309 days ago • cryptodaily
Digital Arms in Partnership With Barrett Firearms to Launch Historic Barrett M82A1 NFT Drop
Sydney, Australia, June 28th, 2023, ChainwireIn a first-of-its-kind collaboration, Digital Arms and Barrett Firearms are thrilled to announce the launch of the Barrett M82A1 Non-Fungible Token (NFT) collection on 28th June. This innovative partnership brings the legendary Barrett M82A1, renowned for its performance and reliability, to the digital world, offering collectors a unique opportunity to own a piece of digital histoNon-fungible tokens, or NFTs, are unique digital assets stored on the blockchain, providing verifiable digital ownership rights. Unlike other digital assets, each NFT is unique, making them the perfect vehicle for digital collectibles. The Barrett M82A1 NFT collection, crafted from original 3D CAD files used in the actual manufacturing of Barrett firearms, embodies this uniqueness, making it a desirable collector's item.The Barrett M82A1 NFT is not just a digital asset, it's a part of digital history and a testament to the convergence of technology, art, and history. Owning a Barrett M82A1 NFT is akin to holding a digital first-edition book or a unique piece of art. As the world's first IP-licensed firearm NFT, it offers exclusivity and desirability unprecedented in the digital collectibles market.The Barrett M82A1 NFT brings a variety of benefits to its owners:In-Game Utility Across Partner Games: The Barrett NFT is a functional piece of gaming gear, enhancing your gaming experience across various partner platforms.Exclusive Access Within the Digital Arms Ecosystem: As a Barrett NFT holder, you gain access to exclusive events, boosted APY in our HNTR Token staking platform, and unique content.Join a Visionary Community: By acquiring a Barrett NFT, you join a forward-thinking community of gamers and investors.Investment in the Future: The Barrett M82A1 NFT represents a strategic investment in the rapidly expanding market of blockchain technology.The NFT drop includes a total of 2222 Barrett M82A1 NFTs, comprising five distinct skins of varying rarity. The public sale begins on 28th June at 5 PM AEST (07:00 UTC). However, early birds with whitelist access can start claiming their NFTs 24 hours ahead, at 5 PM AEST (07:00 UTC) on 27th June.The Barrett M82A1 NFT drop is an opportunity to be part of a historical digital revolution. More than just a digital asset, each NFT is a ticket to an exclusive community and a stake in the rapidly expanding world of blockchain technology. Secure your stake, enhance your gaming experience, and join us in this thrilling journey on the 28th June.For more information, visit the Digital Arms Marketplace.About Digital ArmsDigital Arms is an NFT creator and marketplace leveraging blockchain technology's interoperability to bring real firearms and greater authenticity to Web3 gaming. As an NFT creator, Digital Arms builds scarce blockchain-based in-game items for first-person shooters, hunting and sports shooting titles. The platform is already partnered with some of the biggest names in the weapon manufacturing industry, including Blackwater, Primary Arms, Head Down Firearms and Barrett Firearms.Website | Twitter | Facebook | Telegram | Discord | Medium | YoutubeAbout BarrettHeadquartered in Murfreesboro, Tennessee, Barrett is the world leader in large-caliber rifle design and manufacturing. In 2023, the company became part of the NIOA Group – a family-owned global munitions company based in Australia.Barrett products are used by civilian sport shooters, law enforcement agencies, the United States military and more than 75 State Department approved countries across the world. The Barrett Quality Management System (QMS) has received the prestigious ISO 9001:2015 certification for the design and manufacture of firearms, ammunition, and accessories, and to provide training for those systems.Disclaimers and Legal InformationPlease note that participation in the Barrett M82A1 NFT drop involves certain risks and potential financial loss. The value of NFTs can be highly volatile, and there is no guarantee of future performance or value. This document does not constitute investment advice, and you should always do your own research before participating in any NFT sale.All transactions will be subject to the terms and conditions of the Digital Arms Marketplace, and you must agree to these terms before you can participate in the NFT drop. Please read these terms carefully. They govern your use of the marketplace, your rights and obligations as a buyer, and our respective legal rights and responsibilities.The Barrett M82A1 NFTs are digital assets that use blockchain technology. They are subject to various legal and regulatory requirements, which may vary significantly between jurisdictions. You are solely responsible for understanding and complying with any applicable laws, regulations, and duties in your jurisdiction.Finally, please note that owning a Barrett M82A1 NFT does not confer any legal or ownership rights in the physical Barrett M82A1 firearm, the Barrett brand, or any other intellectual property owned by Barrett Firearms Manufacturing. The NFTs are purely digital assets, and their ownership is limited to the blockchain.By participating in the Barrett M82A1 NFT drop, you acknowledge and agree to these terms, and you understand the risks associated with NFTs and cryptocurrency transactions. If you have any questions or concerns, we encourage you to seek independent legal advice.ContactBen [email protected]
371 day ago • cryptodaily
CertiK Helping Merlin DEX With Compensation Plan
The security firm CertiK is planning to launch a compensation plan to return the funds stolen in the $2 million Merlin DEX exploit.
