Nick Sawinyh
on 08 Aug 2023

• Not only Asia’s largest Web3 event, this year’s conference is expected to be the world’s largest of its kind
• TOKEN2049 has already surpassed last year’s registration and sponsorship numbers with numbers steadily climbing ahead of September
• Speaker highlights include prolific entrepreneur Balaji Srinivasan; Ethereum Co-Founder Joe Lubin; Galaxy Digital CEO Mike Novogratz

**SINGAPORE — 6 June 2023 — **TOKEN2049, Asia’s premier Web3 and crypto conference, has announced its first batch of high-profile title sponsors_ _and headline speakers for its much-anticipated Singapore return. TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands, ahead of the Formula 1 Singapore Grand Prix 2023 race weekend.

TOKEN2049 is set to welcome over 10,000 attendees from over 3,500 companies, making it the largest event of its kind this year. With the conference taking place in Singapore once more, this speaks to the enduring importance of Asia as a driver of growth and vibrancy of innovation in the global digital asset ecosystem. Following the resounding success of its record-breaking Singapore 2022 event, TOKEN2049 will feature an expansive programme of over 300 side events and networking opportunities taking place from 11-17 September throughout the city-state.

Celebrating the event’s triumphant return to Singapore, **Alex Fiskum, Co-Founder of TOKEN2049 **said: “We’ve seen unprecedented traction and interest amid a record number of ticket registrations to date and confirmed speakers, sponsors and partners in our line-up. We expect TOKEN2049 Singapore to be the largest crypto event of the year, an unforgettable experience that will surpass our previous editions in terms of size, activity, and overall excitement.”

Gathering global industry leaders, top decision makers and innovators, new additions in the 2023 agenda include hacker houses, technical workshops, and NFT galleries among others. The 2023 edition of the conference has already surpassed last year’s attendance, sponsorship and speaker milestones, with numbers rapidly rising ahead of September.

This year’s agenda spans the ever-evolving regulatory landscape, the rise of AI, Web3 gaming, NFTs and the metaverse, DeFi, scalability, interoperability, and many more. The impressive speaker line-up includes Balaji Srinivasan, Founder, Investor and Author of The Network State; Joe Lubin, Co-Founder of Ethereum and Founder of ConsenSys; Stani Kulechov, Founder and CEO of Aave; Mike Novogratz, CEO of Galaxy Digital; Sandeep Nailwal, Co-Founder of Polygon; and Brad Garlinghouse, CEO of Ripple, along with a range of leading industry figureheads.

“This is the second year for us to combine TOKEN2049 and Singapore Grand Prix where we’ll unveil the new McLaren OKX custom livery. The event is a great starter to the weekend and to bring crypto and F1 fans together in a big way. This year has been about helping people see the future of Web3 through our latest “rewrite the system” campaign and Singapore will be a prime venue for us to amplify our efforts,” said Haider Rafique, Chief Marketing Officer at OKX.

The diversity of this year’s title sponsors for TOKEN2049 Singapore speaks to the inherent vigour of the industry. This includes leading cryptocurrency spot and derivatives exchange OKX; global financial technology firm Circle Internet Financial (Circle); world’s largest cryptocurrency exchange Binance; global digital asset market maker and multi-stage Web3 investment firm** DWF Labs; open-source blockchain technology firm **EOS Network Foundation; DeFi asset management protocol Tranchess; top cryptocurrency exchange platform Kucoin; the world’s largest multichain ecosystem Polkadot; all-in-one, institutionally-focused digital asset platform Fireblocks; leading decentralised blockchain operating system TRON DAO; world’s largest crypto copy trading platform Bitget; open-source public blockchain Klaytn; and the world’s first Sharia-compliant crypto asset Islamic Coin.

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/

Nick Sawinyh
on 07 Jul 2023

Decentralized Finance (DeFi) has rapidly gained popularity in recent years, offering users financial services without intermediaries. However, the rise of DeFi has also attracted malicious actors, resulting in numerous high-profile hacks and vulnerabilities. In this blog post, we will explore some of the notable DeFi hacks that have occurred, the lessons learned from each incident, and the ongoing challenges faced by the industry.

