Blockchain

In the first quarter of 2023, BNB Chain has been identified as the network with the highest percentage of rug pull scams, according to a report by blockchain security firm Immunefi. The report, titled “Crypto Losses in Q1 2023,” investigated a variety of crypto hacks and scams in the first quarter of the year. It found that BNB Chain saw 73.3% of all rug pulls in the crypto ecosystem, with Ethereum coming in second at 26.7%.

The report also revealed that BNB Chain and Ethereum were the two largest targets for hackers and scammers, accounting for 68.8% of total losses from these networks combined. Of these two networks, BNB Chain was hit the hardest, with 41.3% of total losses from hacks and scams.

One particular type of scam stood out on BNB Chain: rug pulls. This type of scam involves developers raising funds and then shutting down their project without delivering the promised product or service. According to Immunefi, BNB Chain saw 73.3% of all rug pull scams in the crypto ecosystem during Q1 2023.

The Immunefi report highlights the need for increased security measures in the crypto industry, particularly on BNB Chain. As the network continues to grow in popularity, it is likely that more hackers and scammers will try to exploit vulnerabilities in the system. This makes it essential for investors to remain vigilant and do their due diligence before investing in any crypto project.

While BNB Chain has faced its fair share of challenges in Q1 2023, it remains one of the most widely used networks in the crypto ecosystem. Its popularity can be attributed to its low transaction fees, fast confirmation times, and support for smart contracts. As the network continues to evolve and improve, it is likely that it will remain a dominant force in the crypto industry for years to come.

In conclusion, BNB Chain dominated Q1 2023 rug pull scams, accounting for 73.3% of all such scams in the crypto ecosystem. While this is certainly concerning, it is important to remember that the crypto industry as a whole is still in its early stages of development. As the industry matures, it is likely that new security measures will be implemented to prevent these types of scams from occurring in the future. In the meantime, investors should remain cautious and do their own research before investing in any crypto project, particularly on networks like BNB Chain that are more susceptible to scams and hacks.

The Brazilian investment firm BTG Pactual has revealed that it would be releasing its very own stable currency, which will be known as BTG Dol. The bank’s custody services will be required in order to have access to the stablecoin, which will have a one-to-one correlation with the US dollar as its backing. This action is in line with a trend that has been seen by major financial institutions all over the globe to provide cryptocurrency services to their respective client bases.

The customers of BTG Pactual will have a simple and risk-free method of investing in dollars thanks to the stablecoin that the company has developed. According to André Portilho, who is the head of digital assets at the bank, the stablecoin will make it possible for consumers to “dollarize” a piece of their equity, which will make it easier for conventional finance and the digital economy to engage with one another.

There is a subset of cryptocurrencies known as stablecoins. The value of a stablecoin is tied to the value of an underlying asset, such as the US dollar or gold. In contrast to conventional cryptocurrencies like Bitcoin, which are notorious for their price swings because to their lack of centralized control, this gives the value of the cryptocurrency some degree of predictability.

The decision made by BTG Pactual to develop its own stablecoin comes at a time when interest in cryptocurrencies is continuing to increase on a global scale. Stablecoins offer a more stable option for those who wish to invest in cryptocurrencies but are hesitant due to the high volatility that is associated with traditional cryptocurrencies. As a result, the use of stablecoins has become increasingly popular in recent years. This is because stablecoins offer a more stable option.

The bank has a bigger aim to integrate digital assets into its services, and the introduction of BTG Dol is a component of that ambition. In the last several years, BTG Pactual has made significant strides in broadening the scope of the cryptocurrency services it provides via the establishment of a cryptocurrency exchange as well as a digital asset investment fund.

In general, the entry of BTG Pactual into the field of stablecoins is illustrative of the growing interest in cryptocurrencies among big financial organizations. With the introduction of BTG Dol, the bank is giving its customers a more secure and reliable choice for investing in the digital economy than they previously had.

Midjourney, an artificial intelligence (AI) service that generates images from natural language descriptions, has recently found itself in the midst of controversy. The company has banned users from creating pictures of Chinese President Xi Jinping, citing concerns about deepfakes. Deepfakes are manipulated digital representations produced by sophisticated machine-learning techniques that can be used to spread false information and propaganda.

While Midjourney’s ban was intended to prevent the proliferation of deepfakes on its platform, users have found a way to circumvent the ban by creating deepfakes of Xi using other methods. Midjourney has responded by disabling access to its free trial version. Although the platform still allows the creation of images featuring world leaders, the Chinese President is notably excluded. Any attempt to generate an image with his likeness or even mention his name in a prompt is strictly prohibited by Midjourney.

Critics, like Sarah McLaughlin, senior scholar at the Foundation for Individual Rights and Expression (FIRE), have argued that the ban constitutes a form of censorship, undermining the fundamental principles of free speech and expression. While Midjourney’s intentions may have been to prevent the spread of deepfakes, the ban has sparked debate about whether it is ever appropriate to limit access to technology in this way.

In messages exchanged on the chat service Discord last autumn, Midjourney’s founder and CEO, David Holz, revealed that the firm had received complaints from local users about “various topics in different countries,” prompting them to block numerous related words. However, according to chat logs examined by The Washington Post, Holz refrained from listing the prohibited terms to prevent unnecessary controversy. Holz also mentioned that the prohibited words were not solely connected to China. Nonetheless, he recognized that China was a particularly sensitive matter, as political humor might put Chinese users at risk.

