CryptoNews_

Andrew Throuvalas

Last updated:

June 7, 2024 11:30 EDT | 2 min read

Semler Scientific (SMLR) – the healthcare technology firm turned Bitcoin believer – has announced its acquisition of another 247 BTC for its corporate balance sheet.

Semler Scientific Buys More Bitcoin

Per a company press release late Thursday, the new coins were acquired for $17 million including all fees and expenses, averaging $68,825 per coin. As of Friday, Bitcoin trades for $71,200 per coin.

The recent purchase brings the Bitcoin on Semler’s balance sheet up to 828 BTC, acquired for $57 million in aggregate. Thus far, the company is up a modest $1 million on its investment.

“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin,” said Doug Murphy-Chutorian, CEO of Semler Scientific, in a statement.

Semler Scientific $SMLR is showing commitment to its #Bitcoin strategy, taking a page right out of the $MSTR playbook.

Today, the company filed an S-1 disclosing the issuance of up to $150 million of debt securities and common stock to purchase more #Bitcoin.

Semler also… pic.twitter.com/JLxkPoO08e

— Mark Harvey (@thepowerfulHRV) June 7, 2024

Semler announced last month that it was turning to Bitcoin as its “primary treasury reserve asset,” being the second publicly traded US company to vocally follow in the footsteps of MicroStategy (MSTR).

Mimicking the behavior of its larger predecessor, SMLR stock surged 33% the day it announced its first purchase, and spiked another 9% on Friday following the announcement.

Semler’s market cap is now $223 million – almost four times the value of the BTC on its balance sheet.

The Bitcoin Acquisition Trend

However, a Thursday SEC filing from Semler revealed that the company plans to ute a $150 million debt securities sale, from which the proceeds will be used for “general corporate purposes, including the acquisition of bitcoin.”

This would again mimic MicroStrategy, which has issued billions of dollars of convertible notes with the sole purpose of acquiring more BTC.

“Bitcoin is a compelling investment and can serve as a reliable store of value,” added the company’s CEO. “We will continue to pursue our strategy of purchasing bitcoins with cash.”

Following its first purchase, company chairman Eric Semler said Bitcoin “has the potential to generate outsize returns as it gains increasing acceptance as digital gold.”

Compared to gold, Semler said Bitcoin has “digital” and architectural resilience” that make it “preferable to gold,” the latter of which has a market cap still ten times Bitcoin’s size.

Before Semler, public Japanese firm Metaplanet revealed its new goal to acquire as much BTC as possible, and became one of the nation’s best-performing stocks as a result.

In addition to buying BTC with cash, the firm has agreed to explore the use of capital markets in ways it views as accretive to shareholder value and Bitcoin holdings.

Follow Us on Google News

Julia Smith

Last updated:

June 7, 2024 11:04 EDT | 2 min read

New York Attorney General Letitia James is suing crypto trading firm NovaTech, now shuttered digital asset company AWS Mining, and at least two key promoters for reportedly defrauding investors out of $1 billion, court documents from the June 6 lawsuit reveal.

New Lawsuit From NY AG Letitia James Takes Aim At Crypto Promoters

Between 2017 and 2019, AWS Mining, married couple Cynthia and Eddy Petion, and several additional associates promoted a fraud scheme that saw victims promised a 200% return on investment from mining cryptocurrencies.

“AWS Mining’s promises of guaranteed 200% returns were fraudulent and its scheme was unsustainable, because, according to defendant Cynthia Petion, AWS Mining paid returns and bonuses that were too high for too long,” the lawsuit states.

When AWS Mining finally collapsed in April 2019, most investors were left with nothing. By August of that year, the Petions launched NovaTech alongside a handful of fellow AWS Mining promoters.

While over $1 billion was supposedly deposited onto the crypto trading platform, less than $26 million was ever actually traded.

⚖️AG Letitia James alleges that crypto firms #NovaTech and AWS Mining defrauded over 200,000 people of $1 billion. Founders Cynthia and Eddy Petion are named in the suit, which claims 11,000 New Yorkers lost millions to NovaTech's #Ponzischeme. #AWSMining #CryptoNews pic.twitter.com/Ipv9RUM5mo

— 1ATH.Studio (@1ATHStudio) June 7, 2024

According to James’ lawsuit, the Petions carried out the pyramid schemes by targeting investors of Haitian descent who were “most in need of income and least able to afford a loss” by alleging they were the path to “financial freedom.”

“Defendants preyed upon the same victims of AWS Mining when recruiting for NovaTech, capitalizing on the exclusion of these communities from traditional markets,” the suit alleges.

The damning lawsuit then claims Cynthia Petion rebranded herself as the organization’s “Reverend CEO” and alleged NovaTech was “God’s vision” all while “promoting the schemes to investors in the Creole language and preying on their victims’ religious faith.”

Privately, Petion compared her victims to “cult” members and likened herself to a zookeeper.

“People join and follow mindlessly,” James alleges Petion wrote in one message. “They don’t think. They just agree with everything you say.”

NovaTech, AWS Mining Face Lawsuit Over Fraud Allegations

By 2022, the Petions had secretly fled to Panama, reportedly messaging another promoter U.S. officials “can’t serve you if they can’t find you lol.”

By May 2023, NovaTech officially closed while the Petions and fellow promoters of the crypto scheme “made off with millions of dollars in recruitment payments and profits.”

“NovaTech failed to return cryptocurrency deposited by investors and tens of thousands of investors were left with hundreds of millions of dollars in losses,” the lawsuit states.

Although the Petions, AWS Mining, and NovaTech were most recently hit with a $2 billion class action lawsuit in February of this year, criminal charges have not been filed.

The Petions have yet to officially publicly respond to the allegations.

