The HECO Chain bridge saw the movement of more than $86.6 million in digital assets to dubious addresses, according to data provided by blockchain security firm PeckShield.According to the security company, there is a continuous exploit and the bridge is hacked. Justin Sun, the founder of Tron, responded to the event by declaring that HTX will reimburse users in full for any losses they may have suffered as a result of the attack.While they look into the situation, the company has also temporarily stopped accepting deposits and withdrawals.The executive stated that upon the conclusion of the probe, services will resume. At first, PeckShield released a notice highlighting a transaction in which 10,145 Ether—or around $19 million—were moved off the bridge.Subsequent transactions involved the transfer of digital assets to several addresses, including USD Coin, Chainlink, Shiba INU, and others. On December 21, 2020, HTX Eco Chain (HECO) was formally introduced to offer a cross-chain experience with reduced gas prices.The project was a combination of the BitTorrent bridge ecosystem and the Tron environment, which Sun had merged into HECO in 2022. The most recent breach of the HECO Chain is the second exploit involving a Sun-related project.On November 10, Poloniex, an exchange that Sun purchased in 2018, experienced a $100 million hack.Security experts speculate that a compromised private key may have caused the problem.

The Avalanche ecosystem developer and accelerator, Colony Lab, announced that it will contribute $10 million to help the network’s sustained expansion.The company announced that it has purchased over 500,000 AVAX tokens for a total of $8 million in recent months. The money will be utilized to establish a validators program that will assist AVAX holders. In a proof-of-stake (PoS) blockchain network, a validator is an individual who contributes to security upkeep and verifies newly submitted transactions.By staking their tokens, validators accomplish this and usually receive rewards. Avax and Trader Joe’s JOE are two examples of the assets in the Avalanche ecosystem that are included in the Colony Avalanche Index (CAI), a yield-bearing token index in which Colony Lab will also invest.Colony Lab’s CLY token holders will receive a portion of mint or redemption fees.The community of CLY stakeholders will receive rewards from both the first and next validator initiatives. “As we channel a $10 million investment into the Avalanche ecosystem, we’re not just growing Colony Lab – we’re fostering the long-term potential of AVAX,” CEO Elie Le Rest said in a message to CoinDesk. “Avalanche understands that real blockchain growth comes from expanding its use cases, and its technology reflects this

OpenAI has named co-founder and former Twitch CEO Emmett Shear as its new CEO. OpenAI is an artificial intelligence (AI) startup. Sam Altman was dismissed from his position as CEO of OpenAI last week after the board expressed lack of faith in his ability to guide the business due to allegations that “he was not

David Schwartz, the CTO of Ripple, recently spoke with me about how the XRP Ledger is facilitating a revolution in the tokenization of physical assets.In an interview conducted recently, Schwartz expressed his excitement about the XRP ecosystem as investors’ focus shifted from the XRP coin to a more comprehensive interest in the features of the XRP Ledger.The CTO claims that the XRP Ledger’s technology is becoming more institutionally adopted and is being used in more business and financial applications. In recent years, the idea of tokenizing real-world assets (RWA) has gained traction.Owners of real-world assets can store their rights to things like gold and commodities on the blockchain through the process of digital asset tokenization.However, Ethereum and a few other blockchains have received the majority of the focus surrounding asset tokenization. The tokenization of conventional assets is being actively pursued by major financial institutions like JP Morgan and Bank of America, according to Schwartz in the interview, and this trend is now spreading to the XRP Ledger. “There’s real interest from mainstream financial giants like JPMorgan and Bank of America are actively pursuing tokenization of traditional assets. So I think that’s a scenario to watch and I think that scenario with the XRP ledger is going to excel,” Schwartz said. The CTO also underlined the core capabilities of XRP as a buyable and sellable token with sufficient liquidity.Traditional lenders are starting to adopt this feature more frequently; Chase Bank and HSBC, for example, let customers use XRP to pay down their mortgage debts. Schwartz noted that the XRP Ledger was created by the company’s early engineers in order to overcome the enterprise adoption barrier that Bitcoin faced at the time by establishing XRP payment bridges with conventional finance.He noted that while the XRP Ledger was initially designed to facilitate cross-border payments, the technology supporting XRP isn’t nearly as fascinating as the other features of the Layer-1 that power the XRP Ledger. “It’s exciting to see more focus on