In response to the criticism, Midjourney has attempted to explain its decision. In a statement, the company stated that its ban on Xi Jinping images was not motivated by financial gain. Instead, the company claims that it was “for the greater good” to ensure that access to this technology was available to Chinese individuals. However, critics argue that this reasoning is flawed, as it assumes that Chinese individuals are incapable of using the technology responsibly.

Despite the ban, users of Midjourney’s platform have found a workaround by creating deepfakes of Xi using other methods. Some users have used the /imagine function and provided the full URL of an existing photo of Xi in the prompt. Others have used the /blend function to combine two existing photos. While these methods are not as seamless as generating an image directly from a description, they still allow users to create images of Xi.

In conclusion, Midjourney’s ban on Xi Jinping images has sparked debate about the limits of technology and free speech. While the company may have had good intentions, its decision has been criticized as a form of censorship. As the debate continues, it remains to be seen whether Midjourney will reconsider its decision or if users will continue to find ways to create deepfakes of Xi.

VP Bank, one of the most significant financial institutions in the Principality of Liechtenstein, has collaborated with Metaco, a market-leading developer of infrastructure for digital assets. The purpose of this partnership is to work together to combine the digital asset custody and tokenization services offered by VP Bank utilizing Metaco’s Harmonize platform.

This move comes as VP Bank works toward its goal of redefining wealth management by integrating digital ecosystems with more conventional banking practices. This strategy, as VP Bank’s Chief Product Officer Marcel Fleisch explains it, enables the bank’s customers to take advantage of new possibilities and get new services. VP Bank will be able to broaden the services it provides thanks to the Harmonize platform, which will also enable support for the tokenization, minting, and storage of assets.

The Chief Growth Officer at Metaco, Seamus Donoghue, expressed his delight about the relationship and said that the Harmonize platform makes it possible for banks to satisfy the need for new asset classes. Donoghue noted that the platform gives financial institutions the ability to develop their business models in whatever way they see fit. In addition to this, he emphasized that VP Bank is a forward-thinking financial institution that caters to individual customers and intermediaries, which makes it an excellent business partner for Metaco.

Metaco has been working closely with influential members of the European market to develop and provide cutting-edge digital asset management solutions as part of its expansion efforts throughout Europe. For example, on February 9, 2023, Metaco entered into a partnership with the DekaBank of Germany to build a blockchain-based platform that was scheduled to become live in 2024. In a similar vein, on February 23, 2023, Metaco entered into a partnership with DZ Bank, a German asset manager, to include digital currencies into the asset management services that it offers.

In addition, Metaco has formed a partnership with Togg, a Turkish company that specializes in automotive technology, in order to protect its autonomous vehicle mobility services that are enabled by smart contracts. Also, on November 2, 2022, the business assisted the UnionBank of the Philippines in launching custody and trading for Ether (ETH) and Bitcoin (BTC), which marked its debut into the market in Southeast Asia.

In conclusion, thanks to VP Bank’s cooperation with Metaco, the bank will be able to broaden the scope of the digital asset services it provides and better use the potential of the Harmonize platform. The track record that Metaco has established via its collaboration with key financial players throughout Europe and Southeast Asia proves that the company is capable of delivering innovative solutions for the custody of digital assets and the tokenization of such assets.

Orbs, a public blockchain infrastructure designed for mass usage applications, has announced the release of a new smart contract called the single nominator for validators in the Telegram Open Network (TON) blockchain. The contract provides an isolated cold wallet for validators to secure their validation process, enhancing their independence, security, and protection against gas-spending attacks.

In the TON blockchain network, validators participate in a proof-of-stake consensus algorithm by staking their cryptocurrency holdings to support the network’s security and transaction processing. The nominator essentially nominates a validator to represent their stake in the network and earn rewards on their behalf. The validator, in turn, is responsible for validating transactions and adding new blocks to the blockchain.

The single nominator smart contract provides an option for the core team’s nominator pool smart contract. The alternative was developed in-house to provide security for validators who stake their funds. The contract provides an isolated cold wallet for validators to secure their validation process and prevent gas-spending attacks. The contract also offers the ability to recover stakes during emergencies, such as elector upgrades.

The contract has been audited by CertiK, a Web3, blockchain, and smart contract security firm, which recently announced a partnership with TON to audit future projects on the network. Orbs has released the single nominator contract to the community as a free, open-source product.

The release of the single nominator smart contract is a significant development for validators in the TON blockchain network. The contract offers a secure and independent way for validators to participate in the proof-of-stake consensus algorithm, providing enhanced security and protection against gas-spending attacks. The contract’s auditing by CertiK adds an extra layer of security and confidence in the product’s reliability.

Orbs is a leading public blockchain infrastructure designed for mass usage applications. The platform aims to provide a scalable, secure, and decentralized infrastructure for developers to build their blockchain applications. Orbs is committed to advancing the adoption of blockchain technology by providing a user-friendly and developer-friendly platform for building decentralized applications.

In conclusion, the release of the single nominator smart contract by Orbs is a significant development for validators in the TON blockchain network. The contract offers enhanced security and protection against gas-spending attacks, allowing validators to participate in the proof-of-stake consensus algorithm in a secure and independent way. Orbs’ commitment to advancing the adoption of blockchain technology is demonstrated through the release of this free, open-source product, which is audited by CertiK, adding an extra layer of security and reliability to the contract.