Metaplanet targeting 21K Bitcoin by 2026

Hot Wallet Exploit Results in $23M Bitrue LossBitrue, a Singapore-based crypto exchange, has fallen prey to a $23 million hack due to a hot wallet exploit. The exchange has been forced to suspend all withdrawals until April 18, to provide an opportunity to conduct a thorough security review.©Pexels/Karolina GrabowskaHot wallet vulnerabilityHot wallets are used by exchanges to store small amounts of cryptocurrencies for easy access. These wallets are connected to the internet and are therefore more vulnerable to attacks compared to cold wallets, which are stored offline. In the case of Bitrue, hackers were able to exploit the hot wallet and steal cryptocurrencies worth $23 million.In a series of Twitter posts, the exchange outlined that the exploit occurred at 07:18 (UTC) on Friday. “We were able to address the matter quickly and prevented the further exploit of funds”, it went on to state.The stolen digital assets include ETH, QNT, GALA, SHIB, HOT and MATIC. Bitrue outlined that the hot wallet funds account for only 5% of overall funds and that the rest of its wallets remain secure and have not been compromised.Blockchain security firm PeckShield outlined how the funds were swapped and drained. A wallet it has labeled as “Bitrue drainer” swapped 173,000 QNT, 22.55 billion SHIB tokens, 46.4 million GALA and 310,000 MATIC for 8,540 ETH. The ether is now being held within the following address:0x1819EDe3B8411EbC613F3603813Bf42aE09bA5A5Reimbursing usersIn response to the hack, Bitrue has promised to reimburse all affected users. However, the process could take some time.The incident underscores the importance of taking precautions when storing cryptocurrencies on exchanges. Users should only keep a minimal amount of cryptocurrencies on an exchange and should not store more than they can afford to lose. Ongoing exploits, hacks and frauds exemplify the need for users to only use reputable platforms with a proven track record of security.Doubling down on securityBitrue has promised to improve its security measures to prevent similar incidents from occurring in the future. The exchange’s response to the hack has been lauded by many in the cryptocurrency community, who have praised the company’s transparency and commitment to reimbursing affected users.The cryptocurrency community has been vocal in its criticism of exchanges that fail to prioritize security. The Bitrue hack is just the latest in a series of incidents that have highlighted the importance of maintaining security in the world of cryptocurrency.It’s not the first security breach that the exchange has encountered. In 2019 Bitrue suffered a $4.7 million loss, with quantities of both XRP and Cardano (ADA) having been stolen. On that occasion, the exchange released tracking details relative to the stolen funds. Thanks to collaboration with Huobi, Bittrex and ChangeNOW, the funds and associated accounts were frozen.According to data from CoinGecko, Bitrue trades an average of $1 billion in digital assets daily, with bitcoin and ether trading pairs accounting for a large proportion of that trading volume. The Bitrue hack has been a wake-up call for the cryptocurrency community and serves as a reminder of the ongoing risks associated with storing cryptocurrencies on exchanges.

Hong Kong’s GSBN Takes Lead in Blockchain LogisticsIn recent years, the logistics industry has seen an increase in the use of blockchain technology to streamline supply chains and provide greater transparency to customers. While some major players, like Danish firm Maersk, have terminated their blockchain-based platforms, others are bullish on the long-term potential of the technology.©Pexels/Ben CheungA blockchain-based shipping platformOne such player is the Hong Kong-based Global Shipping Business Network (GSBN), a nonprofit consortium focused on blockchain trade applications. According to a report by the South China Morning Post, GSBN operates one of the world’s largest platforms as an alternative to Maersk’s TradeLens tool. Since launching its blockchain-based shipping platform in 2021, GSBN has partnered with major shipping companies and terminal operators such as Cosco, Orient Overseas Container Line, Hapag-Lloyd, Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports.The platform, based on a permissioned blockchain with strong data governance, allows only authorized parties to contribute and consume shipping-related data. The organization believes that blockchain is a crucial logistics tool in the long term, and its adoption may take another decade.Blockchain inevitable amid continued digitizationGSBN CEO Bertrand Chen is confident in the potential of blockchain technology, saying that global trade will not continue to rely on “pen and paper” by 2032. He believes that blockchain has the potential to help the industry transform in response to supply issues triggered by events such as COVID-19.“Because of COVID-19, because you have to change the process, I think this is one of the regular use cases of blockchain” . . . “Probably that’s better than NFTs of digital art. NFTs of documents for global trade — this will be the real killer use case.”While Chen acknowledges that China has taken the lead in blockchain logistics due to its significant investment in the industry, he believes that GSBN has global ambitions and is working to attract more European shipping lines. The nonprofit even hopes to onboard Maersk one day, but Chen admits that such a scenario “may be slightly challenging.”Emerging Web3 hubHong Kong has also emerged as a major hub for Web3 and cryptocurrency, with the local government taking action to adopt clear industry regulations. Despite a blanket ban on crypto in China, some Chinese government-related firms have reportedly been growing interested in crypto investment, with state-owned firms like insurer CPIC launching crypto-related funds in early April.Blockchain technology has the potential to revolutionize global trade and supply chain management, providing greater transparency and efficiency. However, widespread adoption may still be years away, and companies will need to navigate regulatory and technical challenges to fully leverage the benefits of blockchain.While some logistics firms may have terminated their blockchain-based projects, others like GSBN remain optimistic about the potential of blockchain technology in global trade. With major shipping partners and terminal operators already onboard, GSBN has a solid foundation to build on as it continues to attract more players to its platform. As the world becomes increasingly digitized, blockchain may be a crucial tool for the logistics industry to transform and adapt to new challenges.

SK Planet and Milk Partners to Propel Blockchain Ecosystem DevelopmentSouth Korean tech company SK Planet announced today a partnership with Milk Partners, the operator of MiL.k, a blockchain-based reward points platform, in order to foster the UPTN blockchain ecosystem. That’s according to a report by local news outlet Edaily. This alliance comes after conglomerate SK Group’s affiliate recently launched its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Karolina Grabowska on PexelsSK Planet’s NFT initiativeRoad to Rich is an initiative within OK Cashbag, SK Planet’s popular reward points system. In an effort to promote this initiative, the two companies will organize a Road to Rich event on the MiL.k app this month and enable users to exchange between OK Cashbag points and MiL.k points later this year.Milk Partners’ tech contributionMilk Partners’ parent company, Keyinside, has contributed to the development of SK Planet’s blockchain platform UPTN and has been involved in OK Cashbag’s NFT project, providing business consulting and technology development. UPTN, built on the Avalanche network’s subnet, made its debut through OK Cashbag’s NFT initiative, and a dedicated wallet based on UPTN was recently launched.Kim Kyo-soo, the head of the customer experience division at SK Planet, said that the company plans to build the UPTN ecosystem where customers can enjoy various services, including membership benefits, concert tickets, and shopping.Milk Partners CEO Cho Jung-min expressed enthusiasm about the synergies that can be achieved by participating as a major partner in the blockchain project spearheaded by Korea’s major corporate. He added that the two sides will work together to offer valuable and beneficial services to users.