BlockFi reported that the New Jersey bankruptcy court had provisionally accepted its disclosure statement, signalling further progress in the company’s reorganisation. BlockFi’s Chief Restructuring Officer, Mark Renzi of Berkeley Research Group, stated in a statement that conditional approval of its Disclosure Statement brings the company one step closer to realising its ambition to maximise recoveries

Chainflip has announced its community sale on CoinList, a decentralised and trustless technology that facilitates smooth value transfer between different blockchains. At 17:00 UTC on August 31, 2023, the sale is scheduled to start. The Chainflip protocol eliminates the need for token wrapping, conventional cross-chain bridges, or centralised exchanges to transfer assets between other chains,

Recently, Worldcoin undergone two distinct security audits. Worldcoin is a blockchain-based system that mixes both off-chain and on-chain components. Sam Altman of OpenAI co-founded it. Beginning in April 2023, the audits were carried out by two respectable auditing organisations, Nethermind and Least Authority. The Worldcoin whitepaper goes into detail about how the protocol is implemented,

With the release of Shibarium, SHIB, at first a memecoin, is evolving into a competitive blockchain player.Applications created on the blockchain will be supported by the layer 2 network using the bone, treat, shib, and leash tokens, which may result in an increase in price as demand grows.Shibarium, a layer 2 blockchain based on the Shiba Inu, is set to launch shortly. Users will soon be able to move tokens between the two networks thanks to a bridge that is available for public testing, developers announced early on Friday. According to the bridge’s chief developer, Shytoshi Kusama, users will initially be able to send testnet ether tokens to Shibarium, which is scheduled to go live next month.Real assets were not supported as of Friday, and each transfer was anticipated to take a maximum of 30 minutes. The term “Layer 2″ refers to a collection of off-chain systems, or distinct blockchains, built on top of layer 1 protocols to alleviate scale and data bottlenecks.In order to lessen the data load and fees, they combine several off-chain transactions into a single layer 1 transaction.When Shibarium launches, DoggyDAO, a decentralized autonomous organization (DAO) run and governed by token holders, will also begin operations and be used to finance blockchain-based projects. Since July, there have been 27 million transactions on the testnet from an estimated 16 million wallets, demonstrating strong demand for the network. Since the non-fungible token (NFT) market is anticipated to boom in the upcoming years, developers have previously stated that Shibarium will focus on metaverse and gaming applications.

The wide availability of the Access and Query functionalities has been enhanced by Amazon Managed Blockchain (AMB), a fully managed solution that enables users to construct apps more quickly using provisioned blockchain infrastructure. In New York City, during the two-day AWS Web3/Blockchain Summit, the news was made. The world’s largest provider of cloud services is

The annual broad policy plan for Japan, according to Prime Minister Fumio Kishida, contains steps that prioritize user protection while also enhancing the environment for using Web3 tokens and reviving the content sector.In keeping with the Liberal Democratic Party’s acceptance of Web3, Kishida delivered these statements in a taped video shown at the WebX conference in Tokyo, which began on Tuesday.The leader of the nation reaffirmed that “Web3 is part of the new form of capitalism,” alluding to his key economic strategy designed to promote wealth creation and distribution by putting an emphasis on innovation, startups, and digital transformation. “A major Japanese company will announce an ambitious large-scale project that will create a valuable economic zone in the metaverse,” Kishida said. Just prior to Kishida’s address, Koichi Hagiuda, the head of the policy research council for the ruling Liberal Democratic Party, took the podium to outline the party’s position on Web3. He said that even those who are unfamiliar with the sector should adopt a “inclusive stance.”A small group of Japanese legislators have been working on regulations and policies for NFTs, stablecoins, and DAOs since last year. They have also eliminated an onerous tax obligation that drove project creators out of the country.

The company offered a preorder page in the Google Play Store, allowing people to register for installation once the software is ready. On July 21, OpenAI announced plans to release an Android version of the popular artificial intelligence (AI) ChatGPT chatbot in the following week. It was first made available to iOS users in May.The

