Doğa Yurduneri
Turkish President Recep Tayyip Erdoğan unveiled new details about the e-Human project powered by blockchain ahead of Turkey’s national blockchain summit.
Cointelegraph Turkey reported the e-Human project will be based on blockchain tech to keep all services, data and capabilities used by the system under protection.
While it has a sci-fi name, Turkey’s e-Human project acts as a digital service point where the Turkish Presidency can share data related to its services and tools related to career, remote education and talent acquisition.
Students, new graduates and public employees can access job and internship opportunities in the public and private sectors, certified training for public employees, career fairs held in Turkey, events and educational content from the e-Human portal. The project aims to increase employability and support the development of the citizens.
Previously, Turkey’s national car company TOGG announced a strategic partnership with Avalanche blockchain’s developer Ava Labs to develop safe and fast mobility services with smart contracts.
Turkey was known as a crypto-friendly country until President Erdoğan launched an all-out war against the use of cryptocurrencies. The country put a ban on crypto payments in local goods and services in April 2021.
While the government took an anti-crypto stance, it continued to explore the ecosystem while building several blockchain projects of its own. The country even announced its National Blockchain Infrastructure plans. However, the pandemic might have caused a stall since no updates were made after the initial announcement.
The crypto adoption of the Turkish population draws a stark contrast with the government’s perspective. The country is home to several global events, such as Istanbul Blockchain Week and Blockchain Economy Istanbul. The local developer ecosystem is also working hard to bring the next DevCon, a major event for the Ethereum developer community, to İstanbul.
Recent Chainalysis data showed that Turkey was among one of the fastest-growing crypto markets. Chainalysis’ 2022 Global Cryptocurrency Adoption Index revealed that Turkey is in the top 20 countries in terms of crypto adoption.
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Jesse Coghlan
An attacker has returned just over 93% of the more than $9 million worth of cryptocurrencies they exploited from the Celo blockchain-based decentralized finance (DeFi) lending protocol Moola Market.
At around 6:00 pm UTC on Oct. 18, the Moola Market team tweeted it was investigating an incident and had paused all activity, adding it had contacted authorities and offered a bug bounty to the exploiter if funds were returned within 24 hours.
Analysis of the exploit by Web3 security company Hacken shows the attacker manipulated the price of the protocols’ low-liquidity native MOO token by initially purchasing around $45,000 worth and depositing it as collateral to borrow Celo.
The borrowed CELO, along with further CELO provided by the attacker, was then used as collateral to borrow more MOO, driving up the token’s price. The attacker continued repeating this until the MOO token price had increased by 6,400%.
With the inflated token price, the attacker was able to borrow $6.6 million worth of CELO, $1.2 million of MOO, along with $740,000 of Cello Euros (cEUR) and $644,000 Celo Dollars (cUSD), all worth multiples more than their initial posted collateral resulting in the protocol’s loss of around $9.1 million.
Five hours after the initial confirmation of the exploit, Moola Market tweeted it had received just over 93% of the funds exploited, with the attacker seemingly keeping the rest, making around $500,000 as a bug bounty.
Following today's incident, 93.1% of funds have been returned to the Moola governance multi-sig. We have continued to pause all activity on Moola, and will follow up with the community about next steps, and to safely restart operations of the Moola protocol. (1/2) https://t.co/UsdN44X70X October 18, 2022
Moola Market did not immediately respond to Cointelegraph’s request for comment.
The attack draws similarities to the $117 million exploit suffered by Mango Markets on Oct. 11, in which Avraham Eisenberg and his team manipulated the price of the Solana-based DeFi protocols’ native token to borrow cryptocurrencies with an undercollateralized backing. Eisenberg negotiated to keep $47 million as a “bounty.”
Multichain cryptocurrency wallet BitKeep also suffered an exploit late on Oct. 17 with an attacker making off with $1 million worth of Binance Coin Multichain cryptocurrency wallet BitKeep also suffered an exploit late on Oct. 17 with an attacker making off with $1 million worth of Binance Coin through a service used to swap tokens BitKeep says it will fully reimburse any affected users.
The attacks are the latest in a series of exploits to have taken place in October which has also shaped up to be the biggest month ever for hacking activity with the total hacked value reaching around $718 million up until Oct. 12 according to analytics firm Chanalysis.
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Felix Ng
Twitter co-founder and former CEO Jack Dorsey have lifted the curtain on the latest iteration of its social protocol and a new Bluesky Social app — as part of its decentralized answer to Twitter.
The Oct. 18 announcement comes nearly three years since the initiative was announced by Dorsey in December 2019, with the aim that social media users should have control over their data and be able to move it from platform to platform without permission.
The new protocol has been renamed from ADX to Authenticated Transfer Protocol — or AT Protocol — and is described as a “protocol for large-scale distributed social applications” that will allow for account portability, algorithmic choice, interoperability and performance.
Under the protocol, user identity will be handled by domain names in the AT protocol, such as “@alice.com.” These would then map to cryptographic URLs which will secure the users’ account and its data.
This data can also be ported from one provider to another “without losing any of your data or social graph.”
Other features of the protocol include interoperation and enhanced performance, as well as “algorithmic choice” — giving users access to “an open market of algorithms,” similar to the way that users interacting with Web search engines are free to select their indexers.
Bluesky explained that this means users will have more control over what they see and who they reach on social media platforms using the protocol rather than that aspect being controlled and manipulated by a single corporation seeking engagement.
Bluesky previously described its content moderation model as occurring in “multiple layers through the system, including in aggregation algorithms, thresholds based on reputation, and end-user choice:”
“There’s no one company that can decide what gets published; instead there is a marketplace of companies deciding what to carry to their audiences.”
Responding to a user’s question on Twitter, Dorsey also confirmed that a user could choose “no algorithms.”
However, not much is known about the new social app — named Bluesky Social — other than it will “launch soon,” and is currently allowing users to join a private waitlist to test the beta before opening it up to the wider public.
Bluesky noted it reached a “temporary limit on mailing signups” from users signing up for the beta, before switching to mailing list providers to allow for signups to resume.
“We’re looking forward to sharing more about the Bluesky application as it develops,” it said.
The decentralized social platform could be one answer to the centralized manipulation of social media feeds, accounts and data, which has been criticized by many as harmful to social cohesion.
Tesla CEO Elon Musk has previously criticized Twitter’s crackdown on “misinformation,” saying in April that under his prospective leadership, Twitter should be “reluctant to delete things” and permanently ban accounts. He would endeavor to encourage free speech according to respective countries’ laws.
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This Daily Dose was brought to you by Cointelegraph.
