Crypto News Roundup: August 4, 2023 👀

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4 Aug 2023

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Welcome to Crypto News Roundup Today, where I bring you the latest and most exciting stories from the world of cryptocurrencies. Whether you are a seasoned investor, a curious newcomer, or just a fan of technology, you will find something interesting and informative in this roundup. Let’s get started!

Hong Kong Lawmaker to Explore Digital Asset Link with Mainland China 🐉

Hong Kong and Shanghai are two of the most important financial hubs in Asia, and they may soon become more connected in the field of digital assets. According to a recent interview with The Paper, Hong Kong Legislative Council member Johnny Ng expressed his hope that there will be discussions on the possibility of linking digital asset platforms in Hong Kong with digital asset exchanges in Shanghai.

He said that he would like to see more cooperation between web3 industries in both cities, similar to the existing Shanghai-Hong Kong Stock Connect program that allows investors to trade stocks across the two markets.

Ng said that he believes that digital assets are the future of finance, and that Hong Kong should seize the opportunity to become a leader in this field. He also said that he supports the development of a central bank digital currency (CBDC) by the People’s Bank of China, and that he hopes that Hong Kong will be able to participate in its pilot program. He added that he thinks that CBDCs can help improve cross-border payments and financial inclusion.

This news comes at a time when Hong Kong is facing increasing regulatory pressure from mainland China, especially after the implementation of the national security law last year. Some observers have expressed concerns that Hong Kong’s autonomy and freedom may be eroded by Beijing’s influence. However, Ng said that he does not think that the digital asset link will compromise Hong Kong’s status as an international financial center, and that he hopes that it will enhance its competitiveness and attractiveness.

Source: CoinDesk

Matter Labs CEO Denies Polygon’s Code Attribution Accusations ❌

Matter Labs, the team behind the zkSync scaling solution for Ethereum, has denied the plagiarism allegations made by Polygon Zero, the zero-knowledge scaling arm of Polygon. Polygon Zero recently accused Matter Labs of copying “a substantial amount of source code” from Polygon’s Plonky2 library to zkSync Era’s Boojum upgrade, without giving proper credit or attribution.

In a blog post, Matter Labs CEO Alex Gluchowski refuted these claims, saying that they are “inaccurate” and “misleading”. He said that Boojum is not largely using Plonky2 code, but rather it is based on an original design by Matter Labs that incorporates several innovations and optimizations. He also said that Matter Labs did provide attribution to Polygon for some parts of the code that were inspired by Plonky2, as well as other sources such as Halo 2 and Marlin.

Gluchowski said that he respects the work of Polygon Zero, and that he believes in the good intentions of its team. He said that he hopes that this incident will not damage the collaboration and friendship between the two projects, and that he invites Polygon Zero to join Matter Labs in advancing the state of the art in zero-knowledge proofs.

This dispute highlights the challenges and complexities of open-source development in the crypto space, where code reuse and borrowing are common practices, but also require proper acknowledgment and respect for intellectual property rights.

Source: The Block

Curve, Metronome and Alchemix Offering 10% Bug Bounty on Vyper Hack ❗️

Curve Finance, Metronome and Alchemix are three popular DeFi platforms that were recently hit by a major exploit that resulted in the theft of about $70 million worth of crypto. The exploit was caused by a vulnerability in Vyper, a programming language for smart contracts on Ethereum. The hacker was able to manipulate the price oracle of Curve’s TriCrypto pool, which affected several other protocols that relied on it.

In an attempt to recover the stolen funds, the three platforms have jointly announced a program that offers the hacker a 10% bounty of the stolen funds as a reward for returning the remaining 90% of the funds. The program also promises to drop any legal actions or involvement of law enforcement if the hacker complies. The deadline for this offer is August 6 at 0800 UTC.

However, if the hacker does not accept this offer, then the program will expand the bounty to the public, and offer the full 10% to anyone who can identify the hacker in a way that leads to their conviction in court. The program also warns that it will pursue the hacker from all angles with the full extent of the law.

This program is an example of how DeFi platforms are trying to deal with security breaches and hacks, which are becoming more frequent and sophisticated in the crypto space. It also shows how the community is willing to cooperate and collaborate to protect its users and funds.

Source: CoinTelegraph

‘Wreck League’ Mech Fighter Grows the ‘Extended Yugaverse’ With Bored Apes 🎮

If you are a fan of mech fighting games and bored apes, you are in for a treat. nWay, a game developer and Animoca Brands subsidiary, has announced the launch of “Wreck League” - a new game that will feature Yuga Labs’ NFT projects as part of its storyline. nWay has signed an IP licensing agreement with Yuga Labs that will allow it to use the characters and assets from Bored Apes, Mutant Ape Yacht Club, Bored Ape Kennel Club and Otherside Kodas in the game.

“Wreck League” is a multiplayer online battle arena (MOBA) game that lets players customize and control their own mechs and fight against other players in various modes and arenas. The game will also have a blockchain version that will enable players to own, trade and upgrade their mechs using NFTs. The game is expected to launch in September and will offer both a free-to-play, non-crypto experience and an NFT-driven version.

nWay said that it is excited to collaborate with Yuga Labs and expand the “extended Yugaverse” with “Wreck League”. Yuga Labs said that it is thrilled to see its NFT projects come to life in a new medium and reach a wider audience. The game will also feature original music by Grammy-nominated producer Illmind, who is also a Bored Ape owner.

Source: Decrypt

Bitcoin Launderer Pleads Guilty, Admits to Massive Bitfinex Hack ⚖️

The mystery behind the infamous Bitfinex hack of 2016 has finally been solved. Ilya Lichtenstein, the husband of Heather Morgan, has confessed to being the hacker who stole about 120,000 bitcoins (worth $72 million at the time) from the crypto exchange four years ago. The confession came as he pleaded guilty to money laundering conspiracy charges at a hearing at the U.S. District Court in Washington on Thursday.

Lichtenstein and his wife were arrested in February this year for laundering the stolen bitcoins through various platforms, including AlphaBay, a dark web marketplace that was shut down by law enforcement in 2017. They were also accused of conspiring to defraud the U.S. by evading taxes and reporting requirements on their illicit income. Morgan has also pleaded guilty to one count of money laundering conspiracy and one count of conspiracy to defraud the U.S.

While Lichtenstein and his wife were charged with laundering the stolen assets, they were never charged for the hack itself. The hack was one of the largest and most notorious in crypto history, and it caused Bitfinex to lose about 36% of its customers’ funds at the time. The exchange managed to recover some of the stolen bitcoins over the years, but most of them remain missing.

Source: CNBC

Conclusion 🙏

That’s all for today’s crypto news roundup. I hope you enjoyed reading it and learned something new. If you have any questions, comments, or feedback, please feel free to share them with me. I’m always happy to hear from you. Have a great day! 😊

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