Yuga Labs, the powerhouse behind the popular Bored Ape Yacht Club, has announced a significant restructuring plan. The decision comes in response to the recent record-breaking downturn in the NFT market, which has seen trading activity plummet to its lowest point since the first quarter of the previous year. A Necessary Restructuring On October 6th, Yuga Labs’ CEO, Daniel Alegre, sent out an email outlining the company’s restructuring plan. He cited the primary reason for this move as the need to refocus on core initiatives. Alegre acknowledged that the company had overextended itself by taking on numerous projects, many of…
Author: Rea K.
The courtroom drama surrounding the trial of Sam Bankman-Fried, the prominent figure behind the now-bankrupt cryptocurrency exchange FTX, has taken a sensational turn. Gary Wang, FTX’s co-founder and former Chief Technology Officer, has recently unveiled shocking revelations about the special privileges granted to FTX’s sister company, Alameda Research. This bombshell testimony has sent shockwaves through the crypto community. The Special Privileges In a startling revelation during the trial, Wang disclosed the extraordinary privileges that Alameda Research enjoyed on the defunct FTX exchange. According to his testimony, Alameda had exclusive access to a unique code that allowed it to trade faster…
The FTX attacker, who had previously been funneling their stolen Ethereum holdings through THORChain-based THORSwap, has altered their strategy. This adjustment comes in response to THORSwap’s decision to transition into maintenance mode, citing concerns about facilitating the movement of illicit funds. On October 6, on-chain analyst Lookonchain revealed that the FTX exploiter had ceased using THORChain for transferring the stolen assets. Instead, they had turned to the Threshold network, marking a significant shift in their modus operandi. Lookonchain’s report showcased a screenshot indicating that the attacker had converted over 3,000 ETH into tBTC through the Threshold Network Chain. tBTC: Bridging…
Ethereum co-founder Vitalik Buterin is once again at the forefront of innovation within the blockchain space. This time, he has put forth a series of groundbreaking solutions aimed at strengthening the decentralization of staking pools and bolstering the security of Ethereum’s staking protocols. Addressing Decentralization Concerns One of the primary challenges facing Ethereum’s staking ecosystem is the risk of centralization among node operators and the burden placed on the consensus layer. Buterin’s recommendations directly target these issues. Currently, the selection process for node operators across different staking pools suffers from centralization problems. To combat this, Buterin proposes adopting a two-tier…
Cryptocurrency maverick Arthur Hayes, co-founder of BitMEX, has made some bold predictions regarding the future of the crypto market. With a track record for accurately foreseeing market trends, Hayes’ insights are worth exploring. Hayes believes that the cryptocurrency market is on the cusp of an extraordinary bull run. He suggests that Bitcoin, the flagship cryptocurrency, will witness a staggering surge, ultimately reaching a price range between $750,000 and $1 million by 2026. Hayes attributes this phenomenal growth to a convergence of factors, including decreasing interest rates, upcoming crypto halving events, and the launch of spot Bitcoin ETFs. These catalysts, according…
FTX, the renowned cryptocurrency exchange, has been accused of granting a secret backdoor to Alameda Research, a prominent crypto hedge fund. This backdoor allegedly allowed Alameda Research to maintain a negative balance of up to a staggering $65 billion. The accusations come as part of a broader controversy surrounding FTX founder Sam Bankman-Fried, who faces multiple allegations, including the co-mingling of funds between FTX and Alameda Research. Discovery of the Backdoor The Wall Street Journal recently reported that employees at LedgerX, a Commodity Futures Trading Commission (CFTC) regulated derivative trading platform acquired by FTX.US in August 2021, stumbled upon a…
The United States Securities and Exchange Commission (SEC) has taken legal action against Tesla and SpaceX CEO Elon Musk, filing a request for an order compelling him to testify regarding multiple allegations of federal securities law violations. The lawsuit revolves around Musk’s failure to appear for a court-ordered testimony related to his actions involving the purchase of Twitter in 2022. Musk’s Evasion of SEC’s Subpoena In a recent statement, the SEC expressed its frustration over Musk’s refusal to comply with the investigative subpoena issued earlier this year. The regulatory body emphasized that Musk had been given substantial advance notice to…
In a courtroom drama that could redefine the landscape of the cryptocurrency world, FTX co-founder Gary Wang took the stand to testify against former CEO Sam Bankman-Fried (SBF), who is contesting multiple fraud charges in connection with the November 2022 multi-billion dollar collapse of the crypto exchange FTX. The Need for Slow Speech The trial took an unexpected turn when Judge Lewis Kaplan reportedly interrupted Wang’s testimony with a plea: “Mr. Wang, could you slow down?” The judge’s request for a more measured pace in Wang’s speech sent shockwaves through the courtroom, hinting at the gravity of the allegations being…
Kraken, one of the world’s leading cryptocurrency exchanges, has unveiled plans to acquire the Netherlands-based crypto exchange, Coin Meester B.V. (BCM). This acquisition marks a significant step for Kraken in its mission to establish a stronghold in Europe. Seizing Opportunity in the Netherlands Kraken’s CEO, David Ripley, cited the Netherlands’ thriving economy and innovative culture as key drivers behind the decision to pursue this acquisition. The Netherlands is home to a rapidly growing crypto community, with a substantial portion of its population actively investing in cryptocurrencies. Kraken aims to tap into this crypto-friendly environment and leverage its strong reputation to…
Global payment giant Visa is doubling down on its commitment to artificial intelligence (AI) by launching a groundbreaking $100 million initiative aimed at supporting generative AI ventures. The move, announced on October 2, 2023, marks Visa’s latest endeavor to harness the transformative potential of AI within the realms of commerce and settlements. The Generative AI Revolution Generative AI is a rapidly evolving technology that possesses the remarkable capability to generate diverse forms of content, ranging from text and imagery to audio and synthetic data. Renowned AI chatbots such as OpenAI’s ChatGPT and Google’s Bard have already demonstrated the extraordinary capabilities…