PANews, July 1st - CyberStep, the operator of the popular online claw machine game Toreba in Japan, announced the launch of a new business for the strategic reserve and operation of cryptocurrency assets starting from July 1st, planning to invest up to 1 billion yen. This new business will be handled by its newly established strategic department, Cryptech Capital, with the aim of building a new revenue base and accelerating expansion into the Web3 field. The company plans to establish a "self-circulating token economy" by exchanging tokens generated through its Web3 services for mainstream cryptocurrency assets such as Bitcoin and Ethereum, to be used as corporate asset reserves. As a specific case, its blockchain game Eggle allows users to acquire Eggle Energy Token ($ENG) during the cultivation of NFT characters, and this token will be included in the strategic investment scope of the new business. Cryptech

The SEC has sued Touzi Capital and its CEO Eng Taing for an alleged unregistered securities issuance fraud of $115 million. The defendants raised approximately $118 million from 1,500 investors through false advertising. The SEC claims that Taing falsely promoted the project as a high-yield stable savings account investment, when in reality it was highly speculative and lacked liquidity. This is one of the 583 enforcement actions by the SEC in 2024, resulting in a record-breaking $8.2 billion in financial remedies.