276 days ago • cryptodaily
Contemporary Giant Yue Minjun Embarks on a Revolutionary Web3 Journey with his First NFT Project Exclusively on LiveArt
New York, USA, July 27th, 2023, ChainwireLiveArt, the Web3 Platform for Art and Culture, announced a groundbreaking NFT collection, Kingdom of the Laughing Man, by Yue Minjun, one of the most important contemporary Chinese artists creating today.Yue Minjun, the contemporary art giant of the 21st century, enters the digital art space with his inaugural Web3 project. The artist’s works fetch millions of dollars at auctions worldwide (USD 6.9 million sales record at Christie's HK) and are in the permanent collections of the SFMoma, Denver Art Museum, The Culture Centre of Francois Mitterrand, Guangdong Museum of Art, Shenzhen Art Museum, and other leading art institutions. Collaborations with artists like KAWS and fashion brands like Comme De Garcons have cemented Yue Minjun's signature style in global pop culture.Kingdom of the Laughing Man launches with Boundless, a generative collection of 1,200 unique NFT artworks echoing Yue Minjun’s iconic self-portraits. All Yue Minjun Boundless collection holders will have the opportunity to purchase unique physical prints signed by the artist based on the NFTs they own. Subsequent drops will feature 3D animated art and culminate with an immersive metaverse experience. The collection is offered exclusively on LiveArt."I've explored numerous media with my art over the years. This new digital frontier excites me the most as I can bring my art to life in a way that I haven't been able to with physical media. In Web3 I can create a new engaging experience and relationship with the next generations of art collectors shaping the art world of the future," says Yue Minjun."Yue Minjun exemplifies the caliber of artists who call LiveArt home in this new digital world. I think he is probably the most significant contemporary artist to commit fully to a Web3 journey today, and we are honored and excited for the historic opportunity we can offer our collectors," says Boris Pevzner, CEO and Co-Founder of LiveArt.The first drop is set to launch on August 8, 2023, on LiveArt. It is expected to sell out during a "pre-sale" exclusive to collectors and LiveArt X Card holders, according to LiveArt insiders. To ensure a spot on the pre-sale list, click here.Press contacts: [email protected] LiveArtFounded by Sotheby's and Christie's art market veterans and backed by Binance Labs and Animoca Brands, LiveArt is the global Web3 platform for art and culture. LiveArt blends AI and blockchain with intimate art market knowledge to bring exclusive Web3 collecting experiences to a global audience. LiveArt's $ART utility token powers the LiveArt Protocol that drives value for the LiveArt ecosystem through membership and loyalty programs for the communities of LiveArt and its partners.For more information: Official Website | Twitter | Discord | InstagramYue Minjun, photo by Michelle YueArtwork from the Kingdom of the Laughing Man: Boundless (2023) collection by Yue Minjun, published by LiveArt.Artwork from the Kingdom of the Laughing Man: Boundless (2023) collection by Yue Minjun, published by LiveArt.Artwork from the Kingdom of the Laughing Man: Boundless (2023) collection by Yue Minjun, published by LiveArt.Artwork from the Kingdom of the Laughing Man: Boundless (2023) collection by Yue Minjun, published by LiveArt.ContactMarketing & PartnershipsElena [email protected]
352 days ago • coindesk
Kraken’s Top Lawyer Says Signs of Progress in U.S. Congress Put SEC in Legal Bind
While the U.S. Securities and Exchange Commission (SEC) continues to rain enforcement fire onto the crypto industry, Kraken’s chief legal officer, Marco Santori, says a specific legal doctrine could undermine the regulator’s authority.
389 days ago • cryptodaily
Sentiment Hacked For Over $500K
The attack that targeted the DeFi lending platform, Sentiment Protocol, has been identified as a re-entrancy attack.
Main Focus On Fund Recovery
On April 4, the Sentiment team made a statement on Twitter that the protocol had likely been hacked and that they were looking into the matter.
The team tweeted,
“At approximately 06:00:00 PM +UTC The Sentiment team became aware of abnormal borrowing activity which has now been declared as a malicious exploit.”
According to the Twitter thread, the team had paused the Sentiment main contract and restricted functionality to only process withdrawals in order to mitigate the loss of further funds.
They also employed third-party security auditors to fix the vulnerability immediately, allowing all account holders to repay debts and unwind their positions.
Finally, the team also announced that Sentiment is working closely with law enforcement and close contributors to pinpoint the hacker’s identity. However, the main objective moving forward would be to recover the stolen user funds. Therefore, a message was addressed to the hacker, offering a 10% bounty in exchange for the return of the rest of the funds.
Understanding The Vulnerability
Beyond the above information, the team has not divulged any further details of the hack. However, as is the case with security threats on other DeFi platforms, community members have rushed in to unravel the root of the vulnerability. According to one such community member, Pascal Marco Caversaccio, the blockchain records revealed a re-entrancy hack. This means the vulnerability happened when an external contract repeatedly targeted a compromised Sentiment contract before the latter’s status could be updated.
Another developer in the community suggested that the hacker specifically called a self-destruct function within a Sentiment smart contract. The Twitter account Spreek revealed that around $500,000 to $1 million of funds were stolen from the platform via the Arbitrum blockchain on which the DeFi protocol operates.
DeFi Under Attack
DeFi platforms have been riddled with similar hacks, where attackers have targeted a vulnerability in the code to exploit the platform and siphon off user funds. The Euler Finance drama has been the most noteworthy recently, where the protocol lost around $200 million worth of assets. However, the DeFi protocol has been successful in recovering a part of the stolen funds, worth around $31 million, through negotiations with the exploiter. As a result, the Euler team even declared that it would not be attempting to pursue the identity of the hacker. A similar approach to fund recovery could also prove to be successful for the Sentiment Protocol team.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.