Australia’s Securities Regulator Sues ASX for Misleading Statements About Blockchain Project

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ASIC sued on Tuesday and has not yet determined what penalty it will be seeking, but the Australian Financial Review (AFR) reported that ASX faces a maximum penalty of more than A$500 million.

Australia’s Securities and Investment Commission (ASIC) has sued the country’s largest market operator, ASX Limited, for allegedly making misleading statements about how its blockchain project to replace its aged Clearing House Electronic Subregister System (CHESS) was progressing, before revealing that it had cancelled the project, the regulator announced on Wednesday.

In Nov. 2022, ASX cancelled its planned blockchain system for settling trade after Accenture identified “significant challenges” with its design. The decision saw it write-down about A$250 million ($168 million) after several delays. After years of tests, ASX had announced in 2017 that by Q1 2020 it would migrate one of its core services to a blockchain-based system.

ASIC sued on Tuesday and has not yet determined what penalty it will be seeking, but the Australian Financial Review (AFR) reported that ASX faces a maximum penalty of more than $500 million Australian dollars. ($330 million).

“We recognize the significance and serious nature of these proceedings. We cooperated fully with ASIC’s investigation and are now carefully reviewing and considering the allegations,” ASX chief executive Helen Lofthouse said in a statement.

Calls for ASX chairman Damian Roche to resign have emerged.

ASIC alleged that “ASX announcements on 10 February 2022 that the project remained ‘on-track for go-live’ in April 2023 and was ‘progressing well’ were misleading.”
These representations were “deceptive” because at the time of the announcements, the project was not on track to the plan.

“ASX’s statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time,” said ASIC Chair Joe Longo.

Longo said the project’s “critical importance was all the more reason ASX needed to ensure it told the Australian public the truth about how the project was tracking and whether it would be completed on time.”

Bitcoin Miner Capitulation and Record High Hashrate Point to Possible Price Bottom: CryptoQuant

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Such expansion comes despite a recent drop in bitcoin (BTC) prices, indicating positive sentiment among miners after a bout of selling in the past few months.

Bitcoin (BTC) miners are expanding their capacity again as network hashrate reached a fresh all-time high this week following a capitulation event, on-chain analysis firm CryptoQuant shared in a report with CoinDesk.

Network hashrate set a new record of 627 exahash per second on Tuesday, recovering from the 8.5% drawdown in early July. Such expansion comes despite a recent drop in bitcoin prices and record-low hash price – or the average revenue per amount of mining power – indicating positive sentiment among miners after a bout of selling in the past few months.

Hashrate refers to the computational power used by miners to mint new bitcoin and verify new transactions on the Bitcoin network. Millions of calculations are solved each second to ‘win’ new blocks, in a process broadly called mining.

“We may have seen a miner capitulation event last week as miner outflows spiked after prices touched $49,000,” CryptoQuant said. “Bitcoin daily miner outflows spiked to 19K BTC on August 5, the highest level since March 18.”

Miners are entities that supply computing power to any blockchain network in return for “rewards” in the form of BTC tokens. They typically sell bitcoin to keep operations afloat continually as running such systems is costly: Only five popular mining rigs were profitable in early July as prices floated around the $54,000 mark.

“Miners sold some Bitcoin as their average operating profit margins were squeezed to 25%, the lowest since January 22,” the firm added.

A miner capitulation event is typically seen near local bottoms for Bitcoin prices during bull markets.
Since 2023, a spike in miner outflows coincided with local bottoms in March 2023 after the Silicon Valley bank sell-off – and January 2024, the price correction following the bitcoin spot ETF launch in the U.S.

BTC trades just above $61,000 in Asian afternoon hours Wednesday, up 2.8% in the past 24 hours to lead gains among crypto majors.

Be Cautious When Buying Cheap Airline Tickets and Tours on Social Media

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According to the Information Security Department, there has been a recent increase in individuals within social media groups offering airline tickets at unexpectedly low prices, requiring buyers to transfer a deposit and then fraudulently taking their money.

