Following the rejection of their counterclaims, Jeremy Cahen and Ryder Ripps were compelled to reimburse Yuga Labs for nearly $9 million in digital collectibles. In their action against Yuga Labs, the inventor of Bored Ape Yacht Club, artists Ryder Ripps and Jeremy Cahen have had their counterclaims dismissed. An unfavourable ruling has been issued, compelling
The FTX reorganisation proposal was dubbed a “highway robbery of highway robbers” by former Securities Exchange Commission (SEC) official John Reed Stark. According to former Securities Exchange Commission (SEC) official John Reed Stark, the FTX reorganisation plan could be a means for the legal team to make money off of the bankruptcy proceedings. Stark stated
Future metaverse application from a blockchain-related business. Victoria VR is a crypto-meets-virtual-reality (VR) developer that hopes to enhance the cutting-edge technology of the Apple headset by providing an immersive metaverse experience with ultra-realistic graphics.The second quarter of this year is when the app is supposed to launch. According to a statement issued by the firm,
Steve Christie, a former senior vice president of compliance at Binance, has been brought back to the position of deputy chief compliance officer. Christie’s main duty, according to a recent statement from the exchange, will be to improve Binance’s compliance structure through cooperation with authorities, business executives, and other stakeholders. He is a good fit
The US securities regulator has charged a cryptocurrency trading course teacher for deceiving fifteen students into depositing a total of $1.2 million in a hedge fund that offered profitable returns. He purportedly used cutting-edge technology, but he reportedly stole the money before the investment fund was even launched. In a recent announcement, the U.S. Securities
In order to avoid the uncertainty and delay of litigation, the bankrupt firms reduced the amount from a much higher debt. On February 1st, FTX submitted a move to a Delaware court to sell its claim against the bankrupt digital financial services company Genesis Global Capital for $175 million. The hedge fund connected to the
The accusations made against the employees of the school district align with the recent crackdown on cryptocurrency mining operations by the US energy authority. Two senior staff members of the Patterson Joint Unified School District have been charged by the US Department of Justice (DOJ) for allegedly running a cryptocurrency mining operation on the grounds
France and Germany withdrew their objections to the AI Act concurrently with the adoption on February 2. Member states have voted to accept the final language of the EU’s AI Act, advancing the legislative framework for artificial intelligence (AI) within the EU. Thierry Breton, EU Commissioner for Internal Markets, verified that all 27 member states
The first bitcoin (BTC) exchange-traded funds (ETFs) to surpass Grayscale’s GBTC trading volume on Thursday were BlackRock’s IBIT and ProShares’ BITO. As of Thursday’s close, BITO had exchanged $298 million, while IBIT had $306 million in deals placed. Data gathered from many sources indicates that $291 million less was traded on GBTC. Additionally, according to
According to the government’s nonfarm payrolls data issued Friday morning, the labor market momentum continued in a significant way in January, with the U.S. adding 353,000 jobs against economist projections for 180,000 and against December’s 333,000 (updated from an originally reported 216,000). Contrary to predictions that it would rise to 3.8%, the jobless rate remained
Continuous trades exchange Avantis’ developer believes that its novel solution to the age-old issue of balancing the cryptocurrency futures markets would be attractive to retail traders when it began for trading on Base mainnet on Friday. Avantis is among the initial trading protocols to launch natively on Base, the layer 2 supported by Coinbase. Its
Crypto launchpads combine the trustless investment capabilities of the community with the decentralised ecosystem philosophy.The community has been at the forefront of innovation thanks to the Bitcoin sector and Web3. It flourishes when decentralised ecosystems proliferate and break away from central hegemony held by different governing organisations. The emergence of cryptocurrency launchpads may mark the
Hong Kong announced that it will begin the process “very soon” and intends to comment on a framework for over-the-counter (OTC) cryptocurrency venues. A blog post on Friday from the Financial Services and the Treasury Bureau (FSTB) stated that the consultation would encompass virtual-asset (VA) outlets, including online platforms and stores. “In fact, OTC venues
