Cross-Chain Transactions

Singapore Court Orders Multichain Foundation to Compensate Fantom Foundation for $210M Hack

Tuesday. July 9 at 5:00 PM

1 min. read

The High Court of Singapore has ruled that the Multichain Foundation must compensate the Fantom Foundation for losses resulting from a $210 million hack. In July 2023, the Chinese cross-chain protocol Multichain Foundation experienced a significant outflow of funds, later confirmed to be a hack. This incident led to losses of over $210 million across various chains, including Fantom. The Fantom Foundation sought compensation for its financial losses, which the court granted, awarding $2.187 million. Despite claiming ecosystem losses totaling one-third of the hack's total value, Fantom received a smaller sum. Additionally, crypto losses from hacks and scams doubled in the second quarter of 2024 compared to the previous year, with over $572 million lost. Centralized exchange hacks were the primary cause of these losses. Prior to this increase, losses had been decreasing, but saw a spike in May and June.

More news 🗞️

Enhancing Cross-Border Transactions Through Project Mandala

Tuesday. October 29 at 1:00 AM

The Bank for International Settlements (BIS) and its central bank partners, including the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia, and the Monetary Authority of Singapore (MAS), have demonstrated with Project Mandala that regulatory compliance can be integrated into cross-border transaction protocols. The project, now at the proof-of-concept stage, aims to automate compliance for cross-border transactions and aligns with the G20's focus on improving cross-border payments. Participants, such as commercial banks and central banks, will operate Mandala nodes within their systems, utilizing a peer-to-peer messaging system to access relevant transaction policies. The system employs zero-knowledge proofs for private transaction compliance checks. Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, expressed optimism about the project's potential to enhance cross-border payments while maintaining privacy and regulatory integrity.

Cross-Chain Transactions

Securing the Economic Foundation of Across Ecosystem

Tuesday. October 22 at 6:30 PM

Across Protocol's co-founder, Hart Lambur, addressed concerns about a vulnerability in the ACX token contract by proposing a supply cap of 1 billion tokens. Lambur refuted claims of a critical flaw in the ERC-20 implementation, suggesting a fixed supply limit to enhance the token model. This change, requiring no contract updates, would relinquish control over the token from Across Governance, preventing future alterations in supply. The proposal aims to ensure stability and growth for stakeholders. Across, a cross-chain token bridge, has processed over 9 million transactions worth $12 billion. Lambur's initiative came in response to LayerZero Labs' Bryan Pellegrino's warnings about potential exploits in the token contract. Pellegrino raised concerns about unauthorized token withdrawals and unlimited minting, prompting Lambur to defend the protocol against what he deemed as fear-mongering tactics. Oluwapelumi and Liam Wright, contributors to CryptoSlate, advocate for the transformative power of decentralized technology.

Cross-Chain Transactions

Enhancing Financial Data Privacy with Chainlink's New Technology

Tuesday. October 22 at 4:30 PM

Chainlink, a decentralized blockchain oracle network built on Ethereum, has unveiled innovative technology to safeguard data privacy for financial institutions during blockchain transactions. The new privacy features, introduced on Oct. 22, cater to financial entities seeking to leverage blockchain applications while ensuring end-to-end privacy. The offerings include the Blockchain Privacy Manager, facilitating private chain integration with the public Chainlink Platform, and CCIP Private Transactions encryption protocol. ANZ Bank is set to pilot these capabilities for cross-chain settlement of tokenized real-world assets under Singapore's Project Guardian. With the Blockchain Privacy Manager, institutions like ANZ Bank can seamlessly connect private chains to various public and private blockchains via the Chainlink CCIP network. The CCIP Private Transactions protocol enables secure encryption and decryption of sensitive data during transactions across multiple private chains. Chainlink's privacy enhancements address the pressing need for secure cross-chain privacy in compliance with regulations like GDPR, paving the way for increased institutional adoption of blockchain technology.

Cross-Chain Transactions

Enhanced Cross-Chain Swaps with Ledger Live and THORChain

Tuesday. October 22 at 7:30 AM

Ledger Live has collaborated with THORChain, a decentralized finance protocol, to introduce native cross-chain swaps on its platform. This partnership enables users to easily exchange assets across different blockchains directly within the Ledger Live app. It is the first time Ledger has integrated a DeFi protocol for native blockchain swaps. THORChain, known for its decentralized liquidity protocol, allows users to swap assets across various blockchain ecosystems without the need for wrapped assets. Users of Ledger Live can now seamlessly swap assets between blockchains using THORChain by accessing the 'discover' page and opting into the new feature. Additionally, there are speculations about THORChain potentially integrating with Binance's Web3 wallet in the future. This collaboration follows THORChain's recent integration with the Rujira Alliance, forming a robust DeFi ecosystem with significant potential for growth and utility.

Cross-Chain Transactions