 psychological level, investor sentiment continued to be dominated by “fear,” with a marginal improvement from 20 to 25 within the week, according to CoinMarketCap’s Fear & Greed index.
In the wider crypto space, the Ether (ETH) treasury trade appears to be unwinding, as the monthly acquisitions by Ethereum digital asset treasuries (DATs) fell 81% in the past three months from August’s peak.
Still, the biggest corporate Ether holder, BitMine Immersion Technologies, continued to amass ETH, while other treasury firms carried on with their fundraising efforts for future acquisitions.
Investors are also awaiting the key interest rate decision during the US Federal Reserve’s upcoming meeting on Wednesday to provide more cues about monetary policy leading into 2026.
Markets are pricing in an 87% chance of a 25 basis point interest rate cut, up from 62% a month ago, according to the CME Group’s FedWatch tool.
Ethereum treasury trade unwinds 80% as handful of whales dominate buys
The Ethereum treasury trade appears to be unwinding as monthly acquisitions continue to decline since the August high, though the largest players continue to scoop up billions of the Ether supply.
Investments from Ethereum DATs fell 81% in the past three months, from 1.97 million Ether in August to 370,000 ETH in November, according to Bitwise, an asset management firm.
“ETH DAT bear continues,” wrote Max Shennon, senior research associate at Bitwise, in a Tuesday X post.
Despite the slowdown, some companies with stronger financial backgrounds continued to accumulate the world’s second-largest cryptocurrency or raise funds for future purchases.
BitMine Immersion Technologies, the largest corporate Ether holder, accumulated about 679,000 Ether worth $2.13 billion over the past month, completing 62% of its target to accumulate 5% of the ETH supply, according to data from the Strategicethreserve.
BitMine holds an additional $882 million worth of cash according to the data aggregator, which may signal more incoming Ether accumulation.
Citadel causes uproar by urging SEC to regulate DeFi tokenized stocks
Market maker Citadel Securities has recommended that the US Securities and Exchange Commission tighten regulations on decentralized finance regarding tokenized stocks, causing backlash from crypto users.
Citadel Securities told the SEC in a letter on Tuesday that DeFi developers, smart-contract coders, and self-custody wallet providers should not be given “broad exemptive relief” for offering trading of tokenized US equities.
It argued that DeFi trading platforms likely fall under the definitions of an “exchange” or “broker-dealer” and should be regulated under securities laws if offering tokenized stocks.
“Granting broad exemptive relief to facilitate the trading of a tokenized share via DeFi protocols would create two separate regulatory regimes for the trading of the same security,” it argued. “This outcome would be the exact opposite of the “technology-neutral” approach taken by the Exchange Act.”
Citadel’s letter, made in response to the SEC looking for feedback on how it should approach regulating tokenized stocks, has drawn considerable backlash from the crypto community and organizations advocating for innovation in the blockchain space.
Arthur Hayes warns Monad could crash 99%, calls it high-risk “VC coin”
Crypto veteran Arthur Hayes has issued a warning over Monad, saying the recently launched layer-1 blockchain could plunge as much as 99% and end up as another failed experiment driven by venture capital hype rather than real adoption.
Speaking on Altcoin Daily, the former BitMEX chief described the project as “another high FDV, low-float VC coin,” arguing that its token structure alone puts retail traders at risk. FDV stands for Fully Diluted Value, which is the market value of a crypto project if all its tokens were already in circulation.
According to Hayes, projects with a large gap between FDV and circulating supply often experience early price spikes, followed by deep selloffs once insider tokens unlock. “It’s going to be another bear chain,” Hayes said, adding that while every new coin gets an initial pump, that does not mean it will develop a lasting use case.
Hayes said most new layer-1 networks ultimately fail, with only a handful likely to retain long-term relevance. He identified Bitcoin, Ether, Solana (SOL) and Zcash (ZEC) as the small group of protocols he expects to survive the next cycle.
Last year, Monad raised $225 million in funding from venture capital firm Paradigm. The layer-1 blockchain went live on Monday, accompanied by an airdrop of its MON token.
$25 billion crypto lending market now led by “transparent” players: Galaxy
The crypto lending market has become more transparent than ever, led by the likes of Tether, Nexo and Galaxy, and has just hit an aggregate loan book of nearly $25 billion outstanding in the third quarter.
The size of the crypto lending market has increased by more than 200% since the beginning of 2024, according to Galaxy Research. Its latest quarter puts it at its highest since its peak in Q1 2022.
However, it has yet to return to its peak of $37 billion at that time.
The main difference is the number of new centralized finance lending platforms and much more transparency, said Galaxy’s head of research, Alex Thorn.
Thorn said on Sunday that he was proud of the chart and the transparency of its contributors, adding that it was a “big change from prior market cycles.”
Portal to Bitcoin raises $25 million and launches atomic OTC desk
Bitcoin-native interoperability protocol Portal to Bitcoin has raised $25 million in funding amid the launch of what it describes as an atomic over-the-counter (OTC) trading desk.
According to a Thursday announcement shared with Cointelegraph, the company raised $25 million in a round led by digital asset lender JTSA Global. The fundraise follows previous investments by Coinbase Ventures, OKX Ventures, Arrington Capital and others.
