Circle Makes Inroads in Singapore with License Award

Dunamu Distributes 4,100 NFTs for Climate Change CampaignDunamu, the operator of the South Korean cryptocurrency exchange Upbit, announced that it has distributed 4,100 non-fungible tokens (NFTs) from the Climate-sensitive Biological Indicator Species (CBIS) list in collaboration with four agencies under the Ministry of Environment — the National Institute of Biological Resources, the Nakdonggang National Institute of Biological Resources, the Honam National Institute of Biological Resources, and the National Institute of Ecology. This comes as part of efforts to raise awareness about the importance of biodiversity and habitat protection amid the threat of climate change.Photo by Yiju Cheng on UnsplashThemed NFTs for conservationThe CBIS list outlines species whose seasonal activities, habitat area, and population size are susceptible to being impacted by climate change, thus requiring continuous observation and management by the government.Dunamu, along with the four environmental institutions, minted NFTs representing 15 different species from the list — such as the white eye bird and the camellia tree — to distribute to participants of their Resource Circulation Climate Action Campaign.The latest round of NFT distributions was carried out in collaboration with the Honam National Institute of Biological Resources from May 19 to August 11. It is the first of four to be carried out over the course of the year following their initial announcement to do so in May.Empowering climate action beyond boundariesParticipants showed a positive reaction to the utilization of emerging technologies such as NFTs and the metaverse, which enabled them to contribute to climate change efforts without the limits posed by time and space. By organizing fun missions within the metaverse and gifting NFTs to participants, Dunamu and the environmental agencies were able to highlight the severity of the climate crisis while simultaneously making the concept of resource circulation more accessible and easier to understand. Dunamu reported that during the three-month period of the first campaign, the designated campaign space within Dunamu’s metaverse platform, 2ndblock, also racked up a cumulative visitor count of 73,000 users.The second campaign has also commenced and is running from now until October 2. This time around, Dunamu is working with the Nakdonggang National Institute of Biological Resources to issue 1,000 NFTs of four species: the tree frog, barn swallow, kumgang minnow, and little egret. Noteworthy artists will also contribute to creating the NFTs, including those from the Botanical Artist Society of Korea.In order to partake in the campaign, participants must complete the stamp-collecting mission in the campaign space on 2ndblock. Lucky participants who are chosen to receive NFTs must register their issued gift code on Upbit’s NFT marketplace.“As a result of our deliberation on ways to contribute to the environment and society with our technology and resources, many people have shown interest in our online and in-person climate efforts,” said Lee Sirgoo, CEO of Dunamu. He also expressed hopes for continued participation and support for the remaining NFT distributions and campaigns to promote environmental protection and biodiversity conservation.This collaboration between the private and public sectors which combines online and in-person activities stands out as an innovative method for combatting climate change.

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.

Busan’s Digital Asset Exchange to Transform the City into a Global Financial HubBusan, the southern port city in South Korea, has unveiled an extensive plan for the creation of the Busan Digital Asset Exchange. The primary aim of this initiative is to establish a blockchain-based exchange that facilitates the trading of a wide range of valuable assets, including raw materials, precious metals, intellectual property rights, and carbon emission rights, all through tokenization.Photo by Joseph Pradipta on UnsplashDecentralized governance modelThis planned exchange will operate under a decentralized governance model, where separate entities will handle depository and settlement, listing assessment, and market monitoring. Such a governance framework is designed to ensure checks and balances and enhance investor protection. Busan is committed to providing both administrative and financial support for the establishment of these entities.The roadmap for this plan was presented yesterday at Busan City Hall by Mayor Park Heong-joon and the Busan Digital Asset Exchange Establishment Promotion Committee.The committee was introduced by the city in December of last year, and since then, it has been crafting specific plans. This committee is led by former lawmaker Kim Sang-min, who is recognized as an expert in blockchain policy.Operator selection processThe legal operator for the exchange is slated to be launched within this year. Starting from the middle of the upcoming month, the city of Busan will initiate an application-based process to find an exchange operator and intends to finalize the selection by November.The operator will be entirely funded through private contributions. Companies possessing blockchain technology and the capability to construct an exchange system will form a consortium to partake in the project and operate the exchange. The city of Busan will support the founding and operation of the exchange in accordance with the ordinance.Diverse asset tokenizationShould everything proceed as planned, the exchange is set to commence operations next year. It will tokenize and support the trading of items that pass through the Port of Busan, including gold, silver, copper, crude oil, and ammonia. Additionally, a marketplace will be developed to trade intellectual property (IP) rights, such as films, and carbon emission rights. Particularly, there are plans to broaden the spectrum of tradable items to include virtual assets and security tokens.In contrast to traditional stock exchanges that utilize home trading systems (HTS), the upcoming digital asset exchange will run on blockchain, which is immune to hacking and forgery. Users can trade their assets directly without intermediaries and benefit from reduced transaction costs.Highlighting blockchain as a pivotal technology in the era of the Fourth Industrial Revolution, Kim Sang-min, the chair of the committee, expressed that Busan will develop its digital asset exchange to set a global standard in the field.Mayor Park resonated with this perspective, emphasizing that in this age of digital transformation, Busan will leverage this opportunity to position itself as a global financial hub.