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🇺🇸 Former SEC Official Warns 'Crypto Regulatory Onslaught Will Never End'
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark warned in a lengthy tweet on Saturday that “the SEC’s crypto-regulatory onslaught will never end (ever).” Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Referring to the recent regulatory action taken by the SEC against cryptocurrency exchange Bittrex. The former SEC official stressed that “by calling themselves ‘exchanges,’ ‘brokers,’ and ‘market-makers,’ crypto trading platforms like Bittrex, Beaxy, Coinbase, Binance, and others co-opt historically powerful nomenclature that implies trust, oversight and consumer protection, etc.” He cautioned: “This powerful grift can quickly evolve into dangerous and unlawful marketing theater.” He explained that “Congress enacted the Securities and Exchange Act of 1934 to prevent and police investment schemes orchestrated by large financial conglomerates of any ilk.” Emphasized that “a Walking Dead-like post-apocalyptic marketplace quickly evolves” without SEC registration, the former SEC official asserted.
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🪙 Cosmos Hub Set To Undergo v11 Upgrade On August 16
Cosmos Hub, a prominent blockchain network, is gearing up for its upcoming v11 upgrade, scheduled to occur at block 16596000, tentatively on August 16. The upgrade has been set in motion following the successful passage of Proposition 804. The v11 upgrade brings a range of enhancements, including vital updates and fixes for core dependencies. Notably, the upgrade will involve the removal of the liquidity module. While the upgrade is anticipated to result in a brief downtime. During the upgrade process, some interruptions may occur, potentially causing temporary delays in transactions and transfers. However, the Cosmos Hub team is optimistic about maintaining the efficiency of the system, ensuring that any disruptions are managed efficiently. The announcement of the forthcoming v11 upgrade has generated anticipation within the Cosmos community. As the blockchain ecosystem continually evolves, upgrades like v11 demonstrate a commitment to improving functionality and addressing potential vulnerabilities. Blockchain enthusiasts, users, and stakeholders are encouraged to stay tuned for further updates and information regarding the v11 upgrade as the Cosmos Hub.
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✖️ dYdX Enhances Public Testnet Launch With New Features And Markets
On August 11, dYdX announced that the launch of its public testnet 2 is rescheduled to August 14, as the platform continues refining its functions. The upcoming testnet will introduce significant upgrades, including the addition of over 30 markets, expanding beyond BTC/ETH trading. Users will also earn testnet governance tokens through trading, with further user interface enhancements planned for this feature. Upcoming testnet introduces new markets, rewards, trading fees transparency, and dynamic margin requirements. The new testnet will allow users to manage and view trading fees, as well as access the protocol fee schedule. Moreover, dynamic margin requirements will be implemented, introducing varying margin requirements based on liquidity tiers. This innovation aims to enhance the trading experience and align it with real-world market dynamics. dYdX‘s commitment to refining its public testnet demonstrates the platform’s dedication to creating a robust and user-friendly trading environment. The upcoming features not only broaden the range of available markets but also offer rewards and improved transparency, reflecting the platform’s continuous efforts to improve its services.
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🏦 Coinbase’s Base Network Surpasses 100,000 Daily Users Milestone Shortly After Launch
Coinbase’s Base network, a Layer 2 (L2) solution, has made a remarkable entrance into the public sphere shortly after its official launch. After an initial period of being open exclusively for builders, the Base network, designed to enhance scalability, transitioned to an accessible stage. Coinciding with this, Chainlink, a prominent decentralized oracle network, introduced price feed integration into the network. This integration streamlines the adoption of DeFi protocols, including lending and borrowing platforms, as well as derivatives markets. The journey to this achievement began when Base was introduced in beta on February 23. Anticipation was high within the crypto community, speculating that the platform could play a pivotal role in onboarding users to Web3 protocols, thanks to Coinbase’s extensive user base. Following a period catering solely to builders, the mainnet version of Base launched on July 13, with a cautionary note about its user-readiness. Impressively, several decentralized cryptocurrency exchanges (DEXs) have already announced their operations on the Base network, with Uniswap, a pioneer DEX on Ethereum, unveiling its Base version on August 7. Coinbase’s Base network rapidly gains traction and garners substantial user engagement.
