Dubai’s VARA grants WadzPay ‘initial approval’ of trading license

DeSpread, a Korea-based consulting firm specializing in Web3 and blockchain, announced today its partnership with Arbiturm, a Layer 2 network built on the Ethereum blockchain. This news was reported by local media outlet Etoday. Through the partnership, DeSpread aims to create an ecosystem for Arbitrum developers, seek collaboration with Korean enterprises and attract more onchain users. Photo by Sigmund on UnsplashArbitrum is one of the largest Layer-2 blockchains operating on the Layer-1 Ethereum network, designed to address the scalability issue of the ETH network. DefiLlama, a DeFi total value locked (TVL) aggregator, shows that Arbitrum has the fourth largest TVL among all chain networks, and the largest TVL among ETH-based Layer 2 networks. To foster Arbitrum-based services, DeSpread plans to distribute research content and development guides to Korean developers in an effort to bring down the language and cultural barriers when working with Arbitrum. Regular events featuring Arbitrum experts are also in store, set to be held both online and in-person formats. These efforts are intended to help companies seeking to adopt blockchain technologies collaborate with Arbitrum.   Forging an ecosystem within the Korean ETH communityJeff Kim, Head of operation at DeSpread, expressed his excitement about the partnership with Arbitrum, saying that Arbitrum is the network showing the strongest performance among all Layer 2 solutions on the ETH network. He added that Despread plans to support Arbitrum so that it can create its ecosystem within the Korean Ethereum community and raise its brand awareness. Nina Rong, Head of Ecosystem Development at Arbitrum, stated that Arbitrum has long been keeping an eye on Korea’s blockchain ecosystem. The partnership will help Arbitrum strengthen its position in the Korean market and shape a developer-friendly environment for individuals and businesses, she said.

Haechi Labs Joins Hands with Oasys for Entry into Japanese MarketHaechi Labs, a South Korean blockchain service and digital wallet provider, announced Thursday that it has signed a business deal with Japanese blockchain gaming platform Oasys to establish a footing in the Japanese market.Photo by Erika Fletcher on UnsplashFostering collaborationThrough the new partnership, the companies plan to share their technical expertise and promote mutual growth. In particular, Haechi Labs’ digital wallet, Face Wallet, will be onboarded on the Oasys mainnet. This integration will allow Oasys users to easily access Web3 services using their existing social media accounts. Face Wallet supports login through various social media platforms such as Google, Discord, Twitter, Facebook, Apple, and Kakao, thereby reducing entry barriers for users who are new to Web3.Haechi Labs will also provide a software development kit (SDK) for Face Wallet, enabling game developers operating their games on the Oasys platform to integrate the wallet into their services.“We expect that Face Wallet’s integration into the Oasys mainnet will streamline the onboarding process for Web3 games,” said Moon Geon-gi, CEO of Haechi Labs. “We will continue to pursue close cooperation with various companies in the future.”Gaming focusOasys’ multi-layered blockchain network is centered around gaming, consisting of a built-in L2 scalability solution. It has worked with various major gaming companies such as SEGA, Ubisoft, Bandai Namco, Nexon, and Netmarble, who participate in the network as validator nodes.

Singapore’s UniPass Plays Role in ERC-4337 Vulnerability FixSmart contract wallet provider UniPass and crypto infrastructure firm Fireblocks have successfully addressed a significant vulnerability in the Ethereum ecosystem.Photo by Nenad Novaković on UnsplashAccount abstraction vulnerabilityThis vulnerability, identified as the ERC-4337 account abstraction vulnerability, posed a critical security risk to hundreds of mainnet wallets. The joint effort between Fireblocks and UniPass was detailed in a blog post published to the Fireblocks website on Thursday.This vulnerability, if exploited, could have enabled a malicious actor to execute a complete takeover of the UniPass Wallet by manipulating Ethereum’s account abstraction process. The vulnerability represented a substantial threat to the security of smart contract wallets, as it could lead to unauthorized access and fund drainage.Improving user experienceAccount abstraction, as dealt with via ERC-4337, is a mechanism that introduces a novel way of processing transactions and interacting with smart contracts on the Ethereum blockchain. It allows for a more flexible and efficient handling of transactions, transcending the traditional distinction between externally owned accounts (EOAs) and contract accounts.EOAs are controlled by private keys and can initiate transactions, while contract accounts are governed by the code of a smart contract. When an EOA initiates a transaction with a contract account, it triggers the execution of the contract’s code. Account abstraction introduces the notion of abstracted accounts, which are not tied to a specific private key and can initiate transactions and interact with smart contracts, similar to EOAs.In the context of ERC-4337, an account executing an action relies on the EntryPoint contract to ensure that only signed transactions are executed. Typically, these accounts trust a single audited EntryPoint contract to validate user operations before executing commands. However, the vulnerability resided in the fact that a malicious or buggy EntryPoint contract could potentially skip the validation step and directly call the execution function, bypassing essential security measures.This vulnerability, identified by the two firms, had allowed attackers to seize control of UniPass wallets by replacing the trusted EntryPoint of the wallet. Once this takeover was completed, the attacker could access the wallet and drain its funds.It’s worth noting that the vulnerability posed a threat to several hundred users who had activated the ERC-4337 module in their wallets, making them susceptible to exploitation by any actor on the blockchain. Fortunately, the wallets affected by this vulnerability contained only small amounts of funds, and swift mitigation efforts were successful in preventing further harm.Company mergerEarlier this year, Singapore’s UniPass merged with Chinese wallet provider Keystone to form Account Labs, a company which has been incorporated in Singapore. At the time, Keystone founder Liu Lixin outlined that further developing account abstraction-derived products was the objective of the creation of Account Labs. He stated:“We are on the cusp of a Web3 Account Abstraction revolution. Together, we’ll drive rapid transformation, making the transition from Web2 to Web3 effortless for users. Our goal is to ensure everyone can securely and smoothly manage a decentralized account. We welcome partners to join us in advancing the Web3 account domain.”In furthering that objective, Account Labs announced on Thursday that it had raised $7.7 million in a funding round led by Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.