Follow Us on Google News

Simon Chandler

Last updated:

June 7, 2024 10:44 EDT | 3 min read

The Ethereum price has fallen by 1% in the past 24 hours, slipping to $3,808 on a day when the crypto market as a whole has scarcely moved.

ETH is now up by 2% in a week and by 27% in a month, with the market’s biggest altcoin also sitting on a 100% increase in the last 12 months.

And what’s exciting is that Ethereum is now looking forward to its highly anticipated Pectra upgrade, which some community members expect to arrive by Q1 2025.

Pectra will include multiple important improvements, and by adding to Ethereum’s pre-existing utility, it could help the ETH price climb substantially.

Pectra Upgrade Announced for Q1 2025 – Can the Ethereum Price Reach $10,000?

ETH has suffered a little in the past couple of days, yet it now seems ready to mount a short-term comeback.

This is evident in its RSI (purple), which declined to 30 late yesterday night but has since rebounded towards 50, with much more room for further ascents.

Source: TradingViewComplicating the picture, however, is ETH’s 30-day average (orange), which has been above the 200-day (blue) for well over a week.

This would suggest that a decline is on the cards, with the 30-day slipping in the past 24 hours.

Yet there are several reasons for believing that the Ethereum price will actually rise over the coming days, if not over the coming weeks.

For one, this month is likely to see the launch of the first few Ethereum ETFs, with several funds already submitting the forms they need to roll out their offerings.

The launch of ETFs will result in a big rise in volume and demand for the alt, thereby boosting its price.

On top of this, more details have emerged about the upcoming Petra update, with some experts suggesting a launch in the first quarter of next year.

Pectra, the next Ethereum network upgrade, is shaping up to be the biggest in Ethereum's history!

The confirmed EIPs include:

– EIP-7702 (replaces EIP-3074/account abstraction)
– EIP-7594 / PeerDAS (huge upgrade for rollup scalability)
– EIP-7251 / MaxEB (stake more than 32…

— sassal.eth/acc 🦇🔊 (@sassal0x) June 7, 2024

Petra bundles several significant updates into one package, making Ethereum more efficient overall.

For example, it will introduce the ability to stake more than 32 ETH, something which will bring greater simplicity for validators.

It will also allow for account abstraction, which enables smart contracts to act as wallets, saving users from the need to always use external wallets to initiate transactions.

Taken together, these features will only enhance Ethereum’s usability and dominance as a layer-one platform.

In turn, it will boost the Ethereum price further, with the coin on course to break its existing record high of $4,800 by the end of the year.

High-Potential Meme Coins with Strong Fundamentals

While ETH continues to look like a very safe bet in crypto terms, it isn’t the only altcoin likely to experience significant gains in the near and more distant future.

There are also several high-potential meme coins in the market at the moment, holding their presales and building momentum as they get ready to list.

For instance, WienerAI (WAI) is an Ethereum-based cryptocurrency that has raised more than $4.8 million in its ongoing token sale.

UPGRADE your trading strategy.

The WienerAI Trading Bot will be your trusted trading companion, leveraging AI to make savvy and predictive moves in a dynamic market. pic.twitter.com/uYCRAWRd2N

— WienerAI (@WienerDogAI) June 1, 2024

While the market is awash in junk meme tokens, WienerAI stands out by virtue of having some solid fundamentals underlying its meme-y appearance.

That is, it will be an AI-powered chatbot that will answer questions from traders, informing them on which tokens have strong potential and on trade timings.

It will also offer an atomic swap feature, so that traders who do receive recommendations from the bot can quickly buy or sell the corresponding coin.

In addition, it features MEV protection, which works by helping investors to time trades ahead of any front-running bots that may be operating.

Such tools account for why WienerAI has raised so much money so quickly, with the coin also having some promising tokenomics.

It has a hard cap of 69 billion WAI, while holders will also be able to stake it for a passive income.

This makes it potentially deflationary, with investors able to join its token offering by going to the official WienerAI website.

They can buy WAI at a price of $0.000716 per token, with this price rising with each new stage of the sale.

Buy WAI Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Harvey Hunter

Last updated:

June 7, 2024 09:09 EDT | 2 min read

An Elliptic report exposed the rise of AI crypto crimes marking a new era of cyber threats, exploited for deepfake scams, state-sponsored attacks, and other sophisticated illicit activities.

The report credits artificial intelligence (AI) for driving significant beneficial innovation in many industries, including the AI cryptoasset sector. This innovation has birthed many projects poised to redefine the landscape of AI crypto.

However, as with any emerging technology, there remains a risk of bad actors seeking to exploit new developments for illicit purposes.

As a result, Elliptic calls for a review of early warning signs of illegal activity to ensure long-term innovation and mitigate emerging risks in their early stages.

Deepfake Celebrities, Leaders, and Crypto CEOs

Elliptic Highlighted the use and distribution of deepfakes and AI-generated material to advertise crypto scams.

Deepfake videos frequently exploit the likeness of influential figures like Elon Musk and former Singaporean Prime Minister Lee Hsien Loong to promote fraudulent investment schemes.

They falsely imply that the project has legitimate or official backing – thereby legitimizing it among potential victims.

Anyone just see the @elonmusk / crypto scam on the @SpaceX launch YouTube stream? In a deep fake video that cut into the stream, Elon directs everyone to scan a QR code to send crypto and it will be returned to your wallet double what you put in. Be careful out there!! pic.twitter.com/vKutNvgTkP

— N1COLE (@nmarinake) June 6, 2024

Industrial-scale scams like “pig butchering” romance scams involve maintaining extensive and prolonged communication with victims throughout the scam process.

Elliptic also reported instances of deepfake technology impersonating high-level utives during online meetings. This exploits the figure’s position to potentially authorize large transactions, impacting both the corporate and crypto sectors.

