Web3 🌕 Monday Whirlwind: NFT Jazz Fest, Vitalik Buterin's Twitter Hacked, Game-Changing Apps, and FTX's Legal Battle

Greetings and a warm Happy Monday to you! As we step into a new week, the world of Web3 technology is abuzz with groundbreaking updates that promise to reshape the digital landscape. As we delve into these stories, we invite you to join us in exploring the dynamic world of Web3 and the transformative potential it holds. Each of these developments brings with it a promise of innovation and a glimpse into the future of digital finance. Stay tuned for an in-depth look at each of these exciting updates!

1. Korbit Introduces NFT PASS for Jarsum Jazz Festival

Korbit, a cryptocurrency exchange, introduces NFT PASS for the 20th Jarasum Jazz Festival in Korea. These NFT passes, in collaboration with SK Planet, grant access to the festival on Jara Island from October 7th to 9th. Early buyers enjoy exclusive perks, including special admission bands, artist-themed t-shirts, and a chance to win Korbit's 10th-anniversary merchandise. Additionally, Korbit offers KRW 10,000 worth of Bitcoin to new sign-ups who verify their identity and link their Shinhan Bank account via a provided QR code. NFT PASS holders must validate their ownership on-site, as these passes are non-refundable and non-transferable. This innovative use of NFTs enhances the festival experience, showcasing Korbit's commitment to engaging with customers through cutting-edge technology. The festival, featuring renowned artists, takes place from the 6th to the 9th of next month.

Korbit to Sell NFT PASS for Jarsum Jazz Festival

Cryptocurrency exchange Korbit announced today that it will sell non-fungible token (NFT) PASS for the 20th Jarasum Jazz Festival, a representative jazz festival in Korea.The NFT PASS, issued in partnership between Korbit and SK Planet, will be available for purchase on Korbit’s website until the 3r

코인데스크코리아

2. Hacker Pilfers $690,000 via Vitalik Buterin's Twitter Hack

Vitalik Buterin, Ethereum's creator, fell victim to a Twitter hack resulting in a theft of $691,000 from users who clicked a corrupted link. The scam involved fake NFT launches from Consensys. Though swiftly reported, victims lost access to their wallets. The hacker escalated takings from $147,000 to $691,000. Buterin hasn't publicly commented on the incident. Notably, the hacker sent a stolen NFT to Buterin. This incident adds to a series of social media hacks amassing millions in tokens. It prompts discussions on developer compensation for losses and critiques Twitter's security measures. Two-factor authentication is recommended, yet only available through paid Twitter Blue subscriptions, prompting calls for enhanced security features.

Hacker Steals Over $690,000 After Hijacking Vitalik Buterin’s Twitter Account - Decrypt

A fake link promising an exclusive NFT was posted to the Ethereum inventor’s feed.

DecryptNicholas Morgan

3. Bitazza and Fuse.io Reveal Revolutionary Web3 App at Token2049

Bitazza, Asia's fastest-growing digital asset platform, partners with Fuse, a leading blockchain ecosystem for business payments, to launch the groundbreaking Freedom World App at Token2049, a prominent Web3 event. This innovative application bridges the realms of Web2 and Web3, expanding blockchain technology's accessibility to previously underserved industries. It promises to convert virtual experiences into tangible real-world benefits. A significant highlight is the collaboration with the renowned Mystic Valley Festival, known for its rich history dating back to 2016 and its anticipated return in 2024. The app showcases features like NFT ticketing, social integration, airdrop capabilities, and MYST token redemption for real-world privileges. Freedom World App empowers businesses with a versatile toolkit, including tokenized points, theme customization, referral systems, and NFT engagement. Mystic Valley Festival, set against the picturesque Khao Yai valleys in Thailand, blends music, nature, and technology for an unforgettable experience. This transformative journey invites users to join the convergence of virtual and real-world experiences, enhancing the music festival experience through technology and innovation.

Bitazza and Fuse.io Unveil Groundbreaking Web3 App at Token2049

/CNW/ -- The stage is set for a groundbreaking debut as Bitazza (www.bitazza.com), Asia’s fastest growing digital asset platform, in collaboration with Fuse…

PR NewswireBitazza

4. Avalanche's HyperSDK Hits 143K TPS on Testnet

Avalanche's testnet has achieved an impressive 140,000 transactions per second with its HyperSDK blockchain upgrade. HyperSDK enables developers to create high-performance Virtual Machines (VMs) without extensive coding, simplifying and expediting custom VM development for optimized blockchains. In controlled testing, HyperSDK reached 143,322 TPS. Comparatively, Avalanche currently processes up to 4,500 TPS, Solana claims 2,000-3,000 TPS, and Ethereum manages only 15-20 TPS. According to Nick Mussallem, head of product at Ava Labs, real-world throughput is expected to stabilize around 50,000 TPS. HyperSDK, designed to balance decentralization, scalability, and security, enhances state management for faster performance. It's open source, though in early beta, with a target for a full launch by year-end.

Avalanche’s HyperSDK blockchain upgrade hits 143K TPS on testnet

Ava Labs is testing HyperSDK, a high throughput upgrade for developers to build their own virtual machines on Avalanche.

CointelegraphMartin Young

5. FTX Initiates Legal Action Against LayerZero Labs for $21M Recovery

Bankrupt crypto exchange FTX is suing cross-chain protocol LayerZero Labs, seeking the return of $21 million allegedly withdrawn illegally prior to FTX's November shutdown. The case revolves around transactions between Alameda Ventures, FTX's sister company, and LayerZero from January to May 2022. Alameda Ventures paid over $70 million for a 4.92% stake in LayerZero and bought 100 million STG tokens for $25 million in March. LayerZero also loaned $45 million to Alameda Research, Alameda Ventures' parent company, in February. FTX claims LayerZero took advantage of Alameda Ventures' liquidity crisis during FTX's November crisis. The lawsuit seeks the cancellation of agreements and recovery of funds withdrawn before bankruptcy, including $21.37 million from LayerZero Labs, $13.07 million from former COO Ari Litan, and $6.65 million from subsidiary Skip & Goose. FTX is also pursuing recoveries from other subsidiaries.

FTX sues LayerZero Labs, seeks to recover over $21M moved prior to bankruptcy

FTX has filed a lawsuit against LayerZero Labs to recover millions in funds that were allegedly illegally withdrawn prior to its collapse in November 2022.

CointelegraphAna Paula Pereira

In this whirlwind of Web3 revelations, we've witnessed the fusion of art and blockchain with Korbit's NFT PASS, but also faced the stark reality of online vulnerabilities through the Twitter hack. Bitazza and Fuse.io astound with their groundbreaking Web3 app, while Avalanche's HyperSDK breaks barriers with 143K TPS. FTX's pursuit of justice against LayerZero Labs unveils the challenges in this dynamic space. As Monday concludes, the Web3 landscape proves both exhilarating and complex, setting the stage for even more transformative developments in the decentralized world. Stay tuned for what tomorrow brings in this ever-evolving digital frontier!

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