Historic ruling sees Dubai court validate crypto as salary payment

Jeff “Jihoz” Zirlin, one of the co-founders of Sky Mavis, the Singapore-headquartered development firm behind both Axie Infinity and the Ronin Network, has faced a significant setback as some of his personal crypto wallets have fallen victim to a hack.Photo by GuerrillaBuzz on UnsplashFunds drained through Tornado CashThe hack has resulted in the loss of approximately $9.7 million worth of ether (ETH). The breach, which occurred on Feb. 23, saw two crypto wallet addresses associated with Zirlin compromised. The perpetrator managed to abscond with 3,248 ETH, funneling the stolen funds through Tornado Cash, a privacy-focused Ethereum mixer. The alarm was raised by PeckShield, a blockchain investigation firm, which identified the compromise of a "whale wallet" through the Ronin Bridge. PeckShield attributed the breach to a "wallet compromise," which facilitated unauthorized outbound transfers of funds. PeckShield's investigation revealed that the pilfered 3,248 ETH was initially dispersed across three different wallets before being funneled into Tornado Cash. This service, notorious for its use by hackers seeking to obfuscate the origin and traceability of illicit funds, served as a conduit for the stolen assets. Confirming the attack and remarking on having had a “tough morning,” Zirkin outlined on social media that “the attack is limited to my personal accounts, and has nothing to do with validation or operations of the Ronin chain.” He emphasized the implementation of stringent security protocols across all chain-related activities, seeking to reassure stakeholders of the company’s commitment to safeguarding user assets. Although specific details regarding the breach remain undisclosed, Zirlin's statement suggests a leakage of the private keys associated with his personal wallets, granting unauthorized access to the hacker. Ronin Network securePeckShield’s revelation prompted Aleksander Larsen, co-founder of Ronin Network, to swiftly respond, affirming the robust security measures of the Ronin Bridge. The social media post that Larsen had responded to, which he claimed to have an “extremely misleading title,” was later deleted. Larsen suspected that the breach stemmed from a wallet hack rather than a flaw within the bridge itself. Notably, Ronin had been targeted in a high-profile attack in March 2022, orchestrated by the North Korea-backed Lazarus Group, resulting in a $625 million loss.In response to this previous breach Sky Mavis initiated a comprehensive overhaul of Ronin's core systems to bolster decentralization and mitigate future vulnerabilities. $112M Ripple co-founder hackIn a separate incident, Binance intercepted $4.2 million worth of stolen XRP, part of the $112 million hack targeting Ripple co-founder Chris Larsen's personal wallet on Jan. 31. Unlike the Axie Infinity breach, the perpetrator behind Larsen's hack refrained from leveraging crypto mixer services or decentralized exchanges, enabling Binance to track and immobilize a portion of the illicitly obtained funds. Axie Infinity, heralded as a pioneering "play-to-earn" Web3 game, has emerged as a lucrative platform, enabling players to earn cryptocurrency and trade in-game assets via blockchain technology. Since its inception in 2018, the game has amassed $1.3 billion in revenue, underscoring its prominence within the burgeoning blockchain gaming ecosystem. 

