Crypto World Unveiled: Key Developments in Blockchain and Bitcoin Adoption

9GAG’s Founder Ventures into Bitcoin and Web3

Ray Chan, the co-founder of meme culture giant 9GAG, is making a bold move into the cryptocurrency and blockchain space. Chan has acquired a controlling stake in Howkingtech International Holdings Limited, a publicly listed Hong Kong company, with plans to transform it into a Web3 and AI powerhouse.

From Howkingtech to MemeStrategy

Chan has proposed renaming the company to MemeStrategy, a strategic nod to MicroStrategy—renowned for its Bitcoin-focused financial strategy. Pending shareholder approval, Chan will assume the roles of chairman and CEO, alongside several 9GAG team members joining the company’s board.

MemeStrategy aims to integrate Bitcoin and other cryptocurrencies into its financial operations while investing in promising Web3 and AI startups. With 9GAG’s vast online reach—boasting over 200 million followers across platforms like Instagram, TikTok, and X—the firm has a ready-made global audience for Web3 adoption.

New Initiatives: Creator Economy 4.0 and DePIN

The company is also set to launch "Creator Economy 4.0", empowering content creators to monetize their intellectual property using Web3 tools. Additionally, MemeStrategy plans to explore Decentralized Physical Infrastructure Networks (DePIN) by merging its existing IoT business with decentralized infrastructure models.

This is not Chan’s first foray into Web3. He and his team have previously launched Memeland, a venture studio behind popular NFT projects like The Captainz and The Potatoz, signaling a well-established interest in blockchain innovation.

Bithumb’s Jailed Ex-CEO Receives $3.5 Million Bonus

Despite being behind bars, Lee Sang-jun, former CEO of Bithumb Holdings, has received a multimillion-dollar payout from the South Korean crypto exchange. Bithumb’s financial report revealed that Lee was awarded 4.7 billion Korean won (around $3.5 million) in 2024, covering:

• Bonus: 2 billion won ($1.4 million)
  
  

• Retirement pay: 2.2 billion won ($1.5 million)
  
  

• Base salary: 470 million won ($320,000)
  
  

A Conviction Amid Controversy

Lee was convicted in December 2024 for accepting luxury gifts and favors in exchange for listing certain tokens on the exchange. While prosecutors initially accused him of receiving 30 billion won (around $20 million) in cash, the court dismissed this specific charge but upheld the bribery verdict. He was sentenced to two years in prison and fined 50 million won ($37,000).

Bithumb Defends the Payout

A Bithumb spokesperson justified the payout, crediting Lee with institutionalizing the company and improving customer asset protection. Meanwhile, Lee Jung-hoon, Bithumb’s former chairman who was acquitted of fraud charges, also received a 1 billion won ($740,000) bonus.

The payout highlights a broader trend of substantial crypto executive earnings. Dunamu, the operator of Upbit, paid its chairman, Song Chi-hyung, over 110 billion won ($82 million) in 2024, reflecting the crypto industry's financial boom.

Chinese Authorities Crack Down on $63.5 Million WeChat Scam

A massive cryptocurrency investment scam has led to the conviction of 34 individuals in China. The Ezhou Intermediate People’s Court in Hubei Province ruled that the fraudsters deceived nearly 30,000 victims, stealing approximately 460 million yuan ($63.5 million).

A Fake Crypto Exchange

The scam revolved around a fraudulent platform called OurBit (OURBIT), falsely claiming to be a Singapore-registered exchange with licenses from the US and the UK. It misled investors with fabricated trading charts, fake cryptocurrencies, and manipulated market data.

Deceptive Marketing Tactics

The scammers operated through WeChat groups, where they posed as investment experts, posted fabricated profit screenshots, and encouraged users to invest. They promoted high-leverage products, causing users to lose their funds in manipulated trades. For those who managed to profit, withdrawals were either blocked or users were pressured to reinvest until their balances were depleted.

Organized Criminal Network

The fraudulent operation was highly structured, with teams handling business, product development, and technical operations. First-level agents recruited sub-agents with the promise of high commissions, using fake credentials to lure unsuspecting investors.

The court sentenced the criminals to prison terms ranging from three to twelve years, with fines imposed on all guilty parties. The ruling underscores China's ongoing crackdown on crypto-related fraud.

Japan’s Enish Inc. Joins the Bitcoin Adoption Wave

Japanese mobile game developer Enish Inc. has announced plans to purchase ¥100 million (approximately $660,000) worth of Bitcoin between April 1 and April 4. This move aligns with the company’s expansion into Web3, particularly within the gaming sector.

Bitcoin and Web3 Integration in Gaming

Enish, known for its Web3 game, De:Lithe Last Memories, sees this Bitcoin acquisition as a strategic step to enhance its understanding of blockchain technology and support future game development.

Japan’s Growing Corporate Bitcoin Adoption

The decision follows a broader trend of Japanese firms embracing Bitcoin. Metaplanet, a former hotel operator turned Web3 venture, has aggressively accumulated over 4,200 BTC, making it Asia’s largest corporate Bitcoin holder and the ninth-largest globally.

Regulatory Uncertainty Looms

Meanwhile, Japan's Financial Services Agency (FSA) is reportedly considering reclassifying cryptocurrencies as financial instruments under its Financial Instruments and Exchange Act. This could subject crypto trading to insider trading laws similar to traditional stock markets. However, the FSA recently denied having reached any final decision on the matter.

Despite regulatory ambiguity, Japan continues to embrace crypto innovation. The government has recently:

• Issued the first stablecoin handling license to SBI VC Trade, allowing it to support Circle’s USDC.
  
  

• Moved forward with tax reforms, lowering crypto capital gains tax from 55% to 20%.
  
  

• Reviewed its ban on crypto-based exchange-traded funds (ETFs).
  
  

A Crypto-Forward Future

With increasing corporate adoption and regulatory advancements, Japan is solidifying its position as a pro-crypto nation, setting the stage for further blockchain-driven financial transformation.

Conclusion

The cryptocurrency landscape continues to evolve rapidly, marked by major corporate shifts, legal battles, and regulatory developments. From 9GAG’s pivot to Web3 and Bithumb’s executive payouts to China’s crackdown on fraud and Japan’s increasing Bitcoin adoption, these events underscore the growing global impact of blockchain technology. As companies and governments navigate this digital frontier, the intersection of finance, technology, and regulation remains a key battleground in shaping the future of crypto. Source: https://cointelegraph.com/magazine/9gags-meme-bitcoin-jailed-crypto-ceo-gets-3-5m-bonus-check-asia-express/

This is non-financial/medical advice and made using AI so could be wrong.