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- Kenanga buying 19% stake in cryptocurrency exchange operator Tokenize
- Discord servers targeted in cryptocurrency exchange scam wave
- Crypto Exchange FTX Pledges to Donate 1% of Fee Revenue to Charity – news.kuaidiantou.vip
- Major Malaysian financial firm to invest in regulated crypto exchange – A Crypto Investor
Kenanga buying 19% stake in cryptocurrency exchange operator Tokenize
KUALA LUMPUR (Feb 8): Kenanga Investment Bank Bhd via its wholly-owned Kenanga Private Equity Sdn Bhd is acquiring a 19% stake in digital asset exchange (DAX) operator Tokenize Technology (M) Sdn Bhd (Tokenize Malaysia) to accelerate the buyers’ digital agenda. Tokenize Malaysia operates Tokenize Xchange which allows trading of cryptocurrencies like Bitcoin and Ethereum.
In a statement today, Kenanga Investment said Kenanga Private Equity has entered into a conditional agreement to acquire the 19% equity interest in Tokenize Malaysia.
The statement did not specify how much Kenanga Private Equity is paying for the 19% stake in Tokenize Malaysia and from whom the stake is being acquired.
“Operating under the brand Tokenize Xchange, it (Tokenize Malaysia) is one of the three licensed DAX by the Securities Commission Malaysia (SC), and is currently the second largest DAX in the country by traded market share. Tokenize Xchange is an online exchange that allows trading of cryptocurrencies such as Bitcoin and Ethereum, and operates 24X7, whole year round.
“Tokenize Xchange was initially launched in Singapore by tech savvy founder Hong Qi Yu in 2018 and it has since captured a customer base of over 100,000. Hong later on set up Tokenize Malaysia to focus on the Malaysia market. In June 2019, Tokenize Malaysia was awarded a Recognized Market Operator licence to operate by SC and its platform, Tokenize Xchange, which went live on April 1, 2020.
“Currently, the market capitalisation of the global crypto market stands at US$1.007 trillion (about RM4.088 trillion), a spike of threefold from four months ago. Relative to the global equity market capitalisation which is estimated to be nearly in the hundred trillion worth, there is still ample upside to the crypto market. This investment in Tokenize Malaysia adds to the line-up of digital initiatives Kenanga Investment has embarked on over recent years. These include the successful joint venture, with Japan-based Rakuten Inc, to introduce the first fully online stock trading platform in Malaysia, Rakuten Trade, which has since seen remarkable record volume growth,” Kenanga Investment said.
Kenanga Investment group managing director Datuk Chay Wai Leong said in the statement the group has been building a digital ecosystem to offer its customers a wide spectrum of financial products and services, including digital assets.
Chay said the emergence of digital assets including cryptocurrencies has been gaining acceptance globally in the last few years.
“While we are keen on cryptocurrencies as an asset class, we are aware of the volatility and the proliferation of unregulated players in the market. We are therefore very pleased to be given the opportunity to invest in one of the three licensed digital asset exchanges in Malaysia,” he said.
Meanwhile, Tokenize Malaysia chief executive officer Hong claimed in the statement that the company’s interest in digital assets goes beyond Bitcoin and other commonly traded cryptocurrencies.
He did not elaborate.
“We believe that the technology behind digital assets is very powerful and the emergence of digital assets in the future is inevitable. We are hopeful that fundraising through the tokenisation of businesses and assets will be a significant part of the capital markets in the future for Malaysia. We believe that through Tokenize Malaysia we can be a key player in the digital capital market space in Malaysia,” said Hong, who refers to Kenanga Investment as a key investor.
“The combined reach, expertise and resources is game-changing and will allow us to scale our presence in Malaysia. Together we will shape the digital asset landscape and build an exciting path forward for investors in the country,” he said.
At Bursa Malaysia’s 12.30pm break today, Kenanga Investment’s share price rose nine sen or 5.52% to RM1.72 for a market capitalisation of about RM1.23 billion.
Kenanga Investment’s latest reported number of issued shares stood at 715.72 million.
Discord servers targeted in cryptocurrency exchange scam wave
Those of us riding the Bitcoin (BTC) wave have watched interest in the cryptocurrency rise especially as the price of a single coin has now reached over $37,000.
Bitcoin, Ethereum (ETH), and now Dogecoin (DOGE) — thanks to a few tweets by Elon Musk — have all come onto the radar of would-be traders, but as with every investment, scam artists are seeking means to cash in.
Cryptocurrency is certainly not immune to scams or other threats. Cryptocurrency exchanges hit with cyberattacks can end up losing trader funds; exit scams still occur, and regulators are constantly battling fraud.
We’re unlikely to see any end of crypto-related scams anytime soon, and in a new warning posted by Kaspersky, a new scheme is now targeting users of Discord.
Discord is a messaging and voice chat service that caters to an estimated 300 million users, having branched out from a gamer-heavy community to general use for clubs and for friends to stay in touch.
According to Kaspersky researcher Mikhail Sytnik, scam artists are now entering Discord servers and are sending private messages to users that appear to be from new, up-and-coming cryptocurrency exchanges.