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📣 Worldcoin Distributed 90 Million WLD Token To 10 New Addresses
Worldcoin’s team and investor address 0x0D4…CcE7 distributed 90 million WLD token to 10 new addresses today. In the past 5 days, this address has distributed about 248m WLDs to 26 investor addresses, including 75m WLDs to 3AC address (0xC7…3741) on August 6. Today, the Worldcoin team and investor address, identified as 0x0D4…CcE7, has distributed a total of more than 90 million WLD tokens to ten newly-created addresses. In the past five days, this particular address has distributed a grand total of around 248 million WLDs to a total of 26 investor addresses. A particular investor address, 0xC7…3741, was the recipient of a substantial sum of 75 million WLDs on August 6. Currently, the aforementioned address 0x0D4…CcE7 still retains an impressive total of 1.252 billion WLDs. On 8 August, CoinCu reported that Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT. Worldcoin has until September to respond to authorities’ inquiries.
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🟠 Binance Labs Invests $5M in Curve DAO Token (CRV) and Supports Curve Deployment to BNB Chain
Binance Labs, the venture capital and incubation arm of Binance, has made a $5M investment in Curve DAO Token (CRV), an Ethereum-based token that powers the Curve ecosystem. This investment underscores Binance Labs’ commitment to collaborating with Curve and shaping the future of the DeFi sector. Curve is the largest stableswap and second-largest DEX (decentralized exchange), with approximately $2.4B in total value locked (TVL). Yi He, Co-Founder of Binance and Head of Binance Labs, commented: "Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.". Curve currently operates across several chains, offering the advantages of speed and cost. As part of the collaboration, Curve plans to deploy to BNB Chain. Curve serves as a foundational layer of DeFi, and the move will further propel the growth of the BNB Chain DeFi ecosystem.
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💀 ApeCoin DAO Now Uniforms Minimum 1 APE For Holders To Vote
On August 10, the ApeCoin DAO community made a decisive move by endorsing the AIP-295 proposal through a Snapshot vote. This development stipulates that holders must possess at least 1 ApeCoin to participate in voting procedures. The primary objective of this proposal is to curtail the influence of bots and individuals aiming to exploit future gains by manipulating the voting system with minimal ApeCoin holdings. Overseeing the AIP’s implementation is the Ape Foundation, which retains the prerogative to make adjustments. Any significant deviations from the initially sanctioned AIP will be promptly communicated to the APE holder community. However, ApeCoin is currently grappling with challenges. Its valuation plummeted to a staggering low of $1.77 on August 1, marking a stark 92% depreciation from its peak value. The journey of ApeCoin has been a rollercoaster ride. Debuting in March 2022 at $8.54, its value skyrocketed to $26.70 the subsequent month. Notably, the Bored Apes NFT commanded remarkable prices, reaching a staggering minimum of 152 ETH, or $429,000, in April 2022. APE is closely linked with the renowned Bored Ape Yacht Club‘s (BAYC) non-fungible token collection. It’s worth noting that, while associated with BAYC, APE is not the official cryptocurrency of the club.
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🇺🇸 Bitstamp to halt trading in Polygon, Solana and other tokens in the US
Bitstamp, the longest-running crypto exchange, is set to halt trading of seven tokens in the United States that were all recently called unregistered securities by the U.S. Securities and Exchange Commission. The tokens are Polygon (MATIC), Solana (SOL), Near Protocol (NEAR), Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA) and The Sandbox (SAND). Bitstamp said Tuesday that the trading of these tokens will halt on Aug. 29, but users will still be able to hold these assets and withdraw them at any time. While the exchange did not specify the reason for delisting the tokens, the fact that the tokens have been called unregistered securities by the SEC in lawsuits against various firms, including other top exchanges like Coinbase and Binance, casts a shadow over the trading of the assets. "At Bitstamp, we have a comprehensive framework in place to continuously evaluate the cryptocurrencies we provide, taking into account the dynamic regulatory environment," the exchange said. Bitstamp counts as one of several trading platforms which have recently halted trading tokens in the U.S. Others include Revolut, eToro and Robinhood. Revolut's case, the company has said it will fully close its U.S.-based crypto platform in October.