CertiK Working To Recover Stolen Funds
The blockchain security company has jumped in to help the Merlin decentralized exchange in its dire situation. The latter lost around $2 million during a public sale of its MAGE token, despite being audited by the smart-contract auditor, CertiK. To help recover a portion of the lost funds, CertiK is launching a compensation plan.
The security firm has revealed that it is investigating the scam and has even worked with some members of the Merlin team to launch the compensation program.
On April 26th, CertiK said,
“Initial investigations indicate that the rogue developers are based in Europe, and CertiK will collaborate with law enforcement authorities to track them down if direct negotiation is unsuccessful.”
USDC Stolen During Public Sale
The decentralized exchange was conducting a three-day public sale of its MAGE token when it was targeted by a rogue developer. The latter made away with around $850,000 of USD Coin and other relatively illiquid tokens. To sum it up, a total of $1.8 million worth of tokens were stolen in the attack. CertiK has dived into the blockchain data available on the attack and surmised that the culprit behind the attack must be someone who had control over the liquidity pool and could easily remove the funds.
CertiK’s Audit Under Question
The root of the hack was uncovered by the eZKalibur team, which is a community-driven decentralized exchange. Their initial investigations helped them identify the malicious code responsible for the depletion of funds. Specifically, the initialize function contains two lines of code that grant approval to the feeTo address, allowing it to transfer an unlimited amount of token0 and token1 from the contract's address. This enables the feeTo address to call the transferFrom function and transfer tokens from the contract's address to itself.
The eZKalibur team had also questioned CertiK’s auditing, which had given the Merlin DEX a high ranking before the attack happened.
CertiK’s Plan Offers 20% Bounty
The CertiK team is trying to appeal to the rogue developer with a compensation plan, where they would get to keep a white hat bounty of 20% of the stolen funds after returning 80% to the exchange platform. According to CertiK's preliminary findings, the developers of the project are located in Europe, and the company is collaborating with law enforcement agencies to locate them.
The security firm also said,
“Although we raised the private key privilege issues in the audit report, we want to assist impacted users. We are determined to track down those behind this rug pull.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
377 days ago • cryptodaily
Société Générale Introduces Euro-pegged Stablecoin On Ethereum
Société Générale Forge (SG Forge), the digital asset subsidiary of the prominent French banking firm Société Générale, has unveiled a new stablecoin, CoinVertible ($EURCV), pegged on the Euro. The stablecoin was launched on the Ethereum blockchain, and will be exclusively available for qualified institutional clients.
Société Générale has not disclosed the requirements for qualifying to access the $EURCV stablecoin, only stating that it has pre-qualified institutional clients who have passed for its KYC verification process. The launch can be seen as a response to the growing demand for an on-chain asset that can be used for cross-border settlements. In effect, this bridges a gap between traditional capital markets and the digital asset management, particularly those linked in decentralized finance and the Ethereum ecosystem.
The stablecoin also aims to offer new solutions for corporate treasury management, cash flow and on-chain liquidity management, as well as cash pookling initiatives for funding and refinancing. However, the new stablecoin was met with a certain degree of criticism from blockchain developers, highlighting some concerning traits inside the contract code.
A software engineer known as Cygaar has recently discovered that the stablecoin could potentially allow the bank to seize and burn all its users' funds through certain functions in its smart contract. Cygaar criticized the bank's choice of system, stating that Société Générale would have been better off using JPMorgan's Onyx or an internal database for a centralized settlement layer.
Origin Protocol developer Scott Mitchell expressed skepticism about the stablecoin's feasibility on Ethereum from an economic perspective. He argued that even with batch validation and low gas costs, the system would still be too expensive at scale.
