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Analyzing More Recent Notorious Crypto Hacks

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3 months ago

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Dubai, UAE, 12th July 2024, In the 15-year history of the cryptocurrency sector, many corrupt individuals have tried to find and exploit vulnerabilities in exchanges, bridges, and other platforms. The outcome is some of the most infamous hacks in the industry’s past. Let’s analyze a few more recent incidents and determine what valuable lessons the crypto community can learn from them.

Poly Network  

The exploit of the Poly Network, a cross-chain interoperability protocol, took place in August 2021. It led to the theft of $610 million, marking one of the most daring cyber attacks in the cryptocurrency space. 

After locating vulnerabilities in Poly Network’s smart contracts, an attacker found a way to access multiple wallets and successfully freed them from assets, transferring them to three wallets on various networks. Having discovered a leak of funds, the Poly team asked exchanges and miners to monitor the stolen tokens’ movements and appealed for the hacker’s transactions to be halted. Tether took action by freezing $33 million worth of USDT. In a public message on Twitter, the Poly team expressed their desire to initiate a dialogue with the hackers and encouraged them to return the stolen tokens. Less than 24 hours later, an unidentified individual (proclaiming to be the hacker) voiced willingness to return the funds. The identity of this hacker remains unknown.

Gradually, after days of a back-and-forth with the attacker, the Poly team announced the total return of stolen assets. While few believed that the hacker wanted to showcase vulnerabilities in such a big and trusted platform as Poly Network, the majority of the public was confident that the hacker gave back the funds only because it was difficult to launder and cash out the money due to the public record of the coins on the blockchain and the overall community’s outrage. Interestingly, at a certain point, the hacker was offered a $500,000 “bug bounty” and the company’s chief security advisor role but decided to decline. 

Following the breach, the special bounty program was still initiated, aspiring to encourage researchers to find and responsibly disclose any other vulnerabilities in its software. However, this measure proved inadequate as, regrettably, this was not the last security breach for Poly Network. In the summer of 2023, it fell victim to another significant hack, with the intruder finding one more flaw in the project’s smart contracts. They minted multiple tokens estimated to be worth $43 billion but, fortunately, could only withdraw approximately $10 million due to limited liquidity. Those two breaches underscored the significance of conducting comprehensive code audits again, particularly for large-scale and high-profile projects like Poly Network.

Multichain  

Multichain’s exploit is another of the most notorious hacking incidents in recent memory, resulting in the platform’s rapid decline and shutdown. On July 7, 2023, a cross-chain interoperability protocol Multichain lost $126 million, with the majority of funds, approximately $120 million, taken from the Fantom bridge. The details of how the hack occurred still have not been disclosed.

The criminal took advantage of the system and stole various assets, including wrapped Ether, wrapped Bitcoin, and USDC. They also targeted the Dogecoin bridge, taking $666,000 and causing an 85% decrease in total deposits. Finally, the Moon River bridge lost $6.8 million, including USDC and Tether, to this theft. Unfortunately, the MPC node servers were being used under Multichain’s CEO Zhaojun’s cloud server account, thus making logging in impossible for other team members. The Multichain team ceased operations one week after experiencing a hack, as they could not access the platform and assess the situation more thoroughly. 

A year has passed, and the situation has not become clearer. Users are still facing difficulties in obtaining information or reaching their assets. This breach served as a reminder to the community that even widely used and reliable projects can have underlying security issues, neglect basic safety rules, and even lie about the practices present within the project.

Conclusion

The digital currency sector has faced multiple high-profile cyber assaults that have influenced the cryptocurrency market immensely, harming people’s belief in the security of crypto products and the overall potential of the industry. However, they have also motivated crypto projects to examine their safety measures, implement more efficient approaches, and create new, more sophisticated ways to shield against future threats.

