Welcome to The Daily Forkast, August 18th, 2021.
I’m Angie Lau, Editor-in Chief of Forkast.News. Coming up, the Poly Network saga takes
another twist by offering its hacker a job. Hong Kong based BIT Mining sees its
revenue surge and the latest use for NFTs; care packages for displaced Afghan families. Let’s get you up to speed from Asia to the world. First up, the Poly Network hacking
saga has taken yet another turn. Not only is Poly Network still offering
Mr. White Hat a bounty of US$500,000, they’ve now also offered a job.
In a tweet, the company said it cordially invites him to be “our chief security
adviser”, assuming it is a him. It’s an interesting offer to someone who so very
publicly humiliated the project. So why do it? Forkast.News Monika Ghosh has the latest. In a statement Poly Network said that while
there had been misunderstandings between the two, they now understand Mr. White Hat’s
mission for DeFi and the crypto world, and it’s in line with their ambitions. Mr. White Hat had responded to the job offer
with the joke posted on Ethereum and shared on Twitter by Elliptic founder Tom Robinson. It’s
not clear whether that would count as a yes or no. One expert told Forkast.News, “we’re likely to see more blockchain companies offering rewards
to ethical white hat hackers who spot bugs.” “I think it’s a natural progression. As a lot
of the blockchain companies are maturing, you’re absolutely going to see them going to different
sources to come up with different bounty systems.” And one ethical hacker told us they
are essential for developing trust. “So to show to your investor and your
customers that you do have a mechanism to uncover holes, you need
to have a bounty program.” Indeed, there are many white hat hackers out there
and one of them has helped decentralized exchange SushiSwap avoid a potential USD$ 350
million hack to its Miso token sale.
A researcher at venture capital fund, Paradigm, who spotted a flaw in the code, pointed it out and
worked with SushiSwap to neutralize the threat. For Forkast.News. I’m Monika Ghosh. Meanwhile, Hong Kong based crypto miner BIT Mining
has seen its net revenue surge in its Q2 earnings release. The company says net revenue for the
quarter ended June 30th was almost US$450 million. That’s a massive leap from the three million it
reported in the previous quarter. The company says that revenue jump is in large part thanks
to its acquisition of the mining pool BTC.com.
So what’s next for global mining domination plans? Forkast.News Timmy Shen has
more from Taipei, Taiwan, In its report, BIT Mining says it has
completed its transition to an enterprise covering cryptocurrency, mining data
center operation and mining pool. Previously an online lottery operator, the company
announced it was starting that pivot in January. Now the focus is on expanding mining operations
globally, as well as construction of a data center outside of mainland China. It is due to begin
operation late in the third quarter of this year.
That strategy follows China’s
clampdown in cryptocurrency mining, which has seen a mass exodus of miners
to countries including Kazakhstan. BIT mining now has a potential hashrate capacity
of almost 300 quadrillion hashes per second in the country, though not all of their
machines there have been deployed as yet. For Forkast News, I am Timmy Shen Taipei, Taiwan. And finally today, could philanthropy prove
to be the next real life application for NFTs? With the Taliban takeover of Afghanistan hitting
headlines around the world, many people have been thinking about ways to help those whose
lives have been turned upside down as a result.
Jack Butcher, the founder of Visualize Value, is
one of them, and he’s hit upon the idea of using NFT for good, setting up a fund to distribute care
packages for families displaced by the conflict. Those NFTs are priced at 0.028 ETH or US$
89.50. The money goes to care.org, who say it’s enough to cover one family’s emergency needs,
including food, water and shelter for a month. It’s another interesting
real life use case for NFTs. Some digital solace, if you will, for
those displaced in this growing crisis. And that’s The Daily Forkast from
our vantage point right here in Asia. For more, visit Forkast.News. I’m
Editor-in-Chief Angie Lau. Until the next time..