Sergey Nazarov, co-founder of Chainlink Labs, recently spoke with CNBC Crypto World about a collaborative pilot program involving DTCC, Chainlink, and ten financial institutions. The initiative aims to bring Net Asset Value (NAV) data on-chain. Nazarov also discussed the tokenization of real-world assets and the financial and political developments in the crypto sector.

Source Credits: CNBC

Fantom, a leading blockchain platform, has announced the launch of the Sonic Foundation, a groundbreaking initiative aimed at developing the new Sonic Chain. This move represents Fantom’s latest effort to advance blockchain technology and expand its ecosystem.

The Sonic Foundation will focus on the research, development, and implementation of the Sonic Chain, which promises to enhance scalability, security, and interoperability within the blockchain space. The foundation aims to foster innovation by supporting projects and developers dedicated to leveraging the new chain’s capabilities.

Fantom’s CEO, Michael Kong, emphasized the significance of this initiative: “The Sonic Foundation is a strategic step towards pushing the boundaries of what blockchain technology can achieve. By introducing the Sonic Chain, we aim to address current limitations and pave the way for more efficient and robust decentralized applications.”

The Sonic Chain is expected to introduce a range of new features designed to optimize performance and user experience. These include advanced consensus mechanisms, improved transaction speeds, and enhanced security protocols. The chain will also be fully compatible with existing blockchain networks, facilitating seamless integration and interoperability.

The Sonic Foundation will provide grants, technical support, and resources to developers and projects that align with its mission. This support is intended to accelerate the adoption and utilization of the Sonic Chain, encouraging a diverse range of applications from decentralized finance (DeFi) to supply chain management and beyond.

Industry experts are optimistic about the potential impact of the Sonic Foundation. “Fantom’s initiative could significantly influence the blockchain landscape,” said blockchain analyst Laura Shin. “The focus on scalability and interoperability is particularly timely, addressing some of the most pressing challenges faced by the industry today.”

As Fantom unveils this new initiative, the blockchain community is closely watching how the Sonic Foundation will shape the future of decentralized technology. With the backing of a robust support structure and a commitment to innovation, the Sonic Chain is poised to become a key player in the evolution of blockchain solutions.

The launch of the Sonic Foundation underscores Fantom’s dedication to driving progress and fostering a vibrant ecosystem. As the Sonic Chain develops, it is expected to attract a growing number of developers and users, further solidifying Fantom’s position as a leader in the blockchain industry.

The hacker behind the $25 million exploit of quantitative trading firm Kronos Research in mid-November 2023 started moving funds nearly six months after the exploit.

The hacker wallet first transferred 1,314 Ether worth $4 million to a new address, starting with 0x8F5e4 and later transferred all the ETH to another address starting with 0x164A24b.

Tornado Cash is an open-source cryptocurrency mixer that operates on networks compatible with the Ethereum Virtual Machine. The mixing services obscure the path of the crypto transactions and make it extremely difficult to trace the source of the funds.

Although created as a privacy tool, hackers often use mixing services to launder stolen funds via decentralized exchange platforms.

The significant usage of Tornado Cash for transferring illicit funds prompted the United States government to impose sanctions on its use in August 2022. Subsequently, its founders were charged with money laundering and sanctions violations in 2023.

While opinions within the crypto community vary regarding adopting privacy tools, there is a consensus against state persecution of developers for creating an application.

The crypto analytics firm PeckShield raised an alert regarding the transfer of funds on X. It cautioned that the transfer to Tornado Cash suggests that the hacker is attempting to launder the stolen funds.

Over the years, exploiters have chosen crypto-mixing services over centralized exchanges, as once they are identified, exchanges block addresses.

Kronos Capital was exploited in November 2023 after the exploiters managed to gain access to the firm’s application programming interface keys. The firm first denied any loss of funds during its early announcement.

Later, on-chain investigator ZachXBT revealed that roughly 12,800 ETH worth $25 million was stolen and transferred into six unique crypto wallet addresses. Kronos Capital halted its trading services to investigate the loss.