Hong Kong's financial secretary Paul Chan believes that blockchain technology and Web3 can lead the region's technological advancements, especially in the entertainment sector. This and more news in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Hong Kong sticks to its Web3 strategy
📍In a recently published note, Hong Kong's financial secretary, Paul Chan, again showed his support for Blockchain and Web3. According to his statements, the next wave of “revolutionary growth” and innovation in the region will be driven by emerging technologies, including Web3, NFTs, GameFi, Play-to-Earn games and Virtual Reality.
Chan highlighted the many features of blockchain technology, which underpins the development of Web3, such as disintermediation, security, transparency, immutability and low cost, noting that these are innovative technologies that can be applied in finance, commerce, supply chain and quality entertainment, among other sectors.
Regarding entertainment experiences, Hong Kong's financial secretary said that these have the potential to stimulate consumption and boost the economy, so the region is focused on capitalizing on the new wave of digital entertainment development. He said that through blockchain and Web3, the entertainment sector is offering the possibility of connecting without borders and taking experiences to a new level.
In their statementsChan also mentioned that Hong Kong companies and several of the world's entertainment giants are investing significant resources to explore all that Web3 has to offer.
Recently, Cyberport Business Park held a 3-day event focusing on the application and opportunities of the third generation of the Internet. In addition, the Hong Kong government is promoting the sustainable development of Web3, pushing for the creation of an appropriate regulatory framework and encouraging the development of infrastructure, education and training of new talents.
1inch invests $10 million in Ethereum
📍1inch has purchased 6.088 ethers, worth $10 million, through its investment fund. 1inch's acquisition of Ethereum is part of its cryptocurrency investment strategy.
According to blockchain analytics firm Lookonchain, the wallet linked to the 1inch investment fund currently holds $80 million worth of Ethereum.
So far this year, 1inch's investment fund has invested more than $26 million in ETH, acquiring 17.000 ethers between January and March. At the beginning of June, when the value of ETH exceeded $1.900 per unit, the wallet sold 11.000 ethers, worth approximately $21 million, making a profit of $3,7 million, the firm said.
Balancer suffers a nearly $1 million exploit
📍Decentralized protocol Balancer has lost nearly $1 million due to an exploit. On X, the developers of the DeFi protocol confirmed that a vulnerability that was detected by the team in recent days has been exploited and that the attacker has managed to extract close to $1 million from the liquidity funds.
In the note, the Balancer developers they explained that despite the emergency security mechanisms that were implemented to mitigate the critical vulnerability when it was identified, the funds were at risk since the affected liquidity pools could not be paused.
Balancer is calling on liquidity providers to withdraw funds from liquidity pools affected by the vulnerability in order to mitigate the risk of further losses.
In a separate post on the social network, Cyvers founder Meir Dolev said that the Balancer attacker is continuing with his operation, showing that he had withdrawn another 85.080 DAI hours after Balancer acknowledged the exploit. In total, the attacker has managed to extract approximately $980.000 dollars of the affected pools.
India stresses the need to regulate crypto
📍Indian President Narendra Modi acknowledges that cryptocurrency innovation is unstoppable. Modi, who is also the president of the Group of Twenty (G20), said technological change is a reality and there is no point in ignoring it. However, he believes that it is appropriate to create a global and unified regulatory framework that encourages the adoption and democratisation of emerging technologies, including cryptocurrencies and digital assets, while addressing concerns related to the digital economy.
According to Modi, building consensus on cryptocurrency regulation will lead to a secure, trustworthy and resilient ecosystem.
The Indian president used the aviation industry as an example of his remarks, where there are common and global rules governing the sector's participants.
Continue reading: Ethereum liquid staking crosses the 11 million ether barrier
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