Chain News by Thebittimes.Com

The blockchain-based investment note is issued on Avalanche and will automatically distribute profits to holders’ wallets. Neo- investment and technology firm Republic plans to issue a blockchain-based security token that will pay dividends to retail investors from profits across its broad portfolio of investment holdings. The Republic Note is a profit-sharing digital asset that will be launched on the Avalanche blockchain, which accrues profits generated from Republic’s wide-ranging investment portfolio and services. Republic has attracted over three million investors and has deployed over $2.6 billion into various ventures, including the likes of Web3 firms Avalanche, DappRadar and Dapper Labs. Republic has already carried out a presale round for the Republic Note, attracting over $30 million from individual and institutional investors. Dividends from the note are set to be paid out in USD Coin (USDC) to retail investors when the dividend pool reaches a threshold of $2 million. ...

CertiK claims Solana’s Saga smartphone contains a critical “bootloader vulnerability” — Solana Labs says the claims are entirely inaccurate. A recent video from blockchain security firm CertiK made a series of “ inaccurate ” claims about a potential security vulnerability in Solana’s crypto-enabled Saga phone , Solana Labs has said.  In a Nov. 15 post on X (formerly Twitter), CertiK claimed the Saga phone contained a “critical vulnerability” known as a “bootloader unlock” attack which would supposedly allow a malicious actor to install a hidden backdoor in the phone. Ever wondered about the security of your Web3 devices? Our newest exploration reveals a significant bootloader vulnerability in the Solana Phone, a challenge not just for this device but for the entire industry. Our commitment to enhancing security standards is unwavering. … pic.twitter.com/lHZ5W7hXzy — CertiK (@CertiK) November 15, 2023 In a report sent to Cointelegraph, CertiK claimed the bootloader unlock would “...

Infura said the partnerships mark a major milestone in decentralizing and making its network more censorship-resistant. Microsoft, Tencent and 16 other Web2 giant s have partnered with Consensys on its mission to decentralize the Infura network — the key point of access to Ethereum for much of the de centralized finance (DeFi) sector. The partnerships aim to increase decentralization on the Infura network — key to preventing outages of the Web3 services that leverage it, including the wallet service MetaMask. Speaking to Cointelegraph, Consensys senior product manager Andrew Breslin said the significance of the partnerships was less about “who they were” and more about the big-name firms aligning with Infura in “wanting to decentralize every layer of the blockchain infrastructure stack.” Scheduled for a Q4 launch, the Decentralized Infura Network (DIN) stands as a solution to the problem of centralization for Infrua, with the network currently controlled by Consensys, meaning there r...

In conjunction with the $33 million raise, Blockaid said it’s coming out of stealth with customers like MetaMask and OpenSea. Blockaid, a blockchain security startup and partner of the MetaMask cryptocurrency wallet, has secured $33 million funding to scale its technology designed to stop malicious transactions. The Series A funding round for Blockaid was led by major industry venture capital firms, including Coinbase investor Ribbit Capital and the early-stage VC firm Variant. Other funding members included Sequoia Capital, Cyberstarts and Greylock Partners. Announcing the news on Oct. 23, Blockaid also said its security platform is coming out of stealth with its inaugural customers like MetaMask, the OpenSea marketplace, the Rainbow wallet and the Zerion wallet. The startup has formed a strategic alliance aiming to provide security solutions for Web3 applications and protect users from malicious transactions. MetaMask previously disclosed that it was collaborating with Blockaid an...

The coins staked worth $122 million and represent a small fraction of FTX's holdings of Solana. FTX estate seems to be bullish on Solana’s native token SOL (SOL), as it staked over 5.5 million in SOL coins on Oct. 13. According to on-chain data, an FTX-identified wallet sent the coins to Figment, a staking validator firm for institutional investors.  The transaction was detected by blockchain tracker Whale Alert and later identified as an FTX estate address by pseudonymous on-chain researcher Ashpool. The coins staked worth $122 million and represent a small fraction of FTX's holdings of SOL. Staking involves locking up a specific amount of coins for a set period of time. Staking holders receive SOL coins rewards for securing the network with their stakes. FTX was an early investor in Solana and receives every month a significant volume of SOL unlocked according to the established vesting schedule. FTX estate has the option of liquidating these holdings at any time. The ...

