Foreign man stabbed to death in Vietnam’s Ho Chi Minh City

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A Japanese man in his 30s was fatally stabbed on a street in Ho Chi Minh City, Vietnam’s largest city, on Tuesday. He was transported to a hospital but was pronounced dead later that afternoon, according to the Consulate-General of Japan in Ho Chi Minh City.

Local authorities have arrested a Vietnamese man suspected of involvement and are currently investigating the incident, local media reported.

Ho Chi Minh City, the vibrant heart of Vietnam, is a city of contrasts. Known to many as Saigon, it stands as the country’s largest city, pulsating with life and teeming with cultural diversity. The city’s dynamic streets are lined with a blend of modern skyscrapers and historic French colonial architecture, offering a visual feast for residents and visitors alike.

However, beneath the surface of this bustling metropolis lies a cautionary tale of urban safety. While Ho Chi Minh City is largely safe for travelers, the importance of vigilance cannot be overstated. The city’s low incidence of violent crime does little to diminish the concern over reported cases of robberies, assaults, and harassments, some of which have involved weapons.

Petty crimes such as pickpocketing, purse snatching, and theft of valuables are more commonplace, though typically non-violent in nature. Motorbike snatching, a particularly notorious issue in Vietnam, remains a persistent threat to the unwary.

In light of these challenges, the city’s authorities and community leaders emphasize the need for caution, especially in areas where large crowds gather. They advise against using unlicensed or privately owned taxis, urging the public to opt for metered rides or to agree on fares before embarking on their journey.

Residents and tourists are also encouraged to minimize the risk of theft by not carrying large sums of money or wearing ostentatious jewelry. Distributing currency and identification across different pockets is recommended, as is the carrying of identification, including a photocopy of one’s passport, at all times.
The casual observance of traffic rules and the lack of enforcement present additional hazards for those driving, riding, or walking in traffic. The city’s bustling roads demand an extra level of vigilance to navigate safely.

As Ho Chi Minh City continues to grow and attract global attention, the balance between enjoying its myriad opportunities and maintaining personal safety remains a key focus. The city’s blend of opportunity and the need for vigilance paints a complex picture of urban life in one of Southeast Asia’s most iconic cities.

For those who call Ho Chi Minh City home, as well as for the countless visitors drawn to its energy and promise, the message is clear: Enjoy the city’s charms, but always stay alert and aware.

Vietnam Biometric Authentication Technology: A Quick Explainer

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Vietnam Biometric Authentication Technology: A Quick Explainer

One of the countries to recently digitize both their national and financial transaction systems is Vietnam. A major reason for this urgent change might be the fact that in the year 2021, the total estimated financial loss to fraud and similar activities was about €345 Million. Fraud numbers in Vietnam are quite high compared to many other countries.

Subsequently, the country has started to take financial security quite seriously. Vietnam biometric authentication technology has advanced to now become highly comparable to many of its neighboring nations.

So here’s a relatively quick explainer of the scope of biometric authentication tech in the country of Vietnam.

Biometric Verification

Biometric verification and authentication is a set of advanced identification mechanisms used to ensure a high level of security in different, mostly financial systems and applications. These methods use different biological characteristics of the individual to identify them, usually either their face or fingerprint.

Older methods of accessing accounts and verifying individuals, passwords, and pins especially, were highly prone to being stolen or hacked. Passwords depend on the creativity and technical knowledge of the individual to a large extent to be complex enough to be resistant to being guessed or hacked.

Biometric authentication systems in banking offer a comparatively much higher level of security and are safe from being stolen as they are intrinsically linked to the physical presence of the account owners themselves. Replicating them is extremely difficult for the average hacker at the very least, and in most cases impossible.

The majority of banking systems across the world now employ either one or both fingerprint and facial recognition as a method of authentication for most major and in some cases even minor transactions.

Digital Banking in Vietnam

The Vietnam digital banking world has already adopted fundamental security mechanisms like two-factor authentication for the majority of transactions. The way this is implemented is through one-time-passwords (OTPs) via SMS messages to users. This type of authentication is now common for the overwhelming majority of financial activity through banks that happen in the country.

