China’s Fuzhou City Offers Incentives to Entice Blockchain Start-Ups

Blocore Determined to Expand Global Presence in Web3 from Korea and SingaporeSouth Korean blockchain investment firm Blocore has announced its strategic plans to expand into the global market and advance Web3 technology, with South Korea and Singapore serving as its forward bases.According to a report by local news agency News1, starting the second half of this year, the company aims to expand its presence in the Asia-Pacific region and establish strong connections with liquidity providers worldwide, positioning itself as a leader in the Web3 industry.Photo by Shubham’s Web3 on UnsplashInvestment portfolioBlocore has primarily focused on investing in promising enterprises, projects, and games during their early stages. This investment approach has resulted in a successful portfolio consisting of about 60 entities, including digital game developer Animoca Brands, metaverse platform The Sandbox, blockchain game platform WEMIX, and public blockchain platform Klaytn.To spearhead the company’s growth, Blocore CEO James Lim will be based in South Korea, overseeing the company’s operations and ventures. Meanwhile, Partner KH Min, former Country Director for Google Play, will actively contribute to the company’s activities from Singapore.Expanding horizonsThe investment firm is determined to invest in various projects dedicated to advancing the Web3 ecosystem, encompassing blockchain, metaverse, gaming, and generative artificial intelligence. Partner KH Min emphasized that their objective is to build a comprehensive Web3 ecosystem for everyday use by widely incorporating blockchain technology. Singapore, known for its advanced technology and cryptocurrency regulations, will serve as the starting point for Blocore’s initiatives. The company also has ambitions to expand its investment scope to North America and Europe, promoting the cutting-edge industry through digital innovation.

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.

UAE Issues New Guidance on Crypto AML MeasuresUnder new guidance issued by the Central Bank of the United Arab Emirates (UAE), crypto businesses will be subject to strengthened anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.Photo by Joshua Miranda on PexelsTightening AML regulationThe guidance, first compiled in February but released on Wednesday, which takes into account the recommendations of the Financial Action Task Force (FATF), has been introduced to enhance the supervisory and regulatory frameworks and combat financial crimes. The rules are set to come into effect within a month.The Central Bank’s guidance specifically targets Licensed Financial Institutions (LFIs) in the UAE, encompassing banks, finance companies, exchange houses, payment service providers, registered hawala providers, insurance companies, agents, and brokers. These entities will now be required to comply with the new regulations to prevent money laundering and terrorism financing activities.Firm foundationsIn a written statement, His Excellency Khaled Mohamed Balama, Governor of the UAEs Central Bank, expressed the importance of the new guidance in strengthening efforts to combat financial crimes. He emphasized the commitment to protecting the financial and monetary system’s soundness and stability, aligning with the FATF standards.The issuance of the guidance comes as the UAE aims to attract crypto businesses to the region by offering a welcoming but effective regulatory framework. In March, Dubai unveiled a dedicated agency responsible for virtual asset regulation, signaling its commitment to fostering a favorable environment for crypto-related activities. Its Virtual Assets Regulatory Authority (VARA) has also taken action against what it deems to be unregulated activity in the crypto space recently.That action together with the approaches taken by Abu Dhabi and at a national level the UAE itself with respect to digital asset licensing is indicative of a territory that is setting out the right foundation upon which to develop the innovative sector. The approach taken by regulators in the UAE has garnered praise from major crypto firms, including Coinbase, who have applauded the region’s proactive stance on regulation.The strengthened regulatory framework is expected to contribute significantly to the UAE’s ongoing efforts to prevent money laundering and the financing of terrorism. By implementing these measures, the UAE aims to safeguard the integrity and stability of its financial and monetary systems while fostering a secure environment for crypto businesses to thrive.Global regulatory effortsThe UAE’s AML guidance comes amid ongoing efforts globally to come to terms with virtual assets. Tomorrow Japan will implement its adherence to the FATF travel rule regulation relative to digital assets. Crypto businesses like bitFlyer are already adjusting to that eventuality, while also implementing a similar standard in international markets.As the UAE continues to position itself as a leading hub for the crypto industry, the introduction of these new AML rules demonstrates its proactive approach to regulation. The collaboration between the Central Bank and other global regulatory bodies, such as the FATF, showcases the UAE’s commitment to international cooperation and the sharing of knowledge and best practices in the ever-evolving crypto landscape.