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Ras al Khaimah solidifies its position as global Web3 hub

Ana Mary Joseph
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Ras al Khaimah solidifies its position as global Web3 hub
  • Phoenix and IOPn commit to invest $100m to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.
  • Partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

In a strategic move to solidify Ras al Khaimah’s standing as a premier destination for Web3 innovation, RAK DAO, the Emirate’s free zone, has entered into a partnership with two industry leaders – Phoenix Group and IOPn.

The collaboration aims to drive technological advancement, foster economic growth, and cement the Emirate’s reputation as a global hub for Web3 pioneers.

Phoenix Group, an ADX-listed company, is a recognised leader in web3 development within the UAE, while IOPn is an integrated Web3 ecosystem that leverages cutting-edge technologies such as blockchain, AI, and spatial computing.

As part of the  partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030, utilising the robust infrastructure provided by RAK DAO.

Enriching local talent pool

The significant investment underscores the dedication of Phoenix Group and IOPn to stimulating innovation and attracting top-tier professionals to the region within the Web3 space.

The partnership seeks to identify, encourage, and attract highly-skilled individuals in domains such as Web3, crypto, blockchain, and software development to the Emirate, further enriching the local talent pool.

To achieve this, the partnership will leverage initiatives such as the Golden Visa programs and RAK DAO business licenses to create a thriving ecosystem that harnesses the power of cutting-edge technologies, including blockchain, spatial computing, and cognitive solutions.

By nurturing top-tier talent, RAK DAO, Phoenix Group, and IOPn aim to drive economic development and sustainability in the Emirate.

Driving innovation

” The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. We are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors,” Dr. Sameer Al Ansari, CEO of RAK DAO, said.

Echoing this sentiment, Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, said, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

Mojtaba Asadian, Founder and CEO of IOPn, further emphasised the immense potential of this collaboration, said that IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value.

“IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

Indian research team enhances quantum-based data encryption

Mohammed Fahad
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Indian research team enhances quantum-based data encryption
  • Experimental setup ensures a loophole-free violation of Leggett Garg Inequalities, providing an additional advantage of generating loophole-free randomness.
  • Devices adopting this method could find powerful applications not only in cybersecurity and data encryption but also in diverse areas, such as economic surveys and drug designing/testing.

A team of Indian scientists has developed a user-friendly approach to generate unpredictable random numbers, a crucial component for strengthening data encryption and improving cybersecurity, as announced by the Ministry of Science & Technology.

The Raman Research Institute, an autonomous institute under the Department of Science and Technology (DST), conducted a photonic experiment to demonstrate a violation of the Leggett Garg Inequalities (LGI), a benchmark for detecting “quantumness” in a system in a loophole-free manner.

Immune to device tampering

The research team, which collaborated with researchers from the Indian Institute of Science (IISc), IISER-Thiruvananthapuram, and the Bose Institute in Kolkata, aimed to utilise this LGI violation for generating truly unpredictable random numbers, which are immune to device tampering and imperfections.

These random numbers are essential for various applications, including cryptographic key generation, secure password creation, and digital signatures.

Professor Urbasi Sinha, the corresponding author of the paper published in the Physical Review Letters, stated, “We have successfully generated random numbers using temporal correlations certified by the violation of the Leggett Garg Inequality (LGI).”

Furthermore, she highlighted that the experimental setup ensures a loophole-free violation of the LGI, providing an additional advantage of generating loophole-free randomness.

A robust solution for data protection

According to the researchers, this new method offers enhanced protection, as it uses truly random numbers to generate keys that will be used to encrypt passwords, which are crucial in our daily lives.

With further engineering interventions and innovations, the devices adopting this method could find powerful applications not only in cybersecurity and data encryption but also in diverse areas, such as economic surveys and drug designing/testing.

This groundbreaking research by the Indian scientific community has the potential to significantly contribute to the field of cybersecurity, providing a robust solution for data protection and encryption that can have far-reaching implications for various sectors.

Two online PDF makers leak 89,000 users’ data

Ana Mary Joseph
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Two online PDF makers leak 89,000 users’ data
  • Exposed Amazon S3 bucket left wide open for anyone to access, further exacerbates the problem.