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🏦 ByBit Introduces 4.5% APR Wealth Management Service
ByBit has taken a significant step forward by introducing its latest offering, ByBit Wealth Management. This new service is designed to provide users with a unique opportunity to grow their assets in the realm of digital finance. ByBit has announced that it will offer a compelling Annual Percentage Rate (APR) of 4.5% on deposits made in Tether (USDT), a popular stablecoin. With the introduction of BB Wealth Management, the exchange aims to cater to the growing demand for investment options within the cryptocurrency space. ByBit ensures that user funds deposited into its Wealth Management service are held securely within its platform. The company has taken measures to collaborate with a “trusted third party” to oversee the management of these funds. This approach is intended to provide users with peace of mind regarding the safety and integrity of their investments. This strategic move by ByBit not only broadens its service offerings but also aligns with the changing dynamics of the cryptocurrency market. As the industry matures, there is a growing emphasis on introducing financial instruments that cater to a wider range of users, from traders to long-term investors. Users can potentially earn a stable return on their USDT holdings.
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📣 Over 60 Fake PayPal Stablecoins Trading On Blockchains
In the wake of PayPal’s recent debut of its dollar-pegged PYUSD stablecoin, fraudulent actors are attempting to take advantage of the situation by circulating counterfeit tokens across various networks. The influx of opportunists, speculators, and potential scammers has given rise to a surge in look-alike tokens, each sporting the “PYUSD” ticker. Decentralized exchange scanner DEX Screener has identified more than 60 newly spawned token pairs under the “PYUSD” label since the announcement. These counterfeit tokens have proliferated on diverse blockchain networks such as BNB Smart Chain, Ethereum, and Coinbase’s latest layer 2 platform, Base. It is imperative to note that the authentic PYUSD was introduced in November 2022, with its legitimacy verifiable via the designated contract address. PayPal’s stipulation that PYUSD can only be transacted between verified PayPal and compatible wallets underscores the improbability of any similarly titled tokens on decentralized exchanges like UniSwap being genuine. The most prominent imitation, a PYUSD token minted on Ethereum, has amassed an astonishing $2.9 million in trading volume merely a day following the PYUSD revelation.
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🏦 Huobi Is The First Exchange Responds To The Crazy Of PayPal Stablecoin
Huobi, a prominent player in the cryptocurrency exchange space, has unveiled plans to pioneer the listing of PayPal’s new stablecoin, PYUSD. This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. The exchange giant has also declared a groundbreaking policy of zero handling fees for the PYUSD/USDT trading pair, promising to uphold this fee structure indefinitely. This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. PYUSD, the brainchild of PayPal, serves as a secure and practical stablecoin for seamless transfers and payments denominated in US dollars. Issued by the reputable Paxos Trust Company, the stablecoin boasts a robust backing of 100% US dollar deposits, short-term US Treasury bonds, and cash equivalents. Currently, there are 26.9 million PYUSD tokens in circulation. Huobi’s commitment to fostering collaborative growth within the blockchain industry has driven this groundbreaking partnership. The exchange is primed to launch the PYUSD/USDT trading pair once optimal market circulation and liquidity conditions are achieved, a move keenly anticipated by industry observers. In a parallel development, security has taken center stage.
