On April 29, the Bahrain-based Rain cryptocurrency exchange experienced a significant security breach involving the unauthorized transfer of $14.1 million in cryptocurrencies, including Bitcoin, Ether, Solana, and Ripple, to a previously unknown wallet. This incident was first detailed in a May 13 analysis by on-chain investigator ZachXBT. 

Investigation Reveals Movement of Stolen Funds From Crypto Exchange Rain

The illicit activity occurred two weeks prior to the report’s publication, with the transferred funds swiftly exchanged and relocated to distinct Bitcoin and Ethereum addresses. Crypto exchange Rain operates as a centralized exchange and has become a pivotal player in the cryptocurrency market of Southwest Asia and the Middle East. Since its establishment, the exchange has facilitated over $1 billion in trading volume, according to the regional publication, The National. Despite its prominence, the platform fell victim to an intricate exploit that began with the redirection of assets to instant exchanges where they were converted into Bitcoin and Ether.

Further investigations revealed that the Ethereum address implicated in the incident, which concludes with the digits 6c28, currently holds about 1,881 ETH, valued approximately at $5.5 million. Meanwhile, the associated Bitcoin address, ending in prp2, contains around 137.9 BTC, or $8.6 million. Data from Arkham Intelligence indicated that the Ethereum address in question received these funds from another address ending in d609. This latter address was a recipient of several transactions from Bitgo multisignature wallets, although it has not been definitively linked to Rain by Arkham.

The flow of funds on April 29 was notable, with the Bitgo wallets executing 26 separate transactions. These transactions comprised a mix of ETH and various tokens including Shiba Inu, Chainlink, Tether, and USD Coin, totaling significant sums. For instance, over 590 ETH and about 20 billion Shiba Inu tokens were among the assets transferred. Subsequently, these were quickly exchanged for ETH using the Uniswap platform. During this flurry of activity, the d609 address continued to accumulate additional tokens from Bitgo, receiving assets such as Aave, Yearn Finance, MakerDAO, and others. Additionally, there was an influx of funds into the account from a Binance hot wallet, further complicating the trail of digital assets. 

We wanted to take some time today to clarify a security incident that we haven't been able to fully comment on yet, due to an ongoing investigation.

At the time of the incident, we acted swiftly, we protected our customers, and we upheld our commitment to keep customer funds…

— Joseph Dallago (@_jayd3e) May 13, 2024

Crypto Industry Faces Broader Security Concerns 

This breach forms part of a broader pattern of security challenges within the crypto industry. Just a week after the incident at the crypto exchange Rain, the AI-based platform Gnus.AI suffered a loss exceeding $1.27 million when its Discord server was compromised, resulting in the exposure of a private key. Adding to the sector’s vulnerabilities, cybersecurity firm Kaspersky disclosed on May 13 that Kimsuky, a North Korean hacker group, has been deploying a new malware named “Durian,” targeting cryptocurrency firms specifically.

In addition to the April 29 security breach at Rain, the cryptocurrency industry has witnessed several other significant hacking incidents recently, highlighting an ongoing vulnerability across the sector. Among these, Prism Finance suffered a severe attack on March 28, 2024, resulting in the theft of approximately $10 million. This event echoes the sector’s susceptibility, particularly among DeFi platforms.

Similarly, Mozaic Finance on the Arbitrum chain experienced a breach on March 15, 2024, where $2.5 million was stolen through exploited contracts, further underscoring the security challenges faced by blockchain technologies.

In a more alarming development, the cryptocurrency exchange BitForex abruptly ceased operations on February 23, 2024, after withdrawing nearly $57 million from its hot wallets. This sudden disappearance has left numerous users without access to their funds, intensifying concerns about the regulatory oversight of cryptocurrency platforms in jurisdictions like Hong Kong. 

Signs of Improvement Despite Ongoing Challenges

Despite these ongoing security challenges, there is a silver lining. According to a recent report by Chainalysis, there has been a notable decrease in cryptocurrency-related frauds and hacks compared to the previous year. Specifically, the total value received by illicit cryptocurrency addresses in 2023 amounted to $24.2 billion, a significant reduction from the $39.6 billion recorded in 2022. This decline suggests that the measures implemented to enhance security and combat fraud in the digital currency space are having a positive impact. 

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Bitfarms Ltd., a player in the Bitcoin mining industry, is embroiled in a lawsuit filed by Geoffrey Morphy in the Superior Court of Ontario. 

The claim, initiated on Friday, seeks $27 million in damages for alleged breach of contract, wrongful dismissal, and aggravated and punitive damages. Bitfarms has rejected the allegations, asserting that they are without merit and vowing to defend against them vigorously.

Bitfarms said it had fired its outgoing interim president and CEO, after the executive filed a lawsuit against the crypto miner claiming $27 million in damages for breach of contract among other issues. https://t.co/5zIXb3G2W6

— Bloomberg (@business) May 13, 2024

Geoffrey Morphy, who was appointed interim president and CEO in late 2022, was announced to be leaving the company on March 25, 2024. However, this transition did not go as planned. On Monday, Bitfarms stated that Morphy had been terminated effective immediately and was no longer a director of the company. The lawsuit claims that Morphy’s dismissal was wrongful and a breach of contract. Bitfarms, in response, emphasized their intention to contest the claims robustly.

Morphy’s departure from Bitfarms and subsequent legal action have added to the company’s existing challenges. As a figure in the company’s leadership, Morphy’s sudden exit and the lawsuit could have implications for Bitfarms’ operations and market performance.

Leadership Transition Amid Legal Dispute

Following Morphy’s termination, Nicolas Bonta, chairman and co-founder of Bitfarms, has been appointed as the interim president and CEO. Bonta will hold this position while the company completes its search for a permanent replacement, which is expected in the coming weeks. Bitfarms is keen on ensuring stability and continuity in its leadership during this transitional period.

This leadership change comes at a challenging time for Bitfarms, as the company faces multiple industry headwinds. The ongoing legal dispute and the need for a new CEO add complexity to the firm’s efforts to navigate these issues.

