Japan’s HashPort Group Raises $8.5M in Funding Round

Next Month’s Hackathon Event in Seoul Draws Attention from Ethereum DevelopersTickets for Ethcon Korea 2023, a conference dedicated to Ethereum developers and hackathon enthusiasts, are now available for purchase.Photo by DrawKit Illustrations on UnsplashTickets now availableThe Ethcon Korea organizing committee announced today that tickets are now on sale through the official event website. Participation in the hackathon is open to programmers who stake $79, while conference enthusiasts can buy their tickets at the price of $69.With the goal of expanding the Ethereum development ecosystem, Ethcon Korea is the only non-profit Ethereum developer conference in Korea, benefiting from the sponsorship of the Ethereum Foundation. This year’s event will take place in Seoul between September 1 and 3, consisting of four main parts: the conference, an educational workshop, a hackathon, and a demo day.Vitalik Buterin to deliver a keynote speechAt the conference, Ethereum co-founder Vitalik Buterin is set to deliver a keynote speech, which will be followed by presentations of prominent developers and researchers from both home and abroad. Industry experts will participate in the workshop to share valuable insights, bolster participants’ technical skills, and cultivate a collaborative environment, encouraging them to showcase their potential in hackathon projects.Hackathon backed by quadratic fundingThe three-day hackathon will be backed by the quadratic funding method, an idea initially proposed by Vitalik Buterin together with Harvard economist Zoë Hitzig and Microsoft researcher E. Glen Weyl. Quadratic funding is a democratic and inclusive funding mechanism that puts more emphasis on smaller contributions from a larger group of contributors.The organizing committee noted that Ethcon Korea 2023 will not only encourage developers to pursue learning but will also drive growth within the blockchain industry. The group also added that the event will play a role in increasing the global recognition and understanding of the Korean Ethereum community.Ethcon Korea 2023 is sponsored by many renowned organizations including Ethereum layer-2 projects Optimism and Polygon, decentralized oracle network Chainlink, and blockchain investment group Hashed. Contributions from these sponsors and proceeds from ticket sales will be allocated towards event operations and the establishment of a prize pool.The organizing committee is recruiting individuals who are interested in contributing as volunteers or offering their expertise as hackathon advisors. Those interested in participating in these roles can apply through the official event website. The application window for these roles will remain open until the end of this month.

Nassau and Treasure Labs Go Metaverse to Step into the Future of StyleKorean sports equipment manufacturer Nassau has entered into a partnership with metaverse company Treasure Labs to step into the future of style.According to a report by local news agency News1, this collaboration aims to introduce an innovative fashion brand on Pararium, the metaverse platform developed by Treasure Labs. Pararium users will have the opportunity to enjoy unique fashion items through their avatars while engaging in virtual experiences and earning rewards.Photo by Ben Hershey on UnsplashSports brandHaving built a reputable brand over the course of 50 years, Nassau is widely recognized in Korea for producing durable sports goods. By joining forces with Treasure Labs, Nassau aims to tap into the potential of Web3 content and services to enhance its global market presence.Metaverse platformTreasure Labs has been establishing a strong presence in the metaverse sector through collaborations with various entities such as blockchain platform Solana Labs, cryptocurrency exchange Crypto.com, and decentralized gaming platform The Sandbox. Notably, Treasure Labs is the first Korean company to secure investment from the Solana Foundation, the sister organization of Solana Labs.Both companies are enthusiastic about the prospects of this partnership. A representative from Treasure Labs emphasized that the collaboration will introduce a creative fashion brand that appeals to millennials and Generation Z, bridging the virtual and real worlds within the metaverse. The representative further mentioned plans to establish a dedicated brand hall within Pararium, where a series of events will showcase unique and trendy Web3 content. Echoing this sentiment, a Nassau official anticipates that the collaboration will give both firms a competitive edge in the global market.

Remitano Struck by $2.7M Alleged HackHacks have been an unfortunate constant in the crypto and DeFi space with that reality having been compounded by news that Seychelles-based crypto exchange Remitano is believed to have been the victim of a $2.7 million heist.Photo by Growtika on UnsplashSuspicious transactionsIt’s understood that the firm encountered highly suspicious transactions, with the $2.7 million having seemingly vanished from its wallet, all at the hands of a single account. The incident unfolded on Thursday and has left blockchain analysts speculating about a potential security breach.The Remitano hot wallet initiated transfers to an address devoid of any prior transaction history. These transfers amounted to approximately $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 ANKR tokens (valued at $2,000 at the time). Those transfers raised concerns about the security of the platform.Israeli blockchain analytics platform Cyvers promptly sounded the alarm, notifying the crypto community about these suspicious transactions that had drained significant sums from Remitano’s coffers. This sudden event raised concern within the crypto space and naturally among Remitano customers.Tether freezes wallet addressAmid the growing apprehension, Tether, the issuer of USD stablecoin USDT, took decisive action by freezing the address associated with the alleged attacker. This swift intervention effectively halted any further movement of $1.4 million worth of drained cryptocurrency. Tether’s proactive response could potentially have prevented additional loss, preserving customers’ assets from further depletion.Remitano had remained notably silent initially in the wake of this incident, declining to issue any formal statement regarding the breach. It has since acted, as on Friday, it published a statement relative to the issue on its website. The absence of communication from the exchange had only fueled greater speculation surrounding the incident. However, the statement outlined:”On September 14, 2023, our Security Management team discovered a data breach from a third-party source that had compromised some of our sensitive information. As a result, a small amount of funds from the exchange’s hot wallets were transferred to suspicious wallet addresses through unauthorized withdrawal transactions.”Remitano, recognized as a peer-to-peer cryptocurrency exchange and payment processor, primarily caters to users in emerging markets across several countries, including Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.The firm sought to reassure its customers:”As of now, Remitano ensures that users’ assets have NOT been and will NOT be affected by this incident. We are working tirelessly to uphold our commitment to ensuring the security and protection of your crypto assets.”Remitano was established in 2015; it is operated by Babylon Solutions Limited, which is headquartered in the Seychelles.Unfortunately, this episode adds to the troubling trend of cryptocurrency exchange hacks witnessed in 2023. Authorities in the United States have attributed these attacks to the Lazarus Group, a notorious cyber-crime organization allegedly linked to the North Korean government which has wreaked havoc globally although disproportionately so within the Asian region.