The Information Security Department recommends that people be vigilant when buying and selling airline tickets on social networking platforms. Illustration photo: TL

According to the Information Security Department, there has been a recent increase in individuals within social media groups offering airline tickets at unexpectedly low prices, requiring buyers to transfer a deposit and then fraudulently taking their money.

Exploiting the desire for cheap deals, some scammers create fake Facebook accounts, posting advertisements for low-priced airline tickets and hotel bookings in groups with many participants. After someone contacts them to make a purchase, the scammers ask for a deposit and then disappear, with many victims losing up to tens of millions of dong.

These individuals often impersonate well-known travel companies, including easy-to-remember phone numbers and reputable bank account names in their posts. The content typically promotes special promotions, vouchers with significant discounts, and a limited supply.

Once the victim completes the deposit, the scammers send them a booking code for the ticket or room. The criminals deceive people by exploiting the booking systems of some hotels or airlines, which allow customers to obtain a booking code before payment, with a grace period of 12-24 hours for payment. Victims only realize they have been scammed when they arrive at the airport or the destination.

The Information Security Department (Ministry of Information and Communications) advises the public to be extremely cautious when buying airline tickets on social media platforms. It is essential to thoroughly verify the company’s information, request the scammer to provide a company contract with the director’s signature and seal, and use various methods to authenticate the website domain, business registration details, address, and tax identification number of the company before proceeding with any transaction.

Furthermore, if any signs of fraud are detected, the public should immediately report them to the authorities and share the information on social media to help prevent and stop the spread of such scams.

@SGtiepthi

Entrance Fee to Visit Na Hang – Lam Binh Nature Reserve

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Starting from August 15th, Na Hang district will begin charging an entrance fee at the Na Hang – Lam Binh Nature Reserve, a Special National Scenic Monument, as announced by the Tuyen Quang Provincial Information Portal.

A corner of Na Hang – Lam Binh nature reserve. Photo: Hoang Hung

The fee for individuals will be 40,000 VND per person for those aged 16 and older, and 20,000 VND per person for children aged 6 to under 16, as well as for those eligible for cultural enjoyment benefits, severely disabled individuals, the elderly, and those from near-poverty households.

The fees can be paid directly in cash or transferred to the account of the Na Hang District Cultural, Information, and Sports Center, or through the fees collected by agencies and units under Lam Binh district, with tickets provided. The fee collection points will be located at the Tuyen Quang Hydropower Reservoir Pier and other appropriate locations to meet the needs of visitors.

Organizations and individuals not visiting for tourism, research, or experiential purposes are exempt from buying tickets and paying entrance fees. The fee collection aims to fund activities related to the preservation, maintenance, and restoration of the monument, as well as investments in tourism infrastructure.

In 2019, the Na Hang – Lam Binh Nature Reserve was recognized as a Special National Scenic Monument. The reserve spans over 40,000 hectares, covering 14 communes and towns in the Na Hang and Lam Binh districts. It lies within vast forests along the Gam and Nang rivers, boasting a diverse ecosystem with many rare and precious species of flora and fauna, as well as unique and fascinating cave systems.

The Na Hang – Lam Binh Nature Reserve is home to many famous scenic spots such as Thuong Lam, Na Chao Cave, Pac Khoang, Pac Ban, Pac Hau, and Khuoi Nhi waterfalls. The area contains several archaeological sites from the Neolithic and Metal Ages and is inhabited by various ethnic groups including the Tay, Dao, and Hmong, who preserve their unique traditional cultural practices.

@SGtiepthi

Da Lat is the Most Searched Destination by Vietnamese Travelers for the September 2nd Holiday

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Da Lat, Da Nang, and Vung Tau are among the top domestic destinations most searched by Vietnamese travelers for the upcoming September 2nd holiday. For international travel, Bangkok (Thailand), Tokyo (Japan), and Seoul (South Korea) are the top three most popular destinations, according to Booking.com.

