GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Polygon Regains Control of Discord After Hack

- Dimensionals NFT Project Exits Web3 Amid Bear Market

- Google Partners with Gora to Boost Blockchain Oracle Network

- Hong Kong Bitcoin ETFs Reach $250M AUM

- Tether Skips Blockchain Launch Due to Market Concerns

- CEO Of Telegram to Face 20 Years in Prison

Polygon Restores Discord Channel After Hack and Scam Link Scare 

Polygon's Discord channel was compromised on August 24, prompting a security warning from Mudit Gupta, Polygon’s Chief Information Security Officer, urging users to avoid clicking any links. The hack raised concerns as scam links were reported being posted on the channel. Four hours later, Gupta confirmed that Polygon regained control of the channel and began rectifying changes made by the hackers to prevent future breaches.

Discord has become a frequent target for crypto scammers due to its popularity in the crypto community. Recent attacks have involved fake links and phishing scams designed to steal funds from users' wallets. In September 2023, scammers stole over $6 million from compromised crypto Discord channels.

Dimensionals NFT Project Abandons Web3, Citing Market Challenges and Community Backlash

Dimensionals, an NFT project by Mino Games, has decided to leave the Web3 space, transitioning its blockchain-based game to a traditional Web2 title on the Steam platform. After raising $15 million in 2023, the project faced several challenges, including DDoS attacks, security issues, and a shift in NFT marketplaces that affected their financial model. The CEO, Sasha MacKinnon, labeled the move a “substantial financial loss” and announced efforts to buy back NFTs and distribute ETH to holders.

Despite initially embracing Web3 gaming as a significant opportunity, the project cited a lack of scalability, poor market reception, and the fragility of the NFT market as reasons for the pivot. Community members expressed frustration over the team's communication throughout the process, and the Discord server is set to shut down after distributing funds to NFT holders.

Google Joins Forces with Gora to Accelerate Growth of Blockchain Oracle Network with Funding and Technical Support

Gora, a decentralized blockchain oracle network, has partnered with Google as part of Google’s Web3 Startup Program. This collaboration will provide Gora with $200,000 in Google Cloud credits, funding, and technical support to enhance its platform's development and security. As an oracle network, Gora enables secure data flow for smart contracts across various blockchains, bridging the gap between blockchain networks and real-world data.

The partnership with Google aims to accelerate Gora's growth, expand its DeFi offerings, and foster innovation within the Web3 ecosystem. Additionally, Gora has been selected as a community partner for TOKEN2049 Singapore 2024, further solidifying its presence in the blockchain community.

Hong Kong's Bitcoin ETFs Surpass $250 Million in Assets Under Management, Still Trail Behind US Counterparts

Hong Kong's spot Bitcoin ETFs have reached over 2 billion Hong Kong dollars (approximately $256 million) in assets under management (AUM). Despite this milestone, the Hong Kong ETFs have underperformed compared to their US counterparts, which saw billions in inflows at launch.

Currently, three spot BTC ETFs operate in Hong Kong, with the largest managed by China Asset Management and Harvest Asset Management, accounting for over HK$1.3 billion ($167 million) in AUM. A slower start in the Hong Kong market highlights challenges in attracting both retail and institutional investors.

Tether Decides Against Launching Its Own Blockchain, Citing Market Saturation and Strategic Alignment with Existing Platforms 

Tether, the issuer of the USDT stablecoin, has opted not to launch its own blockchain, citing concerns about market saturation and the abundance of existing, well-established blockchains. CEO Paolo Ardoino explained that entering the already crowded blockchain space may not be a strategic move for Tether, which instead prefers to remain "blockchain agnostic" while ensuring the security and sustainability of USDT transactions.

The decision aligns with Tether's recent activities, such as expanding USDT to the Aptos blockchain for lower fees and launching a dirham-backed stablecoin in the UAE. Tether's focus remains on leveraging existing blockchains to maintain efficient and secure operations.

French Authorities Arrest The Founder and CEO of Telegram, Pavel Durov, upon his arrival from Azerbaijan.

Pavel Durov, the founder and CEO of Telegram, was arrested on Saturday evening at Le Bourget airport as he disembarked from his private jet, according to French news outlet TF1 Info. The 39-year-old Franco-Russian was accompanied by a bodyguard and a woman at the time of his arrest by the Air Transport Gendarmerie. Durov’s arrest came after his arrival from Azerbaijan and was carried out under a French search warrant issued by the OFMIN of the French judicial police, due to his inclusion in the wanted persons file (FPR). The warrant was activated solely upon his presence on French soil.

He has been detained by the National Anti-Fraud Office (ONAF). French authorities accuse Telegram of facilitating various crimes, including terrorism, narcotics trafficking, and fraud. According to a source familiar with the investigation, Telegram’s platform allegedly enabled numerous offenses and crimes, for which Durov did not take sufficient action to moderate or cooperate.

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