Decentralized exchange Merlin suffered a loss of $1.82 million on April 26, as an attacker drained funds from a liquidity pool on the zkSync-based DEX. This incident raises concerns over the effectiveness of DeFi audits, as Merlin had been audited by the well-known security firm CertiK just days before the hack.

The hacker managed to deplete the liquidity pool of the Merlin DEX, which had only launched a few days prior, and was built on zkSync, a Layer 2 zk-rollup-based scaling solution for Ethereum. The funds, consisting of USDC tokens, were bridged from zkSync to Ethereum, with blockchain security firm PeckShield and several community members identifying the exploiter’s addresses.

Merlin’s Core Farming Pools had attracted significant investment in the days following the platform’s launch. The hack’s impact on the ongoing public sale of the MAGE token remains unclear, but it has certainly raised investor caution.

CertiK Audits Under Scrutiny

CertiK has audited numerous projects in the past that later fell victim to hacks, including PancakeBunny, Uranium Finance, and Meerkat Finance. This has led to growing doubt within the crypto community about the quality of audits. Furthermore, CertiK’s lavish praise of the Terra project has also raised eyebrows.

Snapshot of CertiX Website on 16 April 2023

The Merlin hack occurred despite an audit report from CertiK that found “No Critical Findings”. CertiK suggested that the hack could be due to a private key management issue rather than an exploit, claiming that audits cannot prevent such issues. The firm also assured that it would share relevant information with authorities if foul play is suspected.

Tracking the Stolen Funds

The attacker has already begun moving some of the stolen funds to exchanges, with PeckShield reporting that $133,800 USDC has been sent to MEXC Global and $31,000 USDC to Binance.

$USDC has been transferred to CEXes from the Merlin DEX exploiters by PeckShied

This incident underscores the need for DeFi projects to focus on the quality of audits and their security measures to gain public trust. As the DeFi market continues to be a major target for hackers, the crypto community is becoming increasingly cautious of audits and their role in mitigating risk.

Burger King officially approves payments with Bitcoin and other cryptocurrencies in Paris!

The company grants its customers access to Instpower power bank rental machines which accept cryptocurrency payments through Alchemy Pay and Binance Pay.

This circumstance signifies a vital turning point between the fast food chain and the acceptance of cryptocurrencies as forms of payment. 

The advantages of crypto payments in the food industry

Blockchain technology allows quick, safe, and low-cost processing of cryptocurrency payments. People from different countries will particularly benefit from this because they can make transactions to other countries without worrying about expensive fees or currency conversions.

Businesses that adopt this technology are positioned at the forefront of technological advancement. These businesses can benefit from the growing demand for services that support cryptocurrency as the commercial success of cryptocurrencies continues to rise.

By implementing this technology, Burger King is serving a rising community of crypto fans. Moreover, the popular food company presents how cryptocurrencies have the ability to completely change the manner in which we conduct daily transactions. The digital age of payment will keep developing as more companies use them, influencing the course of e-commerce in the future.

Burger King makes its customers happy with the new crypto movement.

Cryptocurrency and the food industry

Burger King implemented Bitcoin payments to its delivery website as well as its mobile app in 2019. Also, Burger King began taking cryptocurrency purchases in 40 eateries in Venezuela in 2020.  Like Burger King, different food companies are considering the usage of cryptocurrencies. For example, Subway started to accept Bitcoin payments in Berlin. With these two popular companies, Starbucks, Domino’s Pizza, KFC Canada, and others are accepting crypto payments in different locations.

#cryptocurrency #bitcoin #cryptopayments #crypto2023 #Cryptocurrencies

Polygon has added Wakweli to its streak of partnerships. The new collaboration will fully utilize the Web3 infrastructure protocol’s ability to verify the originality of NFTs.

About Wakweli

Wakweli is a comprehensive protocol developed on a decentralized consensus algorithm (Proof of Democracy) that provides certificates of authenticity for NFTs. PoD community members will receive $WAKU for their act of fairness. 

Wakweli’s certificates guarantee a unique and genuine virtual representation of tokenized assets. These documents also ensure various tokens on several platforms do not represent the same asset. A newly certified asset will exhibit an emblem of trust in the ecosystem.

What Is NFT Authentication?