The recent incident involving the online PDF makers – PDF Pro and Help PDF – has raised serious concerns about the security and privacy of user data.

The revelation that these service providers have leaked a staggering 89,000 documents, including sensitive personal information such as passports, driving licenses, contracts and certificates, is a troubling breach of trust.

What makes this situation even more alarming is the apparent connection between the two PDF makers, which appear to be operated by the same UK-based legal entity and share a similar design.

The fact that multiple attempts to contact the service providers have gone unnoticed, coupled with the exposed Amazon S3 bucket that was left wide open for anyone to access, further exacerbates the problem.

The implications of this data breach are far-reaching. With access to such personal documents, criminals can engage in a wide range of fraudulent activities, including applying for loans, renting properties, or purchasing expensive items using the victim’s identity.

Furthermore, threat actors can alter or forge documents, such as contracts or licenses, to create fake identities, fabricate qualifications, or manipulate legal agreements for their own benefit, potentially causing significant legal issues for the affected individuals.

Cryptocurrency sell-off: A necessary correction for next phase

Naushad K. Cherrayil
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Cryptocurrency sell-off: A necessary correction for next phase
  • Chirp CEO signals a reallocation of capital away from “get-rich-quick schemes and scams” and towards projects that are delivering real value.
  • Streamr, peaq, Truflation, and Chainlink projects to benefit during the next wave of cryptocurrency growth as investors seek out real-world utility.

The recent cryptocurrency sell-off, one of the biggest seen during the current bull cycle, is a healthy part of the market’s natural progression, Chirp CEO Tim Kravchunovsky, said.

This correction is a “necessary step” in preparing the market for its next stage of development.

Many altcoins have experienced double-digit percentage declines over the past week, reigniting fears among investors as the market retreats from the record highs reached in March.

However, Kravchunovsky believes this is a positive sign, as it signals a reallocation of capital away from “get-rich-quick schemes and scams” and towards projects that are delivering real value.

Chirp CEO Tim Kravchunovsky.

Kravchunovsky highlighted the importance of data infrastructure projects and oracles, such as Streamr, peaq, Truflation, and Chainlink, as essential building blocks for blockchain ventures.

These projects, he believes, will benefit during the next wave of cryptocurrency growth as investors seek out real-world utility.

The sell-off has also impacted the prices of leading cryptocurrencies, with Bitcoin falling more than 6% early Monday morning before recovering to trade around 57,197 at 2PM UTC.

 It is the lowest price for the world’s leading digital asset in months and down around $18,000 from an all-time high of just under $74,000 in March, a loss of about one fifth.

Market capitalisation tumbles

Ether, the world’s second largest cryptocurrency by market capitalisation after Bitcoin, followed a similar trajectory, sliding by more than seven per cent before recovering to trade at around $3037.18 at 2pm UTC., up 3.63 per cent on the day.

This drop in value has led to a loss of approximately $20 billion in the total cryptocurrency market capitalisation.

Several factors have contributed to the current market downturn, including diminishing interest in cryptocurrency exchange-traded funds (ETFs), uncertainty over monetary policy, and the potential impact of the bankrupt Tokyo crypto exchange Mt. Gox.

Additionally, the German government has been selling off hundreds of millions of dollars’ worth of Bitcoin, further exacerbating the market’s volatility.

Bright future

Despite these challenges, Kravchunovsky remains optimistic about the future of the cryptocurrency market, particularly in the realm of decentralised finance (DePIN). He believes that projects focusing on real-world applications, such as Farmsent’s supply chain optimisation in the agricultural sector and XMAQUINA’s autonomous robotics for smart city development, will thrive during the  next phase of the market’s evolution.

As the cryptocurrency market undergoes this necessary correction, it is essential to remember that volatility is a natural part of the industry’s growth.

By embracing projects that offer genuine value and solutions to real-world problems, the market can emerge from this sell-off better prepared for the next stage of its development.

India’s Stride Ventures invests $1m in Maalexi

TCN Bureau
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India’s Stride Ventures invests $1m in Maalexi
  • Debt capital raise to significantly enhance Maalexi’s ability to acquire new users and scale its operations further for SMEs.