The purchase was funded from a digital wallet, which has been a part of the chain of transactions, anonymized by the Ethereum coin mixing service Tornado Cash One of the CrypToadz non-fungible tokens (NFTs), whose average price doesn’t exceed $1000, was bought for an astonishing 1,055 Wrapped Ethereum (WETH), an equivalent to $1.6 million.  The deal occurred on the OpenSea market on Oct. 9. The NFT represents “a small, warty, amphibious creature,” one of the 6969 units minted by the pseudonymous digital artist Gremplin. The CrypToadz collection was launched during the NFTs boom in 2021 and surpassed a trading volume of 12,000 ETH ($38 million ) during its first ten days on the market. The purchasing wallet was funded by a wallet that has been pulling money out of Tornado Cashhttps://t.co/nNhKvSVhoz pic.twitter.com/aInHO8vNyG — TexasHedge (@0xTexasHedge) October 9, 2023 However, the price paid by the anonymous user for the NFT raised questions among the community. Two weeks ago...

The firm cited difficulty in achieving "net positive cash flow," in making the decision. Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has paused employee salary payments for September and beyond. According to recent local news reports, citing multiple Bitmain employee s familiar with the matter, the firm has allegedly cut all "bonuses and incentivizes" for its staff and still has not paid remuneration due since last month. In addition, employee s face a 50% cut to their base salary . A message allegedly from Bitmain reads:  "For the month of September, the company has yet to achieve a net positive cash flow, especially in the orders of [new] ASICs. The Executive Management Team therefore decided that salaries for the month of September will be paused, to be reviewed after October 7 after the holiday." Founded in Beijing, China, in 2013, Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers, with an...

Tether said the new loans were made at the request of some of its long-standing partners, and it plans to cut it down to zero by 2024. Tether, the largest stablecoin issuer in the crypto market, has seen a rise in its stablecoin lending, or secured loans, in 2023, despite the firm having announced it will cut such loans down to zero in December 2022.  In the company’s latest quarterly report, Tether noted that its assets included $5.5 billion of loans as of June 30, up from $5.3 billion in the previous quarter. A Tether spokesperson told The Wall Street Journal (WSJ) that the recent rise in stablecoin lending was due to a few short-term loan requests from clients with whom the firm has “cultivated longstanding relationships.” The spokesperson also said the company plans to cut such loans to zero by 2024. Tether stablecoin loans on the rise in 2023. Source: The Company Stablecoin loans had become a popular lending product for Tether, allowing customers to borrow USDT from Tether in re...

Fortress holds a Nevada Trust license for asset custody. Ripple holds more than 30 licenses across the United States. Financial technology firm Ripple is expanding its portfolio of regulatory license s in the United States with the acquisition of Fortress Trust, according to an announcement on Sep. 8.  Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company holds a Nevada Trust license that allows it to custody financial assets. The acquisition is in addition to the more than 30 license s Ripple holds across the country as a money transmitter, along with a BitLicense in the state of New York, dedicated to virtual currencies businesses. “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises,” said Monica Long, president at Ripple. According to Ripple's announcement, the technology and licensing held by Fortress Trust complements its business and product roadmap. Ripple first inves...