AI Enhanced Illicit Markets

Tools like ChatGPT can be used to generate or bug-check code. The potential implications of this are relevant to crypto, facilitating cybercrime by identifying vulnerabilities at scale.

Decentralized crypto apps often use open-source code, like smart contracts, making them vulnerable to hacks. The rise of DeFi auditing counters these risks.

However, while AI could streamline smart contract audits, auditors caution about current capabilities. There’s concern that AI could be used by hackers to quickly identify vulnerabilities in DeFi protocols.

Dark web forums explore large language models (LLMs) for crypto-related crimes. This includes reverse-engineering wallet seed phrases and automating scams like phishing and malware deployment.

Dark web markets offer “unethical” versions of GPTs designed for AI crypto crime. These tools aim to evade detection by legitimate GPTs.

WormGPT, the self-described “enemy of ChatGPT”, was noted in the report. It Introduces itself as a tool that “transcends the boundaries of legality.” It openly advertises itself for facilitating the creation of phishing emails, carding, malware, and generating malicious code.

United States warns of Korean AI Crypto Crime

The United Nations attributes over 60 cryptocurrency heists to North Korean state actors, amounting to over $3 billion stolen from 2017 to 2023. Elliptic cited reports indicating they are exploring AI to enhance hacking capabilities.

According to the report, Anne Neuberger, the U.S. Deputy National Security Advisor for Cyber and Emerging Technologies, also addressed the growing concerns about AI criminality.

“Some North Korean and other nation-state and criminal actors have been observed trying to use AI models to accelerate the creation of malicious software and identifying vulnerable s.”

The report highlighted North Korea’s advancement in AI research since 2013, focusing on applications like facial recognition and potential military uses. Kim Il Sung University plays a role in AI program development, collaborating with Chinese entities in this field.

Elliptic hasn’t found evidence of hostile state actors using AI on blockchains directly, but these groups are testing large language models (LLMs) to enhance hacking skills.

Follow Us on Google News

Tanzeel Akhtar

Last updated:

June 7, 2024 09:07 EDT | 2 min read

Newly listed bitcoin and ethereum exchange-traded notes (ETNs) listed on the London Stock Exchange (LSE), are failing to attract inflows due to the lack of institutional demand, according to crypto ETP providers.

In May, 21Shares launched four new physically-backed crypto exchange-traded notes (ETNs) including the 21Shares Bitcoin ETN, 21Shares Ethereum Staking ETN, 21Shares Bitcoin Core ETN, and the 21Shares Ethereum Core ETN.

WisdomTree listed a Bitcoin and Ethereum ETN in May. Invesco launched the Invesco Physical Bitcoin ETP listed on the LSE earlier this week carrying a total expense ratio of 0.39%.

Crypto ETNs track the performance of underlying assets such as bitcoin or ether and are traded and settled like normal shares.

LSE Late to the Party

The new crypto products are restricted to professional investors only, under Financial Conduct Authority (FCA) regulations. Why have the products been slow to gain inflows since listing?

“Pretty simple really. The LSE is very late to the party,” HANetf co-founder and co-CEO Hector McNeil told CryptoNews. Comparing the lack of interest in LSE-listed ETNs and ETPs, McNeil highlights there is plenty of liquidity in markets like Xetra German Electronic Exchange.

The FCA does not allow retail consumers to invest in the products and placed a ban on the sale of crypto derivatives and ETNs in 2021.

“FCA retail ban means no local retail interest to underpin volumes either. Hopefully, it’s a foot in the door with the FCA and they change their approach to be more consistent with ‘complex ETPs’ like leverage ETPs where sophisticated retail can get access. If they did this it would create a deeper and healthy local market,” explains McNeil.

Lack of Institutional Demand

There are several potential reasons why crypto ETNs listed on the London Stock Exchange are not generating significant trading volumes, Laurent Kssis, an independent board member of Issuance Swiss AG and crypto ETP veteran told CryptoNews.

One factor is the lack of institutional demand, explains Kssis. Institutional investors, such as hedge funds, pension funds, and asset managers, are often considered the primary drivers of significant trading volumes in traditional financial markets.

“There may still be a lack of widespread UK institutional adoption and demand for crypto ETNs, which could limit trading activity,” said Kssis.

Regulatory Uncertainty Impacted Inflows

Another factor impacting inflows into the newly listed crypto ETNs is regulatory uncertainty.

“The regulatory landscape surrounding cryptocurrencies and crypto-related investment products can be complex and evolving. Regulatory uncertainties or concerns about potential changes in regulations may deter some investors from actively trading crypto ETNs, leading to lower liquidity and trading volumes,” said Kssis.

Then there is already a saturated European market when it comes to ETPs trading in Germany, Switzerland and France.

“Competition from existing EU — investors have already gained exposure to cryptocurrencies through other investment vehicles, such as spot trading, futures contracts, or directly holding the underlying digital assets,” said Kssis.

The availability of alternative investment products could be diverting trading activity away from the LSE-listed crypto ETNs with many ETPs already trading in Europe.

Another factor coming into play is that US Spot ETF dominance has taken a lot of capital from institutional investors in the first wave in Q1 with BlackRock taking lion’s share.

Market Maker Support for Crypto ETNs

Another factor coming into play is market maker support for the products. Flow Traders are the main market makers.

“Sufficient market maker support is crucial for ensuring liquidity and efficient trading in financial products. We currently have one market maker and a handful of authorised participants,” said Kssis.

Follow Us on Google News

Simon Chandler

Last updated:

June 7, 2024 08:35 EDT | 3 min read

SOL has dropped by 0.5% today, with the Solana price slipping to $172.10 as the wider cryptocurrency market barely moves in the past 24 hours.