Indian venture debt firm Stride Ventures invests $1 million in Maalexi as part of a larger commitment to drive innovation in the Gulf Cooperation Council (GCC) region.

The investment will accelerate Maalexi’s growth plans and boost its operational capabilities to foster more efficient food and agri-produce procurement, and distribution across the region.

Maalexi helps small food and agri-businesses directly access cross-border trade. Founded in 2021 by Dr. Azam Pasha and Rohit Majhi, Maalexi is set to revolutionise the $3 trillion global cross-border food and agri-produce trading market.

The company provides critical risk management tools including digital contracts, AI-enabled inspections, and blockchain-authenticated documentation, enabling SME agri-buyers to procure food supplies faster, cheaper, and safer from globally located SME agr-producers and exporters.

“The investment embodies Stride Ventures’ commitment to global expansion by supporting companies that use technology to improve traditional industries. Our strategy is not only forward-thinking but also designed to foster innovation and cultivate synergies across borders,” Apoorva Sharma, Managing Partner at Stride Ventures, commented on the collaboration, said.

“The debt capital raise from Stride Ventures will significantly enhance our ability to acquire new users and scale our operations, further solidifying our position as a leading digital risk management platform for small and medium enterprises (SMEs) engaged in cross-border trade. We will use these funds to deploy cutting-edge technology solutions that streamline the movement of goods through our local and international warehouses and carriers, effectively mitigating key risks in international trade,” Dr. Azam Pasha, co-founder and CEO of Maalexi, said.  

Furthermore, he said the capital infusion will serve as a strategic lever, helping them to acquire additional debt capital to expand our operations, and bolster food security across the UAE and the broader GCC region.

Volume of stolen crypto doubles to $1.4b in first half of 2024

Ana Mary Joseph
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Volume of stolen crypto doubles to $1.4b in first half of 2024
  • It not only poses a financial risk to individuals and businesses but also raises concerns about the overall stability and trust in digital finance ecosystem.

In the rapidly evolving world of digital finance, the cryptocurrency landscape has become a prime target for cybercriminals, with a staggering increase in the amount of cryptocurrency stolen through hacks globally.

According to a recent report by blockchain researchers TRM Labs, the losses from these attacks more than doubled in the first six months of 2024 compared to the same period in the previous year.

The report reveals that hackers had stolen more than $1.38 billion worth of cryptocurrency by June 24, 2024, a significant jump from the $657 million stolen in the same period in 2023.

The alarming trend is driven by a small number of large-scale attacks and the rising prices of various cryptocurrencies, including Bitcoin and Ethereum.

A powerful motivator

Ari Redbord, the global head of policy at TRM Labs, explained that while there haven’t been any fundamental changes in the security of the cryptocurrency ecosystem, the increased value of digital assets has served as a powerful motivator for cybercriminals.

“This means that cybercriminals are more motivated to attack crypto services, and can steal more when they do,” Redbord said.

The report highlights the vulnerability of cryptocurrency companies, which are frequent targets for hacks and cyberattacks. One of the largest crypto losses this year was the roughly $308 million worth of Bitcoin stolen from the Japanese crypto exchange DMM Bitcoin, which the company described as an “unauthorised leak.”

Challenges facing the industry

Interestingly, the report also notes that the overall stolen cryptocurrency volumes in 2022 were around $900 million, partly due to the more than $600 million stolen from a blockchain network linked to the online game Axie Infinity.

The United States has linked North Korean hackers to that theft, further emphasising the global nature of this issue.

The United Nations has accused North Korea of using cyberattacks to help fund its nuclear and missile programs, underscoring the broader implications of these cryptocurrency thefts. North Korea has, however, denied these allegations of hacking and other cyberattacks.

As the cryptocurrency market continues to evolve and attract more investors, the cybersecurity challenges facing the industry are becoming increasingly pressing.

The escalating threat of cryptocurrency hacks not only poses a financial risk to individuals and businesses but also raises concerns about the overall stability and trust in the digital finance ecosystem.

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