Bitcoin rally significantly benefits online-only Kbank in Korea

Jeff “Jihoz” Zirlin, one of the co-founders of Sky Mavis, the Singapore-headquartered development firm behind both Axie Infinity and the Ronin Network, has faced a significant setback as some of his personal crypto wallets have fallen victim to a hack.Photo by GuerrillaBuzz on UnsplashFunds drained through Tornado CashThe hack has resulted in the loss of approximately $9.7 million worth of ether (ETH). The breach, which occurred on Feb. 23, saw two crypto wallet addresses associated with Zirlin compromised. The perpetrator managed to abscond with 3,248 ETH, funneling the stolen funds through Tornado Cash, a privacy-focused Ethereum mixer. The alarm was raised by PeckShield, a blockchain investigation firm, which identified the compromise of a "whale wallet" through the Ronin Bridge. PeckShield attributed the breach to a "wallet compromise," which facilitated unauthorized outbound transfers of funds. PeckShield's investigation revealed that the pilfered 3,248 ETH was initially dispersed across three different wallets before being funneled into Tornado Cash. This service, notorious for its use by hackers seeking to obfuscate the origin and traceability of illicit funds, served as a conduit for the stolen assets. Confirming the attack and remarking on having had a “tough morning,” Zirkin outlined on social media that “the attack is limited to my personal accounts, and has nothing to do with validation or operations of the Ronin chain.” He emphasized the implementation of stringent security protocols across all chain-related activities, seeking to reassure stakeholders of the company’s commitment to safeguarding user assets. Although specific details regarding the breach remain undisclosed, Zirlin's statement suggests a leakage of the private keys associated with his personal wallets, granting unauthorized access to the hacker. Ronin Network securePeckShield’s revelation prompted Aleksander Larsen, co-founder of Ronin Network, to swiftly respond, affirming the robust security measures of the Ronin Bridge. The social media post that Larsen had responded to, which he claimed to have an “extremely misleading title,” was later deleted. Larsen suspected that the breach stemmed from a wallet hack rather than a flaw within the bridge itself. Notably, Ronin had been targeted in a high-profile attack in March 2022, orchestrated by the North Korea-backed Lazarus Group, resulting in a $625 million loss.In response to this previous breach Sky Mavis initiated a comprehensive overhaul of Ronin's core systems to bolster decentralization and mitigate future vulnerabilities. $112M Ripple co-founder hackIn a separate incident, Binance intercepted $4.2 million worth of stolen XRP, part of the $112 million hack targeting Ripple co-founder Chris Larsen's personal wallet on Jan. 31. Unlike the Axie Infinity breach, the perpetrator behind Larsen's hack refrained from leveraging crypto mixer services or decentralized exchanges, enabling Binance to track and immobilize a portion of the illicitly obtained funds. Axie Infinity, heralded as a pioneering "play-to-earn" Web3 game, has emerged as a lucrative platform, enabling players to earn cryptocurrency and trade in-game assets via blockchain technology. Since its inception in 2018, the game has amassed $1.3 billion in revenue, underscoring its prominence within the burgeoning blockchain gaming ecosystem. 

