OPNX Confirms Significant VC Backing

Analysts expect crypto market cap to triple or more next yearThe Korbit Research Center, affiliated with South Korean cryptocurrency exchange Korbit, published a report last Friday that provides projections for the crypto market in 2024.The paper includes contributions from its team, notably head of research Peter Chung, as well as research analysts Choy Yoon-young, Kang Dong-hyun and Kim Min-seung.Peter Chung predicts that the total market capitalization of cryptocurrencies could soar to $5 trillion, more than three times greater than its current level of $1.6 trillion. He attributes this potential growth to three key factors: the possibility of the U.S. Federal Reserve easing its monetary policy, the potential approval of spot bitcoin and ether exchange-traded funds (ETFs), and the anticipated Bitcoin halving event expected in April 2024.Photo by Pierre Borthiry — Peiobty on UnsplashFactors driving crypto market growth in 2024Peter Chung suggests that the growth of the crypto market will be driven by the expanding utility of virtual assets. He believes that once ETFs for bitcoin and ether are approved, these cryptocurrencies will become more versatile as investment options. This, in turn, is expected to enhance their reputation and foster wider adoption, having a significant influence on the broader crypto ecosystem beyond the two most dominant cryptocurrencies.Real-world assets and financial firmsChoy anticipates that the U.S. Securities and Exchange Commission (SEC) will approve spot bitcoin and ether ETFs by the first half of next year. On a different note, Kang focuses on the importance of blockchain technology, particularly emphasizing real-world assets (RWAs) and roll-up solutions. Kang highlights that since RWAs are closely linked with traditional financial institutions, an influx of capital from these entities is likely to boost the RWA market. This interaction between traditional finance and blockchain technology could be a key driver of growth in the sector.Regulatory changes and landscape shiftKim Min-seung, another analyst from the team, forecasts that upcoming regulatory developments could alter the dynamics of the cryptocurrency market. A notable development in this regard is the forthcoming implementation of the Virtual Asset User Protection Act in South Korea, set for July next year. According to Kim, these changes might result in a scenario where only competitive cryptocurrencies survive.Kim elaborates that the perception of virtual assets is poised for a shift. Currently, crypto investors tend to base their decisions on expectations of arbitrary cryptocurrency inflation. However, once new regulations are implemented, investors are likely to start assessing the actual value of virtual assets more critically. This shift in approach could lead to a more value-driven and stable cryptocurrency market, as speculative tendencies might decrease and a focus on intrinsic value increases.According to local news outlet website The Asia Business Daily, Peter Chung anticipates further growth in the cryptocurrency market next year, following its rebound this year. He suggests that this growth trajectory will not only continue but also attract increased attention from the public.

Global blockchain security ranking platform CertiK announced that its Skyfall research team has been inducted into the Samsung Mobile Security Rewards Program’s 2023 Hall of Fame, according to an article by South Korean news outlet Greenpost Korea on Thursday (KST).Photo by Franck on UnsplashTeamwork excellenceThis Hall of Fame recognizes outstanding security researchers who have made significant contributions each year to the security of Samsung products. CertiK Skyfall’s spot in the ranking highlights the importance of collaborative efforts in solving complex cybersecurity challenges, the company said. Securing the futureThe team was responsible for actively identifying a total of seven vulnerabilities in the Samsung Blockchain Keystore – a software development kit (SDK) developed by Samsung to manage private keys – four of which were critical and three of which were high risk. The vulnerabilities left the SDK susceptible to local attacks, including arbitrary code execution and unauthorized access to sensitive data. In response, Samsung was able to quickly deploy security patches that added appropriate boundary checks and protection mechanisms. Skyfall has formerly been acknowledged twice in Apple's release notes for discovering multiple vulnerabilities in new iOS and iPadOS software releases, the most recent being iOS 17 Security Update. Last June, the team was also awarded the Sui network’s highest bug bounty for discovering and fixing a critical vulnerability. "We are extremely proud of the outstanding performance of the CertiK Skyfall team," said Kang Li, Chief Security Officer at CertiK. "It is a testament to the team's professionalism, integrity and deep impact at the forefront of cybersecurity." CertiK is comprised of a team of seasoned experts from reputable universities including Yale and Columbia University and globally renowned companies like Google and Microsoft. The firm also operates from several offices around the world, including Seoul.

Bhutan Quietly Mining Bitcoin Since $5,000The tiny nation of Bhutan continues to be full of surprises recently where crypto is concerned, with the latest report suggesting that the kingdom has been mining bitcoin for a number of years already.© Pexels/Pema GyamtshoAccording to a recent report in The Bhutanese, a Bhutan-based publication led by investigative journalist, Tenzing Lamsing, the landlocked nation had been mining bitcoin over the course of a “few years” already, in an effort to diversify its sovereign portfolio.Long-term investment strategyUjjwal Deep Dahal, CEO of Druk Holding and Investments (DHI), told the publication that the venture was part of a long-term investment strategy. DHI is the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.The mining activity had centered on Bitcoin although there was a small provision for Ethereum-based mining when Ethereum was a mineable proof-of-work (PoW)-based blockchain network. It’s unclear of the precise timeline but the report outlines that DHI has engaged in the mining space over a number of years, and at a time in which the Bitcoin unit price was as low as $5,000.Exploiting cheap hydroNestled in the Himalayas, Bhutan has considerable hydroelectric resources. Bitcoin mining is ordinarily an expensive exercise but in scenarios where there are plentiful energy resources with a marginally cheaper cost of production than the average, it can be an attractive and profitable enterprise. Dahal outlined that these conditions enabled DHI to reinvest profits back into additional mining equipment.The precise time-frame of DHIs entry into Bitcoin mining is open to speculation. However, we do know that the Bitcoin unit price was last below $5,000 at the onset of the pandemic in March 2020. Prior to that, Bitcoin had risen above $5,000 in April 2019 following an acute bear market in 2018.Crypto lender entanglementsBhutan and DHI hit the crypto radar last month when it was revealed that the kingdom had made significant investments into and out of failed crypto lenders Celsius and BlockFi. Dahal has said that the royal charter-mandated firm had taken out loans with both crypto lenders and had fully repaid those loans. However, that may have been something that happened later than anticipated. The Bhutanese company had a $30 million loan from BlockFi. BlockFi liquidated the Bitcoin collateral associated with that loan in 2022 but it left a shortfall of $800,000. The failed lender subsequently sued DHI. As of an April 13 court filing, BlockFi submitted a voluntary dismissal of the lawsuit to the courts, presumably because the shortfall was subsequently paid by DHI.In the case of Celsius, DHI had withdrawn $65 million from the lending platform prior to it declaring bankruptcy. Consequently, the matter has been the subject of speculation relative to the potential for the Celsius bankruptcy estate to pursue DHI for a clawback of the withdrawn funds.