NFT authentication verifies the authenticity of a digital asset represented as an NFT. In the process of authenticating an NFT, the blockchain network verifies the digital signature of the NFT owner using their private key which proves that the owner is the legitimate owner of the NFT. 

Additionally, the blockchain records the unique identifier of the NFT, which is typically a hash of the digital asset. This identifier helps to prevent fraud by ensuring that the same asset cannot be represented as multiple NFTs.

 NFT authentication is an essential aspect of the NFT market because it helps to establish trust and confidence in the authenticity and ownership of digital assets represented as NFTs.

Polygon Teams Up With Wakweli

Negotiations between both companies started in August 2022. Subsequently, all digital assets on the Polygon blockchain will adjust to Wakweli’s certification structure. Each holder on the network can ask for certificates of authenticity for NFTs. 

As shared by Antoine Sarraute, Wakweli’s co-founder and CTO, staking Wakweli’s utility token, WAKU, is crucial in requesting an authenticity certificate. The staking amount for a request depends on the anticipated level of trust.

Wakweli’s testnet is expected to be launched in April and will be compatible with Polygon’s Mumbai testnet. By the year’s second quarter, alpha testing with the layer-2 scaling solution will begin. General mainnet compatibility will be ready in the last quarter of 2023.

The Polygon-Wakweli partnership will aid the industry in curbing fraudulent activities and fighting against scammers. The primary purpose of this partnership is to strengthen the security of the virtual asset ecosystem. More trust, therefore, will exist in the growing ecosystem.

An Irish farmer named Tom Campbell has discovered a unique way of utilizing the abundant energy his dairy farm produces for Bitcoin mining! The dairy farmer in Northern Ireland’s County Armagh develops renewable energy via anaerobic digestion.

Anaerobic digestion is a natural process that breaks down organic matter into biogas and nutrient-rich digestate in the absence of oxygen. Biogas produced through anaerobic digestion is burned to produce steam that powers a turbine, generating electricity. 

Tom Campbell uses most of the electricity produced to run his farm. However, in a scenario with excess energy that cannot be transferred to the grid, the farmer uses it to mine Bitcoin. His farm generates almost 700 kW of electricity, powering approximately 12,000 households.

By 2030, the Irish government plans to have reduced greenhouse gas emissions by 25%. Ireland’s agricultural industry is a major contributor to these emissions, producing more than 35% of these emissions. Studies show that cows play a significant role in generating greenhouse gas emissions. Ireland has about 7.3 million cows, and its government is working actively to manage the waste from these cows in an eco-friendly manner.

If 41% of farms in the country adopt anaerobic digestion, there is a possibility that every household in Ireland would be supplied with enough electricity. In consideration of Ireland’s economy, Campbell’s strange idea is ingenious. Bitcoin miners can utilize abundant energy when the grid demand is low. The farmer can profit from Bitcoin mining by selling excess renewable electricity to the power grid.

Cow power is a weird but successful idea for Bitcoin mining.

What is the impact of Bitcoin mining on the environment?

Bitcoin mining is a highly energy-intensive process involving solving complex mathematical problems by using specialized hardware (ASICs) that require significant amounts of electricity to operate. 

This energy consumption has led to concerns about the environmental impact of Bitcoin mining, particularly as the value and popularity of the cryptocurrency continue to grow.

According to some estimates, Bitcoin mining accounts for approximately 0.5% of global electricity consumption, roughly equivalent to Argentina’s electricity usage. As such, the energy consumption associated with Bitcoin mining has a significant environmental impact, contributing to greenhouse gas emissions and other forms of air pollution.

Tom Campell considered the negative impact of Bitcoin mining on the environment intentionally or unintentionally, and he started to use excess energy for the activity. Mining Bitcoin by using excess energy is a good idea for decreasing the negative side of the activity. 

NFT collector and market influencer Pranksy has teamed up with Sorare, the popular blockchain-based sports card game, in a partnership named “Pranksy Plays”.

As part of the collaboration, the NFT collector has invested in Sorare’s football cards and will invite his community to join private leagues with prizes, including NFTs from the Pranksy vault, VIP Premier League tickets, and merchandise provided by Sorare.

Two private leagues will be available to players, with one accepting only free-to-play cards, and the other requiring Super Rare or Unique cards. 

