{"id":561713,"date":"2023-03-10T03:08:37","date_gmt":"2023-03-10T00:08:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/"},"modified":"2023-03-10T03:08:37","modified_gmt":"2023-03-10T00:08:37","slug":"thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/","title":{"rendered":"#Thailand\u2019s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed: Asia Express"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41485aa4bc3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41485aa4bc3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/#%E2%80%9CThailands_1B_crypto_sacrifice_Mt_Gox_final_deadline_Tencent_NFT_app_nixed_Asia_Express%E2%80%9D\" >&#8220;Thailand\u2019s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed: Asia Express&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/#Mt_Goxs_final_deadline_for_claims\" >Mt. Gox\u2019s final deadline for claims<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/#Tencent_to_shutdown_NFT_app\" >Tencent to shutdown NFT app<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/#Thai_government_sacrifices_1_billion_to_enhance_crypto_industry\" >Thai government sacrifices $1 billion to enhance crypto industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/#Canaans_Bitcoin_ASIC_sales_fall\" >Canaan\u2019s Bitcoin ASIC sales fall<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CThailands_1B_crypto_sacrifice_Mt_Gox_final_deadline_Tencent_NFT_app_nixed_Asia_Express%E2%80%9D\"><\/span>&#8220;Thailand\u2019s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed: Asia Express&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/magazine-Asia-Express-Asia-crypto-news-round-up-scaled.jpeg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                South Korea is throwing another $51 million at the metaverse, Mt. Gox saga is drawing to a close, Canaan BTC miner sales revenue plunges 60%.\n                &lt;p&gt;&lt;em&gt;Our weekly roundup of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> from East Asia curates the industrys most important developments.&lt;\/em&gt;&lt;\/p&gt;&lt;h2&gt;South Korea invests another $51M in metaverse tech&lt;\/h2&gt;&lt;p&gt;South Korea\u2019s plans for metaverse domination are gathering pace. A Mar. 8 document &lt;a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/doc.msit.go.kr\/SynapDocViewServer\/viewer\/doc.html?key=ec0afa53346e4d30ab0b6f3bdbcc1638&amp;convType=html&amp;convLocale=ko_KR&amp;contextPath=\/SynapDocViewServer\/\"&gt;prepared&lt;\/a&gt; by the Ministry of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a> and Information and Communication <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> (ICT), the National IT Industry Promotion Agency, and the Korea Radio Promotion Association, says the three entities will invest a total of 27.7 billion Korean won ($21 million) in metaverse projects across 13 sectors such as healthcare, tourism, and education. One example use case is about telemedicine in the metaverse:\n<\/code><\/pre>\n<p>\u201cEstablish a virtual counseling space and provide mental health recovery and promotion services through expert psychological counseling, healing contents, and community activities.\u201d<\/p>\n<p>The same day, South Korea\u2018s Ministry of Science and ICT also announced the creation of a 40 billion Korean won ($30 million) metaverse fund to be operated by local investment management companies. It cited the need to incubate domestic metaverse-related companies to become big enough to compete with global companies through the expansion of business areas and scale.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/113821_12392_5037.jpg\" alt=\"The South Korean government is betting big on the development of VR (Korean Tourism Organization)\" class=\"wp-image-17137\" width=\"686\" height=\"386\" \/><figcaption class=\"wp-element-caption\">The South Korean government is betting big on the development of VR (Korean Tourism Organization)<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Mt_Goxs_final_deadline_for_claims\"><\/span>Mt. Gox\u2019s final deadline for claims<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Mar. 9, trustees of bankrupt Japanese cryptocurrency exchange Mt. Gox <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mtgox.com\/img\/pdf\/20230309_announcement_en.pdf\">announced<\/a> that creditors have until Apr. 6, 2023, to complete registration to receive repayment. The biggest Bitcoin exchange in the world at the time, Mt. Gox filed for bankruptcy in 2014 after discovering that 850,000 of the exchange\u2019s Bitcoins had been stolen via discreet hacks and siphoning over a number of years. The exchange has since recovered around 200,000 BTC. The funds have been held in trust for the creditors, with 162,106 BTC ($3.49 billion) sitting in wallet addresses <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/token.unlocks.app\/events\/mtgox\">tracked<\/a> by Token Unlock.