Today in Crypto: Polygon Labs and Mobile Giant SK Telecom Sign a Web3 Deal, Coinbase Partners With Trustly for Payments in Canada, Singaporean Police Arrest Ten Foreigners and Seize Crypto

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
__________

Blockchain news

• Blockchain company Polygon Labs and major Korean mobile carrier SK Telecom  signed a strategic collaboration agreement to build SKT’s Web3 ecosystem. Per the press release, SKT will add support for the Polygon blockchain to its NFT marketplace TopPort and will work together with Polygon Labs to discover promising Web3 startups and support incubation. SKT’s Web3 wallet, which is scheduled to be released in the second half of 2023, will also support the Polygon network and introduce NFT trading.

Exchange news

• Payment company Trustly announced its partnership with Coinbase to offer Canadians account-to-account payments. “With Trustly’s Open Banking Payments, Coinbase users can deposit and withdraw funds directly from their bank account from/to their crypto wallet,” said the press release. Direct bank transfers over Electronic Fund Transfer (EFT) will be enabled later this year, allowing users to benefit from deposits, withdrawals, and high-value deposit limits, it added.

Crime news

• Singaporean police arrested ten foreign nationals on suspicion of money laundering, seizing cryptocurrencies, in addition to about $700 million in fiat and a great number of various luxury items and vehicles. On 15 August, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command, and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide. The arrested individuals are suspected of being involved in laundering the proceeds of crime from their overseas organized crime activities, including scams and online gambling, the Singapore police force said. Twelve other persons are assisting with investigations, and eight other persons are currently wanted by the police. 

Legal news

• Auction house Sotheby’s replied to being named in an amendment to the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs, alleging that it helped Yuga Labs misleadingly promote a 2021 nonfungible token (NFT) collection. The auction house told CNN that “the allegations in the suit are baseless, and Sotheby’s is prepared to vigorously defend itself.”

Security news

• North Korean hackers stole at least $180 million in the first six months of 2023, according to South Korea’s National Intelligence Service (NIS). The executive secretary of the parliamentary intelligence committee, Rep. Yoo Sang-beom, said during a press briefing that  “North Korea has illegally stolen more than $1.5 billion of virtual assets since 2015, and the NIS estimated that it was involved in hacking incidents worth more than $180 million in the first half of this year alone,” Asia Today reported.
• The Philippine National Police Anti-Cybercrime Group (PNP ACG) warned players that”despite its advantages,” crypto gaming has drawbacks. These include access barriers that affect some games more than others (such as Axie Infinity requiring players to buy three Axies before playing), as well as the risks of losing tokens and NFTs, losing money through volatility, hacks, scams, and malicious attacks. “Cybercriminals are now using fake rewards in so-called “play-to-earn” mobile and online games to steal millions worth of cryptocurrency,” it said and added that “just because a game’s underlying blockchain is secure does not mean its engine or marketplace is secure. Digital wallets that store crypto gaming tokens can also be hacked or mishandled.” 
• Crypto exchange BingX announced the renewal of its partnership with blockchain security firm CertiK. CertiK will continue to provide BingX with the Security Score API, enabling the platform to access security scores generated by CertiK. In return, BingX will integrate the Security Score API into its products, ensuring that users can access and view the security scores of listed projects, said the press release.

AI news

• ChatGPT developer OpenAI announced that it acquired AI design studio Global Illumination, saying that “the entire team has joined OpenAI.” They will work on core projects, including ChatGPT, it said. Global Illumination is a company that has been leveraging AI to build creative tools, infrastructure, and digital experiences, said the short announcement. It added that the team previously designed and built products at Instagram and Facebook and made “significant contributions” at YouTube, Google, Pixar, Riot Games, and other companies. “We’re very excited for the impact they’ll have here at OpenAI,” the post stated.