Julius Baer Expands Crypto Wealth Management Services in DubaiJulius Baer, a renowned Swiss private bank, is making strides in the world of digital assets with the expansion of its crypto wealth management services in Dubai.This move, reported by Bloomberg on Wednesday, represents the bank’s first major crypto product offering overseas. The Middle Eastern subsidiary of Julius Baer, JBME, has announced its intention to apply for a “digital assets license variation” to complement its existing permissions granted by the Dubai Financial Services Authority.If successful, this license variation will empower the company to offer advisory and custodial services for digital assets like Bitcoin, Ether, and other cryptocurrencies.Photo by Sascha Bosshard on UnsplashUAE “key geography”Jonathan Hayes, the head of digital assets development at Julius Baer, has underscored the United Arab Emirates (UAE) as a “key geography” for the bank’s expansion. He points to the region’s substantial economic development as a catalyst for venturing into the Dubai market.Julius Baer has already made strides in the crypto space within Switzerland by offering lending services to select crypto clients. This pioneering service allows customers to leverage their digital assets held by the bank. However, it is currently limited to clients with diversified portfolios that include traditional assets.Attracting international interestThe UAE, along with other individual Emirates in the country, has been actively striving to attract crypto businesses. As US authorities tighten regulations, numerous companies are seeking more crypto-friendly environments to operate in. It started to accept crypto business license applications in April. US crypto exchange Coinbase indicated its interest in locating a base there the following month.In Dubai, prominent cryptocurrency exchanges such as Binance Holdings Ltd., OKX, and Crypto.com have all submitted license applications to the Virtual Assets Regulatory Authority. Binance was among one of the first to secure a license while its understood that it may be looking towards the UAE as a strategic base for the company going forward. Meanwhile, another US crypto platform, Gemini, has suggested that it will now work towards obtaining a crypto license in the UAE.Julius Baer has witnessed a broad demand from affluent individual clients ranging in age from 25 to 70, according to Lucia Desmarquest, the Deputy Head of the bank’s central and eastern European division.Having first launched its crypto services in May of the preceding year, Julius Baer currently provides standard advice on digital assets to investors domiciled across 25 countries, including Luxembourg and Singapore.The bank’s wealth management services cover approximately the top 15 cryptocurrencies in the market. Each token undergoes meticulous due diligence and is subject to review by a dedicated panel.This expansion aligns with the broader trend of TradFi firms exploring opportunities in the digital assets space, as the industry continues to evolve and gain traction globally. Julius Baer’s expertise and established reputation position it well to navigate the evolving landscape of crypto wealth management and cater to the needs of its savvy clientele.

Singaporean crypto wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, together with the launch of a number of financial services. The partnership is a significant milestone in bridging the gap between the crypto world and real-world financial utilities.Photo by Henrique Ferreira on UnsplashVisa card and in-app bankingThe company outlined in a blog post on March 7 that the centerpiece of this collaboration is the introduction of a crypto-focused Visa card and in-app banking services, both designed to streamline the integration of digital assets into everyday transactions. The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC), providing users with a stable foundation for their financial activities. Through the SafePal mobile wallet app, users can convert their cryptocurrency holdings into USDC via Ethereum layer two scaling network Arbitrum, making for an efficient and reliable process. Once converted, the USDC can be stored in multiple fiat currencies, including USD, EUR and CHF, enabling seamless utilization in various transactions and expenses. Enabling Swiss bank account accessOne of the standout aspects of this initiative is the opportunity for users to establish individually owned, fully compliant bank accounts directly within the SafePal mobile wallet app. By completing the necessary know-your-customer (KYC) and onboarding procedures through Fiat24. Opening such bank accounts will be free, with no account creation or annual management fees being applied. However, transfer and deposit fees will be applied starting from a base rate of 0.6%. The project believes that the integration of NFT technology on Arbitrum will ensure the security and transparency of all related transactions. Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility challenges faced by crypto users in a communication with CoinDesk. She highlighted the significance of providing a crypto-friendly banking experience that eliminates the hurdles imposed by traditional financial institutions. Additional payment platform partnershipsIn addition to the crypto Visa cards, SafePal has forged partnerships with leading payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay, expanding the usability and convenience of its services. While the Visa card will initially be available in select European regions, plans are underway for its gradual expansion across the continent. Similarly, the in-app banking gateway will cater to users outside the United States and in non-U.S. sanctioned countries, fostering greater accessibility on a global scale. Working towards market growth through a partnership strategy is a route that SafePal has taken in the past. In May 2023 the company attempted to make further inroads into the Korean market by partnering with South Korean enterprise blockchain project Klaytn. In that instance, the wallet provider added support for digital assets that run on the Klaytn network via its mobile app, hardware wallet and browser extension-based wallet. In light of these developments, SafePal's SFP tokens have experienced a modest increase in value. At the time of writing, the token unit price stood at $0.8026, representing a 4.62% increase over the course of the past 24 hours.