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So far, 2023 has been a tough year for crypto, with a persistent down market and regulatory uncertainty that will likely send many blockchain ventures overseas for more favorable conditions.

Yet the potential of blockchain to improve life for everyone remains with an increasing number of projects with practical use cases. A recent survey by Inmind showed that the majority of 174 venture capital firms from Europe, Asia, the Middle East, and the U.S. are looking forward to the end of this crypto winter by the end of 2023.

Capital investment continues to pour into the blockchain space – with GameFi and Metaverse receiving the most at the beginning of the year and Web3 Infrastructure and DeFi projects rising to the top of the list by the time of the survey.

For a closer look at the direction of investment in Web3, we interviewed Cathryn Chen, Founder and CEO of MarketX, a global VC firm focusing on fintech, deeptech, and vertical SaaS.

Chen began her path of successful investments while still in her 20s, and was named among Forbes 30 under 30 Asia, Finance & Venture Capital in 2019. She has facilitated over $250M in investments for more than 30 family offices and funds across Asia and the United States.

We spoke with Chen to learn more about where VCs and investors are looking for the next big thing and how soon they think a recovery will happen.

Also Read:Why Dogecoin Co-Founder Thinks Elon Musk's New AI Company Will Be 'Really Interesting'

Photo Credit: MarketX

BZ: What is the main focus of MarketX?
Chen: We are a global investment platform, starting in 2015, working with family offices, institutional, and retail investors. The goal was to give everyone access to pre-IPO deals through a FinTech platform. Two years ago, we launched a new platform that allows people to invest using crypto, not just in meme coins but also in more proven companies such as SpaceX and Neuralink.

Now we're becoming more of a Web2.5 Private Bank. We also give people the option to buy Treasury Bills with crypto. The platform lets people buy traditional financial products, leveraging their crypto holdings.

BZ: What has been the reaction of affluent investors to the SEC's recent regulatory wranglings?

Chen: For the higher net worth individuals, there are always 10-20% higher-risk products in their portfolio. Over the last few years, higher-net-worth individuals have increased their alternative investment from 10% to approximately 15-20%.

So that has been a transformational change in terms of how our industry works, [and is] why so many more advisors are now spending time talking to their clients about PVC.

BZ: Is the U.S. losing Web3 talent based on its uncertain regulatory structure?

Chen: In the last 6-to-9 months, I have seen many talented founders moving to places like Zurich, Dubai, Abu Dhabi, and Saudi Arabia because the UAE greenlights crypto platforms much more quickly.

The U.S. is losing its edge when it comes to crypto adoption. If we can implement rules that actually help prevent bad actors, there's still room for us to develop. If we don't, someone else will.

BZ: Is the current blockchain investment client not conducive to early success stories like yours? Would it be the same if you were starting out now?

Chen: I think the reason I have been in the right place at the right time. When I started my career, I wanted to build an international business. In 2012, I decided to go back to Asia. And that was the height of the Hong Kong IPOs. So I hit at the right time there. Then in 2014, based on observing market trends and how my smartest friends were starting companies in Silicon Valley, I decided to move back to California, where I grew up.

I was 24 when I joined a startup, and we raised $80 million. Our first company was founded by Sequoia and Lightspeed. I wanted to be part of the experience where I could see how to grow from zero to one, how to work with major players, and the best of the best in venture capital.

BZ: What do you expect the Web3 landscape to look like in the near future?
Chen: We see a future with more development of stable return investments in crypto. I see the necessity of merging Web2 and Web 3. We need this new generation of investors who have learned that investment matters.

If we can adopt more traditional alternative products and merge that with the world of crypto, we can offer the average investor a much better product that's less risky. I think that the marriage of web 2.0 and 3.0 needs to happen in order for crypto to get on the right path.

BZ: What should investors focus on in this uncertain market?
Chen: We should focus on something more long-term. If you look at the real return over a time horizon of 10 to 20 years, it is always real technology companies solving real problems that deliver those returns.

We are very focused on deeptech. We need to look at transportation infrastructure. We need to reduce waste and look at how to turn waste into aviation fuel. We need to look at how to come up with a cheaper electric grid. We need to lay the foundation for the next 20 to 30 years.

On top of that, the whole AI revolution is happening. I just returned from a trip to Silicon Valley, where in 2 days, I met 40 different companies. You can see the VCs are becoming increasingly optimistic about the future because they see real innovation being built by people.

