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What’s New In The Crypto Market: Talk On Tokenization, Mango Market Saga and More

DIGITAL assets summit
DIGITAL assets summit

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Recently, there have been new stories coming up in the cryptocurrency market. Below are the three most trending ones explained. From grand summits to news around hacking, we’ve briefly covered the relevant stories with relevant information.

1. Starting a Conversation on Tokenization at the Digital Asset London Summit

The most awaited Digital Asset Summit was convened at The Royal Lanchester Hotel, London, between October 17 and 19, with many eminent names on the guest list attending the two-day affair.

The objective of the Summit was to bring major players in the crypto market onto the platform to start conversations on the major issues hindering the sector’s growth and to discuss crypto from the perspective of industry practitioners.

One of the major attractions of the occasion was the event on Real-World DeFi and Tokenization.

The moderator Samantha Bohbot, Director of Digital Currency Group based in New York, mentioned the discussion’s purpose and importance on the potential of Decentralized Finance and Tokenization.

Decentralized Finance is a technology similar to cryptocurrency that is based on secure ledgers that challenge the centralized government systems by giving consumers access to transactions without fees paid to banks and financial institutions for services. DeFi sector is constantly evolving, with the younger generations showing interest in learning about cryptocurrency. However, the downside is the absence of regulation because it is relatively new.

Tokenization is the method of substituting sensitive material with unique identifying symbols that maintain all of the material’s vital information while ensuring its security. When opposed to prior systems in which private details were kept in databases and freely shared across networks, tokenization makes it more difficult for hackers to acquire access to such data.

Event Details:

The event was to be attended by Chuck Mounts, Chief DeFi Officer of S&P Global Ratings, who has been a promoter of decentralization and tokenization since the beginning and believes that all of his assets will throw themselves in the tokenization flow. He mentioned his company’s plans to direct the customers, through incentives in services, towards tokenization.

The report titled ‘Smart Contracts Could Improve Efficiency and Transparency in Financial Transactions’ highlights achieving tokenization by adopting smart contracts and reducing the dependence on third-party service providers. It relies on the product of potential exploitation of the technology.

Other personalities such as CEO and Co-founder of Centrifuge, Head of Onyx by J.P. Morgan, and Head of Digital Assets at WisdomTree were also expected to be present.

Notably, one of the prominent banks JP Morgan being an advocate of decentralization of finance, along with Onyx has promised exploring possibilities in this sector. It was also mentioned how US treasuries and funds can be used as collateral in the DeFi system, increasing the market’s liquidity. ‘Project Guardian’ in collaboration with DBS and the Monetary Authority of Singapore (MAS) will explore the uses of tokenization, this also opens doors for cross-border partnerships in this area.

2. Mango Market Saga

October might be the most cursed month for cryptocurrency, second week into it and four hacks have already taken place. The Solana blockchain-based cryptocurrency platform Mango Markets is the worst hit. It was drained for over $100 million.

Interestingly, the hacker ‘Eisenberg’ came clean and made a proposal in favor of the depositors. The hacker recommended returning cryptocurrency worth around $50 million if Mango Markets utilizes the $70 million USDC within the treasury to weed out bad loans on its protocol and repay all customers who do not have bad debt against not pressing criminal charges against them.

The attacker voted in favor of the proposition using stolen Mango tokens. Now only time will tell what more intriguing turns this story takes.

3. The Cursed October

The criminal hacks have led to losses of over $718 million this year. In a report analysis by Chainalysis, it was claimed that the amount has been stolen across  11 attacks in 2022 till October. Researchers wrote, “So far, hackers have grossed over 718 million which may cross $3 billion across 125 hacks that were witnessed in 2021”.

Some investors pointed out that it was unusual for the hackers to attack in such a bearish market mood. While some suggested using decentralized apps that credible companies have audited to avoid losses.

In the crypto industry, attack vectors range from attacking ‘bridges’, a blockchain-based technology that allows users to interact between various networks, to ‘market manipulation’, in which rogue traders employ millions of dollars to sway sparsely traded markets in their favor, netting several multiples of the initial money spent.

Regulators need to consider this and bring a solution to the table. For now, crypto investors can look up to new projects such as IMPT that take a step towards conserving the environment. You can read about IMPT project as well as other articles on our website for more information.

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