Upbit Operator Dunamu Assists Indebted Youths in Rebuilding Credit Scores

Korean Assembly Mandates Crypto Disclosure Amidst Lawmaker’s ScandalThe Korean National Assembly’s plenary session passed amendments to a couple of acts today that mandate lawmakers and senior government officials to report their cryptocurrency assets, according to news agency News1.Photo by Tingey Injury Law Firm on UnsplashAmendments to two actsIn an afternoon session, the National Assembly passed two amendments: one to the National Assembly Act and another to the Public Service Ethics Act.The amendment to the National Assembly Act, which had been approved by the Special Committee on Political Reform on Monday, specifically addresses the issue of cryptocurrencies and their potential conflict of interest for lawmakers. Likewise, the amendment to the Public Service Ethics Act, which had been approved by the Public Administration and Security Committee on Monday, imposes a requirement on lawmakers and high-level civil servants to disclose their cryptocurrency holdings.Mandatory crypto disclosureConsequently, starting from the 22nd National Assembly, lawmakers will be obligated to disclose their cryptocurrency assets. Additionally, the current 21st National Assembly will be required to disclose the cryptocurrencies they held and traded between the beginning of their term and May 31 of this year, with the disclosure deadline set for the end of June.A lawmaker’s crypto scandalThese legislative actions were prompted by allegations surrounding lawmaker Kim Nam-kuk, who was purportedly in possession of 800,000 WEMIX tokens from January to February of last year, potentially valued at up to 6 billion KRW (around $4.5 million). Concerns were raised regarding possible insider trading and conflicts of interest due to Kim’s ownership of these tokens.

OKX shores up App security following bug discoveryCryptocurrency exchange OKX has swiftly responded to a recently uncovered security flaw by releasing an updated version (v6.45.0) of its iOS app.User data and asset vulnerabilityThe flaw was identified by Web3 and blockchain security specialist CertiK. It posed a Remote Code Execution (RCE) vulnerability that had the potential to compromise sensitive user data and crypto assets. Notwithstanding that, no user assets were lost or security compromised.Taking to the X social media platform on Tuesday, CertiK wrote:”Attention! We urge users of OKX wallets to update their iOS app to the latest version immediately. Earlier this month, we identified and reported a critical Remote Code Execution (RCE) vulnerability in the OKX iOS App, leading to potential compromise of sensitive data and crypto assets.”Photo by FLY:D on UnsplashPrompt responseRecognizing the risk, OKX has acted promptly to rectify the issue and commit to protecting user assets. It too followed up on social media with its own announcement:”Thanks @Certik for the note. We’ve completed the relevant upgrade & this is no longer an issue. We have verified that this did not impact any customer assets. The fix has been deployed to iOS version 6.45.0 & we recommend you update the app asap.”Ongoing exploitsThis security incident has played out amid a backdrop that has seen a worrying number of hacks, exploits and vulnerabilities in the crypto space. In recent weeks, hacks at HTX (formerly Huobi), cross-chain bridge Heco and Poloniex have accounted for millions of dollars in losses.As recently as last week, users of the Ledger hardware wallet were told by the company not to connect to decentralized applications as it had discovered that a malicious version of its Ledger Connect software had been distributed.Industry collaborationThe collaboration between OKX and CertiK in addressing this security concern is demonstrative of how industry actors are having to cooperate in order to deal effectively with these vulnerabilities and threats.Transparent communication and a swift response in this instance are likely to have played a role in minimizing any potential loss. In a noteworthy development, OKX, in collaboration with Tether, has collaborated with the United States Department of Justice (DOJ) to freeze $225 million in USDT tokens.This unprecedented action primarily targeted a human trafficking syndicate in Southeast Asia, illustrating the increasing cooperation between crypto entities and law enforcement in addressing illegal activities involving digital currencies.The immediate resolution of the iOS app vulnerability in this instance resulted in no loss occurring. That outcome underscores the importance of the prioritization of user safety and data security.With the updated app version (v6.45.0) now available, users can proceed with their crypto transactions with renewed confidence in the platform’s security measures. As the cryptocurrency landscape evolves, crypto platforms and platform users will need to remain vigilant in order to safeguard and protect funds.

Ubisoft Joins Cronos as a Network ValidatorUbisoft, a world-renowned video game publisher, distributor, and creator, has entered into an exclusive partnership with Cronos, a prominent blockchain inter-operating with the Cosmos and Ethereum blockchain ecosystems. Cronos and its native CRO token were established by Singapore’s Crypto.com.According to a blog post published by Cronos Labs on Tuesday, the collaboration aims to explore the potential of blockchain technology, with Ubisoft becoming a new node validator on the Cronos network through its Strategic Innovation Lab.Photo by Ketut Subiyanto on Pexels27 node operatorsAs part of this initiative, Ubisoft joins a pool of 27 other node operators on the open-source Cronos blockchain. By doing so, the company aims to contribute to the network’s security and stability. Each node actively participates in the decentralized validation of transactions, ensuring the timely development of new blocks at intervals of 5 to 6 seconds.Cronos’ strategic approach focuses on collaborating with open-source validators and contributors who have a strong technical track record. Ubisoft’s expertise in developing immersive and engaging gaming experiences through the adoption of cutting-edge technologies aligns perfectly with Cronos’ vision. Notable existing contributors to the Cronos blockchain include Allnodes, Dora Factory, Blockdaemon, and Crypto.com, among others.Contributing towards governanceAs a validator, Ubisoft will play a vital role in the blockchain’s governance and the authorization of network updates. This partnership is a natural progression of the long-standing relationship between the two companies. Ubisoft has been actively involved in the Cronos Accelerator project as a venture mentor, fostering a strong foundation for their collaboration.Commenting on the partnership, Ken Timsit, Managing Director of Cronos Labs, revealed that Cronos Labs has had ongoing communications with the Ubisoft team for years. He emphasized Ubisoft’s unparalleled understanding of the blockchain sector’s potential and limitations, particularly in connecting gamers and creators.With Ubisoft’s involvement as a validator, Cronos blockchain is set to strengthen its security, enhance network governance, and open up new possibilities for the integration of gaming and blockchain technology. This strategic collaboration is expected to propel both companies towards innovative advancements in the ever-evolving world of blockchain and gaming.Positive developmentThe partnership between Ubisoft and Cronos holds promise for the future of blockchain technology in the gaming industry. It’s a shot in the arm for blockchain and Web3, given Ubisoft’s standing in the gaming industry, and considering that Ubisoft itself and many other headline firms in gaming seemed to have cooled their interest in the emerging space.In a recent interview, the Co-Chief Operating Officer of video gaming behemoth Sega, had described blockchain gaming projects as “boring” while outlining that the company was scaling back its interest in Web3 and blockchain.In this instance, however, as both Cronos Labs and Ubisoft leverage their expertise and resources, the potential for groundbreaking innovations and seamless integration between gaming and blockchain is within reach.This collaboration underscores the growing recognition of blockchain’s transformative power in revolutionizing various industries, including gaming. Together, Ubisoft and Cronos are poised to make significant contributions to shaping the future of blockchain technology and its applications in gaming.