On Friday, tokenized collectibles platform Americana launched its “concierge vaulting” service, providing on-chain remedies for a number of problems plaguing the high-end physical collectibles market.With the new service, collectors will be able to utilize a blockchain-powered asset management system while storing their priceless physical artifacts in climate-controlled vaults.The site claims that the service authenticates pricey physical collectibles and arranges for their transportation to a location with rigorous security.The vault will accommodate, per the platform, limited-edition sneakers, fine art, fine porcelain, and “everything in between.” Users can display their collections on the Americana website, post items for sale, and accept bids.A chat with the team will be required of anyone interested in vaulting their products with Americana “to develop a custom intake plan.”Each item will be given a distinct digital certificate of authenticity following the meticulous authentication and processing process.Users can display their collections on the Americana website, post items for sale, and accept bids. The company raised $6.9 million in seed funding in May 2022 with support from NFT marketplace OpenSea and Seven Seven Six, the venture capital firm founded by Reddit co-founder Alexis Ohanian.At that time, Americana also introduced its Something membership token, which holders get early access to its beta website.Each token, which cost 0.069 ETH, or roughly $130 at the time, was limited to 9,500 total units.The floor price of the tokens has decreased to 0.015 ETH, or around $28, as of this writing.The platform was developed, according to Americana CEO Jake Frey, who previously founded a private design studio specializing in digital products and has worked with Apple, Snapchat, Shopify, and Twitter, to reduce the friction involved with purchasing, selling, and storing high-end collectibles. “At Americana, we empower physical pieces with digital luxuries,” he said. “Bridging the gap, we bring the excitement and convenience of the digital world to tangible collectibles. It’s about merging the best of both realms for an elevated experience.” Initially, the platform would let a select group of artisans, such as modern painters Dustin Yellin, Danny Cole, and Tom Sachs, create profiles and present authentic treasures to Americana subscribers.Regardless of whether they possess a Something membership token, the platform will be accessible to all collectors. Americana is also making sure that secondary royalties are upheld in order to target rivals who have recently reduced the practice.With businesses and platforms seeking to close the gap between actual clothing and digital collectibles, the potential of digital fashion have considerably increased in recent years. The second Metaverse Fashion Week was held in February by the metaverse platform Decentraland, including digital clothing from well-known designers like Dolce & Gabbana, Tommy Hilfiger, and Adidas. The SYKY Collective, a 12-month incubator program designed to support the onboarding of the upcoming generation of digital designers, was introduced in June by Web3 fashion portal SYKY.

Apple is purportedly working on its own generative pre-trained transformer (GPT) artificial intelligence (AI) model. The model is known as “Ajax” or “Apple GPT” internally. However, there are no strong indicators that the corporation intends to release it to the public, leaving the tech community in suspense. The Ajax system is reported to be similar

After $2.1 million in loan defaults, the MakerDAO community, which issuing DAI stablecoins, has opted to stop lending to a tokenized credit pool on the Centrifuge protocol.Voters in a governance vote that ended at noon (ET) on Thursday overwhelmingly supported suspending further lending to the troubled credit pool, which is run by fintech company Harbor Trade.Holders of MKR tokens can participate in the decentralized autonomous organization (DAO), which governs Maker. “While Harbor Trade has verbally committed to cease additional draws and voluntarily wind down the vault, community members have expressed concern about the existing 7 million Debt Ceiling and the risk of potentially increasing exposure to this vault,” a MakerDAO governance post said. To produce a dividend, Maker’s $4.5 billion stablecoin DAI is backed by debt positions that have excess cryptocurrency collateral. Tokenized loans and bonds are also becoming more common. DAI stablecoins worth $1.5 million were created by MakerDAO and issued by the Harbor Trade credit pool. These coins were backed by loans given to a company that makes consumer electronics.Debt due in April for $2.1 million from the borrower company was not repaid.According to MakerDAO, Harbor Trade is “actively engaged in the workout process” and anticipates “a meaningful or full recovery,” but the process might take up to six months.

The CEO of Nasdaq (NDAQ), Adena Friedman, announced the decision during an earnings call on Wednesday. The company had planned to launch a cryptocurrency custody service in the second quarter of this year.The owner of the Nasdaq stock exchange had stated in March that it was putting together the infrastructure and obtaining the legal authorization required for a cryptocurrency custody service.In order to manage the custody business, the corporation had submitted an application to the New York Department of Financial Services (NYDFS) for a limited-purpose trust company.In light of the changing economic and legal environment in the US, Nasdaq has decided to abandon these ambitions and its endeavor to obtain the required license, Friedman said. However, she continued, the company would like to keep assisting the digital asset sector in a number of ways, including through collaborations with future ETF issuers.With regulators appearing to target cryptocurrency firms and related services, Nasdaq’s decision is a blow to institutional adoption of cryptocurrency in the United States, raising worries that these firms would leave for more accommodating jurisdictions.