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🇺🇸 CoinGecko Introduces New Tokens List Which SEC Alleges Violation Of Securities Law
According to Cointelegraph, CoinGecko, a prominent cryptocurrency data platform, has unveiled a novel index designed to monitor crypto tokens categorized as securities by the U.S. Securities and Exchange Commission (SEC). Dubbed the ‘Top Alleged Securities Coins,’ this new list arranges these tokens based on their market capitalization. At the summit of this listing sits Binance Coin (BNB), closely followed by Cardano (ADA), Solana (SOL), and TRON (TRX). The creation of this index involved the compilation of noteworthy tokens that have been previously labeled as securities in legal battles with the SEC. The SEC currently designates 68 tokens as securities; however, CoinGecko’s index focuses on a more concise selection, totaling 48 tokens, which account for roughly 7.5% of the overall crypto market capitalization. This new list, rolled out in early August, was meticulously crafted by CoinGecko in light of the SEC’s historical categorizations. The selection includes not only BNB, ADA, SOL, and TRX but also MATIC, TON, and BUSD. Gary Gensler, the Chair of the SEC, consistently advocated for an increased regulatory scope, asserting that virtually all cryptocurrencies, excluding Bitcoin, should be treated as securities and fall under the jurisdiction of the SEC.
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🪙 DAI Pool Surpasses $400M As MakerDAO’s Dai Savings Rate Increases To 8%
MakerDAO Dai Savings Rate increased to 8%, TVL of DAI pool exceeds $400M as large transactions were observed, including a whale selling 5640 ETH for DAI. MakerDAO, one of the most popular Decentralized Finance (DeFi) platforms, recently introduced the Enhanced DAI Savings Rate (EDSR) to combat the shrinking circulation of its stablecoin, DAI. The EDSR system temporarily increases the effective DSR available to users in the early bootstrapping stage when DSR utilization is low. The EDSR is determined based on the DSR and the DSR utilization rate and represents over time as the utilization increases until it eventually disappears when utilization gets high enough. The MakerDAO community conducted a governance vote to introduce the EDSR, which could temporarily increase the interest rate of DAI holders up to 8%. The proposal received 99.93% of the votes in favor, indicating strong support for the EDSR and confidence in MakerDAO’s ability to stabilize the circulation of DAI. As a result, the MakerDAO Dai Savings Rate (DSR) has been increased to 8%, which is expected to stimulate demand for DAI and stabilize its circulation. MakerDAO has been taking decisive actions to stimulate demand for its DAI stablecoin.
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🪙 Reports Suggest 11th-Largest Bitcoin Wallet Belongs to Stablecoin Giant Tether
Tether’s attestation reports have sparked discussions within the crypto community regarding the firm’s earnings and bitcoin (BTC) holdings. The Q1 2023 Assurance Report for Tether indicated that it possessed bitcoin reserves amounting to $1.5 billion. BDO prepared the most recent attestation, which demonstrated an $850 million increase in Tether’s reserves in Q2 2023. On August 3, 2023, Tom Wan, a research analyst at 21.co, posted on social media platform X that he believed a specific address was associated with Tether. Crypto journalist Yogita Khatri reported after the social media post that “a source with direct knowledge of the matter confirmed to The Block that Tether is the 11th-largest bitcoin holder.” According to the BTC rich list, the address “bc1qj” possesses a balance of 55,022.19 BTC, equivalent to $1.6 billion at current exchange rates. Blockchain explorers characterize the address connected with the purported Tether bitcoin wallet “1Kr6Q” as one owned by Bitfinex. Ifinex owns both Bitfinex and Tether. The blockchain explorer OXT displays an annotation from June 14, 2020, that reads: “This is a Bitfinex hot wallet which is still in use today.”. In May 2023, Tether declared that it would allocate 15% of its profits towards bitcoin.
