KCC sets guidelines for user protection on metaverse platforms

The global version of Night Crows, a massively multiplayer online role-playing game (MMORPG) developed by South Korean game company Wemade, officially launched yesterday, as announced in the company’s press release.  Night Crows Global is currently available across 170 countries, except for South Korea and China. Players can experience the game on mobile and PC in nine languages including English, Japanese and Thai. Photo by Nik Shuliahin 💛💙 on UnsplashPowered by Unreal Engine 5, Night Crows Global maximizes visual performance by delivering highly realistic lighting and shadow effects. The game is set in 13th-century Europe and merges history and fantasy, offering an intriguing in-game universe. Players can enjoy intense battles backed by cutting-edge graphics. They can choose their weapons from four class types –  one-handed sword, staff, two-handed sword and bow – and explore various content including a Unified Exchange.  Tokenomics and character NFTs powered by blockchain technology Night Crows Global implements multi-tokenomics to tokenize a total of seven types of in-game items and adopts character NFTs, which compresses game character data into easily identifiable attributes.  These character NFTs can be exchanged for the game’s main token, CROW, within the WEMIX PLAY blockchain gaming platform, connecting the in-game and real-world economies. In addition, the omnichain network strategy enhances user accessibility, enabling users of other blockchain networks connected to Wemade’s WEMIX3.0 ecosystem to play the game with ease.  Meanwhile, Night Crows has already demonstrated its popularity before the global launch. Since its initial launch in April last year in Korea, the game topped mobile game sales on Google Play and App Store, the two most prominent mobile app markets in the country. Upcoming in-game events In celebration of the global launch, Night Crows Global holds various in-game events for up to four weeks. The month-long celebration comprises a check-in event “Festival 1: Answer to the Call,” a mission event “Festival 2: Birth of a New Member” and a ranking event “Festival 3: News from the Night Crow Perch.” By completing these events, players will be rewarded with various items such as “Dawn’s Lustrous Weapon Style Summon.”  Wemade CEO Henry Chang expressed his excitement about the global launch, saying that Night Crows Global will be able to capture global audiences’ attention by offering new omnichain experiences and high-quality multi-tokenomics. He added that Night Crows Global’s success will revitalize not only WEMIX PLAY but also spur the overall growth of the WEMIX mainnet ecosystem.  

Former Binance CEO, Changpeng Zhao (CZ), facing criminal charges and awaiting sentencing in the United States, has been denied his request to return to the United Arab Emirates (UAE) by a U.S. federal judge, according to Bloomberg. The decision, rendered by the U.S. District Judge Richard Jones, reinforces the restrictions on CZ's movements in the months leading up to his scheduled February sentencing. In a filing on Friday, Judge Jones rejected CZ's motion seeking permission to travel to the UAE, where his children reside with former talk-show host and Binance co-founder, Yi He. The specific grounds for the denial were sealed, providing limited insight into CZ's argument against the judge's repeated constraints. However, CZ's legal team hinted that the motion involved "medical information regarding Mr. Zhao’s child."Photo by Kai Pilger on UnsplashSecond travel request denialThis ruling, dated Dec. 29, marks the second time CZ's request to travel to the UAE has been turned down. Earlier in the month, Judge Jones sided with U.S. prosecutors, citing CZ's substantial wealth abroad and the absence of an extradition treaty between the U.S. and the UAE, making him a potential flight risk. CZ had previously pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance, the world's largest digital asset exchange. Binance, as an entity, reached a $4.3 billion settlement related to sanctions and money transmission violations. Singaporean Richard Teng, Binance’s former head of regional markets, has been installed as CEO in CZ’s place. Despite legal challenges, Zhao secured release on a $175 million personal recognizance bond after pleading guilty. The billionaire posted $15 million from a trust account and had three guarantors pledge over $5 million in collateral to secure the bond. The court order allows CZ to remain free, but he is prohibited from leaving the U.S. until his sentencing. 40 million new usersIt’s not all bad news for Zhao’s Binance. In a recent report titled "State of The Blockchain: Binance’s 2023 in Review," Binance highlighted its significant growth in 2023, welcoming over 40 million new users — a 30% increase from the previous year. The report emphasizes the company's commitment to user-centric principles, boasting 170 million registered users and 431 assets available for trading across 1,785 trading pairs by the year's end. Key achievements outlined in the report include robust growth in crypto payment services, P2P trading and earning platforms. Binance Pay and Card experienced a 54% surge in users and the P2P platform recorded an 18% increase in trades and a 39% rise in users. Binance Earn, a crucial component of Binance's product suite, saw a 35% increase in users and a 16.8% rise in the total value locked within its products. Higher net worth2023 hasn’t been all bad for CZ on a personal basis either. His wealth has seen a substantial increase of approximately $25 billion in 2023 despite the legal turmoil. His $37 billion net worth primarily stems from his controlling stake in Binance.Despite potential imprisonment, CZ stands atop the list of cryptocurrency entrepreneurs whose fortunes have witnessed substantial growth this year, ranking 35th in the Bloomberg Billionaires Index.

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.