zkLink Announces First “Dunkirk Test” to Establish New DeFi Safety Standard

Singapore, Singapore, May 3rd, 2023, Chainwire

zkLink, a multi-chain trading middleware utilizing zero-knowledge proofs, announces the first “Dunkirk Test”, a new DeFi safety standard, on May 11-13. During this event, zkLink will shut down its servers for 72 hours, inviting users to try the emergency asset recovery feature, and earn rewards for taking part in the test.

“The Dunkirk Test is like a fire drill for crypto users. We will simulate a sudden shutdown of the zkLink infrastructure, so that users can learn how to recover their assets,” said Vince Yang, co-founder of zkLink. “We believe the ‘Dunkirk Test’ could set a new benchmark for safety in the crypto industry. It is unacceptable that billions of dollars are lost each year due to custody fraud or cross-chain bridge exploits, so we encourage other DeFi protocols to conduct the same test to prove self-custody of user’s funds.”

The Dunkirk shutdown period begins on May 11 at 12pm Singapore time, during which users can go to a recovery node and withdraw their assets back to their wallets.

One of zkLink’s ecosystem dApps, ZKEX.com, will also take part in the shutdown test.

To participate in the Dunkirk event, users should first join the campaign on Galxe.com, then trade on the ZKEX.com testnet using free test tokens until May 10, the day before the shutdown.

“The ZKEX team is building what we hope is the safest omni-chain DEX in the industry. So to prove it, we’re joining zkLink in shutting down access to our trading platform to demonstrate users won’t experience another CeFi-like loss with us,” said Balal Khan, co-founder of ZKEX. “Think of this as a fake rug pull with a happy ending, giving peace of mind that crypto traders have ownership and control of their assets at all times, even if zkLink is down, or ZKEX.com disappears.”

In addition to fourteen partners hosting recovery nodes, zkLink’s open-source asset recovery app has been released on Github, enabling anyone to download and run a private recovery node for fund withdrawal.

The mainnet launch of zkLink is planned for summer 2023, soon after the Dunkirk test.

For more information about the Dunkirk asset recovery test, visit zk.link/dunkirk

About zkLink

zkLink is a multi-chain trading infrastructure secured with zk-SNARKS, empowering the next generation of decentralized trading products such as order book DEX, NFT marketplaces, among others.

By connecting various L1 blockchains and L2 networks, zkLink’s unified, multi-purpose ZK-Rollup middleware enables developers and traders to leverage aggregated assets and liquidity from different chains and offer a seamless multi-chain trading experience, contributing to a more accessible and efficient DeFi ecosystem for all.

About the ‘Dunkirk Test’

Inspired by the historic evacuation from the beaches of Dunkirk, the zkLink Dunkirk Test serves two critical purposes: boosting user confidence in zkLink system security and promoting the adoption of the Dunkirk Test as an industry standard for absolute fund security.

In this first test, the zkLink protocol will shut down for three days, allowing users to recover their assets from either a hosted or self-hosted recovery node. Asset balances will be rebuilt from all connected blockchains, and withdrawn back to users’ wallets, giving peace of mind that user funds are truly self-custodial.

A number of partners have committed to run recovery nodes for users during the Dunkirk shutdown period, namely Alliance DAO, Ascensive Assets, BitEye, Bware Labs, CyberConnect, Kepler-428 DAO, Meria, Morningstar Ventures, Republic Crypto, Secure3, Smrti Labs, TokenInsight, Unipass, and Verilog.

To stay updated and learn more about zkLink, follow zkLink on:

Website | Twitter | Discord | Logo

Contact

zkLink Marketing Team
zklinkteam@zklink.org

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Biden urges technology firms to prioritize safety in AI development

During a meeting with science and technology advisers on Tuesday, US President Joe Biden raised concerns about the safety of artificial intelligence (AI) and urged technology companies to prioritize safety when developing and releasing AI products. While acknowledging the potential benefits of AI in tackling issues such as disease and climate change, Biden stressed the need to address possible risks to society, national security, and the economy.

“It is yet to be determined. There is a possibility,” Biden replied when asked about the potential hazards of AI. He cited the negative impact that powerful technologies can have in the absence of appropriate measures to protect against them, citing social media as an example. “Absent safeguards, we see the impact on the mental health and self-images and feelings and hopelessness, especially among young people,” he said.

Biden emphasized the importance of technology companies ensuring their products are secure before releasing them to the public. He called for the U.S. Congress to approve non-partisan privacy laws that limit the personal data gathered by technology firms, prohibit child-targeted advertising, and give priority to health and safety in product development.