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🏦 Bridged assets to Coinbase's Layer 2 top $100 million
Coinbase's Base has seen more than $100 million in value bridged over to the Layer2. As per L2beat, $111 million in crypto assets have bridged over to Base. Coinbase, which announced the launch of its own Layer 2 to scale out the Ethereum blockchain in February, said on August 3 that it would widen mainnet access next week in conjunction with the release of a bridge to Ethereum. Releasing an official bridge introduces a way for users to move tokens between the Base network and Ethereum. Base's roll out is part of what Coinbase is describing as "Onchain Summer," which will see a number of brands--including Coca-Cola and OpenSea--collaborate with the crypto exchange on on-chain events. As reported by The Block's Vishal Chawla, Base’s developer-only mainnet went live on July 13 and was primarily accessible to developers. However, in the lead-up to the official launch, several users bridged assets to the network using a portal proxy contract and other unofficial bridges to trade new memecoins. That lead to a surge in activity on the network. It also led to a surge in profits generated by the Ethereum scaling solution. Profits generated from Base increased from around $13,000 on July 29 to over $430,000 on July 30.
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🟠 Nigerian Association of Money Changers Calls for Banning of Binance
The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has reportedly asked the Nigerian government to consider banning the crypto giant Binance. Gwadabe insisted that the crypto exchange platform is partly to blame for Nigeria’s persistent currency woes which have now seen the naira fall to a record low versus the U.S. dollar. The remarks by Gwadabe suggest that both the Bola Ahmed Tinubu government and some key players in Nigeria’s foreign exchange market. To illustrate, sometime in early June it was widely reported that the Nigerian Securities and Exchange Commission had banned Binance Nigeria Limited, the crypto exchange’s supposed affiliate. Meanwhile, in remarks published by the People’s Gazette, Gwadabe highlighted Binance’s perceived dominance and how this poses a threat to the Nigerian economy. “If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate. So, we have to do something that can stop Binance. It’s a competition. We need to ban Binance and the only way to do so is if you have liquidity,” explained Gwadabe.
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⚪️ Curve Finance Completes $50 Million Recovered From Recent Hack Attack
Curve Finance has made significant strides in its recovery efforts after a recent hacking incident that resulted in the loss of around $73 million across various projects within its factory pools, including prominent names like JPEG’d, Metronome, and Alchemix. The platform has successfully reclaimed 70% of the stolen funds, which amounted to approximately $50 million, easing concerns for both users and stakeholders. The remaining missing funds are subject to an ongoing investigation. The retrieved funds were either returned directly by multiple hackers or safeguarded with the assistance of ethical operators of MEV bots. This recovery brings hope that the majority of the pilfered assets will be returned to the victims, marking one of the most notable crypto exploits of the year. The attack on Curve Finance, which exploited a critical reentrancy vulnerability in its smart contract logic, prompted the platform to offer a $1.85 million bounty for accurate identification of the attackers behind the outstanding funds. Crypto analytical resource Santiment recently conducted an in-depth analysis of Curve Finance’s on-chain metrics, revealing the project’s efforts to recuperate from the bearish sentiment that followed the hack.
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📣 Voyager Withdrawing Final Tokens To Switch To Fiat Compensation
The bankrupt cryptocurrency company Voyager Digital is starting to collect leftover tokens for sale and compensate users in USD once the complaint process is over. Voyager is collecting all remaining tokens in its wallet address to the main address. This action begins after crypto claims for its users have been closed, and the final fiat payment process will begin. This means paying users who the platform in US dollars will compensate after selling the remaining cryptocurrency. Previously, Voyager users could withdraw 35.72% of tokens between June 20 and July 5 or choose to receive USD compensation after this lending platform sells tokens 30 days later. According to Arkham data, there is currently about $81.63 million in crypto in Voyager addresses. All these tokens will be sold in the next period. Voyager is a lending project that went bankrupt after the 3AC fund collapsed. The main reason behind this was that the project needed more money because the 3AC fund refused to pay the debt of $650 million. This means paying users who the platform in US dollars will compensate after selling the remaining cryptocurrency. According to Arkham data, there is currently about $81.63 million in crypto in Voyager addresses. All these tokens will be sold in the next period.
