Citigroup Launches Blockchain Ecosystem and Token

Hi NoRamp Community,

Here’s what you may have missed from the web3 world yesterday. Citigroup launches token and private blockchain system, Mark Cuban’s MetaMask the latest to be hacked for almost $1 million, and the PUBG creator to launch Roblox-like NFT game with AI creation tools.

Citigroup Launches Blockchain Ecosystem and Token:

Citigroup has announced the introduction of a new digital token system and its own blockchain technology, marking another foray into the digital asset space. This financial powerhouse, with assets worth $1.72 trillion, will introduce the digital token named Citi Token Services for immediate payments.

Citigroup explains that this initiative will convert customer deposits into digital tokens, facilitating instantaneous global transfers. The responsibility of managing this novel digital resource lies with the company's treasury and trade solutions department.

Shahmir Khaliq, who heads the company's services division, mentions, “Citi Token Services' creation aligns with our commitment to offer next-gen, continuous, real-time transactional banking facilities to our corporate clientele.” The management of the Citi Token service will be conducted on a private blockchain exclusively owned and overseen by Citigroup.

This latest addition has been unveiled after extensive trials on a regulated liability network. This exercise aimed to demonstrate to the Federal Reserve that digital currencies can enhance large-scale payment processes. Citi states that the Citi Token Services will be integrated into a global cash management trial, which will empower clients to shuffle funds across Citi outlets around the clock.

Mark Cuban Hacked:

Mark Cuban, a renowned entrepreneur and investor with an estimated net worth exceeding $5 billion, experienced a hack on September 15, leading to a loss of cryptocurrency valued at approximately $870,000.

Although a significant chunk of the stolen assets remained in the hacker's wallet as of the last update, Cuban successfully shifted about $2 million in USDC to Coinbase Custody, averting further theft of these assets.

Cuban believes the breach might have been caused by accidentally downloading a malevolent MetaMask variant. Fraudulent versions of MetaMask, designed to trick users into revealing their private keys or seed phrases, are common tactics employed by hackers.

This incident isn't Cuban's first encounter with cryptocurrency setbacks. He faced losses when Iron Finance's TITAN stablecoin plummeted in an alleged rug pull in 2021.

Cuban's situation adds to a growing list of notable figures and platforms falling prey to crypto-related malicious activities. CoinEx, a cryptocurrency exchange, reported a $27 million loss due to a hack on September 12. Moreover, a week prior, an account associated with Ethereum's co-founder, Vitalik Buterin, was compromised and misused to disseminate a phishing link, leading to thefts amounting to roughly $700,000 in NFTs and cryptocurrencies.

PUBG Creator to Launch New NFT Game Called ‘Overdare’:

Krafton, the South Korean game developer behind the famed battle royale game PUBG, unveiled its forthcoming metaverse game initiative named Overdare, emphasizing its NFT-centric approach and providing an initial glimpse into the platform focused on creativity.

Previously labeled as Project Migaloo, the company anticipates a soft launch for Overdare in December, with an official debut slated for some time between January and July 2024. To support this game, Krafton has developed its exclusive blockchain system, dubbed Settlus.

Designed with Epic Games' Unreal Engine 5, Overdare seems to resemble the Roblox gaming platform. It intends to arm creators with advanced AI tools, facilitating the development of various game genres including shooter, RPG, and action RPG. Additionally, this social gaming universe will allow participants to fashion personalized avatars and engage in conversations.

The debut teaser trailer hints at a vast open-world framework, empowering users to devise games, shape realms utilizing AI instruments, dive into an extensive suite of user-generated games, partake in virtual musical events, and tailor their virtual selves, among other activities.

In its strategic blueprint, Overdare introduces a "create-to-earn" economic model, enabling players to trade in-game digital items as NFTs. The utilization of NFTs in the game aims to deliver "clear and protected transactions," as per the company's statement.

NoRamp

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