Filipino legislator proposes bill to establish Bitcoin reserve

Seoul Govt to Hire Blockchain Expert to Enhance Administrative Services for CitizensThe Seoul Metropolitan Government is hiring a blockchain specialist in an effort to bolster its administrative services for citizens, leveraging the power of blockchain technology to provide enhanced and efficient solutions, as per local news outlet Etnews.Photo by Yu Kato on UnsplashRoles and eligibilityThe appointed blockchain specialist will participate in the development and management of blockchain-based administrative systems. The position will also involve facilitating technological cooperation between the public and private sectors, with a focus on integrating blockchain-powered platforms with cutting-edge technologies such as artificial intelligence, big data, and the Internet of Things.Interested candidates have until July 26 to submit their applications, with the successful candidate expected to be revealed in August, following document screening and interviews.To be eligible for the position, applicants must meet one of the following criteria:1. Hold a bachelor’s degree and possess at least one year of experience in related fields.2. Have three or more years of relevant experience.3. Be public servants of rank 8 or higher with a minimum of two years of relevant experience.Eligible candidates must have a proven track record in the development and operation of information systems, blockchains, and non-fungible tokens.Seoul’s blockchain initiativesThe Seoul Metropolitan Government’s current efforts to integrate blockchain technology into its administrative services include the operation of the Seoul Wallet app, a one-stop solution that enables citizens to access their identification, certificates, and credentials. The city government has plans to connect this app with other digital and healthcare platforms to create a fully integrated management system.Seoul has been at the forefront of blockchain adoption in South Korea. In 2020, it became the first Korean city to launch a blockchain-powered labor contract system, aimed at protecting the rights of temporary workers. Additionally, the city has been actively exploring various ways to leverage blockchain for online ID verification services. Such initiatives include a benefits card designed for families with two or more children, offering discounts on public facilities usage.A representative from the city government highlighted their recognition of blockchain as a key technology in the era of Web3. As a result, Seoul is seeking opportunities to introduce and support blockchain-based initiatives within its jurisdiction. The official emphasized the city’s commitment to providing safe and inclusive civil services built on blockchain technology, following a thorough assessment of their potentials and risks.

As is the case in the rest of the world, South Korea is also experiencing a bullish cryptocurrency market these days. However, local blockchain companies that started their business between 2017 and 2018 – those considered the first-generation blockchain firms – are trying to distance themselves from the label “blockchain,” removing words such as “block,” “chain” or “coin” from their names to rebrand themselves.  This is largely due to local regulations that stifle blockchain businesses and widespread negative perspectives towards the crypto industry among the public, the local media outlet News1 reported. Photo by Robert Stump on UnsplashMediBloc rebrands itself to WeavrCare: The two-track strategy Among the first-generation blockchain firms that changed its name is MediBloc. Founded in April 2017 as a blockchain-based digital health company, MediBloc rebranded its Korean branch last month to WeavrCare, combining the words "weave" and "care" to highlight its commitment to connecting patients and hospitals onchain.  WeavrCare offers a blockchain healthcare data platform named Panacea, where patients can directly manage their own medical data. It also provides a blockchain-based medical data and insurance claim platform Medipass. MediBloc's native token MED is currently listed on prominent local crypto exchanges such as Upbit and Bithumb.  The company is known to have well weathered the crypto winter between 2022 and 2023 by pitching a cloud electronic medical record (EMR) solution, Dr. Palette, which enables medical staff to easily check medical charts and manage patients' data.  Following its rebranding, WeavrCare has demonstrated its intention to pursue a two-track strategy, with the company’s Gibraltar branch focusing on blockchain business under the original corporate name MediBloc. In contrast, WeavrCare in Korea will focus on expanding new businesses including Dr. Palette.  Meanwhile, WeavrCare has reportedly embarked on investor relations (IR) activities to secure a Series B investment.  Chain Partners rebrands itself to AI3: Merging Web3 with AIChain Partners, a blockchain firm focused on crypto exchanges and the over-the-counter (OTC) markets, has also recently rebranded itself to AI3, a new name that the company expects will illustrate its aim of focusing more on AI businesses. The name reflects the company's dedication to exploring both Web3 and generative AI technology.  Following its rebranding, AI3 has embarked on developing an AI service equipped with a prompt response system. AI3 had already launched a personal AI assistant dubbed Wrks last year, which aims to improve workflows. A company official said AI3 is currently preparing for IR to qualify for a Series A investment.  CPLABS and Parameta: Earlier pioneers of blockchain Meanwhile, other blockchain firms that launched their businesses earlier than the above two companies have already completed their rebranding last year. CoinPlug changed its name to CPLABS, and Iconloop to Parameta.  

South Korea’s GDAC Suffers $13M hackSouth Korean cryptocurrency exchange, GDAC, has suffered a significant hacking incident that has resulted in the loss of approximately 23% of its custodial digital assets.©Pexels/PixabayThe hack occurred on Sunday when some of the exchange’s hot wallets were breached, and the stolen assets were transferred to an unidentified wallet. GDAC reported the incident on Monday and disclosed that the exchange lost over $13.1 million in Bitcoin, Ether, Wemix, and USDT, with more than $10 million in Wemix.According to blockchain analytics firm Arkham Intelligence, the hacker has since swapped the USDT for ETH, sending 461 ETH to cryptocurrency tumbler, Tornado Cash. The hacker used three separate wallets to take funds from two of the exchange’s hot wallets. Arkham has labeled the wallets as follows:GDAC Hacker 1: 0x244615D99684175d31369332039b2D84ce925EC5GDAC Hacker 2: 0x62B5eb2cb925Ce2898f9327B235b3228e7Cac1C2GDAC Hacker 3: 0x87597bDB421482190e223aCa0A4DEAd75AB0a98DGDAC deposits/withdrawals suspendedGDAC has suspended its withdrawal and deposit services and reported the incident to the Korea Internet and Security Agency and the Financial Intelligence Unit. The exchange has also requested other cryptocurrency exchanges to block incoming transactions from suspicious addresses.In a notice posted on its website, GDAC CEO Seunghwan Han apologized for the suspension of deposits/withdrawals and concern relative to the hack, adding that the firm will be working towards investor protection and safe withdrawal of funds in due course. GDAC also posted the breakdown of the digital asset quantities lost in the hack, with the hacker stealing 60.80 BTC, 350.5 ETH, 10,000 WEMIX and 220,000 USDT.Crypto hacks increasingThis hacking incident comes at a time when cryptocurrency hacks have been on the rise. According to blockchain analytics firm Chainalysis, illicit actors stole $3.8 billion worth of assets last year, the largest one-year loss in crypto’s history. In addition, other crypto platforms have also suffered notable hacks and exploits in the past 15 to 18 months. Axie Infinity’s Ronin bridge, for example, suffered a $625 million hack last year, and decentralized-finance protocol Sushi was exploited for $3.3 million on Sunday.GDAC is not the only South Korean cryptocurrency exchange to suffer a significant hacking incident. In 2018, Coinrail was hacked, resulting in the loss of approximately $40 million worth of assets, and in 2021, Upbit suffered a $50 million hack.In response to these incidents, South Korea has taken steps to tighten regulations around cryptocurrency exchanges. In March 2021, the country’s Financial Services Commission issued a revised regulation that requires cryptocurrency exchanges to maintain stricter anti-money laundering measures and report suspicious transactions.The GDAC hack is a stark reminder of the risks associated with cryptocurrency investing and the importance of implementing robust security measures. Investors and cryptocurrency exchanges should take note of this incident and ensure that they have adequate security measures in place to protect against potential hacks and exploits.