Pranksy and his team have invested in Sorare cards, focusing on Super Rare players under 23 years old, purchased from the auction house or secondary market.

Sorare partnered with Premier League.

Sorare is making waves

Pranksy expressed his excitement for the partnership on Twitter, stating that Sorare has been on his radar for years and praising the platform for being consistently placed among the top 10 NFT projects for weekly volume despite being less mentioned amongst mainstream collectors. 

Sorare’s recent partnership with the Premier League also caught Pranksy’s attention, as he is a regular Fantasy Premier League player.

Pranksy’s journey over the years

Pranksy has made a name for himself in the NFT market as an NFT whale, project creator, and market influencer. His journey as a collector began with Cryptokitties in 2017, and he gained attention for his success as an NBA Topshot collector, recording almost $7 million in profits. 

Despite the bear market, his wallet’s net worth is estimated to be $6.7 million, with $4.64 million in NFTs, including 40 Doodles worth a total of $445,000!

About Sorare

Sorare is the most popular blockchain-based fantasy sports game with over 3 million subscribers since 2019 and around 200,000 daily active players worldwide.

The game is free-to-play, but purchasing rarer cards allows participation in more prestigious leagues. Participants earn points with their cards based on the real-life performance of players. 

Final thoughts

The partnership between Pranksy and Sorare presents a significant opportunity for both parties. With “Pranksy Plays”, Sorare aims to attract NFT collectors from Pranksy’s community while Pranksy could reach sports fans unfamiliar with NFTs. 

This partnership is likely to boost Sorare’s visibility and attract more users to the platform while enhancing Pranksy’s reputation and influence within the NFT market.

#gaming #partnership #nftcommunity #NFT #football

Popular family entertainment giant Disney is redirecting its efforts away from Web3 as part of a restructuring plan. The plan includes shutting down its metaverse unit as well as slashing operational costs by $5.5 billion! 

The decision came after consulting with McKinsey & Company. The media company approached McKinsey & Co. for help because of the unfavorable market conditions and increased competition in streaming services.

Following the consultation, it decided to change direction, cut expenses, and reduce headcount. 

Wall Street Journal (WSJ) stated that all the department’s team members (about 50) will be let go except Mark White. Mark was the division head and also led the consumer products unit.  Although, it’s still not clear what his next role in the company will be.

In addition to this first round of layoffs, Disney is also retrenching 7,000 staff over the next two months. Those affected are mostly in its retail, cruise line, and theme park divisions.

On December 28, 2021, Disney patented a “virtual-world simulator” to deliver high-tech augmented reality (AR) for its Disney theme parks. It also talked about blending metaverse with sports betting, but that’s as far as the idea got.

Under Bob Chapek’s leadership, it created the metaverse division naming Mark White the SVP of Next Generation Storytelling and Consumer Experiences. After that, it created NFTs in September 2022 and indicated an interest in hiring an attorney experienced with “emerging technologies, NFTs, and decentralized finance’’. 

Moving forward, Disney is unsure of its place in the Web3 world and has been silent on its future plans in that regard. Its priority at the moment is the newly established business – Media and Entertainment Distribution. The Media and Entertainment Distribution will oversee its streaming services, including ESPN+, Disney+, and Hulu. 

While we hate to see them pull the plug on the metaverse project, this is part of a bigger strategy. It will help the brand focus on its content which is why families love them in the first place.

#Metaverse #metaversenews #blockchain #disney #nftcommunity

Alibaba Cloud, a division of the Chinese tech giant Alibaba, has revealed its plans to develop a blockchain lab in Shibuya next month.

The lab will be a product of the partnership with Tokyu Land Corporation and Skeleton Crew Studio. According to an announcement by Alibaba News, the lab is intended to expand Web3 revenue potential for Japanese gaming developers by allowing them direct access to the Web3 partner network of the company.

In addition to regular workshops and networking opportunities, developers will have access to the most recent Web3 technological developments and up-to-date information via the lab. 

For now, only a few clients actively working with Alibaba Cloud will have access to the blockchain lab. Also, the participants in the hackathon and engineers working for partner companies with expertise in blockchain and the company will have access to the brand-new Web3 facility in Shibuya.