Industry Challenges in 2024

The Bitcoin mining industry, including Bitfarms, is confronting several significant challenges in 2024. Rising energy costs and increased competition have strained operations. Additionally, an April software code update known as the “halving” has drastically reduced Bitcoin miners’ primary revenue source. This update has led to a sharp decline in the production of new coins despite Bitcoin prices soaring in the first quarter of the year.

Mining difficulty, which measures the computing power required to generate Bitcoin tokens, has surged, compounding the industry’s challenges. This increased difficulty means higher operational costs and lower profitability for miners like Bitfarms.

Bitfarms’ financial performance has been impacted by these industry challenges. The company’s shares have experienced a significant decline, falling around 40% this year. The stock closed at $1.73 on Friday, reflecting investor concerns over the company’s prospects amid the ongoing legal and operational challenges.

Following the announcement of Morphy’s dismissal and the lawsuit, Bitfarms’ stock price further dropped to $1.55, indicating a decline of over 10%. This downturn adds to a year-to-date loss exceeding 50%. The market reaction underscores the uncertainty and potential risks facing the company in the current environment.

Rescheduling of Q1 Conference Call

In light of recent events, Bitfarms has rescheduled its first-quarter conference call, originally set for May 13, to May 15 at 8 a.m. ET. This rescheduling allows the company to address the recent developments and provide updated information to investors and stakeholders.

The conference call will be a critical opportunity for Bitfarms to communicate its strategy and reassure investors amidst the ongoing legal dispute and industry challenges. Stakeholders will be keen to hear about the company’s plans for leadership transition, operational adjustments, and strategies to mitigate the impact of the current headwinds.

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Last week, the crypto market saw significant activity, with $130 million flowing into crypto investment vehicles, primarily in the United States, which accounted for the bulk of inflows totaling $135 million.

This marked a pivotal moment as Grayscale, a major player in the digital asset management space, experienced its lowest weekly outflows since January, amounting to $171 million. Switzerland also witnessed a boost in crypto investments with inflows reaching $14 million.

Regional Investment Trends in The Crypto Market

In Asia, Hong Kong stood out with $19 million in inflows, coming off a week of record-setting investment figures, largely attributed to seed capital following the debut of Bitcoin ETFs. On the other hand, Canada and Germany reported outflows of $20 million and $15 million, respectively, contributing to a cumulative outflow of $660 million for the year to date. This downturn in investment was echoed by a significant drop in ETF trading volumes, which plummeted from a weekly average of $17 billion last month to $8 billion, signaling a cooling interest in crypto ETFs.

In the United States, regulatory interactions, or the lack thereof, between the Securities and Exchange Commission (SEC) and ETF issuers regarding a potential spot Ethereum ETF stirred crypto market speculation. This uncertainty led to $14 million in outflows from Ethereum-related products, underscoring investor caution amidst regulatory ambiguity.

Bitcoin, however, bucked the trend by attracting $144 million in inflows, rebounding from a previously weak performance. Concurrently, short-bitcoin exchange-traded products (ETPs) saw outflows of $5.1 million, totaling $18 million over the past eight weeks, indicating a shift in investor sentiment towards Bitcoin.

Source: CoinShares Ethereum Faces Regulatory Hurdles 

CoinShares highlighted the growing regulatory uncertainties impacting Ethereum investment products. The SEC’s hesitance to respond to applications for a spot Ethereum ETF has fueled doubts about the timely approval of these products. This skepticism was further reinforced by the SEC’s delay in ruling on related matters, heightening concerns that approval might not be forthcoming.

The Bitcoin halving event, a significant occurrence in the cryptocurrency sector, encouraged more efficient operations and capital deployment, presenting lucrative opportunities for well-capitalized miners to scale up their operations. Despite the crypto market’s overall retracement, Bitcoin continued to draw investor interest, a sentiment that was not mirrored by Ethereum, the second-largest crypto asset by market cap, which experienced a further $14 million in outflows.

James Butterfill, an analyst at CoinShares, linked the outflows from Ethereum to the ongoing regulatory scrutiny in the U.S. He noted that enforcement actions against Ethereum-related entities such as Consensys and Uniswap, along with broader actions against platforms like Robinhood, have solidified concerns regarding the regulatory landscape.

Meanwhile, prominent Bitcoin advocate Michael Saylor has expressed views that align with the SEC’s historical skepticism towards Ethereum and other altcoins, suggesting they might be considered unregistered securities. This stance has contributed to the uncertainty surrounding Ethereum’s classification as either a commodity or a security.

Looking Forward: Legislation and Innovation

Experts are now eyeing legislative developments, with potential bills and proposals in Congress that could clarify regulatory oversight of the cryptocurrency industry. These legislative actions, alongside significant events such as the launch of Runes Protocol on Bitcoin and shifts in miner focus towards AI computing due to declining revenues, are expected to influence the trajectory of Bitcoin and the broader crypto market.

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Antonio Juliano, the founder of the decentralized exchange dYdX, has announced he is relinquishing his role as CEO to become the chairman and president of the company. This transition marks a significant shift after seven years at the helm of the crypto derivatives platform.

Juliano’s decision, revealed in a May 13 blog post, comes as part of a broader plan to focus on strategic decision-making rather than the day-to-day operations at dYdX.

Ivo Crnkovic-Rubsamen Takes the Reins

Juliano’s replacement, Ivo Crnkovic-Rubsamen, previously the chief strategy officer, now takes over as the CEO. Crnkovic-Rubsamen, who joined dYdX in 2022, has a background as a trader and has been pivotal in shaping the company’s strategic direction. This leadership change has been in the works as Juliano focused on guiding other company leaders on their leadership paths, culminating in Crnkovic-Rubsamen’s readiness to assume the top position.

Today, I have the privilege and responsibility of taking on the role of CEO at dYdX Trading.

Over the past 7 years I have had the opportunity to watch my good friend @antoniomjuliano build one of the most successful DeFi projects in the world.

Over my tenure at dYdX, Antonio… https://t.co/1KXZmyfOHE

— Ivo Crnkovic-Rubsamen (@ivo_crnkovic) May 13, 2024

Juliano Remains Involved in dYdX’s Future 

Despite stepping down, Juliano remains deeply connected to dYdX’s future, continuing to influence major company decisions and strategies. He will work closely with Crnkovic-Rubsamen to ensure a seamless transition and to sustain the momentum the company has built. Juliano expressed a strong belief in the ongoing journey of dYdX, signaling confidence in the company’s direction and leadership under Crnkovic-Rubsamen.