Kinetex Network: Website | Kinetex dApp | Blog

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Altrea Labs Officially Launches Zenboz Modern Monks NFT Collection on Rarible

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12 mins ago

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October 24, 2024

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Los Gatos, CA, USA, 24th October 2024, ZEX PR WIRE, The wait is over: the team at Altrea Labs has officially launched its innovative NFT collection, Zenboz Modern Monks on the Base blockchain, available for minting now on Rarible. This new project merges art and AI tech unlike anything seen before in the NFT space.

Zenboz stands out as the first NFT project to offer a built-in product/utility that is available from day one of the complete collection sellout. This marks a departure from speculative practices, as Altrea Labs prioritizes delivering real-world utility to its users over mere hype.

Zenboz Modern Monks NFT Collection 

Zenboz Modern Monks NFT offers an innovative and unparalleled collection that celebrates the art of being true to oneself. Created by Altrea Labs, Zenboz is a collection of 10,987 unique NFTs that blends retro pixel art with high-resolution canvas, creating a striking aesthetic. This design sets it apart from traditional pixel art PFPs. Each NFT features 19 distinct attributes and over 230 variants. You can explore more about the project on their website blog.

But Zenboz is more than just a pretty NFT collection: it’s about empowering individuals to find inner peace amidst the chaos of life. In a world filled with daily stressors and challenges, finding reliable and uplifting support is crucial. Everyone needs a compassionate and wise companion to guide them with ‘monk-like’ wisdom. This is where ZensAÍ comes in – a custom OpenAI-powered chatbot offering light-hearted wisdom and support for daily struggles. As a friendly companion, ZensAÍ access provides daily motivation with anecdotes, helping users navigate life’s complexities.

The focus on real-world utility sets Zenboz apart from other NFT collections. With Gen-AI incorporation, users can access a unique interactive AI companion that adds more value to their digital collectible.

ZensAÍ: A Personal Companion to Mindfulness and Positivity

ZensAÍ is a unique AI product designed to promote positivity. Unlike other generic AI services, ZensAÍ offers an experience tailored to mindfulness to support the individual’s needs. Users connect to ‘The Highs’ portal using their crypto wallet containing the Zenboz NFT they own and interact for 3 questions daily for every Zenboz NFT owned. This custom OpenAI-powered chatbot serves as a digital zen companion, providing instant wisdom and support for various life situations.

Unique Features of ZensAÍ:

  • Humor and Wit: ZensAÍ combines mindfulness and life advice with humor, making each interaction enjoyable. It draws from a range of references, providing rich, relatable storytelling.
  • Personal Guidance: Tailored to meet your emotional needs, ZensAÍ offers thoughtful, supportive advice that resonates personally.
  • Privacy Focused: ZensAÍ ensures privacy by not storing questions or responses on servers.
  • Instant Support: ZensAÍ acts as a personal companion, offering relentlessly supportive advice and motivation when needed.
  • Daily Positivity: Regular interactions with ZensAÍ promote positive thinking and proactive approaches to life’s challenges.
  • Cost-Effective: Users enjoy ZensAÍ’s benefits without worrying about gas fees, thanks to a business model that covers operational costs through initial sales and resale commissions.

What’s after this for Zenboz Holders? The upcoming launch of Zenboz Modern Monks NFT marks the beginning of AI-driven interactive NFT products. The team is already working on their next project, code-named “Mythical Creatures,” which will build on the AI infrastructure and deliver more engaging, interactive product experiences. Zenboz holders will be crucial in Altrea Labs’ growing universe of art, technology, and immersive experiences.

For now, head over to Rarible and mint yourself a Zenboz Modern Monk NFT to join the exciting journey at the forefront of innovation! 

About Altrea Labs

Altrea Labs combines technology and creativity to tackle real-world user problems through innovative NFTs. Its latest Zenboz Modern Monks project focuses on creating product-backed NFTs with immediate utility for holders upon launch and sellout. It’s also about building a strong community and paving the way for the future of Web3 experiences. The company aims to steadily develop NFT-centric technologies and AI experiences that seamlessly integrate art and technology, focusing on both innovative products and a robust infrastructure to fully embrace the Web3 future.