This fall hasn’t prevented Solana from holding onto a 3% gain in a week and a 17% jump in a month, with the token – the fifth-biggest in the market by cap – also boasting a 750% appreciation in a year.

Yet today’s move comes as Hulk Hogan has become dogged in claims that he launched his own Solana-based meme coin (HULK) yesterday and then ly dumped it on retail traders.

The wrestler and Hollywood actor has denied these allegations, yet they underline how Solana has become rife with low-quality meme tokens that are highly risky for the average investor, something which jeopardises the coin’s price in the long run.

Hulk Hogan Denies Meme Coin Pump and Dump – Will the Solana Price Take a Hit?

SOL’s chart gives the impression that the coin is in a position to make some more short-term gains over the weekend.

Its relative strength index (purple), for example, has bounced from 30 late last night to just over 50 as of writing, with momentum suggesting that it could continue rising in the next one or two days.

Source: TradingViewLikewise, SOL’s 30-day average (orange) has resumed rising after dipping, while the coin’s price has jumped above the average.

This signals that Solana has entered another growth spurt, although the coin’s volume, at $2 billion today, suggests that it may not last for too long.

This relatively low volume comes amid a steady supply of new meme token launches, many of which are of very dubious caliber.

As noted above, yesterday saw the launch of a HULK token, which the official Hulk Hogan X account promoted.

This meme coin stuff is getting out of hand. Literally $10 million was a vaporized in $Hulk coin within minutes and nobody knows what’s going on.

We don’t know if Hulk Hogan was hacked, if he is playing some sort of weird game, if his social media was hacked, or if there’s… pic.twitter.com/euRCgZloul

— Brian Krassenstein (@krassenstein) June 6, 2024

It pumped to roughly $0.014 before falling all the way to $0.00129, while Hulk Hogan deleted all of his tweets not long after, with a post on his Instagram implying that bad actors had hacked his X account.

Regardless of what has happened, the launch and fall of HULK arguably casts a negative light on Solana, which saw close to half a million tokens issued on its chain in May.

On the other hand, supporters will point to such data to suggest that Solana is popular for meme tokens because of its utility and scalability.

As such, its growth as a network will probably help the Solana price rise over the coming weeks, potentially reaching $200 late in the summer.

Diversification into High-Potential Meme Coins

SOL remains one of the best large alts in the market, yet traders wanting to maximize their exposure to upside may also want to diversify into one or more of the more promising new meme tokens that have emerged in recent weeks.

While the HULK saga underlines how many (or most) new meme coins are sketchy, there is one way of identifying which new tokens have more promise and potential longevity: presales.

Successful presales show which tokens are generating above-average interest, with one of biggest presales at the moment belonging to Sealana (SEAL), a Solana-based meme coin that has raised more than $3 million.

#Sealana has got some big news for y'all today! 🦭🍻 After a long night of drinking, doin' American $SEAL things 🇺🇸 and blacking out! 😵 He woke up with some real mental clarity and made the call that the #Presale's gonna end on June 25th at 6 pm UTC! ⏰

You know what that… pic.twitter.com/va7W8abVjb

— Sealana (@Sealana_Token) June 6, 2024

SEAL’s presale will end on June 25, with the speed with which it raised more than $3 million suggesting that it could have a big listing.

It’s vying to become the latest in a line of Solana-based tokens (such as WIF and BONK) that have shown real staying power in recent months and have solidly outperformed the market.

It’s already off the a good start in this respect, with the coin’s official X account now reaching 12,000 followers.

Investors interested in buying some SEAL early – and at a discount – have until June 25 to do so.

They can buy SEAL at the official Sealana website, with 1 SEAL costing $0.022.

This is likely to prove a very cheap price for the token, which, judging by its fast-moving presale and growing community, is going to enjoy some substantial gains towards the end of the month.

Buy SEAL Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Hassan Shittu

Last updated:

June 7, 2024 07:42 EDT | 3 min read

In an exclusive interview, Matt Zahab from Cryptonews had the pleasure of speaking to Rune Christensen, co-founder of MakerDAO, at Consensus 2024 in Austin, Texas, on MakerDAO’s vision for decentralized finance (DeFi) and the future of finance

The conversation delved into MakerDAO’s impressive track record in DeFi, its innovative strategies for offering high yields on crypto assets, and the exciting future of the DeFi space. Check out the full interview here:

MakerDAO Pioneering Stability and Security in DeFi with DAI

MakerDAO is a smart contract lending protocol that allows users to take out loans by depositing digital assets as collateral. The loans are issued in the form of MakerDAO issued stablecoin DAI.

It is renowned for its stability and security and is one of the oldest and most reliable projects in the blockchain space. The cornerstone of its success is the DAI stablecoin, built on blockchain technology, which ensures transparency and resilience.

With over $5 billion in circulation and generating $300 million in annual revenue, DAI has become one of the key players in the stablecoin market. Christensen said, emphasizing the reliability of their platform,

“Maker has a very long track record of stability and security.”

One of MakerDAO’s standout features is its ability to offer an 8% yield on DAI, which often seems too good for those used to traditional finance.

Christensen explained that this high yield is achievable by allocating underlying assets between traditional finance assets, like treasuries and real estate, and crypto assets. The “basis trade” in the crypto market further improves the yield, where inefficiencies allow for significant returns. He elaborated,

“We were the first to tap into what’s called real-world assets, which just means normal traditional finance assets.”

📝 There is a new detailed proposal to bring the @MakerDAO protocol to a “predetermined, immutable end state” by setting up several new #DAOs.

Read more 👇

— Cryptonews.com (@cryptonews) June 3, 2022

According to June 2023 data from Makerburn.com, the annualized revenue generated by Maker soared to over $165 million, marking a 2-year high. This strong revenue growth showed that the revenue surpassed the high from November 2021 and reached levels not seen since May 2021.

