Huawei NFTs, Toyota’s hackathon, North Korea vs. Blockchain: Asia Specific  – Cointelegraph Journal

Our weekly roundup of stories from East Asia curates the trade’s most vital developments.

Huawei strikes to trademark its NFTs

Based on a Jan. 28 report by Sina Information, Chinese language telecom big Huawei has just lately filed for eight logos associated to its Huawei “YunYunBao” nonfungible tokens (NFT) sequence. The logos embody digital collectibles within the scientific devices, furnishings, training, jewellery, promoting and telecom sectors. Final April, Huawei unveiled its YunYunBao NFTs, that includes characters impressed by its namesake cloud service. Huawei NFTs are minted on its proprietary Huawei Petal Chain, which the telecom big says has over 1,000 nodes and might deal with over 50,000 transactions per second. 

A Huawei cloud NFT. Supply: Huawei

Toyota sponsors blockchain hackathon

In a Feb. 1 Medium submit, Sota Watanabe, the founding father of Japanese blockchain Astar Community, introduced that Astar had acquired a sponsorship from Japanese vehicle producer Toyota for its newest Web3 hackathon. Astar is at the moment a parachain constructed on the Polkadot blockchain. 

Based on Watanabe, over $100,000 in prizes might be distributed to initiatives that develop “intra-company DAO [Decentralized Autonomous Organization] help instruments for this hackathon which Toyota staff may very well use sooner or later.” The hackathon will run from Feb. 14 to March 25.

The Toyota hackathon prize construction. Supply: Hakuhodo

“Evidently, Toyota is the most important firm in Japan and one of many world’s main worldwide firms,” Watanabe wrote. “We’re very excited to be internet hosting the Web3 Hackathon on Astar with Toyota. Throughout the occasion, we goal to develop the primary PoC DAO device for Toyota’s staff. If a great device is produced, Toyota staff will work together every day with merchandise on Astar Community.”

North Korea devastates crypto

On Feb. 2, blockchain forensic analytics agency Chainalysis revealed that North Korean hackers stole an estimated $1.65 billion out of the $3.Eight billion funds siphoned from decentralized finance (DeFi) protocols in 2022. For context, North Korean-related entities solely stole $299.5 million in 2020 and $428.Eight million in 2021. The agency additionally warned that regardless of america Treasury Division imposing sanctions on cryptocurrency mixer Twister Money on Aug. 8, North Korean hackers have more and more turned to different digital asset mixers, similar to Sinbad, to launder stolen funds. Chainalysis stated:

“North Korea-linked hackers are inclined to ship a lot of what they steal to different DeFi protocols, not as a result of these protocols are efficient for cash laundering — they’re really fairly dangerous for cash laundering given their elevated transparency in comparison with centralized providers — however fairly as a result of DeFi hacks typically lead to cybercriminals buying massive portions of illiquid tokens that aren’t listed at centralized exchanges. The hackers due to this fact should flip to different DeFi protocols, normally DEXes, to swap for extra liquid property.”

On Jan. 29, decentralized finance analyst Zachxbt claimed he had traced one other 17,278 Ether (ETH) — price round $27.18 million — laundered by North Korean hackers within the aftermath of the $100 million Concord Bridge hack final June. Based on Zachxbt, the funds have been then moved to 14 pockets addresses unfold throughout 4 exchanges. On Jan. 24, the U.S. Federal Bureau of Investigation confirmed that North Korea’s Lazarus Group was the mastermind behind the assault. 

North Korean hacking actions have seen a pointy rise as a part of the nation’s determined push to “earn” international forex reserves amid sanctions. Supply: Chainalysis

No Binance metaverse for now 

In an ask-me-anything session on Jan. 14, Changpeng Zhao, CEO of cryptocurrency alternate Binance, stated that the agency “is extra open to simply investing in different digital actuality or metaverse video games,” because the agency is just not a game-builder and doesn’t have a sport constructing group. 

“No person actually is aware of what metaverse means. Everyone has a unique idea of it,” the crypto government stated, based on a transcript printed on Jan. 27.

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As a substitute, Zhao says that Binance will focus its “subsequent large product” on releasing a number of proofs-of-reserves and proofs-of-solvencies to extend its transparency. The alternate has set a purpose of 1 billion customers passing Know Your Buyer verification for the brand new yr. 

Huobi denies information sharing allegations 

Digital asset entrepreneur Justin Solar has responded to allegations that his alternate Huobi offered shopper info to Chinese language tax authorities. The TRON founder tweeted that Huobi “doesn’t share any shopper info to tax authorities until it follows worldwide judicial help process.”

Beforehand, Solar praised the introduction of a brand new 20% Chinese language cryptocurrency revenue tax as “a transparent indication that the Chinese language authorities views cryptocurrencies as a reliable type of wealth and desires to make sure its correct taxation.” 

Though based mostly within the Seychelles, Huobi has a large variety of employees working in mainland China, who reportedly revolted in opposition to the agency’s stringent new labor insurance policies early this month. 

Huobi founder’s new ventures

After promoting his total stake in Huobi to Solar’s About Capital final October, Chinese language businessman Lin Li has devoted his time to managing Hong Kong blockchain funding holdings agency New Huo Expertise. On Jan. 30, New Huo launched a staking technical help service, dubbed “Sinohope Staking,” that may first serve the Cosmos neighborhood earlier than increasing into Ethereum, EOS and ChainLink. 

Based on builders, Sinohope Staking will present “multi-node deployment, real-time monitoring of node operation course of, 7*24h on-line help, 3-layer pockets construction and a number of signature applied sciences” for customers keen on staking their property on public blockchains. New Huo says it can assist shoppers arrange their stake nodes and monitor their operations “with out dealing with or holding any shoppers’ property,” and claims shoppers will retain “100%” of their staked cryptocurrencies in the course of the course of. 

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