Market fraud and skepticism fuel crash of cryptocurrency

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In Southeast Asia, a booming crypto scene

More than 600 crypto or blockchain companies are now headquartered in Southeast Asia, according to a new report by venture investment firm White Star Capital. Much of the recent growth in venture capital funding across the region has stemmed from crypto, blockchain and web3 startups, which drew in almost $1 billion in funding just in 2022 to date and are on track to surpass the $1.45 billion total in 2021, says the report. Investors from all over the world are drawn to the region’s vibrant web3 scene, with those from the U.S., China and Singapore being some of the most active ones, the report shows.