Another developer, 0xfoobar, pointed out that the code requires every ERC20 transfer to be approved by the centralized registrar in a separate Ethereum transaction before it can be processed.
Pseudonymous smart contract engineer alephv.eth also drew attention to this issue, noting that the bank coded the system in such a way that it necessitates the whitelisting of all users and the processing of all user transfers and ERC20 approvals before executing the "transferFrom" function. This could significantly slow down the transaction speed for the stablecoin and complicate the process.
As concerns mount over the EUR CoinVertible smart contract's design and functionality, it remains to be seen how Société Générale-Forge will address these issues and whether the stablecoin will gain traction among institutional clients given the issues highlighted by blockchain developers.
The EURCV stablecoin will be traded under the ticker symbol EURCV, accessible only to investors who have been onboarded by Société Générale through its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. In the coming weeks, SG-Forge CEO Jean-Marc Stenger will assess the interest of prospective clients and address their questiopns as part of the gradual adoption process.
The newly introduced stablecoin is designed to adhere to major market standards, including the open-source interoperability and securitization framework known as Compliant Architecture for Security Token (CAST). SG-Forge emphasizes that it will guarantee the "complete segregation" of the collateral assets backing the value of the stablecoins from the issuer. According to the bank, this will be coupled with daily transparency reports and collateral positions to ensure the utmost integrity.
The EUR CoinVertible smart contract has undergone auditing by professional services network PwC. Law firm White & Case has advised SG-Forge on the issuance of the stablecoin, while the role of the fiduciary is entrusted to Equitis Gestion, a private equity firm regulated by the French financial regulator, the Autorité des Marchés Financiers (AMF).
Jean-Marc Stenger, SG-Forge's CEO, is optimistic about the potential of stablecoins built under a banking-grade structure in bolstering trust and confidence in the crypto ecosystem, sharing that:
“This issuance is a major step in SG-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain.”
Société Générale, which operates as one of France's largest banks by volume and assets held, has been increasingly involved in crypto and blockchain-related implementations over the past few years. In September 2022, the bank introduced custodial services for crypto fund managers through its Security Services subsidiary. The bank has also been experimenting with issuing security tokens on blockchains such as Tezos.
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.
392 days ago • cryptodaily
Ralph Lauren Rolls Out Crypto Payments and NFT Gifts
American fashion brand Ralph Lauren is making its foray into the crypto world. The company announced opening a store in Miami’s Design District which will accept crypto payments.
Ralph Lauren on Tuesday announced the opening of a new luxury-focused concept store in Miami’s Design District which will accept various cryptocurrencies as payment. Vogue Business reports customers can pay for merchandise using various cryptos, including Bitcoin, Ether, Polygon, Dogecoin and others, through a partnership with crypto payments service provider BitPay.
Introducing our new #RLMiami store, the first Ralph Lauren store to accept cryptocurrency as a form of payment.In partnership with @BitPay, customers can make purchases with different cryptocurrencies including #Bitcoin, #Ethereum and #MATIC by @0xPolygonLabs and more. pic.twitter.com/YUHhsDRexB
— Ralph Lauren (@RalphLauren) April 4, 2023
Ralph Lauren’s store will offer products from the label’s Men’s Purple and Women’s Collection and one-of-a-kind handbags and accessories exclusive to its Miami location.
The store will consider crypto’s volatile nature and provide any refunds in the same cryptocurrency used for the original payment but will adjust the amount to match the total dollar amount of the item.
Ralph Lauren will also release a co-branded NFT (non-fungible token) in collaboration with the Web3 community Poolsuite. The NFT will be “gifted” to 3,000 existing Poolsuite community members and grant holders access to an exclusive in-person event.
Palm trees and eternal sunshine. Welcome to #RLxPoolsuite. For the first time, @RalphLauren celebrates Miami’s vibrant energy in collaboration with @Poolsuite #RLMiami pic.twitter.com/FdhZc1bzwe
— Ralph Lauren (@RalphLauren) April 4, 2023
Decrypt reports a person familiar with the matter said the event would be one part of a three-day immersive experience at a private waterfront estate in Miami to take place late in April. Over the three-day event, a number of Web3 activations will be hosted for influencers, customers and Poolsuite x Ralph Lauren NFT members to mark the Miami store’s opening. More details regarding the event will soon be released.
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.