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Binance Labs Invests in Promising Crypto Projects, Expanding Web3 Ecosystem

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Binance Labs, the esteemed venture capital and incubation arm of Binance, has recently revealed its latest investments in a group of outstanding projects from Season 5 of its highly regarded Incubation Program. These carefully chosen projects cover a diverse range of sectors within the Web3 ecosystem, including decentralized finance (DeFi), infrastructure, tooling, and middleware.

With an overwhelming response of over 900 project applications, the Incubation Program handpicked only a select few, constituting less than 2% of the total, to participate in this exclusive initiative. Throughout the season, the chosen participants enjoyed a tailored curriculum that addressed their unique needs as founders. Additionally, they gained access to exclusive resources from the ecosystem and had the privilege of engaging in stimulating fireside chats with prominent leaders from the industry.

Expressing the organization’s unwavering commitment to empowering early-stage projects that can drive industry advancement, Yibo Ling, Chief Business Officer at Binance, stated, “Binance Labs remains devoted to supporting scalable early-stage projects that contribute to the progress of the industry. We eagerly anticipate witnessing the positive impact of Season 5’s incubated projects on the broader Web3 ecosystem.”

The culmination of Season 5 was marked by the highly anticipated Build The Block event, where the participating cohort had the opportunity to pitch their projects to influential industry leaders and investors. Consequently, Binance Labs extended funding to five exceptional projects that exhibited tremendous potential. The selected projects include Bracket Lab, DappOS, Kryptoskatt, Mind Network, and zkPass. For comprehensive details about each project, please refer to the official announcement available here.

Exciting prospects await as Binance Labs prepares for the forthcoming launch of Season 6 of the Incubation Program. Visionary founders of early-stage projects are strongly encouraged to apply, as the application process will be open on a rolling basis.

As the venture capital arm and accelerator of Binance, Binance Labs consistently seeks out groundbreaking innovations within the Web3 sphere. Since 2018, Binance Labs has invested in more than 200 projects hailing from 25 countries. Through the Binance Labs Incubation Program, it has successfully nurtured over 50 projects native to Web3, including notable names such as Polygon, Perpetual Protocol, and Dune Analytics. As of August 2022, Binance Labs holds the prestigious title of being the largest crypto venture capital firm in the industry, managing an impressive $7.5 billion in Assets Under Management (AuM) with a remarkable Multiple on Invested Capital (MOIC) of 21.0x.

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at [email protected] and i will get back to you shortly.

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P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action

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NFT Trader, a peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the unauthorized transfer of significant NFT assets. The attacker, identified as 0x90…8fda, successfully made off with 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World of Women, and 6 VeeFriends NFTs, collectively valued at 1,080 ETH (approximately $2.4 million). Users are strongly advised to promptly revoke any authorization granted to the platform.

Initial reports, shared by Chinese crypto news reporter Colin Wu on social media, indicate that the pilfered NFTs were sent to the address 0x909F2159780e64143CF08f32dBBF56Ed19478fda (link to tweet). An on-chain message from the address holder, claiming the role of a “scavenger,” refutes allegations of hacking the P2P trading platform. Instead, they assert rescuing the NFTs with the intention of returning them.

Further information reveals that the alleged real hacker’s address is 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46.

NFT Trader has acknowledged the security incident and disclosed that the attack targeted old smart contracts. In response, the platform is advising users to remove delegations via Revoke.cash from the following addresses:

  • 0xc310e760778ecbca4c65b6c559874757a4c4ece0
  • 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af

Despite being relatively unknown among NFT traders, NFT Trader’s website identifies its CEO as John Pak, collaborating with co-founders Mattia Migliore and an individual using the pseudonym “Bruckzr” (link to tweet).

On social media, an NFT collector (@dingalingts) has urged traders to “revoke approval to their contract ASAP” for those who have engaged with NFT Trader previously. The stolen digital assets, which exceed $2 million in value, include 37 BAYC, 13 MAYC, 4 World of Women, and 6 VeeFriends.

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Uphold Exchange Announces Evernode Airdrop for XRP Holders

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Uphold exchange has revealed its support for the upcoming Evernode Airdrop. The airdrop, exclusively for XRP holders, promises to reward participants with EVRS tokens.

