Ethereum
Crypto Ethereum

Launch of Spot Ethereum ETF postponed due to SEC remarks

The United States Securities and Exchange Commission (SEC) has postponed the introduction of spot Ether exchange-traded funds (ETFs) in the United States, which many had anticipated to happen as early as July 2. The debut has been pushed back to mid-July or later, according to Bloomberg ETF analysts Eric Balchunas and James Seyffart. This is because the SEC has taken longer than expected to return the S-1 forms that potential spot Ether ETF issuers submitted. After reviewing the S-1 forms, the SEC asked for revisions by July 8. This revised schedule, according to Balchunas, might push out the release of the spot Ethereum ETFs until mid-to late July. Nate Geraci, president of ETF Store, stated that the most recent batch of S-1 changes was comparatively small and projected that the SEC will approve issuers for trade in a span of 14–21 days. While the precise schedule is yet unknown, the SEC has hinted at a possible summer rollout. Earlier in June, Balchunas predicted an early July ETF launch window based on a lack of significant commentary from SEC staff on the ETF applicants’ S-1 filings. The second step in the two-step process needed for the ETFs to become live is the approval of the S-1 forms. The issuers’ 19b-4 forms were approved in May, which was the first step. On May 23, the SEC accepted eight ETF bidders’ 19b-4 submissions. The S-1 forms, in contrast to the 19b-4 forms, are subject to the SEC’s review and approval timetable rather than having a set date. The clearance procedure for spot Ether ETFs is moving along without hiccups, according to SEC Chair Gary Gensler’s confirmation on June 26. Major issuers including Invesco, VanEck, iShares, Franklin Templeton, Grayscale, BlackRock, Fidelity, and 21Shares are now able to participate in the process thanks to a regulation change authorized by the SEC. Issuers like VanEck have also submitted 8-A documents in anticipation of listing on exchanges by July 8. On the other hand, Gensler asserted that it might take many months and possibly even until September for spot Ether ETFs to be listed on stock exchanges. Gensler stated that the applicants bear full responsibility for the Ether ETF listings and that the entire process hinges on their response timelines.

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Blockchain Crypto

Kaspa’s KAS Token Outpaces Industry, Rising 26% in Just One Week

Just as the quiet surface of a pond might conceal the extent of the dynamic ecology underneath, there is always activity in some corner of the cryptocurrency market even when the headline stats don’t indicate anything is happening. That has been the situation lately. A bleak image of the cryptocurrency market has been painted by

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Blockchain

Curve Finance uses crvUSD to distribute fees.

Curve Finance has switched from using the 3cr token to its own stablecoin, crvUSD, for the distribution of fees. In order to encourage users, the move attempts to increase the usefulness of crvUSD and incorporate the stablecoin into the Curve Finance network.A press release that was shared states that the move to crvUSD for fee

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Ethereum Crypto

To prevent a “embarrassing” court case, the SEC abandons its Ethereum probe.

It may not have been as strong as it seemed for the United States Securities and Exchange Commission (SEC) to show Ether is a security. When the SEC formally concluded its inquiry into whether Ether is a security on June 19, 2024, it took the cryptocurrency industry by surprise. Laura Brookover, the attorney for Consensys, stated that the SEC will “never again protest that Ether is a security.” The SEC didn’t voluntarily choose to end the probe, according to Brookover. She said it was a reaction to being pushed to “lift the subpoenas on Consensys given their recent ETH [exchange-traded fund] rule change approvals predicated on ETH being a commodity.” Consensys’ letter claims that the SEC “updated its position to classify ETH as a commodity and not a security” in response to the approval of spot Ether exchange-traded funds (ETFs). Consensys’ premise has not been publicly validated by the SEC. Carol Goforth, a professor at the University of Arkansas School of Law who specializes in business associations and securities regulation, told Cointelegraph that

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Blockchain

Life Insurance Now Under RWA Tokenization, with Infineo Minting $9 million in Policies on Provenance Blockchain

