OliveX Launches OVE Governance Token

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.

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.

China and Singapore collaborate on cross-border digital yuan transactionsTaking yet another stride toward globalizing the e-CNY currency, China’s central bank has unveiled a pilot program in collaboration with its Singaporean counterpart, enabling tourists from both countries to use the digital yuan for transactions when traveling.Photo by Eric Prouzet on UnsplashSeries of initiativesThis move is part of a series of initiatives unveiled by the two governments during a Joint Council for Bilateral Cooperation event which was held in Tianjin, China, last week. Among the announced measures is a mutual 30-day visa-free travel arrangement, one of 24 deals signed to strengthen bilateral ties between China and Singapore.The Monetary Authority of Singapore (MAS) disclosed in a statement that it had collaborated with the Digital Currency Institute of the People’s Bank of China (PBOC) for this initiative. The program aims to facilitate the use of the digital version of the Chinese currency for tourist spending, enhancing convenience for travelers during their overseas trips. While specific details about the scheme were not disclosed, it represents a collaborative effort to promote cross-border transactions using the digital yuan.Internationalizing the digital yuanIn its reporting on the announcement, the South China Morning Post (SCMP) pointed to the views of Richard Turrin, an independent financial technology consultant and author of “Cashless: China’s Digital Currency Revolution.” Turrin sees the digital yuan collaboration as a promising opportunity for cross-border retail use. He suggests that starting with small transactions, such as those by tourists, could pave the way for broader applications in trade and other high-value scenarios.In an editorial back in November, the SCMP referred to the birth of the Petro-Yuan, speculating that the era of the Petro-Dollar is coming to an end. “In a global political economy long dominated by the petrodollar, this could be the beginning of a seismic shift,” the editorial stated. The internationalization of the e-CNY will likely be a key aspect of that overall monetary sea change.Over 5 years in developmentChina initiated digital yuan testing in 2019, and although an official launch timetable has not been confirmed, adoption has accelerated recently. Former PBOC governor Yi Gang reported that total e-CNY transactions reached 950 million yuan ($133 million) in June, with a cumulative value of 1.8 trillion yuan compared to 100 billion yuan in August 2022. This indicates a substantial increase in digital yuan transactions.The momentum extends beyond mainland China, with Beijing exploring CBDC usage internationally. The mBridge trial, completed last year, involved multiple countries using central bank digital currencies to settle trades, including Hong Kong, Thailand and the United Arab Emirates.In June, authorities in China’s resort city of Sanya introduced e-CNY ATMs so that foreign visitors could buy the digital yuan and use it during their time in China. Another initiative aims to encourage further use of the digital currency within the Chinese autonomous territory of Hong Kong. In July, the Hong Kong arm of the Bank of China rolled out a digital yuan shopping festival in Hong Kong, allowing visitors to Hong Kong from mainland China to make purchases using the digital yuan.