According to co-founder Su Zhu, the bankruptcy proceedings of defunct cryptocurrency exchange FTX has reached “recovery,” which is why OPNX, the exchange for trading bankruptcy claims established by the founders of failed cryptocurrency hedge fund Three Arrows Capital, is closing. FTX announced earlier this week that it intended to reimburse all of its clients, but
According to CEO Richard Teng’s X post, cryptocurrency exchange Binance froze xrp (XRP) tokens valued at $4.2 million that were connected to this week’s $120 million theft. According to Teng, exchanges were alerted to the vulnerability by XRP Ledger engineers, who are in charge of maintaining the XRP-using blockchain. They were also requested to keep
The complex world of cryptocurrency futures trading necessitates not only a solid grasp of the workings of the market but also a resolute dedication to risk management and ethical trading methods. Trading in such a market requires traders to willingly enter a space where volatility is the norm and it becomes critical to comprehend the
The developer company Polygon Labs, which created the layer-2 rollup network Polygon, announced in a blog post on Thursday that it had eliminated 60 positions, or around 19% of its workforce.The downsizing is being done “for the sake of enhanced performance, rather than for financial reasons,” the announcement said.The company also disclosed that in the upcoming months, the Polygon ID team will split out from the corporation. Polygon announced that individuals who were spared the layoffs will receive a minimum of a 15% rise in their overall salary and that geo-pay models would be discontinued.The latest round of layoffs occurs less than a year after Polygon previously reduced 20% of its workforce in February 2023 as part of a reorganization. “The reality is that achieving our mission often demands challenging decisions, and while difficult, the founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully,” Marc Boiron, CEO of Polygon Labs, wrote in a post on X.
A crypto trading startup called Velar announced on Thursday that it has secured $3.5 million in venture capital to develop a set of tools for decentralized finance (DeFi), which is a developing area of Bitcoin.CEO Mithil Thakore of Velar told CoinDesk that the company intends to open the first permanent swaps exchange using the Bitcoin network, which is the most widely used and ancient blockchain. Unlike Ethereum, however, Bitcoin cannot support the smart contracts required for DeFi. With the rise of Bitcoin’s Layer-2s and side chains, that has started to alter.Through methods like merge mining, these networks capable of smart contracts obtain their fundamental security from Bitcoin, according to Thakore. Thakore and Velar are specifically placing bets on Stacks’ impending Nakamoto Release, an update to its universe of Bitcoin layer that will involve the launch of a synthetic bitcoin asset called sBTC that is linked to the mother-of-all-cryptos, BTC.According to Thakore, sBTC is intended to allow bitcoin owners to access the DeFi value of their assets without requiring them to give up custody.The context of trading could be one of the use cases.With regard to Velar v3, also known as Artha, which is scheduled for release in Q2 2024, Thakore stated, “People will be able to use sBTC as collateral and trade with leverage.”According to Thakore, there have been attempts to make Bitcoin DeFi a reality, but for now, it is more of a theoretical concept. A portion of the reason for this is that certain solutions are stalled due to Bitcoin’s 10-minute block timings, which are much too slow for trading settlement.This will be reduced to five seconds with the Nakamoto release of stacks. “Bitcoin DeFi is just too nascent as of now,” he said. “Even the infrastructure isn’t there to cater to 100 million users right now – but it’s all progress.” There’s also hesitancy by many bitcoin holders to participate in newfangled ways to leverage their assets. If even a sliver of holders
In an effort to grow both its operations and technological stack, Web3 game developer Saltwater Games has raised $5.5 million in seed money.After purchasing game companies Maze Theory, Nexus Labs, and Quantum Interactive—whose portfolios included titles for Peaky Blinders and Doctor Who—Saltwater concluded its seed round. According to an email statement obtained by CoinDesk on Thursday, cryptocurrency investment firms Deus X and Fourth Revolution Capital (4RC) spearheaded the funding round. As part of the agreement, Tim Grant, the CEO of Deus X and the former head of EMA for Galaxy Digital, a provider of digital asset finance services, would take up the role of chairman at Saltwater.With $1 billion in assets and support from a family office, Deux X debuted in October of last year.With the money, Saltwater intends to hire more people, buy new equipment, and extend its reach into other areas.