The newest conventional financial instrument to undergo the explosive tokenization of cryptocurrency is life insurance. A blockchain-based life insurance business called Infineo announced on Tuesday that it has moved the “first-ever” tokenized life insurance policy onto a distributed ledger system. A news release stated that the company used the Provenance network to mint insurance totaling $9.4 million. Provenance Blockchain Labs, which is responsible for the ecosystem development of the Provenance network, helped tokenize the policies. Peer-to-peer transactions and new offers backed by tokenized life insurances are made possible by the secondary markets for tokenized policies that Imineo says it is creating. The minting of Infineo took place at a time when traditional capital markets and cryptocurrency are becoming more and more entwined, with institutions putting tokens representing traditional financial assets like bonds, credit, and private equity on blockchain networks. The process is commonly known as tokenization of real-world assets (RWA), and according to a Bank of America analysis, it has the potential to upend and change established financial systems. It is hoped by participants that tokenization will improve transparency, expedite settlements, and build more effective systems. “The digitization of life insurance policies not only unlocks global accessibility to life insurance, but also delivers efficiencies and cost savings for industry stakeholders at every point along the value chain,” infineo founder and CEO Cole Snell, said in a statement. According to Infineo, adopting blockchain rails might help the $3 trillion life insurance business by shielding policy holders and beneficiaries from over $7 billion in unclaimed payouts, for example. According to rwa.xyz data, Provenance is home to over $7 billion in active home equity lines of credit. The company’s website states that it has $13 billion in total value locked (TVL) on the chain. It’s a blockchain powered by Cosmos that was developed in 2018 by fintech company Figure.

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Ethereum

Ethereum’s Pectra update: The report identifies the main risks

Several related concerns have been identified in a recent study report released by Liquid Collective and Obol as Ethereum gets ready for the Pectra upgrade in early 2025. The research expresses worries about the low adoption of distributed validator technology (DVT) and emphasizes the significance of variety in clients, operators, and clouds. Matt Leisinger, the

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Crypto Blockchain

Using the SEC v. Terraform case, Ripple argues for a lesser civil penalty.

In its lawsuit against the US Securities and Exchange Commission (SEC), attorneys for blockchain startup Ripple have requested that the court take into account a “appropriate” civil penalty in light of a settlement reached between the SEC and Terraform Labs. Citing a settlement in the Terraform case, Ripple’s legal team filed a notice of additional

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Defi Blockchain

EU Organization Releases MiCA’s Final Draft Technical Standards for Prudential Matters

The final draft technical standards on prudential matters that businesses must adhere to under the Markets in Crypto Assets (MiCA) Act were released by the European Banking Authority (EBA) on Thursday. MiCA, a comprehensive set of unique regulations for the cryptocurrency industry, was approved last year. The law includes guidelines for stablecoin issuers and cryptocurrency businesses. The rules set forth by the EBA define the parameters for stress test programs, the reserve asset liquidity requirements, the recovery plan that issuers must create, and other details. “Issuers of asset referenced tokens are required to conduct stress testing based on plausible financial stress scenarios, and competent authorities will be able to increase the amount of own funds requirements of an issuer of asset-referenced tokens having regard to the risk outlook and stress testing results,” the recently published package read. The European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), two additional organizations belonging to the bloc of 27 states, worked closely with the development of the proposed technical standards.

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Ethereum

SEC Chair Gensler said that ether ETFs should receive full approval by September.

The final approvals for exchange-traded funds (ETFs) that trade Ethereum’s ether (ETH) should be completed this summer, according to U.S. Securities and Exchange Commission Chair Gary Gensler, who informed senators during a budget hearing on Thursday. In an appearance to defend the market regulator’s budget before a Senate Appropriations Committee subcommittee, Gensler stated that everything is proceeding according to plan following the initial approval of a batch of exchange-traded funds. Although he claimed that the agency had already approved the first batch of applications, the filings known as S-1s, which are the final prerequisites for registration, are still being managed at the “staff level.” The new ETFs can be listed after those filings are accepted, opening up new markets to easily traded funds that hold real ether, similar to the previous development of bitcoin spot ETFs that hold (BTC). In response to a direct question about whether ETH is a commodity, Gensler remained unsure about the asset and did not provide a yes or no response.Commodity Futures Trading Commission chief Rostin Behnam answered “yes” when asked if it is a commodity during the same session.