##ChainSwap

$800k Hack – July 2, 2021

The ChainSwap hack exposed a smart contract bug, causing users to lose funds. ChainSwap swiftly responded by shutting down all nodes and deploying a fix within 30 minutes, showcasing the importance of quick response times and effective communication during a crisis.

$4.4M Hack – July 10, 2021

ChainSwap faced another vulnerability just days after the initial incident, resulting in significant financial losses. This incident highlighted the need for continuous security audits and thorough testing of smart contracts to prevent repeat vulnerabilities.

Multichain(Anyswap)

$7.9M Hack – July 10, 2021

Compromised MPC keys due to repeated k-values led to the Multichain hack. This incident underscored the importance of secure key management and the need to regularly review and update cryptographic protocols to prevent key-related vulnerabilities.

$3M Hack – January 17, 2022

The Multichain hack exposed vulnerabilities in approvals, resulting in the draining of funds. Whitehat hackers played a significant role in recovering a portion of the stolen funds. The incident showcased the value of ethical hackers and the potential for bug bounties as an incentive for vulnerability discovery.

$130M+ (Ongoing) – July 6, 2023

As investigations continue into the latest Multichain hack, the incident highlights the persistent challenges faced by the DeFi industry.

Thorchain

$5M Hack – July 16, 2021

A smart contract bug in Thorchain’s protocol resulted in a substantial loss of funds. The incident emphasized the criticality of extensive code review and testing, particularly for complex decentralized systems, to identify and address potential vulnerabilities before they can be exploited.

$8M Hack – July 26, 2021

Thorchain suffered another smart contract bug, further highlighting the persistent challenges faced by DeFi platforms in ensuring the security of their protocols. The incident reinforced the need for ongoing security audits and the adoption of best practices in software development and testing.

Poly Network

$610M Hack – August 10, 2021

The Poly Network hack, one of the largest in DeFi history, revealed a smart contract bug. However, a remarkable turn of events occurred when Tether froze $33 million worth of USDT, and the hackers returned the stolen funds. This incident emphasized the importance of collaboration between industry stakeholders, including the willingness of centralized entities to cooperate with decentralized systems.

$10M Hack – July 1, 2023

Poly Network faced another smart contract bug, indicating the ongoing challenges in securing DeFi protocols. The incident prompted a review of signature validation mechanisms and highlighted the need for continuous improvement and adaptation in response to evolving threats.

Wormhole $326M Hack – February 2, 2022

A smart contract bug led to a significant loss of funds in the Wormhole hack. The incident highlighted the need for comprehensive security measures and continuous monitoring of contracts to detect and address vulnerabilities promptly.

Li Finance $600k Hack – March 20, 2022

Li Finance discovered a smart contract bug 12 hours after its deployment, promptly pausing the affected contracts. This incident demonstrated the importance of post-deployment monitoring and the ability to respond swiftly to mitigate potential risks.

Ronin $650M Hack – March 23, 2022

The Ronin hack, orchestrated by the Lazarus group, remained undetected for six days, leading to substantial financial losses. This incident raised concerns about the sophistication of attackers and the necessity for advanced security measures, including multi-factor authentication and robust threat detection systems.

Harmony Horizon Bridge $100M Hack – June 24, 2022

The compromise of keys in the Harmony Horizon Bridge resulted in a significant breach. Protecting cryptographic keys and implementing stringent access controls emerged as crucial challenges for DeFi platforms.

Nomad $190M Hack – August 1, 2022

Whitehat hackers intervened to rescue some funds in the Nomad Bridge hack. The incident highlighted the importance of a collaborative approach to security, with ethical hackers working alongside projects to identify and mitigate vulnerabilities.

BNB Chain Bridge $566M Hack – October 7, 2022

Improper Merkle tree validation led to the BNB Chain hack, resulting in substantial financial losses. This incident emphasized the need for robust validation mechanisms and rigorous testing to ensure the integrity of blockchain data structures.

Conclusion

The history of DeFi hacks showcases the evolving nature of security challenges in the decentralized ecosystem. As the industry grows, developers, auditors, and users must prioritize security at every stage, including smart contract development, code review, security audits, and ongoing monitoring. Collaboration, transparency, and the adoption of best practices will be key to ensuring the long-term viability and trustworthiness of DeFi platforms. By learning from past incidents and implementing proactive security measures, the DeFi industry can strive towards a more secure and resilient future.