Mango & apricots

Your serving of crypto fruit salad

Hi Radars? Radarists? RadarHeads? Really gotta workshop whatever we’re going to call ourselves now that the Coinsider Radar is almost two months old.

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Today: Lessons from South Korea, a Mango plot twist, and Apricot goes bananas. I know, lots of fruit but bear with me.

—Angelina

BTS With a Side of Blockchain

Blockchain tech is so much more than just Bored Apes and hacked DeFi protocols and Elon Musk memes. In South Korea, it’s about to become the nemesis of teenagers hoping the bouncer doesn’t recognize their fake ID from when their older sister used it five years back.

We’ll explain: South Korea plans to replace physical ID cards with blockchain IDs in 2024, according to Bloomberg. The blockchain IDs, which will be embedded in an app, will allow 45 million South Koreans to carry their digital IDs on their smartphones.

Why that matters? Blockchain IDs make life a lot easier (and safer). Here’s how:

  • They simplify verification on the web. Instead of using cumbersome know-your-customer (KYC) procedures or scanning paper certificates, blockchain IDs allow citizens to sign contracts, apply for state benefits, or vote using a PIN or a fingerprint.

  • Because they’re on the blockchain, digital IDs are more secure than their physical counterparts. They make ID forgery and theft nearly impossible (our apologies to 17-year-olds everywhere).

Digital IDs are one of blockchain proponents’ most touted use cases. The World Bank calls them a “game-changer” and McKinsey & Co. calculated that extending full digital ID coverage could unlock economic value equivalent of 3–13% of GDP in 2030.

But there’s a but: Blockchain IDs introduce privacy concerns—to squash those concerns, South Korea plans to adopt a decentralized identity system that will prohibit the government from accessing information stored on citizens’ phones, including details on where and how digital IDs are being used.

Bigger picture: South Korea is a first mover when it comes to implementing new technologies—it regularly outranks similar countries in terms of tech adoption and applications for everyday life. As such, South Korea’s embrace of digital IDs could prompt other countries to follow suit, paving the way for the widespread global adoption of blockchain tech.

Mango Exploit...Resolved?

The Mango Markets saga continues—with some serious plot twists.

Last week, a hacker exploited the popular Solana crypto exchange, draining $114 million from depositors and leaving the platform insolvent. Now, Mango’s exploiter has come clean.

The TL;DR:

  • Avraham Eisenberg claimed responsibility for the attack, arguing that his actions were completely legal. (Technically, the exploit was a market manipulation and not a hack. Eisenberg took advantage of a loophole in Mango’s protocol and managed to drain funds while playing by the rules.)

  • Eisenberg then struck a deal with Mango DAO that will allow him to keep $47 million as bug bounty. He returned the remaining $67 million.

  • Mango DAO agreed not to take legal action against Eisenberg and started reimbursing customers yesterday.

FYI: Eisenberg is attempting to play the part of the white-hat hacker, but he only came clean after a reporter connected him to the attack.

Our take: While Mango DAO’s deal with Eisenberg appears to be the best possible option to keep Mango Markets in business, it raises a greater question for DeFi as a whole—where do we draw the line between benevolent bug finders and malicious hackers?

It's Like Comparing Apples to...Apricots

We’re not here to give investment advice, but if we were? We’d tell you to double check the ticker before you ape into a token. Unfortunately, our non-advice comes too little, too late for some.

Earlier this week, an Apricot Finance token, which was then utilizing the ticker APT, surged as much as 70%. But it wasn’t a sudden bull rush—investors mistakenly bought Apricot’s token instead of the newly launched (and much anticipated) Aptos token, also called APT.

But investors lost money either way—both APTs are down significantly since the switch up. Always DYOR first, folks.

In other news:

  • Three Cryptoqueen associates face charges over their roles in the biggest crypto scam of all time.

  • Azuki introduced Physical Backed Tokens (PBTs) that could bring NFTs to a whole new level.

  • New IRS tax guidelines now include NFTs.

  • Israel plans to test blockchain-based government bonds.

  • Terra devs unveil their four-year plan to revive the LUNA ecosystem.

And that’s what you need on your radar today in crypto. If you need some quality crypto content to pass the time until Sunday’s newsletter, check out Coinsider’s latest video on this new Layer 2 DEX. Also—re: what to call ourselves, hit reply and share your best idea for a Coinsider Radar reader nickname. Happy Friday!