In a brief film, James Wallis, vice president of Ripple for central bank digital currency (CBDC) Engagements, emphasized the contribution that CBDCs make to the advancement of global financial inclusion.Wallis makes it clear that the goal of financial inclusion is to make financial services available to everyone on the planet, particularly to those who don’t have any financial institution connections and have low incomes. Wallis identified several critical elements contributing to financial exclusion, such as low incomes and a lack of prior connections with financial institutions, which results in the absence of a credit history.Banks are frequently commercial organizations motivated by shareholder interests in areas where there is financial exclusion. This presents difficulties in providing services to low-income people because it is hard to make money from this group.Wallis argued that by offering financial services at a substantially lower cost than conventional techniques, CBDCs offer a cost-effective option.With CBDCs, you may build credit and have easier payment alternatives even if you have never worked with a bank before. This effectively gives people the ability to establish credit histories, obtain borrowing capacity, and promote the expansion of their enterprises.Wallis stated that in order to address global difficulties in financial inclusion, CBDCs constitute a disruptive breakthrough.In addition to serving as the technology partner for the Republic of Georgia’s CBDC project’s second phase, Ripple is collaborating on CBDC efforts with more than 20 central banks worldwide.Furthermore, Ripple is now working on CBDC partnerships in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Ripple and the SEC are now at odds in court.For its contributions to the progress of digital currencies and best sustainability initiative—particularly for encouraging innovation in CBDCs—Ripple was recognized in July by Currency Research.Prior to collaborating on the digital lari initiative with the NBG, Ripple actively partnered with companies looking to deploy CBDCs.

The reorganisation takes place as Facebook’s parent company approaches the conclusion of its “year of efficiency.” The social media behemoth Meta is said to have dissolved the department in charge of overseeing its artificial intelligence (AI) projects as they are being developed and implemented. Numerous team members of Meta’s responsible AI division have reportedly moved

Republic Crypto, a startup fintech, informed CoinDesk on Friday that it would host its soon-to-be-launched revenue-sharing tokenized security on the Avalanche blockchain. Investors who purchased a portion of the upside in the company’s venture portfolio will receive stablecoin dividends from Republic through the asset known as R/Note. Republic will give holders their pro rata share

The central bank said on Thursday that the Monetary Authority of Singapore (MAS) intends to launch a “live” central bank digital currency (CBDC) for wholesale settlement.According to MAS, the strategy is a component of a larger series of efforts to establish the foundation for a digital Singapore currency and to increase the number of asset tokenization trials. The Orchid Blueprint by MAS lays out the technological framework needed for digital money transfers in the future. A recent series of four experiments with industry participants aims to evaluate different elements of this framework.One will be tested initially at the current Singapore FinTech Festival 2023, which is examining tokenized bank liabilities for retail payments, the bank said. “To complement the digital money trials by the financial industry involving retail and corporate users, MAS will commence the development of CBDC for wholesale interbank settlement next year. MAS will pilot the “live” issuance of wholesale CBDCs for the first time, after previously simulating issuance within test environments,” the statement added. Future tests may examine cross-border settlements, but the first wholesale CBDC trial by MAS will settle retail payments between commercial banks.CBDCs for wholesale use have already been investigated in Singapore.International bodies have also given countries the green light to set up the infrastructure and laws necessary for producing digital versions of fiat currencies in order to keep up with the latest developments in payment technology.MAS Managing Director Ravi Menon referred to cryptocurrencies as “a failure on Thursday,” and some nations see CBDCs as a response to private cryptocurrency.

