3 UAE-based firms sign $3B tokenized real estate deal

Incheon Empowers Korean Blockchain Startups with Binance and Undefined Labs as Accelerator OperatorsIncheon Technopark (ITP), a public organization dedicated to promoting startup growth in Incheon, South Korea, has revealed the selection of two accelerator program operators to support ten blockchain ventures. This joint effort between ITP and Incheon Metropolitan City aims to nurture blockchain startups and establish Incheon as a thriving blockchain hub.Photo by Shubham Dhage on UnsplashTwo operatorsA consortium consisting of Web3 gaming studio Ret Games, on-chain risk rating solution developer Undefined Labs, and global cryptocurrency exchange Binance will join forces as a single operator. Venture capital firm Nanuhm Angels will participate as the other operator. Each blockchain venture enrolled in the accelerator program will receive support worth 20 million KRW ($15,000) from one of the two accelerators. The application window will run from June 28 to July 21.Support contentUndefined Labs will provide comprehensive insights into the blockchain industry, covering technology, market trends, and use cases. Binance will offer consultations on business modeling and marketing strategies. Ret Games will share its expertise in developing blockchain services. Meanwhile, Nanuhm Angels will enable participants to test their business models by granting them access to Rotonda’s launchpad. Rotonda is a subsidiary of the Korean crypto exchange Bithumb and operates the Web3 Burrito Wallet.In a recent tweet, Jo Dong-hyeon, the founder of Undefined Labs, expressed his enthusiasm for assisting other companies in entering the blockchain industry.

KSOC to Implement Blockchain-based Athlete Management PlatformThe Korea Sport and Olympic Committee (KSOC) held an initiation briefing on Monday to develop a blockchain-based career and performance management platform for athletes in collaboration with the Ministry of Science and ICT. This project aims to promote environmental, social, and governance (ESG) management by promoting eco-friendly approaches to sports management.Photo by Sandro Schuh on UnsplashThe KSOC was selected by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) in May to participate in a contest focusing on the implementation of blockchain technology in the public sector through the development of new platforms and services. This granted them the opportunity to undertake a blockchain project worth KRW 1.3 billion (approximately $978,000).Representatives from various entities such as the KSOC and KISA and schools like Korea National Sport University and Yongin University attended the briefing on Monday, as well as sporting organizations like the Korea Basketball Association, the Korea Baseball Association, and the Korean University Sports Federation (KUSF).Revolutionizing athlete certificationThe primary focus of the project is to digitize certification for athlete performance, which is one of the documents submitted during the admissions process for special athletes under the KUSF. This document is issued by the respective sports associations and verifies the validity of the performance records of athletes in major competitions. The KSOC currently manages the performance records of nationwide competitions for more than 60 member sports associations, including the Korea Basketball Association, the Korea Baseball Association, and the Korea Taekwondo Association.Embracing digital transformationThe project will thus facilitate a transition from printing and manually submitting paper certificates to a digital format that allows for online submission to involved institutions. This change is expected to reduce paper usage and postal costs as well as save time and simplify processes, thereby contributing to environmental protection and improved ESG management.Additionally, the KSOC said that it would work on providing digital badges for athlete identification through a decentralized identifier (DID) system.These various elements of the project will ensure a more transparent and secure management of performance records and history free from tampering or leaks. The new system is expected to be fully implemented starting at the end of this year.Furthermore, the KSOC plans to continuously strive for the digitization and expansion of the sports sector through the implementation of emerging technologies.

FPG Halts Withdrawals Following HackFloating Point Group (FPG), a prominent crypto prime brokerage platform, has temporarily halted trading, deposits, and withdrawals following a cyber security incident that occurred on Sunday.Photo by Thom Milkovic on UnsplashIncident responseFPG, headquartered in Singapore while maintaining a base in Hoboken, New Jersey in the United States, manages over $50 billion in assets. The firm took immediate action upon discovering the incident by engaging third-party forensics experts and law enforcement agencies.The company acknowledged the problem publicly via a tweet thread on Twitter on Wednesday. FPG stated that the company has locked all third-party accounts and secured its wallets while it investigates the extent and details of the breach. Although the full extent of the loss is still under investigation, the current estimate stands at approximately $15 million to $20 million in lost cryptocurrencies.Investigative cooperationIn response to the incident, FPG is collaborating with the FBI, the Department of Homeland Security, regulatory bodies, and Chainalysis to comprehend the nature of the attack and initiate asset recovery measures. As the investigation involving those entities is ongoing, specific details are not being disclosed at this stage, but FPG has pledged to provide updates as new information becomes available.The cyber security incident comes six months after FPG obtained a SOC 2 certification, which verifies the implementation of robust security, privacy, and control measures by service organizations to ensure the reliable handling of sensitive data and systems.Originally founded in 2018 at the Massachusetts Institute of Technology (MIT) in the US, FPG functions as both a crypto prime brokerage platform and an agency trading desk for asset managers, offering access to liquidity across various markets. In December, FPG announced that its blockchain foundation customers accounted for 5% of the total treasury management market.Backed by prominent investors such as Coinbase Ventures, Anthony Scaramucci of SkyBridge Capital, and Naval Ravikant, the founder of AngelList, FPG has raised a total of $12 million in funding thus far.In August of the previous year, FPG successfully registered as a virtual asset service provider (VASP) in the Cayman Islands. This registration ensured the secure custody of customer assets and safeguarded them from the company’s creditors in the unlikely event of bankruptcy.Broader crypto issuesIt has not been a good couple of weeks for the crypto sector relative to hacks and platform withdrawal pauses. Within the past twenty four hours, two Asia-based crypto lending platforms, Haru Invest and Delio, have suspended withdrawals. In those cases, the issue is suspected to relate to platform contagion and solvency issues.Earlier this month, the Atomic Wallet platform was hacked despite the understanding that the project offered self-custodial wallets. Originally, the loss was estimated at $35 million, but more recent reports are now estimating that figure to be in excess of $100 million.As FPG continues its efforts to mitigate the aftermath of the cyber attack, industry participants eagerly await further updates and measures undertaken by the company to recover from this incident and restore trust among its clients.