Additionally, the supply of DAI climbed to a 5-month high of 5.35 billion DAI. This increase was attributed to more users, including high-profile crypto figures like Tron founder Justin Sun, purchasing DAI to benefit from a higher interest rate on deposits offered by the Maker protocol.

Despite their success, MakerDAO recognizes the need to make DeFi more user-friendly. Their latest initiative, “Endgame,” aims to simplify the user experience and broaden access to DeFi’s benefits. Christensen highlighted the importance of ease of use:

“What we’re doing with Endgame is making the ultimate money app for saving and growing your money.”

According to the detailed proposal published by Christensen in June 2023, Endgame aims to bring the MakerDAO (MKR) protocol to a “predetermined, immutable end state” by setting up several new DAOs. The Endgame plan aims to improve governance and tap into the raw power of modern DeFi innovation.

This transformation will include rebranding and launching a more intuitive platform, making it easier for users to take advantage of high yields without extensive crypto knowledge.

The Future of DeFi: Security, Simplicity, and Excitement

Looking ahead, Christensen is optimistic about DeFi’s potential. He believes that simplifying the user experience and ensuring security are crucial steps towards mass adoption. He also pointed out DeFi’s unique offerings, such as token farming, which can expose users to promising projects like Spark. He emphasized that these opportunities are coupled with the security of stablecoins.

“We’re giving you that exciting crypto experience with tokens and upside potential.”

Beyond MakerDAO, Christensen also expressed great enthusiasm for zero-knowledge (ZK) computation, a technology that could revolutionize blockchain scalability. He envisions a future where decentralized s become more efficient as they grow, starkly contrasting traditional blockchains that slow down with increased use.

“With properly implemented ZK, you can actually speed up the blockchain as you add more computers,” he explained, hinting at the possibility of integrating this technology into MakerDAO’s future projects.

According to Christensen, this technology could revolutionize blockchain infrastructure by enabling s to become more efficient as they grow. This would solve the problem of traditional blockchains, which tend to slow down with increased load.

Lastly, Christensen also teased the possibility of a future MakerDAO Layer 1 (L1) blockchain. He shared their aim to harness the full capabilities of zero-knowledge proofs and use them to the industry’s greater advantage.

Consensus 2024

Cryptonews reporters Rachel Wolfson and Matt Zahab are on the ground at Consensus 2024. Taking interviews from industry leaders and pioneers, as well as prominent analysts, they bring you the latest updates from one of the biggest crypto events globally.

More from Consensus 2024 Ethereum ETF Approval Was a Political Decision, Says Bloomberg Analyst James Seyffart

Follow Us on Google News

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.

Blockchair has announced the support of 24 new blockchains into its platform, significantly enhancing its multi-blockchain explorer and professional tools offering. This expansion includes prominent names such as Solana, Base, TRON, Arbitrum One, Polygon, Polygon zkEVM, Linea, Optimism, TON, Beacon Chain, Aptos, Avalanche, DigiByte, Fantom, Handshake, Moonbeam, Peercoin, Polkadot, Sei EVM, and XRP Ledger, but also upcoming Layer 2s on Bitcoin such as BOB, Botanix, Rootstock, and Liquid Network.

‘Blockchair has historically been a Bitcoin and UTXO-chain explorer. Our expansion into the Bitcoin Layer 2 eco feels nothing but natural and we’ll keep adding more and more upcoming Bitcoin Layer 2s.’

Nikita Zhavoronkov – CEO & Lead Developer at Blockchair

The addition of these 24 blockchains brings unique capabilities and features to Blockchair’s already robust platform. This integration sets Blockchair apart from other block explorers by providing a unified interface to explore data across 42 popular chains. Users can now seamlessly access and analyze data from multiple blockchains, benefiting from enhanced user experience and functionality.

Alongside this expansion, Blockchair has also unveiled a comprehensive platform redesign aimed at improving user experience and accessibility.

New design with AI Assistant

The redesigned platform boasts lightning-fast performance and a modern, clean interface that simplifies navigation and improves accessibility. Key enhancements include intuitive navigation and distinct sections dedicated to Bitcoin, Ethereum, and other ecos. Additionally, the Blockchair AI Assistant is introduced to help users interpret and understand on-chain data effectively and get professional support.

‘Since 2016 we have received lots of similar questions from crypto users related to their on-chain transactions, and there is fundamentally no real-time tech support for decentralized cryptocurrencies. Providing crypto users with comprehensive and, what is even more important, a safe support – is no easy task. We have solved it. We believe AI-powered human-like interactions are the future of UI.‘

Yedige Davletgaliyev – Head of Research at Blockchair

Blockchair’s AI Assistant guides users in multiple languages through understanding on-chain data with questions such as:

– How long will it take for my transaction to be processed?

– What can be done to speed up or revert/cancel a transaction?

– How to distinguish between fraudulent and legitimate advice?

The AI assistant has already guided thousands of users not to send money or seed phrases to scammers, and will soon be made available for developers in the API.

Blockchair also improves its UX by expanding its offering of fiat currencies in which the data can be denominated and adding KYA/KYT scores to check transaction risk uation. According to the Blockchair team, the platform will continue to add support for new blockchains and work on its professional developer tools.

About Blockchair:

Blockchair offers the most private search and analytics engine and a wide range of professional tools for scientists and developers of multi-currency wallets and exchanges, for 42 different blockchains. This includes APIs, PDF receipts and Wallet statements generator, Awesome Catalog of Blockchain and Crypto services, News Aggregator, Data Dumps, an anonymous portfolio tracker, and charts with blockchain and monetary data. The website is offered in 20 languages and no user data is gathered nor shared with third parties.

