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The South Korean karaoke blockchain platform Somesing lost access to 730 million SSX tokens worth $11.58 million due to a hack. According to a blog post by Somesing, the hack occurred on Jan. 27. Among the stolen SSX tokens, 504 million were still unallocated tokens that were initially scheduled to go into circulation by the end of 2025, and 226 million SSX tokens were in the possession of the fund. “As a result, 489 million SSX tokens have been over-circulated compared to the circulation volume under the original circulation supply plan as of the end of January 2024.” Somesing team The project team stressed that the hacking incident is not associated with any member of the Somesing squad and is believed to have been carried out by professional hacker(s) who specialize in hacking virtual assets. The platform team involved the police to investigate the incident. The Klaytn Foundation (Somesing operates on the organization’s blockchain) and Interpol partner Uppsala Security are...

The new platform Tokenet hopes to capitalize on institutional interest following the potential approval of a spot Bitcoin ETF. A new crypto-lending platform dubbed Tokenet says it will service what it expects to be an influx of institutional clients following the potential United States approval of spot Bitcoin (BTC) exchange traded fund (ETF).  The platform was launched by a team of executives who previously headed financial services firm Cantor Fitzgerald who since joined a new brokerage firm called Digital Prime Technologies. In a Nov. 7 statement, Tokenet said it will allow firms to borrow and lend digital assets while managing collateral positions. The platform also offers risk management tools which allow institutions to mitigate counterparty risks as they would in traditional finance. Digital Prime Technologies’ Tokenet platform is already backed by a number of crypto firms including Hidden Road Partners, Xapo Bank, EDX Clearing and DV Chain. "Given the current markets a...

Friend.tech, a decentralized social platform , sees a rapid ascent post-beta launch, sparking debates on data privacy and novel monetization of social interactions. Friend.tech has set the crypto world abuzz in less than a week since its beta launch. This decentralized social platform has outpaced established marketplaces and ignited debates about its future, data privacy, and the unprecedented way it monetizes social interactions.  If you have been following crypto Twitter lately, you’ve probably stumbled across Friend.tech, a new platform heralding a paradigm shift in social networking within the crypto universe.  In its essence, Friend.tech is a marketplace for friends, a decentralized platform where users tokenize their social connections, granting privileges such as private messaging and interaction rights.  But what’s behind this sensational rise, and why is it garnering so much attention? Let’s dive into the world of Friend.tech. What is Frie...

Cassava Network’s recent V3 product launch allows Africa’s Web2 users to get onboarded to Web3 while earning rewards and increasing their income. Cassava Network, an African Web3 platform focused on NFTs, gaming and loyalty rewards, has launched the third version of its platform , featuring an integration with non-custodial smart contract wallet Unipass to lets users use email addresses instead of seed phrase and gas. In a move to onboard Africans from Web2 into Web3, the partner ship enables users who create Cassava accounts to automatically sign up on UniPass and have access to holding, sending and receiving on-chain digital assets across multiple EVM blockchains. In an interview with Cointelegraph, Benjamin Obenze, a business developer for Cassava Network, explained how African users and businesses can use the new version to get into the Web3 space. “With Cassava V3, we have made it easy for African users to interact with their favorite Web2 and Web3 brands. As users interact wit...