Blockchain at Yonsei

Korea’s first & largest university-based blockchain society, at Yonsei University since 2017

[Blockchain at Yonsei @BlockchainatYU]

🎉 Blockchain at Yonsei has officially launched its Telegram channel!

The research and insights of BAY, Korea’s first university-based blockchain society founded at Yonsei University in 2017, are now available through our official Telegram channel.

The BAY Telegram channel will regularly feature:

🔹 Research and project outcomes from BAY
🔹 In-depth articles on blockchain and the Web3 ecosystem
🔹 Curated coverage of key industry news and developments from Korea and around the world
🔹 Updates on BAY’s activities, events, and collaborations

Beyond simply sharing news, we aim to provide the perspectives and context needed to navigate the rapidly evolving blockchain industry.

Join our official Telegram channel and help connect BAY’s research and network with the broader global ecosystem! 💙

🔗 BAY Official TG Channel
https://t.co/sRKqkbj3FT

[Blockchain at Yonsei @BlockchainatYU]

On November 5, BAY hosted a guest session with Hee Kyung Choi of Bae, Kim & Lee on digital asset regulation, accounting, and taxation.

The session explored Korea’s evolving regulatory framework, including anti-money laundering requirements, virtual asset service provider registration, and the Virtual Asset User Protection Act. Drawing on her experience in financial supervision and exchange compliance, Choi discussed how these rules translate into responsibilities around customer verification, asset custody, and market integrity.

The session also introduced digital asset accounting and tax fundamentals through real-world corporate examples. Topics included asset classification, valuation, revenue recognition, and tax considerations for corporations and individuals, alongside transaction reporting and cross-border information exchange.

We sincerely thank Hee Kyung Choi for sharing her expertise and practical perspectives with BAY. BAY will continue to create opportunities for members to learn directly from professionals shaping the regulatory and operational foundations of the digital asset industry.

[Blockchain at Yonsei @BlockchainatYU]

On October 29, BAY hosted a Quantum Computing 101 session with Aaron (Sang Hyun) Kim, a master’s student in CIS & AI at UPenn and a researcher at Wharton AI Lab.

Starting with qubits, superposition, interference, and entanglement, Aaron introduced the foundations of quantum computing and explained why quantum computers offer advantages for certain problems, rather than every task. The session then connected these concepts to blockchain security, exploring how Grover’s and Shor’s algorithms pose different challenges to hashes and digital signatures.

The discussion also covered post-quantum cryptography and the challenges of transitioning Bitcoin and Ethereum to quantum-resistant systems. Beyond replacing cryptographic algorithms, the session highlighted practical questions around signature sizes, asset migration, and community consensus.

We sincerely thank Aaron for making a complex topic approachable and sharing his insights with BAY. BAY will continue to create opportunities for members to learn directly from researchers and practitioners exploring the technologies shaping Web3.

[Blockchain at Yonsei @BlockchainatYU]

[Research] Permission Delegation and Kill Switches for AI Agent Wallets

For BAY’s security session, Team 7 compared reactive offchain permission revocation with an onchain circuit breaker in a Sepolia prototype.

Blocking one bad transaction is not the same as stopping an agent’s next action. Our research explores limited permission delegation and a kill switch that freezes permissions when a policy violation occurs.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/WKHCPsT2R8

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/WKHCPsT2R8

[Blockchain at Yonsei @BlockchainatYU]

[Research] Malicious Transactions Behind Familiar Interfaces

For BAY’s security session, Team 6 built a whitelist-based browser extension to inspect transaction targets, approval recipients, and swap recipients before signing.

A familiar interface and an official contract address do not guarantee a safe transaction. Our research presents findings from controlled tests and the risks that address checks alone cannot resolve.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/OGnzjQOgfS

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/OGnzjQOgfS

[Blockchain at Yonsei @BlockchainatYU]

[Research] Smart Contract Security After End of Support

For BAY’s security session, Team 5 studied the Notional V1 incident, examining unsafe integer conversion and the assets, functions, and permissions left behind after support ended.

An end-of-support announcement does not eliminate paths to fund loss. In a local demo, we tested blocking new deposits and locks while preserving existing records and withdrawals.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/sO7HhqBBRp

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/sO7HhqBBRp

[Blockchain at Yonsei @BlockchainatYU]

[Research] Three Blind Spots in AI Agent Security

For BAY’s security session, Team 4 reproduced a disclosed vulnerability in a controlled environment and studied failures involving infrastructure, content, and human safeguards.

An agent can operate as designed while the systems around it are compromised. Our research explores three paths to failure that model guardrails alone cannot address.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/S5heHqUOsD

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/S5heHqUOsD

[Blockchain at Yonsei @BlockchainatYU]

[Research] The Gap Between Valid Signatures and Intended Approval

For BAY’s security session, Team 3 examined multisig authority structures and security incidents to compare what signers reviewed with what was actually executed.

A valid signature does not prove that a user intended the outcome. Our research proposes execution-time checks and a Chain of Custody connecting approval records to signed data and execution.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/ezDcagSAZW

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/ezDcagSAZW

[Blockchain at Yonsei @BlockchainatYU]

[Research] The Possibilities and Limits of Cross-Chain Fund Tracing

For BAY’s security session, Team 2 compared how THORChain and Chainflip leave records connecting deposits and payouts across blockchains.

Changing chains or operating without KYC does not necessarily erase the money trail. Our research examines the evidence behind those connections, their limits, and why tracing funds is different from identifying the people behind them.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/oyGv38xqTf

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/oyGv38xqTf

[Blockchain at Yonsei @BlockchainatYU]

[Research] ZK Security Beyond Proof Verification

For BAY’s security session, Team 1 developed ProofGap to investigate setup flaws in deployed ZK verifiers, the assets connected to them, and available response mechanisms.

