South Korean Crypto Exchange Is First to List Kakao’s Token

South Korean tech giant, Kakao, listed its Klaytn blockchain-issued Klay (KLAY) token via a local cryptocurrency exchange on June 5. This news follows their launch of a new crypto wallet feature in KakaoTalk earlier the week. After registering over 100,000 users thanks to their new crypto-related features, Tech M reports that Kakao reached an agreement with Coinone to list its KLAY tokens. A Klay-South Korean won pairing is now live trading in one of the top four crypto exchanges in the country. ICOs are still illegal in South Korea The…

Home Seller Sues Buyer Over Payment in ‘Fool’s Gold’ Token

After attempting to sell her home, California-based psychologist Mary Shea is suing buyer, Mike Cherwenka, for attempting to pay for 30% of the property’s value in the form of a “worthless” crypto asset called ‘Troptions.Gold.’ The dispute has left her unable to sell the home as Cherwenka’s company still claims an interest in it. Shea accuses Cherwenka and his company Best Buy Homes of violating securities and state racketeering laws by misleading herself and other members of the public as to the nature of the Troption virtual currency. Her complaint…

Reddit’s Fortnite Community Outpaces r/CryptoCurrency in Token Transfers

Reddit’s r/FortNiteBR community has conducted almost five times as many ERC-20 token transfers as the r/CryptoCurrency community with over 1% of Fortnite subscribers holding tokens.  After only two weeks of Reddit launching their Ethereum-based Community Points system, over 15,000 users have performed almost 18,000 token transfers with over 80% using FortNite’s Brick tokens as shown by DappRadar’s Reddit Points Tracker. Transaction data for r/FortNiteBR and r/CryptoCurrency. Source: Reddit Both communities have a similar amount of subscribers with r/FortNiteBR only slightly ahead on 1,271,810 subs, but within three days Fortnite showed…

EMusic Launches Token to Help Artists Earn More

Pioneering digital music store eMusic has launched its eMU token to help musicians earn more royalties. According to an announcement published by eMusic on May 26, the firm launched its token with the aim of creating a sustainable music ecosystem. The eMU crypto asset is a payment method designed to allow artists on the platform to keep more of the royalties they earn. The firm’s president Tamir Koch said streaming had not worked out well for artists: “Streaming has dramatically increased revenues and adoption, but the model has proven itself…

Coinbase to Custody FTX’s Exchange Token

Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22. Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens. Coinbase stated that FTX is its “largest exchange client to-date.” The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage…

Plus Token Leadership Faces Criminal Prosecution in China

One of the ringleaders of Plus Token is now facing criminal charges in China. Plus Token is one of the largest apparent scams in the cryptocurrency industry’s history. According to local media, Zhou will face public prosecutors in the Court of Jianhu County, Yancheng City, Jiangsu Province. As the local government only supplied Zhou’s family name, at press time we can’t confirm exactly which Zhou this refers to. Zhou reportedly publicized and promoted the PlusToken wallet App, a so-called crypto currency financial management application, through Wechat and other avenues over…

Token Impersonates Chinese Digital Yuan as Official Launch Date Remains Unknown

With the official release date of digital yuan being kept in the dark, third-party actors have stepped in to impersonate the digital yuan officials, hoping to attract gullible investors. A recent press statement issued by a company called Yuan Pay Group mentions the release of “the e-Yuan”, a currency which allegedly allows the government of China to use smart contracts “to track assets and liabilities and to ensure that multiple loans are not taken over the same collateral.” “The circulation of the currency will be controlled by the state,” the…

Travala.com’s AVA Token Added to Crypto Payment Service CoinGate

Travala.com’s proprietary token (AVA) joined the list of crypto assets accepted by cryptocurrency payment processor, CoinGate. According to an exclusive announcement sent to Cointelegraph on May 21, CoinGate has integrated Travala.com’s native AVA token into its payment system — reportedly used by over 5,000 merchants. CoinGate users will now also be able to buy AVA by bank transfer, phone credit, and soon with debit cards. Improving the token’s usefulness The addition of the AVA token to CoinGate’s service adds payment functionality to the asset that so far could be earned…

Atari Partnership Paves Way For Token Adoption

Atari has partnered with blockchain-as-a-service, or BaaS, company Arkane Network, allowing digital asset integration into gaming.  A key aspect of the announcement sees developers able to build Atari’s Token into aspects of the gaming sphere, said a May 14 statement provided to Cointelegraph.  Atari making waves in crypto Atari has headlined multiple articles so far in 2020. The age-old gaming giant announced a token offering in March. In addition to Atari Token, the company’s plans also include a multi-faceted decentralized entertainment platform spanning movies, games, and music.  The May 14 development…

Overstock Wants Lawsuit Nixed Ahead of Security Token Distribution

Online retailer and early Bitcoin adopter Overstock has filed for the dismissal of a lawsuit that accuses the company of misrepresenting the nature of its ‘digital dividend’ token. The dividend is a security token airdrop that will see ‘OSTKO’ tokens distributed to company shareholders on a basis of one token to every ten Overstock shares. News of the dividend caused a share price surge and the lead plaintiff accuses Overstock of deliberately withholding information regarding the distribution, and of deceiving the market to intentionally punish short sellers. Overstock’s digital dividend…