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NFTs to Enrich Reading Experience for Book Lovers in JapanBook lovers in Japan are soon going to be able to enjoy an enhanced reading experience with the introduction of electronic books based on non-fungible tokens (NFTs). Media Do, an ebook distributor based in Tokyo, has partnered with Hayakawa Books & Magazines to publish a series of five NFT-based ebooks. The first lineup is scheduled for release on June 20, 2023.Photo by Hiroshi Tsubono on UnsplashTraditional and digital publishingThis collaboration is noteworthy as it merges the world of physical paper books with digital editions, making it the first-ever initiative to create non-fungible token (NFT) copies of traditional books. By bridging the gap between traditional and digital publishing, readers can now enjoy the benefits of both formats.These NFT-based ebooks offer readers the convenience of accessing and reading them through smartphone apps, while also serving as proof of ownership for each book. Media Do’s NFT platform, FanTop, will facilitate the trading of these NFTs, creating a marketplace for enthusiasts to buy, sell, and collect these unique digital editions.Copyright owner supportWhat sets FanTop apart is its dedication to supporting authors. Each NFT transaction on FanTop will result in a fee paid to the copyright owners, ensuring they receive fair compensation for their valuable work. Connecting more than 2,200 publishers and 150 ebook stores, Media Do aims to develop FanTop into a platform that consistently provides fair and appropriate incentives to copyright owners, including authors and publishing houses.Enriched reading experienceMoreover, these NFT-based ebooks will elevate the reading experience by offering exclusive content such as alternative endings, commentaries, and guidelines. NFT ebooks possess a unique ability to incorporate videos and music, thereby enriching the reader’s understanding of the original text and immersing them in the world of the work. In the future, NFT ebooks may even include licensed works such as films or music that inspired the author during the writing process. This additional value will fuel demand in the secondary market, including trading on FanTop.Empowering creatorsFanTop aims to establish itself as a non-speculative platform that focuses on distributing valuable content. It is dedicated to empowering creators, allowing them to exercise autonomy in determining specific trading details for their works. This includes the ability to set royalties and other parameters that align with their preferences and goals.Higher books sales with NFTsSince October 2021, FanTop has been offering exclusive NFT materials to promote sales of paper books. This initiative has allowed readers to enjoy the digital versions of their books on FanTop. As of March 2023, the sales of about 100 works, which included NFT copies, were 32% higher than their original editions within 30 days of release. Their average sales price was also 31% higher than their original counterparts. Media Do has been collaborating with over 70 companies, including publishers, to plan and develop content with NFT-based books.

Poly Network Exploit Results in Billions of Nonexistent TokensPoly Network, the China-based interoperability platform, was targeted by hackers over the weekend in a major attack that resulted in the creation of billions of tokens out of thin air. It’s the second time in as many years that the cross-chain bridge has been exploited by hackers.The attacker exploited a vulnerability in Poly Network’s cross-chain bridge tool, allowing them to generate a substantial number of tokens that previously did not exist, as reported by Arhat, the Founder of 3z3 Labs, on Twitter.Photo by Shubham Dhage on UnsplashNetwork suspensionThe Shanghai-based project team behind Poly Network promptly informed its users on Sunday that its services were temporarily suspended due to the attack. The platform assured its users that it was diligently assessing the extent of the breach and the impact on assets. They emphasized their commitment to safeguarding users’ assets and urged everyone to remain calm.The hacker, at one point, held nearly $43 billion worth of cryptocurrency in their digital wallet, according to DeBank, a decentralized finance portfolio tracker. This staggering figure was corroborated by PeckShield, a blockchain data and security firm.Bridge vulnerabilitiesBridges play a crucial role in the Web3 ecosystem, enabling users to transfer assets across different networks. However, they have often been attractive targets for hackers. In this attack on Poly Network, the hackers issued themselves nearly 100 million BNB and $10 billion worth of BUSD, the Binance-branded stablecoin, on the layer-2 network Metis, revealed Colin Wu, a Chinese crypto journalist.Similarly, on the Heco network, approximately 100 trillion units of the dog-themed meme coin, Shiba Inu, were created. Additionally, a significant number of altcoins were generated on Polygon and Avalanche networks.Illiquid Metis tokensMetis clarified that the BNB and BUSD tokens issued on its network by the hackers are effectively worthless since there is no available sell liquidity. Poly Network also locked these tokens, ensuring they cannot be utilized. Arhat of 3z3 Labs acknowledged that the impact of the Poly Network attack was somewhat mitigated by the lack of liquidity, which prevented the hackers from realizing substantial gains on Metis.However, on other networks like Ethereum, the stolen tokens were exchanged on decentralized exchanges. Arhat estimated that the attacker managed to convert only a small portion of the tokens, amounting to approximately $400,000 worth of crypto, while the remaining tokens lacked liquidity and were essentially worthless.SlowMist, a blockchain security firm, suggested that the hacker’s total gains were higher. They reported that over $4 million worth of digital assets from the attack had been cashed in, including 1,500 Ethereum worth $3 million and 93 billion SHIB worth $700,000.Poly Network had previously made headlines in 2021 when it experienced a historic attack, considered the largest exploit in decentralized finance at the time. The project suffered a loss of $600 million as funds were siphoned away from Ethereum, Binance Smart Chain, and Polygon. However, the hacker eventually returned $342 million worth of stolen crypto, and Poly Network took steps to repay affected users.

Coinone, one of the leading cryptocurrency exchanges in South Korea, unveiled an infographic on Monday that captures the company’s decade-long history, according to local newspaper Busan Ilbo. Founded on Feb. 20, 2014, the exchange platform commemorates its 10th anniversary this year. As of Feb. 20 of this year, Coinone’s cumulative trading volume stands at KRW 452 trillion ($339.4 billion) with a total of 213 employees. The business significantly grew in size compared to 2015: its aggregate trading volume has increased by 645,000 times, while its user base and workforce have expanded by 944 and 25 times, respectively. Photo by m_____me on UnsplashVision for the future: Prioritizing investor protection and blockchain innovationCoinone is dedicated to continuing its pursuit of investor protection and blockchain innovation over the next 10 years. Since its establishment, Coinone operated its service without experiencing any security-related accidents. The company has proven its security capacity by winning the top prize at “the 22nd Information Protection Award.” The company further solidified its commitment to security by enrolling in “Personal Information Protection Reimbursement Insurance” in 2017 and has been renewing it annually. From the Wild West to the leading crypto exchange The exchange began to offer an Ethereum trading service in 2016 and a virtual asset staking service in 2018, suggesting a new way of investment back in the days when the market centered around trading.  Cha Myeong-hun, CEO of Coinone, said, “The cryptocurrency market was deemed the Wild West a decade ago. It fills me with pride to see how Coinone navigated the market and witnessed all the ups and downs of the crypto industry until it positioned itself as a well-established industry in Korea. In particular, 2024 marks the inaugural year of the Virtual Asset Act’s implementation. We are committed to leading a healthy virtual asset market by focusing more on investor protection and regulatory compliance.”