TRYB Emerges as Turkish Alternative to Dollar-Pegged Stablecoins

KuCoin Dismisses Notion of a Layoff PlanAmidst recent rumors of significant layoffs at Seychelles-based cryptocurrency exchange KuCoin, the company’s CEO has come forward to deny any such plans.While not refuting the possibility of staff reductions, KuCoin’s CEO, Johnny Lyu, took issue with the term “layoffs,” asserting that it was a reevaluation of the organization’s structure rather than job terminations. The speculations about staff cuts were first reported by Colin Wu of Wu Blockchain on Twitter.Photo by Joao Viegas on UnsplashAlleged 30% workforce reductionAccording to his sources, KuCoin was planning to layoff around 30% of its workforce, attributing the alleged measure to a strict know-your-customer (KYC) policy that had impacted the firm’s profits.The KYC policy in question was introduced after KuCoin faced legal action from the United States. In March, the New York Attorney General accused the exchange of violating securities and commodities laws, leading to the implementation of the more stringent KYC measures.Routine bi-annual appraisalsInstead, Lyu has clarified that any adjustments to the company’s headcount were a result of routine bi-annual appraisals aimed at maintaining competitiveness in the market.Taking to Twitter on Tuesday, Lyu referred to the layoff reports as “rumors.” He emphasized that the company regularly evaluates its organizational structure based on employee performance and overall company development to ensure dynamism and competitiveness.The Kucoin CEO pointed to a recent report issued by the company as evidence of the exchange’s ongoing growth. The report revealed that the firm had added 300 new employees in the first half of the year. It also mentioned that KuCoin was in the process of upgrading its KYC authentication systems to enhance user asset security, comply with global compliance requirements, and create a safer trading environment.Despite the speculation and policy changes, KuCoin ranks 11th in terms of “trust score” among other exchanges, according to CoinGecko. Over the past day, the exchange notched up an impressive $327 million in trading volume.KYC policy changeRecently, KuCoin updated its KYC policy, requiring newly registered users to complete the KYC process to access the exchange’s products and services. Existing registered users who had not completed KYC by the deadline faced restrictions on their accounts, limiting certain activities but allowing fund withdrawals.The update to the KYC policy had a notable impact on KuCoin’s trading volume. A day after the announcement, trading volume skyrocketed to $6.8 billion from the previous day’s $500 million, according to CoinGecko data.Lyu has pledged to continue investing in the company’s core businesses while providing users with the exceptional trading experience they’ve been promised.KuCoin may have dispelled rumors of widespread layoffs and clarified that any staff adjustments were part of routine organizational development. However, there’s no doubt that the crypto exchange business is going through a difficult period.Most exchanges have suffered due to regulatory pushback, particularly those that have focused their activities in the United States. Earlier this month, global exchange Binance cut 1,000 jobs with plans to make further cuts in the future.

CoinEx Reveals Insights Into Recent Platform HackHong Kong crypto exchange CoinEx has issued a further update relative to the security breach that occurred on the platform last week resulting in one of the exchange’s hot wallets being compromised.Photo by FLY:D on UnsplashImmediate responseIn the immediate aftermath of the $70 million hack, CoinEx took action to safeguard user assets and initiate an investigation into the incident. It suspended all deposit and withdrawal services and executed an emergency shutdown of the hot wallet server. Following this, the company securely moved the remaining assets to cold storage, commencing the process of reconstructing and deploying a new wallet architecture.The firm also engaged in an investigation, spearheaded by its wallet and security teams, to ascertain the extent of the breach. Moreover, CoinEx claims to have proactively reached out to fellow exchanges to freeze any assets related to the attack.Haipo Yang, the Founder and CEO of CoinEx, conveyed his apologies to affected users through his personal X (formerly Twitter) account. He emphasized the team’s commitment to restoring services promptly and reassured users that their funds will remain secure.Following up on that commitment, CoinEx published an update on the hot wallet hack on September 15 to address these concerns individually.New wallet deploymentThe exchange expects to finalize wallet upgrades within the upcoming week, after which withdrawals will gradually be phased in, subject to security evaluations. The CoinEx team is currently working on developing and deploying an entirely new and robust wallet system capable of managing activities across 211 chains and 737 assets.The firm has outlined that each of its product lines operates independently, featuring its own risk control system. Consequently, the security incident that occurred on CoinEx will not affect the integrity of its other product lines.In its most recent update on Tuesday, the Hong Kong crypto exchange confirmed that 80% of its wallet system has now been reconstructed. It added that it has initiated preparations to enable the withdrawal system on the platform. It stated:”Details about the resumption of withdrawals, including specific dates, times, and arrangements, will be announced on the CoinEx website. Please stay updated on our announcements for the latest information.”Ongoing investigationRegarding the identity of the attacker, CoinEx has confirmed that the matter is currently under investigation. While some security firms have made attribution claims, the company is focusing primarily on deploying the new wallet architecture, restoring affected users and functionalities, and enhancing overall security.At the same time, the company has initiated communications with the hackers in a bid to proactively seek a mutually agreeable resolution. While the incident implicates the loss of a substantial amount of funds, the firm maintains that in the context of the overall business, the sum represents only a small percentage of total assets under its management.Exchange security remains a major challenge in the crypto sector, with hacks happening on an ongoing basis. Last week, Seychelles-headquartered peer-to-peer crypto platform Remitano acknowledged a $2.7 million hack. At the beginning of September, crypto gambling platform Stake was reported to have suffered a $41 million hack.

Com2uS Integrates Summoners War: Chronicles into Blockchain Mainnet XPLASouth Korean game developer Com2uS announced today the onboarding of its massively multiplayer online role-playing game (MMORPG) called Summoners War: Chronicles on Com2uS’ blockchain mainnet XPLA.Photo by Muha Ajjan on UnsplashOwnership and rewardsWhat sets Chronicles apart is its play-to-own (P2O) service, allowing players to own in-game assets and be rewarded for their time and efforts. This is made possible through a system of tokenomics, enhancing the overall gaming experience.Since its global launch in March of this year, Chronicles has garnered significant recognition and popularity due to its sophisticated strategy gameplay and abundant content. Now, with its integration into the XPLA blockchain, the game aims to establish itself as an AAA title within the blockchain gaming market.Three in-game currenciesThe game’s P2O system is pillared by three in-game currencies: Rahild, Mileage, and Xlium. Players can earn Rahild by trading items, participating in events, and accomplishing challenging tasks. Rahild can then be exchanged for Mileage and other valuable items. Mileage, on the other hand, can be traded for Xlium, which can be further converted to XPLA, the native token of the blockchain, through XPLA GAMES Wallet.A Com2uS official said that the introduction of Chronicles on the XPLA mainnet opens up a world of exciting gaming experiences for both existing players and newcomers exploring the Web3 gaming realm. Players will not only be able to explore multiple ways to grow their characters but also have the chance to earn rewards for their gameplay. The game’s improved economic system will ensure that all users can make progress. Com2uS looks forward to taking this opportunity to help its flagship game succeed in the global blockchain game market.