Juliano’s career prior to founding dYdX included stints as a software engineer at prominent tech companies such as Coinbase, Uber, and MongoDB. Although he has not outlined specific professional plans following this transition, he indicated an open-ended approach to his future endeavors. 

Under Juliano’s stewardship, dYdX has flourished, particularly noted by a surge in activity as the crypto markets rebounded recently. The exchange boasts a market capitalization exceeding $1.1 billion and holds $463 million in total value locked. Its annualized revenue stands at $35.4 million, with derivatives activity surpassing $1.31 trillion in trading volume since 2021, according to data from DefiLlama.

Recent developments at dYdX have also contributed to its robust activity. In October 2023, the exchange launched its own layer-1 blockchain, utilizing the native DYDX token for network transactions. This new blockchain structure rewards validators and stakers by returning gas fees. Furthermore, in January, dYdX implemented its v4 upgrade, transitioning from the Ethereum to the Cosmos network, enhancing the platform’s efficiency and scalability.

dYdX Puts Serious Marketing Efforts Through Airdrops

In the crypto market, the popularity of airdrops, such as those from dYdX under the ticker $ethDYDX or $ETHDYDX, has been on the rise. These airdrops distribute free tokens to the existing holders of a specific cryptocurrency at a designated moment. Each project has its own objectives for implementing such airdrops; some aim to utilize them as a marketing tool to boost visibility and draw in new users, while others focus on rewarding their loyal token holders.

The process involves giving away new digital assets for free to users who possess a certain cryptocurrency in their digital wallets, primarily to promote the new token, enhance awareness, and foster engagement within the community. These initiatives are typically launched by blockchain projects eager to broaden their user base or enhance the liquidity of their token markets.

DappRadar, a key player in the space, provides essential services by tracking and showcasing decentralized applications (DApps) and their related tokens. It plays a pivotal role for users looking to claim such airdrops by offering a comprehensive platform to discover active airdrops, explore new token projects, and understand the claiming procedures effectively. Utilizing the data and insights from DappRadar, users can keep abreast of the latest opportunities for airdrops and participate effortlessly, ensuring they claim their entitled free tokens.

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In a remarkable series of events, $71 million in stolen cryptocurrencies were returned to their rightful owner following a high-profile wallet-poisoning crypto scam.

The unexpected resolution came after an unknown attacker, who had initially managed to steal the hefty sum in Ether tokens, returned the full amount on May 12. The return occurred shortly after blockchain security firms intensified their scrutiny of the incident.

The Initial Crypto Scam and Victim’s Response

The attack originally unfolded on May 3, when an investor was duped into sending $71 million in Wrapped Bitcoin (WBTC) to a deceptive wallet address set up by the scammer. This fraudulent address, crafted to resemble the victim’s legitimate one, included only minor differences in its alphanumeric characters—differences strategically placed in the middle of the address and typically obscured by user interfaces for better visual clarity.

The victim, checking only the beginning and end of the address, transferred 97% of their holdings, falling prey to the scam. The scam was first detected when the attacker made a negligible transaction to the victim’s wallet, which is a common tactic used to establish a sense of trust. The victim confirmed the legitimacy of the wallet by matching only the visible parts of the address before initiating the transfer. 

Source: Lookonchain Following the Money Trail

Following the theft, the perpetrator quickly converted the stolen WBTC into approximately 23,000 ETH. The transformation of these assets is a known strategy among cybercriminals, often used to obfuscate the trail of stolen funds through privacy protocols and crypto mixing services like Tornado Cash. The laundered ETH was then dispersed across more than 400 different cryptocurrency wallets, ending up in over 150 separate wallets in a likely attempt to hide the funds’ origins.

However, the tide turned when on-chain security firm SlowMist stepped in. On May 10, SlowMist released an investigative report suggesting the attacker was operating from IP addresses potentially located in Hong Kong, though they noted the possibility that the perpetrator might have used virtual private networks (VPNs) to mask their actual location. The firm’s findings, coupled with their tracing of over 20,000 small transactions linked to the attacker’s address from April 19 to May 3, painted a comprehensive picture of the scheme, which involved distributing small amounts of ETH to various addresses for phishing purposes.

This in-depth analysis seemed to have an impact. On May 13, just a day after SlowMist’s revelations were made public, the entire stolen sum was unexpectedly returned to the victim. This move by the attacker, coming just days after the security firm’s report, suggests that the threat of exposure and the ensuing potential legal repercussions may have motivated the return of the funds. 

Trends in Crypto-Theft and Security

The incident concludes as part of a broader trend in the crypto space, which saw a significant decrease in the amount of funds stolen through hacks and scams. According to on-chain intelligence firm CertiK, in April 2024, the total losses from crypto-related hacks and scams reached their lowest point since 2021, with a combined figure of approximately $25.7 million, according to blockchain security firm CertiK. This figure represents a 141% decrease from the previous month. The breakdown of these losses included roughly $4.3 million from exit scams, $129,000 from flash loan attacks, and $21 million from various exploits.

Looking at broader trends, the first quarter of 2024 saw the cryptocurrency industry losing $336 million to hacks and fraud, as reported by security platform Immunefi. Comparatively, in 2023, the amount stolen by hackers was estimated at $1.8 billion, which was significantly lower than the $4 billion recorded in the previous year. This data highlights the fluctuating nature of security challenges within the digital currency space.

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Recently, Cyvers Alerts reported suspicious transactions involving Arbalest Finance. According to the reports, the Arbalest deployer has bridged 90,000 USDC to Ethereum, subsequently depositing it into Tornado Cash. 

These transactions have raised concerns within the cryptocurrency community, especially as Arbalest Finance’s website and Twitter account are currently inaccessible.

Bridging USDC to Ethereum

Arbalest Finance has bridged a significant amount, 90,000 USDC, from their platform. As reported by Cyver Alerts, this transaction can be traced to Arbiscan, which highlighted the first major movement of funds. The bridging of such a substantial amount of USDC immediately raised eyebrows among crypto enthusiasts and experts alike. The transaction details were accessible, showing the flow of USDC to Ethereum.