The government of the Philippines announced its intention to use blockchain technology to digitise its domestic debt market and plans to raise 10 billion pesos ($180 million) through the sale of a tokenized Treasury bond next week. The proposed offering comes after Hong Kong’s February 800 million Hong Kong dollar ($103 million) tokenized green bond

Superstate, an asset-management company based on blockchain technology, raised $14 million in venture finance to create regulated on-chain funds that are accessible to investors in the US.Distributed Global and CoinFund were the leaders in the round.Participating companies included Arrington Capital, Breyer Capital, CMT Digital, Department of XYZ, Folius Ventures, Galaxy Digital, HackVC, Modular Capital, Nascent, and Road Capital Management. Superstate is committed to creating legally-required investment vehicles that are accessible to US-based investors using public blockchains.Under the direction of Robert Leshner, the creator of the decentralized finance (DeFi) lending platform Compound (COMP), the business plans to use the money for team growth, the creation of institutional investor-only private funds, and the development of a tokenized public fund structure. As traditional banking and blockchain technology intersect, the investment emphasizes the growing tendency toward the utilization of tokenized assets.The process of turning real-world assets (RWAs), like gold or bonds, into virtual representations that may be registered as tokens on a blockchain is known as tokenization.The race to unleash the potential benefits of tokenization, which some claim include enhanced efficiency and transparency, faster settlement times, and wider investor access, has even drawn the attention of major banks.The tokenized asset market may reach $10 trillion by the end of the decade, according to asset-management company 21.co. “The first-generation tokenized funds fall short,” Leshner said in the press release. “They either function within private blockchains or exist in off-shore entities, removing access for U.S. investors.” Superstate submitted a proposal earlier this year to establish a short-term U.S. government bond fund with Ethereum serving as a backup record-keeper. “Superstate’s approach to tokenization will bridge the gap between high-quality, compliant financial products and the massive advantages and innovation DeFi is poised to

After receiving acceptance from more than 80% of validators, the “fixReducedOffersV1” amendment is currently in a two-week activation countdown phase.This change is a major improvement for XRPL. New features will be added to XRP Ledger (XRPL) in the coming weeks.Users using rippled v1.11.0 or older versions are urged to update their systems, according to XRPScan.FixReducedOffersV1 must be implemented in 14 days in order to address severe issues with DEX offerings. Updates above 80% are required.FixReducedOffersV1, the only change with an 80% consensus among the XRPL v1.12.0 update’s amendments, is the first to begin a two-week activation countdown.FixReducedOffersV1 seeks to improve the XRPL’s general operation by reducing the frequency of order books that are hidden by decreased offers. Within two weeks, protocol improvements supported by more than 80% validator support are permitted by the XRPL amendment.Because of this recent development, in order to continue participating as a node provider or in other designated protocol functions, you must update to the most recent version of the XRPL.This adjustment can make a lowered offer on XRPL decentralized exchanges (DEXs) more beneficial than the initial offer from the taker’s point of view by rounding the exchange rate.In certain situations, the reduced offer might be consumed by additional offers that match the original. If these modifications were not made, on the other hand, an offer with little residual sums would have very unfavorable conversion rates when rounded down from its initial value.This eventually makes it impossible to accept requests that are more favorable, which poses significant difficulties for decentralized brokerage systems that use the XRPL. With the release of XRPL version 1.12.0 in September, prominent features like fixReducedOffersV1 were added.Bug fixes and changes pertaining to the Automated Market Maker (AMM) and Clawback feature were included in the upgrade.In order to prevent disruptions, users have to update to the most recent version before September 20.Furthermore, it was determined that access to the XRPL update was necessary in order to vote on new amendments such as XLS-30.The XRPL has had significant improvements both inside and outside, which has improved its prognosis overall.The most recent security audit for the Xahau sidechain was completed successfully, which is encouraging for XRPL’s future.