The Adoption of Biometrics

Vietnam has steadily been increasing the use of biometrics in its identification and security systems for the last few years. The country first adopted widespread biometrics with the issuance of personal ID cards with biometric identification data including fingerprints and a photograph of the individual, plus a digital signature of the issuing agency, embedded into the card via a chip.

The public themselves are also widely aware of biometric verification mechanisms. According to a survey by the 2022 Mastercard Index, close to 75% of individuals say that they think that biometric verification is better than other forms of identity verification.

Passenger processing at airports in the country has been greatly streamlined and quicked by the use of these biometric identification technologies. Check-in times have reduced and overall public order has improved immensely. It should also reduce the possibility of illegal travel, smuggling, and other illegal activities at airports.

Digital Population Database

The government of Vietnam is actively working on integrating the existing identification system into a ‘digital population database’, which will be connected with all agencies, localities, and the different state businesses. 

This initiative is meant to help streamline administrative tasks and procedures across organizations and to promote the provision of public services on online platforms rather than physical offices as much as possible.

Decision No. 2345/QD-NHNN

While the financial sector already has implementations of biometric verification requirements for the financial sector, the State Bank of Vietnam has now finalized plans to implement a nationwide requirement for online biometric authentication for online money transfers and deposits that exceed a certain value.

This regulation works on two major stipulations to enforce financial security through biometric authentication mechanisms:

  1. First Transaction: Biometric Authentication will be required for all first-time transactions on digital platforms, either from new accounts or from an existing account that is logged in on a new, not previously added device.
  2. Large Transactions: Biometric Authentication will also be required for all digital bank transfers or deposits into accounts that exceed a value of 10 million VND. Authentication will also be required when daily transactions cross/exceed an amount of VND 20 million.

This new regulation will come into effect nationwide on the 1st of July, 2024. The system approves of facial recognition, fingerprint scans, and iris scans as possible methods of biometric verification. When a customer provides their biometric data for verification, it must match the data stored in the database or the chip in their ID card.

Conclusion

Because of the large amount of money lost to financial fraud in the country, Vietnam has revamped and updated its financial security and individual identification system. New systems including online biometric authentication are being added to make transactions more secure and digital systems more reliable for daily use.

Suggested Read: Vietnam Mandates Biometric ID for All First-Time Mobile BankingTransactions

RoaringKitty a GameStop Billionaire by Friday? Crypto Traders Are Placing 50% Odds

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A new market on betting application Polymarket has seen over $120,000 in trader placed on Keith Gill making ten figures on his GameStop equity and options holdings.

Market watchers are widely backing retail stock trader Keith Gill to clear a billion dollars on his GameStop (GME) stock positions by Friday in what could become one of the biggest meme-stock trading success stories.

Gill, popularly known by his X account @TheRoaringKitty and Reddit account “DeepF*ckingValue” aliases – he doesn’t use an asterisk on the platform – flashed a $583 million position in a Reddit post on Thursday, showing $382 million in profit across options and equity positions. GME stock added 47% to $46 yesterday and surged to $61 in after-hours trading.

Followers on Reddit quickly did the math and calculated that GME needed to add just $9 on Friday to give Gill a billion-dollar exposure to the video game retailer’s stocks.

Polymarket bets on Gill clearing the 10-digit mark on his brokerage account have quickly found favor among investors. The “Roaring Kitty billionaire by Friday?” market has racked up $120,000 in bets since going live late on Thursday, with “yes” odds climbing since early Asian hours on Friday – reaching 50%.

“If GME hits 70$, the intrinsic value of his position would reach a billion. (5m shares * 70$) + (12m shares from calls * (70$ – 20$ strike)),” said user “etj103007,” who purchased 15,000 shares in favor.

“I believe in Roaring Kitty,” said another user who held 1,000 “yes” shares.

The market will resolve to “yes” if @TheRoaringKitty announces that he is a billionaire or otherwise shows a brokerage position of at least $1 billion dollars in value by 11:59 PM ET tonight. The resolution source for this market will be information from Gill or his known social accounts.