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Crypto Blockchain

Tether Hopes to Make Over $1 Billion in Deals in the Upcoming Year: Bloomberg

According to CEO Paolo Ardoino, Tether, the company that develops stablecoins, anticipates closing deals worth $1 billion in the upcoming year, as reported by Bloomberg on Tuesday. According to Ardoino in an interview, Tether is concentrating its investments on biotech, AI, and financial infrastructure. In the last two years, the corporation has also invested almost $2 billion in these sectors, and it anticipates that this trend will continue. In order to generate billions of dollars in profit, Tether, the company behind the biggest stablecoin in the world, USDT, invests the majority of its assets in US Treasury bills and other securities. A portion of money will be set aside for deals, according to Ardoino. “It’s all about investing in technology that helps with disintermediation with traditional finance,” he said. “Less reliance on big tech companies like Google, Amazon and Microsoft.” Tether’s $200 million majority investment in Blackrock Neurotech, a firm that develops brain-computer interfaces, and its partnership with Northern Data Group, a supplier of data clouds, are two of its most prominent investments to date.

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Crypto Ethereum

$215 million in ARB tokens will be distributed by Arbitrum for innovative gaming

The developers of the Ethereum rollup-based layer-2 network Arbitrum, the Arbitrum Foundation, have made significant financial contributions to the growth of the gaming sector inside its ecosystem. A total of 225 million Arbitrum (ARB) tokens, worth around $215 million, are put aside under the plan and will be distributed over the course of three years

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Technology Tech Africa

AfDB and Intel to teach AI to millions of Africans

Together, the African Development Bank (AfDB) and tech behemoth Intel are aiming to providesophisticated artificial intelligence (AI) skills to three million Africans and 30,000 governmentofficials. The partnership intends to transform the African digital environment, per a statementon the AfDB website. The effort seeks to provide many Africans with modern technology skills, such as data science,robotics,

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Blockchain

The Zilliqa 2.0 update improves interoperability with other chains and performance.

The much awaited version 2.0 upgrade of blockchain network Zilliqa has now released its white paper and roadmap. The upgrade will go live on the mainnet later in 2024. As per the network, the next version of the platform is expected to enhance its functionality by increasing its speed, efficiency, and interoperability with other blockchain networks. The sharding architecture, or x-shards, of Zilliqa 2.0 is pivotal. This feature enables users to build anything they can imagine on the Zilliqa platform, allowing businesses and developers to create blockchain experiences tailored to their needs. One technique for improving the scalability and performance of blockchain networks is sharding, which is used to database and blockchain systems. They are able to process more transactions faster and with greater efficiency as a result. Beyond x-shards, the white paper replaces the energy-intensive proof-of-work system with a new proof-of-stake consensus mechanism. With ultra-fast finality and enhanced security made possible by this modification, the network becomes more ecologically friendly. It is also possible to modify block times as needed. The average block time on the root mainnet shard is only two seconds. A cross-chain communication hub is another feature of the network update that facilitates communication between x-shards, the Zilliqa mainnet, and other blockchains that are compatible with the Ethereum Virtual Machine (EVM). Zilliqa 2.0 is EVM-compatible, allowing it to run smart contracts written in languages like Solidity and work seamlessly with popular wallets like MetaMask. The network will keep supporting Scilla and enable seamless communication between the two contract languages. It will also have features like smart account functionality and simple token conversions for gas fees, as well as account abstraction that is compatible with EVMs. The tokenomics of the network have also been modified to facilitate the proof-of-stake transition. This modification lowers inflation while offering token holders enticing and long-lasting incentives. The publication of Zilliga’s white paper and plan comes after a number of mainnet operational hiccups that affected block production. All network functionality has been restored, though. The number of daily Zilliqa blockchain transactions dropped by over 50% in December 2023 due to a “interruption to block production,” from nearly 61,000 to 30,906.