ALERTOur system has detected some suspicious transactions involving @ArbalestFinance! Arbalest deployer has bridged 90K $USDC at https://t.co/PpaJ7ijKlD90K $USDC have been swapped to $ETH and deposited to @TornadoCash! at https://t.co/ZRNT80YTP9It's worth noting that… pic.twitter.com/X4J3av2Mxd

— Cyvers Alerts (@CyversAlerts) May 13, 2024

On the same accord, the funds were not merely transferred but also swapped for Ethereum. This step adds complexity to the transaction, indicating potential intentions to mask the origin of the funds. The process of swapping USDC to Ethereum is commonly used to diversify assets or prepare for further transactions. Nevertheless, in this case, it was followed by depositing Ethereum into Tornado Cash, a known platform for obfuscating transaction trails.

The use of Tornado Cash by Arbalest Finance is particularly concerning. Tornado Cash is often utilized to enhance privacy by mixing significant amounts of cryptocurrency, making it difficult to trace the funds’ origins. This method, while legitimate for privacy, is frequently scrutinized due to its potential misuse for illicit activities.

Inaccessibility of Arbalest Finance’s Digital Presence

Compounding the apprehensions, Arbalest Finance’s online portal, arbalest.finance, is presently unresponsive. Efforts to access the site have been futile, sparking conjecture about the firm’s operational viability. The site’s unavailability further coincides with recent dubious transactions, heightening unease within the community.

Cyvers Alerts noted in an X post:

“It’s worth noting that their website, www.arbalest[.]finance, appears to be inaccessible, and their Twitter account has been deactivated.”

Moreover, the deactivation of Arbalest Finance’s Twitter account adds another layer of mystery. The social media account, which previously served as a primary communication channel for updates and announcements, is no longer available. This sudden deactivation raises questions about the company’s transparency and the reasons behind its abrupt digital silence. 

The website’s inaccessibility, coupled with the Twitter account’s deactivation, suggests potential internal issues within the organization. These developments could imply internal challenges, security breaches, or deliberate attempts to evade scrutiny. The lack of communication channels leaves stakeholders and users in the dark regarding the company’s current activities and plans.

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Michael Ashby, the former head of digital assets at Point72, has taken on the role of CEO at AlgoQuant, a proprietary crypto trading firm. Ashby’s move to AlgoQuant signifies a shift for the firm as it aims to expand its operations and services within the digital asset management sector.

Michael Ashby, who led Point72's digital-asset strategic implementation, has joined the proprietary crypto trading firm AlgoQuant https://t.co/ahwUyEgs9o

— Bloomberg Markets (@markets) May 13, 2024

In April, Ashby relocated from New York to Dubai to spearhead AlgoQuant’s expansion efforts in the United Arab Emirates. His primary focus is on building out the firm’s operations to offer asset management services in the rapidly growing digital sector, targeting markets in Asia and Europe.

Ashby noted that digital asset management opportunities have surged recently, bolstered by the approval and launch of Bitcoin exchange-traded products in the United States. This development, he said, underscores a rising demand for regulated crypto products. AlgoQuant plans to leverage this momentum by creating innovative yield products in a regulated format, aiming to attract institutional investors, family offices, and the mining community.

Move to the UAE

AlgoQuant’s decision to establish its foundation in the UAE aligns with the region’s efforts to become a hub for the crypto industry. The UAE’s regulatory environment is increasingly favorable for digital asset businesses, contrasting with the tighter regulatory landscape in the United States. Ashby emphasized the UAE’s thoughtful regulatory approach as a key factor in the decision to base operations in Dubai.

“The crypto community here is just as robust as it was in Europe,” Ashby stated from Dubai. He expressed confidence in the UAE’s regulatory framework, which he believes will support AlgoQuant’s ambitions in the digital asset sector.

Before joining AlgoQuant, Ashby spent a year at Point72, where he led the digital-asset strategic implementation. His career also includes a stint at Meraki Global Advisors. Despite the notable exit from Point72 in November, Ashby chose not to discuss his departure due to confidentiality agreements.

AlgoQuant, currently a small team of fewer than 10 employees, plans to expand its workforce by hiring individuals with expertise in both traditional finance and crypto. This approach aims to blend conventional financial acumen with innovative digital asset strategies.

Industry Context and Future Prospects

The broader crypto industry has experienced both expansion and regulatory challenges. The UAE’s proactive stance in attracting crypto businesses marks a shift, particularly as other regions impose stricter regulations. Ashby’s move to AlgoQuant and his leadership in navigating these changes position the firm to capitalize on the evolving market landscape.

Meanwhile, other notable departures from Point72, such as Terence Schofield, the former head of digital assets technology, highlight ongoing shifts within the hedge fund’s digital asset division. Schofield, who joined Point72 from Pantera Capital, left the firm shortly after Ashby. These exits reflect a broader trend of talent migration within the crypto and digital asset sectors as companies adapt to new opportunities and regulatory environments.

Point72 Ventures, the investment arm managing Steve Cohen’s wealth, continues to invest in early-stage startups that facilitate traditional companies’ adoption of digital assets. This ongoing investment strategy aligns with the growing institutional interest in digital assets despite the personnel changes within Point72’s digital assets team.

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With the frequent rise of new crypto  projects in the financial industry , selecting the best new crypto to buy is confusing and daunting. Therefore, we have brought you the list of some of the most promising new cryptocurrencies to emerge, highlighting their unique value propositions and the potential impact they hold.

The digital asset class is becoming more mature at a never-before-seen rate. Even though well-known cryptocurrencies like Bitcoin and Ethereum are still important, a new generation of projects is starting to solve specific problems and make the most of new uses making them the best new crypto to buy now. 

In many areas, such as automotive, decentralised finance, augmented reality, digital payments, and even the metaverse, these new companies use blockchain technology to make ecosystems more open and efficient. By putting money into these new cryptocurrencies, investors might get access to technologies that will change the world and new markets with much room to grow.

Top 5 Best New Crypto To Buy Now

Here is the list of 5 best new crypto to buy now and increase your returns in 2024. 

