Lemon Healthcare launches blockchain-based electronic prescription service

Linear Finance Dealing With LUSD ExploitLinear Finance, the Hong Kong-based DeFi protocol, made an announcement by way of a blog post published to the project’s website on Thursday, suggesting that the project’s native stablecoin, LUSD, has come under attack.Photo by Markus Spiske on UnsplashTaking precautionary actionThis security breach has prompted the team to take immediate action to safeguard user accounts and the project’s integrity. The project team is actively investigating the exploit attack on LUSD. It has issued a stern warning to its users, advising them against buying or trading LUSD until the team can confirm the situation’s status.This measure is aimed at preventing further complications and ensuring the community’s interests remain protected. Furthermore, the project has temporarily suspended liquidations to secure users’ accounts. This step has been taken to mitigate immediate concerns and ensure that no user faces undue losses as a result of the exploit.Assets disposed on PancakeSwap & AscendexAmid the ongoing investigation, Linear Finance’s team has pledged to provide timely updates as soon as more information becomes available. In explaining away the nature of the attack, the project team clarified:”The attacker was able to mint an unlimited supply of LAAVE and subsequently traded the liquid asset to LUSD on the Linear Exchange, prior to selling it on PancakeSwap and Ascendex.”Project responseIn its efforts to deal with the issue, the Linear Finance project team has engaged an on-chain data specialist to track down the attackers. The Linear bridge contract has been disabled relative to LUSD. All protocol contracts that allow tokens to be minted, exchanged, or burnt have been paused. Meanwhile, wallets identified as having been involved in the protocol exploit have been shared with the authorities and major cryptocurrency exchanges.Synthetic asset protocolLinear Finance creates synthetic assets with the protocol design enabling unlimited liquidity. The network has been built on top of the Ethereum blockchain. As a consequence of activity surrounding the exploit, trading of LUSD over the course of the past 24 hours has proven to be out of the ordinary. At the time of writing volume over the past 24-hour period had increased by 8412%. The current market price of the stablecoin stands at $0.9874.Protocol and network hacks and exploits have been coming in thick and fast in recent days. Hong Kong crypto exchange CoinEx has been trying to recover from a $70 million hack on the platform over recent days. Meanwhile, Seychelles-headquartered peer-to-peer crypto platform Remitano suffered a $2.7 million hack late last week.On Wednesday, the project team behind DeFi protocol Balancer warned network users that the Balancer front-end user interface was under attack. The Ethereum-based DeFi network fell victim to another exploit last month, resulting in losses in the region of $900,000.In the dynamic crypto sector, unforeseen events like potential exploits can disrupt the market and sow uncertainty. The issue remains a major challenge both for centralized exchange platforms and DeFi protocols.

Fair Weather Day for Rain With Abu Dhabi License ApprovalRain, the cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, has scored a significant regulatory win in the United Arab Emirates (UAE). On Tuesday, the Abu Dhabi unit of Rain secured a license to operate as a virtual assets brokerage and custody service within the country.Photo by Agnieszka Kowalczyk on UnsplashCoinbase backingHeadquartered in Bahrain and backed by Coinbase, Rain’s Abu Dhabi Global Market financial free zone entity will now have the authority to offer virtual asset services to institutional and select retail clients in the UAE. This includes the ability to facilitate the buying, selling, and custody of cryptocurrencies.According to Co-Founder Yehia Badawy, the newly acquired license brings additional advantages to Rain. Notably, the exchange will be able to open a bank account in the UAE, simplifying fund management for its clients who can now utilize the local payment network.For Rain, this regulatory approval holds particular significance, as it addresses the hesitancy among local asset managers to engage with crypto firms lacking a domestic license. With this stamp of approval, these managers are expected to feel more at ease collaborating with Rain, thus expanding the potential demand from institutional investors.$500 million valuationRain has been gaining traction since its establishment in 2017 by Badawy and three other co-founders. Kleiner Perkins and Coinbase Ventures, two prominent investors from Silicon Valley, have backed the exchange. Both participated via a Series B funding round in January 2022 that saw Rain raise $110 million. Interestingly, Rain’s leading investor, Coinbase, also expressed an interest in developing a base in Abu Dhabi in recent months.There has been a lot of speculation in recent times with regard to where Binance, the world’s largest cryptocurrency exchange, is headquartered. Although still not certain, many believe that Abu Dhabi provided that base for the company. Meanwhile, US-headquartered cryptocurrency exchange Gemini, is working towards establishing a base in the UAE.Overcoming challenging market conditionsLast year’s Series B fundraise resulted in the company achieving a valuation of $500 million. The funds from that round were earmarked for the expansion of Rain’s operations throughout the region. Later that same year, the company laid off dozens of employees as bear market conditions within the digital assets space began to bite. As market conditions worsened later that year, the firm announced a fresh round of job cuts in September.The UAE has been positioning itself as a crypto-friendly destination, aiming to attract major players in the cryptocurrency industry. By enabling cryptocurrency payments in sectors like real estate and education, the UAE has spurred adoption rates and transaction volumes. Additionally, the country has been actively working on developing virtual asset regulations to accommodate new business opportunities in a highly competitive Gulf region.Rain’s recent licensing achievement signifies a significant milestone for the exchange and contributes to the UAE’s ongoing efforts to establish itself as a leading hub for the cryptocurrency sector.

RaonSecure showcases blockchain-based SaaS to student ID card associationRaonSecure, a South Korean tech security company, recently showcased their blockchain-based Software as a Service (SaaS) solution, OmniOne Digital ID, to executives from the International Student Identity Card (ISIC) Association during their visit to RaonSecure’s headquarters in Seoul, as per a report by news outlet Digital Today. The tech firm also proposed a mobile ID project catered to ISIC.Photo by Matese Fields on Unsplash2.5 million student ID cards per yearThe ISIC Association, a non-profit organization registered in Denmark, is renowned for issuing approximately 2.5 million student identity cards each year. These cards are recognized and accepted in 108 countries globally.Various discount programsISIC card holders have access to an extensive range of discount programs at ISIC’s partner merchants. These discounts span a wide variety of industries, offering savings in areas such as accommodation, cultural attractions and travel. This feature of the ISIC card makes it a beneficial resource for students worldwide who are looking to save money while accessing various services and experiences.In October, RaonSecure signed a business partnership with two organizations to develop digital ID-based ISIC on mobile platforms. One of them is KISES Corporation, the Korean branch of ISIC, and the other is smart card service provider Future & More.