Da Lat is the most sought-after destination for Vietnamese tourists for the September 2nd holiday this year. Photo: Quoc Bao

As the National Day holiday on September 2nd approaches, many are planning to enjoy the extended 4-day break. Recently, Booking.com revealed the most searched domestic and international destinations by Vietnamese travelers for the upcoming holiday (with stay dates from August 31st to September 3rd, 2024).

According to the data, Da Lat tops the list of destinations searched by Vietnamese travelers for the September 2nd holiday. With its peaceful scenery and cool weather, this marks the second consecutive year Da Lat has held the top spot. Another highland destination, Sa Pa, a mountainous town in Lao Cai known for its fresh air, ranks 9th on the list.

Additionally, coastal cities like Da Nang, Vung Tau, and Nha Trang continue to attract interest from travelers. Notably, Phan Thiet makes its debut in the top 10, thanks to the opening of the Dau Giay – Phan Thiet expressway.

Bustling tourist cities such as Ho Chi Minh City (ranked 5th), Hoi An (ranked 6th), Hanoi (ranked 7th), and Hue (ranked 10th) also made the list. These destinations attract visitors with their harmonious blend of historical significance and rich cultural heritage.

Tourists explore Bangkok at night. Photo: Vuong Loc

As Vietnamese travelers increasingly prioritize short-term travel experiences, international destinations geographically close to Vietnam are becoming more popular. This year, countries in the Asia-Pacific region are the top choices, with all 10 of the most searched international destinations located in this area.

Bangkok (Thailand) is the most searched city. It is followed by other vibrant cultural hubs in Asia, offering a diverse range of shopping and dining experiences, including Tokyo (Japan), Seoul (South Korea), Kuala Lumpur (Malaysia), Singapore, and Hong Kong (China). These destinations are high on the list of priorities for Vietnamese travelers planning their upcoming long holiday.

@SGtiepthi

Hanoi’s Pho Recognized as a National Intangible Cultural Heritage

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According to Decision No. 2328/QD-BVHTTDL, signed and issued by Minister of Culture, Sports, and Tourism Nguyen Van Hung, Hanoi’s pho has officially become a national intangible cultural heritage.

On August 9th, Minister Nguyen Van Hung issued Decision No. 2328/QD-BVHTTDL announced the inclusion of Hanoi’s pho in the list of national intangible cultural heritage.

Both Hanoi’s pho and Nam Dinh’s pho were recognized as national intangible cultural heritage during this occasion.

The Ministry of Culture, Sports, and Tourism (MoCST) categorized Hanoi’s pho under the national intangible cultural heritage list as part of the folk knowledge category, incorporating elements of social customs and beliefs. Some famous pho restaurants in Hanoi have also been included in the Michelin Guide.

Hanoi Pho is recognized as a national intangible heritage.

Minister Nguyen Van Hung invites the chairpersons of the People’s Committees at all levels, where the intangible cultural heritage is located, to carry out state management according to the provisions of the cultural heritage law.

Pho is not only a dish deeply ingrained in the consciousness of Hanoi residents but has also become a symbol of Vietnam’s rich culinary tradition, contributing to the promotion of Vietnamese cuisine globally. Pho has become a proper noun in numerous prestigious dictionaries and is present in over 50 countries worldwide.

According to a selection by Lonely Planet, Vietnam is among the countries with seven bowl-served dishes that offer the best experiences globally. Business Insider also recognized Vietnamese pho as one of the must-try dishes for world travelers.

The travel website The Travel has listed Vietnam among the top 10 countries with the best food in the world, with pho being one of the highlighted dishes.

Previously, the Hanoi Department of Culture and Sports, in collaboration with district and town cultural and information offices, conducted an inventory of pho heritage. This marks the first time pho has been comprehensively inventoried, combined with heritage identification and an assessment of the cultural, historical, and scientific value of this heritage.

@Znews

The Telegraph Honors 50 Most Beautiful Beaches in the World, Da Nang Secures Two Spots

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The renowned British newspaper The Telegraph recently unveiled its list of the 50 most beautiful beaches in the world, featuring My Khe Beach and Non Nuoc Beach in Da Nang, Vietnam.

