This week’s news roundup contains essential updates from the cryptocurrency market. The decentralized finance (DeFi) platform, Jimbo’s Protocol, was hacked, highlighting the urgent need for better security measures. Nigerian cryptocurrency marketplace Patricia suffered substantial losses due to a significant security breach. Meanwhile, ByBit, a crypto exchange, obtained pre-approval from the government of Kazakhstan. On the other hand, Tabi, a BNB NFT marketplace, raised an impressive $10 million in funding. Let’s delve into the full stories on CryptoTvplus.
Patricia’s Security Breach Leads to Massive Losses
Patricia, one of Nigeria’s leading cryptocurrency marketplaces, suffered a severe security breach that compromised its financial assets. To ensure the safety of its user base and enhance its security framework, the company took urgent steps in response to the unforeseen cyber attack. As a result, withdrawals were temporarily put on hold while the platform underwent internal restructuring to upgrade its security features. The breach, which occurred in January 2022, resulted in a staggering $2 million loss for Patricia.
The breach specifically affected Patricia’s retail trading application, causing the compromise of Bitcoin and Naira assets. However, all other crypto balances remained unaffected, and the company assured its customers and merchants that their assets were secure. Patricia revealed it is pursuing legal action against the syndicate allegedly responsible for orchestrating the breach. This incident has raise concerns about Patricia’s financial stability, particularly regarding its Bitcoin and Naira assets.
ByBit Expands Operations with Pre-Approval in Kazakhstan
ByBit, a cryptocurrency exchange, is expanding its operations and has recently received in-principle approval from regulators in Kazakhstan. On May 29th, ByBit announced that it had been pre-approved by the Astana Financial Services Authority to provide digital asset trading facilities and custody services at the Astana International Financial Center.
Benzal, the co-founder and CEO of ByBit, sees great potential for cryptocurrency industry growth in the Commonwealth of Independent States (CIS) region. The company emphasizes its commitment to comply with local regulators.
Tabi Raises $10M in Angel Funding
Tabi, formerly known as Treasure Land, a BNB cross-chain platform and non-fungible token (NFT) marketplace, has secured $10 million in angel funding. The funding was obtained from venture capital firms such as Binance Labs, Draper Dragon, Hash Key Capital, Infinity Crypto Ventures, and Hobby Capital, as well as individual investors including prominent figures like Fang of Dragonfly Capital, Riyad Ad of Saudi Arabia, and Soojinyan of Mask Network. The raised funds will be allocated towards developing Tabi’s gaming ecosystem and constructing its upcoming on-chain identity protocol. Tabi’s unique feature of converting users’ on-chain activities into experience points, which can be exchanged for future airdrop rewards and earnings, sets it apart.
Jimbo’s Protocol Hacked, Resulting in Significant Losses
The decentralized finance (DeFi) sector experienced another protocol hack as Jimbo’s Protocol succumbed to an attack, resulting in a substantial loss of funds. According to blockchain security firm Pack Shield, the liquidity protocol of the Arbitrum-based Jimbo’s system was hacked on May 28, leading to the loss of 4,000 Ether, which was worth around $7.5 million at the time. The attacker took advantage of the lack of spillage control on liquidity conversions within the protocol, allowing them to reverse swap orders for their own gain. Jimbo’s Protocol, which was introduced less than 20 days ago, aimed to address liquidity and volatile token prices through a novel testing approach.
With new developments happening every day, the world of cryptocurrency is a fast-paced and dynamic environment. Those who want to make intelligent investment decisions must stay informed of the latest news. Recent events have underscored the necessity of this. For example, the Patricia cybersecurity breach demonstrated how vulnerable cryptocurrencies can be if not protected properly. Meanwhile, ByBit’s pre-approval in Kazakhstan demonstrated that governments’ attitudes towards digital currencies are changing.
Despite market volatility, investors still show significant confidence in certain crypto projects. Tabi’s successful angel funding round is a testament to that. However, Jimbo’s Protocol hack reminds us that even well-established protocols can be susceptible to cyber attacks. In summary, keeping up-to-date with the ever-evolving cryptocurrency landscape will help investors navigate potential hazards and take advantage of emerging opportunities provided by new technologies and markets.