In recent years, there has been growing concern about the potential risks associated with the development and use of AI. While AI has the potential to revolutionize many industries and address complex global issues, it also poses significant risks to society, including job displacement, bias, and the potential for unintended consequences.

The Center for Artificial Intelligence and Digital Policy, a technology ethics organization, recently urged the U.S. Federal Trade Commission to prevent OpenAI from releasing new commercial versions of GPT-4, a language model that has both impressed and alarmed users due to its human-like capacity to create written responses to prompts.

The debate over the safety of AI is likely to continue as technology continues to advance at a rapid pace. Biden’s call for technology firms to prioritize safety and for Congress to enact privacy laws that prioritize health and safety in product development is an important step towards ensuring that the benefits of AI are realized while minimizing the risks.

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UK Finance Ministry Proposes Safety Net Measures against Stalling Stablecoins

Britain’s finance ministry has announced plans for adapting existing regulations to mitigate any collapse of major stablecoins, like the case of TerraUSD that happened two weeks ago.

In a consultation paper published on Tuesday, the British Treasury Department (the HM Treasury) noted the need to manage risks associated with the failure of a systemic digital settlement asset firm, which could have a broad range of financial stability and consumer protection impacts.

“Since the initial commitment to regulate certain types of stablecoins, events in crypto-asset markets have further highlighted the need for appropriate regulation to help mitigate consumer, market integrity and financial stability risks,” the UK regulator said.

As a result, the finance ministry mentioned that mainstream payment firms, banks, and insurers “must comply with rules which ensure their deposit accounts, policies or services can be transferred quickly to another provider if they go bust, to help avoid panic and contagion in markets.”

The HM Treasury disclosed that further work continues to consider whether bespoke rules are needed for winding down failed stablecoins. The regulator also considers the need to adapt existing legal frameworks to be effectively applied to manage the risks posed by the possible failure of systemic digital settlement asset firms for financial stability.

The British ministry also proposes amending the Financial Market Infrastructure Special Administration Regime, which would give the Central Bank of England powers to ensure continued operations of stablecoin payment services during a crisis.

Regulatory Scrutiny Heightened

The latest development is a continued action by the UK Treasury Department’s plans to regulate stablecoins in light of the mega crash.

The collapse of TerraUSD stablecoin triggered regulators’ concerns in the little-regulated sector. The plunge has strengthened the view that the design of some stablecoins poses serious risks.

The US treasury secretary, Janet Yellen, recently called for stablecoin’s regulation after the de-pegging debacle overtook TerraUSD.

Following the TerraUSD de-pegging fiasco, South Korea also mentioned plans to strengthen stablecoin regulation. South Korean financial regulators are currently conducting an emergency investigation of cryptos to expedite the adoption of the “Digital Asset Basic Act.”

Image source: Shutterstock

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Kraken Shuts Down San Francisco-based HQ, Blaming for Local Safety

Kraken, the first cryptocurrency exchange to become a bank in the U.S., has shut down its headquarters in San Francisco on grounds, saying that a region is no longer a safe place for its business.

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As contained in a statement released by Kraken’s Chief Executive Officer, Jesse Powell, the closure of its headquarters became necessitated, attributing to the local safety as lots of its employees have been attacked on the streets, robbed, and harassed on the way to and from the office.

The outspoken Kraken boss has blamed the policies of the District Attorney for the San Francisco area Chesa Boudin, whom he noted “Ingloriously Protects” criminals based on his ‘Catch and Release’ program. 

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Source: Kraken

The challenges the trading platform is facing seem to extend beyond just its employees’ safety, as the statement from Powell also noted that its business partners often refuse to visit again after being victimized. The complaints have showcased how lawless the San Francisco area, deemed as the financial capital of California, has been, a tag that is notably against its business prospects.

According to the statement from Powell, the crimes being perpetrated in the city are grossly underreported because San Francisco is a very prominent city. Powell believes “San Francisco is not safe and will not be safe until we have a DA who puts the rights of law-abiding citizens above those of the street criminals he so ingloriously protects.”

Kraken is a regulated cryptocurrency exchange in the United States, one of the largest with a known headquarters. With the closure of the firm’s operating base on Market Street in San Francisco, it is obvious, unless otherwise stated, that the trading platform will operate like Coinbase and Binance, two giants in the space with no notable headquarters.

There is no indication of the next steps for the trading platform nor a statement from the DA based on allegations Powell levied on Boudin. On social media, many have supported the claims of Powell, while a number of others believe the proliferation of tech firms helped raise the cost of living and the high rate of crimes in the area.

Image source: Shutterstock

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