Walmart Digging Deeper Into Web3

Hi NoRamp Community,

POCLab and Walmart have collaborated to launch a metaverse experience on Spatial that spotlights hip-hop’s rich history, South Koreans Stash 130.8 Trillion KRW in Overseas Crypto Holdings, DeFi protocol Balancer’s frontend under attack, $238K in crypto stolen.

Walmart & POCLab Metaverse Collab:

In celebration of hip-hop music's 50th anniversary, a digital endeavor called The Cultureverse was unveiled, stemming from a partnership between retail behemoth Walmart and Web3 creative hub POCLab.

Initiated by Simone Berry and Akbar Hamid, People of Crypto (POC) Lab, based in New York, was established in 2022. Its foundation rests on principles of diversity, representation, and inclusivity. In collaboration with Walmart, they introduced The Cultureverse, described by Berry as a captivating game-like platform that honors the trailblazers of hip-hop, diving deep into their history and influence.

The Cultureverse marks yet another of Walmart's ventures into the burgeoning metaverse realm. In 2022, the company debuted "Walmart Land" and "Universe of Play" on Roblox's gaming platform. Furthermore, last year, they collaborated with Issa Rae’s Hoorae Media, initiating the Black & Unlimited Digital Development program, a nurturing space for Black content creators.

Hosted on Spatial—a metaverse outlet compatible with Ethereum NFTs—The Cultureverse offers visitors a chance to experience the Art of Sound gallery, displaying digital hip-hop masterpieces and artist narratives. Attendees can also access the Walmart-backed Main Stage to engage with influential figures in hip-hop, explore the Black & Unlimited art showcase, and delve into hip-hop's fashion chronicles at the Sound of Style, featuring a virtual showcase of renowned '90s Black-owned labels.

Even as the metaverse fervor has slightly waned with the emergence of advanced AI tools such as OpenAI's ChatGPT, the quest to unify people in virtual domains remains a focal point for many tech-savvy creators, leveraging it to forge closer bonds between artists and their admirers.

South Koreans Stashing Overseas Crypto:

Recently, the National Tax Service (NTS) of South Korea announced that 1,432 people and entities reported their cryptocurrency holdings in foreign accounts this year, with a total value reaching 130.8 trillion Korean won (KRW) or about $98 million. Interestingly, these crypto holdings make up over 70% of the entire value of reported foreign assets.

The NTS has indicated its intention to scrutinize those who haven't declared their foreign financial accounts. This follows a mandate in July by the Financial Services Commission (FSC) requiring local firms to disclose their cryptocurrency assets. Expanding on their recent findings, the NTS mentioned, “To address the risk of potential erosion of the tax base via virtual assets, global tax bodies, including our own NTS, are gearing up to share information as per the Information Exchange Reporting Regulations.”

Official statistics show that 5,419 entities have responsibly reported their overseas financial accounts, with a total value of approximately 186.4 trillion KRW or about $140 million. Of these, cryptocurrency emerged as the leading foreign asset in terms of value.

Balencer’s Frontend Compromised:

On Sept. 19 at 11:49 pm UTC, the platform advised its community against interacting with Balancer's user interface until they receive an all-clear.

While Balancer is still examining the specifics of the attack, there hasn't been any official statement on whether user funds were compromised. However, Balancer team member Cosme Fulanito stated that the Balancer vault is still intact and "100% fine."

Yet, blockchain security companies like PeckShield and blockchain expert ZachXBT have projected that around $238,000 in cryptocurrency might have been pilfered at the point of their reports.

Some users have voiced concerns about being directed to endorse a harmful contract on the site, which subsequently empties their wallets.

This marks the second security breach for Balancer within a month. Previously, on Aug. 22, Balancer had highlighted a severe vulnerability, which led to an approximate $2 million exploit just a few days afterward.

On Aug. 27, Balancer's team communicated via X (previously known as Twitter), "Balancer is cognizant of an exploit linked to the mentioned vulnerability." They noted that while they've taken significant steps to minimize potential risks, they couldn't halt the affected pools. They further suggested, "To avert more breaches, users should pull out from the compromised LPs."

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