JPMorgan Adopts Blockchain for 24/7 Interbank Transactions in India

Axie Infinity Teams Up with CyberKongz in Blockchain Gaming RevivalIn a bid to reinvigorate the world of blockchain gaming, Sky Mavis, the company behind the groundbreaking play-to-earn (P2E) blockchain game Axie Infinity, has announced an exciting partnership with CyberKongz, an Ethereum-based non-fungible token (NFT) collection.Together, they are set to develop a more comprehensive gaming ecosystem for the Ronin blockchain. Sky Mavis originated in Vietnam and came to prominence for developing the first major breakthrough for blockchain gaming within the crypto space. The company’s ties with Vietnam continue although it has since established its headquarters in Singapore.While the announcement, made via a blog post published on Tuesday, has sparked curiosity about a brand-new game on the horizon, specific details remain under wraps. Kathleen Osgood, Sky Mavis’ Head of Business Development, revealed that the upcoming game will be designed to be interoperable, seamlessly integrating with existing Axie Infinity experiences.Photo by Bestami Sarıkaya on UnsplashMoving to the Ronin blockchainBut the partnership goes beyond just creating a new game. It also includes the migration of CyberKongz’s popular Play & Kollect game, which is based on the Polygon blockchain. The move to the Ronin blockchain opens up new opportunities for CyberKongz to expand its user base and tap into Ronin’s thriving gaming community.Axie Infinity first captured the gaming world’s imagination in 2021 when it introduced the “play-to-earn” concept. This groundbreaking model allowed players to earn valuable cryptocurrency tokens while playing the game. It quickly became the leading project by sales volume in the burgeoning NFT space, according to data from CryptoSlam. On the other hand, CyberKongz also made headlines in 2021 when it impressively burned $4 million worth of Ether.However, since the NFT craze of 2021, interest in blockchain gaming has seen a decline, with some crypto-based games, such as Neopets, even transitioning to a non-crypto approach.Play-to-earn deficienciesSky Mavis Co-Founder, Aleksander Larsen, acknowledged earlier this year that the play-to-earn model needed improvement to thrive. He emphasized that games must prioritize fun and feature a robust economic system that enables players to earn rewards. Despite this, Kathleen Osgood remains optimistic that the blockchain gaming space can experience a revival through an experience that truly understands the motivations driving users towards Web3.According to Osgood, many teams in the space have merely attempted to replicate what worked in Web2, which may not be enough to drive explosive growth. Instead, she believes that attracting a massive audience lies in taking an innovative approach to leverage the unique offerings of Web3, appealing to users who are naturally drawn to its decentralized and rewarding nature.Gaming evolutionSky Mavis has started opening up its infrastructure to the Web3 ecosystem through the Ronin blockchain. By doing so, it hopes to create gaming communities that are not only more rewarding but also longer-lasting, fostering an environment of engagement and enthusiasm among players.As blockchain gaming continues to evolve, partnerships like the one between Sky Mavis and CyberKongz signal renewed efforts to iteratively improve on previous blockchain gaming models. With a new game on the horizon and the migration of CyberKongz to the Ronin blockchain, the stage is set for a new era of immersive and rewarding blockchain gaming experiences, building upon past efforts.

Korea and Japan Collaborate to Develop Accounting Standards for Virtual AssetsThe Korea Accounting Institute (KAI) announced today that it held a bilateral meeting yesterday with the Japanese Financial Accounting Standards Foundation (FASF) to discuss devising accounting standards for virtual assets. Among the attendees were high-level officials of the FASF, including Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan.Photo by Shubham’s Web3 on UnsplashConsensus on establishing standardsBoth parties agreed on the importance of establishing accounting standards for virtual assets. These standards should be practical and easy to follow, ensuring that they offer sufficient information to readers of financial statements.Reciprocal sharing of progressKAI is in the process of revising the Korean version of the International Financial Reporting Standards (K-IFRS) to require companies to disclose information related to virtual assets within the annotations of their financial statements. This mandatory disclosure of virtual asset-related details was announced by the Korean Financial Services Commission last month, with implementation scheduled for January of next year. This significant update was a topic of discussion in the meeting. Similarly, the FASF reciprocated by sharing its own progress and advancements.This meeting was arranged in light of the deepening relations between the two nations. The close collaboration between the two groups is poised to give Korea momentum to broaden its global presence. Moving forward, the accounting bodies of both countries are committed to continuing their cooperative efforts.

Japanese crypto exchange DMM Bitcoin announced on Friday that over $300 million worth of Bitcoin was stolen from its primary wallet, marking one of the digital asset industry's largest hacks in recent years.Photo by Kanchanara on UnsplashHack confirmed without further detail"At approximately 1:26 p.m. on Friday, May 31, 2024, we detected an unauthorized leak of bitcoin from our wallet," the company stated, based on an English translation of its original statement in Japanese, which had been posted on the firm’s website. DMM Bitcoin is a subsidiary of DMM Group, which incorporates businesses covering a broad spectrum of activities including solar energy, gaming, 3D printers, FX, e-books and software. The company has, as yet, not provided any further detail relative to the manner in which the hack occurred. Notwithstanding that, DMM Bitcoin did confirm that measures have been taken to prevent any repeat of the hack. Furthermore, the company outlined that a full investigation into the hack is ongoing right now. Buy orders and leverage trades suspendedThe company has moved to reassure platform users that their digital assets are fully guaranteed. It stated: "Please rest assured that all of your bitcoin deposits will be fully guaranteed, as we will procure the equivalent amount of BTC that was leaked with support from our group companies."  The exchange has taken the decision to temporarily suspend a number of activities, including spot trading buy orders and the opening of leveraged trading positions. A temporary halt has been imposed on crypto withdrawals while Japanese yen withdrawals are permitted, albeit that the exchange suggests that service users may experience delays. Blockchain security sector responseIn light of the hack, a number of well-known blockchain security firms have been giving the matter their attention. Beosin, a blockchain security specialist, outlined that it is continuing to monitor the wallet addresses implicated in the hack, with a view towards tracing any further movement of the funds. Meanwhile, blockchain analysis firm Arkham Intelligence has offered a 1,000 ARKM token bounty to anyone who may provide information leading to the identification of the perpetrators of the hack. Blockchain analysis firm Chainalysis described the hack as “the 7th largest crypto hack ever.” The company has labeled the stolen funds within its products. Broader industry implications and historical contextThis hack is a significant blow to the industry, given that a hack on this scale has not occurred thus far in 2024 or at any point during 2023. The crypto industry has faced numerous significant breaches in the past. In 2022, a series of large-scale exploits targeted layer-1 blockchains, crypto exchanges and DeFi protocols. The largest hack amongst them implicated the BNB Chain (formerly Binance Smart Chain), which resulted in the loss of $566 million worth of BNB. The latest hack is second only (within Japan) in size relative to the 2018 hack of Coincheck, one of the country’s largest exchanges, when over $550 million worth of XEM was stolen. Japan was also host to the most infamous Bitcoin hack, that of the Mt. Gox exchange, whose bankruptcy administrators moved $9 billion worth of its remaining Bitcoin holdings on the blockchain in recent days for the first time in many years.