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SkyBridge Capital, Anthony Scaramucci’s investment firm, has announced plans to tokenize $300 million, roughly 10% of its assets under management, on Avalanche (AVAX). The tokenization strategy involves two funds, one of which focuses on crypto investments like Bitcoin (BTC), which regulators have not classified as securities, while the other spans venture and other digital assets.  To execute the plan, SkyBridge is partnering with Tokeny, a fintech firm specializing in tokenization infrastructure. Institutional tokenization trends Speaking at the Wyoming Blockchain Symposium on Tuesday, August 19, Scaramucci discussed the relationship between crypto and traditional finance (TradFi), focusing on the question of whether tokenization and blockchain technology can outperform existing systems.  “I think the answer to those questions is yes, and I think throughout history, any time that the technology is better, we typically adopt it, even if there’s some ...

Stars Arena was hacked for roughly $3 million worth of AVAX tokens, with the hacker reportedly sending the funds to the Fixed Float crypto exchange. Avalanche-based Web3 social media app Stars Arena announced that it has secured the funding to cover the $3 million hole left by an exploit on Oct. 6. The team also added that it will re-open the smart contract once a full security audit has occurred. In an announcement on X, the Stars Arena team noted: “We have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is coming in to rapidly review the security of the platform.” Important news: we have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is coming in to rapidly review the security of the platform. We will re-open the contract with all the funds in full after a full security… — Stars Arena (@starsarenacom) October 7, 2023 Stars Arena initially confirm...

StarsArena announced that attackers were draining funds through a loophole, but the contract has been patched to prevent further damage. The StarsArena Web3 app on Avalanche has lost some of its funds due to a malicious attack, according to social media reports on October 5.  StarsArena user Lilitch.eth discovered the exploit and announced it on X, formerly known as Twitter. Lilitch.eth claimed over $1 million was lost in the attack. The StarsArena team confirmed the attack, calling it a “war” against the app. They said the attack only resulted in approximately $2,000 in losses and the exploit has now been patched. THE EXPLOIT HAS BEEN FIXED. BUT DON’T GET THIS WRONG WE ARE AT WAR. We’re being targeted by malicious actors in the space that want to steal your money. The little guy is under attack. You are under attack. Your right to platform diversity is under attack. Don’t get it… pic.twitter.com/DmbMdf9cAq — Stars Arena (@starsarenacom) October 5, 2023 StarsArena is a Web3 s...

One of Australia’s ‘Big Four’ banks, Australia and New Zealand Banking Group Limited, recently completed a transaction with tokenized assets utilizing its A$DC stablecoin and Chainlink’s CCIP [Cross-Chain Interoperability Protocol]. CCIP functions on two separate Oracle networks. One network caters to transferring value and sending messages. The other examines and ensures that the transactions are not risky. Nigel Dobson, ANZ’s Banking Services Lead, pointed out that the bank’s work with its A$DC stablecoin and the tokenization of real-world assets has already provided them with valuable lessons. In fact, the bank continued to investigate enterprise-grade use cases. With respect to macro adoption, he said, “Based on market activity, we expect the continued adoption of digital assets will result in the proliferation of multiple assets across many blockchain networks.” As Australia and New Zealand Banking Group (ANZ), one the wor...

The new protocol burns coins on the sending chain, and mints new ones on the receiving chain. Circle, the creator of US Dollar Coin (USDC), has launched a mainnet protocol that lets users transfer USDC between Ethereum and Avalanche, according to an April 26 announcement. Previously, Avalanche users who held USDC on Ethereum had to deposit their coins with a Circle partner or use a third-party bridge to transfer their USDC from one network to the other. The new Cross-Chain Transfer Protocol (CCTP) protocol appears to do away with this need for USDC bridges. The team released a video on April 13 showing how the new protocol works. Unlike a traditional bridge, it doesn’t lock tokens sent to its contract. Instead, it completely destroys them and issues new tokens on the receiving network. Users can redeem these new tokens for bank deposits directly, by depositing the tokens with Circle or its partners. In the announcement, the team said that it expects CCTP to solve the problem of “f...