Darklume (DLUME)

5thScape (5SCAPE)

SimuGaze (SGAZE)

Bastion Protocol (BST)

Voltaro (VOLT)

Among these, SimuGaze (SGAZE), 5th Scape (5SCAPE), and Darklume (DLME) stand out for their distinctive approaches. SimuGaze is transforming the automobile industry, while Scape uses augmented reality to bring the physical and digital worlds together. Darklume’s gamified social and economic system distinguishes it from the competition in the metaverse. These three projects capitalize on emerging trends and could change how we use cars, consume digital content, and socialize online.

1. Darklume (DLUME): A Luxurious Escape into a Fantasy Metaverse

Within the rapidly growing phenomenon of the metaverse, Darklume (DLME) has established a unique position for itself. The platform provides a digital environment built upon a gamified socio-economic framework. This environment is designed to accommodate individuals who are looking for a luxurious and communal online experience. Users can obtain citizenship in virtual nations, engage in recreational activities, and form social bonds through the use of DLME tokens, which provide a means by which the metaverse can function. 

Click here to visit DarkLume VR>>

Darklume is a compelling prospect for investors interested in gaining exposure to the rapidly expanding metaverse market. This is because Darklume strongly emphasizes social interaction, incorporates elements of fantasy, and has a distinctive economic model.

2. 5thScape (5SCAPE): Redefining Reality through Immersive AR Experiences

The 5thScape Project disrupts traditional boundaries with its innovative approach to augmented reality (AR), powered by blockchain technology. Imagine a world where your physical surroundings transform into interactive landscapes, virtual companions join you on adventures, and digital games spill into reality. 5thScape makes this possible, opening up new avenues for entertainment, education, and social connection.

>>Click here to visit 5thScape Presale Page

The 5SCAPE token fuels this dynamic ecosystem. Users can seamlessly purchase exclusive AR experiences, acquire unique digital assets with verifiable ownership, and reward talented creators. Beyond gaming, 5thScape has the potential to revolutionize how we learn. Visualize historical figures in your living room, conduct hands-on science experiments without a lab, or explore far-flung destinations virtually.

As augmented reality becomes commonplace, 5thScape aims to be at the forefront of this technological wave. By empowering users, creators, and innovators, the project paves the way for a future where our physical and virtual realities merge with boundless possibilities.

3. SimuGaze (SGAZE): A New Era of Simulation Landscape

SimuGaze (SGAZE) sets out to transform the world of VR simulations, with a particular focus on automotive experiences. Its goal is to build a dynamic, open ecosystem that gives players an unmatched sense of ownership and immersion using blockchain technology.

The heart of the SimuGaze ecosystem beats with the SGAZE token. This versatile currency enables seamless transactions, allowing you to purchase everything from hyper-realistic cars and futuristic vehicles to exclusive skins and performance upgrades.

Click here to visit the presale page of SimuGaze>>

SimuGaze stands apart with these compelling features:

Cross-Platform Power: Experience SimuGaze across a range of VR headsets and platforms, expanding accessibility to the thrilling world it builds.

Blockchain-Enhanced: Transactions are secure, verifiable, and foster a sense of trust within the SimuGaze community thanks to blockchain integration.

Community-Driven: SimuGaze fosters a vibrant community, where players connect in real-time, collaborate, and build relationships. Social features like voice chat and virtual spaces encourage a strong sense of belonging among fellow enthusiasts.

4. Bastion Protocol (BST): Building a Secure Future for Decentralized Finance

The Bastion Protocol (BST) addresses one of the biggest challenges of security within the rapidly evolving crypto market. But Bastion has successfully handled that challenge. As it provides a comprehensive range of sophisticated security tools and threat intelligence protocols, it enables every developer in the DeFI field to construct resilient and secure applications. 

The BST token serves as a motivating factor for individuals to engage in the Bastion ecosystem, providing rewards to those who actively contribute to the security infrastructure of the protocol. With the increasing popularity of DeFi, Bastion Protocol is strategically positioned to become a fundamental component of a secure and enduring DeFi future.

5. Voltaro (VOLT): Enhancing Business Capabilities through Next-Generation Payment Systems

Voltaro (VOLT) is a payment network that utilises blockchain technology to overcome the constraints of conventional payment methods. Voltaro provides expedited, cost-effective, and enhanced transactional capabilities for enterprises across various scales. The platform’s native token – VOLT serves as the medium of transaction within their ecosystem. It eliminates the need of any intermediaries.  

As the demand for effective cross platform transactions increases, the need for the platforms such as Voltaro also rises. Thus, seeing its increasing demand, it can be the compelling opportunity of investment in the digital world. 

The Best New Crypto to buy now and get the most on your investment 

Every investment platform in the crypto world has its own risk to rewards profile.  By strategically researching and choosing the best, investors can make high returns.  Therefore, we have tried to explain the details of each project. It will help investors to select the best project that aligns with their financial goals. 

All the above mentioned projects with their unique selling propositions have the capacity to disrupt the market, and help you earn 9X return in the future. 

Although all the projects have compelling returns on their investments, it is advisable to conduct a thorough research before making any actual payments. 

The post 5 Best New Crypto To Buy Now For 9X Return in 2024 – DarkLume leads the list appeared first on Coinfomania.

DUBAI, UNITED ARAB EMIRATES – May 8, 2024. Mixed Martial Arts fans and enthusiasts, now tighten your seatbelts as the 5thScape Crypto project has recently launched its iconic MMA Cage Conquest game, and it’s ready to be played on the Meta platform. If you want to experience an immersive fighting game and get rid of traditional fight games, this is the right place you should be. This MMA Cage Conquest of 5thScape project allows users to gradually learn and develop fighting skills, improve their scoreboard, and be the champion they always envisioned.

In this game, players can immerse themselves and experience the intensity, excitement and engaging commentary in the background. They can feel the sounds of the crowd roaring and cheering for their favourite players, along with the sounds of bones cracking in the middle of the fight. 5thScape project has carefully created this game, keeping in mind every smallest aspect a user expects to have in such a game, and has been successful in delivering a world-class experience to its token holders/buyers. 