Alibaba Cloud has valuable partnerships in the Web3 space.

Alibaba Cloud is very active in the Web3 space

To provide developers with a better user-friendly experience using its cloud infrastructure, Alibaba Cloud will also introduce a blockchain node service in Japan later this year. While in its pilot stage, the project has only been made accessible to a selected group of individuals.

Furthermore, the company is collaborating with HashKey, a provider of financial services for digital assets, to host a Web3 hackathon campaign that will commence on April 2 and last throughout four Asian areas.

In addition to these movements of the company in the Web3 space, we can mention the other partnerships between the company and blockchains/blockchain-based projects. For example, Avalanche is integrated into Alibaba Cloud. Also, EDNS partnered with the company to explore the potential of decentralized domain name services.

Let’s see the benefits and impact of the blockchain lab by Alibaba Cloud in the Web3 space!

#Web3 #blockchain #japan #web3community #blockchaintechnology

Italian luxury fashion brand Gucci has partnered with Yuga Labs to bring digital fashion into the Otherside metaverse. 

This partnership with the Bored Ape Yacht Club’s founder will further cement the fashion company’s feet in the Web3 sphere. Also, the partnership is an example of how NFTs and Metaverse are positively influencing the fashion industry. By blending endless possibilities and creativity with the allure of exclusivity, opulent fashion brands are excited to attract new audiences.

This is not Yuga Labs’ first ride to the Otherside. The multiplayer metaverse game was unveiled by Yuga Labs on March 19, 2022. This was done in a thrilling trailer that has now garnered over 3 million views on Twitter.

The Otherside metaverse is powered by Apecoin and motivates users to harness their creativity in creating profound experiences.

The terms and details of this partnership are still sketchy, but there are talks about how the collaboration will grow each company’s communities. It will foster engagement by examining how fashion and entertainment interact in the metaverse.

Gucci’s Journey Through Metaverse

In September 2022, Gucci announced its CMO, Robert Triefus as CEO of Gucci Vault and Metaverse Ventures. Speaking about the reason for the move, Robert stated that they are looking to venture into volatile markets and dominate – as they always have in the past.

Also, Gucci’s partnership with Yuga Labs is not its first venture into metaverse. In October 2022, the opulent designer brand debuted in metaverse. It purchased a virtual land on the digital estate platform, The Sandbox to serve as a launching pad for all of Gucci’s Web3 endeavors.

Before then, Gucci shared in February that the brand had purchased some space on The Sandbox’s digital marketplace and would launch an interactive VR fashion experience.

With the partnerships with The Sandbox and Yuga Labs, Gucci is showing its interest in NFTs and metaverse in an effective way!

#YugaLabs #Metaverse #nftcommunity #NFT #gaming

The Sandbox has merged with the hardware wallet provider, Ledger, to provide security for digital assets in the metaverse. 

Businesses on the metaverse platform can leverage the new security update to shelter themselves from widespread frauds and scams. In recent years, metaverse firms have also experienced difficulties managing their assets. This alliance will address such challenges in the sector.

This new partnership will develop several initiatives for these two companies. The Ledger Enterprise will add The Sandbox dApp to its platform. Hence, users will be able to purchase LAND easily. Ledger’s clients will also be able to interact with The Sandbox ecosystem seamlessly. Now, a Sandbox widget will feature on the Ledger Live desktop application.

The Sandbox is a very popular metaverse platform.

The Sandbox’s co-founder and COO, Sebastien Borget, shared that the gaming platform looks forward to boosting security for the metaverse. He said that they are making accessing their metaverse and Ledger easier with the partnership. In addition, he mentioned that the partnership will make it safer for individuals and brands to thrive in the metaverse.

Both firms can utilize this partnership to promote their companies to their respective customers. The metaverse company will refer its LAND owners to Ledger’s custodial service. Furthermore, the online gaming platform will transfer NFTs in its wallet to a more secure Ledger wallet to bolster its security. Likewise, Ledger will recommend The Sandbox to its clients. 

#TheSandboxGame #Ledger #Metaverse #security #games

Due to ongoing corruption charges regarding an oil firm in Venezuela and a restructuring of the national crypto department, the country’s energy company has shut down cryptocurrency mining projects throughout the nation.

