Safeheron Weekly Dispatch | JUN 24 '22


Security Incidents

A Theft Occurred on the Harmony Horizon Bridge Amounting to Approx. $100MM

The Harmony team has identified a theft occurring on the Horizon bridge amounting to approx. $100MM. The Harmony team has begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds. In addition, Harmony says its trustless BTC bridge has not been affected and has stopped the Horizon bridge to prevent further transactions.

The DNS For Convex Finance Official Website Was Hijacked

The DNS for Convex Finance official website was hijacked, prompting users to approve malicious contracts for some interactions on the site. This issue has been fixed and funds on verified contracts are unaffected.

Ribbon Finance Was Under a DNS Attack And So Far is Remedied

Ribbon Finance was under a DNS attack on (its website) and two users were prompted to approve malicious contracts for vault deposits. All funds on the vault contract are unaffected.

Industry Updates


  • Brand new Safeheron official website and mobile App, Web-end and API officially launched.

  • Safeheron TSS-RSA algorithm is open-sourced with a performance improvement of 47 times.

  • Safeheron will provide a cross-chain MPC+TEE security scheme.

Hex Trust

Hex Trust Obtained Dubai Virtual Asset MVP License

Hex Trust obtained provisional approval from the Government of Dubai’s Virtual Assets Regulatory Authority (VARA) to receive a Virtual Asset MVP License. Hex Trust is opening an office in Dubai which will be used as its regional headquarters in the Middle East.


Metaco Provides Citibank With Digital Asset Custody

The custody platform integration is with Citi’s Securities Services and will focus on tokenized securities to begin with.

Ledger Launches NFT Marketplace and Web3 Services Platform for Enterprises

Ledger is launching a NFT marketplace, Ledger Market. Its NFT marketplace prioritizes security and transparency. Ledger is also launching Web3 services platform for enterprises, Ledger Enterprise Create, a platform where companies can scale their Web3 projects and securely move into the NFT space. Ledger is launching Ledger Quest, a learn-to-earn Web3-focused game with NFT rewards, and Ledger Academy, an educational platform for users to broaden their understanding of blockchain technology and security.

Poly Network Offers a Systematic Development Framework For Developers with Interoperation as a Service

Poly Network packages its implementation of interoperation support into a class of service APIs. Based on this framework, developers can integrate with blockchains, set up cross-chain DApp, build exclusive cross-chain via the general-purpose interfaces, etc. To set up an application on the blockchain which interoperates with other blockchains, a developer can integrate the application with APIs provided by Poly Network and generate call requests based on the specification of those APIs.

Ava Labs Releases Core, an All-In-One Web3 Operating System for Avalanche

The non-custodial browser extension Core allows for seamless use of Web3 powered by Avalanche. Core is an all-in-one operating system bringing together Avalanche apps, Subnets, bridges, and NFTs in one seamless, high-performance browser experience.


  • Deloitte and NYDIG announce an alliance to help companies of all sizes implement digital asset capabilities in their businesses.

  • Coinbase Wallet mobile app has redesigned that allow users to access DeFi and other applications within the app.

  • Binance-owned Trust Wallet adds a buy option via Binance Connect to enable the purchase of more than 200 digital assets with 40 fiat currencies.

  • The major Swiss stock exchange SIX Digital Exchange indefinitely delays launch of the cryptocurrency service.

  • Singapore’s ADDX and China Construction Bank team up to offer China-based investors access to private market opportunities issued as digital securities in a range of assets.

  • Nium and Stellar Development Foundation partner to enable payouts in 190 countries.

  • FalconX raises $150M at an $8B valuation in a Series D. FalconX’s credit offerings are overcollateralized, backed by high-quality and highly liquid collateral.

  • Prime Trust raises $107M in a Series B. The new funding will be used to broaden its product categories, including crypto retirement products and asset tokenization.

  • Digital toy NFT-native platform Cryptoys has closed a $23 million Series A.

  • Payment conpany SumUp raises $624M at $8.5B valuation who serve small and medium businesses.

  • Facebook Pay rename into Meta Pay and will expand its metaverse business.

  • Binance is launching Binance Institutional, a new flagship platform for VIP and institutional users, in an effort to upgrade its institutional offerings and services.

  • Coinbase launches first crypto derivatives product aimed at retail traders.

  • Solana Labs is to launch Web3 phone Saga, pre-orders are now open.

  • eBay acquires leading NFT marketplace, KnownOrigin.

  • Cardano Dev team is to launch first light wallet Lace, which will allow users to manage all their digital assets in one wallet without relying on third-party solutions.

  • MachineFi Lab, the core developer of IoTeX, aims to raise $50 million in Series A.

Market Regulation

North America

  • The Ontario Securities Commission (OSC) slapped Bybit and KuCoin as the regulator determined that they were operating noncompliant with Ontario securities law.

  • SEC chair urges ‘one rule book’ for crypto to avoid gaps in oversight to ensure that digital Token transactions have sufficient security and transparency.

  • U.S. Governor signs bill allowing Louisiana banks to custody Bitcoin and crypto for customers.


  • UK Government backtracks on unhosted or private wallet data collection proposal.

  • Spanish Treasury introduces new crypto tax model featuring balance reports.

  • Russia is to trial digital Ruble settlements for real estate deals.

  • Russian Finance Ministry rules out sale of oil for bitcoin and proposes that cryptocurrencies may be used in barter deals.


  • Korea's five crypto exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax) launch first alliance Digital Asset eXchange Alliance (DAXA).

  • South Korea’s 20% crypto tax delayed by two more years, till 2025.

  • receives in-principle approval for major payment institution license from the Monetry Authority of Singapore.

  • Bank of Israel says crypto smart contracts may need oversight.


  • Crypto exchange BTC Markets gets Financial Services License in Australia first.

Industry Briefing

The total market value of the crypto market has shrunk greatly, and every player understands that right now we are in a deep "crypto bear market". The prices of the two major crypto assets, BTC and ETH fell to a new yearly low, followed by DeFi and NFT. However, the bear market is also a good time to polish the quality of projects deeply and lay a solid foundation for future development. Crypto regulation is still advancing, and more detailed rules are being formulated for crypto taxation, crypto transactions, etc. At the same time, the government is also trying to apply blockchain technology to more scenarios, and many crypto-native institutions are actively applying for multiple licenses aimed to be compliant in every aspect.

The biggest security incident is the cross-chain, Harmony Horizon Bridge. Discord servers being attacked, rug pull and DNS attacks have continued their way in the whole crypto market. No matter when, topics and exploration of asset security are always worth.

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