#Web3

South Korean prosecutors have launched an investigation into Wemade, a developer of Web3 games with a market capitalization exceeding $1 billion. The company is suspected of failing to register officially as a virtual asset service provider, thereby allegedly violating local laws and gaining unfair profits over an extended period.

SushiSwap's Chief Technical Officer has issued an alert on X, highlighting that decentralized applications utilizing the Web3 connector LedgerHQ/connect-kit are at risk.

As per the announcement, Ubisoft and Immutable are jointly developing “an innovative gaming venture poised to unleash the full potential of Web3.”

L1 blockchains Klaytn and Finschia have agreed on a merger to establish the largest Web3 ecosystem in Asia. The proposal was voted on by community members of both projects and passed with 95% in favor, as detailed in a press release.

South Korean gaming giant Wemade has teamed up with Singaporean private investment firm Whampoa Digital in a collaborative effort to bolster the Web3 sector. The partnership entails the creation of a $100 million fund dedicated to this initiative.