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Japanese dog of 'Doge' meme fame dies

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Japanese dog of 'Doge' meme fame dies

A representation of cryptocurrency Dogecoin
| Photo Credit: Reuters

The Japanese dog whose photo inspired a generation of oddball online jokes and the $23-billion Dogecoin cryptocurrency beloved by Elon Musk died on Friday, her owner said.

“She quietly passed away as if asleep while I caressed her,” Atsuko Sato wrote on her blog, thanking the fans of her shiba inu called Kabosu — the face of the “Doge” meme.

“I think Kabo-chan was the happiest dog in the world. And I was the happiest owner,” Sato wrote.

As a rescue dog, Kabosu’s real birthday was unknown but Sato estimated her age at 18, past the average lifespan for a shiba inu, with her birthday celebrated in November.

In 2010, two years after adopting Kabosu from a puppy mill where she would otherwise have been put down, Sato took a picture of her pet crossing her paws on the sofa.

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She posted that image — with the fluffy shiba inu giving the camera a beguiling look — on her blog, from where it spread to online forum Reddit and became a meme that bounced from college bedrooms to office e-mail chains.

The memes typically used goofy broken English to reveal the inner thoughts of Kabosu and other shiba inu “doge” — pronounced like pizza “dough” but with a “j” at the end.

The picture also later became an NFT digital artwork that sold for $4 million and inspired Dogecoin, which was started as a joke by two software engineers and is now the eighth-most valuable cryptocurrency with a market capitalisation of $23 billion.

‘Unbelievable’ events

Dogecoin has been backed by hip-hop star Snoop Dogg, “Shark Tank” entrepreneur Mark Cuban and Kiss bassist Gene Simmons.

But its most keen supporter is probably the billionaire Musk, who jokes about the currency on X — sending its value soaring — and hails it as “the people’s crypto”.

Dogecoin has also inspired a plethora of other cheap and highly volatile “memecoins”, including spin-off Shiba Inu and others based on dogs, cats or Donald Trump.

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Kabosu fell ill with leukaemia and liver disease in late 2022, and Sato said in a recent interview with AFP in her home of Sakura, east of Tokyo, that the “invisible power” of prayers from fans worldwide helped her pull through.

The 62-year-old Sato said she had become so used to “unbelievable” events that, when Tesla boss Musk changed the icon for Twitter, now X, to Kabosu’s face last year, she “wasn’t even that surprised”.

“In the last few years I’ve been able to connect the online version of Kabosu, all these unexpected things seen from a distance, with our real lives,” she told AFP.

A $100,000 statue of Kabosu and her sofa crowdfunded by Own The Doge, a crypto organisation dedicated to the meme, was unveiled in a park in Sakura in November last year.

Sato and Own The Doge have also donated large sums to international charities, including more than $1 million to Save the Children. The NGO says it is “the single largest crypto contribution” it has ever received.

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“The Doge is the most popular dog of the modern era,” said Tridog, a pseudonymous member of Own The Doge, describing Kabosu as “the Mona Lisa of the internet”.

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Cryptocurrency exchanges to evaluate listed coins

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Cryptocurrency exchanges to evaluate listed coins

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on a PC motherboard in this illustration. REUTERS-Yonhap

Implementation of Korea’s first cryptocurrency act on user protection to take effect from July 19

By Anna J. Park

With the implementation of Korea’s first law on virtual asset user protection, due to occur on July 19, cryptocurrency exchanges are set to comprehensively review the listing status of over 600 virtual assets currently being traded.

According to the Financial Supervisory Service (FSS) and the virtual asset industry on Sunday, 29 cryptocurrency exchanges registered to the financial authorities, including Upbit, Bithumb, Coinone, Korbit and Gopax, must regularly evaluate whether to continue supporting the trading of their listed coins.

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The exchanges are each required to set up their own evaluation and decision-making body within their organizations, with the said bodies assessing the reliability of the issuer of their listed coins, user protection measures, technology and security and compliance with regulations.

