Founders Exit Following Overhaul of NFT Startup Rario

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.

Korbit, Ewha-Chain Leverage NFTs to Promote Blockchain KnowledgeEwha-Chain, a blockchain study group at Ewha Womans University, recently tweeted that it has collaborated with Korbit, one of South Korea’s leading cryptocurrency exchanges, to hold an non-fungible token (NFT) airdrop event for college students, offering free ice cream as an incentive.Hands-on experienceThe event aims to introduce participants to the crypto exchange and provide hands-on experience with Web3 and blockchain technology, as well as showcasing the benefits of NFTs.To participate, students have to create a Korbit account using their email address and register for an Ice-Chain NFT by completing a Google Form. Korbit will distribute the NFTs on the afternoon of May 11, the day before the event.Free ice creamOn the day of the event, Ice-Chain NFT holders can visit the Ewha Womans University branch of the Ice Girl Cream Boy ice cream shop to spin a wheel and win either free ice cream or Korbit merchandise.According to Korean economic news media Paxetv, Kim Il-kwon, head of business development at Korbit, said that the Ice-Chain event strives to familiarize university students with blockchain technology and promote the Korbit brand. Kim added that Korbit is dedicated to ongoing cooperation with Ewha-Chain and expanding channels to engage with millennials and Generation Z.Photo by ROMAN ODINTSOV on Pexels

Bithumb Shuts Down Crypto Research Center Amid Trading Volume SlumpBithumb, a cryptocurrency exchange based in South Korea, is shutting down its research center less than a year after its launch, according to a report by news agency Newsis. The closure is seen as a strategic move to enhance business performance in response to the recent decline in trading volume.Photo by Kelly Sikkema on UnsplashCostly research centersEstablished on June 8 last year, the Bithumb Economic Research Institute is reportedly ceasing operations tomorrow. Research centers are often perceived as costly endeavors, particularly when the company is experiencing poor financial performance. In the traditional financial sector, small and medium-sized securities firms typically prioritize restructuring their research divisions when dealing with profitability challenges.Relevance of research hubsAn official from a Korean cryptocurrency exchange told Newsis that research centers can be a financial burden during times of low trading volumes and subpar performance. Nonetheless, the official underscored the need to furnish investors with refined information through these research hubs, encouraging exchanges to cultivate an environment conducive to informed decision-making based on high-quality data.Since its inception, Bithumb’s research organization has published 55 reports aimed at forecasting cryptocurrency market trends using comprehensive macroeconomic and crypto data analysis. These reports have contributed to drawing investors to the sector.Global restructuring trendThe wave of workforce reductions in the crypto industry isn’t isolated to South Korea; it’s a global phenomenon. Chinese reporter Colin Wu, known for his crypto news platform Wu Blockchain, shared via Twitter that Binance, the world’s largest cryptocurrency exchange, is planning to lay off roughly 20% of its staff, totaling about 8,000 employees.In response to these concerns, Binance CEO Changpeng Zhao, also known as CZ, wrote a tweet yesterday. According to CZ, employee layoffs are a weekly occurrence within the company, based on considerations such as alignment with corporate culture. As an example, he mentioned the remote work environment and how it may not be suitable for everyone. However, CZ reassured that Binance remains engaged in hiring, with a focus on enriching its talent pool.