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Finance

Woori Bank reports 4 billion won financial incident linked to pre-sale scam

Woori Bank reported a financial incident worth 4.01 billion won involving an outsider\'s submission of falsified documents. The bank said the incident occurred from Aug. 19 to 30, 2024, and was discovered after it received a request for materials from investigative authorities. The bank said the loss amount has not been confirmed as the matter is under investigation. A bank official linked the case to a discounted pre-sale scam.

Crypto

MNX, an AI economy-focused decentralised futures exchange, raises $6.4 million in pre-seed funding

MNX, a decentralised futures exchange focused on the AI economy, raised $6.4 million in pre-seed funding. Village Global led the round, with participation from Cambrian, North Island Ventures, Finality Capital and Relay Digital, along with angel investors including Augur and Gnosis co-founder Matt Liston and Gitcoin\'s Scott Moore. Founded last fall by Manifold Markets co-founders Stephen Grugett and Ian Phillips, MNX is building a venue for AI-related assets.

Crypto

Billionaire Tim Draper says quantum computers more of a threat to banks than bitcoin

Venture investor Tim Draper said quantum computers pose a greater threat to traditional finance than to bitcoin, arguing banks would be hacked first. He said his bitcoin holdings are safer than U.S. dollars kept in banks and that the bitcoin network could, if attacked, carry out a hard fork to return to a last safe block, though broad consensus would be required. Debate continues over quantum risks and possible quantum-resistant upgrades.