A revised set of guidelines that the Proof of Stake Alliance (POSA), an advocacy group of companies and groups involved in staking on blockchains such as Ethereum, claims would guarantee consumer protections and encourage responsible innovation, was released on Thursday.Eighteen industry participants have approved the new “staking principles,” including several well-known companies as Ava Labs, Blockdaemon, Coinbase, Lido, Polychain, Paradigm, and Rocketpool. The list, prepared with the assistance of Paradigm’s Policy Lab, was updated “in light of the rapid advancements in the staking space and the need for updated best practices,” according to a press release. The press announcement states that the guidelines are meant to replace an original set of principles announced in 2020.They demand that service providers communicate more clearly, that users have complete discretion over the amount of their assets they stake, and that service providers clearly outline their duties. “Amid rapid technological advancement, self-regulation from leaders of the proof of stake ecosystem is essential,” Evan Weiss, founder of

Through this tripartite agreement with the blockchain companies, the South Korean telecom giant hopes to deepen its “affiliations with customer-preferred mainnets and decentralised applications”. Telecom provider SK Telecom (SKT) in South Korea has revealed plans to introduce T wallet, a Web3 wallet service, in collaboration with layer-1 mainnet providers Aptos Labs and Atomrigs Lab. In

Blockchain analytics company Glassnode was acquired by competitor Accointing, allowing cryptocurrency tax software supplier Blockpit to increase its presence in the United Kingdom.The deal sum was not disclosed by the Linz, Austria-based corporation.Florian Wimmer, the CEO of Blockpit, clarified in an email that the transaction was “multi-million dollar”. According to Blockpit, it will now be able to provide services to clients located in the UK by utilizing“a close public-private partnership with U.K. authorities, as well as with a wide range of leading CPAs,” in an emailed announcement on Tuesday. The purchase was made more than three years after Blockpit and the German company Crypto Tax merged.

The Polygon blockchain’s co-creator Sandeep Nailwal and lending protocol Aave’s founder Stani Kulechov are among the investors in Llama, a smart contract platform that has acquired $6 million in initial money from Founders Fund and Electric Capital.By allowing protocols to codify roles and rights to execute on-chain operations, such transferring funds or altering protocol parameters, Llama said it seeks to improve the efficacy of blockchain governance.The platform attempts to address some of the security flaws and inefficiencies that could result in subpar performance or, worse, hacks and exploits. According to Llama’s email from Monday, the technology is “designed for role-based governance.”One such scenario is that the operations team may decide to implement an emergency pause due to liquidity issues, or the cybersecurity team may update the risk parameters. Llama refers to this as “access control,” in which each participant is granted “the minimum amount of power to perform the function they are best suited to do,” co-founder Shreyas Hariharan said in the statement.

The Commodity Futures Trading Commission (CFTC) of the United States has focused its attention on how businesses manage the assets of their customers. The proposed rule changes by the CFTC aim to improve regulations for derivative clearing organizations (DCOs) and futures commission merchants (FCMs).It is currently mandatory for these businesses to use client cash to purchase highly liquid assets.The unique operating model of LedgerX is not taken into consideration by the amended regulations.In contrast to FCMs’ traditional position as middlemen, LedgerX functions as a DCO, forming direct relationships with clients. Commissioner Kristin Johnson of the CFTC has expressed concerns, pointing out that the laws are not keeping up with the industry’s rapid changes.Previously associated with FTX, LedgerX—now a subsidiary of Miami International Holdings—operates in a distinct business by offering direct client access, departing from traditional industry norms.LedgerX has gained recognition for its endeavors to settle cryptocurrency transactions directly for customers, departing from the traditional approach of enlisting middlemen.The business has strengthened its operations with improved consumer safeguards, like asset segregation, by successfully obtaining several CFTC registrations. Johnson is in favor of a redesigned regulatory structure that would offer retail clients consistent protection whether they transact with non-intermediated DCOs like LedgerX directly or through middlemen. The public will have a seventy-five-day period to provide input on the proposal concurrent with this call for action.This conversational phase could potentially direct the CFTC in resolving the regulatory shortcomings that Johnson has identified.Ensuring that regulatory measures stay in line with the dynamic derivatives market is the CFTC’s role.This is necessary to keep an even playing field and safeguard the interests of retail customers.

According to Jamie Coutts, a Bloomberg analyst, the use of blockchain technology has continued “unabated” in both bull and bear markets in recent years. According to forecasts made by Bloomberg Intelligence analyst Jamie Coutts, if the current rate of adoption of blockchain technology continues, it could have 100 million daily users by 2028. According to