Alongside the fresh funding, the company rolled out its Atomic OTC desk, promising “instant, trustless cross-chain settlement of large block trades.” The newly deployed service is reminiscent of crosschain atomic swaps offered by THORChain, Chainflip, and more Bitcoin-focused systems such as Liquality and Boltz.
What sets Portal to Bitcoin apart is its focus on the Bitcoin-anchored crosschain OTC market for institutions and whales, along with its tech stack. “Portal provides the infrastructure to make Bitcoin the settlement layer for global asset markets, without bridges, custodians, or wrapped assets,” said Chandra Duggirala, founder and CEO of Portal.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.
The Canton (CC) token fell 18%, marking the week’s biggest decline in the top 100, followed by the Starknet (STRK) token, down 16% on the weekly chart.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
The lower house of Poland’s parliament failed to secure the required three-fifths majority to override President Karol Nawrocki’s veto of the Crypto-Asset Market Act, pushing the country further away from regulating its digital-asset sector at a moment when lawmakers argue that oversight is increasingly urgent.
As Bloomberg reported Friday, the legislation — advanced by Prime Minister Donald Tusk’s government — was intended to align Poland with the European Union’s MiCA framework for crypto markets. The bill was introduced in June but did not survive the president’s veto.
Nawrocki blocked the measure last week, arguing it would “threaten the freedoms of Poles, their property, and the stability of the state,” as Cointelegraph previously reported.
With the president’s veto upheld, the bill will not move forward, forcing the government to restart its crypto lawmaking process.
The proposal has sharply divided lawmakers and the crypto industry. Supporters framed the bill as a national security priority, saying that comprehensive rules are necessary to curb fraud and prevent potential misuse of crypto assets by foreign actors, including Russia, according to Bloomberg.
However, several crypto-industry groups opposed the legislation, warning that its requirements were overly burdensome and could drive startups out of the country.
Critics pointed to stringent licensing rules, high compliance costs and criminal-liability provisions for service-provider executives, arguing that the bill risked stifling innovation and creating an uncompetitive business environment.
Related: EU plan would boost ESMA powers over crypto and capital markets
Crypto adoption in Poland ramps up amid regulatory pause
Cryptocurrency use in Poland continues to accelerate even as the country stalls on comprehensive regulation. Chainalysis recently identified Poland as one of Europe’s “large crypto economies,” noting that the country’s onchain activity has expanded significantly over the past year.
According to the company’s 2025 Europe Crypto Adoption report, Poland recorded more than 50% year-over-year growth in overall transaction volume.
Polish investors are also increasing their exposure to Bitcoin (BTC), reflected in a surge in Bitcoin ATM installations in recent years. In January, Cointelegraph reported that Poland had become the world’s fifth-largest Bitcoin ATM hub, surpassing even El Salvador — a country that has made Bitcoin a central element of its monetary and financial system.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
US attorneys representing the federal government have requested that a judge send Terraform Labs co-founder Do Kwon to prison for 12 years at his sentencing hearing next week.
In a Thursday filing in the US District Court for the Southern District of New York, prosecutors asked that a judge sentence Kwon “to a term of twelve years’ imprisonment and finalize the forfeiture of his criminal proceeds.”
The filing came about four months after the Terraform co-founder pleaded guilty to two counts of wire fraud and conspiracy to defraud.
“In just a few years, Kwon caused losses that eclipsed those caused by Samuel Bankman-Fried […] Alexander Mashinsky […] and Karl Sebastian Greenwood [….] combined [emphasis included in filing],” said the Thursday filing. “The Terraform market crash triggered a cascade of crises that swept through cryptocurrency markets and contributed to what has since become known as ‘Crypto Winter.’”
Kwon, who is scheduled to be sentenced on Thursday, was indicted by US authorities in March 2023 for charges including securities fraud, market manipulation, money laundering and wire fraud related to his role at Terraform.
Though his whereabouts were initially unknown after the collapse of Terra in 2022, authorities in Montenegro arrested him on charges unrelated to his role at the company, and he was later extradited to the US.
Related: South Korea targets sub-$680 crypto transfers in sweeping AML crackdown
The price of Terra’s native token, LUNA, surged by more than 40% in the previous 24 hours amid the release of the sentencing recommendation, from about $0.07 to $0.10 at the time of publication. However, the token reached an all-time high price of more than $19.00 before the ecosystem collapsed in May 2022.
Kwon says he could still face prison time in South Korea
In a November court filing, lawyers representing Kwon asked that the Terraform co-founder be given a sentence of no more than five years. His attorneys presented several arguments in favor of a shorter sentence, including that the co-founder could face 40 years in prison in his native South Korea, where prosecutors are also working on a case against him.
“He would not be able to walk out of jail in the United States as a free man for any amount of time: He will be taken from whatever facility in which he serves his sentence directly to an immigration detention center to await a deportation flight to Seoul, where he will immediately reenter pretrial detention pending his criminal charges in South Korea,” said Kwon’s lawyers.
Although Kwon’s and prosecutors’ respective recommendations will remain under consideration, the judge overseeing the sentencing hearing has the authority to sentence the Terraform co-founder to decades in prison, or a significantly shorter time. In contrast, former FTX CEO Sam Bankman-Fried is serving a 25-year sentence after his conviction on seven felony charges, former Celsius CEO Alex Mashinsky was sentenced to 12 years in prison, and a judge sent Karl Sebastian Greenwood to prison for 20 years for his role in the OneCoin scheme.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
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