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Ethereum

Fee War Is Probably to Blame for Cathie Wood’s Ether ETF Retraction

In September, Cathie Wood’s Ark was the first business to apply for approval to establish a spot ether exchange-traded fund (ETF), setting the standard ahead of several other well-known candidates. Then, within the last week, it withdrew without providing an explanation. Chalk it up to the intense battle to lure customers with low fees for crypto ETFs, according to experts. At this week’s CoinDesk Consensus conference in Austin, Texas, Wood stated during a fireside chat that the reason ARK’s spot bitcoin ETF, which debuted earlier this year, wasn’t profitable for the company was because it charged investors a meager 0.21% fee. That’s a lot less than what most non-crypto ETFs charge, even though it’s comparable to what other bitcoin ETF issuers charge. “Perhaps this is a simple business decision,” said Nate Geraci, president of the ETF Store. “If Ark 21Shares Bitcoin ETF (ARKB) can eclipse $3.5 billion in less than five months and Ark can’t make

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Ethereum

Three indicators suggesting the price of Ethereum may surpass $4K in June

Ether ETH, the native token of Ethereum has increased by almost 67% so far in 2024, and a combination of technical, fundamental, and on-chain indications suggest that it might keep rising in June. Ether was in the breakout phase of its prevalent falling wedge pattern as of June 1. A falling wedge is a bullish

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Ethereum

Ether Spot ETF Demand Will Be Far Lower Than Bitcoin Versions, Per JPMorgan

According to a research paper released by JPMorgan on Thursday, there would be significantly less demand for spot ether (ETH) exchange-traded funds (ETFs) than for their bitcoin (BTC) equivalents for a variety of reasons. According to JPMorgan, net inflows into spot ether exchange-traded funds might reach $3 billion throughout the remainder of the current fiscal year. The amount might increase to $6 billion if staking is allowed, the report stated. “Bitcoin had the first mover advantage, potentially saturating the overall demand for crypto assets in response to spot ETF approvals,” analysts led by Nikolaos Panigirtzoglou wrote. Following the Securities and Exchange Commission’s (SEC) approval of applicant firms’ crucial regulatory files last week, ether ETFs are almost ready to be made available in the United States. Because the regulator must also approve their S-1 files before they may trade, they are not yet cleared to do so. The first Bitcoin ETFs traded in January. According to the research, the April bitcoin reward halving increased demand for spot bitcoin ETFs, but ether will not see a comparable boost in the near future.According to the bank, these products are less appealing than those on other platforms that provide staking yields because approved spot ether ETFs do not allow staking. Ether as an application token, “differs from bitcoin in its value proposition for investors with bitcoin having a broader appeal by competing with gold in portfolio

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Crypto Blockchain

Gemini Declares Complete Recuperation of Earn Users’ Digital Assets

Gemini declared on Wednesday that all digital assets belonging to its Gemini Earn members have been returned in kind. As to the company’s press release, this implies that if a consumer lends one bitcoin to the Earn program, they will get one bitcoin back. According to Gemini, $2.18 billion in digital assets have been returned in kind to Earn members. Since Genesis, Gemini’s Earn partner, stopped making withdrawals, Gemini had to halt withdrawals from its Earn program. This is a 232% recovery. Based on statistics from CoinDesk Indices, bitcoin has increased by almost 200% since then. In February, Gemini made the initial announcement that, as part of Genesis’ bankruptcy settlement, it would restore all of its clients’ assets. “From the start, Gemini’s goal was to obtain the return of 100% of its users’ digital assets from Genesis, and Gemini was dedicated to a coin-for-coin recovery,” Anson Frelinghuysen, a partner at Hughes Hubbard & Reed LLP and Gemini’s lead bankruptcy counsel, said in an interview. Gemini contributed $50 million to ensure Earn

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Crypto Ethereum

Sandeep Nailwal, co-founder of Polygon Labs, takes on a new role at ZK

The firm behind the Ethereum-connected blockchain network Polygon, Polygon Labs, is intensifying its efforts in zero-knowledge (ZK) solutions with a new, significant structural modification. Sandeep Nailwal, the executive chairman and co-founder of Polygon Labs, was formally appointed chief business officer (CBO) on May 29. Nailwal will put more effort into expanding Polygon-developed tools for ZK-proofs, which are cryptographic methods that let one party demonstrate to another that they are aware of a particular value without revealing the value itself, in order to fill the new position. In specifically, Nailwal will work with Polygon CDK, a ZK-based software toolkit that enables developers to build and switch between layer-2 (L2) chains on Ethereum.The CEO will also provide the groundwork for tech integrations and developers of AggLayer, a two-component decentralized protocol that debuted in February 2024. Nailwal’s formal appointment as CBO follows several months of overseeing strategy and execution as executive chairman during the past two years at Polygon. The announcement notes that the transition is now almost complete and operationalized under CEO Marc Boiron. “Sandeep’s day-to-day execution on the most important projects remains invaluable to us,” Boiron said.