Meanwhile, a spoof GME token on the Solana blockchain has racked up nearly $200 million in trading volumes in the past 24 hours, largely driven by Gill’s social updates. Related meme roaring kitty (KITTY) rose 220%, CoinGecko data shows.

Promoting Vietnamese Coffee to the World’s Largest Buyers

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A booth promoting Vietnamese coffee connected this major export product to visitors, including some of the world’s largest buyers. Organized by Central Retail Vietnam in collaboration with the Ministry of Industry and Trade, the booth was part of Viet Nam International Sourcing 2024, held at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. The event attracted many visitors and key international buyers.

“In order for Vietnamese goods, especially coffee products, to access and be successfully exported to Central Retail’s distribution system in Thailand and globally, we have collaborated with the Ministry of Industry and Trade to conduct market research and select the most suitable products. We appreciate Central Retail Vietnam Group’s bold initiative to promote the coffee industry, adding value to Vietnam’s coffee sector,” said Ta Hoang Linh, Director of the European – American Market Department at the Ministry of Industry and Trade.

According to the General Department of Customs, Vietnam’s coffee exports reached a record turnover of $4.24 billion in 2023. The global coffee industry was valued at over $115 billion in the same year, indicating significant growth potential driven by rising consumer demand, noted Olivier Langlet, CEO of Central Retail Group in Vietnam.

The Vietnamese coffee booth featured five categories: Roasted and Ground Coffee, Instant Coffee, Capsule Coffee, Ready-to-Go Coffee, and Coffee Shop Models. These categories are thriving in both large and small cities across Vietnam.

The booth aimed to showcase high-quality Vietnamese coffee that meets international market demands, opening up opportunities for businesses in the coffee sector to connect with potential partners and customers, thereby expanding their markets and developing their brands.

This initiative also provides a platform for international buyers to explore business opportunities and gain a comprehensive understanding of Vietnam’s coffee industry. The industry is evolving towards enhancing the value chain, deep processing, and diversifying the coffee portfolio, moving beyond the export of raw materials.

Bitcoin Bets Hit Peak of $37B as ETF Inflows Set New Record

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The long-short ratio is starting to tilt in favor of bulls since Wednesday, data indicates, as some traders expect bitcoin to set fresh all-time highs in the coming weeks.

Bitcoin (BTC) traders have now placed the highest-ever positions on BTC-tracked futures in the asset’s history as open interest crept over $37.7 billion late on Thursday, setting a new record.

This eclipsed a previous peak of just under $37 billion in mid-March when bitcoin recorded fresh highs of $73,700.

The jump came as spot bitcoin exchange-traded funds (ETFs) set an inflow record over 18 days, The Block reported. BlackRock’s IBIT took on $340 million in net inflows on Thursday, preliminary data tracked by SoSovalue shows, while Ark Invest’s ARKB saw net outflows of nearly $97 million.

Over $5 billion in open interest has been added since Monday, Coinglass data shows, while BTC prices have risen from the $68,500 level to $71,000 in the period. Of the $37.7 billion, traditional finance powerhouse Chicago Mercantile Exchange (CME) holds the highest bets at $11 billion, followed by crypto exchange Binance at $8 billion.

The significant long-short ratio shows a bias toward bullish sentiment. Data shows the ratio rose over 1 early Friday from Thursday’s 0.94 level.

A ratio above 1 means that there are more long positions than short positions, suggesting positive market sentiment for an asset. On the other hand, a ratio below 1 suggests that short positions outnumber long positions, indicating negative expectations.

As such, several traders expect bitcoin to rise further in the coming weeks, citing growing risk appetite and favorable regulatory expectations.

“Bitcoin can overcome the resistance level in the zone of 71k-73k and renew all-time highs in the following weeks, driven by optimism in financial markets,” crypto exchange YouHodler’s chief of markets Ruslan Lienka told CoinDesk in a Friday email. “Such positive sentiment is caused by expectations of coming interest rate cuts in the US and Europe that stimulate capital inflow into risk assets.”

“Elevated trading activity with meme stocks such as GameStop and other penny stocks with low ratings shows a growing risk appetite,’ Lienka added.

