Crypto Market Overview September 27th | Dex-Trade

Crypto Market Overview September 27th | Dex-Trade

GameFi in Asia Will Achieve Much More: Yat Siu’s Opinion

Yat Siu, one of the founders of Animoca Brands, predicts GameFi expansion in Asian countries and a much more favorable environment for the development of the industry than in Western regions, as Asian NFT gamers. The businessman believes that Asian countries have a more favorable culture for games and technological developments in this area: “I think that Asia has the potential to really lead in blockchain gaming, at least in the short term. And there's a couple of reasons why I think that's the case. Not just because, you know, there's the most gamers in this region of the world. [...] but it's also because gamers in Asia are welcoming NFTs.” Siu explained that the favorable attitude towards NFTs in Asia is due to a broader view of capitalism in general. According to the businessman, in Asia they tend to emphasize its positive aspects, and this approach can be found literally everywhere, except for China and, of course, North Korea. Thus, any digital innovation in Asia is initially seen as a way to overcome poverty in the region. As an example, the businessman cited South Korea, which just four decades ago had an economy literally as hopeless as North Korea. But the state has quickly risen in the world rankings thanks to innovation, "creativity, legal framework and property rights," despite the lack of natural resources.


Hacking Wintermute Could Happen 'From the Inside': James Edwards' Debut Case

On September 20, a hacker discovered a bug in a smart contract on the Wintermute DeFi platform that allowed him to withdraw over 70 different tokens, including $61.4 million in (USDC) coins, $29.5 million in Tether (USDT), and $13 million in the form of 671 wrapped Bitcoins (wBTC). Wintermute said the total amount of stolen assets is about $160 million. And already yesterday, a detailed analysis of the theft of funds was published on Medium, the author of which was Librehash, and the author of the analytical part was James Edwards. They argue that due to the way Wintermute smart contracts interacted and were ultimately used, it is logical to conclude that the hack was carried out from within, i.e. by one of the developers. In his debut analysis, Edwards suggested that EOA, “that made the call on the 'compromised' Wintermute smart contract was itself compromised via the team’s use of a faulty online vanity address generator tool.” Another suspicious element was the fact that the attacker was able to make calls to the Wintermute smart contract, which supposedly had administrator access. True, the analyst does not have a downloaded and tested code for this smart contract, and this fact complicates the argument and raises questions about the transparency of the system as a whole. At the same time, Wintermute said that they are "very unfortunate and painful" about the theft of funds, but the platform will continue to work further.


Disney Intends to Conquer Web3: the Appetites of the Media Giant are Growing

Disney Corporation has an opening for a General Counsel specializing in NFT, Metaverse, Blockchain Technology and Decentralized Finance, whose responsibilities will include leading the company in the upcoming aggressive but still classified Web3 move. The future lawyer will primarily provide "legal advice and support for global NFT products"created in collaboration with Disney Media and Entertainment Distribution, as well as Disney Parks, Experience and Products. But his responsibilities will also include "day-to-day legal advice to Disney legal and business teams on NFT and cryptocurrency related matters and issues" as well as "thought leadership and strategic direction on products involving digital currency and blockchain technology." As a reminder, after experimenting with NFTs in 2021, Disney appointed CTO Mike White to the position of Senior Vice President of Next Generation Storytelling and Consumer Experience in February. It is this division, presumably, that should lead the expansion of the Disney metaverse. Clearly, the vacancy is indicative of Disney's sensitivity to the growing legal and regulatory pressure that the crypto industry is currently facing. But the crypto community thus acquires a major lobbyist, and this may even affect the value of market assets.