The number one attribute to succeed in the crypto industry is a “start-up mentality” and the ability to “roll with the punches," a crypto recruiter tells Cointelegraph. The ongoing crypto winter has seen budgets and jobs slashed, but the search for top-tier talent hasn’t stopped across several Web3 verticals, according to some crypto recruitment firms. Speaking to Cointelegraph, Kevin Gibson, founder of crypto recruiting firm Proof of Search said that the majority of staff cuts in the crypto market have been from centralized exchanges , most notably the 18% staff cut at Coinbase in June, 10% cuts at Gemini in July, and the 5% cut at Crypto.com. Despite this, he said there is “still a great deal of demand” for crypto job seekers to get work with “Game-Fi, Metaverse, De-Fi and NFT-oriented companies.” Gibson explained that crypto job boards continue to be dominated by developer and engineer roles, adding there is also “a shortage of experienced CTO, CMO, and token experts.” Unfort...

Following the expiration of the Uniswap v3 code license on April 1, Conflux seeks to deploy the decentralized crypto trading protocol on its network. Conflux, a regulatory-compliant public blockchain based in China, seeks to deploy Uniswap v3 on its network, according to a proposal on Uniswap’s governance forum on April 7. The move comes days after the Uniswap v3 code license expired, enabling developers to fork the protocol and deploy their own decentralized exchange. As per the proposal, the deploy ment would provide “access to millions of potential new users, particularly in the Chinese and Asian markets.” According to Conflux, the Blockchain experienced a spike in traffic in the first quarter of 2023. The network has a market capitalization of nearly $1 billion and has $45 million in total value locked on-chain.  “Currently, 84% of worldwide Blockchain applications are submitted in China. Compared to the UK and the US, 11% and 14%. [...] This shows that China is one of the most m...

Binance didn’t reveal the exact reason behind the suspension but claimed it would only impact 1% of users in the mentioned region. Cryptocurrency exchange Binance is going to suspend its crypto debit card services in Latin America and the Middle East starting from Aug. 25.  The crypto debit card worked like most other debit cards that allowed their users to make payments on a day to day basis. The only difference is that these cards were funded by crypto currency assets. The crypto debit card services in Latin America and the Middle East will be terminated by Sept. 21 but the exchange claimed refunds and disputes can still be processed until Dec. 20, 2023. Binance crypto debit card interface. Source: X The issue first came to light when an X (formally known as Twitter) user enquired about the issues with crypto debit cards in Colombia. Binance responded to the query with the announcement suggesting that debit card services will be suspended starting Aug. 25 without offering cla...

Evan Luthra says Bitget froze his account in April. The exchange claims it was done on suspicions of market manipulation related to the sale of REELT tokens. Update (Aug. 18 at 2:09 pm UTC): This article has been updated with both sides’ perspectives and additional information. Further commentaries are expected from both sides. Crypto influencer Evan Luthra has brought a lawsuit against crypto exchange Bitget for freezing his account after a new token listing in March. According to Luthra, the exchange suspended his withdrawals and froze $200,000 in Tether (USDT) while attempts to seek clarification went unanswered.  Luthra’s involvement with the ReelStar project serves as a backdrop to these events. The influencer was hired as an adviser to ReelStar, a startup developing a social media app for creators. As compensation, Luthra was offered Reel Tokens (REELT), the project’s utility token. Upon its listing, the influencer sold 1.3 million REELT tokens on Bitget. Luthra’s account was th...

The lawsuit alleged that these VC firms made many deceptive and misleading statements about FTX while encouraging customers to invest in the exchange for their personal gain. A total of 18 leading venture capital investment firms including the likes of Temasek, Sequoia Capital, Sino Global and Softbank have been named as defendants in a class action lawsuit filed in Miami for their links to now-bankrupt crypto exchange FTX. The lawsuit filed on Aug.7 alleged that these investment firms were responsible for 'aiding and abetting' FTX fraud . The suit claimed that the defendants in the case used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale”. Snippet of Cabo vs. Temasek Holdings lawsuit. Source: courtlistener.com The lawsuit noted that the FTX cryptocurrency exchange violated several securities laws and stole customers' funds while the defendant VC firms especially the likes of Temasek offered an illusive picture o...

the GAO highlighted blockchain’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA). The GAO explored the potential use of blockchain in SBA programs , which provides support to entrepreneurs and small business es. In its report, the GAO highlighted blockchain ’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. Small Business Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8 — U.S. GAO (@USGAO) July 11, 2023 While the SBA has not considered using blockchain, experts cited in GAO’s study believe that blockchain can help the federal agency overcome numerous challenges it faces today: “These include ...

Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.” Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stable coin issuers in the industry. #Bankitalia #26June Alessandra #Perrazzelli discussed about the evolving regulatory landscape for #DigitalAssets at @pointzeroforum Panel “State of Global Digital Asset Regulation: Navigating Opportunities in an Evolving Landscape”#PZF2023 #PointZeroForum @sif_sfi @elevandi pic.twitter.com/Jm0OBeifZh — Banca d'Italia (@bancaditalia) June 26, 2023 The bank said the rise of cryptocurrencies, coupled with several “boom and bust cycles” in a largely unregulated environment has ...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses whether Bitcoin’s $28,000 support has a chance amid the recent banking crisis. In today’s Market Report episode, analyst and writer Marcel Pechman discusses whether Bitcoin’s (BTC) $28,000 support has a chance. Next, Pechman analyzes the First Republic Bank’s failure and its subsequent acquisition by JPMorgan. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. The first news article explains why Bitcoin margin and futures indicators are essential to decide whether whales and market makers have flipped bearish as BTC failed to break the $30,000 resistance. For starters, Pechman explains why the $340-million liquidation in leveraged futures was important and how it affects the market during surprise price moves. Using data from the OKX exchange on borrowing and lending markets, Pechamn shows how leverage was used to push Bitcoin’s price close to $30,000 on April 2...

The lawmaker said the regulation will need to be both “pragmatic” and “proportionate” to ensure economic growth is maximized. The United Kingdom could lay out digital asset regulation within 12 months a British lawmaker claimed, saying the country wants to capitalize on the benefits that blockchain can bring to the private sector and economy. In an April 17 CNBC interview, Andrew Griffith, the economic secretary to the U.K. Treasury said the long-term vision is to “let firms make the most of the opportunities from crypto assets” with sound crypto regulation. For the first time in “decades,” Griffith claimed the U.K. government is now well-positioned to regulate crypto in a “pragmatic” and “proportionate” manner and appeared to make reference to the U.K.’s exit from the European Union: “I think over the next 12 or so months is the window. We've got this great asset in the U.K., we've got control back of a rule book — not something the U.K. has had for decades — so we've got...

The tech billionaire made the announcement during a Fox interview on Monday. According to a Apr. 18 post by Fox News, Elon Musk told the media outlet's anchor Tucker Carlson that he’s developing a ChatGPT rival in the form of “TruthGPT,” a large language model (LLM) that Musk says will be trained to explore the mysteries of the universe.  “I'm going to start something which I call TruthGPT, or a maximum truth-seeking AI that tries to understand the nature of the universe,” said Musk.  This truth-seeking AI, as per Musk, will also push back against what he perceives as a left wing bias in the industry. Musk told Carlson that ChatGPT “is programmed by left-wing experts, which train the chatbots to lie.” He also appeared to address concerns over his entering the crowded LLM market just weeks after signing a petition calling for a pause on related research in order to evaluate safety concerns. Per the Fox News article, Musk said “I think this might be the best path to safety in ...

The platform makes the first use case of a so-called “Proof of Climate” blockchain protocol. Two banks from Sweden and France announced the launch of a new digital bond platform built on blockchain technology. The platform will enable institutional clients to issue, trade and settle bonds digitally, providing a more efficient and secure process than traditional methods. The platform is a joint project of Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank, called “so|bond.“ According to the announcement from April 3, the blockchain network will be using a validation protocol, “Proof of Climate awaReness,” and minimizing its environmental footprint. The Proof of Climate awaReness protocol is said to enable an energy consumption comparable to non-blockchain systems, and incentivize participating nodes to improve the environmental footprint of their infrastructures. Each node will be remunerated according to a formula linked to its climate impact: the lower the environmental...