Busan City embarks on forging blockchain-specialized cluster

HTX and Heco Chain exploited with $115 million lossSeychelles-incorporated cryptocurrency exchange HTX, linked to digital-asset entrepreneur Justin Sun, has fallen victim to a significant hack, only a few months after having suffered another hack in September.Photo by Markus Spiske on UnsplashSecond HTX hack in recent monthsThe last hack, involving a loss of digital assets to the value of $8 million, was resolved when the hacker agreed to return funds in October in return for a goodwill payment of around $400,000.This latest unfortunate incident follows another hack on Poloniex, also associated with Sun, just weeks ago. Sun acknowledged the HTX hack in a tweet, announcing the temporary suspension of deposits and withdrawals without specifying the exact amount pilfered.Separate Heco Chain hackIt is understood that approximately $30 million worth of cryptocurrencies was siphoned from the exchange wallet. The platform is actively investigating the breach, aiming to uncover the specifics surrounding the attack. Simultaneously, the HECO Bridge, which was established by HTX for cost-effective fund transfers across different blockchains, experienced a separate hack.This breach resulted in losses exceeding $85 million, including ETH, US dollar stablecoin Tether (USDT) and various other tokens. Although initially launched by HTX, HECO operates independently from the HTX exchange.Crypto community concernThese security breaches cast a shadow over Sun’s crypto ventures, especially considering the recent hack on Poloniex, which saw losses surpassing $100 million in various cryptocurrencies. A spokesperson for crypto security firm Hacken told Cointelegraph that these hacks could be the work of an insider.“We can see that all these attacks have the same target: Justin Sun’s projects,” the spokesperson stated. These related incidents are the cause of significant speculation within the crypto space, with some concern expressed about the financial health of HTX, given that the firm is currently offering unsustainable interest rates of up to 100% APY on a selection of digital assets.In response to the HTX hack, Justin Sun assured the community in a post on X (formerly Twitter) that HTX would fully compensate for the losses incurred in its hot wallet. The exchange has temporarily halted deposits and withdrawals as the investigation unfolds. Sun emphasized the commitment to resume services once the investigation concludes and the cause of the breach is identified.These incidents raise questions about the security infrastructure of platforms associated with Justin Sun. The crypto community awaits further details on the investigation’s outcomes and preventive measures that will be implemented to fortify these exchanges against future attacks.Such recent security breaches have not just affected Justin Sun-related enterprises. Earlier this month, decentralized exchange (DEX) KyberSwap was exploited to the tune of $46.5 million. Earlier this week, Kronos Research — a Taipei-based crypto trading, market making and venture capital platform — experienced a $25.6 million loss. The past twenty days have seen five major hacks resulting in an aggregate loss of a staggering $290 million.As the crypto industry grapples with increasing security challenges, the importance of robust protective measures cannot be overstated. These developments underscore the need for a cautious and diligent approach in safeguarding digital assets within the rapidly evolving cryptocurrency landscape.

South Korean cybersecurity firm AhnLab’s blockchain arm, AhnLab Blockchain Company, is working with Web3 performing arts platform Metacultures to offer free limited edition NFTs to all visitors of the "School of Rock" musical world tour’s show in Seoul, according to local news outlet Etoday on Monday (KST). The NFTs will be issued via AhnLab Blockchain Company’s digital Web3 wallet, ABC Wallet. As a non-custodial wallet, this service uses multi-party computation to support multiple blockchain networks including Ethereum, Polygon and Klaytn.Photo by Gwen King on UnsplashPreserving memories"We aim to offer a way for Korean fans of the 'School of Rock' musical to preserve the special experience of the performance with this NFT," said Lim Joo-young, Business Leader at AhnLab Blockchain Company. "We will continue to carry out various projects based on blockchain technology at various events." Visitors who wish to receive the NFTs can scan the QR code provided at the performance venue and register an ABC Wallet using their social media accounts on the linked site, after which the NFT will be automatically issued to their wallets. "We are glad to be able to provide NFT products for the 'School of Rock' musical to the audience through ABC Wallet, which boasts excellent security. We look forward to various security-based collaborations with AhnLab Blockchain Company in the future," said Lee Sang-woon, CEO of Metacultures. Show detailsThe ongoing performance will be held until March 24 at the Seoul Arts Center’s Opera House in Seocho-gu, Seoul.

Nexon Korea Intensifies its Blockchain Focus with Nexon UniverseSouth Korean gaming giant Nexon Korea is moving its dedicated blockchain division to its recently renamed subsidiary, Nexon Universe. According to local news outlet Newsis, this subsidiary, initially known as Nexon Block and founded last year, will welcome approximately 80 employees from the parent company’s blockchain group. The leader at the helm of Nexon Universe will be Kang Dae-hyun, who serves as the Chief Operating Officer (COO) at Nexon Korea.Photo by Shubham Dhage on UnsplashNFT-powered MapleStory UniverseNexon Korea’s blockchain division has so far been overseeing the MapleStory Universe project, an NFT-powered ecosystem that utilizes MapleStory’s intellectual property.The objective of MapleStory Universe is to establish an environment that facilitates the seamless movement of NFTs, which represent in-game characters and items, throughout its ecosystem. Beyond this, the project is dedicated to forging connections with other NFT initiatives, aiming to become part of the broader global blockchain community.In August of last year, COO Kang participated in a blockchain conference to highlight Nexon’s ongoing transformative endeavors. The transition of offline games to online platforms marked Nexon’s first evolution, while the second ambition revolves around the expansion of its gaming ecosystem using the capabilities of Web3, Kang said.Turning in-game items into NFTsAmong these strategic moves is the development of MapleStory N, the first game within the MapleStory Universe. This desktop-based MMORPG is currently under development and incorporates blockchain technology. MapleStory N will allow gamers to earn items during gameplay, which can subsequently be transformed into NFTs. The fees collected from in-game economic interactions will be distributed as rewards to both contributors within the MapleStory Universe ecosystem and Nexon.Nexon’s blockchain collaborationsAs part of the MapleStory Universe creation, Nexon joined hands with Ethereum scaling blockchain protocol Polygon. In particular, Nexon employs a Polygon Supernet, which empowers developers to tailor a blockchain to suit their gaming requirements.Furthermore, Nexon made its entry into the realm of Japanese gaming blockchain Oasys in April, acting as a validator. Oasys, established in February of last year, aims to popularize play-to-earn (P2E) games. Notable validators include Bandai Namco Research, Sega, Ubisoft, Yield Guild Games, KDDI, and Softbank.Adding to its array of collaborations, Nexon forged a memorandum of understanding (MOU) with blockchain wallet company Haechi Labs in May, within the context of the MapleStory Universe undertaking. Nexon Korea’s strategy includes leveraging Haechi’s “face wallet,” which simplifies the process of establishing and overseeing blockchain wallets for users. This is expected to offer a seamless and user-friendly experience for newcomers to the field.