The cryptocurrency exchange Binance is being sued by families of Israeli captives and Hamas victims for allegedly facilitating transactions linked to the terrorist organisation and other players in the area. In the Southern District of New York U.S. District Court, the complaint was filed on Wednesday. It was filed “on behalf of United States citizens
India’s contentious tax deducted at source (TDS) policy, which has an impact on the cryptocurrency market, has not been changed. As per normal, the country’s finance minister, Nirmala Sitharaman, presented the budget to the legislature on Thursday. The high taxes on cryptocurrency transactions—which include a 1% TDS on every transaction and a 30% tax on
According to Bloomberg, DZ Bank, the second-biggest bank in Germany, intends to launch a pilot programme for cryptocurrency trading later this year. The bank, which serves as the hub for over 700 cooperative lenders, plans to sell a range of cryptocurrencies, according to board member Souad Benkredda, who told Bloomberg that the sale is intended
The parent companies of Google, Alphabet, and Microsoft, the Big Tech titans, announced their quarterly results on January 30. Among the highlights were advancements in cloud computing and artificial intelligence (AI). The tech industry’s most talked-about topic last year was artificial intelligence (AI), whose global market is expected to reach $196.6 billion by 2023.With the release of their own sophisticated chatbots in 2023, Microsoft and Google were two of the industry leaders in AI development.At the end of the year, Microsoft’s sales increased, and a big part of it was its AI products.The company’s revenue increased to almost $60 billion in December, up 18% on an annual basis from September to December, according to the article. In the Q4 earnings call Satya Nadella, the chairman and chief executive officer of Microsoft, commented on Microsoft’s AI developments saying, “We’ve moved from talking about AI to applying AI at scale. By infusing AI across every layer of our tech stack, we’re winning new customers and helping drive new benefits and productivity
Quantstamp, a decentralized finance (DeFi) security firm, has determined which five smart contract protocols saw the greatest losses in January due to hacker and exploit attacks.Quantstamp noted in a post on the social networking platform X that $38.9 million in damages were incurred in January as a result of malicious actors’ use of a variety of attack techniques, including key breaches, smart contract hacks, and frauds. Early in January, Radiant Capital suffered losses of $4.5 million due to a flash loan assault.The problem was traced to a “known rounding issue” in the Compound/Aave codebase as of right now, according to blockchain security company PeckShield.In order to address the issue, the DeFi lender suspended its USD Coin pool on Arbitrum.Radiant made it clear that user monies were safe, and following an inquiry, business as usual was restored. On January 4, just hours after the Radiant attack, Gamma Strategies was also the target of a flash loan attack that led to a coding fault that let hackers to steal $6.1 million from Gamma’s vaults that were visible to the public.Gamma momentarily stopped deposits to resolve the problem, which closed the vulnerability.On January 12, a flash loan assault cost Wise Lending at least $460,000.This was the second attack on the protocol in six months, and the exploit entailed changing the pricing oracle that Wise Lending employed.170 Ether were removed from the Web3 lending app. A security flaw in user verification input resulted in a breach of Socket, a multichain protocol, on January 16.Because of this, hackers were able to take almost $4 million worth of approximately 2,000 ETH.But as part of its strategy to return customer cash, Socket was able to retrieve 1,032 ETH, or roughly $2.3 million, and paid all impacted users.A flash loan assault at Goledo Finance resulted to the theft of $1.7 million in a security breach akin to Gamma’s exploit.As of January 28, Goledo has declared a prize for the restoration of the monies, and negotiations with the offender are still ongoing. The hacker’s centralized exchange accounts were declared frozen by the lending protocol.Goledo has informed local law enforcement of the situation and is assessing the magnitude of the loss in order to create a recovery plan.The Goledo group has outlined its payment procedure for the retrieval of user assets.Users can submit their claims via a Google form that the team has made available.
