Crypto losses reach $428 million in Q3 globally

The world saw crypto losses up to $428 million in the third quarter (Q3), down 36 per cent from Q2, from hacks and frauds, a new report has shown. An analysis of the crypto losses by bug bounty platform Immunefi found that fraud accounts for only 7 per cent of the total losses in the Q3 2022, while hacks account for 93 per cent. "The global Web3 space was valued at $3 trillion in 2021, and with billions locked across different smart contracts, this capital represents an unparalleled and attractive opportunity for blackhat hackers," the report mentioned. Read full here

Terra Founder Do Kwon's Passport 'Invalidated,' S. Korea Says

The South Korean Ministry of Foreign Affairs posted a public notice on its website Wednesday announcing it would invalidate Terra creator Do Kwon's passport, advancing a move the government first said it was considering last month. The government said the notice was being posted publicly due to an "inability to deliver" the passport return order. An attached PDF document added further detail, saying the move means Kwon might be rejected if he tries to apply for the reissuance of his passport. "Our Department would like to send a 'Notice of Order for Return of Passport' to you by registered mail," the notice said. "... we inform you that the validity of your passports will be invalidated and administratively invalidated." Read details here

SWIFT Says It's Proved It Can Be the Way Forward for Global CBDCs

SWIFT, a key part of the conventional financial system that helps make cross-border payments between banks, has presented a framework for a global central bank digital currency (CBDC) system, claiming to have solved the challenge of interoperability between different networks. Following experiments involving the central banks of France and Germany as well as HSBC, NatWest, Standard Chartered, UBS and Wells Fargo, SWIFT said it has carried out transactions between different blockchain networks, using both CBDCs and fiat currencies. Take a look