The Evernode Airdrop: What You Need to Know

Scheduled for September 1, 2023, at 6:00 PM AEST (8:00 AM UTC), the Evernode Airdrop snapshot is poised to capture the XRP holdings of participants. This snapshot is a pivotal moment as it forms the basis for determining the proportion of EVRS tokens that qualifying XRP holders will receive. It’s important to note that this snapshot will consider XRP holdings up to a limit of 50,000 XRP tokens, ensuring a level playing field for all participants.

The fairness and equality of the distribution process is a core principle of this airdrop. Uphold is keen on ensuring that participants receive EVRS tokens in a manner that reflects their XRP holdings accurately. This approach not only promotes inclusivity but also reflects Uphold’s dedication to creating value for its user base.

Factors Influencing Airdrop Date and Availability

While the snapshot is scheduled for September 1, the airdrop date itself remains contingent on various external factors. Particularly, the launch of the new Xahau Network holds sway over the timeline. Uphold is steadfast in keeping its users informed about any updates regarding the airdrop’s timeline. Participants should be aware that initial access to EVRS tokens on the Uphold exchange might be limited. Uphold’s stringent listing criteria and liquidity requirements must be met before the tokens become fully tradable.

Qualification and Distribution Process

Participating in the Evernode Airdrop is refreshingly straightforward. To qualify, users need only hold XRP in their Uphold accounts at the time of the snapshot. The distribution of EVRS tokens to eligible participants will occur once the Evernode project finalizes the airdrop date and completes the process. This ensures that participants who met the qualification criteria during the snapshot will receive their rightful share of EVRS tokens.

Exploring Ripple XRP: A Unique Blockchain Perspective

As the Evernode Airdrop garners attention, it’s an opportune moment to delve into Ripple XRP’s distinct blockchain characteristics. Unlike many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created when the blockchain was established. This approach fosters stability and predictability within the XRP ecosystem.

One of XRP’s primary use cases is its role as a bridge currency for cross-border transactions. Ripple’s network and technology enable seamless and efficient cross-border payments, transcending the limitations of traditional systems. The platform’s speed and low transaction costs position it as a viable alternative to conventional remittance methods.

Additionally, XRP’s consensus mechanism deviates from the energy-intensive proof-of-work (PoW) approach used by Bitcoin. XRP employs the consensus protocol to validate transactions, enabling faster transaction settlement times and energy efficiency.

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Vietnam’s Crypto Crackdown: Authorities Investigate Pi Network

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Vietnamese authorities have launched an investigation into the activities surrounding the Pi cryptocurrency, citing concerns over its complex and unregulated nature. The Department of Cybersecurity and High-Tech Crime Prevention expressed apprehension regarding the high-income potential and multi-level marketing resemblances associated with cryptocurrency models like Pi.

According to Vietnam Express, the investigation aims to address the risks posed by such ventures and protect investors from potential fraud and data breaches. This article delves into the recent developments surrounding the Pi cryptocurrency in Vietnam and the concerns raised by authorities.

Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention, highlighted the increasing complexity and unmanaged nature of cryptocurrency models like Pi. He noted instances where individuals have been coerced by cryptocurrency promoters into participating in business models resembling multi-level marketing schemes. Multiple police forces across localities are actively investigating activities related to the Pi cryptocurrency. Authorities caution the public against investing in cryptocurrency models offering abnormally high profit margins or employing multi-level marketing strategies due to the associated risks.

The Pi Network, which emerged in 2019, experienced a surge in popularity in Vietnam during 2021. However, concerns have been raised regarding the lack of transparency exhibited by the cryptocurrency. Experts in the field of blockchain have emphasized the potential for Pi to be misused for fraudulent activities or unauthorized data collection. Despite these concerns, many individuals still hold faith in Pi, often under the assumption that they have nothing to lose by participating. However, they unknowingly expose themselves to the risk of personal data theft.

Cryptocurrencies are not recognized as legal tender in Vietnam. Engaging in activities such as issuing, trading, or using cryptocurrencies for payment can lead to penalties of up to VND100 million (US$4,240). The ongoing investigation into Pi cryptocurrency serves as a reminder that individuals should exercise caution when participating in unregulated crypto ventures.

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