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Babafemi Adebajo

Articles by Babafemi Adebajo

Chinese Court Applies Property Law to NFTs

December 5, 2022

While China is seemingly encouraging the ownership of NFTs, NFT prices have been down in the wake of a wider market rout.A Chinese court in Hangzhou city has applied its property law to nonfungible token (NFT) collections. The court ruled that NFTs are like online virtual property and should be protected under Chinese law.While noting Chinese laws are not clear on the features of NFTs, the court moved to establish its legal attributes. According to the case report, “NFTs have the object characteristics of property rights such as value, scarcity, controllability, and traceability”. Thus, the court affirmed they were like a network’s virtual property. The need to define the legal attributes came as part of a developing legal case where an unmanned user of a technology platform sued the

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Hacker Exploits Ankr for Over $5 Million

December 2, 2022

While investigations are still ongoing, the case is rapidly developing. So far, the aBNBc token has lost over 99% of its value.DeFi protocol, Ankr, has reported a breach by a hacker that resulted in an unlimited minting of its token aBNBc. After minting six quadrillions of the token, the attacker exchanged 20 trillion aBNBc for BNB.On-chain analysis firm Lookonchain notes that the attacker then used a combination of Uniswap, Tornado Cash and several bridges to swap the BNB and get $5 million USDC. How Was Ankr Breached?According to a blockchain security firm Beosin, the hacker exploited vulnerabilities in the smart contract code and compromised private keys following the most recent Ankr upgrade. Using this approach, the attacker minted tokens without any form of verification.PeckShield

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Tel Aviv Stock Exchange Unveils New Digital Strategy

October 24, 2022

The latest decision to include crypto in the TASE strategic plan underscores the nation’s attitude towards digital assets and its potential in traditional finance.The Tel Aviv Stock Exchange (TASE) has today announced a new strategic plan that’ll span 2023-2027. The exchange’s previous plan published when CEO, Ittai Ben-Zeev, took office resulted in strong financial gains and TASE will look to build on that.Specifically, it grew its profit margin from 9% in 2017 to about 25% in the first half of 2022. Revenue from services also grew annually by 7.5% between 2017-2022, while operational costs only grew by 4% annually. According to Ben-Zeev, the new strategic plan will help the exchange to tap into abounding global opportunities. He said, “We see in the next five years a critical window of

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