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🇹🇼 Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge
According to The Block, Binance, the world’s largest cryptocurrency exchange, has initiated the process of registering under Taiwan’s Money Laundering Control Act, the sole cryptocurrency-related regulation enforced by the local government. This development was disclosed during a closed-door meeting held by Taiwan’s Financial Supervisory Commission (FSC) on Tuesday. The FSC informed numerous domestic cryptocurrency service providers in attendance about Binance’s efforts to secure anti-money laundering. Taiwan’s anti-money laundering laws for virtual asset service providers (VASPs) were introduced in July 2021, requiring adherence to regulations. Although this sector largely lacks comprehensive regulation within the country, the move underscores Taiwan’s commitment to establishing a structured framework. Despite its registration pursuit in Taiwan, Binance remains unregulated in the region. The company had formed a local entity named “Binance International Limited Taiwan Branch (Seychelles),” approved by the government on May 12, 2023. The FSC, which took charge of overseeing the cryptocurrency industry in March, is working on broader transaction and payment guidelines related to VASP cryptocurrencies.
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🪙 Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet. This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337. In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May. The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH. Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards. Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet. Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
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🟠 Justin Sun Deposits 77.8 Million DAI For 8% APY, DSR Deposit Of DAI Exceeded 1 Billion
Justin Sun exchanged 90254 wstETH for 77.8 million DAI and deposited it into Maker for 8% APY. DAI deposit exceeded $1 billion. Recently, several notable transactions have taken place in the cryptocurrency community, drawing attention from investors and experts alike. One such transaction involved blockchain entrepreneur Justin Sun, who exchanged 90254 wstETH for 77.8 million DAI and then deposited the DAI into Maker to earn the current 8% APY. As of now, the DSR deposit of DAI has exceeded 1 billion US dollars. This significant transfer has sparked speculation about the motivations behind Sun’s movement of funds from JustLend to Huobi, particularly as Huobi’s USDT reserves have concurrently surged. Records indicate that Huobi’s USDT reserves have witnessed an impressive upswing, rising from approximately $85 million to an impressive $285 million. In addition, the community has recently questioned the decline of Huobi’s asset reserves and the use of stUSDT’s funds. Huobi responded by showing bank statements for purchasing bonds, stating that as of August 6, they had purchased 432m + 72m of liquid assets. The purchase path involved staking USDT in exchange for stUSDT.
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🇫🇷 France Revamps Crypto Firm Rules To Embrace MiCA Standards
France’s financial regulator, the Autorité des marchés financiers (AMF), revealed its amendments to crypto firm registration guidelines on Thursday in a move to comply with the European Union’s new regulations. These changes are in response to the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation within the next 12 – 18 months, aimed at regulating digital assets and firms operating in a single market. The AMF’s adjustments are geared toward embracing the “enhanced” registration structure introduced by the DDADUE Law. Integration of “enhanced” registration requirements for Digital Asset Service Providers (DASPs) into the AMF General Regulation and its policies. This new regime will be obligatory for fresh entrants wanting to provide the four mandatory registration services. This move is expected to foster greater transparency, security, and compliance among crypto firms operating in France’s market. Notably, the AMF recently granted its first crypto license to Societe Generale’s crypto division, while other prominent entities like Binance are already registered with the regulator. The modifications also focus on aligning the provisions applicable to licensed DASPs with Title V of the MiCA Regulation, aimed at service providers for crypto-assets. The AMF anticipates that these changes will indirectly affect enhanced registered DASPs as well.
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🏴 Microsoft partners with Aptos, will explore digital payments and tokenization
Aptos Labs, the Layer 1 blockchain created by former Meta employees, has announced a new partnership with tech giant Microsoft. Aside from the two companies exploring “innovative solutions” related to asset tokenization, digital payments and central bank digital currencies, Aptos will also utilize Microsoft’s Azure OpenAI Service. It appears, in the beginning, much of the partnership will be centered around using Microsoft’s artificial intelligence capabilities to both ease the process of onboarding users to web3. Earlier this year, Microsoft made a big splash in AI when it invested $10 billion in OpenAI, the creator of ChatGPT. “The intersection of AI and blockchain is one of the most interesting combinations of emerging technologies,” said Rashmi Misra, Microsoft’s general manager of AI & emerging technologies. “By fusing Aptos Labs' technology with the Microsoft Azure Open AI Service capabilities, we aim to democratize the use of blockchain enabling users to seamlessly onboard to web3 and innovators to develop new exciting decentralized applications using AI.”. Microsoft grabbed headlines again a few months ago with reports the company was working on a non-custodial crypto wallet for its Edge browser. So far, big tech companies like Microsoft have tread with relative caution concerning partnerships and ventures related to advancing blockchain technology.