As infrastructure projects continue to hold up well during the bad market, Manta Network developer p0x labs has raised $25 million in a Series A round headed by Polychain Capital and Qiming Venture Partners.The Manta Network is a modular ecosystem for zero-knowledge (ZK) applications, which use a cryptographic technique to mathematically confirm the validity of a transaction without jeopardizing its privacy.In order to provide programmable privacy, the business previously established the layer 1 blockchain Manta Atlantic that focuses on ZK.The recently launched Manta Pacific, which is now in testnet, seeks to act as a layer 2 ecosystem to make it simpler for developers to install ZK applications that are native to the Ethereum Virtual Machine. According to a release, the additional funding, valued at $500 million, would support Manta Pacific’s expansion in important Asian regions by enabling it to scale its network, user base, and use cases.Alliance, CoinFund, and SevenX Ventures participated in the round as additional investors. “We are excited to see Manta expanding into the Ethereum ecosystem, and have doubled down on our investment this Series A round,” said Luke Pearson, Investor at Polychain Capital. “Manta Pacific will leverage the performance capabilities of the modular ecosystem, whilst also allowing increasing access to ZK through Universal Circuits,” he added. The increase occurs at a time when Web3 infrastructure has been the darling of investors since the start of this year as a result of last year’s FTX disaster.The majority of Binance’s institutional investors recently indicated in a study that they believe infrastructure to be the most significant investment, closely followed by layer 1 and layer 2 projects.

In a Series A round headed by 10T Holdings and includes contributions from Ripple Labs, Futureverse, a startup made up of 11 separate companies, raised $54 million, the company announced on Tuesday.In order to provide the framework for users’ experiences of the metaverse, the company aims to mix AI with blockchain.It was created by the late 2022 merger of eight businesses, with the following incorporation of three more. Bloomberg was the first to break the funding news.The two most notable current projects from Futureverse are AI League, a mobile soccer game licensed by FIFA, and FLUF World, a non-fungible token (NFT) collection of cartoon bunnies.The size of the funding would seem to go counter to the general pattern in the digital asset sector, where it has been difficult to find cash during the bear market circumstances of the past year or more. It implies that investors are still enthusiastic about initiatives that integrate digital assets with other industries, such as AI, which has seen a rise in interest this year thanks to tools like the language-recognition engine ChatGPT.

According to bankruptcy court filings, BlockFi senior management disregarded numerous warnings from its risk management staff regarding lending to Alameda Research, a sibling business of the insolvent FTX.According to the document, despite the cautions, it continued to lend $217 million to Alameda by August 2021.The report, which was put together by a committee that represents BlockFi’s unsecured creditors, further states that the risk advisors had particularly cautioned about the hazards if FTX coins used as collateral had to be auctioned off. BlockFi’s senior management staunchly refused and overruled “repeated warnings by the Company’s credit risk department not to loan enormous sums to Alameda, collateralized by FTT,“ it states. Alameda’s management team was alerted that Alameda had a sizeable number of unlocked FTT tokens on its balance sheet as early as August 2021, according to the filing, which caused concerns within the business.However, according to the charges, BlockFi downplayed the worries and urged the team to go ahead with the loan to Alameda. The risk management team ceased sending CEO Zac Prince formal memos about the risks starting in January 2022 and started holding offline meetings and using Slack for discussions, according to the paper.The CEO occasionally acknowledged the possible risks in these chats, it continues.BlockFi’s bankruptcy petition later revealed that the company was linked to FTX and Alameda for almost $1.2 billion. BlockFi provided a sizeable $400 million credit line to FTX US in July 2022, further solidifying their partnership financially amid the so-called “crypto winter.”The data indicate that in June 2022, the corporation took back its loans from Alameda, and that Alameda swiftly paid off a sizeable chunk of the outstanding debt.According to the article, however, BlockFi continued its lending to Alameda rather than canceling the partnership.According to the petition, BlockFi provided Alameda with loans totaling almost $900 million between July and September 2022. As collateral for these loans, FTT tokens were mostly used. According to the research, BlockFi’s failure was primarily due to the company’s own business practices and choices made before Alameda/FTX filed for bankruptcy.BlockFi disagreed with the report’s conclusions and contested them in response to the filing.It alleged that the study made mistakes on other issues, cherry-picked statements out of context, and did not offer the promised objective analysis.The amount the business owes creditors is estimated to be between $1 billion and $10 billion.With Zero Shorts tweeting in June that there is “nothing legit in crypto,” the announcement of the company’s bankruptcy proceedings has added to the unfavorable opinion toward the cryptocurrency business.

The US Federal Trade Commission (FTC) has launched an investigation into OpenAI, the San Francisco-based business that built the well-known AI chatbot, ChatGPT. The Washington Post stated on July 13, 2023, that this review is to examine if OpenAI has violated regulations designed to keep users secure, potentially jeopardising their personal reputations and data. The

