India’s CoinSwitch Trims Workforce Amid Market Downturn

NEOPIN wallet users gain access to Pala’s NFT marketplaceNEOPIN, a centralized decentralized finance (CeDeFi) platform, has entered into a strategic partnership with South Korean NFT marketplace Pala. This collaboration aims to connect the NEOPIN wallet to Pala’s NFT trading platform, thereby facilitating a more interconnected blockchain ecosystem on a global scale.Photo by Pete Linforth on PixabayNEOPIN wallet integrated into PalaThis partnership paves the way for enhanced user experience, as NEOPIN wallet holders will have the added convenience of trading non-fungible tokens (NFTs) directly on Pala using the virtual assets in their NEOPIN wallets. Furthermore, these wallets will also serve as a repository for purchased NFTs.Additionally, Pala stands to benefit from access to NEOPIN’s international users who have gone through the Know Your Customer (KYC) and anti-money laundering (AML) checks, broadening its market reach.Growing network connectionsNEOPIN is set to aid Pala in establishing connections with NEOPIN’s network of NFT partners. Conversely, Pala will assist NEOPIN with introductions to Pala’s blockchain partners. This collaborative approach leverages their respective strengths, setting the stage for a synergistic relationship.Additionally, the collaboration will involve concerted efforts from both parties to enhance their services and broaden their customer reach. Part of this initiative includes aiding Web2 companies and projects in their Web3 endeavors, as well as rolling out products that are underpinned by real-world assets (RWAs) or offer practical real-life benefits.NEOPIN CEO Kim Yong-ki expressed enthusiasm about the partnership, noting that it is poised to be mutually advantageous, particularly since trust and convenience are core values shared by both companies. Kim further emphasized their commitment to achieving success on an international level, not only through service cooperation but also by utilizing their respective ecosystems.Jason Pyo, CEO of Pala, echoed a similar sentiment, stating that the partnership is set to propel service enhancement, foster the growth of blockchain businesses and contribute to the expansion of the Web3 ecosystem.It’s noteworthy that Pala is a joint venture established by Snow, the mobile video messaging app subsidiary of internet giant Naver, and artificial intelligence (AI) company Alchera. This joint enterprise has claimed a leading position in the Korean NFT trading arena, having exceeded an accumulated trading volume of KRW 30 billion ($23 million) as of April last year.The Pala platform serves as a one-stop shop for NFT services, including NFT minting, secondary market sales and launchpads. It accommodates a range of blockchains like Klaytn, Ethereum and Polygon.NEOPIN has been expanding its offerings to improve user experience, introducing services beyond its DeFi suite. This includes their NFT wallet capabilities. Following its announcement last year to intensify focus on NFT initiatives, NEOPIN has updated its wallets to support multiple NFT standards, such as KIP-17, ERC-721 and EIP-5192.

Socket Protocol Raises $5M in Strategic PartnershipSocket Protocol, an interoperability protocol founded by Indian duo Rishabh Khurana and Vaibhav Chellani, has raised $5 million with the strategic investment coming from Coinbase Ventures and Framework Ventures.Despite the ongoing bear market, cross-chain protocols like Socket have continued to attract substantial investment, underlining the growing belief in a future where different blockchains seamlessly connect.Photo by Towfiqu barbhuiya on UnsplashMore than just fundingSocket Protocol, designed to enhance communication between various blockchains, secured this funding to further its collaboration with Coinbase. The firm articulated the nature of the funding and that collaboration on X (formerly Twitter) on Wednesday.The partnership aims to create bridging opportunities for developers and users of Coinbase Wallet and Base, Coinbase’s recently launched layer-2 network built on Ethereum. Socket explained that there is already evidence of that collaboration, borne out by a bridging feature that has already been built into Coinbase Wallet, and powered by Socket Protocol.In relation to the newly launched Base network, the project stated: “We are also helping developers and apps expand to Base with a seamless onboarding experience. Rainbow Wallet, Layer3, Bungee, Zapper & more apps leverage Socket to get their users onboarded to Base already!”As the cryptocurrency ecosystem witnesses the emergence of new layer-2 networks or “rollups” and the continuous expansion of layer-1 blockchains, Socket Protocol positions itself as a critical player in connecting these fragmented ecosystems.Seamless cross-network communicationThe protocol’s primary goal is to facilitate communication between different blockchains, allowing them to interact seamlessly. By offering a bridge for assets, Socket Protocol simplifies cross-network transactions, effectively making the experience akin to operating on a single unified blockchain.Socket boasts that since the launch of the project, it has facilitated over 2.5 million cross-channel transactions, accounting for $3.5 billion in value transfer, while claiming that this is just the starting point, with the project aspiring to grow past that milestone going forward.The recent fundraising highlights the increasing interest in interoperability solutions like LayerZero, as investors recognize the significance of bridging for the future of blockchain technology. Notably, inter-bank messaging system Swift revealed experiments involving the transfer of tokenized value across various private and public blockchains, with Chainlink’s Cross-Chain Interoperability Protocol playing a pivotal role in these experiments.Socket Co-Founder Chellani emphasized the importance of scalable solutions for the future. He noted that “rollup-to-rollup communication is really important” for achieving scalability, aligning the scaling future with the concept of a multi-chain or cross-chain future. “I think the scaling future, and the multi- or cross-chain future are the same thing,” he added.This investment in Socket Protocol, coming at a time of market uncertainty within the crypto space, reflects the growing confidence in the potential of blockchain interoperability to unlock new possibilities and create a more interconnected blockchain landscape.