Anyone curious about the potential of NFTs and their impact beyond just digital assets should pay attention to Altrea Labs. The project’s website and the social pages below offer more information about Atrea Labs’ vision and goals.

Zenboz Mint Page | Zenboz NFT X (Twitter) | Atrea Labs X (Twitter) 

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Foodrella Tteokbokki Captivates Global Taste Buds

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27 mins ago

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October 24, 2024

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Seoul, Korea – 24/10/2024 – (SeaPRwire) – Foodrella, a Korean food brand, has launched a product that allows global consumers to create authentic K-food with a simple recipe.

Once considered a casual snack, tteokbokki has now become deeply embedded in the culinary cultures of the U.S., Europe, and Asia, positioning itself as a pioneer in the globalization of Korean food. Driven by the rising popularity of K-pop and Korean dramas, interest in tteokbokki has surged, especially after K-pop stars were seen enjoying the dish. This has significantly increased demand among international fans eager to experience Korean culture.

In response to this trend, Foodrella’s tteokbokki mix was created to allow consumers to make the dish effortlessly, using just the mix without needing additional seasoning. Since its debut on Amazon, the product has received widespread acclaim from global consumers, offering them an easy way to enjoy K-food at home.

Hanmi F3 Co., Ltd., the manufacturer of Foodrella, was founded in 1987. Specializing in the production of sauces, seasonings, food coatings, beverage bases, bakery & dessert mixes, and pickles, the company primarily caters to the restaurant and cafe franchise sectors. Hanmi F3 is dedicated to quality and safety, earning recognition as a leading domestic food manufacturer, with growing attention in international markets.

Hanmi F3 uses only the finest premium ingredients, ensuring that even with simple processes, its products offer exceptional culinary experiences that add real value to customers’ businesses. The company focuses on providing customized solutions to meet diverse customer needs, while continuously improving products to maintain the highest quality standards.

A representative from Foodrella stated, “We will continue to focus on developing products tailored to global tastes, aiming to establish tteokbokki not just as a snack, but as a dish enjoyed in everyday life by consumers around the world. We plan to expand the market by diversifying both our recipes and product offerings.” The representative also added, “By adopting localized strategies based on the preferences of consumers in different regions, we aim to introduce new tteokbokki products that can be integrated with a variety of local cuisines.”

Related Links

Amazon: https://www.amazon.com/foodrella

Instagram: https://www.instagram.com/foodrella.official/

Kakao: https://pf.kakao.com/_thqNC

Facebook: https://www.facebook.com/foodrella

Media Contact

Brand: Foodrella

Contact: Jason Shin

Email: ssw@foodrella.com

Website: https://foodrella.com

 

The article is provided by a third-party content provider. SeaPRwire ( https://www.seaprwire.com/ ) makes no warranties or representations in connection therewith.

Sectors: Top Story, Corporate News

SeaPRwire provides real time press release distribution for companies and organizations to 6,500+ media outlets & 3.5 million professional desktops in 90 regions. It distributes press releases in different languages, including: IndonesiaFolk, IndoNewswire, SEATribune, IDNewsZone, LiveBerita, DailyBerita, TaiwanPR, SinchewBusiness, AsiaEase, BuzzHongKong, SingapuraNow, TIHongKong, TaipeiCool, TWZip, AsiaFeatured, dePresseNow, THNewson, KULPR, VNFeatured, MENAEntry, HunaTimes, DubaiLite, ArabicDir, BeritaDaring, TekanAsia, JamKopi …

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DIFC continues to drive global action in shaping greener economies – Announces 2nd edition of Future Sustainability Forum in Dubai

Published

27 mins ago

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October 24, 2024

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  • DIFC’s forum aligns with vision of UAE’s leadership to fast-track the transition to greener economies through sustainable technology, banking and finance, renewable energy, and waste management.
  • Second edition of the Future Sustainability Forum takes place in Dubai on 4 and 5 December.
  • Coinciding with first anniversary of COP28 being held in the UAE, the Forum is a step towards accelerating efforts to meet the Paris Agreement goals and the UN SDGs 2030.