“Our experts have selected 50 of the world’s favorite beaches. Some are iconic destinations in Australia, Brazil, and the Caribbean, while others are hidden gems off the beaten path in Iceland, Mozambique, and South Korea,” The Telegraph highlighted in an article published on August 4th.

My Khe Beach, Da Nang. Photo: Traveloka

The “Top 50 Best Beaches” list is categorized into 10 different criteria by The Telegraph‘s experts. Vietnam made an impressive mark with My Khe and Non Nuoc in Da Nang, ranking second in the “Best Beach Atmosphere” category.

Commenting on the allure of My Khe and Non Nuoc, journalist Chris Leadbeater emphasized, “This perfect pair of beaches (My Khe and Non Nuoc) is surrounded by modern hotels and luxurious resorts, making them highly popular with tourists.”

Other beaches in the “Best Beach Atmosphere” category include Ipanema in Rio de Janeiro, Brazil; Palm West in Dubai, United Arab Emirates; Playa Coral Varadero, Cuba; Hamdeok on Jeju Island, South Korea; and Playa de La Concha in San Sebastián, Spain.

Nihiwatu in Sumba, Indonesia, topped the “Most Impressive Wildlife” category, while Three Cliffs Bay in Gower, Wales, led the “Best Scenery” category.

Dhigurah Island in the Maldives was ranked first in the “Most Luxurious Stays” category, and Waikiki Beach in Hawaii, USA, topped the “Best Beach for Activities” category.

@Vietnamnet

Quang Noodle-Making Recognized as National Intangible Cultural Heritage

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The craft of making Quang noodles in Quang Nam embodies the unique culinary culture of the region. Recently, this craft has been officially recognized as a national intangible cultural heritage.

A bowl of traditional Quang noodles, with the culinary flavor of Quang region. Photo: Tien Sa

According to the Department of Culture, Sports, and Tourism (DCST) of Quang Nam province, the Minister of Culture, Sports, and Tourism has signed Decision No. 2327/QD-BVHTTDL to include the traditional knowledge of making Quang noodles in the national list of intangible cultural heritage.

Quang noodles are not just a dish but also a cultural story of Quang Nam. The noodles, made from finely ground rice flour mixed with gardenia-infused water and eggs, have a striking yellow color. The dish is further enriched by a variety of fresh herbs such as basil, lettuce, and young mustard greens, creating a vibrant and appetizing presentation. The rich broth, made from simmered pork bones, is enhanced by the sweet flavors of various meats like fish, chicken, and pork. The dish is completed with crispy rice paper and fragrant roasted peanuts.

Quang noodles gained international recognition when they were served at the APEC 2017 Summit in Da Nang, where they were featured at the banquet for attending world leaders, showcasing the cultural and culinary significance of the dish. Additionally, the culinary website Taste Atlas listed Quang noodles among the 100 best dishes in Vietnam for international travelers to experience.

On August 10, 2023, the Quang Nam Provincial People’s Committee submitted a formal request to the Ministry of Culture, Sports, and Tourism to include the craft of making Quang noodles in the national list of intangible cultural heritage. With this recognition, Quang Nam now boasts 13 national intangible cultural heritages, including folk performance art such as Hat Ba Trao; Bai Choi art; traditional crafts like Co Tu people’s brocade weaving; folk performance art of the Co Tu people, including the Tung Tung Da Da dance; social customs and beliefs like the Neu pole erection and Gu rituals of the Co people; the Kim Bong carpentry craft; Thanh Chau bird’s nest harvesting; the Ba Thu Bon Festival; the Ba Phuong Hi Festival; the Lunar New Year Festival in Hoi An; the Mid-Autumn Festival in Hoi An; and now, Quang noodles.

@SGtiepthi

Bitcoin’s Prospects Strengthen as Key Stablecoin Metric Slides to Lowest Level in 18 Months

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The dwindling metric points to declining selling pressure in the bitcoin market.