For more information or questions:

[email protected]

[email protected]

FOR INTERNAL USE: Blockchair media-kit.

Follow Us on Google News Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.

Harvey Hunter

Last updated:

June 7, 2024 05:57 EDT | 2 min read

A US appeals court overturned an SEC rule on fee and expense disclosure for hedge funds and equity firms, citing congressional overreach.

On June 5th, the Fifth Circuit Court of Appeals’ three-judge panel unanimously ruled against the SEC, according to court documents.

This came after six industry groups challenged the rule, arguing it would raise compliance costs and drastically change the sector.

The SEC “exceeded its statutory authority,” Judge Kurt Engelhardt wrote on behalf of the three judges. “The promulgation of the Final Rule was unauthorized, no part of it can stand.”

How the SEC Fund Rule Overreaches Their Authority

The 656-page SEC rule required funds to release quarterly performance and fee reports, conduct yearly audits, and stop giving special treatment to some investors.

The SEC claimed Congress expanded its role to oversee private funds, citing two sections of the Dodd-Frank Act passed after the 2008 financial crisis.

However, Judge Engelhardt shot down these claims, saying “neither section grants the Commission such authority.”

The case represents a blow to the regulator’s claimed congressional authority over the sector. Vocal critics of the regulator in the crypto industry have also floated similar criticism over the last few years.

Consensys Senior Counsel Bill Hughes commented, “this is the same off-key performance from the SEC that has been the hallmark of these last three-plus years.”

The SEC loses in court again, and another rulemaking is vacated.

The question presented was whether the SEC had the authority from Congress under an existing statute to make the rule directed at private funds advisors. The court found that, no, it did not.

The court found… pic.twitter.com/R6D3eAgxmk

— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) June 5, 2024

In a wave of lawsuits against crypto firms, the SEC has argued many cryptocurrencies are securities under its jurisdiction.

Ethereum Co-founder Joseph Lubin criticized the SEC’s approach, alleging it favors strategic enforcement actions over fostering open discourse and providing clear regulatory guidelines.

This has created unease within the cryptocurrency industry due to regulatory uncertainty, affecting leading exchanges and prominent cryptocurrency projects. He added:

“The SEC probably doesn’t want to see a wave of innovation that will really transform the landscape.”

FIT 21 Bill Could Losen the SEC’s Grip on Crypto

The SEC is now facing possible action from Congress that could change its claimed authority over the US crypto industry.

The Financial Innovation and Technology for the 21st Century Act (FIT21), passed the House with broad bipartisan support. The bill would see oversight of the crypto industry transferred to the Commodity Futures Trading Commission.

Placing most digital assets under the jurisdiction of the CFTC would categorize them as commodities instead of securities. This would shift regulatory oversight away from the SEC.

This move is significant, especially given the Biden administration’s crypto industry crackdown initiated under the SEC’s purview.

President Joe Biden’s veto was crucial in retaining the SEC’s SAB 121, which bars banks from holding crypto.

The bipartisan resolution to strike down SAB 121 garnered support in both the House and Senate.

Follow Us on Google News

Sujha Sundararajan

Last updated:

June 7, 2024 05:41 EDT | 1 min read

The United States Attorney for the Southern District of New York, has charges three UK-nationals, for their involvement wire fraud and money laundering, linked to the “Evolved Apes” non-fungible token (NFT) scam.

Announced Thursday, the court charged Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, And Daood Hassan, involved in a rugpull. They allegedly defrauded victims to purchase NFTs.

“Evolved Apes” collection of NFTs on the OpenSea marketplace had 10,000 digital collectibles, which promised developing a highly-profitable videogame. However the creation of a videogame was a scam, which never made any profits.

The perpetrators quickly shut down the project’s website and kept the funds without developing the videogame, the court document read. Further, they laundered the “misappropriated funds” using multiple cryptocurrencies.

“As alleged, the defendants ran a scam to drive up the price of digital artwork through false promises about developing a videogame,” U.S. Attorney Damian Williams said.

“They allegedly took investor funds, never developed the game, and pocketed the proceeds.”

In October 2023, the Evolved Apes project developers disappeared with $2.9 million, the then price for 798 ETH. The three defendants created a pump-and-dump scheme, later transferring the proceeds of the fraud to their personal accounts.

FBI Takes Action Against Evolved Apes NFT Fraud

Attorney Williams noted that though NFTs are new and nascent, such scams still come under old rules for money laundering. He assured that those responsible for the fraud will “be held accountable.”

“As we allege, thousands of people believed these false promises and were tricked into buying these NFTs, including here in the Southern District of New York,” he added.

Each of the defendants of the Evolved Apes have one count of conspiracy to commit wire fraud and money laundering. They will receive a maximum sentence of 20 years in prison, the court noted.

The Federal Bureau of Investigation (FBI) has throughout been gathering information on the issue. “The FBI remains committed to pursuing those who perpetrate fraudulent schemes out of a selfish desire for a quick profit,” said FBI Assistant Director-in-Charge James Smith.

Follow Us on Google News

Shalini Nagarajan

Last updated:

June 7, 2024 05:08 EDT | 2 min read

! [Web4] (https://img.gateio.im/social/moments-5e0d687aa89198792eaa4fab1bbf585c)Digital asset investment firm Fineqia’s CEO, Bundeep Singh Rangar, views Web4 as the key to achieving mass adoption of Web3.

He explained his perspective, noting that Web3 is heavily centered around the technology stack. While it’s possible to develop new layers and applications, the critical question remains whether these innovations are driven by technology or market demand.

In contrast, Web4 focuses on understanding market needs and identifying the products that consumers are willing to purchase.