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Crypto Blockchain

Riot suggests paying $2.30 per share to take over Bitfarms in a hostile manner.

After acquiring a 9.25% stake to become a significant shareholder in the business, Riot Platforms (RIOT) has made an attempt to purchase Bitfarms (BITF), a fellow bitcoin miner. Riot stated on Tuesday that the Castle Rock, Colorado-based miner proposed to purchase all outstanding BITF shares for $2.30 apiece, which represents a 24% premium to their one-month volume weighted average price as of May 24. Riot noted that if the plan is implemented, the combined company would be the biggest bitcoin miner globally. Riot made their idea known in private last month. The lawsuit filed by recently departed CEO Geoffrey Morphy and Bitfarms’ rejection of the bid were mentioned by Riot as “raising serious questions about whether certain directors are committed to acting in the best interests of all shareholders.” After Riot’s announcement, Bitfarms’ shares were up about 6% at $2.13 as of 14:00 UTC.

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Blockchain

Fantom Foundation Establishes New Sonic Chain Labs and the Sonic Foundation

In order to enable Sonic, a new layer-1 blockchain with a layer-2 bridge connecting it to Ethereum, the foundation behind the layer-1 Fantom Opera blockchain said on Thursday that it was establishing the Sonic Foundation and Sonic Labs as the primary organizations. While Sonic Chain aims to create a layer-2 bridge that connects the Ethereum ecosystem, Fantom Opera is a stand-alone network that concentrates on decentralized finance. According to an email sent to CoinDesk by Michael Kong, CEO of Fantom Foundation, Sonic will be able to “withdraw funds on Ethereum independently” and will produce a proof “for every asset bridged from Ethereum to Sonic chain.” Sonic will be “greatly superior in terms of speed and security compared to the Fantom chain. Over time, we anticipate that users and developers will fully migrate to the Sonic chain,” Kong added. The Fantom Foundation released a press statement stating that the Sonic Foundation will oversee the management of the Sonic ecosystem and its finances.Sonic Labs will concentrate on the community for the Sonic network and decentralized apps. The Fantom team also revealed that the network will have its own native token, $S, once the Sonic chain launches, which is anticipated to happen later this year. According to them, $S will be 1:1 compatible with Fantom’s current $FTM token following a recent governance vote that codified the two tokens’ interoperability. Fantom announced the completion of a $10 million investment round lead by Hashed, which would be used to expand Sonic’s ecosystem and product line, in addition to the news about the new Sonic entities. Only after the Sonic chain is operational will Sonic Foundation and Sonic Labs begin to operate. “I’m incredibly grateful to our investors for their belief in our vision for Sonic and for our dedicated team

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Blockchain

Haun, Galaxy Provides $10M in Seed Funding for Plume, a Layer-2 Blockchain for Real-World Assets

An increasing number of compliance-focused cryptocurrency initiatives are optimistic that a more hospitable regulatory landscape may eventually result in a boom of blockchain-based RWAs, or real-world assets, as blockchain competes for widespread acceptance this week in the corridors of the US Congress. A firm called Plume has successfully received $10 million in initial funding for their project, which aims to create the first layer-2 blockchain specifically designed for RWAs. Haun Ventures led the investment, with participation from Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures. The Ethereum-based blockchain developed by Plume is marketed as a one-stop shop for conveniently transferring off-chain assets onto blockchains. In other words, the protocol assists users in navigating the complex documentation, custodial requirements, and other administrative work necessary to transfer assets such as real estate, artwork, and specific types of financial instruments onto blockchains. “The RWA industry is one of the fastest-growing verticals in crypto today but there remains a critical gap – to date there has not been a permissionless blockchain equipped with fullstack RWA infrastructure to deploy any asset class compliantly,” the company explained in a statement shared with CoinDesk. “The robust DeFi ecosystem

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Ethereum

Gensler said to “stay tuned” for the US SEC’s decision regarding the ETH ETF.

