Outlook Money
Here are some major developments in the crypto world over the past few days
Outlook Money
The US Justice Department (DOJ) has raised concerns over the rise of North Korean “state-sponsored hackers,” calling it “pretty significant issue”.
The department has of late stepped up actions against hackers targeting decentralised finance (DeFi). It stressed that the illegal cryptocurrency activities have increased in different parts of the globe over the past four years.
Eun Young Choi, the chief of the National Cryptocurrency Enforcement Team (NCET), revealed in a Financial Times article that the department is focusing on thefts and breaches involving DeFi, “particularly chain bridges”.
Since state-sponsored North Korean hackers have become “key actors in this space,’ Choi said it was a “pretty significant issue” for the DOJ.
According to a February report from Cointelegraph, North Korean hackers are suspected to have stolen crypto assets worth around $630 million to $1 billion in 2022. In February 2022, DoJ appointed Choi, a prosecutor with almost 10 years of agency experience, as the NCET’s inaugural director.
The NCET would act as a “focal point” for the DOJ in addressing cryptocurrencies, cybercrime, money laundering, and forfeiture, according to a statement from the department at the time.
Assassin’s Creed Unveils ‘Smart Collectibles
One of Ubisoft's most well-known video game franchises, Assassin's Creed, has unveiled a line of “smart collectibles” with digital and physical components.
The collectibles, scheduled to go on sale on May 16, are transparent 3D-printed cube containing a character figure and a “Digital Soul,” a non-fungible token (NFT) built on Polygons that serves as ownership documentation.
Fans of the series must buy a Digital Soul NFT, which is available in two levels of rarity. They can then choose numerous stances, clothing, and weaponry for their avatar, and have the finished result delivered right to their home.
The level or rarity a person purchases determines the number of customization options that are accessible.
Mechafightclub ‘Indefinitely Pausing’ Operations
On May 12, the Solana-based NFT game MechaFightClub, owned by Irreverent Labs, announced that it would “indefinitely pause” the game due to the “murky legal environment” in the US. In the game, robot chickens fight using artificial intelligence and NFT.
The project, however, has voiced reservations about introducing a blockchain-based in-game economy given the current regulatory environment. Beginning May 15, MechaFightClub will start purchasing the NFTs it sold to the community for 18 Solana as part of the shutting down process.
“We are an American business, and operating here is challenging for blockchain companies due to a lack of transparency. We were unable to develop an in-game economy because of the regulatory uncertainty that exists today,” the company claimed in a statement.
Mudrex Raises $6.5 Million In Pre-Series A Funding
Mudrex, a US and Bengaluru-based fintech start-up launched in 2018, has recently raised $6.5 million in a pre-series A funding round. The pre-series followed a $2.5 million seed funding raised in 2019 led.
It was co-founded by Edul Patel (CEO), Rohit Goyal (Vice President-DeFi), Prince Arora (Vice President-Engineering) and Alankar Saxena (CTO), who have graduated from IIT Bombay.
The company’s flagship product “Mudrex Coin Sets” allows investors to hold tokens across the crypto ecosystem. The Coin Sets, curated in-house, are rebalanced every month to ensure better risk-adjusted returns to users.
The platform also provides a “performance score” based on the funds’ historical data of each crypto basket. The company claims to have 2.5 lakh users globally, with just 4 per cent hails from India.