Bitcoin (BTC) has quickly recovered to nearly $60,000 after a debacle last week that saw prices drop below $50,000 at one point.

The recovery may have legs, as the “exchange stablecoins ratio,” which measures the number of BTC held in wallets tied to centralized exchanges relative to stablecoins, suggests reduced selling pressure.

The ratio has dropped to its lowest since February 2023, extending a prolonged downtrend that began in June last year, according to data tracked by blockchain analytics firm CryptoQuant.

“This could indicate reduced selling pressure on bitcoin as fewer traders are converting their BTC into stablecoins,” CryptoQuant told CoinDesk in a Telegram chat.

“Additionally, this could suggest a bullish market sentiment, where traders seem to be holding BTC in anticipation of future price increases,” CryptoQuant added.

Stablecoins are cryptocurrencies with values pegged to an external reference such as the U.S. dollar. These digital assets help investors bypass price volatility associated with other tokens and are widely used to fund spot crypto purchases and derivatives trading.

According to charting platform TradingView, the combined supply of the top two stablecoins by market value, tether (USDT) and USD Coin (USDC), has increased by roughly $2 billion to $150.15 billion since the Aug. 5 market crash. On a year-to-year basis, the combined supply of USDT and USDC has increased by almost 30%.

It shows continued fiat inflow into the market, possibly from bargain hunters looking to snap up BTC at cheaper valuations.

The development is consistent with the constructive outlook offered by some analysts.

“Spot ETFs saw positive net flows on Monday. BTC (+$28M) and ETH(+$5M) saw institutional support after the weekend dip. This shows a certain resilience during times of fear, potentially helping Bitcoin’s volatility to decrease over the long term. Yesterday, the $58,500 level we mentioned held strongly and Bitcoin pushed above $60,500 before coming back to $59,500,” Valentin Fournier, analyst at digital assets research firm BRN, told CoinDeks in an email.

The momentum is low but remains positive, as we predicted. We see Bitcoin getting closer to the upper trend of its range ($67,000-$69,000) in the coming weeks,” Fournier added.

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

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Earlier, in June 2023, the liquidators sought $1.3 billion from the founders of 3AC, Su Zhu and Kyle Davies.

Defunct cryptocurrency hedge fund Three Arrows Capital’s (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered after the 2022 crash, Bloomberg reported on Monday.

In June 2023, the liquidators sought $1.3 billion from the founders of 3AC, Su Zhu and Kyle Davies.

The saga started unfolding in May 2022, when the Terra network saw its algorithmic stablecoin terraUSD (UST) and its companion token, LUNA, suffer a $40 billion collapse despite assurances from co-founder Do Kwon. By July, 3AC filed for bankruptcy stating that Terra’s collapse caused irrecoverable losses.

This case alleges that TerraForm induced 3AC to purchase Luna and TerraUSD by manipulating the market for these tokens “in a manner that artificially inflated the price for the assets” before they were wiped-out, the liquidators said in court papers, as per Bloomberg.

Terraform filed for bankruptcy in Delaware, U.S. in January 2024. Do Kwon was found guilty by a Manhattan jury on civil fraud charges brought the U.S. Securities and Exchange Commission (SEC) in April 2024.

Do Kwon remains in Montenegro where he has been since his arrest in March 2023 for attempting to use fake travel documents. He awaits a final decision from Montenegro’s authorities on where he is to be extradited. Both South Korean and U.S. authorities have been seeking his extradition.

Apple Accelerates iPhone 16 Production Ahead of Mid-September Launch

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Apple has reportedly accelerated the production of the iPhone 16 to ensure its timely release in mid-September, with the device now in the mass production phase. According to Apple Insider, initial small-scale production began in June, but manufacturing has since ramped up significantly to meet the launch timeline.

Simultaneously, ETNews reports that Samsung Display and LG Display have increased their production to meet Apple’s demand for OLED screens for the iPhone 16. Apple has ordered over 120 million OLED panels for the upcoming device, with approximately 90 million units expected to be used for the iPhone 16 alone. Samsung Display will supply 80 million of these screens, while LG Display will provide 43 million. However, this distribution could change, as third-party supplier BOE is facing delays in quality testing. In a similar situation in 2023, Apple had to increase its orders from Samsung due to delays from LG Display.