Washington, D.C. Gary Gensler, the chair of the US Securities and Exchange Commission, declined on Thursday to provide a sneak peek at his organization’s ruling regarding ether (ETH) exchange-traded funds (ETFs), but he did encourage viewers to “stay tuned.” When queried by CoinDesk on Thursday about what the agency is planning to do in response to the specific applications on this much-anticipated crypto judgment, he mostly avoided answering the question, even though he had underlined that the court decision on ETFs had forced his agency to “pivot” in its thinking. “I don’t have anything on this particular filing,” Gensler said outside an Investment Company Institute event in Washington. “We do it within the law and how the courts interpret the law, and that’s what I’m deeply committed to,” he said, after having noted on stage at the event that the agency had responded to

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Crypto Blockchain

Worldcoin Operations Should Stop Since They Violate Privacy. Says Hong Kong Regulator

The Privacy Commissioner for Personal Data (PCPD) declared on Wednesday that Worldcoin’s iris scanning and identification practices violate Hong Kong’s data protection laws. “The Privacy Commissioner has served an enforcement notice on Worldcoin Foundation, directing it to cease all operations of the Worldcoin project in Hong Kong in scanning and collecting iris and face images of members of the public using iris scanning devices,” PCPD said in its statement. CoinGecko statistics shows that Worldcoin’s token WLD has decreased 1.2% in the last 24 hours to $5.01. In response to privacy concerns, the commission, an independent statutory authority, began looking into the iris biometric cryptocurrency initiative in December. Between December 2023 and January 2024, it conducted ten visits to the six locations that were essential to the project’s operation. “Worldcoin confirmed that there were 8,302 individuals

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Blockchain

Layer-2 Networking Ethereum Virtual Machine With Zero-Knowledge Proofs Is Given to Starknet

The primary development company of the layer-2 blockchain Starknet, StarkWare, revealed plans on Wednesday for its own zero-knowledge rollup that is compatible with the current Ethereum infrastructure. This configuration is referred to as a zkEVM. The Starknet Stack, a suite of software tools that facilitate developers in creating their own tailored application-specific chains, will make the zkEVM, known as Kakarot, accessible. It is now undergoing testing. Since Cairo is the programming language used by Starknet, it already has its own zero-knowledge virtual machine (zkVM).The Starknet blockchain will now be more approachable to a wider range of project builders thanks to the zkEVM, which allows developers to write code in Solidity, the most popular programming language for Ethereum smart contracts. Press release obtained by CoinDesk states that Kakarot is presently in a “public whitelist” phase. The Kakarot zkEVM will thus only be accessible to a limited group of developers in order to test out any new protocol modifications prior to the network’s launch. “This is a great sign of Starknet’s growth and maturity,” said the CEO of StarkWare, Eli Ben-Sasson, in a statement to CoinDesk. “Starknet dared to be different, and use the powerful Cairo language, instead of Solidity. At the same time, some developers want the zkEVM approach, and for that reason, this is excellent

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Blockchain

DEX Aevo’s Token Rises 10% in Crypto Derivatives After Binance Labs Announces Investment

After the investment and research division of the massive cryptocurrency exchange Binance, Binance Labs, disclosed in a blog post that it had made an investment in the protocol, the native token of the decentralized cryptocurrency derivatives trading platform Aevo surged on Tuesday.At $0.9, the highest price since mid-May, AEVO saw a 10% increase. Nevertheless, CoinGecko data indicates that it’s still around 70% below its March opening price of about $3. The amount of the investment, how Binance Labs obtained the stake, and whether or not it purchased tokens were all kept a secret. Using the OP tech stack, Aevo, a rebranded version of Ribbon Finance, is constructed on top of its own Ethereum layer-2 (L2) network. By settling deals on the Ethereum blockchain, it enables users to trade tokens, perpetual futures, and options for cryptocurrencies prior to their introduction. Because of farming incentives prior to the token launch, the platform experienced a surge in trading activity in February and the first part of March, with daily derivatives trading volume reaching $1 billion. Since then, traffic has waned; as of late, DefiLlama stats reveal that daily traffic was considerably below $100 million. “As part of the future roadmap, Aevo will launch vault strategies, yield products, and Aevo staking,” Binance Labs said. “It will expand its ecosystem of derivative products by allowing builders to deploy their dApps permissionlessly on Aevo L2 to leverage its growing user base and unique features.”

