Dunamu & Partners Invests $109M in 60 Promising Startups

Wemade Unveils Blockchain-Powered Platform for Various CommunitiesSouth Korean gaming company Wemade today unveiled their latest creation, Wepublic, a blockchain-powered platform for various communities. The objective of Wepublic is to establish a transparent and trustworthy digital society on the WEMIX3.0 Mainnet.Photo by Pixabay on PexelsFrom political parties to NGOsInitially built as a fundraising platform, Wepublic caters to entities of any scale or domain, be it political parties, religious groups, or non-profit organizations. Wepublic is committed to transforming itself into a platform for everyone.By leveraging blockchain, Wepublic ensures that all information and records stored on the platform are transparent, making them immune to counterfeiting and diversion. Furthermore, Wepublic is dedicated to fostering inclusivity and democratic decision-making. Every member within a group on Wepublic has the ability to engage in organizational activities and contribute to fair decision-making processes.Four proof protocolsIn the near future, Wepublic will introduce the “Wepublic Wallet,” enabling users to create or participate in decentralized autonomous organizations (DAOs). To ensure transparency and reliability of DAO operations, Wepublic relies on four proof protocols. These protocols serve to verify user identities, credentials, account balances, and the outcomes of governance processes.The first protocol utilizes decentralized identifiers (DIDs) to safeguard personal information, prioritizing user privacy and security. The second protocol employs soulbound tokens (SBTs) to effectively manage groups within the platform. The third protocol provides visibility into account balances and transaction records, adding an additional layer of transparency. Lastly, the fourth protocol ensures the transparent recording of all governance processes on the blockchain, promoting accountability and trust.

Crypto Exchange HTX Reports $8 Million Hack Over WeekendCrypto exchange HTX confirmed on Monday that it fell victim to a hack over the weekend, resulting in losses amounting to 5,000 ETH ($8 million).HTX stakeholder Justin Sun, Founder of layer one blockchain TRON, disclosed the breach via an X post. In a series of subsequent X posts, Sun assured users and stakeholders that the exchange had promptly covered the losses, and current user deposits remained secure. He also emphasized that the platform was operating normally despite the security incident.Photo by GuerrillaBuzz on UnsplashHacker incentiveThe TRON Founder also extended an offer to the hacker responsible for the breach. He proposed a 5% reward for the return of the remaining funds, a figure notably lower than the 10% often offered to hackers in similar situations. Additionally, Sun dangled the possibility of a job at the exchange. That’s an unusual response to a cryptocurrency hack and one that had one commentator speculating upon the notion that the hacker belonged to the notorious North Korean Lazarus hacking group, pondering the prudence of such a move.Data from DeFi data aggregator DeFiLlama revealed that Seychelles-based HTX, formerly known as Huobi, witnessed nearly $10 million in outflows, with a remaining $2.73 million in customer deposits as of the latest data.Hacker’s identity may be knownThe hacker, who received a series of messages from an address identified as an HTX hot wallet by Nansen, was presented with a stark choice. The messages, written in both English and simplified Chinese, claimed to have uncovered the hacker’s true identity and urged the return of the stolen funds to the address 0x18709E89BD403F470088aBDAcEbE86CC60dda12e. In return, HTX offered a 5% “white hat bonus” valid until October 2, 2023. If the funds were not returned by that date, law enforcement would be involved, the message warned.The hack came shortly after Justin Sun shared a promotional video in which he depicted himself defeating a hooded figure symbolizing a hacker “shorting crypto” with a single punch while on a spaceship journey to what appeared to be Mars.Insolvency fearsOn Tuesday, Sun outlined that the exchange had established a “SAFU” (Safe Asset Fund for Users) fund for platform users. However, taking to X on Monday, Adam Cochran, Managing Partner at Cinneamhain Ventures, claimed that there was a likelihood that the HTX business is insolvent. Cochran maintains that available data suggests a shortfall in crypto holdings relative to HTX users' assets.Travis Kling, Founder and Chief Information Officer of Ikigai Asset Management, went one further on X, stating:”Not “probably”. Huobi is insolvent.”Kling, a long-time critic of Binance, went on to suggest that if Huobi were to collapse, that event would likely lead to Binance unraveling also.HTX originated in China and nowadays maintains offices in Singapore, Japan, South Korea, Hong Kong, and the UK. It has long been speculated that Justin Sun has a controlling stake in the HTX business. Sun has denied that assertion, instead suggesting that he is a member of HTX’s “Global Advisory Board.”

Gyeonggi Officials with Cryptocurrencies Clear of Professional Conflicts in Virtual AssetsGyeonggi Province, South Korea’s most populated province surrounding the national capital of Seoul, announced on October 26 (local time) that the duties of all crypto-holding officials ranked 4 or higher in the provincial government are not associated with virtual assets. In Korea, public officials are ranked from nine to one, with one being the highest position.In anticipation of the amended Public Service Ethics Act coming into effect on December 14, the Gyeonggi provincial government introduced a revised employee code of conduct in August. This required officials of rank 4 or higher to report their crypto holdings within 10 days starting from August 21.Photo by Nattu Adnan on UnsplashReported crypto ownershipThe result indicated that out of 228 officials, 23 reported owning virtual assets. Among these, 15 officials held cryptocurrencies valued at less than KRW 1 million ($738), while the remaining 8 had holdings exceeding that amount.To determine any potential involvement with cryptocurrencies in their official duties, the Gyeonggi government examined the roles and responsibilities of these officials within their respective departments. Following this review, the matter was forwarded to the Gyeonggi Public Service Ethics Committee for further scrutiny.Ethics committee reviewOn October 20, the committee convened to assess the relationship between the officials’ duties and their crypto holdings. They unanimously concluded that none of the 23 officials had any ties to crypto in their official roles.The newly revised code of conduct elaborates on the conditions under which a public official’s responsibilities are associated with virtual assets. Specifically, an official’s duties are considered linked to virtual assets if they are involved in formulating or implementing crypto-related policies or laws; conducting related investigations, inquiries, or inspections; engaging in the registration and oversight of cryptocurrency exchanges; or if they are involved in supporting or overseeing the development of crypto technologies.In light of these definitions, officials who engage in any of the above roles are strictly prohibited from capitalizing on any crypto-related information they encounter during their professional duties for personal trading or investment. Furthermore, officials who either currently shoulder or have previously carried out such responsibilities are required to disclose any crypto holdings they acquire.In the future, once the revised Ethics Act is implemented, the Gyeonggi government will remain fully committed to preventing conflicts of interest among public officials. To bolster these efforts, Gyeonggi will introduce additional measures, including a thorough verification process for the accuracy of their cryptocurrency holdings reports.In situations where a public official with cryptocurrency holdings is assigned a position related to virtual assets, Gyeonggi will issue individualized instructions. These directives may entail either the liquidation of their cryptocurrency holdings or their removal from the specific role in question.Meanwhile, Gyeonggi will enhance its endeavors to furnish educational resources pertaining to virtual asset reporting. Moreover, the local government will restrict officials from holding virtual assets if they fall under financial disclosure obligations and are deemed to possess information about or exert influence on virtual assets.