BitGo, a prominent California-based Cryptocurrency trading and custody service provider, has launched its subsidiary in Singapore, just months after obtaining the payment institution license issued by the Monetary Authority of Singapore (MAS).
BitGo Singapore will offer regulated custody, trading, settlement and token management services, focusing on the dynamic digital asset market in the Asia-Pacific (APAC) region. According to Youngro Lee, CEO of the subsidiary, the company seeks to maintain high regulatory standards while driving the growth of the crypto ecosystem in the region.
BitGo Singapore has officially launched its expanded product offering. We’re building on our deep roots in APAC to power one of the world’s most innovative digital asset hubs.
With our MAS license, comprehensive product suite, and over a decade of security expertise, BitGo… pic.twitter.com/2KTNlAoLM8
— BitGo (@BitGo) November 21, 2024
The choice of Singapore as its headquarters underlines its importance as a strategic center in the industry, thanks to its regulatory clarity and privileged access to Southeast Asian markets. In collaboration with Wintermute, an algorithmic trading firm, BitGo plans to strengthen its position in the APAC institutional market, promoting significant development in the digital asset industry.
South Korea blames North Korea for Upbit hack
South Korean police have officially blamed North Korea for the hack of 342,000 ETH from the Upbit exchange in November 2019. This is the first time the country has directly pointed the finger at the North Korean regime as the perpetrator of a cryptocurrency theft.
The investigation was concluded after an exhaustive analysis that included the identification of IP addresses linked to North Korea, digital asset flow patterns, and collaboration with the FBI. At the time, the stolen funds were valued at approximately $41.5 million, but the rise in the price of ether pushes that figure to over $1 billion today.
57% of the stolen assets were converted to discounted Bitcoin through platforms controlled by the attackers, while the rest were distributed across 51 international exchanges. Through cooperation with Swiss authorities, 4.8 BTC was recovered, which was returned to Upbit.
Maurizio Cattelan’s banana sells for USD 6.24 million at Sotheby’s
Maurizio Cattelan’s iconic Comedian, a banana taped to a wall, was auctioned at Sotheby’s in New York, fetching a price of $6.24 million, including fees.
After over 6 minutes of heated bidding, Deputy Chairman of Sotheby’s and Chairman of Sotheby’s China, Jen Hua, placed the winning bid for ‘Comedian’ on behalf of @justinsuntronChinese collector and founder of cryptocurrency platform TRON. https://t.co/Vf6kMoHfOQ
— Sotheby’s (@Sothebys) November 21, 2024
The winning bid was made on behalf of Justin Sun, founder of Tron, who competed with six other bidders. Sun called the work “a cultural phenomenon that unites art, memes and the crypto community” and announced that he plans to consume the banana as a tribute to its impact on art history.
In a groundbreaking move, Sotheby’s accepted cryptocurrency as a form of payment, highlighting the growing connection between art markets and digital assets. This sale coincided with a historic moment for the crypto ecosystem, as Bitcoin reached USD 97,000 after the re-election of Donald Trump.
Arkham Intelligence enters US spot trading
Arkham Intelligence has announced the launch of a spot trading platform in the United States, seeking to compete with giants such as Coinbase and Kraken. The platform will be subject to regulatory restrictions, allowing access only in states where cryptocurrency trading is legal.
This development complements Arkham’s plans to launch a cryptocurrency derivatives exchange, although the latter will not be available to US residents due to regulatory challenges.
The announcement temporarily boosted the price of its native token, ARKM, which rose 7% before adjusting its value. Founded in 2020 and backed by figures such as Peter Thiel and Sam Altman, Arkham continues to diversify its portfolio while strengthening its leadership in Blockchain analysis.
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