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🪙 Elon Musk Again Asks To Stop The Class Action Lawsuit Over Dogecoin Insider Trading
According to Decrypt, a document filed in New York Federal Court, attorney Alex Shapiro of Tesla CEO Elon Musk has requested the dismissal of the class action lawsuit over Dogecoin insider trading. Shapiro lashed out at the latest complaint from Dogecoin investors, calling the action another example of lawyers abusing their power and litigation tactics. In the latest motion, Shapiro said there is nothing illegal about tweeting pro-crypto statements or humorous images, and he mocked the plaintiff’s revised complaint as “weird” clumsy, tortuous, and difficult to understand”. Reportedly, Evan Spencer, the lead attorney for the class action lawsuit against Musk, revised the lawsuit for the third time in June and made more allegations. The lawsuit, originally filed last June, seeking $258 billion in damages, accuses Musk of “deliberate marketing, market manipulation, and insider trading” when discussing Dogecoin. But Elon Musk really downplays the Dogecoin-related lawsuits because since the lawsuit appeared, this billionaire still has shares related to memecoin. The most recent is a tweet on July 19 with a meme with the views of the philosopher Socrates, Immanuel Kant and an image of the famous cartoon character Scooby-Doo. Dogecoin has been well-documented for years since his first Tweet that Dogecoin could be his favorite cryptocurrency in April 2019
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🇸🇬 Blockchain.com Secures Singapore License, Empowering Global Operations
Blockchain.com has reached a significant milestone by obtaining a coveted license from regulatory authorities in Singapore. The licensing approval from SG regulators underscores Blockchain.com’s commitment to adhering to rigorous regulatory standards while catering to the growing demand for blockchain services. The move positions the company to serve users within Singapore with a range of innovative offerings while maintaining a strong focus on security and compliance. This accomplishment bolsters the company’s credibility and sets the stage for its enhanced presence within the burgeoning Asian market and beyond. SG, renowned for its pro-business environment and progressive approach to blockchain and fintech, offers a strategic backdrop for Blockchain.com’s expansion efforts. The license not only paves the way for enhanced user experiences within Singapore but also serves as a launchpad for the company’s wider global ambitions. Blockchain.com’s entry into the Singaporean market comes at a time when regulatory clarity is paramount for the broader blockchain industry. The license signifies the company’s proactive stance in aligning its operations with evolving regulatory frameworks, ultimately contributing to the industry’s sustainable growth. This license positions Blockchain.com to serve users and expand globally.
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🇸🇻 Binance Becomes First Fully Licensed Crypto Exchange In El Salvador
Binance became the first licensed crypto exchange in El Salvador, granted both BSP and Digital Assets Services Provider licenses. Binance has become the first fully licensed crypto exchange in El Salvador after being granted both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets. Binance now approves and registers in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange. The licenses will allow Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador. Binance Head of Latin America, Min Lin, commented, “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies worldwide to support global standards for the crypto and blockchain industry. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users.”. El Salvador became the first country in the world to recognize Bitcoin as a legal tender in 2021 and approved a law regulating the issuance of other digital assets by state and private entities.
