Incheon Unveils Ambitious Four-Year Plan to Become a Leading Blockchain Hub

Shots Fired in New OKX Ad CampaignGlobal crypto spot and derivatives exchange OKX has launched a daring ad campaign that sets US-based rival exchange Coinbase firmly in its cross hairs.The formerly Chinese and now Seychelles-based exchange has pushed out a global ad campaign along the following theme: “The system doesn’t need an upgrade; it needs a rewrite.” The ads were launched on Tuesday, pointing out the ills of the traditional, centralized financial system.Photo by Merakist on UnsplashCrypto exchange rivalryThe advert doesn’t explicitly call out its rival, Coinbase. However, it is nuanced in taking a subtle dig at the US-based exchange. Exactly two months prior, on March 9, Coinbase released its own ad campaign. Coinbase claimed in its ad that “it’s time to update the system,” with OKX’s subsequent commercial having been carefully worded to poke fun at the Coinbase commercial.With a number of high profile epic failures of crypto businesses over the past twelve months, including the fall of FTX, the remaining exchanges in the business have been tripping over themselves in an effort to convince the alternative asset-investing public that theirs is the safest platform upon which they can securely trade.In its sixty second commercial, OKX poses the question “why don’t we change everything?”, set up by its claim that the conventional finance system is broken.The last of the big spendersThere’s been a notable change of strategy in the marketing activities of crypto businesses since the height of the last crypto bull run. Gone are the marketing excesses exemplified most by the now bankrupt FTX exchange.FTX demonstrated itself to be a profligate spender on all manner and means of marketing, particularly during 2021 and 2022. It paid Wall Street investor and Shark Tank star Kevin O’Leary $15 million to be a spokesperson for the company. Similar deals were struck with a range of celebrities including former NBA star Shaquille O’Neal, NFL stars such as former New England Patriots quarterback, Tom Brady, and a host of others.At the height of its marketing opulence, the fraudulently run firm signed a $135 million sponsorship deal that provided it with the naming rights to the home stadium of the NBA’s Miami Heat. 2022's Super Bowl, one of the world’s largest single marketing opportunities, saw FTX and others pay out big on advertising spend.By contrast, this year’s Super Bowl was almost a complete washout as far as crypto business participation was concerned. Meanwhile, all of the celebrities that featured in FTX’s marketing activities have found themselves the subject of multi-million dollar class action lawsuits filed by FTX creditors.A more sobering marketing strategyDespite the reputational damage that crypto has suffered due to these high profile failures, firms like OKX and Coinbase have continued to maintain a responsible level of advertising and marketing activity.That’s best exemplified by OKX’s ongoing marketing relationships with McLaren’s Formula One racing team and Manchester City Football Club. In March, US-based crypto exchange Kraken announced a marketing partnership with the Williams Formula One racing team.Crypto.com is probably the only crypto firm that spent excessively during the last bull run yet has continued to maintain a relatively high level of marketing activity. Much of that may have been due to commitments it had made during a more buoyant market. Notwithstanding that, the firm did fall foul of the UK advertising regulator, who banned its NFT promotion in December 2022.

Blockchain Tech Enhances Korean Meat Industry’s Trading SystemThe Korean meat industry is leveraging blockchain technology to optimize its meat trading system.©Pexels/mali maederOn Tuesday, the MOOxMOO Foundation, a Korean blockchain-driven supply chain management provider, announced its strategic partnership with meat processing company PMD, according to the Maeil Business Newspaper.Inefficient distributionThe partnership aims to enhance the transparency of the meat trading system and address issues of inefficient intermediary distribution, particularly regarding payments, settlements, and deliveries. This goal will be achieved through the foundation’s meat trading platform MOOxDEAL, which will utilize soulbound tokens (SBTs) to verify identities of supply chain participants.Rising meat demandThe OECD-FAO Agricultural Outlook 2022–2031 stated that in 2021, world meat imports are estimated to have reached 40 million metric tons (Mt), with poultry imports leading the way. Brazil, the European Union and the United States were among the top meat exporting countries, meeting a significant portion of the increased import demand.Meat consumption is projected to grow by 15% by 2031, driven by an expected 11% increase in the global population. Global meat supply is projected to reach 377 Mt by 2031, though growth will not be as rapid as the previous decade.The amount of protein available from poultry, pork, and beef is expected to increase globally by 16%, 17%, and 8%, respectively, by 2031, with poultry being the main contributor to overall meat production growth. The majority of meat production growth is set to occur in developing regions.Costs onto consumersDespite increasing global meat production, the unsuitable distribution structure in Korea may shift costs onto consumers.Through the partnership, the MOOxMOO Foundation looks forward to addressing the inefficiencies of intermediary distribution and benefiting consumers. The foundation also envisions its platform contributing to the Korean meat industry by optimizing both business to business (B2B) and business to consumer (B2C) trading.

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.