Various forms of corruption were made possible by the power concentrated in Sunacrip. Investigations are presently underway concerning SUNACRIP’s involvement as an organizing node in the misappropriation of money from unreported oil sales. 

Social media is already filled with claims of abnormalities, involving high-ranking government officials owning Bitcoin mining operations, market manipulation, arbitrary arrests, and device acquisitions.

Crypto mining corruption allegations in Venezuela

The National Superintendency of Crypto Assets and Related Activities, the country’s cryptocurrency watchdog, is accused of helping officials run an illicit oil business. 

Venezuela’s National Association of Cryptocurrencies confirmed the stoppage of mining operations in the Bolivar, Lara, and Carabobo states.

The mining corporate Doctorminer from Venezuela guaranteed that they were not involved in the allegations, and they were attempting to resume operations.

The head of SUNACRIP, Joselit Camacho Ramirez, who already has been in that position since 2018, is among those detained. Due to his acts of money laundering and infractions of drug-related restrictions, Ramirez is listed among the most wanted people by US Immigration and Customs Enforcement. A $5 million reward has already been offered by the US, for information that results in his capture.

Restructuring SUNACRIP

President Maduro issued an executive order that sets the terms for SUNACRIP’s restructuring and Ramirez’s dismissal. The measure, which took effect on March 17, will last for six months and be carried out by a restructuring commission. This commission will ascertain the institution’s current situation and recommend modifications to the policies and procedures in order to contribute to the goals and objectives of the nation.

Maduro argued that this executive order was issued to defend the Venezuelan people from the adverse impacts of the multi-dimensional assault that has been taking place against the country.

#cryptocurrency #DigitalAssets #cryptomining #crypto #mining

The newly launched Web3 Games Collective (W3GC) is a thrilling initiative from Yield Guild Games, Game7, Fenix Games, and Magic Eden. 

The alliance is aimed at promoting the mass adoption of Web3 gaming and expanding the ecosystem for this innovative new space. 

The group was presented at the annual Game Developers Conference in San Francisco, California, and has already gained traction among investors, developers, and gamers.

> Simplifying the landscape of Web3 gaming

One of the key objectives of the W3GC is to simplify the landscape of Web3 gaming, which can be complex and difficult to navigate for the average user. 

Gabby Dizon, the co-founder of Yield Guild Games, has noted that finding and playing Web3 games can still be overly complicated for many people. However, by collaborating with Game7’s DAO and Fenix Games’ publisher, YGG hopes to help overcome these challenges and expand the ecosystem to promote mass adoption.

Another important aspect of the W3GC’s work is to prioritize the creation and promotion of high-quality games and intellectual property. By focusing on creating compelling and engaging experiences, the W3GC hopes to harness gamers’ attention and drive the adoption of Web3 gaming.

> A sustainable model for Web3 gaming

The W3GC has made a pledge to alleviate the risks faced by both investors and developers within the Web3 gaming industry. Their strategy to achieve this involves the identification and expansion of games with the potential to bring mass adoption to the table. The group believes that by doing so, a more stable and sustainable ecosystem for Web3 gaming can be created, which will be crucial in driving mass adoption. 

Magic Eden’s recent foray into Web3 gaming, including the hiring of a former Electronic Arts executive and investment in 11 Web3 gaming studios, makes it an ideal partner for the Web3 Games Collective. The company‘s experience and commitment to the industry will be valuable in promoting the mass adoption of Web3 gaming.

> Eden Games: A game platform for blockchain gaming by Magic Eden

Magic Eden has further demonstrated its support for the Web3 gaming ecosystem by launching Eden Games, a gaming platform designed to assist game studios in connecting with passionate gamers. This move is yet another example of Magic Eden’s commitment to simplifying the landscape for both developers and gamers, supporting the growth of Web3 gaming.

> Final words

Overall, the W3GC is an exciting development for the Web3 gaming space. The group will create high-quality games and intellectual property, simplify the ecosystem, and mitigate risks for investors and developers. Magic Eden’s investments in Web3 gaming studios and focus on high-quality games and IP show that the company will continue to play a major role in this industry for years to come.

#MagicEden #Web3 #nftcommunity #marketplace #gaming

This article was republished from nfthorizon.io