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Finance

Prosecutors raid Daishin Securities, reviving brokerage internal controls debate

A prosecutors’ raid on Daishin Securities in a probe into alleged price manipulation involving a manager has reignited concerns over the effectiveness of internal controls across South Korea’s brokerage industry. The employee is suspected of colluding with outside actors to boost a KOSDAQ-listed stock and generate illicit profits worth tens of billions of won. Daishin says it detected suspicious trading early and reported the case, but some see the investigation expanding. Regulators and firms are also stepping up internal-control measures.

Crypto

Bitcoin staking protocol Babylon raises $15 million from a16z Crypto

Bitcoin-based DeFi protocol Babylon has raised $15 million from a16z Crypto and plans to expand the market for bitcoin-collateralised loans, Cointelegraph reported. The investment was made via purchases of Babylon\'s native BABY token. Babylon plans to use the funds to build bitcoin-collateral infrastructure. Founded in 2022, it is developing a trustless vault system to support on-chain loans using bitcoin collateral without moving funds. Babylon partnered with Aave Labs in December.