Month: July 2023

Chibi Finance $1M alleged rug pull: How it happened

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On June 26, decentralized finance (DeFi) aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether (WETH) and bridged to Ethereum, where they were afterward sent to Tornado Cash by the attacker. The price of the Chibi Finance (CHIBI) governance…

Generative AI will disrupt blockchain too: Here’s how

Artificial intelligence (AI) isn’t just generating lots of content these days, but equally, lots of excitement too. The rise of ChatGPT has led to the rapid adoption of generative AI technology in numerous industries, helping to answer people’s queries, create fresh content, book appointments, draw pictures, assist coders and much more.  The excitement around AI can be compared to the level of hype that emerged around blockchain when decentralized ledger technology first emerged in the previous decade. People’s imaginations are running wild, creating highly disruptive applications for generative AI that…

Traders Place Big Bets on Ether for Second Half of 2023

Ether, the token of the Ethereum blockchain, jumped 61% in the first six months of the year. Traders are now betting the rally could extend in the second half. On Friday, an investor purchased roughly 63,250 “bull call spreads” tied to ether and due for expiry on Dec. 29, according to data source Amberdata. The trade involved the sale of a call option at the $2,500 strike price to partly fund the purchase of a call option at the $1,900 strike. The strategy cost an initial $10 million because the…

Singapore to require crypto firms to put user assets into trusts by year-end

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Singapore’s central bank is introducing new measures to improve investor protection and market integrity in the cryptocurrency industry. On July 3, the Monetary Authority of Singapore (MAS) announced new requirements for crypto service providers to hold customer assets into a statutory trust by year-end. “This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency,” the regulator said. The new custody measures follow a public consultation on regulatory measures to reduce risks to…

PolyNetwork remains suspended 24 hours after $5m hack

PolyNetwork is still trying to recover from the attack on July 2, where hackers stole about $5.5 million, even though the notional value of the episode is reportedly $34 billion. The Poly developers have halted all smart contracts to resolve the breach. Following the incident, several blockchain security firms, including SlowMist, Binance Labs, Dedaub, and Peckshield, offered to assist with investigations.  Dear users, As we continue to address this situation, we regret to inform you that our services will remain temporarily suspended. 【1/7】 — Poly Network (@PolyNetwork2) July 2, 2023…

5 blockchain-based social media platforms to know

Social media networks built on the blockchain are revolutionizing the way we share, interact and communicate with people online. These systems offer improved transparency, data ownership and decentralized incentives by utilizing the power of blockchain technology.  This article will discuss five well-known blockchain-based social media sites: Steemit, Verasity, Binded, Audius and Sapien. Steemit Based on the Steem blockchain, Steemit is an innovative decentralized social media network. Users are paid for curating and creating content in this novel incentive approach. Users are motivated to create high-quality content and interact with the…

Rari governance token surges 26% amid market consolidation

Despite the prevalent consolidation observed across the market, the Rari governance token (RGT) has rallied by over 26% in the last 24 hours. The recent upsurge comes after the asset traded within a range for the most of last month. RGT is up 26.27%, which ranks 788 on CoinMarketCap (CMC), and has witnessed higher gains over the past 24 hours than the majority of mainstream assets on the top 100 list. RGT price – July 3 | Source: CoinMarketCap Notably, bitcoin (BTC) is seeing a meager 0.45% increase. This impressive…

Robot guest-conducts the Korean National Symphony Orchestra

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A robot graced the stage at the National Theatre of Korea to conduct the Korean National Symphony Orchestra on June 30, marking South Korea’s first robot-conductor public appearance. EveR 6, the android that co-conducted the performance titled “Absence,“ is a design produced by the Korea Institute of Industrial Technology (KITECH). The robot is equipped with a humanoid face and has a human-life form with a torso, two arms, a neck and a head. KITECH trained EveR 6 through “motion capture” technology via sensor attachments that digitally record a conductor’s baton…