Samsung’s ‘Private Blockchain’ Security System, Five Charged Over $2.5M NFT Theft

Source: AdobeStock / KreangchaiRungfamai

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Blockchain news

  • South Korean electronics and software giant Samsung announced on October 13 the implementation of a new security system for its smart devices, called Samsung Knox Matrix. “Samsung Knox Matrix will function as a user’s own private blockchain system, wherein your connected devices enhance security through multi-layered mutual monitoring,” said the announcement. 
  • Diversified holding company BitNile Holdings, Inc. said that its subsidiary BitNile, Inc. has begun the development of a Bitcoin (BTC)-based marketplace platform, which expects to leverage blockchain and other emerging technologies. The announcement said that the marketplace is planned for release in the first half of 2023, and that it will be “a multi-vendor e-commerce platform supporting a wide array of business sectors, including retail, real estate, commodities, and other consumer-driven offerings.”

Legal news

  • Five people were charged in France Wednesday on suspicion of fraudulently acquiring $2.5 million of valuable non-fungible tokens (NFTs), including several Bored Ape Yacht Club (BAYC) pieces, Barron’s reported, citing Paris prosecutors. Charges against the young adult suspects over the theft include fraud committed as part of a criminal gang, concealing fraud, and criminal association.

NFT news

  • Binance NFT, the NFT marketplace of major crypto exchange Binance, announced the NFT collection launch of Kharkiv Art Museum, which is one of the oldest and most valuable museum art collections in Ukraine. As part of the launch of the “Art without Borders” NFT collection, the Kharkiv Art Museum will be auctioning 15 works from its own collection. The auction will begin on October 13 and last for a week. 

Regulation news

  • US Senator Elizabeth Warren and six other Democrats sent a letter on Wednesday to Texas grid operator, the Electric Reliability Council of Texas, seeking information about the amount of electricity crypto mining operations have consumed and the amount of carbon dioxide emissions they’ve released over the last six years. “We write seeking information about cryptomining operations in Texas and the impact these operations may be having on climate change, the stability of the energy grid, and subsidies – ultimately paid for by retail consumers – that the Electric Reliability Council of Texas (ERCOT) is providing to cryptomining companies to curtail their operations during times of peak demand,” it said. 

Banking news

  • BVNK, London-based crypto-powered payments and banking platform for businesses, has secured registration in Spain as a Virtual Asset Services Provider. Maximilian von Both, chief legal, risk, and compliance officer said in the announcement that “the registration in Spain will be the first of many similar landmarks.”

Payments news

  • Global payment orchestration platform BlueSnap announced a new partnership with crypto payment services provider BitPay, which will give businesses the ability to accept and get paid out in up to 15 different cryptoassets and seven fiat currencies globally, said the announcement. Businesses that accept crypto payments benefit from lower processing costs, access to a new customer base, and no chargebacks, it added.
  • Bitcoin rewards app Lolli announced the launch of its new mobile app for iOS and Android featuring new Lolli Card Boosts, which allows shoppers to earn up to 10% in bitcoin rewards on in-store purchases. With Card Boosts, shoppers can turn their credit or debit card into a bitcoin rewards card by linking it to the Lolli app, they said.

DeFi news

  • Decentralized finance (DeFi) lending and borrowing protocol Paxo Finance has integrated Chainlink Price Feeds on Polygon (MATIC) mainnet. The blog post said that integrating this decentralized oracle network enables the protocol to access “tamper-proof price data feeds needed to support accurate liquidations, helping ensure protocol and lender solvency.”
  • DeFi protocol CACHE Gold has integrated Chainlink Proof of Reserve on the Polygon mainnet. The announcement said that “CACHE Gold users can now verify on-chain that cross-chain CACHE Gold tokens (CGT) on Polygon are fully backed 1:1 by CGT tokens on Ethereum.”

Investment news

  • Uniswap Labs, the team behind the major decentralized exchange (DEX) Uniswap (UNI), has raised $165 million in Series B funding, led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant, founder Hayden Adams said in a blog post.
  • One of the development teams behind the Ethereum Merge, Prysmatic Labs, has been acquired by Offchain Labs, the developer of the Ethereum layer-2 network Arbitrum. The financial terms were not disclosed. Per the announcement, the Prysmatic Labs team is officially joining Offchain Labs and will continue to develop Prysm as “a fully open-source and neutral consensus client.”
  • Web3 platform nxyz announced a $40 million Series A led by Paradigm, with participation from Coinbase Ventures, Greylock Partners, Sequoia Capital, and angel investors like Balaji Srinivasan, Jaynti (JD) Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee, Ryan Selkis, and others. Per the announcement, co-founder Sridhar Ramaswamy will become CEO, while staying in his role as CEO of the private search engine Neeva. The funds will be used to expand nxyz’s team, build support across emerging use cases, and expand across different chains, it said.

Career news

  • Digital asset custodian Standard Custody & Trust Co., a subsidiary of PolySign, announced the appointment of Matthew Homer to its board of directors. The press release said that Homer was the inaugural Executive Deputy Superintendent for the Research and Innovation Division at the New York Department of Financial Services (NYDFS), where his responsibilities included cryptocurrency and digital assets.