Bithumb Live Files for Bankruptcy

In a bid to foster gender diversity and inclusivity within the blockchain industry, cryptocurrency exchange Bitget has committed $10 million to invest in women-led startups in the Web3 and blockchain sector. Blockchain4HerThe announcement, made at the Web3 Hub Davos event on Tuesday, a part of the World Economic Forum 2024, highlights Bitget's initiative in promoting equality in a rapidly advancing sector. Bitget's research reveals a stark gender bias within the blockchain sector, with only 6% of startup funding directed towards female-led projects. Bitget’s Blockchain4Her project has been established as a direct consequence, in order to address this imbalance. Blockchain4Her has been designed to provide crucial support, mentorship and recognition to women in the industry. The initiative will include tailored incubation programs, pitch competitions exclusively for women-founded startups and the Women in Blockchain Summit & Awards, aimed at acknowledging outstanding achievements by women in the blockchain space. Recognizing the need for comprehensive measures, Bitget aims to confront the gender disparity by creating a nurturing environment through these multifaceted efforts. By offering specialized support for female entrepreneurs, the initiative aims to encourage greater involvement and leadership roles for women in the blockchain space.Photo by Shubham Dhage on UnsplashIndustry ambassadorsAs part of the Blockchain4Her program, Bitget plans to invite industry leaders to serve as ambassadors, supporting gender diversity in the blockchain industry. These ambassadors will play a crucial role in advocating, engaging and driving positive changes, fostering an inclusive environment for women in the blockchain sector. Bitget's commitment to addressing gender disparity in the blockchain industry is further underscored by its recent report on Web3 venture capital funding by gender. The report, published on Jan. 11, revealed that less than 7% of VC funding in the industry went to female-led startups, emphasizing the need for comprehensive measures to increase inclusiveness and accessibility for women in the blockchain sphere. The company is itself leading from the front on the issue, with Gracy Chen as managing director, one of the few crypto exchange platforms headed up by a female executive. Blockchain4YouthIt’s not the first time that the company has embarked upon a corporate social responsibility-themed project. It follows Bitget's earlier commitment to nurturing talent through the “Blockchain4Youth” initiative, which was announced in May of last year. The $10 million initiative set out to serve the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space.” It focuses on providing courses through Bitget Academy, hosting university lectures on Web3, incubating innovative projects by young entrepreneurs and organizing hackathons for individuals under 30 to identify promising leaders. A by-product of Blockchain4Youth also involved the company commencing to invest in Indian blockchain startups in November. Bitget's Blockchain4Her initiative represents a significant step towards fostering a more equitable blockchain space. By championing inclusion and diversity, Bitget not only contributes to a fairer industry but also supports the sustainability and growth of the broader technology sector. 

North Gyeongsang Province launches metaverse platform to become digital hubNorth Gyeongsang Province has officially launched its integrated metaverse platform Metaport, which aims to expand access to the metaverse — a key component of the digital economy — for the region’s citizens. It also serves to showcase the region’s cutting-edge technologies and establish it as a hub for emerging industries.Photo by Mimi Thian on Unsplash“We will focus on a strategy to solidify our position not only as a metaverse capital but also as a global digital hub,” said the province’s Governor Lee Cheol-woo.Offering a hybrid metaverse experienceTouted as the nation’s first scalable hybrid metaverse platform, Metaport utilizes Web3 technology to provide both web and app services. In particular, it leverages open APIs to integrate features such as login and avatars into one service, which allows users to enjoy metaverse content provided by local governments, public institutions, businesses, schools and more.Bridge to the futureThe platform also connects reality and the virtual realm with a virtual model of the Daegu-Gyeongbuk Integrated New Airport as the main space within the realm. The Daegu-Gyeongbuk Integrated New Airport is a joint military-civilian airport that is set to be built by 2030 in the Uiseong and Gunwi counties.Users can access MetaPort through a website without downloading a separate program. The mobile app is also available for Android smartphones on the Google Play Store.

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.