“MMA Cage Conquest” – One of the games from 5thScape’s product basket is now available on Meta and is ready to deliver the ultimate adrenaline rush experience to players around the globe. One can also buy the game for their gaming partner and give it to them as a gift. To learn more about the game, visit https://www.meta.com/experiences/7240758719367247/ 

Key Features of MMA Cage Conquest Include: 

1. Dynamic Combat

Players can feel the intensity in a realistic manner and engage in strategic battles that require a combination of precision, timing, and gradually growing skills. 

2. Champion’s Journey

One needs to learn before applying it in real life, whether it’s a real-life task or virtual gaming. The same has been followed here, experiencing the full spectrum of training sessions to high-stakes matches in legendary arenas. Develop your gaming skills, enhance your techniques, and climb the scoreboard.

3. Authentic Arenas

Immerse yourself in the most iconic MMA arenas, hear the cheering sounds of the realistic crowd, and enjoy commentary with every minute details that make you feel like you are sitting there. 

4. Strategic Training

Sharpen your skills through strategically planned training sessions. Train in various disciplines, improve your stamina and learn new techniques to gain an edge over your opponents.

5. Online Championships

Enter the online arena and compete against players from around the world. Prove your skills in online championships, climb the leaderboards, and establish yourself as the ultimate MMA Cage Conqueror.

“We’re thrilled to finally release MMA Cage Conquest to fans of MMA and gaming alike,” said the chief game developer at 5thScape. With its realistic combat mechanics and authentic presentation, we believe MMA Cage Conquest will set a new standard for MMA game lovers. 

About 5thScape

5thScape is a comparatively new Cryptocurrency project in the market offering cutting-edge immersive gaming experience to its token holders and community. All the transactions are completed using its native currency, 5SCAPE. It is the primary medium of exchange within the ecosystem. Besides the games, there are many other use cases of 5SCAPE coins, such as below: 

Exclusive access to PRemium VR content 

Get latest animations 

Access to educational content 

Watch movies and much more to enhance your overall personality. 

Be a part of a dynamic community and engage with like-minded people. 

Follow 5thScape on social media for the latest updates:

Twitter: @5th_scape

Telegram: @fifthScape

Discord: @5thscape

About MMA Cage Conquest

MMA Cage Conquest is an electrifying virtual reality experience that thrusts users into the heart-pounding world of mixed martial arts. From gruelling training sessions to the realistic atmosphere of iconic MMA arenas, this game immerses users in the ultimate fight for supremacy. With a skill-based combat system that demands strategic mastery, including powerful grappling throws and ground control techniques, MMA Cage Conquest lets users unleash their inner champion. Get ready to step into the cage and prove your mettle as it is released on the Meta platform. 

The post 5thScape’s “MMA Cage Conquest”, The Ultimate Virtual Experience, is Live now appeared first on Coinfomania.

The global crypto market continues to experience price correction amid high volatility. The majority of the coins are trading in the red zone according to CoinMarketCap data. At the time of writing, the general crypto market cap is up 1.18% to $2.29 trillion in the last 24 hours. Furthermore, the total market trading volume recorded over the period has surged to $56.39 billion, signifying a 52.97% increase over the previous day. The volume of all stablecoins accounts for more than 90% of the total crypto market 24-hour volume.

In today’s focus, we will look at the prices of top coins like Bitcoin (BTC), Ethereum (ETH), XRP, Dogecoin (DOGE), Toncoin (TON), and others. Let us get to it.

Top Crypto Prices Today

Bitcoin, the flagship cryptocurrency has shown positive movement at the time of writing. According to CMC data, the price of BTC is up by a notable 2.46%, trading at $62,582. What is more, the 24-hour trading volume of the leading cryptocurrency has spiked by a significant 70.48% to $22.5 billion, indicating investors growing interest in the asset. Consequently, Bitcoin now has a live market cap of $1.23 trillion.

The second-largest cryptocurrency by market cap, Ethereum, looks to have followed the same footsteps. The price of Ethereum today is trading below the coveted $3,000 mark at $2,957. Additionally, the activities surrounding the coin as shown in its trading volume, have surged by 66% to $10.3 billion. As a result, ETH now has a live market cap of $354.9 billion.

Trending altcoin, XRP on the other hand, is not performing as well as the two aforementioned coins. At the time of writing, the price of XRP is down by 0.2%, changing hands at $0.50. Earlier today, the price of the coin slumped below the $0.5 mark after a whale offloaded over 30 million XRP tokens to the Bitstamp exchange. The 24-hour trading volume, however, skyrocketed by 124% to $866.6 million.

On the memecoin front, Dogecoin (DOGE), the lead token has dropped by 0.66% in the last day. Per CoinMarketCap data, the price of DOGE is at $0.142. Conversely, its trading volume has jumped by 46.6% to $877.4 million, with a live market cap of $20.5 billion.

Meanwhile, among the top ten largest cryptocurrencies, Toncoin (TON) seems to be performing better. Over the last 24 hours, the price of TON has surged by 5% to trade at $7.32. This growth is also reflected in its trading volume which has increased largely by more than 200% to $725.5 million. Consequently, TON occupies the #13 spot by largest trade volume, having a live market cap of $25.4 billion.

Top Trending Gainers Today, May 13

Amid the price drops, some tokens have performed exceptionally well within the last 24 hours. Some of the top trending gainers for today include;

Mode (MODE), a modular DeFi L2 developed using the OP Stack and part of the Optimism Superchain, has surged exponentially by 4668% within the recorded time. The price of MODE now rests at $0.045 with a live market cap of $59.4 million.

OctaSpace (OCTA) has also exhibited impressive movements. Over the last 24 hours, the price of OCTA has jumped by 30.02% to trade at $2.11. Additionally, its trading volume has grown by 486% to $1.5 million with a live market cap of $59.7 million.

The post Crypto Price Update May 13: Bitcoin Breaches $62k, ETH Below $3,000, XRP Dips, Toncoin Surges appeared first on Coinfomania.

Hayden Adams, the founder of the decentralized cryptocurrency exchange Uniswap, has publicly criticized President Joe Biden’s approach to cryptocurrency regulation. 

In a recent post on X, Adams expressed concern that the current administration is underestimating the political relevance of cryptocurrencies in the upcoming 2024 election. He warned that this oversight could be detrimental to the Democratic Party, similar to strategic errors in past election campaigns.

