Com2uS to sell Flashman NFTs on X-PLANET to raise funds for subway ad 

METACON 2023 to Explore Innovative Metaverse Business ModelsAccording to a report by local crypto news outlet Tokenpost, METACON 2023, a conference focused on Web3 and the metaverse, is set to take place from June 29 to 30 at COEX, a convention and exhibition center in Seoul. This year’s event marks the third anniversary since its inception in 2021.Photo by GuerrillaBuzz on UnsplashInsights on the MetaverseAs the main event of Seoul Meta Week (SMW), METACON aims to showcase cutting-edge metaverse applications, explore innovative business models, and find ways to penetrate new markets. Titled “WEB 3.0 X METAVERSE: The Future of Hyper-Connected Experience,” METACON 2023 will feature presentations and discussions from approximately 40 speakers representing prominent companies. Among the featured speakers are representatives from The Sandbox, Google Cloud, Tencent, Shutterstock, DRESSX, The Fabricant, Nexon Korea, Amorepacific, SK Telecom, and LG Uplus.On June 29, Kerry Murphy, the Founder and CEO of The Fabricant, will provide insights into the impact of digital fashion on the real-life fashion industry. Following that, Murphy will engage in a discussion with Natalia Modenova, the Founder & COO of DRESSX, to talk about the philosophy of Web3 and collaborative efforts in shaping trends in digital fashion.Participation from traditional banksIn addition, visitors to the conference will have the opportunity to hear from representatives of four traditional Korean banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. Other discussions throughout the event will cover a wide range of topics, including the work environment, digital art, the popularization of Web3, investments, and generative artificial intelligence (AI).The following day of the conference will commence with a keynote speech titled “Unlocking Brand Value in the Metaverse” by Sebastien Borget, the Co-founder and COO of The Sandbox, a community-driven blockchain gaming platform. After that, Dade Orgeron, the VP of 3D Innovation at US stock image provider Shutterstock, will deliver a talk on generative AI as a creative tool and discuss the company’s AI license policy.An official from Seoul Meta Week (SMW) stated that this year’s program was specifically designed to provide an agenda that encourages interaction between newcomers to the Web3 industry and established projects.

South Korea’s GDAC Suffers $13M hackSouth Korean cryptocurrency exchange, GDAC, has suffered a significant hacking incident that has resulted in the loss of approximately 23% of its custodial digital assets.©Pexels/PixabayThe hack occurred on Sunday when some of the exchange’s hot wallets were breached, and the stolen assets were transferred to an unidentified wallet. GDAC reported the incident on Monday and disclosed that the exchange lost over $13.1 million in Bitcoin, Ether, Wemix, and USDT, with more than $10 million in Wemix.According to blockchain analytics firm Arkham Intelligence, the hacker has since swapped the USDT for ETH, sending 461 ETH to cryptocurrency tumbler, Tornado Cash. The hacker used three separate wallets to take funds from two of the exchange’s hot wallets. Arkham has labeled the wallets as follows:GDAC Hacker 1: 0x244615D99684175d31369332039b2D84ce925EC5GDAC Hacker 2: 0x62B5eb2cb925Ce2898f9327B235b3228e7Cac1C2GDAC Hacker 3: 0x87597bDB421482190e223aCa0A4DEAd75AB0a98DGDAC deposits/withdrawals suspendedGDAC has suspended its withdrawal and deposit services and reported the incident to the Korea Internet and Security Agency and the Financial Intelligence Unit. The exchange has also requested other cryptocurrency exchanges to block incoming transactions from suspicious addresses.In a notice posted on its website, GDAC CEO Seunghwan Han apologized for the suspension of deposits/withdrawals and concern relative to the hack, adding that the firm will be working towards investor protection and safe withdrawal of funds in due course. GDAC also posted the breakdown of the digital asset quantities lost in the hack, with the hacker stealing 60.80 BTC, 350.5 ETH, 10,000 WEMIX and 220,000 USDT.Crypto hacks increasingThis hacking incident comes at a time when cryptocurrency hacks have been on the rise. According to blockchain analytics firm Chainalysis, illicit actors stole $3.8 billion worth of assets last year, the largest one-year loss in crypto’s history. In addition, other crypto platforms have also suffered notable hacks and exploits in the past 15 to 18 months. Axie Infinity’s Ronin bridge, for example, suffered a $625 million hack last year, and decentralized-finance protocol Sushi was exploited for $3.3 million on Sunday.GDAC is not the only South Korean cryptocurrency exchange to suffer a significant hacking incident. In 2018, Coinrail was hacked, resulting in the loss of approximately $40 million worth of assets, and in 2021, Upbit suffered a $50 million hack.In response to these incidents, South Korea has taken steps to tighten regulations around cryptocurrency exchanges. In March 2021, the country’s Financial Services Commission issued a revised regulation that requires cryptocurrency exchanges to maintain stricter anti-money laundering measures and report suspicious transactions.The GDAC hack is a stark reminder of the risks associated with cryptocurrency investing and the importance of implementing robust security measures. Investors and cryptocurrency exchanges should take note of this incident and ensure that they have adequate security measures in place to protect against potential hacks and exploits.

Korean Financial Watchdog Warns Investors Against Crypto ScamsThe South Korean Financial Supervisory Service (FSS) issued a press release today to warn investors against fraudulent cryptocurrency investment schemes.406 reported scams in two monthsBetween June 1 and July 30, the FSS received a total of 406 reports of crypto scams that lured individuals with false promises of high returns. Some of these perpetrators went to the extent of misrepresenting themselves as employees at crypto exchanges or project foundations. The FSS installed a virtual asset scam report center two months ago, which will run until this year’s end, as an interim measure before the implementation of the Virtual Asset User Protection Act in July of next year.Photo by Growtika on UnsplashSix scam typesTo strengthen its efforts, the FSS has shared six reported case types with the public and has issued investment warnings accordingly. Investors are advised to exercise caution when dealing with unlisted cryptocurrencies at low prices, as accurately determining their value can be challenging. Similarly, the FSS cautions against investing in cryptocurrencies sold at low prices with trading restrictions, as this could lead to difficulties in liquidating tokens if the price drops.The FSS also emphasizes the importance of being wary of cryptocurrencies with low trading volumes, as they can experience drastic price fluctuations due to limited activity. To prevent falling victim to impersonation scams, investors are urged to be cautious of individuals claiming to be employees of domestic virtual asset service providers or presenting official documents to solicit investments.Furthermore, the financial watchdog stresses the risks associated with suspicious requests associated with electronic wallets, particularly connecting to them via unsolicited emails, as they pose a high risk of being hacked.Lastly, the watchdog warns against falling for promises of high returns linked to cryptocurrencies endorsed by celebrities or well-known companies, as these may be illegal deposit-taking activities performed by unlicensed entities. The FSS advises investors to remain vigilant, conduct thorough research, and approach investment opportunities with skepticism to protect themselves from potential crypto scams.