Border Guard Streamlines Immigration for Residents and Tourists

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Since mid-May, road travel through border gates has surged, with tens of thousands of daily crossings. To facilitate smoother travel and trade, the Border Guard has implemented solutions to reduce immigration processing times significantly.

For example, a tour group of over 20 Chinese tourists recently entered Vietnam within minutes after their guide completed the entry visa procedures. “Immigration procedures are very convenient and quick,” remarked Wéi Wěi Jūn, a tour guide from Nanfang Tourism Company in Píngxiáng Shì, China.

The increased travel and trade demands at land border gates with China have prompted Lang Son province’s border force to bolster its personnel and implement electronic border guard procedures. These measures have led to notable improvements in processing times for both individuals and groups.

The introduction of digital border gates that link Customs, Border Guards, and import-export businesses has also expedited customs clearance, particularly for agricultural products.

Since the beginning of the year, over 1.2 million people and 114,000 vehicles have crossed through Huu Nghi border gate. In May alone, 11,000 tourists passed through Lang Son province border gates.

Lieutenant Colonel Leu Minh Tien, Deputy Chief of Staff of the Border Guard of Lang Son province, emphasized the importance of collaboration with Chinese authorities to extend customs clearance times, implement automatic clearance gates at four border gates, and deploy barcodes on travel documents for drivers, significantly reducing waiting times.

On June 6, a Conference of the Committee for Cooperation in Land Border Gate Management between Vietnam and China was held further to enhance customs clearance, security, and tourism services, promoting seamless travel between the two countries.

Bitcoin Miner Bitdeer to Buy ASIC Chip Designer Desiweminer for $140M in All-Stock Deal

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Bitdeer agreed to acquire all outstanding shares in Desiweminer for a consideration of 20 million Class A ordinary BTDR shares on June 3.

Bitcoin (BTC) miner Bitdeer has agreed to acquire Desiweminer, a designer of chips for ASIC mining machines, in an all-stock transaction worth $140 million.

Bitdeer agreed to acquire all outstanding shares in Desiweminer for a consideration of 20 million Class A ordinary BTDR shares on June 3, according to an announcement on Thursday.

The acquisition is subject to customary closing conditions.

The Desiweminer team will join Bitdeer’s ASIC design team in Singapore, and products featuring the integrated technologies of the two entities are slated for immediate release.

Bitdeer received an investment worth $150 million from stablecoin company Tether at the end of last month.

BTDR shares showed little initial reaction to the announcement, rising 0.54% to $7.05 in pre-market trading.

The Sandbox Raises $20M at $1B Valuation, SAND Rises 4.5%

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The company planned to raise $400 million at a $4 billion valuation two years ago.

Metaverse platform The Sandbox has raised $20 million at a $1 billion valuation as it looks to enhance its user-generated multiplayer gaming platform.

Kingsway Capital and Animoca Brands led the funding round, which featured investment from LG Tech Ventures and True Global Ventures, according to a press release.

In 2022, The Sandbox looked to raise $400 million at a $4 billion valuation.

The Sandbox’s native token SAND rose 4.5% after the funding round was announced, its market cap is now $1.1 billion, per CoinDesk data.

A portion of the capital will be used to develop a decentralized metaverse for mobile devices, which is expected to launch in 2025. The Sandbox will also update its Game Maker and 3D editor tools.

“McKinsey estimated that by 2030 the metaverse could add $5 trillion to the global economy,” Yat Siu, co-founder of Animoca Brands, said. “Today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital property rights. The Sandbox represents the evolution of UGC games for the age of digital ownership.”

The Sandbox has 5.7 million user accounts connected to crypto wallets, and more than 1,000 user-generated experiences have been created since the Alpha version went live in November 2023.

Here are highlights of Hue International Arts Festival Week 2024

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Hue International Arts Festival Week 2024, the highlight of the year-long Hue Festival, will take place from June 7 to June 12 with the theme “Cultural Heritage with Integration and Development”. The event is expected to offer visitors unique and novel experiences.