Hillary campaigning in red states states instead of swing states level miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war – both in terms of voters and money

Republicans smell blood in the water and are…

— hayden.eth (@haydenzadams) May 13, 2024

Adams urged immediate changes in how the Biden administration handles cryptocurrency policies. He suggests that senior Democrats and the president’s advisors recognize the urgency of the situation and advocate for a revised strategy that is more favorable to the crypto industry.

Republicans Leverage Crypto in Election Campaigns

The Republican Party, sensing an opportunity, is increasingly aligning itself with pro-crypto stances. Former President Donald Trump has been vocal in his support for less restrictive crypto regulations. Trump’s campaign team has reportedly been preparing a “comprehensive executive order” on cryptocurrencies as part of his presidential campaign strategy, aiming to appeal to crypto-savvy voters.

This pivot by Republicans towards cryptocurrencies contrasts sharply with the Biden administration’s stance. The administration, supported by figures like Senator Elizabeth Warren and the U.S. Securities and Exchange Commission (SEC), maintains a firm regulatory approach. The SEC has been particularly stringent, treating most cryptocurrencies as securities, which imposes regulatory burdens on the industry.

Regulatory Challenges and Political Responses

The debate over cryptocurrency regulation is not just a technical issue but has become a political topic as the 2024 presidential election approaches. The Biden administration’s cautious approach is rooted in concerns over consumer protection, as highlighted by Biden’s intention to veto a House resolution that sought to relax regulations. 

Moreover, this resolution was a response to what the administration perceives as “demonstrated technological, legal, and regulatory risks” associated with cryptocurrencies, which have reportedly led to “substantial losses to consumers.”

In contrast, prominent voices in the crypto and business communities argue for a more balanced regulatory framework that fosters innovation while protecting consumers. Figures like Mark Cuban have emphasized the need for clear regulations to address the current uncertainties facing the crypto industry. These differing views underline the broader debate on how to integrate new financial technologies like cryptocurrencies into the regulated financial system while ensuring they do not pose undue risks.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

Industry Leaders Call for Policy Reversal

Adams’ call for a policy reversal is part of a broader push by crypto industry leaders to influence public policy in favor of a more supportive regulatory environment for cryptocurrencies. They argue that a more crypto-friendly policy could enhance innovation, economic growth, and voter support for the Democratic Party in the upcoming elections. Adams’ comments reflect a growing concern among tech entrepreneurs that the U.S. might fall behind other countries in the digital economy if current policies remain unchanged.

The post Hayden Adams Criticizes Biden’s Approach to Crypto Regulation appeared first on Coinfomania.

The new week starts with drama between Tether CEO and the CEO of Ripple Labs, Brad Garlinghouse who said that SEC will soon go after the stablecoin USDT in a recent interview. Responding to this, Paolo Ardoino, the Tether boss insinuates that Garlinghouse is spreading FUD ahead of Ripple Labs’ planned stablecoin launch.

Ardoino took to his X account (formerly Twitter) to address the fear uncertainty and doubt allegedly spread by the Ripple boss, reiterating the achievements and the safety of the Tether ecosystem in a lengthy post.

US Government Going After Tether?

In a recent episode of Chris Vasquez’s podcast, Ripple Labs CEO, Brad Garlinghouse shared his insight on crypto predictions, the legal battle with the SEC, and other personal issues. Amid the discussion, Garlinghouse pointed at the harm that could be caused to the entire crypto ecosystem if the regulatory watchdog goes after USDT. According to him, Tether is an integral part of the ecosystem and a potential action by the SEC could cause a lot of harm.

“The US Government is going after Tether. That is clear to me. I view Tether as a very important part of the ecosystem and I don’t know how to predict the impact it would have on the rest of the ecosystem,” he said.

This allegation was made in light of recent revelations about the use of USDT by terrorist organizations and sanctioned countries to get around US financial sanctions. Along with casting doubt on Tether’s business practices, the massive banking institution Deutsche Bank has questioned the health of the stablecoin market.

The 58-minute-long interview caught the attention of more than 21,000 viewers globally. Positive feedback and comments poured in, applauding Garlinghouse on his great analysis and his humbleness. However, one person that the interview did not sit well with is Paolo Ardoino, the CEO of Tether, the issuer of the largest stablecoin in the world, Tether.

Ardoino Takes Shot at Garlinghouse

Meanwhile, in a long X post, Ardoino slams the Ripple chief on the lack of credibility of his company, calling him an “uninformed CEO.” According to him, Garlinghouse who leads a company under investigation by the SEC and plans to launch its stablecoin, is spreading rumors about USDT.

“An un-informed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt,” Ardoino wrote.

He goes ahead to give an update on the safety of the Tether USDT ecosystem. The CEO underlined that with hundreds of millions of users in developing and emerging nations, USDT is the most popular stablecoin globally. He added that Tether’s mission is to ensure that its entire community can benefit from a highly safe financial ecosystem. He emphasized USDT’s achievements in fulfilling the major requirements to becoming widely adopted, pointing to its strong price stability, highly liquid reserves, top-tier custodians, and profound compliance.

Furthermore, Ardoino adds that Tether has a strong and highly trained internal team that leverages multiple tools to check the primary and secondary markets. “Tether has a highly trained internal investigation team that relies on a wide variety of tools, to monitor primary (core Tether platform website) and secondary markets (blockchains and exchanges),” he wrote.

Finally, Ardoino boasted about all Tethers collaborations to ensure compliance, including onboarding the FBI and USSS for re-issuances, and partnering with with Israel’s NBCTF and Ukraine law enforcement.

The post Just In: Tether CEO Takes Shots at Brad Garlinghouse, Addressing FUD Spread by the Ripple Chief appeared first on Coinfomania.

In a recent development that has shifted heads in the crypto community, a whale has transferred a staggering 30 million XRP coins to the centralized exchange Bitstamp. Against the backdrop of the crypto market price correction, large investors are moving significant amounts of tokens across wallets and exchanges sparking speculations as participants look for potential effects.

