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9GAG’s Meme Master Ventures into Bitcoin
The architect behind the meme powerhouse 9GAG is boldly stepping into the Bitcoin and blockchain space by acquiring a publicly listed firm in Hong Kong, aiming to transform it into a crypto and AI enterprise.
Ray Chan, the co-founder of 9GAG, has taken control of Howkingtech International Holdings Limited with ambitions to pivot the company towards Web3 innovations.
He plans to rebrand the company to MemeStrategy, inspired by MicroStrategy’s approach to corporate Bitcoin acquisitions. Pending shareholder approval, Chan will assume the roles of chairman and CEO, with several members from the 9GAG team joining the board.
MemeStrategy will focus on integrating Bitcoin along with other cryptocurrencies into its assets, while also investing in promising startups in the realms of Web3 and AI. The initiative seeks to utilize 9GAG’s extensive online community to boost growth.
Established in 2008, 9GAG has become a prominent platform for memes and viral content, boasting over 200 million followers on social media platforms such as Instagram, TikTok, X, and more, providing MemeStrategy with a ready-made audience for outreach and engagement.
The company is also working on initiatives under the “Creator Economy 4.0” concept, aimed at assisting creators in monetizing their intellectual property via Web3 technologies. There are plans to create Decentralized Physical Infrastructure Networks (DePin) by merging their existing IoT operations with decentralized infrastructure methods.
This isn’t Chan’s first venture into the Web3 space; he and the 9GAG team previously launched Memeland, a studio responsible for several NFT projects such as The Captainz and The Potatoz.
Bithumb’s Imprisoned Ex-CEO Receives $3.5M Bonus
A former executive of Bithumb, currently incarcerated for taking bribes tied to a token listing, has been granted a multi-million dollar bonus from the company amidst a broader upswing in crypto exchange payouts following a profitable 2024.
Lee Sang-jun, the ex-CEO of Bithumb Holdings, received nearly 4.7 billion Korean won (approximately $3.5 million) last year, according to the annual report, as reported by the state-backed news agency Yonhap. This includes a 2 billion won ($1.4 million) bonus, 2.2 billion won ($1.5 million) for retirement pay, and close to 470 million won ($320,000) in base salary, despite his conviction in December 2024.
It’s important to distinguish him from Lee Jung-hoon, the former chairman of Bithumb who was acquitted of fraud charges, with the decision recently upheld by the Supreme Court. The exchange also awarded a 1 billion won ($740,000) bonus to Lee Jung-hoon.
Lee Sang-jun was found guilty in December 2024 for receiving luxurious gifts and favors in exchange for token listings. While the prosecution claimed he accepted 30 billion won (about $20 million) in cash, the court dismissed that allegation but upheld his conviction for other bribery charges. He received a two-year prison sentence and was fined 50 million won ($37,000).
A representative from Bithumb defended the payment, stating that Lee played a significant role in enhancing the company’s operations, including establishing institutional frameworks and improving asset protection for customers.
Bithumb is not alone among South Korean crypto exchanges in distributing substantial bonuses following the recovery in 2024. Dunamu, the operator of Upbit, compensated its chairman Song Chi-hyung over ₩110 billion ($82 million) last year, as reported by Yonhap.
Employees of South Korea’s premier crypto exchanges received salaries that rival those of major banking institutions. In 2024, Upbit staff earned an average of nearly 200 million won ($147,000), marking a 71% increase from the previous year. Meanwhile, Bithumb employees saw their average salaries rise to 116 million won ($85,000) from 99 million won ($68,000).
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34 Convicted Over $63.5 Million WeChat Scam
A court in China has sentenced 34 people to prison for their involvement in a large-scale cryptocurrency investment scam, which defrauded nearly 30,000 victims out of 460 million yuan (approximately $63.5 million). The ruling was handed down by the Ezhou Intermediate People’s Court in Hubei Province and was shared on its official WeChat account.
The scam operation constructed a fake trading platform known as OurBit (OURBIT), falsely claiming to be a Singapore-registered exchange with licenses from the US and the UK. The platform advertised features like “zero slippage” and “innovative stop-loss tools,” accompanied by fabricated trading charts that mimicked genuine Bitcoin market data. It listed nine non-existent cryptocurrencies, creating an illusion of a credible trading environment.
To attract investments, members of the criminal organization acted as investment “teachers” in WeChat groups, where they shared fraudulent profit screenshots and encouraged potential users to engage with the platform. Victims were drawn to high-leverage products, often ending with their balances completely depleted due to manipulated trading conditions.
The trading platform was essentially a closed system where users unwittingly bet against the platform itself without any ties to external markets. Data manipulation intended to trigger margin calls and create false volatility. Users who did realize significant profits would have their withdrawals frozen or were coerced into reinvesting until their funds vanished.
The operation was organized with dedicated teams for business, product development, and technical processes. Initial agents were recruited with promises of high commissions, supplied with demo accounts to lure sub-agents and victims. The scam functioned with distinct roles, and agents were trained to use scripted presentations and fabricated credentials to uphold the façade of authenticity.
The court determined that the defendants, led by an individual with the surname Cheng, committed fraud by misrepresenting facts and hiding the nature of the platform to illegally obtain funds. Due to the complexity and number of defendants, the case was divided into multiple trials. All sentences have been enacted, with prison terms spanning from three to twelve years, accompanied by fines.
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Increased Bitcoin Acquisitions by Japanese Companies
Enish Inc., a mobile game developer in Japan, is the latest publicly traded company in the country to embrace Bitcoin, announcing plans to invest ¥100 million (approximately $660,000) in the cryptocurrency via a local exchange between April 1 and April 4.
The acquisition aligns with Enish’s broader push into the Web3 space. The firm stated that this move aims to enhance their technical comprehension of blockchain technology and support upcoming game development through hands-on experience.
This development continues the growing trend among Japanese firms. Metaplanet, a former hotel operator now turned Web3 company, has emerged as one of the continent’s most aggressive corporate Bitcoin acquirers. Since adopting a Bitcoin-centric treasury strategy, Metaplanet has accumulated over 4,200 BTC, making it the largest publicly listed Bitcoin holder in Asia and ninth globally.
The uptick in corporate Bitcoin investments comes as regulators in Japan contemplate updated rules on cryptocurrency oversight. A report published by Nikkei on March 30 indicated that Japan’s Financial Services Agency (FSA) is drafting legislation to classify cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act, which could subject them to insider trading regulations similar to those that apply to stock markets.
However, the FSA has since refuted this report. In an April 1 statement to Cointelegraph, an agency spokesperson clarified that no decision on potential amendments to the law or reclassifying crypto assets as financial instruments has been reached.
Notwithstanding the ambiguity, Japan’s regulatory stance has recently leaned favorably towards crypto. The country granted its first license for stablecoin handling to SBI VC Trade, allowing it to support Circle’s USDC. The government is also advancing tax reforms that aim to lower capital gains tax on cryptocurrencies from 55% to 20%, while the FSA evaluates lifting its ban on crypto-backed exchange-traded funds.
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Yohan Yun
Yohan Yun is a multimedia journalist with a focus on blockchain since 2017. He has worked as an editor for crypto outlet Forkast and has reported on Asian technology stories as a contributing reporter for Bloomberg BNA and Forbes. In his leisure time, he enjoys cooking and experimenting with new dishes.
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