Performing arts and fireworks displays are the “trademark” of Hue Festival on the opening and closing nights. Photo: provided by BTC

According to the latest information updated from the event’s Organizing Committee, the Hue International Arts Festival Week 2024 will feature 12 activities continuously taking place over six days and nights.

Specifically, the “Opening Festival” program, including a street parade at Ngo Mon Square at 5:30 PM on June 7, will welcome and kick off the Hue International Arts Festival Week 2024.

The opening ceremony of Hue International Arts Festival Week 2024 will take place at 8:00 PM on June 7, for the first time at the Kien Trung Palace within the Imperial City, marking the beginning of the event’s activities. This artistic program will be a celebration of sound and light, showcasing creativity based on the cultural heritage values of the nation and humanity.

The street festival “Colors of Culture” will be held from 4:30 PM on June 8 to June 10, highlighting Hue’s cultural heritage, regional cultures, and those of other countries, creating a multi-colored artistic synergy. This festival will enliven many streets, bringing a joyful atmosphere to locals and visitors alike.

Furthermore, performances by domestic and international art troupes will take place from 7:30 PM to 11:00 PM from June 8 to June 11 at community stages in Quoc Hoc Square and 3-2 Park. So far, 13 troupes and art groups from seven countries, including the Royal Stilt Walkers from Merchtem (Belgium), Flamenco Hispano dance group (Spain), and Eisa Urakaji Drum Dance troupe (Japan), among others, have confirmed their participation alongside Thua Thien Hue’s artists.

Additionally, the Royal Banquet program at 6:30 PM on June 8 at Can Chanh Palace will offer visitors delightful experiences of Nguyen Dynasty cuisine. Visitors will also enjoy outstanding performances of Hue Royal Court Music, an intangible cultural heritage of humanity.

An art troupe from Belgium performed on stilts on the streets of Hue when participating in last year’s Hue Festival. Photo: Hieu Truong

Other exciting activities include the Royal Night Cuisine show, the music program “Trinh Cong Son Dialogue – Love Found,” the Light Festival, the Beer Festival, the Lantern Festival, the Vegetarian Food Festival, the “Tam Giang Waves” day, and the art program “Back to Hue Festival.”

Event details will be continuously updated on the official website of the Organizing Committee – huefestival.com – as well as on social media platforms, the “Hue Festival” Fanpage, and the “Hue Monuments Conservation Center” Fanpage.

@SGtiepthi

Da Nang launches new tourism experiences in summer 2024

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During the peak summer season of 2024, Da Nang’s tourism sector introduces a variety of new programs and activities to refresh the experience for visitors.

The international fireworks festival continues to be expected to attract millions of tourists to Da Nang. Photo: Da Nang Tourism Center

Kicking off the summer is the Da Nang International Fireworks Festival 2024 (DIFF2024), taking place from June 8 to July 13. To create novelty for locals and tourists, in addition to the signature fireworks competitions, DIFF2024 will for the first time feature a water sports art performance combined with flyboarding during the opening night on June 8. The event is expected to attract millions of visitors to Da Nang.

In addition to DIFF2024, the “Enjoy Da Nang” festival, running from July 17 to July 21, is an annual cultural and tourism event aimed at creating new tourism products and attracting both domestic and international tourists. With the theme “Say Hi Da Nang,” the “Enjoy Da Nang” festival includes numerous activities such as the opening night concert, Da Nang cuisine festival, kite art festival, mass yoga performance, barefoot beach run, motorized paragliding, parasailing canoe performances, jet ski show, and the Da Nang Open SUP race.

From July to September, Da Nang will also host cultural festivals between Vietnam and Japan, Vietnam and South Korea, Vietnam and ASEAN, along with the BRG Open Golf Championship Danang 2024.

Photo: Da Nang Tourism Center

To enhance the tourist experience, Da Nang has launched the Bach Dang pedestrian street on June 5; night tourism activities at Nguyen Van Troi Bridge and the east bank of Nguyen Van Troi Bridge on May 31, featuring community activities and food stalls. Additionally, the city plans to inaugurate the “Sea Flower Road” along the coastal road from the Vo Van Kiet landscape node to Hoang Ke Viem Street in June.

