Regulatory clarity spurs traditional brokerages’ interest in Hong Kong

Global blockchain security ranking platform CertiK announced that its Skyfall research team has been inducted into the Samsung Mobile Security Rewards Program’s 2023 Hall of Fame, according to an article by South Korean news outlet Greenpost Korea on Thursday (KST).Photo by Franck on UnsplashTeamwork excellenceThis Hall of Fame recognizes outstanding security researchers who have made significant contributions each year to the security of Samsung products. CertiK Skyfall’s spot in the ranking highlights the importance of collaborative efforts in solving complex cybersecurity challenges, the company said. Securing the futureThe team was responsible for actively identifying a total of seven vulnerabilities in the Samsung Blockchain Keystore – a software development kit (SDK) developed by Samsung to manage private keys – four of which were critical and three of which were high risk. The vulnerabilities left the SDK susceptible to local attacks, including arbitrary code execution and unauthorized access to sensitive data. In response, Samsung was able to quickly deploy security patches that added appropriate boundary checks and protection mechanisms. Skyfall has formerly been acknowledged twice in Apple's release notes for discovering multiple vulnerabilities in new iOS and iPadOS software releases, the most recent being iOS 17 Security Update. Last June, the team was also awarded the Sui network’s highest bug bounty for discovering and fixing a critical vulnerability. "We are extremely proud of the outstanding performance of the CertiK Skyfall team," said Kang Li, Chief Security Officer at CertiK. "It is a testament to the team's professionalism, integrity and deep impact at the forefront of cybersecurity." CertiK is comprised of a team of seasoned experts from reputable universities including Yale and Columbia University and globally renowned companies like Google and Microsoft. The firm also operates from several offices around the world, including Seoul.

Korea requires lawmakers and senior officials to declare crypto holdingsSouth Korea’s Ministry of Government Legislation announced on Thursday (local time) that 84 new legislative statutes are set to be implemented in December. Among these statutes, an amendment to the Public Service Ethics Act stands out, which will require lawmakers and senior government officials to report their virtual asset holdings.Photo by Huy Phan on UnsplashStarting Dec 14The Public Service Ethics Act requires public officials in political service, government officials of rank four or higher and executives of public service-related organizations to declare their own wealth as well as that of their spouses and lineal relatives. In Korea, public servants are ranked from one to nine, with one being the highest and nine being the lowest. As it stands, disclosing cryptocurrency holdings isn’t mandated, but this will change from Dec. 14 due to recent amendments. Records of cryptocurrency transactions will also be subject to disclosure.Possible restrictions on departments or employeesFurthermore, the leader of a national or local government organization has the authority to enforce restrictions on the acquisition of virtual assets for specific departments or employees under their jurisdiction. This action is applicable if their roles are associated with accessing cryptocurrency information or having an impact on the crypto market. In such scenarios, the chief officer is obligated to report their methods of imposing these restrictions to the pertinent government ethics committee. The committee then holds the right to recommend adjustments to these strategies.

GRVT Debuts zkSync’s Inaugural ‘Hyperchain’GRVT, the hybrid crypto exchange incorporated in the British Virgin Islands, is all set to debut as zkSync’s inaugural “hyperchain,” marking a significant milestone in the zkSync ecosystem’s evolution.zkSync represents Ethereum’s second layer solution offering cheaper and faster transactions.Photo by Shubham Dhage on UnsplashCombining CEX and DEX qualitiesPronounced “gravity,” GRVT is an innovative platform that attempts to seamlessly blend the advantages of centralized and decentralized exchanges. It promises users a Robinhood-like experience while integrating self-custodial features akin to Uniswap-style exchanges. Matter Labs, the developer brains behind zkSync, shared news of GRVT's imminent project milestone in an interview with The Block.The introduction of GRVT as the first Hyperchain within the zkSync ecosystem has broadened the horizons of potential applications for this technology, according to Matter Labs. The project stated:“There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it. By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases.”The ability to design and deploy custom hyperchains connected via hyperbridges opens the door to entirely new use cases, affording projects like GRVT the freedom to explore innovative possibilities.A layer 3 ValidiumGRVT will play a role as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum scaling networks that bear similarities to zk-rollups found in Layer 2 solutions. The critical differentiator is in how they handle data. Zk-rollups maintain data on-chain, whereas Validiums securely store it off-chain. This approach enhances user security by safeguarding against front-running and market manipulation.GRVT’s alpha version is set to make its debut next month, followed by the mainnet release in the first quarter of the upcoming year. Promising a transaction speed of up to 600,000 trades per second and less than two milliseconds of latency, GRVT leverages zkSync’s “horizontally scaling” infrastructure to deliver enhanced performance.Explaining the concept of horizontally scaling, Hong Yea, GRVT’s co-founder and CEO, told The Block:“Horizontally scaling means to deploy additional underlying pairs as new hyperchains. Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange.”Token launchGRVT enjoys the backing of CMS Holdings, Hong Kong’s digital assets wealth manager Metalpha, alongside Matter Labs and others. Yea founded the company alongside CTO Aaron Ong and CCO Matthew Quek. Although incorporated in the British Virgin Islands, the firm employs people who are based in Hong Kong, the UK, Lithuania, and Singapore.It recently disclosed that it had successfully raised $7.1 million in pre-seed and seed funding in an equity with a token warrant round, achieving a $39 million post-money valuation. The launch of GRVT’s token is anticipated in 2024.GRVT is also making a concerted effort to obtain trading licenses in various jurisdictions. Currently, it has attained a virtual asset service provider (VASP) license in Lithuania, with work ongoing to achieve licensing in Bermuda. The firm hopes to then expand in Europe and the Middle East going forward.