Terraform Labs co-founder Do Kwon finds himself entangled in extradition delays from Montenegro, raising doubts about his timely presence at the upcoming fraud trial by the Securities and Exchange Commission postponed for next month. Initially set for January, Kwon had managed to push the trial to March in hopes of resolving extradition challenges to ensure his in-person attendance. Contrary to expectations, Kwon has now taken a firm stance, through his legal representative David Patton, against seeking further delays to the trial date, regardless of the extradition’s status, setting a determined course for the March 25 trial. The situation unfolds against…
Author: Rea K.
The individual responsible for the security breach at KyberSwap, a decentralized exchange, initiated significant digital asset transfers. Blockchain analytics firm PeckShield detected the movements, revealing that on February 26, the perpetrator shifted a substantial quantity of assets between blockchains. The transactions included the transfer of 798.8 Ether, valued at approximately $2.5 million, from Arbitrum to the Ethereum network. Additionally, the attacker moved nearly $1 million in stablecoins, specifically $826,500 in Dai stablecoin, to a different wallet. This incident is part of the aftermath of one of 2023’s most notable hacks. On November 23, KyberSwap announced experiencing a “security incident” and…
Circle has announced a partnership with Overdare. This collaboration marks an important step towards integrating advanced financial tools into the world of digital creation and game development. Overdare, a metaverse initiative supported by gaming giant Krafton and Naver Z, is at the forefront of mobile user-generated content, pushing the boundaries of digital interaction and creation. Revolutionizing Content Monetization This strategic alliance aims to revolutionize how game content creators monetize their work. By leveraging Circle’s innovative programmable wallets, creators on the Overdare platform can now receive payments in USDC, a stable digital dollar. This integration not only facilitates seamless transactions but…
Blockchain expert ZachXBT recently brought to light concerning transactions involving the BitForex cryptocurrency exchange that have stirred the crypto community. On February 26, ZachXBT uncovered and reported unusual activities on BitForex, suggesting the possibility of an exit scam. This revelation follows an unexpected withdrawal of crypto assets valued at approximately $56.5 million from the exchange’s hot wallets on February 23. ZachXBT’s investigation highlighted that subsequent to this substantial withdrawal, BitForex halted all withdrawal services, leaving many in the dark due to the absence of an official response from the exchange. The situation grows more intriguing considering the exchange’s leadership transition…
Ethereum co-founder Vitalik Buterin recently spotlighted the potential risks associated with Ethereum’s Layer 2 (L2) scaling technologies. These concerns are particularly relevant as L2 solutions gain traction for their promise to boost Ethereum’s scalability and reduce transaction costs. Buterin’s cautionary stance points to the financial dangers stemming from vulnerabilities unique to these advanced technologies. Layer 1 Versus Layer 2: Understanding the Risks Buterin distinguishes between the consequences of failures at Ethereum’s base layer (Layer 1) and its scaling layer (Layer 2). While issues at Layer 1 can often be resolved with minimal lasting impact, Layer 2 presents a different story.…
South Africa’s 2024 budget announcement has put a spotlight on the country’s commitment to embracing digital payments. The National Treasury is setting the stage for a major shift in the financial landscape, with a focus on leveraging stablecoins and blockchain technology. This initiative aims to transform the economic fortunes of marginalized communities, ensuring that the benefits of digitalization reach the furthest corners of society. The treasury’s strategy underscores the urgency for structural reforms and improved public financial management. Central to this agenda is the promotion of digital payments, with stablecoins now being closely examined for their potential to catalyze economic…
Paris Saint-Germain (PSG) is pioneering blockchain technology by becoming the first major football club to validate transactions on the Chiliz blockchain. This innovative step is made possible through a strategic partnership with Socios.com, the official platform for the PSG Fan Token, and marks a significant leap into the $1 billion SportFi ecosystem powered by Chiliz. Chiliz blockchain is at the forefront of the web3 revolution, having launched over 50 projects that demonstrate its capability as a leading platform for blockchain initiatives. PSG’s new role as a blockchain protocol validator not only deepens its involvement in the digital space but also…
Binance is setting the stage for the next generation of cryptocurrency leaders through a comprehensive suite of educational initiatives. Partnering with the Superhumans Foundation, Binance’s philanthropic sector is dedicating $150,000 to bolster the spirits and opportunities of Ukrainian citizens caught in the hands of conflict. The initiative is not just about imparting knowledge; it’s about fostering a community of innovation and resilience. By focusing on entrepreneurship programs, Binance is providing a lifeline to those eager to carve out their own space in the crypto world. This move aligns perfectly with the exchange’s broader mission to democratize finance and empower individuals…
Sam Bankman-Fried, the former CEO of FTX, is making headlines again by changing his legal defense team just before his sentencing. Bankman-Fried, whose legal battles have captivated the crypto community, will no longer work with his previous lawyers. Instead, Mark Mukasey, a notable attorney, steps in to represent Bankman-Fried’s interests during the critical weeks ahead. Mark Mukasey, renowned for his expertise in complex legal matters, joins the fray as Bankman-Fried’s new legal counsel. This change comes after a U.S. District Judge approved Bankman-Fried’s request to appoint new attorneys, dismissing concerns over potential conflicts of interest. Mukasey’s involvement is particularly noteworthy…
A crypto mining company based in Texas, Lejilex, together with the Crypto Freedom Alliance of Texas (CFAT), has taken a bold step by filing a lawsuit against the U.S. Securities and Exchange Commission. This legal action, highlighted by Reuters, signifies a critical moment in the ongoing debate over the regulatory oversight of exchange-traded cryptocurrencies. The plaintiffs argue that the SEC does not possess clear legal authority to regulate certain crypto assets as securities, marking a significant challenge to the regulator’s stance. Lejilex, in its pursuit to establish Legit.Exchange, a new cryptocurrency trading platform, plans to feature tokens that the SEC…