Dubai, UAE, 24th October 2024, ZEX PR WIRE, Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, announces the 2nd edition of the Future Sustainability Forum. Scheduled for 4 and 5 December 2024 at the Madinat Jumeirah, Dubai, the Forum will focus on mobilising sustainable practices, engaging in influential discussions on sustainable development, working towards environmental conservation, social equity and innovation.

The announcement of the 2nd edition of the Forum underscores DIFC’s commitment to advancing UAE sustainability priorities alongside initiatives such as the DIFC Sustainable Finance Catalyst which aims to grow sustainable finance flows from Dubai to USD 100+ billion by 2030.

The Forum coincides with the first anniversary of COP28 being hosted in the UAE and is set to attract over 3,000 participants. The event will mobilise industry leaders, investors, tech disruptors, and policymakers into achieving the United Nations Sustainable Development Goals (SDGs) and contributing to the delivery of the Paris Agreement, whilst aiming to channel investment flows between the global north and south to accelerate climate action.

Alya Al Zarouni, Chief Operating Officer of DIFC Authority and Co-Chair of the Dubai Sustainable Finance Working Group, said, “The DIFC organised Future Sustainability Forum is a vital platform for collaborative action towards a more sustainable future. As the global economic landscape evolves, so must our commitment to responsible and inclusive growth. At DIFC, we are proud to be convening this gathering of industry leaders, innovators, and policymakers to address the most pressing environmental and social challenges of our time. Together, we can forge new pathways to a more resilient and sustainable future for financial services and other important industries.”

Dr Bernd van Linder, Chief Executive Officer of the Commercial Bank of Dubai, the presenting sponsor of the Forum, stated, “Commercial Bank of Dubai is proud to support the UAE’s sustainability ambitions through our participation in the Future Sustainability Forum 2024 as Presenting Sponsor. Our proactive approach in addressing environmental challenges, exemplified by the successful issuance of CBD’s inaugural green bond, demonstrates our alignment with global environmental goals.”

The Forum will address critical sustainability issues across eight core pillars spanning different industries including banking and finance, construction, renewable and future energy, transportation and mobility, manufacturing and production, recycling and waste management, sustainable technology, and agriculture and food production.

In addition to the packed conference agenda that will feature over 100 sustainability and climate action expert speakers, the Forum will bring together the most innovative solutions and service providers from across the global sustainability landscape through the Climate Action & Renewable Energy Expo (CARE).

Government entities in the UAE have spearheaded a range of comprehensive sustainability programmes in the pursuit of a net-zero future. Initiatives such as the Dubai Clean Energy Strategy 2050, the UAE Net Zero 2050 strategic initiative, and the UAE Vision 2070, emphasise on a commitment to renewable energy adoption, water conservation, waste management, and sustainable urban development.

For more information and to register, please visit the Future Sustainability Forum website.

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn.

With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of 43,800 professionals working across over 6,150 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.

For further information, please visit our website: difc.ae, or follow us on LinkedIn and X @DIFC.

For media enquiries, please contact: 

Nivine William | Nisha Celina

Burson | bursonglobal.com

nivine.william@bursonglobal.com | nisha.celina@bursonglobal.com

Rasha Mezher | Dubai International Financial Centre Authority  

Manager, Marketing & Corporate Communications

Rasha.Mezher@difc.ae

 

Hussain AlZaabi | Dubai International Financial Centre Authority

Manager, DIFC Innovation Hub

hussain.alzaabi@difc.ae

Shadi Dawi

Director – PR & Media

+971 55 498 4989

shadi@tresconglobal.com

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