The second of three test networks saw the launch of the largest Ethereum blockchain upgrade since early 2023, which moved the much-anticipated “Dencun” project and its “proto-danksharding” feature closer to reality.By creating a new, divided area for data called “blobs,” proto-danksharding aims to lower the cost of transactions for layer-2 blockchains and lower the cost of data availability.The update is viewed as a crucial component of the ecosystem’s vision for facilitating the rapid creation of layer-2 chains on top of Ethereum. The Dencun update took place on Thursday at 22:51 UTC (5:51 PM ET) on the Sepolia testnet, and it was completed by 23:10 UTC.Three testnets are being run through a Dencun simulation, with Sepolia being the second.Dencun went up earlier this month on the Goerli testnet, but at first it was unable to complete. Dencun’s final Ethereum testnet, Holesky, will go live the following week on February 7.Developers will then sign a date to enable Dencun on the main blockchain after that.Testnets replicate a primary blockchain and facilitate low-risk modifications to the protocol or underlying decentralized applications by developers.Dencun, which was initially scheduled for the fourth quarter of 2023, will be the largest update for Ethereum since Shapella, which was released in March of last year and allowed for staked ether (ETH) withdrawals.
George Osborne, a former UK Chancellor of the Exchequer, has joined the advisory council of cryptocurrency exchange Coinbase (COIN). Osborne, the U.K. chancellor from 2010 to 2016, is the second chancellor to join a cryptocurrency company. Philip Hammond, his direct successor, began serving as an adviser to Copper in October 2021 and later rose to
On Wednesday at 10 a.m. EST, Jupiter, a decentralised trade aggregator based in Solana, is going to airdrop its native cryptocurrency, JUP. Jupiter’s founder, going by pseudonym Moew, said in a forum post on Tuesday that the token will have a maximum circulating supply of 1.35 billion upon launch. This represents a lower revision to
First-layer blockchain Less than a year after its founding, Sui, a cryptocurrency project led by Meta, climbed into the top 10 decentralised finance (DeFi) rankings on Tuesday, according to the project. With a more than 1,000% increase in TVL in just four months, the blockchain has surpassed more well-known competitors like Cardano and Bitcoin, as
Peer-to-peer (P2P) transactions have completely changed the way that we trade products and services and carry out business. P2P transactions, which include peer-to-peer lending, peer-to-peer payments, and online markets, provide efficiency, convenience, and direct communication between people. But among the benefits are possible hazards that could jeopardise security and safety. What are P2P Transactions The
A cryptocurrency trading platform geared towards institutions is being introduced by Austrian fintech unicorn Bitpanda in response to the increasing demand for institutional crypto services in Europe.In order to better serve high-net-worth individuals, family offices, external asset managers, and corporate treasuries, Bitpanda, a prominent cryptocurrency broker that was established in 2014, has introduced Bitpanda Wealth.Bitpanda used the same infrastructure that several big European banks trusted to build the new institutional platform when announcing the news on January 30. Exchange-traded funds, leverage products, commodities, and other assets are among the services that Bitpanda Wealth provides in addition to a range of services that make investing in cryptocurrency easier. Bitpanda is turning its attention to a sector in Europe that “seems underserved,” Bitpanda co-founder and CEO Eric Demuth told Cointelegraph. “There’s a notable interest in this area, yet it lacks adequate solutions,” Demuth said, adding that Bitpanda has engaged with “numerous private banks and affluent clients who have expressed a need for