Moreover, cultural-historical tourism products and community tourism in Hoa Vang district are being offered, such as tours exploring the culture of the Co Tu ethnic group and agricultural tourism in Hoa Bac. Simultaneously, Da Nang’s tourism sector is beginning to exploit inland waterway tourism products, launching a new route from the Han River to Hon Chao.

In various tourist areas, businesses have invested in and completed new tourism projects. Notably, Asia Park has been renamed Da Nang Downtown since June 2024, featuring completely new activities such as extreme sports art programs with Jetski & Flyboards, circus and magic performances by renowned international artists, and the “Vietnamese Puppets” show.

Additionally, the Nui Than Tai Hot Springs Park will present the Bai Choi xứ Quảng show (every Thursday, Friday, Saturday, and Sunday from June to August 2024), the Jurassic Secret exploration (July 20 and 21), and Nippon Oi – the largest anime & cosplay festival in Central Vietnam (August) at Da Nang Mikazuki Japanese Resorts & Spa.

@SGtiepthi

Nike in Asia: A Case Study of the “China Plus One” Strategy

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Nike, the iconic brand of sportswear and footwear, is a global giant with a fascinating manufacturing history. But where exactly are Nike products made?

This guide and video explore the behind-the-scenes of Nike’s production in Asia, shedding light on the processes and strategies behind this global success, perfectly illustrating the “China Plus One” strategy.

The Legacy of Nike: From Oregon to Asia

Nike’s journey began in 1964 under the name Blue Ribbon Sports, a small distributor of Japanese running shoes founded by Bill Bowerman and Phil Knight. In 1971, the company rebranded as Nike, inspired by the Greek goddess of victory. Nike’s path, marked by innovation and strategic expansion, has made it an undeniable force in the sports industry.

In the 1980s, Nike made a decisive move by relocating much of its production to Asia. This strategic decision was driven by several factors, including the availability of skilled labor, efficient factories, and expanding markets.

Countries like South Korea, Taiwan, and China became key partners, allowing Nike to explore new techniques and incorporate cultural influences into its products. In 1995, Nike established itself in Vietnam, becoming a major economic player. This move marked a turning point for the brand, solidifying its presence in the region and deploying the “China Plus One” strategy.

Why Relocate Production to Asia?

In recent years, Asia has emerged as a global manufacturing hub, attracting companies from around the world. Several factors explain this attractiveness:

  • Lower labor costs in many Asian countries allow for more cost-effective production, providing a competitive edge in the global market.
  • Companies can easily find skilled individuals mastering the latest manufacturing techniques, ensuring high-quality products that meet international standards.
  • Well-established supply chains in Asia, developed over years, facilitate the movement of goods from factories to consumers.

>> Related article : How do I find the best Vietnam buying offices for SMEs?

Nike’s Footprint in Asia

Nike’s manufacturing network in Asia exemplifies the use of regional expertise for global success. Vietnam, in particular, has become a pillar of Nike’s supply chain and a flagship country in their “China Plus One” strategy.

Watching this video will allow you to:

  • Understand Nike’s manufacturing strategies in Asia.
  • Discover where most of Nike’s suppliers are located.
  • Learn how to leverage this information to identify key factories and suppliers for your business.

By 2023, Vietnam became Nike’s largest manufacturing hub, producing 50% of the company’s footwear, more than any other country in the world. Vietnam is also the largest producer of Nike apparel, contributing 29% to the brand’s global output.

>> Related article : The Best of ‘Made in Vietnam’ products for Sourcing

China, with its vast industrial base and technological prowess, remains a key player in producing Nike apparel and other products. Indonesia, known for its diverse manufacturing capabilities, contributes to the production of specialized sports equipment.

Vietnam’s legacy of craftsmanship and quality assurance, combined with China’s industrial strength and Indonesia’s specialized capabilities, creates a dynamic and resilient network that drives Nike’s global success.

Other Brands Manufacturing in Vietnam

Nike is not the only brand exploiting the potential offered by Vietnam to centralize part of its production and adopt the “China Plus One” strategy.