The iPhone 16 is expected to introduce several significant upgrades. These include a new photo capture button with energy sensor technology on the right side, powered by the latest A18 chip. The device will also feature an upgraded camera system, potentially with enhanced AI capabilities and improved low-light performance. Additionally, the iPhone 16 will support the latest connectivity standards, including Wi-Fi 7 and 5G Advanced, offering faster and more reliable network speeds.

One of the most anticipated features is the new graphene-based heating system, which is expected to improve the phone’s thermal management, allowing for better performance and efficiency during intensive tasks like gaming or video editing. Other rumored enhancements include a more robust battery life, new color options, and potential advancements in the iOS ecosystem, which may offer users more seamless integration with other Apple devices and services.

With these upgrades, the iPhone 16 is shaping up to be one of Apple’s most advanced smartphones to date, further solidifying its position as a leader in the high-end smartphone market.

How Can Vietnam Sustain High-Quality FDI Growth in the Semiconductor and High-Tech Sectors?

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Vietnam’s foreign direct investment (FDI) attraction continues to show impressive growth in July, with a marked increase in the quality of FDI capital flows due to a strategic focus on careful project selection. This was highlighted by Minister of Planning and Investment Nguyen Chi Dung at a recent Government meeting.

The Ministry of Planning and Investment’s Foreign Investment Agency reported that by the end of July, Vietnam had attracted more than $18 billion in registered FDI capital, marking a 10.9 percent increase compared to the same period in 2023. Disbursed FDI capital also saw a significant rise, reaching over $12.55 billion—an 8.4 percent increase from last year, and the highest volume of disbursed FDI in the January-July period over the last five years.

Experts from various international organizations anticipate that this momentum will continue, with projections for even greater disbursed FDI capital in the near future. This growth is largely attributed to Vietnam’s improved business environment, the execution of major infrastructure projects, and the increasing interest of foreign investors in the semiconductor industry.

Minister Dung emphasized the government’s ongoing efforts to attract high-quality FDI, particularly in large-scale, high-tech projects within the processing, manufacturing, electronics, and semiconductor sectors. The development of the semiconductor industry is especially promising, with the National Innovation Center (NIC) collaborating with both domestic and international partners to create microchip design training programs. This initiative is seen as a critical step toward Vietnam mastering semiconductor technologies.

Sophie Dao, Senior Partner at GBS, an investment consulting firm in Vietnam, expressed optimism about the country’s FDI outlook. She commented, “Vietnam’s strategic focus on high-quality, high-tech FDI projects, coupled with a strong commitment to improving infrastructure and the business environment, is key to maintaining this upward trajectory. The government’s proactive approach in reducing administrative burdens and fostering innovation in the semiconductor industry positions Vietnam as a highly attractive destination for global investors.”

In Dong Nai province, the Industrial Zones Authority (DIZA) reported over $1 billion in FDI in the first seven months of the year—46 percent higher than the planned target. The newly licensed projects are primarily in semiconductor manufacturing, electrical and electronic components, and mechanical engineering, all meeting advanced technology criteria and avoiding industries known for environmental pollution or labor-intensive practices.

Similarly, Vo Van Minh, Chairman of the Binh Duong Provincial People’s Committee, stressed the importance of continued administrative reforms and infrastructure improvements, particularly in linking airports, seaports, and major provinces with industrial centers. He also underscored the need for enhanced energy infrastructure, including the development of renewable energy projects that align with the requirements of high-tech industries and environmental protection goals.

Sophie Dao added, “The emphasis on sustainable development and renewable energy is particularly commendable. By focusing on these areas, Vietnam not only attracts high-quality FDI but also ensures that its growth is aligned with global trends in environmental sustainability.”

