Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5M

Suspected Malicious Activity Drains AnySwap Tokens via Multichain ExecutorAccording to an on-chain sleuth known as Spreek, a person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol.Multichain is a cross-chain routing network, established and maintained by a Chinese developer team. It supports in excess of 25 blockchains and more than 1,100 tokens.Photo by Marek Piwnicki on Unsplash$100 million outflowThis revelation comes after abnormal outflows of over $100 million from Multichain bridges on July 7, which were flagged by the Multichain team. Spreek’s report via Twitter on July 10 states that the Multichain Executor address has been draining anyToken addresses across multiple chains and transferring them to a new externally owned account (EOA).Evidence provided in the report includes an Ethereum transaction, 0x53ede4462d90978b992b0a88727de19afe4e96f0374aa1a221b8ff65fda5a6fe, which called the “anySwapFeeTo” method on the Multichain Router: V4 contract. This transaction resulted in approximately $15,275.90 worth of anyDAI being minted on Ethereum, sent to the Multichain Executor, burned, and exchanged for the underlying DAI backing the asset.The funds from these transactions were sent to the following address:0x1eed63efba5f81d95bfe37d82c8e736b974f477b. Similarly, on the BNB Smart Chain (BSC), the Multichain Executor used the anySwapFeeTo function to convert $208,997 worth of anyUSDC into Binance-pegged USDC and sent them to the same address. Additionally, 50.80 anyBTC, equivalent to $39,251.43 at the time, was converted into Binance-pegged Bitcoin and sent to the address.In total, approximately $263,524.33 worth of tokens were sent to this address through the anySwapFeeTo method. Spreek suggests that this behavior could be part of the protocol’s normal functioning. However, a different account engaged in similar activity the day before and ultimately sold the drained tokens, indicating malicious intent.Potential exploitSpreek theorizes that the attacker may be exploiting the anySwapFeeTo function by setting fees to an arbitrarily large amount, allowing them to drain users’ funds. The function apparently permits setting any value, enabling the address to choose the total value of the token held in that anyToken.The Multichain incident has puzzled blockchain analysts, as it remains unclear whether it resulted from an exploit or if it was simply large token-holders moving their funds between networks. The mystery began on July 7 when over $100 million worth of tokens were withdrawn from the Ethereum side of Multichain’s bridges and transferred to wallet addresses with no prior transactions. This represented the majority of funds held on each bridge.Hack or rug pullThe Multichain team labeled these withdrawals as “abnormal” and advised users to stop using the protocol. However, they have not disclosed the source or nature of the anomaly. In response to the incident, stablecoin issuers Circle and Tether froze some of the addresses involved in the suspicious transactions. Chainanalysis, a blockchain analytics firm, has commented that the incident appears more like a hack or rug pull rather than a migration.Adding to the complexity, the Multichain team has reported that their CEO is missing, and they have shut down certain bridges due to losing access to some of the network’s multi-party computation network servers. There have been various concerns relative to Multichain since May. The situation continues to evolve, with ongoing investigations and efforts to mitigate any potential damage caused by the suspected malicious activity.