<\/p>\n<p>Over the years, the trustees, attorney Nobuaki Kobayashi, and the Japanese Bankruptcy Courts, have repeatedly extended the deadline for registration, likely due to the sheer volume of affected users located all around the world and the manual processing needed for every individual involved during such legal procedure. <\/p>\n<p>Everyone <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears well and truly tired of the nine-year-long bankruptcy process and just wants their money back (or to move on to the next case in the judicial backlog). Kobayashi wrote that anyone who misses the deadline is out of luck:<\/p>\n<blockquote class=\"wp-block-quote\"><p>\u201cPlease note that, in the interest of making the repayments to rehabilitation creditors as early as possible, unless there are unavoidable reasons, further extension of the Deadline will be difficult. <\/p>\n<\/blockquote>\n<p>From one perspective the enforcing hodling could have been a blessing in disguise for some, as Bitcoin was worth around $580 at the time of Mt. Gox but is now worth more than $20K. Many users will likely see positive \u201creturns on investment,\u201d even accounting for the fact that the repayment is only a fractional recovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tencent_to_shutdown_NFT_app\"><\/span>Tencent to shutdown NFT app <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An in-app message posted on Chinese internet giant Tencent\u2018s NFT platform Huanhe, sugggests users will have until June 30, 2023, to file for a refund before the app goes permanently offline. Dubbed \u201cthe first digital collectibles App in China,\u201d Huanhe  launched in Aug. 2021 and featured both traditional and modern Chinese concept art, video, audio, photos, and 3D models. However, Tencent halted all activity on the app in July 1, 2022.<\/p>\n<p>Though the company did not explicitly state its reasons, some users have speculated that NFT sales volumes did not meet expectations. The app also didn\u2019t offer a secondary market where users could buy and sell collectibles nor a feature that allowed users to gift their NFTs to others. On Tencent\u2019s official app store, Huanhe has recorded 134,000 downloads since inception.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-09-194200.png\" alt=\"A Tencent Huanhe digital collectible. (8btc)\" class=\"wp-image-17133\" width=\"472\" height=\"471\" \/><figcaption class=\"wp-element-caption\">A Tencent Huanhe digital collectible. (8btc)<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Thai_government_sacrifices_1_billion_to_enhance_crypto_industry\"><\/span>Thai government sacrifices $1 billion to enhance crypto industry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thailand\u2019s cabinet has approved a plan to waive corporate income tax and value-added tax for companies that issue digital tokens for investment, according to a Mar. 7 Reuters <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/12ft.io\/proxy?q=https%3A%2F%2Fwww.reuters.com%2Ftechnology%2Fthailand-offers-tax-breaks-companies-issuing-investment-tokens-2023-03-07%2F\">report<\/a>. The decision incentivizes companies to raise capital using investment tokens in addition to more traditional methods such as debentures. <\/p>\n<p>The Thai government estimates that there will be around 128 billion Thai Baht ($3.71 billion) worth of investment token offerings over the next two years and the new measures will see it forgo around $1 billion in tax revenue. Cryptocurrencies have gained popularity in Thailand since the Securities Exchange Commission began regulating digital assets. Still, the country\u2019s central bank and other regulators have banned the use of digital assets as a means of payment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Canaans_Bitcoin_ASIC_sales_fall\"><\/span>Canaan\u2019s Bitcoin ASIC sales fall<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Mar. 7, Chinese Bitcoin mining equipment manufacturer <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2022-financial-results-301764353.html\">reported<\/a> its fourth quarter and full-year 2022 financial results. During the final quarter of 2022, Canaan brought in RMB 391.9 million ($56.8 million) in sales, representing a decrease of 59.9% from the previous quarter. The firm attributed the decrease to the ongoing crypto winter.<\/p>\n<p>For the full year, Canaan\u2019s revenues decreased from 4,986 million ($715M) in 2021 to RMB 4,378 million ($635 million) in 2022. <\/p>\n<p>Going forward, the company expects its total installed mining computing power to be around 5 exahash per second (EH\/s) by the end of this quarter. In context, the Bitcoin network has a hash rate of around 250 EH\/s, currently at an all-time high.<\/p>\n<p>Canaan has also established strategic partnerships with two data center companies, which are expected to provide stable and cost-effective hosting solutions for the company\u2019s expanding mining business. For the first quarter of this year Canaan projects its total net revenues to slighly improve to RMB 450 million (US$65 million) but cites continued challenging business conditions.<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/s-l1600-1024x636.jpg\" alt=\"A Canaan Avalaon ASIC Bitcoin miner (eBay)\" class=\"wp-image-17135\" width=\"595\" height=\"369\" \/><figcaption class=\"wp-element-caption\">A Canaan Avalaon ASIC Bitcoin miner (eBay)<\/figcaption><\/figure>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/magazine\/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Thailand\u2019s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed: Asia Express&#8221; South Korea is throwing another $51 million at the metaverse, Mt. Gox saga is drawing to a close, Canaan BTC miner sales revenue plunges 60%. &lt;p&gt;&lt;em&gt;Our weekly roundup of news from East Asia curates the industrys most important developments.&lt;\/em&gt;&lt;\/p&gt;&lt;h2&gt;South Korea invests&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/magazine-Asia-Express-Asia-crypto-news-round-up-scaled.jpeg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-561713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561713"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561714"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}