“If you want mass adoption, you got to make sure that the product has a mass appeal. So focus on the product,” he told Cryptonews in an interview Wednesday.

According to Rangar, Web4 isn’t just about tech. It’s about using the right mix of tools to build useful products for a broad audience.

This approach is fundamentally different from many existing layer-1s and layer-2s, which, despite having large market caps, often lack practical usage for their products or apps.

“So [Web4 is] inversing that. It’s saying, let’s look at the products first, then look at the tech. As opposed to, let’s build the tech and then figure out what products will come and where the market will come from,” he said.

AI & Blockchain Convergence Drives Investment Focus

As the co-founder of Fineqia’s Glass Ventures, Rangar is at the forefront of VC investments in early-stage Web 3.0 and Web 4.0 companies. With over two decades in finance, he has facilitated more than $500m in financing for companies in the UK, Europe, and India.

He explained what kind of companies the VC firm is looking to invest in.

According to the CEO, Glass Ventures is excited about the intersection of artificial intelligence and blockchain, where they see a wave of new products emerging. This tech mashup has the potential to bridge the gap between traditional finance and the decentralized world.

Another area of interest is real-world asset tokenization, which essentially creates digital tokens representing real-world assets. This “early infrastructure” is similar to staking products for Bitcoin. Finally, the firm is bullish on the gaming sector because it involves transferring value through in-game purchases, aligning well with the core principles of cryptocurrency.

VC Calls for Intuitive Crypto Interfaces for Mass Adoption

He further added that the rise of institutional investors in crypto is driving a boom in trading platforms. The firm is seeing new platforms emerge alongside user-friendly interfaces to make crypto trading more accessible.

Historically, complex user interfaces have been a barrier to wider adoption in Web3. Tools like Metamask, while popular, aren’t exactly beginner-friendly. So, developing user interfaces that are both intuitive and powerful is just as important as the underlying trading platforms themselves, Bangar said.

These platforms need to allow for easy buying and selling of a wide range of crypto products. Ultimately, all this activity is spawning a wave of new software and products capitalizing on these growing trends.

Follow Us on Google News

Sujha Sundararajan

Last updated:

June 7, 2024 03:49 EDT | 1 min read

Messaging app Telegram has launched a new digital payment feature dubbed “Telegram Stars,” allowing users to make in-app purchases. The ‘Stars’ is compatible with both iOS and Android devices.

According to an update by the firm’s CEO Pavel Durov on Thursday, with the Stars, mini apps accept payments for digital services. Additionally, app developers can swap their Stars for Toncoin (TON), the token of The Open Network, using the exchange Fragment.

On Wednesday, TON experienced a significant surge, jumping 10% and placing the token among top 10 cryptocurrencies by market capitalization.

“Mini app developers can withdraw their Stars via Fragment using TON,” Durov wrote. “They can also use Stars to further promote their apps on Telegram — on preferential terms!”

The move comes with the recent surge in telegram’s mini apps with millions of users joining every day. One of the mini apps that has been gaining traction very recently, mostly on Telegram is Hamster Kombat. In this simulator game, players can increase their exchange income by buying “upgrade cards,” and completing quests.

Last week, Hamster Kombat announced gaining millions of subscribers and becoming No.1 channel on Telegram in terms of users.

Durov noted that the recent mini app boom has already made the messaging platform the “main destination” to launch new apps.

“Stars and ad subsidies bring this to a new level – unprecedented in the history of social media.”

Apple & Google Gets Commission from Telegram Stars

Furthermore, Durov said that there would be a 30% commission for Apple and Google, when users buy Stars from them.

However, the messaging app “will subsidize ads purchased with Telegram Stars,” he added. That said, if app developers reinvest Stars to promote their app, there wouldn’t be any commission.

“As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps.”

In April, Telegram launched Tether (USDT) on TON blockchain in partnership with the stablecoin issuer. The collaboration aimed to push more crypto adoption through Telegram.

Follow Us on Google News

Shalini Nagarajan

Last updated:

June 7, 2024 02:02 EDT | 1 min read

GameStop’s stock and an inspired meme coin surged Friday. It comes after retail trader hero Keith “Roaring Kitty” Gill shared the latest value of his GME portfolio on the r/Superstonk subreddit. He now holds over half a billion dollars in GameStop stock and call options.

During overnight trading, GameStop’s shares saw a 47% increase, reaching $46.55 per share. Meanwhile, the Solana-based meme token GME jumped over 103% as of 1:20 a.m. ET.

The GME meme coin launched in Jan. 2024 on the Solana blockchain to celebrate the GameStop stock frenzy’s anniversary. Inspired by the Reddit community’s epic rally in 2021, the coin isn’t officially connected to GameStop itself. It’s more like a fan-made project that honors the GameStop short squeeze saga.

The surge in GME stock and the meme coin came after a Reddit screenshot showed Gill’s stock and options position reached a value of $586.4m as of Friday.

Earlier this week, another screenshot revealed that he acquired 5m GME shares for $115.7m and allocated an additional $65.7m towards call options.

How Keith Gill’s Online Advocacy Ignited the GameStop Frenzy

Gill, a believer in GameStop’s potential, began buying shares in 2019. He took to social media platforms like YouTube and Reddit, sharing his analysis of why the stock was underpriced and encouraging others to join him.

His online presence resonated with a growing community of investors, especially during the pandemic. This online buzz ultimately fueled a dramatic increase in GameStop’s stock price. However, Gill’s real identity, previously hidden behind the online persona “Roaring Kitty,” was uncovered by media outlets in Feb. 2021.

Despite the reveal, he continued to advocate for GameStop, even testifying before Congress to defend his belief that the company was a valuable investment.