Vietnam Economic and Financial updates for August 13, 2024

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Foreign Exchange Market:

On August 12, the State Bank set the central exchange rate at VND 24,256/USD, a decrease of 4 VND compared to the end of last week’s session. The spot buying and selling rates remained stable at VND 23,400/USD and VND 25,450/USD, respectively. In the interbank market, the closing rate was VND 25,130/USD, an increase of 25 VND from August 9. On the free market, the exchange rate fell sharply, with the buying rate dropping by 125 VND and the selling rate by 195 VND, trading at VND 25,540/USD and VND 25,640/USD.

Interbank Money Market:

On August 12, the average offering interest rates in the Interbank VND market remained unchanged for overnight (ON) terms but saw a decrease of 0.03 – 0.06 points across other terms up to 1 month, with rates as follows: ON at 4.40%, 1-week at 4.50%, 2-weeks at 4.62%, and 1-month at 4.74%. The Interbank USD offering rates remained steady for ON and 1-month terms, while the 1-week and 2-week terms saw a slight decrease of 0.01 points, trading at: ON 5.30%, 1-week 5.34%, 2-weeks 5.39%, and 1-month 5.43%. In the secondary government bond market, yields remained stable for 3-year and 15-year terms but decreased for other maturities, closing at: 3-year 1.91%, 5-year 1.96%, 7-year 2.25%, 10-year 2.73%, and 15-year 2.92%.

Open Market Operations:

The State Bank of Vietnam (SBV) offered VND 7,000 billion on the mortgage channel with a 7-day term and an interest rate of 4.25%, with VND 6,999.99 billion successfully bid and VND 13,668.54 billion maturing. The SBV also issued 14-day bills, bidding at an interest rate of 4.25%, with VND 8,100 billion successfully bid and VND 10,850 billion maturing. As a result, the SBV withdrew a net amount of VND 3,918.55 billion from the market through open market operations. The total volume of bills circulating in the market stood at VND 94,299.5 billion, while the mortgage channel had VND 49,949.01 billion in circulation.

Stock Market:

The stock market saw fluctuations yesterday but ended on a positive note as buying pressure returned, boosting indices. The VN-Index rose by 6.64 points (+0.54%) to 1,230.28 points, the HNX-Index gained 1.39 points (+0.61%) to 230.77 points, and the UPCoM-Index increased by 0.20 points (+0.22%) to 93.0 points. Market liquidity was low, with a trading value exceeding VND 15,400 billion. Foreign investors were net buyers with less than VND 45 billion across all three exchanges. According to the Vietnam Bond Market Association (VBMA), July 2024 saw 33 private corporate bond issuances totaling VND 31,387 billion and 1 public issuance worth VND 395 billion. Over the first 7 months of 2024, there were 175 private issuances worth VND 168,433 billion and 12 public issuances worth VND 14,586 billion. In July, companies repurchased VND 32,094 billion in bonds before maturity, marking a 17% increase from the same period in 2023. For the remainder of 2024, approximately VND 121,854 billion in bonds are expected to mature, with real estate bonds making up the largest share at VND 51,603 billion, or 42%.

International News:

A recent report from UBS Bank (Switzerland) using data up to July suggests that the probability of a recession in the US is now at 53%, down from 60% a few months ago. However, UBS emphasized that although the recession risk is decreasing, the US economy is still weakening, with growth expected to slow from around 3% in 2023 to 1.5% this year.

The German Federal Statistical Office (Destatis) reported that the country’s Wholesale Price Index (WPI) increased by 0.3% month-over-month in July, following a 0.3% decline in the previous month, surpassing the forecasted 0.2% rise. Year-over-year, the WPI in Germany saw a slight decrease of 0.1% compared to the same period in 2023.