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⚪️ Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit
In a significant turn of events, the cryptocurrency community witnessed the recovery of approximately $52.3 million, or 73%, of the stolen funds resulting from the Curve Finance exploit on Ethereum. This exploit initially led to the loss of around $73.5 million in cryptocurrencies. The exploit, executed by the initial exploiter of the Curve CRV-ETH vulnerability, managed to siphon off a massive amount from Ethereum. These restitution efforts followed the chaotic events of July, where a staggering $100 million in cryptocurrency vanished from various bridges associated with the Multichain protocol. Additionally, on July 30, Curve Finance faced yet another breach that resulted in a loss of over $52 million during the mining process. Curve Finance, now committed to accountability, has announced a $1.85 million bounty for the public. This bounty aims to incentivize the identification and apprehension of the exploiter behind the July exploit, which incurred losses of $61 million. The evolving narrative underscores the cryptocurrency community’s resilience in the face of adversity, with a focus on learning and improving safeguards for the future.
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🪙 Bitget’s ETH Staking Now Opens Phase 2 Subscription With Exclusive Rewards
Bitget has now extended the opportunity for investors to earn more through its Ethereum staking service. Bitget’s ETH Staking product’s initial phase saw rapid success, selling out within a mere 24 hours. Now, the second phase subscription channel is open, offering users another chance to participate. Promising an Annual Percentage Rate (APR) spanning 4.5% to 5%, this product ensures daily settlement and passive income generation. For this subscription period, a maximum of 320 ETH can be subscribed. Furthermore, Bitget has introduced an exclusive event for new users on the Launchpool platform. Running from August 4 to September 4, newcomers registering during this window will be eligible for BGB airdrops based on their pledged amounts in any launchpool event. Bitget Earn, a comprehensive asset management platform under the same umbrella, caters to users seeking professional and high-quality asset management services. Catering to diverse investment needs, the platform offers a spectrum of secure and high-yield financial products. A recent strategic development involves Bitget and MEXC, which concurrently listed each other’s native platform tokens.
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📊 Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply
Worldcoin’s native cryptocurrency, worldcoin (WLD), has oscillated in value between $2.69 and $2.13 per token throughout the preceding 12 days, peaking at $3.30 per coin on July 24, 2023. The number of individual addresses possessing WLD under Worldcoin’s umbrella has surged by more than 148%, escalating from 164,195 wallets to a figure of 408,721 unique addresses. Worldcoin’s native asset WLD has maintained a median average price of $2.41 per token over the course of the past 12 days. Conversely, WLD also touched an all-time low of $1.66 on July 24, but the price has since rebounded, climbing more than 27% from that low. In the week leading up to August 5, WLD’s value has eroded by 9.2% against the U.S. dollar, with 1.7% of that loss occurring on August 5 alone. What has improved in Worldcoin’s recent performance is the rise in the number of unique addresses holding WLD. As of July 25, the count of WLD token holders stood at 164,195 wallets. Fast forward 12 days to August 5, and that figure has expanded by 148% to 408,721 unique addresses. Dominating the landscape, the largest address commands a staggering 57.8604% of the supply, encompassing 103,494,839 WLD tokens, while the top 100 holders collectively wield ownership of 95.08%.
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📣 OPNX bids for beleaguered lender Hodlnaut: Bloomberg
OPNX has reportedly made a bid to takeover beleaguered lending firm Hodlnaut, according to a report by Bloomberg News. OPNX, which is backed by Three Arrows Capital co-founders Su Zhu and Kyle Davies, has offered to inject $30 million worth of FLEX tokens into the firm to finance a partial payout to creditors, according to the report. Citing a term sheet, Bloomberg reported that the deal would result in OPNX owning 75% of Hodlnaut. Based in Singapore, Hodlnaut was among the several victims of crypto's 2022 credit crisis which resulted in the bankruptcy of a wide-range of lenders including BlockFi, Voyager Digital, and Three Arrows Capital. As for Hodlnaut, the firm halted withdrawals in August 2022 after it lost about $190 million in the aftermath of the crash of Terra Luna. The firm was placed under creditor protection by Singapore's High Court at the end of August 2022. Three Arrows sought protection from creditors in July 2022 under Chapter 15 bankruptcy protection. The petition was filed in the U.S. Southern District of New York. Meanwhile, Three Arrows' liquidators are seeking more than $1 billion from Zhu and Davies.
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