OKB falls below the $160 mark

[IQ and Frax Launch KRW-Pegged Stablecoin KRWQ on Base Network] IQ and Frax have announced the launch of KRWQ, a stablecoin pegged to the South Korean won (KRW). This token has become the first KRW-pegged stablecoin on Coinbase's Ethereum Layer 2 network, Base. KRWQ adopts LayerZero's Omnichain Fungible Token (OFT) standard and enables multi-chain transfers through the Stargate cross-chain bridge. Additionally, KRWQ is the first KRW-pegged stablecoin to support multi-chain operations. IQ stated that the design of KRWQ draws on Frax's regulatory compliance experience in developing the frxUSD stablecoin to support institutional adoption and due diligence. Since South Korea has not yet established regulations for stablecoins, KRWQ is not marketed or offered to South Korean residents, and its minting and redemption are limited to eligible counterparties, including exchanges, market makers, and institutional partners.

[U.S. Prosecutors: Crypto Policy-Making Authority Should Be Controlled by Congress, Not Courts] In a trial involving a $25 million MEV (Maximal Extractable Value) bot case, U.S. prosecutors countered disputes related to digital asset policies, emphasizing that the authority to formulate cryptocurrency policies should rest with Congress rather than be led by the judiciary. Prosecutors argued that Congress, as the legislative body, is better suited to establish a comprehensive regulatory framework for crypto to ensure the legitimacy and authority of such policies. This case highlights the ongoing debate over the allocation of regulatory authority in the crypto industry.

[Unknown Contract on Base Chain Attacked, Losses Approximately $219,000] BlockSec monitoring shows that an unknown contract on the Base chain was attacked, resulting in a loss of approximately $219,000 (55 ETH). The cause of the attack is suspected to be improper access control, which allowed arbitrary calls to the transferFrom function, leading to the theft of assets authorized by the victim.

[Bitplanet Increases Holdings by 9 Bitcoins, Total Holdings Reach 119.67] South Korean publicly listed company Bitplanet recently purchased 9 Bitcoins for $1.08 million, increasing its total holdings to 119.67 Bitcoins. The company disclosed that the total cost of its accumulated Bitcoin purchases is approximately $14.17 million, with an average cost of $118,781 per Bitcoin. This increase in holdings further solidifies Bitplanet's investment strategy in the crypto asset sector.

[USD/JPY Rises Approximately 50 Pips Shortly After Bank of Japan Rate Decision Announcement] Following the Bank of Japan's latest rate decision announcement, the USD/JPY exchange rate surged approximately 50 pips in the short term, with the current quote at 152.60.