Singapore regulator adds imToken crypto wallet to Investor Alert List

Blockchain Mainnet FNCY to Collaborate with Web3 Community Platform GALXENetmarble F&C, a subsidiary of South Korean game developer Netmarble, announced on Tuesday that FNCY, the blockchain mainnet of its subsidiary Metaverse World, has established a strategic partnership with Web3 digital credential network GALXE.Photo by Shubham’s Web3 on UnsplashEmpowering the Web3 communityGALXE is a platform with over 11 million users dedicated to building the Web3 community. In collaboration with some 2,900 partners — including networks like Optimism, Polygon, and Arbitrum, among others — it offers rewards like non-fungible tokens (NFTs) and on-chain achievement tokens (OATs) to users when they contribute to their favorite Web3 community.Strengthening the FNCY chainThrough the new partnership, FNCY and GALXE plan to hold various events and campaigns to bolster the FNCY Chain. In addition, various decentralized applications (dApps) onboarding the FNCY Chain will be able to open channels and hold events themselves.“This partnership will play a significant role in adopting blockchain technology on a global scale and providing users with new experiences,” said Charles Wayn, CEO of GALXE.Seo Woo-won, CEO of Netmarble F&C, also described GALXE as the most suitable partner for forming and expanding the Web3 community and FNCY’s blockchain ecosystem.FNCY, previously called CUBE, is a Web3 entertainment platform where users can enjoy various content, including games, webtoons, and web novels. Users can also view transactions, blocks, wallet addresses, and other on-chain data.

Koscom, the technology subsidiary of the nation’s sole securities exchange operator Korea Exchange, has partnered with LG CNS, an information technology service provider, to launch a joint security token platform, according to a Koscom announcement. Task and tech allianceThe collaboration between Koscom and Korean conglomerate LG Group’s affiliate aims to gain a competitive advantage in the increasingly crowded security token market. On Monday, Koscom signed a memorandum of understanding with LG CNS in Seoul to form a task and technology alliance for security token projects.The partnership will combine Koscom’s expertise in building tech-based capital market infrastructure with LG CNS’s blockchain technology to produce fruitful outcomes. The joint project intends to provide distributed ledgers and a joint platform for the issuance and distribution of security tokens. Securities firms operating their own platforms can also choose to use its distributed ledgers. Koscom’s preparationSince last year, Koscom has been conducting research in security token offering and has formed a working group with eight securities firms that have their own security token teams. The working group has been hosting seminars regularly since the second half of last year, and on April 4, Koscom revealed its project plan to 25 other Korean securities firms. LG CNS’s readinessLG CNS has been conducting research and development of security token technologies since last year and has complied with the Korean regulatory framework. The company manages a consortium blockchain network and has completed the development of key technologies for security token services, such as highly secure wallets.Using its corporate blockchain platform Monachain, LG CNS has achieved success in developing multiple projects, such as a pilot for central bank digital currencies involving NH Bank and Woori Bank and a non-fungible token (NFT) trading system for Bithumb Meta, a subsidiary of the major Korean crypto exchange Bithumb.Meanwhile, Koscom will support security token projects of not only securities companies but also fractional investment firms and banks. Currently, Koscom is in talks with relevant entities about building infrastructure.

Cryptocurrency Losses Surge to $686 Million in Q3The cryptocurrency industry has witnessed a turbulent third quarter, with losses surging to $686 million. This unsettling development marks the worst quarter of the year, contributing to $1.4 billion in total losses year-to-date.Photo by GuerrillaBuzz on UnsplashImmunefi reportThese alarming statistics have been unveiled in a report by Singapore-headquartered blockchain security firm Immunefi. According to the report, the number of crypto hacking incidents skyrocketed by 153% year-over-year in the third quarter, with 76 separate incidents recorded.This stands in stark contrast to the same period in 2022, which saw a mere 30 hacking incidents. Furthermore, the losses resulting from these incidents witnessed a 60% increase, surging from approximately $429 million in Q3 2022 to the current level of $685 million. This marks the highest loss recorded for the year.Devastating hacksOf these incidents, two major hacks targeting Mixin Network and Multichain were particularly devastating, accounting for nearly half of the total losses in the quarter at $326 million. The Mixin Network hack, attributed to North Korean-sponsored hackers known as the Lazarus Group, underscores the involvement of state-backed actors in crypto-related cybercrimes.The Lazarus Group’s fingerprints were also found in major hacks of cryptocurrency exchanges, including CoinEx, Alphapo, and Stake, as well as digital payments firm CoinsPaid. Web3 projects based in Japan have been particularly hard hit by the hacker group’s activities. The group was responsible for losses exceeding $200 million.An overwhelming majority of the total Q3 losses, approximately 97%, were attributed to hacking incidents, while frauds and scams constituted a mere 3%. Decentralized finance (DeFi) protocols bore the brunt of the damage, with nearly $500 million lost, compared to over $185 million stolen from centralized exchanges and services. This highlights the vulnerability of DeFi platforms and the intricacies of smart contract code that underlie many of these applications.Among the targeted blockchains, Ethereum, BNB Chain, and Coinbase-incubated Base blockchain were the most prominent, with Ethereum being hit by 35 out of 82 chain losses. These platforms were singled out due to the substantial funds they held and the high level of activity on their networks.Greater recovery effortsThough the situation may appear bleak, there is a glimmer of hope in the form of recovery efforts. Immunefi reports an 8.9% recovery rate, with $61.2 million of stolen funds successfully reclaimed in six cases. Notably, Mixin Network recently introduced a $20 million “bug bounty” in a bid to incentivize the return of stolen funds, underscoring the cryptocurrency industry’s unwavering determination to combat these challenges.Immunefi itself has played a pivotal role in mitigating crypto-related risks, disbursing over $80 million in bounties and safeguarding more than $25 billion in user funds across various protocols. The company’s recent launch of on-chain vaults represents a significant step toward decentralizing its bug bounty platform, further fortifying security within the crypto ecosystem.