Exchange Rate on August 12:

• USD = 0.915 EUR (-0.14% day/day); EUR = 1.093 USD (+0.14% day/day)
• USD = 0.783 GBP (-0.04% day/day); GBP = 1.276 USD (+0.04% day/day)
• GBP = 1.168 EUR (-0.10% day/day); EUR = 0.856 GBP (+0.10% day/day)

Stay informed with the latest economic and financial developments in Vietnam, brought to you by Vietnam Insider. Our updates provide in-depth analysis and insights into key market trends, currency fluctuations, stock market performance, and significant policy changes that impact the country’s economic landscape. Whether you are an investor, business professional, or simply interested in Vietnam’s economic progress, our updates are designed to keep you ahead in a rapidly evolving financial environment.

Tether to Fight Celsius’ $3.3 Billion ‘Shakedown’ Litigation

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On Friday, Celsius asked a U.S. court to order Tether to relinquish a total of 57,428.64 bitcoin.

Tether, the company behind USDT, the world’s largest stablecoin by market capitalization, said it will defend itself against what it called “shakedown” litigation brought by bankrupt crypto lender Celsius.

On Friday, Celsius asked the U.S. Bankruptcy Court of the Southern District of New York to order Tether to relinquish a total of 57,428.64 bitcoin (BTC) or award the “present value of all Bitcoin,” some $3.3 billion at today’s price, according to a court filing.

“This lawsuit incredibly now seeks the return of approximately US$2.4 billion worth of BTC from Tether, despite the BTC being liquidated at Celsius’ direction and with Celsius’ consent at June 2022 prices,” Tether said in a statement on its website. Tether did not say how it calculated the $2.4 billion figure.

The case concerns a loan agreement between Celsius and Tether that allowed Celsius to borrow stablecoins “to operate certain critical aspects of its business,” according to the lawsuit. In the filing, Celsius alleges that when the market crashed in mid-2022, in the “ninety-day period prior” to Celsius’ bankruptcy filing, Tether insulated itself from the impending bankruptcy by making “preferential and fraudulent transfers” of bitcoin.

“Specifically, on several occasions, Tether demanded, and received, a significant amount of new, incremental collateral to improve its position in the impending bankruptcy,” according to the lawsuit.

“This baseless lawsuit is trying to claim that we should give back the bitcoin that were sold to cover Celsius’ position,” Tether CEO Paolo Ardoino said in a post on X. “There are plenty of flaws in the claimant’s filing and we’re very confident in the solidity of our contract and our actions … This lawsuit will be fought till the end. It’s important to set an example on behalf of the entire industry that shameless money grabs will not work.”

Celsius argued that in June 2022, Tether “applied Celsius’s Bitcoin against obligations owed to it for an average price of $20,656.88 each—considerably less than Bitcoin’s market closing price on June 13th, $22,487.39.”

“Thus, these preferential and fraudulent transfers of Bitcoin should be avoided, and the Bitcoin or its value should be recovered for the benefit of Celsius’s estate,” the filing said. It also demands $100 million in damages for breaches of contract.

According to Tether, when the market crashed, the agreement required “Celsius to post additional collateral to avoid the liquidation of its BTC” and “when Celsius chose not to post additional BTC it directed Tether to liquidate the BTC collateral Tether held.”

Tether also said that the consolidated equity of the Tether Group was nearly $12 billion as of June 30, so “even in the most remote scenario in which this baseless lawsuit will get somewhere, Tether token holders will not be impacted.”

Celsius’ bankruptcy is officially closed after a court approved a reorganization plan in November.

Canto Blockchain Suffers Two-Day Outage Amid Consensus Issue

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The Canto team said a fix will be deployed on Monday at 12:00 UTC.

Layer-1 blockchain Canto has been offline since Saturday following a “consensus issue.” The CANTO token initially dropped by 21%, before recovering over the course of the weekend.

Data from Etherscan shows that three transactions were processed on Aug. 10 and no activity has taken place since then.

“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” Canto said in an announcement on X. “An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.”

Canto experienced a period of explosive growth after going live in August last year, and total value locked (TVL) surged to more than $200 million in March as investors flocked to a series of DeFi services like lending, staking and liquidity provision.

On-chain activity has rapidly subsided since then, with TVL dropping to just $13.7 million, according to DefiLlama. The CANTO token is also down by 83% since May 24.

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