Other giants in the sportswear and fashion industry, such as Adidas, Puma, and Uniqlo, have also made Vietnam a central hub in their supply chains.

Adidas

Adidas has significantly reduced its production in China and shifted much of it to Vietnam. Currently, about 50% of their shoes are made in Vietnam.

>> Related article : Where are Adidas factories located?

Puma

Vietnam has become the largest sourcing region for Puma’s shoes, with about 26% of their branded products made in the country.

Uniqlo

Uniqlo, Japan’s largest fashion chain, has also recognized Vietnam’s manufacturing potential. The company has increased its number of major suppliers in the country by 40% over the past year.

These examples from numerous major brands highlight Vietnam’s prime position as an ideal destination for supply chain diversification and a strategic reallocation of production away from China.

>> Related article : How to Implement a Global Sourcing Strategy with Vietnam?

Nike’s strategy in Asia, perfectly illustrating the “China Plus One” approach, is a lesson in leveraging regional expertise for global success. By adapting to the specificities of each region, Nike has created a dynamic and resilient manufacturing network, ensuring a prosperous future for the brand and maintaining control over their global supply chain.

Crypto Security Firm Ironblocks Builds ‘Firewall’ for DeFi Protocols

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“Once you get hacked in most of the cases you’re done,” CEO Dadosh said. “And this is what we’re trying to prevent.”

A cottage industry of crypto security firms police the aftermath of protocol hacks and heists. Now one of them is out with a “firewall” aimed at stopping those thefts beforehand.

Blockchain security platform Ironblocks’ new tool is a free service for developers who want to add security to their smart contracts, CEO Or Dadosh told CoinDesk. Called Firewall, it allows them to plug-and-play various security “policies” to monitor transactions on their decentralized finance protocols for suspicious attempts.

The open-source toolkit could offer at least some salve to the ever-present threat of hacks in DeFi. Dadosh estimated any given week brings with it as many as 10 different hacks of protocols offering lending, trading, staking or other financial services to crypto holders. Those heists add up: PeckShield estimated $60 million in losses in April.

Firewall sits inside the smart contracts processing protocols’ transactions, Dadosh said. Developers get their pick of a handful of policies that scour the flow for sketchy patterns and other tells that a hack is in progress.

“It doesn’t stop or pause the application, it just stops the specific transaction that may attack the application, just like in web2 firewalls,” Dadosh said.

At launch, the service has three big-ticket users: the zkEVM chain Linea, AltLayer and the layer-2 network Kinto. Dadosh said more are on the way.

Because the service is free to use, it is not meant to be a direct moneymaker for Ironblocks, an Israeli startup that last raised $7 million in venture funding in early 2023. Instead, it’s a feeder for the company’s other crypto cyber defense products including the upcoming “Venn Security Network,” according to its website. Dadosh was hesitant to discuss what the network would look like.

But the Firewall toolkit could offer a step forward for security in an ecosystem where code immutability makes incremental updates – a bug here, a potential exploit there – hard to patch on the go. Dadosh said developers can add more policies to their code after the fact, and remove them, too.

How the developers make these changes is really up to them. Perhaps they could turn the decisions over to their projects’ token-holding governance communities, to a wallet controlled by multiple parties (a multisig) or to the DAO.

The point is to stop the hacks before they happen.

“Once you get hacked, in most of the cases, you’re done,” Dadosh said. “And this is what we’re trying to prevent.”

Bank of Canada Begins G-7 Monetary Easing Cycle, Trimming Benchmark Rate 25 Basis Points

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Bitcoin prices could receive a tailwind from lower interest rates in developed economies.

As expected, the Bank of Canada Wednesday morning cut its benchmark overnight rate by 25 basis points to 4.75%.

The move was anticipated by most economists as policymakers in Canada had previously signaled satisfaction with the direction of inflation alongside some concern about slowing economic growth.

“[It is] reasonable to expect further cuts to our policy interest rate” if inflation continues lower, said BoC Governor Tiff Macklem in prepared remarks following the decision.

At press time, bitcoin (BTC) was little-changed following the news, trading at $70,500.

