Irans’ new digital currency
Monkey business BAYC sues RR/BAYC
Harmony Protocol is offering a $1 million reward
GM vEmpions, we hope you had a nice weekend!
Here are some things that we missed from last week:
|🪙 Irans’ new digital currency set to launch soon
🤯 Harmony Protocol is offering a $1 million reward
🐒 No ordinary monkey business BAYC sues RR/BAYC
Iran intends to launch a pilot version of the cryptocurrency rial within the next two months.
The Iranian government is preparing to debut the crypto rial, Iran’s new digital currency.
Iranian authorities are taking the required steps to launch a crypto rial pilot program in the Persian calendar month of Shahrivar, which begins on August 23.
According to news outlets, the Governor of the Central Bank of Iran stressed that Iran’s digital money would be distinct from decentralized worldwide cryptocurrencies.
Its sole purpose is to “replace the banknotes that the people currently own,” he explained.
The new Iranian currency will be issued in accordance with the regulations governing the issuance of banknotes and coins and will be available only for transactions within the country.
The CBI will be in charge of monitoring the financial and economic impact of digital currency and ensuring that it does not have a detrimental influence on its monetary policy.
Harmony’s $100 million hack was caused via a faulty multi-signature scheme.
The Harmony development team announced on June 23, 2022, that $100 million had been taken from the Horizon bridge, and the company stated that it was working with national authorities and forensic specialists.
The Horizon bridge attacker allegedly seized control of the multi-signature wallet utilized in Harmony’s bridge, according to an account given by Polygon’s chief information security officer, Mudit Gupta.
Polygon’s chief information security officer, Mudit Gupta, said: “This was not a ‘Blockchain Hack.’ It was a ‘Traditional Hack.’ I’ve been begging protocols to focus on traditional security too alongside blockchain security for months now…”
Following the exploit, Gupta stated the following day that the bridge was a 2 of 5 multi-signature method and that anyone with two of the addresses could take control of it.
“The hacker compromised two addresses and made them drain the funds,” he added.
The Harmony Protocol team is offering a $1 million reward for any information that leads to the return of $100 million in cryptocurrencies stolen from their Horizon bridge.
Yuga Labs sues artist Ryder Ripps for allegedly “scamming consumers” and misusing the Bored Ape trademarks.
Yuga Labs, the developers of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC), have sued Ryder Ripps and partners for seeking to devalue the BAYC brand.
According to Yuga Lab’s lawsuit, Ripps and his accomplices began “scamming consumers into purchasing RR/BAYC NFTs by misrepresenting Yuga Labs’ trademarks.”
Ryder Ripps is accused by Yuga Labs of “trying to devalue” authentic BAYC NFTs with his RR/BAYC NFTs collection.
According to the lawsuit, Ripps marketed the NFTs as legitimate BAYC products by using original BAYC pictures.
The trademarks of Yuga Labs were also allegedly exploited in Ripps’ “Ape Market” NFT marketplace.
According to the lawsuit, this is “no ordinary monkey business,” and Ripps’ activities were a “deliberate endeavor to destroy Yuga Labs at the expense of consumers.”
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