Bithumb execs charged with embezzlement, Binance received 47,000 requests from the cops in 2022 and Axie Infinity player numbers plunged 85% in a year.
Bithumb in turmoil that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
In response to the inquiries, Binance said it increased the headcount of its security team by more than 500% and hosted 70 law enforcement workshops around the globe in 2022 to help fight blockchain-related financial crime. In the event of security incidents, Binance also stated it would tap into funds from its $1 billion SAFU user insurance program to compensate for losses. The exchange also tightened requirements such as NFT listings. Starting Feb. 2, Binance will delist all NFTs listed before Oct. 2 that had an average daily trading volume of less than $1,000 between Nov. 1 and Jan. 31.dropped to $735m.
is the Hong Kong International Arbitration Center for legal disputes. Its servers are also reportedly located in Japan. Axie Infinity’s declining numbers from the website Active Player reveals that the number of players of the popular monster battle P2E game Axie Infinity, developed by Vietnamese gaming studio Sky Mavis, fell to 432,001 in the past month. This represents the lowest level seen since November and means the game has lost approximately 85% of its player base over the past year.
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