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Recently, new stories have emerged in the cryptocurrency market. The three main trends are explained below. From great covers to piracy news, we've covered breaking stories with up-to-the-minute information at a glance.
1. Start the tokenization conversation at the Digital Asset Summit in London
The most anticipated Digital Asset Summit took place at London's Royal Lanchester Hotel from October 17 to 19, with a host of high-profile guests at the two-day event.
The aim of the summit was to gather key players in the cryptocurrency market on a platform to discuss key issues hindering the growth of the industry and to discuss cryptocurrencies from the perspective of industry professionals.
One of the main attractions of the event was the event on DeFi and tokenization in the real world.
Moderator Samantha Bohbot, director of the New York-based Digital Currency Group, noted the scope and importance of the discussion on the potential of decentralized finance and tokenization.
Decentralized finance is a cryptocurrency-like technology based on secure ledgers that challenges centralized government systems by giving consumers access to transactions without fees to banks and financial institutions. The DeFi industry is constantly changing and younger generations are showing interest in learning about cryptocurrencies. However, the disadvantage is the lack of regulation, as it is relatively new.
Tokenization is a method of replacing sensitive devices with unique identification tokens that store all vital information about the hardware, ensuring its security. Unlike previous systems where personal information was stored in databases and shared freely between networks, tokenization makes it more difficult for hackers to access that data.
Event details:
Chuck Mounts, head of DeFi at S&P Global Ratings, who has been a proponent of decentralization and tokenization from the beginning, is reported to believe that all of his assets will be included in the tokenization stream. He mentioned his company's plans to get customers to tokenize through service incentives.
The report, titled "Smart Contracts Can Increase Efficiency and Transparency in Financial Transactions," highlights the achievement of tokenization through the adoption of smart contracts and reduced reliance on third-party service providers. It is based on the product of the possible use of the technology.
Other dignitaries such as the CEO and co-founder of Centrifuge, the head of JP Morgan's Onyx and the head of digital assets at WisdomTree will also be in attendance.
In particular, one of the leading banks, JP Morgan, a supporter of financial decentralization, together with Onyx promised to explore opportunities in this area. It also mentioned how US Treasury bills and funds can be used as collateral in the DeFi system, increasing market liquidity. Project Guardian, in collaboration with DBS and the Monetary Authority of Singapore (MAS), will explore the use of tokenization, which also opens the door for cross-border partnerships in this area.
2. The saga of the mango market
October might be the worst month for cryptocurrencies, the second week has already begun and there have already been four hacks. Solana Mango Markets, a blockchain-based cryptocurrency platform, was the hardest hit. More than 100 million dollars were merged.
It is interesting that the Eisenberg pirate came clean and made an offer in favor of investors. The hacker recommended that about $50 million worth of crypto be returned if Mango Markets uses $70 million in USDC under the Treasury to eliminate bad debts in its protocol and refund all non-bad debt customers for not filing a complaint against them.
The attacker voted for the proposal using stolen Mango tokens. Now only time will tell what more intriguing turn this story will take.
3. Cursed October
This year, criminal hacking has resulted in more than $718 million in losses. An analysis of the Chainalysis report said the amount was stolen in 11 attacks between 2022 and October. The researchers wrote: "To date, hackers have collected more than $718 million, which could exceed $3 billion for 125 observed attacks in 2021."
Some investors noted that it was unusual for hackers to strike at such a low market state. While some have suggested using decentralized applications that have been verified by verified companies to avoid losses.
In the cryptocurrency industry, attack vectors range from "switching," a chain-based technology that allows users to interact between different networks, to "market manipulation," in which fraudsters spend millions of dollars to influence poorly traded markets into their the benefit . . , paying back various multiples of the money originally spent.
Regulators should take this into consideration and make a decision. For now, crypto investors can turn to new projects like IMPT, which is taking a step towards saving the environment. You can read the IMPT project and other articles on our website to learn more.
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