HTX experiences $258 million outflow post-hackHTX, the digital-asset trading platform associated with Chinese-born crypto mogul Justin Sun, has witnessed a substantial net outflow of $258 million since resuming operations after a significant security breach.According to Bloomberg, data from DefiLlama indicates that the outflow occurred between the exchange’s restart on Nov. 25 and Dec. 10, signaling unease among some clients following last month’s cyberattack. In November, HTX reported a loss of $30 million in crypto tokens due to the breach, prompting a temporary suspension of withdrawals and deposits.Towards the end of last month, the platform re-enabled withdrawal services for major cryptocurrencies, gradually bringing the exchange back to full service, supporting withdrawal of all digital assets.Photo by Amritanshu Sikdar on UnsplashMultiple hacksJustin Sun is also associated with the Poloniex exchange and the HECO Bridge, a network established by HTX for blockchain transfers. Both Poloniex and HECO fell victim to hacks in November, resulting in the theft of approximately $200 million in crypto. It’s worth noting that hackers had previously stolen $8 million from the HTX platform in September.HTX, which was formerly known as Huobi up until a business rebrand in September, boasts an average trading volume of $1.5 billion in the past 24 hours, securing its position as the fifteenth largest exchange when measured in terms of trading volume.Increased vigilanceIn the wake of several high-profile crypto platform failures in 2022, digital-asset investors are increasingly vigilant about monitoring flows and reserves at virtual currency exchanges. In particular, that trend gained momentum after the FTX platform’s collapse last year due to fraud.November turned out to be the most damaging month this year so far in terms of platform digital asset theft. Exit scams and exploits encountered during the month totaled a staggering $363 million in losses.In October, the UK’s Financial Conduct Authority (FCA) included HTX, alongside KuCoin, on a warning list, due to their promotion of services in the UK, without having obtained the required regulatory approvals.A third of reserves in BitcoinDefiLlama data reveals that Bitcoin constitutes the largest portion of HTX’s reserves, accounting for approximately 33%. Tron’s TRX token, launched by Sun in 2017, represents around 32% of the reserves. HTX’s native exchange coin, HT, makes up 14%, followed by a Sun-backed token named stUSDT at 12%.In August, Travis Kling, Founder of Ikigai Asset Management, had this warning relative to Sun and HTX:”Justin Sun is a criminal. There’s a hole in Huobi, a hole in TUSD and a hole in Tron DeFi. Act accordingly.”TRX, at the center of U.S. fraud allegations against Sun, prompted a March lawsuit by the Securities and Exchange Commission (SEC), accusing him and his firms of market manipulation to inflate the token’s trading activity. Sun dismissed the suit on the X social media platform back in March, stating that it “lacks merit.” On Sunday, Sun claimed that the Tron blockchain network which he founded had reached a new milestone of 200 million users.Despite security firm BlockSec reporting the recovery of the $8 million stolen in September, hackers still appear to control the $30 million taken last month. The ongoing situation raises concerns about the security measures and resilience of HTX in the face of persistent cyber threats.