Thailand to move forward with $14 billion digital wallet program

Taipei-headquartered cryptocurrency exchange Woo X has announced the launch of tokenized United States Treasury Bills (T-Bills), marking a significant milestone for the crypto-sector retail investment landscape. In a press release, the company outlined that it has partnered with London-based institutional tokenization platform OpenTrade in order to bring its Earn Vaults product backed by real-world assets (RWAs) to market. The product is being heralded as the first protocol offering tokenized T-Bills accessible to retail investors.Photo by Jorge Salvador on UnsplashStable yield accessWilly Chuang, Chief Operating Officer of Woo X, expressed enthusiasm about the initiative, highlighting its potential to bridge the gap between conventional financial securities and the cryptocurrency market. He told CoinDesk in an email that “for the first time, retail users on a centralized exchange can instantly access an interest-bearing account backed by U.S. Treasury Bills.” With RWA Earn Vaults, Woo X users now have access to stable, predictable yields on their USDC holdings, backed by U.S. Treasury Bills, without encountering additional complexities. These yield-bearing products offer attractive annual percentage rates (APR) ranging from 4.5% to 4.7% for USDC holders. Subscriptions accrue real yields, fully backed by U.S. Treasury Bills, with current annual percentage rates (APRs) for seven-day and 28-day terms standing at approximately 4.5% and 4.75%, respectively. OpenTrade is a tokenization platform supported by Circle, the issuer of the world's second-largest stablecoin, USDC, lending further credibility to the partnership, with USDC boasting a market cap of $34 billion. OpenTrade had established links with Centre, the now-dissolved collaboration between Circle and Coinbase, and the Marco Polo enterprise blockchain project. Interest in RWA tokenizationRecent institutional interest in the RWA tokenization sector is exemplified by BlackRock's launch of the USD Institutional Digital Liquidity Fund, valued at over $298 million. This development underscores the increasing recognition of digital assets as viable investment instruments by traditional financial giants. Additionally, a recent report by CoinGecko highlighted the profitability of tokenized RWAs in the crypto space, positioning it as the second most lucrative narrative in the first quarter of 2024. Lim Yu Qian, an analyst at CoinGecko, noted the substantial profitability of the RWA narrative compared to other sectors, emphasizing its growing prominence.Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX) has emerged as a notable treasury tokenization fund, reflecting the sector's maturation and investor confidence.  Woo X's product offerings extend beyond tokenized T-Bills, encompassing index-linked perpetuals covering crypto meme coins and layer-2 tokens in collaboration with market maker Wintermute. The exchange's native token, WOO, plays a pivotal role in governance and incentivization, offering users the opportunity to stake WOO and earn an average APR of 12.66%. The recent robust performance of WOO, experiencing a price surge of about 30% since its April 13 low, has served to boost the platform further. Tokenization of U.S. T-Bills has witnessed significant growth, with over $1.15 billion worth of assets tokenized through various products by April 2022, highlighting the growing appeal of digital asset-based offerings in the financial sector. This latest product offering benefits retail market participants, giving them increased access to diverse and lucrative investment opportunities in the burgeoning digital asset space. 

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.

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.