Coinone receives over 600 applications for development staff recruitment

SK C&C to provide ChainZ Security Token service for Hana SecuritiesSK C&C, a comprehensive digital solutions provider and the affiliate of South Korean conglomerate SK Group, announced Tuesday (local time) that it will provide the blockchain-based ChainZ Security Token service to Hana Securities for the securities firm’s construction of a security token system.Security tokens enable the conversion of assets such as real estate, art and carbon credits into digital tokens. These digital representations open up opportunities for retail investors to make fractional investments in assets that were previously beyond their reach due to high minimum investment requirements.Hana Securities’ involvement in security tokens emerged when its parent company, Hana Financial Group, joined a consortium called the Next Finance Initiative (NFI) in June to expand the security token ecosystem. In this collaborative effort, Hana Securities is set to develop infrastructure that will enable the establishment of extensive security token services. This infrastructure will support functions such as the issuance, distribution and procurement of security tokens.Photo by Shubham Dhage on UnsplashSecurity tokens on EthereumThe ChainZ platform allows the creation, issuance and trading of tokenized assets on the Ethereum network by simply calling an application programming interface (API). The company explained that being compatible with several Ethereum standards, including ERC-20, ChainZ enables users to create diverse token-related services with just a few clicks.SK C&C will leverage the ChainZ platform, which supports distributed ledger services, to manage token offerings and allocations. Additionally, the company will offer security token-related services, which will include processing investor orders and facilitating the buying and selling of tokens.Choi Cheol, Head of SK C&C’s Web3 and Convergence Group, said that the security token system of Hana Securities will lay a foundation for securities firms to adopt security token services and engage in business collaborations with each other. According to Choi, SK C&C is committed to providing secure trading services for security tokens, catering not only to securities companies but also to a broader range of enterprises and general investors. The tech company is also planning to take an active role in NFI and other consortiums with securities firms as a part of its strategy to enhance these efforts further.

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.

The crypto space continues to suffer a disproportionate share of hacks and scams that were further exacerbated on Wednesday, with Malaysian crypto data aggregator the latest to succumb to a security breach. Serving as yet another stark reminder of the persistent threats plaguing the sector, a phishing scam targeted CoinGecko's X account, leading to a brief compromise that raised concerns about the safety of user information.Photo by GuerrillaBuzz on UnsplashPhishing scamDuring this incident, hackers posted a phishing link on CoinGecko's X account, falsely advertising a token airdrop for a cryptocurrency named GCKO. The deceptive post claimed that GCKO could be used for API services, including the cryptocurrency ANKR. Swift action by CoinGecko involved the removal of the fraudulent post and a public warning urging users to avoid interacting with any suspicious links or content. In an X post, CoinGecko wrote:”Our Twitter accounts @CoinGecko and @GeckoTerminal have been compromised. We're taking immediate steps to investigate the situation and secure our accounts. Please DO NOT click on any links or engage with suspicious content. Your security is our top priority.” Employee errorThe firm followed up with an update on Thursday, attributing the breach to a team member inadvertently clicking on a fraudulent Calendly link, granting unauthorized access to the hacker. Despite having two-factor authentication (2FA) enabled and employing robust security measures, CoinGecko emphasized that the inadvertent click allowed unauthorized access. The compromised accounts were then exploited to disseminate misleading information and potentially engage in malicious activities. CoinGecko expressed sincere apologies for any confusion or inconvenience caused by the incident. The company reiterated its commitment to platform security and continuous improvement of internal controls, assuring users that corrective measures were promptly implemented. SEC incompetenceCoinGecko's security incident occurred within 24 hours of a similar occurrence involving the U.S. Securities and Exchange Commission (SEC). The SEC's X account was compromised, with scammers posting a false message from Chair Gary Gensler about the approval of spot bitcoin exchange-traded funds (ETFs). While CoinGecko identified a vulnerability in its security regimen, the SEC later confirmed that the breach in its case was far more basic. It was not due to infrastructure attacks but rather the lack of 2-factor authentication (2FA) tied to the SEC's account, the most basic form of operations security. Gensler and the SEC have come in for major criticism from the crypto community in the U.S. due to a policy of regulation by enforcement that has been pursued. With that, the Commission came in for swift and harsh criticism in the immediate aftermath of its X account hack. Many pointed out the irony of Gensler advising consumers to secure their accounts back in October when the SEC itself had failed to do so. Others queried who would be responsible for what some interpreted as an episode of market manipulation, something that the SEC has perennially associated the crypto markets with. During the time that the account was compromised, millions of dollars of value were liquidated in short and long trading positions. CoinGecko's quick response serves as a valuable lesson in the importance of vigilance and proactive security measures amid the growing threats facing the cryptocurrency community.