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CoinEx has rebuilt its wallet system following a $70 million hack and is set to resume deposit and withdrawals for select cryptocurrencies. Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users more than a week after it suffered a $70 million hack due to compromised hot wallet private keys. In previous correspondence with Cointelegraph, the exchange outlined its priority to build and deploy a new wallet system to facilitate activities for the 211 blockchains and 737 tokens that it served before the hacking incident. The latest statement from the exchange announces the resumption of deposit and withdrawal services of BTC, ETH, USDT, USDC and other tokens from Sept. 21. CoinEx will resume deposits and withdrawals with 11 cryptocurrencies. CoinEx will update deposit addresses for the listed tokens and will generate new deposit addresses for its users. CoinEx customers were advised not to deposit into old addresses on the platform, as this would result ...

PolkaWorld has announced its decision to cease operations after Polkadot’s treasury rejected its funding proposal.  PolkaWorld, a community in the Polkadot eco system , raised concerns over treasury management under Polkadot’s new open governance platform, OpenGov, claiming that it negatively affects long-term eco system contributors. PolkaWorld cited numerous instances where the treasury denied organizations and subsequently left the Polkadot ecosystem. The previous governance system — where a council elected by Polkadot DOT holders evaluated proposals — was more effective and should be incorporated into the current OpenGov model, it argued. 🫥 It's super sad to say that PolkaWorld's proposal was rejected, and we've been halted operations for half a month now. This is the first time we've had to pause in the four years and three months since we started in 2019. All of these changes happened after @Polkadot initiated… https://t.co/KxqhCRKTXC — P...

After the collapse of Terra, the digital assets sector needed a way to identify critical nodes in the global DeFi community. Kanis Saengchote, a researcher at Chulalongkorn University in Thailand, recently developed a framework for identify ing and measuring systemic risk in decentralized finance (DeFi) institutions.  The new protocol is called the Global Systematically Important Protocol (G-SIP), and it’s based on a similar endeavor instituted in the traditional banking industry. After the global banking crisis of 2008, the traditional finance sector collaborated to come up with a protocol for identifying critical banking structures in order to implement strategies for the prevention of future collapses. Related: UBS Group agrees to $3.25B ‘emergency rescue’ of Credit Suisse What they came up with is a system to identify and measure “global systemically important banks ” (G-SIBs). This allowed the Bank for International Settlements to identify weaknesses and establish standard...

The blockchain-based national eKYC banking platform is aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing. Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.  On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, reported Daily Times. The move was aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing — an initiative led by the State Bank of Pakistan (SBP). The member banks include international establishments such as the Industrial and Commercial Bank of China, Citi bank and Deutsche Bank. Moreover, the blockchain platform will improve operational efficiencies — primarily aimed at improving customer experience during the onboarding process. A momentous ...

Injective $150M Ecosystem Initiative has been launched. This is to further accelerate developer adoption of the only lightning-fast blockchain optimized for financial applications. The effort is joined by some of the largest institutions spanning across Web3 and traditional finance including Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders, and Kraken Ventures. The Venture consortium is also the largest assembled within the broader Cosmos community. The Injective Ecosystem Group Overview The Injective Eco system Group is a venture initiative that will seek to bring unprecedented levels of growth by supporting the best builders of Injective. The core focus will involve backing builders pioneering new ideas across a diverse array of sectors including interoperability, DeFi, trading, PoS infrastructure, rollups, and scalability solutions. Injective is witnessing major growth in developer activity and dApp deployments with projects such as H...