Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express

Go to space with Justin Sun

Crypto exchange HTX (formerly Huobi) said it will send one user a $6 million ticket to blast off to space alongside Justin Sun in July 2025.

Justin Sun eats banana — *Tron founder Justin Sun is known for riding pop culture waves.* (*Justin Sun*)

The campaign will select five additional finalists to join seven previous winners to form a 12-person shortlist. One person will ultimately be chosen to participate in the commercial spaceflight.

The exchange has actually been talking about doing this since 2021, when Sun was revealed as the winner of a $28 million auction for a ten-minute trip into space. It’s unclear why the trip itself has been delayed so long, but scheduling conflicts have been cited. One bonus for Sun is that he’s received four years of publicity about the very, very expensive promotion.

The latest announcement comes amid renewed scrutiny of space tourism, following Blue Origin’s NS-31 mission in April that sent pop star Katy Perry, TV host Gayle King, and Jeff Bezos’ partner Lauren Sánchez into suborbital flight.

The trip drew backlash from activists and celebrities who questioned its purpose and optics. Others saw the historic all-female mission into space as empowering, while many people just thought going into space would be really cool, especially if someone else is covering the extraordinarily high costs.

Justin Sun has a history of partaking in attention-driving spectacles, including his $4.6 million bid to have lunch with Warren Buffett and eating the banana from a $6.2 million art piece that had been taped to a wall. The banana itself was a replaceable store-bought item worth about a buck, again demonstrating that Sun is the undisputed master of publicity.

Vietnam wants a homegrown layer-1 blockchain

A group of Vietnamese financial institutions has unveiled the 1Matrix initiative to build the nation’s own layer-1 blockchain and reduce reliance on foreign tech platforms.

1Matrix is backed by financial institutions Techcombank and Techcom Securities, real estate firm Masterise Group and One Mount Group, and has joined the Vietnam Blockchain Association (VBA).

“Having complete control over blockchain technology and intellectual property will not only enable Vietnam to proactively apply the technology in its digital economic, societal and future development, but also strengthen national sovereignty over data, ensure cybersecurity and enhance Vietnam’s position on the global stage,” said Phan Duc Trung, chairman of both 1Matrix and the VBA.

*Phan Duc Trung speaking to government officials and industry professionals at the launch of 1Matrix. (VBA)*

The project is at the other end of the “fun” spectrum to Ronin, a layer-1 blockchain developed by Vietnamese gaming startup Sky Mavis, which found global success through its flagship game Axie Infinity. While Ronin may be Vietnam’s first breakout blockchain, it was built primarily for gaming and backed by international investors such as a16z and Animoca Brands.

In contrast, 1Matrix is a general-purpose layer-1 blockchain aligned with Vietnam’s very serious national priorities. The project has formed a strategic partnership with Boston Consulting Group and received public backing from Lieutenant General Dang Vu Son, former head of the Government Cipher Committee.

Launched under the “Make in Vietnam” banner, 1Matrix reflects the goals of Vietnam’s national blockchain strategy, which emphasizes domestic tech development.

Fishing rod and small fish caught on hook — *South Korean investors will be trading convenience to phase out phishing scams. (Büşra Salkım)*

Instant crypto withdrawal is convenient for users and scammers

South Korea’s financial authorities are pushing for cryptocurrency exchanges to reinstate delayed withdrawals due to a surge in voice phishing attacks.

Voice phishing damages increased by approximately 11.6 billion Korean won ($8.3 million) following the suspension of the system in July last year.

The withdrawal delay system is a voluntary measure that limits users from withdrawing crypto for a certain period.

Four of the five licensed local exchanges (Upbit, Bithumb, Coinone and Korbit) ditched the system in July, citing user convenience. Total phishing transactions on those platforms topped 13.24 billion Korean won ($9.4 million), with 11.6 billion Korean won coming after the suspension of withdrawal delays.

Three of the four exchanges (Bithumb, Coinone and Korbit) have agreed to resume withdrawal delays, the Financial Supervisory Service said in a statement.

In such phishing attacks, scammers trick victims into sending fiat to a compromised bank account set up to fund a crypto exchange account. Once the funds are deposited, they are used to buy crypto, which is then immediately withdrawn to an external wallet controlled by the scammer.

Delaying withdrawals can allow exchanges to flag suspicious activities or freeze suspicious accounts. The delay period can vary depending on the platform and may even last three days.

Last remaining member of a four-man crypto mining Ponzi group sentenced

A 61-year-old Chinese national has been sentenced to join his co-conspirators already in jail for four and a half years in jail for his role in a cryptocurrency investment scam that raised 6.7 million Singapore dollars ($5.17 million) from over 700 investors.

Bitcoin mining — *Singapore sentences final member of crypto mining Ponzi scheme case. (Dmytro Demidko)*

Lu Huangbin, the former chief executive of A&A Blockchain Technology Innovation, pleaded guilty to multiple counts of criminal offence involving fraud after the firm was found to be operating a Ponzi scheme disguised as a crypto mining project, local outlet Strait Times reported.

Between May 2021 and February 2022, the company claimed it owned 300,000 cryptocurrency mining machines and promised investors a fixed daily return of 0.5% through crypto mining.

In reality, A&A Blockchain did not have those rigs. The company used money from new investors to pay returns to earlier ones.

Lu is the fourth and final person involved in the scam to be sentenced. In August, Dutch National Yang Bin was sentenced to six years in jail. Yang’s assistant received a four-year sentence, while the operation’s chief technology officer got five years.

Hong Kong, come to Dubai

Senior executives from Hong Kong’s Securities and Futures Commission (SFC) have completed a series of high-level meetings in the United Arab Emirates, to strengthen international ties in crypto.

Eric Yip, executive director of intermediaries, and Elizabeth Wong, director of intermediaries and head of the SFC’s fintech unit, met with regulators and blockchain industry representatives in Abu Dhabi and Dubai.

The SFC said its executives held in-depth discussions focused on the evolution of crypto regulation and supervisory approaches for overseeing firms operating in the sector.

This visit comes at a time when Hong Kong and the UAE — particularly Dubai — are positioning themselves as global Web3 hubs, competing to attract crypto firms, investors and infrastructure providers.

Both jurisdictions have rolled out regulatory regimes for crypto assets and are actively courting international partners to bolster their credibility and market share.

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Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.