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Ethereum Technology

Gala Games Hacker Gives Back $23 Million in Ethereum; Founder Suggests “Buy and Burn”

According to on-chain documents and claims in Gala’s Discord community, the hacker who generated and then sold hundreds of millions of its native (GALA) token on Monday gave Gala Games roughly $23 million worth of ETH tokens. Gala receives an unexpected $23 million in ETH tokens as a result of the turn of events. The CEO of the project, Eric Schiermeyer, better known as Benefactor, stated in its Discord chat, “We will probably buy and burn on galaswap.” This entails purchasing GALA tokens with ETH and removing them from circulation. Gamers can hold NFTs and other cryptocurrency assets while playing a range of video games on the blockchain gaming platform Gala Games. The platform’s currency for purchasing and selling in-game items is the GALA token. The action was taken a day after 5 billion fresh GALA tokens were minted by an anonymous hacker by taking advantage of Gala’s internal restrictions. After that, the person made close to 6,000 ETH tokens by selling 600 million of those tokens on decentralized markets. All of the ETH in the compromised wallet was moved to a wallet under Gala Games’ control on Tuesday. “We believe we have identified the culprit and we are currently working with the FBI, DOJ and a network of international authorities,” Schiermeyer said Monday. The exploit caused GALA’s price to drop as much as 19% on Monday as traders fretted over the implications of the increased circulating supply and the hackers’ selling

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Blockchain

Blockchain-Powered Social Media Startup Farcaster Raises $150M Under Paradigm’s Guidance

As stated in a post by founder Dan Romero, Farcaster, a blockchain-based social media project, has raised $150 million in a fundraising round headed by Paradigm and including participation from a16z, Haun, USV, Variant, and Standard Crypto. As Romero stated in an update on Tuesday, “this will support our work on Farcaster for many years to come.” Staff-level engineers were being hired for the project, he continued. Farcaster is built atop the Ethereum blockchain as well as OP Mainnet in the Optimism layer-2 ecosystem, according to the project’s documentation. Romero stated in Tuesday’s article that since the project became “permissionless” in October, there had been “350,000 paid sign-ups and a 50x increase in network activity.” “There are hundreds of developers building on the protocol and a growing number of apps and frames for people to use.” Romero was most known for being the former roommate of Coinbase co-founder Fred Ehrsam while attending Duke University.

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Blockchain

What role does computer vision integration play in block chain transformation systems?

Blockchain technology has the potential to bring about revolutionary changes in a number of different industries. Blockchain technology has the potential to significantly enhance computer vision in a number of important ways through computer vision integration. Ths concept of Computer vision Digital photos, videos, and other visual inputs can provide computers and systems with meaningful

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Ethereum

Many “will be caught severely offside” if the SEC permits spot Ether ETFs.

The United States Securities and Exchange Commission (SEC) may approve spot Ether exchange-traded funds (ETFs), despite the negative predictions of a number of cryptocurrency analysts and the larger crypto community. However, some analysts believe that “there is room for surprise.” Crypto trader Matthew Hyland posted on May 17th on X, saying, “If by some chance

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Blockchain

Over 800K addresses are identified by LayerZero during the Sybil self-reporting phase.

The sybil self-reporting phase of LayerZero Labs’s approach to curb sybil activities, or “airdrop farming,” has officially ended. Addresses that satisfy the requirements will get 15% of their expected token allocation, according to LayerZero, with the remaining 85% being redistributed to users who qualify. 803,093 addresses in total were found to be possible Sybil addresses

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