Aave DAO members will start voting later today on whether to launch the eagerly anticipated gho (GHO) stablecoin on the Ethereum blockchain, according to an Aave Improvement Proposal (AIP).Users can earn yields on their pledged tokens by using the lending and borrowing platform Aave.Users can create the gho token using a variety of different crypto assets.GHO holders will continue to receive interest on the provided collateral, exactly like in other loan transactions on Aave, which is Finnish for “ghost.”The idea is to launch GHO through so-called “facilitators,” which would let users of Aave version 3 (V3) create GHO using token holdings that were provided to the platform. “If approved, the introduction of GHO would make stablecoin borrowing on the Aave Protocol more competitive and generate additional revenue for the Aave DAO by providing to the DAO treasury 100% of the interest payments made on GHO borrows,” the proposal states. Since February, Gho has been accessible on the Goerli testnet of the Ethereum blockchain, where it has operated without experiencing any significant issues.Developer Aave Companies suggested the V3 Ethereum Facilitator, which would enable gho lending against collateral deposits, and the FlashMinter Facilitator, a variation on flash loans, or loans offered against zero collateral, in a governance post at the beginning of June.Depositors can borrow GHO in exchange for the collateral they have deposited in Aave V3’s Ethereum mainnet pool thanks to these facilitators, which can be protocols or entities with the power to generate and burn GHO tokens up to a predetermined limit.

Daniel Shin, a co-founder of Terra, was the subject of a preliminary hearing in a fraud case today in Seoul.The Seoul Southern District Court’s first preliminary hearing for Shin and seven other former Terra employees was covered by the local media in South Korea.As a result of Shin’s involvement with the failed Terra-Luna cryptocurrency project, Seoul prosecutors accused him of a number of offenses in April, including fraud, duty violation, capital markets act violation, and embezzlement of funds.Shin’s attorneys refuted all the allegations on the same day that he was indicted. Additionally, the prosecution claims that Shin misled investors by endorsing the Terra stablecoin as a means of payment, despite the fact that such services are illegal in the East Asian nation. The co-founder did not personally show up for today’s court session.Forkast claims that, without providing any additional information, Shin claimed in an email that he skipped today’s court session since it was a preliminary hearing. The Terra cryptocurrency project, founded in 2018 by Shin and his co-founder Do Kwon, failed in May of the previous year, wiping out the wealth of investors to the tune of nearly US$40 billion.The liquidation of $285 million worth of UST caused the stablecoin to be unpegged from the value of $1, which set off the crisis.As a result, tokens called Terra LUNA were produced in an out-of-control amount.The supply surged to 6.9 trillion tokens in a matter of days from a previous amount of 350 million.The LUNA token’s price dropped more than 99% three times during the crash, nearly vaporizing the asset as it sank below $0.00001675 in less than a week.Since then, the value has increased to $0.00008171. Many exchanges, including Binance and eToro, delisted LUNA and UST as a result of the fall to discourage traders from holding dangerous bets.This choice sped up the crash by acting as a trigger.Do Kwon, a co-founder who left Europe when the project failed, is currently being held in Montenegro after being given a four-month jail sentence for trying to enter the nation using a fake passport.Kwon has been the subject of extradition petitions from the US and South Korea, who both cite the same charges as Shin. Do Kwon, however, has refuted all of the accusations, claiming that he obtained the passport from a Chinese company after being recommended to them by a reliable acquaintance.At the same time, Shin’s attorneys have asked for additional time for trial preparation, stating that the case requires technological support and is not a routine criminal prosecution. The second trial preparation is set for August 28. 

Assets linked to the alleged exploitation of the cross-chain router system Multichain have been blocked for over $65 million by stablecoin issuers Circle and Tether. The action was taken in response to huge, unexplained outflows from the Multichain MPC bridge on July 6. Three addresses that received at least $63.2 million in USD coin from

Michael Novogratz, the billionaire CEO of Galaxy Digital, predicted that many companies, including his own, would move more employees overseas as a result of the regulatory assault on the crypto business in the U.S., but he insisted that he won’t “flip the middle finger at the regulator.”The Block quoted a copy of Novogratz’s statements from the Piper Sandler Global Exchange & FinTech Conference last month as saying, “In the short run, we’re going to look to move people out of the U.S. overseas.”“And many businesses are.” Since “we’ve got to get the US engaged” for cryptocurrency to truly realize its destiny, Novogratz is still making an effort to collaborate with American regulators.He added that Galaxy is  “trying to engage with politicians and regulators every single day to get to a good place. And so I am, by no means going to flip the middle finger at the regulator.’’ Coinbase revealed last month that it had been awarded a license to run a trading platform in Bermuda, while cryptocurrency startup Gemini stated last month that it would expand its Singapore headquarters by recruiting more than 100 workers over the next year. Some participants in the business are concerned about the U.S. Securities and Exchange Commission’s legal actions against companies like Coinbase and Binance, while others argue that a regulatory crackdown on the sector is necessary to establish the groundwork for a more secure future.According to The Block report, the transcript of Novogratz’s statements also showed that he was unconvinced by a draft law that would define when a token can go from being classified as a security to a commodity.Lower disclosure obligations would result from such a designation, which would likely be welcomed by the sector. “It’s not going to pass,’’ he said. “But at least there’s a placeholder down.’’ The legislation might go to a vote as soon as next week.