Detecting a flaw does not mean being able to contain its impact. Our research explores the limits of detection and the safeguards needed when verification alone is not enough.

Read the full article below:

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/JQ5vMBgAfT

[Blockchain at Yonsei @BlockchainatYU]

https://t.co/JQ5vMBgAfT

[XRP SEOUL 2026 🇰🇷 @XRPSEOUL]

XRP SEOUL 2026 was truly unforgettable. 💫

5,000+ of the XRP Army, 40+ speakers, and one day that made Seoul the hub of the XRP ecosystem. 🌍

@XRPSEOUL 2027 is coming. Thank you for being part of the journey with @xrplkorea 💙

[Blockchain at Yonsei @BlockchainatYU]

BAY 18th Team Activity #2 | Oct 8

On October 8, BAY held its second Team Activity session, prepared jointly by the Research Team and the Development Team. Seven teams shared their research and the projects prepared by the Development Team, this time under the theme of Security.

Team 1 addressed setup flaws in zero-knowledge proof (ZK) systems. They showed that when gamma and delta become equal in Groth16, even forged proofs can pass verification, and introduced ProofGap, a tool that detects setup flaws in verifiers deployed on-chain.
→ Check out Team 1's Project Report: https://t.co/bmO8cttJWo

Team 2 focused on AML/CFT, analyzing how fund tracking breaks down in cross-chain environments. Using the Bitget hack funds as an example, they traced how funds become harder to follow as they move across different chains and protocols, and proposed a cross-chain tracker that connects those untraceable gaps.
→ Check out Team 2's Project Report: https://t.co/WDQwbQjTEg

Team 3 examined the Chain of Custody problem in multisig wallets. Using the Bybit hack to illustrate the risk of blind signing, where the transaction a signer sees can differ from the one actually executed, they proposed a CoC log that fixes signing intent as a hash and Guards that compare it right before execution.
→ Check out Team 3's Project Report: https://t.co/Sq8JLq2W3e

Team 4 explored agent security, breaking the hidden attack paths targeting agents into three layers. They examined flaws in frameworks and infrastructure, contamination of the content agents read, and the limits of humans as the final safety device, sharing a reproduction of a real vulnerability along the way.
→ Check out Team 4's Project Report: https://t.co/b6X188Mx1r

Team 5 presented on shutdown audits for deprecated legacy contracts, analyzing the Notional V1 incident, in which roughly $1.73 million was drained in September 2026 through a numeric truncation flaw that computed a large debt as zero, in a contract whose funds and withdrawal functions had remained live years after support ended in 2022. They implemented a shutdown example that rejects new deposits and positions while returning existing funds in full, with all Solidity and Python tests passing.
→ Check out Team 5's Project Report: https://t.co/26WJSmv6xN

Team 6 focused on whitelist-based detection of malicious transactions, analyzing the risk that a transaction can be altered right before signing when a website is compromised. Through the BadgerDAO and Curve cases, they pointed out that what users see can differ from what they actually sign, and proposed independently verifying transaction requests just before signing.
→ Check out Team 6's Project Report: https://t.co/ELzPTJz8zb

Team 7 discussed AI Agent Wallets and the delegation of authority in the era of automatic payments. They considered how much wallet authority can safely be entrusted to an agent, and shared Revoke Cash AI Agent, an idea for stopping wrongful payments through delegation limits, a Kill Switch, and revocation.
→ Check out Team 7's Project Report: https://t.co/VxmD6Jz2hF

BAY will continue to combine research and development to deepen understanding of blockchain technology and actively build and validate new ideas.

[BOOUP @BOOUP_KR]

오후 2시부터 밤 11시까지 이어진 House of Web3 🏠🌙
함께해주신 모든 분들께 감사의 인사를 전합니다!

찾아주신 수백명의 참가자분들, 파트너분들 덕분에 잊지 못할 하루로 만들 수 있었습니다.

다음엔 더 좋은 행사로 찾아뵙겠습니다.
앞으로도 부업 많이 응원해주세요!

From 2PM to 11PM at House of Web3, our heartfelt thanks to everyone who was part of it.

To everyone who came, and to every partner who built it with us!!

You made KBW 2026 one to remember.

We'll be back with something even better.
Thank you for supporting BOOUP!

[Blockchain at Yonsei @BlockchainatYU]

Introducing BAY’s research team’s study on real-world assets (RWA) and the insights that emerged from it.

Over seven sessions, members worked through assigned RWA readings in weekly portions, conducting additional research into unfamiliar concepts and questions to deepen their understanding.

The study covered the fundamentals of RWA markets and tokenization, stablecoins, tokenized stocks and bonds, and alternative assets, as well as asset issuance, custody and trading, wallet infrastructure, and DeFi and onchain use cases.

After the fifth session, members explored topics of their choice in greater depth and shared their findings as research insights. Five pieces are now available, covering crypto cards, competition in tokenized Treasury markets, the x402 protocol, DeFi lending backed by tokenized Treasuries, and how reinsurance risk tokenization challenges the boundaries of what we consider an asset.

Follow the links below to explore our study journey and members’ research insights.

➡️ study article https://t.co/yQanP4DclH

⬇️ research insights

crypto cards:
https://t.co/UmWPRubIVG
competition in tokenized Treasury markets: https://t.co/SwSB5vb95f
the x402 protocol:
https://t.co/ogTrqRyijB
Defi lending backed by tokenized Treasuries:
https://t.co/kWkweYMJnz
how reinsurance risk tokenization challenges the boundaries of assets:
https://t.co/amxlsaWG6r