Incheon Joins Hands with The Sandbox to Promote City in the Metaverse

Canaan’s Record Q2 Revenue Amid Profitability StruggleCanaan, a Singapore-based player in the Bitcoin mining sector, has reported a remarkable surge in its Q2 Bitcoin mining revenues, reaching an all-time high of $15.9 million despite continuing to struggle to achieve profitability.The growth, a 43.3% increase quarter-over-quarter, is attributed to the heightened sale of computing power in comparison to Q1, as indicated by the company’s unaudited second-quarter results, which were released on Tuesday.Photo by Rifath @photoripey on UnsplashRevenues boosted by multiple factorsThis surge in revenues was propelled by a range of factors, including the recovery of Bitcoin’s price, amplified computing power, and increased rewards. Notably, Canaan managed to sell 6.1 million TH/s worth of computing power. This marked 44.2% growth when compared with the previous quarter and an 11.7% surge from the same period last year.Despite this surge, Canaan’s overall financial status continues to exhibit challenges in terms of profitability. The company encountered $30.6 million in mining costs during the second quarter, which significantly contributed to a total net loss of $110.7 million for the same period. This net loss reflects a considerable increase from the $84.4 million reported in Q1 and starkly contrasts with the net profit of $90.1 million achieved in the corresponding period of the previous year.Inventory write-downs and impairment chargesThese losses can be attributed to several factors, including an inventory write-down and impairment of property and equipment. Nangeng Zhang, Canaan’s Chairman and CEO, addressed the complexities the company faces in the current market.He noted: “Admittedly, we are still facing a market that has yet to recover with soft purchasing power on the demand front, generating continued pressure on our sales.” Zhang also acknowledged that the company faced challenges stemming from regulatory changes and contractual breaches from a particular partner.Bitcoin mining difficulty and hash rates also proved to be a challenge for Canaan. The Bitcoin network hashrate currently stands at 326.26M by comparison with 226.91M a year ago. An ever higher hashrate is ordinarily a bullish sign for Bitcoin. However, Canaan has to deal with the higher cost of mining even though the Bitcoin unit price has not responded proportionally to meet that all-time high hashrate.While Canaan’s Q2 performance reflected resilience and expansion into new mining projects in Africa and South America, the company’s financial struggles underscore the ongoing volatility and uncertainty in the cryptocurrency space.In terms of cryptocurrency holdings, Canaan disclosed that it held 1,125 Bitcoin with a total carrying value of $28.8 million as of June 30. This inventory included both company-owned Bitcoin and those received from customer deposits. The company also noted an impairment on its cryptocurrency holdings in Q2, amounting to $2.4 million.Looking ahead, Canaan projected its Q3 total revenues to approximate $30 million, acknowledging the persistently challenging market conditions that are prevalent in the industry. The company remains vigilant about its financial outlook as it strives to navigate through the evolving landscape of the cryptocurrency market.In a recent announcement, Canaan unveiled plans to introduce a “groundbreaking, industry-redefining product that will shape the future of Bitcoin mining.” The debut is scheduled for September 12, coinciding with a gala event that commemorates the company’s 10th anniversary.

Korean Game Company to Reward Female Golfers with WEMIX TokensKorean game company Wemade has teamed up with television channel SBS Golf to reward Korean professional female golfers with WEMIX tokens, according to a Wemade press release.Photo by Allan Nygren on UnsplashWEMIX point systemGolfers participating in the regular tours of the Korea Ladies Professional Golf Association (KLPGA) can earn WEMIX points based on their performance and records. At the end of the 2023 season, the top 60 players in the WEMIX point system will share a total of 500,000 WEMIX, with the player in first place earning 90,000 WEMIX.Golfers can earn WEMIX points in three ways: by ranking in the top 10 for each tour, advancing to the final round of each tour and earning points based on the number of strokes for each hole, or consecutively ranking in the top 10 for tours. Meanwhile, golfers who don’t make the cut may face penalties.Sports NFTsThe top 60 players in the WEMIX point system will receive sports NFTs, which can be exchanged for WEMIX tokens any time after a certain date.For the gallery, Wemade’s NFT platform NILE marketplace will feature NFTs corresponding to the top 60 players in the WEMIX point rankings.More intensified competitionAn SBS Golf official expressed excitement about the new point system for KLPGA players. The extra rewards are expected to spark more intensified competition and provide fans with unique experiences, contributing to the promotion and development of the league.Wemade has stated that this initiative is just the beginning, and that the company plans to continue developing innovative ways to provide new experiences to players and fans across various sports in the future.

The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) have jointly issued an advisory to raise awareness about the escalating use of cryptocurrency drainers in cyberattacks. The advisory aims to inform citizens about the threat and provide recommendations to protect against such attacks, with a specific emphasis on utilizing hardware wallets for enhanced security. Cryptocurrency drainers represent a form of malware that specifically targets crypto wallets. These malicious tools are often employed in phishing attacks to illicitly extract funds from users' wallets without proper authorization.Photo by Junrui Wu on UnsplashDrainer-as-a-service threatOf particular concern are commercial crypto draining kits, which empower less experienced cyber-criminals with sophisticated malware at no upfront costs. Operating on a drainer-as-a-service (DaaS) model, attackers share a predetermined percentage of the stolen funds with the service provider. The SPF and CSA underscored that crypto-drainer-related attacks typically originate from phishing campaigns. These campaigns commonly involve infiltrating verified social media accounts or dispatching fraudulent emails to users from compromised databases of major service providers. Unsuspecting victims who click on phishing links are redirected to counterfeit trading websites that prompt them to connect their Web3 wallets. Subsequently, a malicious smart contract is injected into the victim's system, enabling hackers to withdraw funds without additional authorization. MS Drainer and Inferno DrainerWhile no such attacks have been reported in Singapore to date specifically, the advisory acknowledges the rising recognition of this threat among hackers. Notably, an off-the-shelf crypto drainer called MS Drainer contributed to hackers stealing $59 million worth of cryptocurrency in 2023. Last month, Singapore-based cyber security firm Group-IB produced a report concerning the Inferno Drainer operation. According to the company’s research, the malware operation led to the theft of $80 million in digital assets globally, until the developers behind it shut it down last November. In December, the Pink Drainer hacking group notched up another victim, to the tune of $4.4 million in LINK tokens. Last week blockchain security firm Scam Sniffer reported that $10 million in digital assets had been stolen in phishing-related incidents over the course of just five days. Hardware walletsTo counteract these threats, Singapore authorities recommend the use of hardware wallets as a security measure against wallet drainer attacks. Additionally, the advisory instructs crypto investors to conduct thorough research before engaging with cryptocurrency services or platforms. Singaporeans are encouraged to report any suspicious incidents related to crypto drainers or phishing attacks to both relevant authorities and crypto service providers. In the event of a security breach, victims are urged to revoke any suspicious token approvals and promptly transfer their remaining funds to a different, secure wallet address to prevent further losses. This proactive approach aims to empower individuals with the knowledge and tools needed to navigate the risks associated with crypto drainers and foster cybersecurity awareness within the cryptocurrency ecosystem. As the threat landscape evolves relative to digital assets, this advisory serves as a valuable resource to educate citizens about the risks posed by crypto drainers.