With regards to assets like Bitcoin, of which the issuer is not specified, alternative review criteria will be introduced.

When cryptocurrency coins do not meet certain standards, they will be designated as cautionary and will face delisting.

“Financial authorities will support cryptocurrency exchanges to conduct reviews on their listed coins every six months regarding whether to continue supporting the trading of the virtual assets. After this initial review, the exchanges will be required to conduct maintenance reviews every three months,” an official from the financial authorities said.

Financial authorities are also preparing guidelines for virtual asset transactions, aiming for them to be utilized by virtual asset exchanges from next month, when the virtual asset user protection law is set to come into effect.

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The figures from the Korea Financial Intelligence Unit under the Financial Services Commission (FSC) showed that the total number of cryptocurrency coins listed on the domestic virtual asset exchanges stood at around 600 as of the second half of last year, which is about a 3.5 percent fall compared to the first half of last year.

Meanwhile, the financial authorities are also preparing a change in their internal structures to devise policies on the cryptocurrency industry effectively.

The FSC plans to establish a new bureau solely dedicated to virtual assets so as to oversee the overall regulatory framework for the virtual asset industry as early as the end of this month.

The FSC’s organizational amendment, which includes these details, will complete its legislative notice by Monday and will be reviewed by the cabinet meeting on Tuesday.

The FSS is also gearing up for its supervision and investigations into unfair trade in the virtual asset sector at two new bureaus established at the end of last year.

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Crypto Deposits to Chinese Drug Producers' Addresses Double in Early 2024 Compared to 2023

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Crypto Deposits to Chinese Drug Producers' Addresses Double in Early 2024 Compared to 2023

Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits into crypto addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period in 2023.

In 2023, Chinese precursor networks received over $26 million in cryptocurrency, with 97% of the over 120 manufacturers studied offering payment options in digital currencies.

Bitcoin Dominates Transactions

According to TRM Labs, the overall amount of cryptocurrency deposited into wallets linked to these manufacturers increased by more than 600% from 2022 to 2023.

Bitcoin remains the dominant cryptocurrency used for these transactions, accounting for approximately 60% of the total payment volume. Following Bitcoin, the TRON blockchain saw about 30% of transactions, while Ethereum was used for roughly 6%.

The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges.

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In addition to the preference for cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers.

The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. Advertisements have also been directed towards Russia and neighboring countries, particularly for mephedrone precursors.

China’s Role in The US Fentanyl Crisis

A U.S. congressional committee recently reported that the root cause of the U.S. fentanyl crisis lies in the People’s Republic of China, which manufactures over 97% of the precursors used in the global illicit fentanyl trade.

According to the report, China subsidizes the production of illicit fentanyl precursors, which has significantly contributed to the opioid crisis in the United States.

“The CCP has had this program in place since at least 2018. At that time, they subsidized at least 17 illegal synthetic narcotics that are Schedule I controlled substances, including 14 deadly fentanyl analogues.”

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The committee found that China provides value-added tax rebates to companies manufacturing fentanyl analogs and other synthetic narcotics, provided these products are sold outside China.

Another September 2023 report by blockchain intelligence firm Elliptic also uncovered a network of 100 individual suppliers facilitating the illicit fentanyl trade. Elliptic noted that these suppliers use cryptocurrencies, particularly Bitcoin, Ethereum, Tron, and Monero, to conduct transactions and facilitate the transfer of funds from buyers to suppliers.

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Cryptocurrency startup funding surpasses $100B (Cryptocurrency:BTC-USD)

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Cryptocurrency startup funding surpasses $100B (Cryptocurrency:BTC-USD)

bizoo_n

Cryptocurrency startups have drawn over $100B in total funding since 2014, as per data compiled by DeFiLlama, with $3.54B raised up to May this year alone amid a surge in bitcoin (BTC-USD) and other digital tokens.

DeFiLlama is an aggregator

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