With its action today, the BoC becomes the first of the G-7 central banks to begin what’s expected to be a cycle of easier monetary policy after a multi-year battle to cool inflation. Economists are expecting the European Central Bank to become the second of the major central banks to ease at its meeting tomorrow.

And though some members of the U.S. Federal Reserve have recently suggested that bank may hold off on any rate cuts for all of 2024, recent economic data have revealed slowdowns in both economic growth and inflation. Traders currently have priced in a near-60% chance of a rate cut either prior to or at the Fed’s September meeting, according to CME FedWatch.

Other things being equal, tighter monetary policy is often a headwind for risk assets – bitcoin among them – as higher rates boost competition for investor capital. With a cycle of lower interest rates across Western economies seemingly at hand, bitcoin bulls might soon have their sights set on the crypto’s all-time high from March above $73,500.

Da Nang offers ‘sleepless’ summer for tourists

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Along with activities such as fireworks festivals and sailing boat performances, Da Nang wants to offer a “town of entertainment” for tourists to enjoy from day to night this summer.

Fireworks teams from England and Poland tell the story of “nature’s dance” in the sky of Da Nang during the International Fireworks Festival on June 25, 2023. Photo: Nguyen Vu.

On the afternoon of June 3, the Da Nang Department of Tourism officially announced the Enjoy Da Nang 2024 Festival series and some new highlights in the upcoming summer tourism products.

According to Mr. Tan Van Vuong, Deputy Director of the Department of Tourism and Standing Deputy Head of the Festival Organizing Committee, Enjoy Da Nang 2024 is an annual city-level event featuring numerous cultural, sports, and tourism activities aimed at attracting and serving locals and tourists for sightseeing, experiencing, shopping, dining, and entertainment during the summer tourism season.

“The opening ceremony will be held on July 17 at East Sea Park with a scale of over 20,000 guests, gathering many famous singers and artists,” Mr. Vuong said.

A new highlight in this year’s summer tourism stimulus activities in Da Nang is the performance of the sailing boat on the Han River. The event will feature more than 15 sailing boats parading along the river.

This year’s international fireworks festival will be held on June 8. Pictured is the stage where the festival took place last year. Photo: Doan Nguyen.

The Artistic Kite Performance (July 17-19) with over 50 large-sized aerodynamic kites in shape of sea creatures flying over the sky of Da Nang is also among the notable activities.

Additionally, on June 1, Asia Park officially rebranded to become the “super complex” Da Nang Downtown, turning this area into Da Nang’s new “sleepless town” with numerous shows. The centerpiece is the multi-experience art show “Symphony of River.”

This show combines live classical symphony performances with spectacular acts like Cirque du Soleil by acrobats and world-renowned magicians.

Visitors will be immersed in a water theatre play with a storyline consisting of three chapters about the legend of a river.

@Znews

Ho Chi Minh City among top 20 cities with the best cuisine in the world

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The UK’s Time Out magazine has just announced a list of the 20 cities with the most exceptional cuisine in the world. According to the list, Ho Chi Minh City in Vietnam ranks 4th.

Ho Chi Minh City is the only representative from Vietnam to make it onto this list, ranking 4th, following Naples in Italy, Johannesburg in South Africa, and Lima in Peru.

Commenting on the cuisine in Ho Chi Minh City, Time Out stated, “Sweet, spicy, and aromatic are adjectives often used to describe the cuisine in Ho Chi Minh City. It is an ideal place for visitors to sample delicious dishes, especially pho.”

Pho is the most mentioned dish in the magazine’s survey. Photo: Phuc An

Pho was the most mentioned dish in Time Out’s survey. “Southern-style pho, with lots of basil, cilantro, chili, and hoisin sauce… is ubiquitous in this city,” Time Out commented.

When visiting Ho Chi Minh City, tourists can enjoy delicious meals not only at street stalls or traditional markets but also at Bib Gourmand restaurants listed in the Michelin Guide, where familiar dishes are prepared with creativity.

According to Time Out’s culinary experts, to truly understand a city, its cuisine is the best way to gain insight. The cities on the list were chosen by global food experts and editors based on various criteria, such as service quality, price, and visitor opinions.

@SGtiepthi

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