BZ: What is the secret to your early success?
Chen: I think you should not listen to everyone all the time. When I chose my path, leaving JPMorgan to join a two- or three-person startup in Silicon Valley, everyone thought it was career-ending. Then I left that successful company to put all my savings into my own company and pay myself nothing, sleeping in the living room of a San Francisco apartment.

I'm a firm believer that in whatever you do, you have to have conviction. And maybe everybody else will say no because most people don't know your story. I believe in what I do. And I'm going to have some level of resilience and consistency. Every day I put in more work and believe that this is the direction I want to go. I have a unique view of the world. And if it succeeds, it's going to succeed big. I think that's the entrepreneurial journey for a lot of women.

BZ: Is the entrepreneurial journey harder for women in Web3?
Chen: When you go to Silicon Valley, if you just scan through the number of founders who got major backing, they're generally men. That's not a surprise to a lot of people. I couldn't get any funding from Silicon Valley because everyone looked at me and said, "I'm sorry, but you know, you have a great idea, but maybe somebody else." One guy said, "Oh, that's a great idea. But I'm sorry, you're just a girl with an idea."

Some people might not take you seriously. But keep believing, and someday someone will believe in you. Somehow I was able to convince 12 billionaires to back me when I was 24 years old, naive, and honestly made every mistake there is. Somebody will see your hard work, your drive, and ambition and hopefully go on this journey with you.

Now Read:If You Had Invested $100 In Bitcoin 8 Years Ago When Bill Gates Called It 'Better Than Currency', Here's How Much You Would Have Now

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Harrods customers’ details stolen in IT systems breach

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Harrods customers' details stolen in IT systems breach

Harrods has warned its e-commerce customers that their personal data may have been taken in an IT systems breach.

Information like customers’ names and contact details was taken after one of Harrods’ third-party provider systems was compromised, the luxury London department store said.

Affected customers have been informed and reassured that the impacted data is “limited to basic personal identifiers”, a spokesperson said.

Account passwords or payment details were not affected in the breach.

“The third party has confirmed this is an isolated incident which has been contained, and we are working closely with them to ensure that all appropriate actions are being taken. We have notified all relevant authorities,” Harrods added.

“No Harrods system has been compromised and it is important to note that the data was taken from a third-party provider.”

This comes four months after the department store restricted internet access as a precautionary measure due to “attempts to gain unauthorised access” to some of its systems.

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Friday’s breach is “unconnected” to the attempts in May, the spokesman said.

Two men aged 19, a 17-year-old boy and a 20-year-old woman were arrested in July over their suspected involvement in cyber attacks on Harrods, Marks & Spencer, and the Co-op.

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They were arrested on suspicion of blackmail, money laundering, offences linked ot the Computer Misuse Act, and participating in the activities of an organised crime group, the National Crime Agency said.

All four have been bailed pending further inquiries.

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Nursery hackers: ‘There’s more to come’

It comes as hackers claim to have stolen pictures, names and addresses of thousands of children in a cyber attack on a nursery chain in London.

The group, calling itself Radiant, has released personal information about children and staff at the Kido nursery chain on the dark web and demanded a ransom from the company.

Radiant told Sky News on Friday it intends to imminently release the profiles of more children and employees.

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Hackers ‘behind nursery cyber attack’ tell Sky News they are releasing more data on dozens of children

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Hackers 'behind nursery cyber attack' tell Sky News they are releasing more data on dozens of children

Hackers who claimed to have stolen pictures, names and addresses of over 8,000 children in a cyber attack on a nursery chain have told Sky News they will release the profiles of more children and employees.

The group, calling itself Radiant, had posted images of children attending the Kido nursery chain in London on the dark web and demanded a ransom from the company.

So far, the information released has been restricted to the personal contact details of children who attend the nurseries, as well as their parents and carers.

Radiant has told Sky News they intend to imminently release a new set of data, including the profiles of 30 more children and 100 employees.

It said the release would include the personal information of the employees including “full names, national insurance numbers, DOBs [date of births], full addresses, employment start date, email addresses and more”.

The stolen information on the children includes medical records, incident reports and the allocation of drugs and medicine given to the children.

The group claimed it typically demands around 1.5% of a company’s yearly revenue in ransom.

Sky News understands the group has not received any money from the Kido nursery group.

