Crypto exchange Flybit passes post-audit for ISMS-P certification

EDUM – a blockchain project run by educational and professional services provider Jinhak’s subsidiary Dream Ladders – has signed a strategic business deal with Web3 firm Metaverse.Network (MNet), according to an article published by South Korean news outlet Maeil Business Newspaper on Friday (KST). Through this agreement, EDUM will be able to strengthen its Web3 platform to help promote effective learning and implement various services within metaverse parameters.Photo by Kelly Sikkema on UnsplashLearning for everyoneEDUM is a Study-to-Earn (S2E) blockchain project that aims to provide learners with affordable, high-quality educational services. Users will be able to earn rewards in the form of EDUM or EDUMP tokens when using different functions on the EDUM mobile application. EDUM is the project’s market-based utility token that can be cashed through external exchanges or even swapped with EDUMP, which has a fixed value and can only be used within the EDUM ecosystem. EDUMP tokens can also be used for purchasing NFTs or lectures on the EDUM platform. MNet’s technological prowessMeanwhile, MNet is a blockchain network operated from headquarters in Singapore. Backed by an Ethereum Virtual Machine (EVM) and WebAssembly (WASM) smart contract playground, builders can develop Web3 decentralized applications (dApps) for Web2 users. Notably, it has secured an investment from global blockchain investment company Animoca and is a key technological partner of the blockchain platform Polkadot. "We will continue to expand the success story and ecosystem of the EDUM project through continuous partnerships with various companies," said Yoo Sung-won, CEO of Dream Ladders. EDUM also recently teamed up with layer 1 blockchain XPLA to expand blockchain-based educational services and increase the role that Web3 can play in various fields.

Zettai Pte Ltd., the Singapore-based holding company that controls Indian crypto exchange WazirX through its subsidiary Zanmai India, has filed an application for a moratorium with the Singaporean High Court, under section 64 of the Insolvency, Restructuring and Dissolution Act 2018. Six months requestedIn the filing (HC/OA 861/2024), the company has pleaded with the court to be granted a six-month moratorium, which would give the firm the space and time needed to restructure its liabilities. The company laid out details of its moratorium application in a blog post published to its website on August 28. The firm outlined that a moratorium represents “ the most efficient way to address users’ cryptocurrency balances on the Platform and facilitate recovery for users.” An automatic moratorium of 30 days has effectively been granted as a consequence of the application itself, and it is up to the court if it approves the six-month moratorium that is being sought. A date for the hearing of that matter has yet to be scheduled.Photo by Palu Malerba on Pexels$234 million hack falloutWazirX has been dealing with the fallout from a $234 million hack which occurred in July. One key entity that is owed funds is Indian crypto app CoinSwitch. In an effort to get its funds back, the company has sued WazirX. Taking to the X social media platform, CoinSwitch outlined why it felt the need to take legal action. It stated: "From the day of the incident, we have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on their exchange. However, our efforts have not come to fruition." In a follow-up tweet, CoinSwitch assured its own users that its exposure to WazirX has no impact on user balances. The company has WazirX exposure that amounts to 2% of its overall user funds. That exposure is reduced further if WazirX’ claim that only ERC-20 tokens were affected is taken on board, accounting for 1% of CoinSwitch user deposits. White KnightWazirX co-founder Nischal Shetty spoke to the notion of a “white knight” in an affidavit submitted under the Zettai name to support the application. He outlined that WazirX is in talks with 11 crypto exchanges and has signed three non-disclosure agreements (NDAs). The company has also received offers for financing and for partnering with Zettai, the WazirX parent company. WazirX has outlined that it has set aside $12 million in digital assets to cover legal and associated costs that the company anticipates incurring as part of its restructuring efforts. Matters are further compounded by the fact that a cloud hangs over the ownership of the company. Shetty has claimed that he is no longer an owner of the exchange. In 2022, he wrote that Binance had acquired WazirX. Around the same time frame, Binance’s Changpeng Zhao (CZ) outlined that Binance didn’t control WazirX systems.  India’s economic intelligence agency, the Enforcement Directorate, has claimed in the past that Shetty has gone out of his way to obscure the ownership structure by way of a complex chain of companies in Singapore.

Rotonda holds blockchain hackathon at GBIC 2023Rotonda, the operator of the digital asset wallet platform Bithumb Buritto Wallet, hosted a hackathon on Monday (local time) at this year’s Global Blockchain Incheon Conference (GBIC), centered around the theme of addressing a variety of local issues, such as carbon reduction, industrial and urban issues and public services using Web3 technology. Contestants from across the country gathered to create blockchain-based prototypes aimed at addressing such issues.Photo by Marvin Meyer on UnsplashOther blockchain and Web3 companies like Roa Core, Ret Games and ReFi Korea also participated as sponsors for the competition, which was held at Songdo Convensia, an international conference complex located in Songdo International Business District.Innovative solutions recognizedThe ten teams that made it to the finals presented a range of ideas related to the theme, which were judged based on how applicable, feasible and influential they are, as well as their potential for development and social contribution.“Through this year’s hackathon, we were introduced to innovative ideas and high-quality technologies to address various local problems. Discovering and supporting passionate entrepreneurs is in line with the values that we uphold within our ecosystem at Bithumb Buritto Wallet,” said Lee Sang-ho, Vice President at Bithumb Burrito Wallet.The grand prize of KRW 5 million (approximately $3,600) was awarded to DIY, a team that developed a project to promote cultural resources, tourism experiences and sports industries in Incheon using dynamic non-fungible tokens (dNFTs). dNFTs can be adapted or changed based on external events and data. The hackathon judges praised the team for adding gamification elements to increase citizen participation and streamlining administrative procedures through smart contracts. The team also won additional benefits like office space in Incheon’s Jemulpo Smart Town.“We are delighted to be recognized for the in-depth discussions we had amongst our members to develop a highly usable and differentiated platform,” the team said in a statement. “We will strive to leverage blockchain technology to create various success stories.”Additional winnersTwo runner-up prizes went to the Caffeine Addiction team, which developed a platform for motivating coffee drinkers to dispose of used coffee grounds, and the Datayo team, which developed dBus, a smart mobility platform with token-based crowdfunding processes. They received KRW 3 million and KRW 2 million, respectively, in prize winnings.