• Dubai Free Trade Zone DMCC has collaborated with South Korean Web3 firms to promote decentralized technology in the area.
• The emirate-owned zone is home to over 20,000 registered businesses and has signed multiple agreements after holding roadshows in Korea.
• Dubai is aiming to become a global Web3 hub by encouraging the development of a metaverse-based local economy.

Dubai Free Trade Zone DMCC Collaborates with South Korean Web3 Firms

The Dubai Multi Commodities Centre (DMCC), one of the largest free trade zones in the area, has formed collaborations with organizations based in South Korea as part of Dubai’s efforts to expand its presence in the Web3 sector. The emirate-owned zone, which is home to over 20,000 registered businesses, signed these agreements after holding roadshows in several cities throughout Korea.

Organizations Inked MOUs

The Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City have both signed memorandums of understanding (MoUs). These agreements are intended to facilitate the formation of Korean Web3 and metaverse enterprises inside DMCC’s borders.

Dubai Establishes Metaverse Task Force

Dubai is among the first emirates to employ blockchain technology as part of an organized government strategy. To encourage the development of a metaverse-based local economy, Dubai established a metaverse task committee in May 2022. In July last year, they created their plan which anticipated that this industry will contribute $4 billion to its economy by 2030 and create 40,000 new jobs by 2025.

Dubai Moves Administrative Operations To Metaverse

It was reported that Dubai was looking at moving some of its administrative operations such as agencies and departments into a digital environment within the metaverse realm. This would enable efficient and secure communication between departments while also allowing them to work more quickly than ever before.

Conclusion

With all these initiatives from DMCC and other organizations in place, it seems likely that Dubai will continue its push towards becoming a global hub for Web3 technology and decentralized applications

Summary

• Binance and Coinbase have temporarily suspended USDC conversions.
• This is due to fears that USDC stablecoin issuer Circle was keeping part of the cash reserves at Silicon Valley Bank, which was closed by California’s banking regulator.
• Circle said that Silicon Valley Bank still has $3.3 billion underpinning USDC.

Binance and Coinbase Temporarily Suspend USDC Conversions

The two leading cryptocurrency exchanges, Binance and Coinbase, announced on Friday night that they will temporarily halt USDC conversions until the ripple effect of the collapse of Silicon Valley Bank plays out. The action was taken because of fears that USDC stablecoin issuer Circle was keeping part of the stablecoin’s cash reserves at Silicon Valley Bank, which was closed on Friday by California’s banking regulator.

Binance Halts Conversion

Binance has announced that automatic USDC-to-BUSD conversion would be temporarily disabled due to present market circumstances, however, it did not specify Silicon Valley Bank by name. When Binance said it will halt USDC conversion to USD over the weekend, the biggest cryptocurrency exchange in the United States, Coinbase, also announced it would do the same.

Coinbase Statement

Coinbase stated: “During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours.” Shockwaves Across the Sector The exchange also did not mention Silicon Valley Bank by name but did say that conversions will resume on Monday when the institutions reopened.

Silicon Valley Bank Exposure

The SVB bankruptcy on Friday sent shockwaves across the entire IT and crypto sector. Circle, Pantera, Avalanche, and even insolvent crypto business BlockFi have all acknowledged their current exposure to the California bank, showing that the industry as a whole has not been spared. Late on Friday, Circle said that Silicon Valley Bank still has $3.3 billion underpinning USDC. Silicon Valley Bank is one of six banks Circle employs to manage 25% of USDC reserves , according to the company . The trading price of USDC , which is supposed to be fixed at $1 , plummeted from $1 .00 as the news broke . The price of USDC at time of writing is $0 .9091 as per CMC .

< h2 >Conclusion In conclusion , both Binance and Coinbase have temporarily halted conversion for their respective platforms due to fears about exposure to collapsed bank ,Silicon Valley Bank . Despite this , Circle reported having $3 .3 billion underpinning their currency with this institution . We can hope for further clarification soon after markets open again Monday morning .

• The Sandbox team recently issued a security alert to its users after discovering that a third party had breached an employee’s computer and sent out phishing emails.
• Malware-infested URLs were disguised as advertisements in the emails, potentially giving the exploiter complete access to the compromised system and all of its data.
• The Sandbox urged users not to click on any links included in the suspicious email and advised them to use strong passwords and two-factor authentication for added security.

Security Breach at The Sandbox

The Sandbox team recently issued a security warning due to a malware programme that an outsider was able to breach an employee’s computer. Purporting to come from The Sandbox, according to a company blog post, this third party had access to a number of email addresses and sent out phishing emails with malicious URLs disguised as advertisements.

Potential Damage Caused By Exploiter

By infiltrating user systems through these phoney ads, the exploiter could have had complete access to the compromised system and all of its data without the user’s knowledge or consent. This could have caused serious damage if left unchecked by users.

Warnings Issued By The Sandbox

The Sandbox warned users not to click on any links included in the suspicious email or any other strange emails they might receive in future. Furthermore, they advised them to use strong passwords and two-factor authentication for added security.

Steps Taken By The Sandbox Team

In response, those affected were contacted via email directly by The Sandbox while the employee’s compromised password has been changed immediately after discovery of this incident. Additionally, they are keeping an eye on things while trying their best improve security rules and procedures within their organization.

Conclusion

The security breach at The Sandbox should be taken as a lesson for everyone as it demonstrates how easily hackers can gain access into our personal information if we are not careful enough when it comes our online safety measures such as using strong passwords with two-factor authentication whenever possible .