Read more from Sky News:
Harrods customers’ details stolen in IT systems breach
Farage on course to be next PM, mega poll projects
Terror charge against rapper cannot continue, court says

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Children’s pictures stolen in nursery cyber attack

On Thursday, parents whose children attend a Kido nursery branch told Sky News they had received an email confirming the data incident and had been offered reassurance by the company.

An Information Commissioner’s Office spokesperson said: “Kido International has reported an incident to us and we are assessing the information provided.”

The Metropolitan Police said they “received a referral on Thursday, 25 September, following reports of a ransomware attack on a London-based organisation”.

They said enquiries are at the early stages and no arrests have been made.

Ciaran Martin, former chief of the National Cyber Security Centre, which is part of the GCHQ spy agency, told Sky News presenter Samantha Washington he believes the nursery chain should not pay the ransom.

“This data is not coming back. That’s the bit that isn’t reassuring. There is no way of guaranteeing the suppression of this data,” he said, adding hacking groups often sell the data on to other criminals or use it for scams or fraud.

“And when law enforcement get to this group, even if the nursery pays the ransom, they’ll find the data – they won’t delete it. They never do. So it won’t achieve anything.”

Recent high-profile victims of cyber criminals in the UK include retail giant Marks and Spencer, which lost an estimated £300m in a ransomware attack earlier this year.

Meanwhile, the government has been urged to step in this week to support suppliers affected by a cyber attack on Jaguar Land Rover, after the car-making firm was forced to halt production at the end of August.

A Kido spokesperson said: “We recently identified and responded to a cyber incident. We are working with external specialists to investigate and determine what happened in more detail.

“We swiftly informed both our families and the relevant authorities and continue to liaise closely with them.”

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Samaritans warned of volunteer exodus if plans to close branches go ahead

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Samaritans warned of volunteer exodus if plans to close branches go ahead

Call handlers at the mental health helpline Samaritans are warning of a mass exodus of volunteers after the charity announced plans to close branches.

The ‘volunteer listeners’ say a shortage of people taking calls will lead to longer wait times to have them answered.

In July, Samaritans chief executive Julie Bentley said it was no longer sustainable to have so many branches.

In a video message to staff, seen by Sky News, she said: “Many of the branches we have today came into existence at a time when Samaritans was set up as a local service, providing separate local numbers. But that hasn’t been the case for some time.

“Our service today doesn’t need the number of buildings we currently have.”

Colm Martin, a volunteer listener for five years, said the announcement came “out of the blue”.

Colm Martin was left surprised by the announcement of closures
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Colm Martin was left surprised by the announcement of closures

“We cannot make sense of it. This is supposed to be about improving a service and we can’t understand how closing half of all of the branches will improve the service or encourage more volunteers to come forward.”

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Mr Martin says he thinks Samaritans will lose volunteers.

“Not because they want to leave, but because they’re forced out, because there isn’t a branch local to them that they can go to,” he said.

Last year, three million people called the Samaritans in need of support. Its website reads “every life lost to suicide is a tragedy”.

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About 23,000 trained volunteers work with the charity to listen and provide fast support to those experiencing suicidal thoughts as well as other mental health issues.

Ms Bentley told Sky News: “The improvements we’re proposing would mean callers getting through to Samaritans quicker while making it easier for anyone to join our amazing group of volunteers, regardless of their circumstances or busy lifestyles.

“Samaritans will continue to be there for those struggling to cope across the UK and Republic of Ireland, day and night, 365 days a year.”

Angela praised a Samaritans volunteer who helped her at a time when her father was dying
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Angela praised a Samaritans volunteer who helped her at a time when her father was dying

Surbiton-based Angela remembers calling Samaritans for help 40 years ago when her father was dying of cancer.

“Whenever I reached out to any family member, they’d say ‘oh come on, you’re strong, you know what you’re doing. You’re a nurse’, she said.

“One night, I just reached an emotional limit. It was about two o’clock in the morning, and I thought ‘I’m going to burst here’.”

Angela says she cannot recall how long the call lasted but says it was answered quickly.

“He hardly spoke, he just let me empty all my thoughts and he listened,” she said. “That was so powerful to have someone just listening and not interrupting, not dismissing my feelings.”

The charity is set to vote on the proposed changes, which would take place over the next seven to 10 years, this weekend, although in Ireland the consultation process is not due to start until 2027.

Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK.

Alternatively, you can call Mind’s support line on 0300 102 1234, or NHS on 111.

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