[Comparative Weekly Review] Poly Network is suspected to have been attacked. Hackers added nearly 100 million BNB and nearly 10 billion BUSD on Metis Network; the Hong Kong government set up a task force for Web 3.0 development, with Financial Secretary Chen Maobo as the chairman; the UK Cryptocurrency Regulation-related Financial Services Act was approved as law by the King; the Korea Legislative Affairs and Justice Commission passed the “Virtual Asset User Protection Law”; virtual insurance company OneDegree completed a new round of financing of 27 million US dollars, and Gobi Venture Capital participated again; MicroStrategy participated again 12,333 bitcoins were purchased, with an average price of $28,136; Mythical Games completed the $37 million C1 round of financing, led by Scytale Digital, and ARK Invest and a16z participated

Here's a recap of the week's top news stories:

[Poly Network is suspected to have been attacked, and hackers distributed nearly 100 million more BNB and nearly 10 billion BUSD on Metis Network]

Comparative news, according to PaiDun monitoring, the cross-chain interoperability protocol Poly Network is suspected to have been attacked. The hacker distributed assets on several chains through Poly, including nearly 100 million BNB and nearly 10 billion BUSD on the Metis network.

Furthermore, hackers added various assets to chains such as Ethereum, HECO, Polygon, Avalanche, and BSC.

[The Hong Kong Government establishes a Web 3.0 Development Task Force, with Financial Secretary Chen Maobo as the chairman]

Comparatively, the Hong Kong Government announced the establishment of a task force for third-generation Internet (Web 3.0) development. The task force is chaired by Financial Secretary Chan Mao-po. The members include 15 unofficial members from relevant industries, as well as representatives of key relevant government officials and financial regulators. The term of office for non-official members will take effect on July 1, 2023 and will last for two years.

Financial Secretary Chen Maobo said, “The blockchain technology behind Web 3.0 has the characteristics of disintermediation, security, transparency, and low cost, and can solve many difficulties and pain points in finance, transactions, business operations, and even life. As an international financial center and a metropolis that values innovation and technology, Hong Kong embraces the major trend of Web 3.0 development. Under the premise of balancing 'proper regulation' and 'promotion of development', Hong Kong actively leads and drives related innovation exploration and development, creates more new application models, and strives to gather top enterprises and talents in this field to build a vibrant ecosystem. The task force brings together relevant industry leaders and professionals. I believe their valuable opinions will help Hong Kong develop into a Web 3.0 hub.”

[The Financial Services Act relating to the regulation of cryptocurrencies in the UK was approved by the King as law]

According to news, King Charles of England approved a bill giving regulators the power to monitor cryptocurrencies and stablecoins on Thursday, marking the final stage of the bill becoming law.

Royal approval is a procedural step after lawmakers' approval to make the Financial Services and Markets Act (FSMB) law and includes measures to bring cryptocurrencies within the scope of regulation. The bill was approved by the upper house of parliament last week.

UK Financial Services Secretary Andrew Griffith said in a statement that after the UK left the European Union, the bill “gave us control over our financial services rulebook,” enabling the regulation of cryptocurrency assets to support their safe adoption in the UK.

[The Korea Legislation and Justice Commission passed the Virtual Asset User Protection Act]

Comparatively, Korea's Legislative Affairs and Justice Commission passed the Virtual Asset User Protection Law to protect investors in virtual assets.

Since there are no objections from the ruling party or opposition party, if a final vote is completed at the plenary session of the National Assembly, the bill will become the first crypto-related legislation in South Korea since the Specific Financial Transactions Information Act (Special Act).

In May of this year, the Political Affairs Committee of the National Assembly of the Republic of Korea passed the “Virtual Asset User Protection Law” at a plenary session. According to reports, the bill focuses on protecting virtual asset users and restricting unfair transactions. It is the country's first legislation on virtual assets.

[Virtual insurance company OneDegree completes a new round of financing of 27 million US dollars, Gobi Venture Capital participated]

According to the news, virtual insurance company OneDegree announced the completion of a new round of financing of 27 million US dollars. Gobi Venture Capital, Sun Hung Kai, Bitrock and new investors will participate. This round of funding will be used to expand its digital asset insurance portfolio. This is the company's fifth round of financing since its inception in 2016. Following the completion of $28 million in financing in 2021, the total amount raised was over $97 million.

According to reports, OneDegree first launched cryptocurrency insurance in November 2021, providing HK$100 million in insurance for the cryptocurrency exchange Hong Kong Digital Asset Exchange.

[MicroStrategy buys 12,333 bitcoins again at an average price of $28,136]

Comparing news, MicroStrategy founder Michael Saylor tweeted that MicroStrategy bought another 12,333 bitcoins at an average price of $28,136, at a cost of about US$347 million.

As of June 27, 2023, MicroStrategy bought a total of 152,333 bitcoins for $4.52 billion, with an average price of $29,668.

[Mythical Games completes $37 million C1 round of financing, led by Scytale Digital, and ARK Invest and a16z participate]

In comparison, Web3 game development company Mythical Games completed the $37 million C1 round of financing, led by Scytale Digital, with new investors ARK Invest, Animoca Brands, PROOF, Stanford Athletics, MoonPay, and existing investors A16z, WestCap, Gaingels, Signum Growth, and Struck Capital participating. CEO John Linden said the terms of this financing are similar to the 2021 Series C round. In addition to expanding the size of the game and the range of users, Mythical Games also intends to use this funding to make a profit.

Additionally, Mythical Games plans to close this funding round with an additional $20 million to $30 million later this year. The company raised $150 million in 2021 and raised an additional $50 million in January of this year, when the company's valuation reached $1.25 billion.

Author: Jonathan Smith

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