As new projects and ones that want to “support traders in difficult times,” these ‘exchanges’ try to attract users with promises of free cryptocurrency. And, of course, the recipient is the lucky one chosen for free BTC or ETH.
Naturally, such a scam doesn’t attempt to attract users with a paltry offering; instead, thousands of dollars’ worth of cryptocurrency is being awarded. Lucky you.
Each message contains instructions and a code for accepting the “gift,” Kasperksy notes, as well as a link to register on the fake exchange.
“The link opens a site that looks like a cryptocurrency exchange, with an adaptive layout, savvy design, and the exchange rate info, charts, order books, and trading history that cryptocurrency traders would expect to see on a trading platform,” the researchers say. “Visitors will also find technical support and several language options. Someone clearly went to a lot of trouble to make the site look legit.”
As cryptocurrency wallets are now a top target for threat actors, the websites will also offer “two-factor authentication” and “phishing protection” options to try and appear legitimate.
Victims going through the registration process are then lured to provide a substantial personal profile, including contact details, photo ID, a selfie, and a signature.
While these checks are now common on legitimate cryptocurrency trading posts, this information can be packaged up and sold to other cybercriminals, or could potentially be used in identity theft.
In the final step of this particular scheme, once the prize ‘code’ is submitted and accepted, the scammers require a small “top-up” in either BTC, ETH, or USD to process the gift. Should a victim hand over their cash, of course, it’s gone for good.
Fake exchanges are only one attack vector used by scam artists in the cryptocurrency sector — Initial Coin Offerings (ICOs), too, are constantly abused.
In January, a resident of San Francisco was jailed for six months after defrauding investors of cryptocurrency worth an estimated $20 million by pretending to be an ICO consultant. He has been ordered to pay $4.4 million in restitution.
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Crypto Exchange FTX Pledges to Donate 1% of Fee Revenue to Charity – news.kuaidiantou.vip
Popular cryptocurrency exchange FTX has pledged to donate 1% of its fee revenue to charity via the newly formed FTX Foundation. Per the exchange, users will be able to vote on the destination of the donations.
In a blog post where FTX points out it has “grown tremendously” as its daily trading volume now averages $5 billion, and adds the exchange was founded with the “goal of having the largest possible positive impact on the world.”
Since the beginning of last year, it adds, the exchanges, its affiliates and its employees have “donated tens of millions of dollars to charitable causes.” Thanking its users and pointing out it these should have a say in where donations go, the exchange launched the FTX Foundation.
The Foundation’s mission, it adds, is ”to make the world not just a better place, but the best place we can.” The blog post adds:
A lot about the FTX Foundation is still up in the air. We want everybody in the crypto community to be able to express their opinions about where the Foundation should donate.
Users will be able to use the same voting system they use to choose which tokenized stocks the exchange lists to vote on charities the funds are set to be donated to. The exchange has listed a few initial options but will be listening to community feedback on these options.
To start, FTX adds, it’s pledging to allocate 1% of its revenue from fees to the FTX Foundation. According to a page dedicated to the foundation, over $3,600 have already been earmarked for charity. The page shows the funds growing in real-time.
Featured image via Pixabay.
Major Malaysian financial firm to invest in regulated crypto exchange – A Crypto Investor
Kenanga Investment Bank Berhad, one of the largest financial services companies in Malaysia, is moving into the cryptocurrency industry with a new investment.
According to an official Feb. 8 announcement, Kenanga has entered into a conditional agreement to acquire a 19% equity stake in a licensed crypto exchange. The investment was facilitated through Kenanga’s fully-owned private equity arm Kenanga Private Equity.
According to the agreement, Kenanga will invest in Tokenize Technology, the operator of local crypto exchange Tokenize Xchange. Offering trading services for major cryptos like Bitcoin (BTC) and Ether (ETH), the platform is one of the three licensed digital asset exchanges regulated by the Securities Commission Malaysia. According to Kenanga, Tokenize Xchange is the second-largest digital asset exchange in terms of market share in Malaysia.
Datuk Chay Wai Leong, group managing director of Kenanga Investment Bank Berhad, said, “We have been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets.”
“Our interest in digital assets goes beyond Bitcoin and other commonly traded cryptocurrencies. We believe that the technology behind digital assets is very powerful and the emergence of digital assets in the future is inevitable,” he added.
A spokesperson for Kenanga Investment Bank Berhad declined to provide further details regarding the investment.
Kenanga is one of the largest financial services companies in Malaysia, reportedly owning Malaysia’s largest independent investment bank by equity trading and volume. The company is a known partner of Japanese crypto-friendly retail giant Rakuten, providing a joint online stock trading platform, Rakuten Trade, in Malaysia.
In late 2020, Malaysia adopted new digital asset-related guidelines by the Securities Commission Malaysia. Targeting digital asset custodians and initial exchange offerings, the rules aim to promote “responsible innovation in the digital asset space” as well as managing potential risks and safeguarding the interests of issuers and investors.