Korbit hosts its first cryptocurrency investment leagueKorean cryptocurrency exchange Korbit announced yesterday (local time) its inaugural virtual asset investment league, set to begin at midnight between Nov. 26 and 27. This event, a first since Korbit’s establishment, invites any investor with a Korbit account to participate. Interested individuals can join the league by using the mobile app to click on the “Join League” button and consenting to the collection and disclosure of their personal information.Photo by Florian Schmetz on UnsplashRealized returns in Korean wonKorbit’s investment league ranks participants every week, from the start of Monday (00:00) to the end of Sunday (24:00). The ranking is based on the “realized return” in Korean won (KRW), which reflects the profits earned by investors from their cryptocurrency investments. To qualify for the ranking, participants must have made cryptocurrency sales totaling at least KRW 100,000 (approximately $77.4).The exchange will reward the top 100 performers each week in the investment league with KRW points, which can be used for investing in crypto assets on their platform. The first, second and third-place winners will receive KRW 200,000, KRW 100,000 and KRW 50,000, respectively. Additionally, all participants who rank in the top 100 will be awarded KRW 5,000 each.Social trading opportunityThe league offers a great opportunity for social trading, allowing investors to study and emulate the tactics of the market’s top traders. Users can click on the profiles of the top 100 traders to view the three cryptocurrencies those traders engaged with over the week.Moreover, each investor on Korbit will have the ability to monitor their cryptocurrency holdings in real-time. They can also view their total realized return, calculated from the beginning of their trading journey on Korbit up to the present moment, irrespective of the league.Pre-event bonusesTo encourage active participation in the upcoming competition, Korbit launched a pre-event yesterday, scheduled to run until Nov. 26. During this period, the first 10,000 investors who agree to the collection and disclosure of their personal information will instantly receive KRW 1,000. Additionally, the first 1,000 investors who sell crypto assets worth KRW 100,000 or more within the first four weeks following the league’s commencement will be rewarded with an extra KRW 5,000.Commenting on the event, Oh Se-jin, the CEO of Korbit, emphasized that unlike a simulation, this competition involves real investments, offering customers a more authentic and immersive experience. Oh expressed his hope to regularly host such events, aiming to foster a community where investors not only compete for returns but also share information. This approach, he believes, will contribute to cultivating a healthy culture of cryptocurrency investment.

Travala.com, the Cayman-incorporated company that provides crypto-native travel booking service, has unveiled an enticing offer for Bitcoin investors, involving cashback paid in the leading cryptocurrency in collaboration with the AVA Foundation. This initiative, announced by the firm on the X social media platform on March 7, aims to reward travelers who pay for their bookings in Bitcoin, encompassing an array of travel options, from flights to hotels and activities spanning across three million destinations globally.Photo by Kanchanara on Unsplash10% BTC cashbackUnlike traditional cashback systems, where waiting periods for rewards can be lengthy, Travala.com ensures swift crediting of Bitcoin cashback into users' accounts within 24 hours after the completion of their trips. As part of this offer, cashback will be paid to the value of 10% of the customer’s spend, payable in Bitcoin. Since its establishment in 2017, Travala.com has positioned itself at the intersection of cryptocurrency and travel, offering a diverse platform for bookings across various properties, activities and airlines. With support for over 90 digital currencies, the platform remains focused on cryptocurrency adoption, while aiming to provide value and flexibility for its users. Mass adoption opportunityJuan Otero, CEO of Travala.com, emphasized the growing appeal of Bitcoin to mainstream audiences, buoyed by recent developments like the approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States. Otero sees this initiative as a means to broaden the adoption of crypto for everyday transactions, providing travelers with an efficient way to utilize reward programs. The move towards Bitcoin-based rewards reflects the early stages of an industry-wide shift in travel loyalty programs. With traditional points-based systems losing traction, there's a burgeoning demand for innovative incentive schemes. Steve Hipwell, a contributor to the AVA Foundation, highlighted the success of the AVA Smart Program, which has already distributed over $2.1 million worth of travel rewards in AVA tokens to customers who completed trips booked through Travala.com. By integrating direct Bitcoin rewards, the aim is to capture an additional segment of travelers seeking ways to save on their journeys. Bitcoin stands out as one of the top three payment methods on Travala.com, accounting for approximately 9% of travel bookings on the platform. In 2023, travelers splurged over $5 million in BTC on flights, hotels and activities. Travel Tiger NFTsAccess to Travala's BTC cashback scheme comes with a degree of exclusivity. Users must possess a Travel Tiger NFT and stake 2,500 AVA tokens to activate Smart Diamond membership. This exclusivity stems from the limited availability of Travel Tiger NFTs, with only 1,000 in existence. These NFTs, minted on the Ethereum blockchain, serve as randomly generated utility collectibles. Market data from OpenSea places the floor price of Travel Tigers at 2.85 ETH, roughly valued at $11,165 at the time of writing. This tie-up with the AVA Foundation is not Travala’s first partnership. In November 2023 the company struck a deal with travel industry meta-search giant Kayak, allowing it to integrate with Kayak and enable platform users to search more effectively for travel deals. Back in 2019, the company had struck a similar partnership with accommodation booking platform Booking.com.