Indian Crypto Exchange CoinDCX Implements Workforce ReductionIndian cryptocurrency exchange CoinDCX has recently taken the step of reducing its workforce by approximately 12%.The strategic move was announced by way of a statement from CoinDCX founders Sumit Gupta and Neeraj Khandelwal, published to the firm’s website on Tuesday. The cutback is being made in response to the prolonged bear market and the consequences of India’s Tax Deducted at Source (TDS) policy on domestic exchanges.Photo by Hardik Joshi on UnsplashMacroeconomic and crypto market headwindsGupta and Khandelwal described the decision that they’ve taken as being challenging, although they outlined that it was taken with a view toward steering the business to profitability and sustainability amidst trying macroeconomic conditions in the crypto sector.The company has encountered significant headwinds due to the overall tough conditions in the crypto market. These challenges have resulted in decreased trading volumes and revenues for CoinDCX. In light of these circumstances, the company has determined that resizing specific teams within the organization is necessary in order to secure the viability and long-term growth of the operation.71 jobs cutApproximately 71 employees are being affected by the workforce reduction, out of CoinDCX’s total workforce of around 590 based in Mumbai. To mitigate the impact on these employees, the company has implemented a support package aimed at providing comprehensive assistance during this transition.This package includes severance pay equivalent to the full notice period, an extra month of salary, compensation for variable pay and incentives, encashment of unused leave days, extension of health insurance and wellness benefits, and access to counseling support.In spite of the necessity for workforce reduction, CoinDCX’s outlook on the Indian market remains optimistic. The company remains steadfast in its commitment to driving crypto and Web3 adoption to a target of 50 million individuals by 2025.No further reduction plansThe founders emphasized that this reduction is a unique, targeted action and that they have no further plans for team reductions. They claim to have engaged in thorough discussions with senior leaders within the company to ascertain the best path forward, with a commitment to overcoming challenges and reinforcing the company’s foundation.In spite of this setback CoinDCX maintains that its vision is intact, encompassing a presence not only in the Indian market but also further afield.Industry trendCoinDCX’s current struggle has been mirrored by a plethora of leading crypto exchanges over the course of recent months. In July, it emerged that Seychelles-based Kucoin was cutting jobs although the firm’s CEO asserted that it wasn’t a layoff plan and more so a reevaluation of the organization’s structure.Earlier that month, Thai digital asset exchange Bitkub cut its headcount in an effort to manage costs during this period of challenging market conditions. Recently, leading global crypto exchange Binance announced one thousand job losses while stating that more jobs may be cut in the future.The decision made by CoinDCX underscores the broader struggles that startups and businesses within the crypto space face. With the bear market’s impact and regulatory pressures, companies are being compelled to make difficult choices in pursuit of long-term sustainability.

Bhutan’s Gelephu Mindfulness City (GMC), a special administrative region (SAR) within the Kingdom of Bhutan, plans to establish a strategic cryptocurrency reserve.Photo by Ameya Sawant on UnsplashBitcoin, Ether & BNBThat’s according to an announcement published by the new administrative region on Jan. 8. In that statement the GMC SAR outlined that it has the intention to “recognise digital assets such as Bitcoin (BTC), Ether (ETH) and BNB as part of its strategic reserves.” The SAR acknowledged that the move would result in it becoming one of the first jurisdictions to officially put in place the holding of digital assets as part of strategic reserves. While it cited Bitcoin, Ether and BNB, the SAR outlined that it has the intention to recognize digital assets with large market capitalizations and deep liquidity. That requirement has been set out so that it can easily trade in and out of these assets without impacting asset prices on the open market. The Kingdom of Bhutan is no stranger to cryptocurrency. It emerged in 2023, through court filings in the bankruptcies of crypto lenders Celsius and BlockFi, that Bhutan had cryptocurrency holdings managed by Druk Holding and Investments, the commercial arm of the Royal Government of Bhutan.  An evolution of Bitcoin mining activityShortly afterwards, it was revealed that Bhutan had been mining Bitcoin since it was priced at $5,000. Crypto mining was deemed to be a good fit for the Kingdom, given its considerable hydroelectric resources. Bhutan has entered into partnerships with Singapore-headquartered crypto mining firm Bitdeer to jointly develop green digital asset mining operations. Given this background, the SAR stated that adding crypto as part of a strategic reserve would be “an evolution of the jurisdiction’s involvement in bitcoin mining.” Crypto rather than Bitcoin-onlyTaking to the X social media platform, the BNB network project described the move as “a major milestone for blockchain adoption.” It added that the SAR’s inclusion of BNB suggests the existence of global trust in the BNB Chain ecosystem and belief in its utility. Binance founder Changpeng Zhao (CZ) also chimed in, pointing out that the Bhutan GMC SAR isn’t just considering a Bitcoin reserve but one which includes crypto more broadly. CZ added that this demonstrates that Bhutan is open-minded and open to the consideration of cryptocurrencies beyond Bitcoin. The Binance founder said that this development “opens the door for BNB (and other crypto) to be included in other countries' National Strategic Reserves.” He believes that this will be the first of many strategic crypto reserves to be established. “This is a smart move by the country to attract crypto companies, investments, and innovation,” he added. The GMC SAR covers an area of 1,000 square kilometers, making it larger geographically than the city-state of Singapore. Its objective is to become a global leader in sustainable development, with a specific emphasis on holistic living, mindfulness and economic development.  The Bhutanese authorities intend for GMC to become a gateway for tourists visiting the area and Bhutan more broadly. It’s also seen as an initiative which can garner further foreign direct investment. According to data published by on-chain analytics firm Arkham Intelligence, the Kingdom of Bhutan holds 11,688 BTC ($1.1 billion) and 656 ETH ($2.18 million).