GameStop Speculation Heats Up as Roaring Kitty Announces Livestream

In May, Gill used his X account to post memes for the first time in three years. This triggered a surge in meme stocks, especially GameStop.

Gill has arranged a live YouTube broadcast for Friday at 12 p.m. ET. The scheduled livestream, titled “Roaring Kitty Live Stream – June 7, 2024,” has already garnered over 10,000 viewers eagerly anticipating its commencement.

Follow Us on Google News

Hongji Feng

Last updated:

June 7, 2024 00:40 EDT | 1 min read

Kraken plans to raise over $100 million in a final funding round before a potential initial public offering (IPO).

According to a recent report by Bloomberg, Kraken, one of the biggest cryptocurrency exchanges, is seeking to boost its financial position with a pre-IPO funding round with the current market rally, said people familiar with the matter.

Kraken Expected to Go Public in 2025

The sources who requested anonymity due to the private nature of the discussions said that Kraken is planning to raise funds with the target amount exceeding $100 million and is expected to be completed by the end of the year.

“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto,” said Kraken in a statement, while declining to comment specifically on the fundraising or IPO. “We remain fully focused on investing in this goal,” the statement added.

Kraken is seeking a prominent company as a “marquee” to join its board and assist in achieving a successful IPO. The discussions have thus far been limited to verbal negotiations regarding terms and valuations, without any formal documentation, one source noted.

The report stated that as cryptocurrencies approach all-time highs once again, there has been a shift in U.S. regulatory stance against digital assets. This has led to renewed interest from investors in companies within the sector, sparking discussions about going public.

The exchange’s plans to go public have been delayed by past crypto market downturns and disputes with the Securities and Exchange Commission. Last year, Kraken settled one case with the SEC but is still involved in ongoing litigation with the agency.

Robinhood to Acquire Bitstamp in $200 Million Deal

Other industry giants are also seeking expansion. Robinhood just announced its plan to acquire Bitstamp in a $200 million all-cash deal.

The acquisition will help Robinhood Crypto expand globally, using Bitstamp’s licenses and registrations. This deal will increase Robinhood’s presence in the EU, UK, US, and Asia, attracting a wider customer base.

“Bringing Bitstamp’s platform and expertise into Robinhood’s eco will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity,” stated Bitstamp CEO JB Graftieaux.

Follow Us on Google News

Sead Fadilpašić

Last updated:

June 6, 2024 09:12 EDT | 2 min read

Edge-optimized, on-chain cloud platform Fleek has announced a strategic collaboration with the Polygon blockchain developer Polygon Labs.

Per the press release, the two plan to build highly performant, permissionless web services and use cases on top of Fleek’s new on-chain cloud infrastructure, specifically geared towards the needs of Polygon Chain Development Kit (CDK) projects.

Also, Fleek has announced Edge Functions – its first public testnet featuring CDN (Content Delivery Network) and Java Runtime services and the first use case leveraging these capabilities.

Fleek CEO Harrison Hines explained that most blockchains that provide traditional web services are not performant enough to meet the demands of modern developers and their end users.

He added that the goal of this collaboration is to “develop web services that provide real benefits from both a decentralization and self-sovereignty perspective, as well as from a performance, cost, and developer experience perspective.”

Eliminating Up to 80% of Cloud Costs

The press release explained that CDK-powered chains, like all other L2s and Rollups, require cloud infrastructure to operate.

Their options are to run the infrastructure directly on corporate cloud platforms like AWS or indirectly via RaaS (Rollup-as-a-Service) providers. The latter still uses cloud platforms like AWS “under the hood.”

Using AWS and other corporate cloud platforms for L2 and Rollup infrastructure works – but is “far from ideal,” the announcement said.

One of the key issues is that it’s prohibitively expensive.

Additionally, there are issues with censorship, de-platforming, security, liability, and other concerns. These problems make building meaningful software on corporate-controlled infrastructure “more fragile than most realize.”

yet another prime example of corporate cloud nonsense. and it’s only going to get worse.

the future of cloud is onchain.

— Harrison Hines ⚡️ (@harris0nhines) May 29, 2024

Fleek believes it can help alleviate these issues, it said. The solution is a performant, low-cost, fully permissionless, self-sovereign, more future-proof alternative.

Fleek’s algorithmic operation of its global node network eliminates the human-related factors that typically account for 75%-80% of cloud costs.

It also saves time by providing developers with its out-of-the-box infrastructure without the typical DevOps and maintenance work required when developing on platforms like AWS, it said.

Speed Matters

The partners aim to offer an alternative to traditional cloud platforms.

During previous testnet performance trials, Fleek showcased that its infrastructure has the potential to be more performant than traditional cloud platforms, the announcement said.

In a simple edge function test, Fleek’s average time to first byte (TTFB)—a measurement used to indicate a network’s responsiveness—was 37.02 milliseconds.

This was 7 times faster than AWS Lambdas (274.22 ms) and 2.7 times faster than Vercel Serverless (103.09 ms) in global testing, it said.

The goal for Fleek Network is to build cloud infrastructure and web services that add value to all developers, regardless of the industry they work in.@harris0nhines went on the @coverageproved to get into the vision for Fleek and @fleek_net. pic.twitter.com/d8RMbon7Bk

— Fleek ⚡ (@fleek) June 4, 2024

Meanwhile, Polygon CDK is a popular modular, open-source software toolkit for blockchain developers to launch new L2 chains on Ethereum.

It is used by projects such as IDEX, WIREX, Palm Network, Immutable, Astar, OKX, and Fuse Network.

Moreover, there are “70+ other projects in the pipeline.”

“Leveraging the blockchain to better coordinate, align, and incentivize network participants and activity rather than relying on a corporation can lead to further efficiencies—ultimately resulting in better products for users,” the announcement concluded.

Follow Us on Google News