Tsinghua International Blockchain Association (TIBA) news roundup 27 October
Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan — a type of uncollatarized loan — but later returned $2.5 million. In seven minutes, the hack was complete. Source: Bitcoin.com
China’s digital yuan is still in its infancy, but the virtual currency is already being faked. That’s according to Mu Changchun, the head of the Chinese central bank’s digital currency research institute, in a speech on the digital yuan’s progress, and how policy makers expect it to get along with existing private digital wallets. Source: Quartz
China’s Digital Currency Electronic Payment (DCEP) will not compete with WeChat Pay and Alipay, the head of the programme clarified for the first time on Sunday. The two digital wallets had a combined 94 per cent share of the country’s mobile payments industry in the second quarter, according to iResearch. Source: South China Morning Post
China’s largest online retailer JD.com has partnered with Fortune Global 500 International Trade Group (ITG) Holding to build a blockchain contract signing platform. The platform JD E-sign aims to reduce time, effort, and costs associated with paper contracts and in-person signing. It will be used by state-owned ITG’s core business, which includes supply chain management, commodities processing and trading and financial services. Source: Ledger Insights
One of China’s leading blockchain academics said that Beijing has adopted 100 uses for blockchain in the government services sector so far — and stated that Chinese state organizations and private sector firms are rapidly finding real-world uses for the technology. Per Beijing News, the claims were made by Cai Liang, the executive deputy director of the Research Center of Blockchain at Zhejiang University. Source: Cryptonews / BJNews.com