Today, May 13, the majority of the cryptocurrencies in the market are trading in the red zone. XRP being one of them, has dropped significantly below an important price level of $0.5 following the whale transaction. Consequently, the sentiment surrounding the coin turns bearish, signifying a lack of investors’ confidence in the future price of the project.

30 Million XRP Transfer Sends Price Crashing

According to WhaleAlert, a blockchain large transaction tracker, a significant transaction moving more than 30 million XRP tokens has been spotted. Per the teacher, exactly 30,230,000 XRP coins were shifted from a wallet labeled ‘unknown’ to the Bitstamp exchange. The total value of the transaction is approximately $15.2 million. The Luxembourg-based crypto exchange has been an active receiver of the XRP coin since Ripple Labs acquired an undisclosed stake in the company in 2013.

30,230,000 #XRP (15,175,809 USD) transferred from unknown wallet to #Bitstamphttps://t.co/p16oCnsLE4

— Whale Alert (@whale_alert) May 12, 2024

Meanwhile, upon further check, it was revealed that the whale’s address labeled ‘r4wf7…h4rzn,’ might be linked to the blockchain company Ripple Labs, even though the report is not yet confirmed. Following this huge transaction, the price of XRP reacted negatively, dropping by 2% according to CoinMarketCap data.

XRP Price Moves South Following Dump

Large volumes of coin transfer sometimes affect the price of an asset as in the case of this transaction. According to data from CoinMarketCap, XRP is currently changing hands at $0.49. The notable drop below the $0.5 mark signifies a 1.24% decline at the time of writing. However, the trading volume of XRP tells a separate story. Per CMC data, the transactions involving XRP have skyrocketed by 77.13% over the last 24 hours to $704.3 million.

The open interest for XRP dropped by 0.47% to $553.19 million, according to Coinglass statistics, but the volume of derivatives increased by 88.82% to a similar amount. The data presents an uncertain market picture for XRP, and it seems that the recent decline in the token’s value has garnered considerable attention. Meanwhile, the legal battle between Ripple and the Securities and Exchange Commission is another factor that has caused the steady decline in the price of XRP.

The post XRP Whale Transfers More Than 30 Million Tokens to Bitstamp Exchange, What is Happening? appeared first on Coinfomania.

Trending memecoin Shiba Inu started the week in the red zone after a massive 100 billion SHIB tokens were transferred to the Coinbase exchange. Amid the ongoing price corrections experienced by the global crypto market, large investors are moving huge amounts of tokens, sparking speculations about the intent.

Today, May 13, the general crypto market cap has fallen by 0.66% over the last 24 hours to $2.24 trillion. The prices of top cryptocurrencies like Bitcoin and Ethereum have dropped significantly. According to CoinMarketCap data, BTC and ETH are currently trading at $61k and $2,900 respectively. Consequently, the sentiment across the crypto market as measured by the crypto fear and greed index, rests at 52 points, indicating a period of investor uncertainty. Moreover, SHIB whales are carrying out hefty transactions regardless of the state of the market. Let us look at the transaction in detail.

SHIB Whale Moves 100 Billion Tokens to Coinbase

Earlier today, the blockchain transaction tracker, The Data Nerd, reported that it had spotted a mouthwatering amount of SHIB tokens changing hands. According to the provided data, the whale transferred a staggering 100.4 billion SHIB tokens from his wallet to the centralized exchange, Coinbase. Following this, the price of the token has suffered a loss of up to 3%.

7 hours ago, a whale 0x462 just deposited 100B $SHIB (~$2.24M) to #Coinbase.

Within a week, he accumulated those tokens with avg entry $0.00002408.If sold at current price, he will have a small loss ~$178k.

His address:https://t.co/NrkJwBbVb1 pic.twitter.com/cAJ7FZdRXg

— The Data Nerd (@OnchainDataNerd) May 13, 2024

The aforementioned tracker also mentioned that the whale had accumulated the Shiba Inu tokens over the week at an average price of $0.00002408. Notably, if the whale sells the holding now, he will suffer a loss of up to $178,000. With this, it is safe to say that the latest transaction is not intended for sale, but could be a part of a distribution strategy by the investor.

A further look at the whale’s wallet reveals that he has other tokens in holding, however, most of the recent transactions involved SHIB. For example, between May 5,6, and 7, the whale accumulated over 100 million SHIB tokens as revealed by the OKlink tracker.

Source: OKlink SHIB Price Dynamics Amid Large Transaction

Meanwhile, this crypto move to the Coinbase exchange has sparked discussion across the SHIB community about the effect on the price of the token. According to CoinMarkeCap data, the price of SHIB has slumped by 3% over the last 24 hours. This is worrisome particularly because the dedicated Shiba Inu community has been anticipating a price rebound. As a result of this, its market cap has plummeted by 2.5% to $13 billion.

Conversely, the activities surrounding Shiba Inu, as measured by its trading volume, have witnessed a spike within the recorded time. Per CMC data, SHIB has a 24-hour trading volume of $233.7 million, signifying a 32.11% increase over the last day. Lastly, according to Coinglass data, SHIB’s open interest dropped by 1.68% to $57.99 million, and the number of derivatives increased by 46.46% to $84.39 million.

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The cryptocurrency market has seen a resurgence in venture capital investments, with a focus on projects led by university professors. Dubbed “Professor Coins,” these initiatives are attracting funding from venture capital firms, driven by renewed market interest and technological innovation. 

Crypto VCs Turn Back to ‘Professor Coins’ as Funding Reboundshttps://t.co/tVDabfqfDH pic.twitter.com/eBQB4PyDDG

— Rusell Chiew (@ChiewRusell) May 11, 2024

According to a Bloomberg report, the influx of capital into these academic-led startups follows a bullish market trend, highlighted by Bitcoin reaching an all-time high above $72,000 in early 2024.

Investment Surge in Academic-Led Startups

Venture capitalists are increasingly backing crypto projects founded by academics, with firms like Sahara, CheckSig, and NEBRA recently securing fresh capital. Two startups, EigenLayer and Babylon, have particularly stood out. EigenLayer, founded by former University of Washington associate professor Sreeram Kannan, raised $100 million from Andreessen Horowitz in February. 

Babylon, launched by Stanford University Professor David Tse, garnered $18 million in December. Both projects focus on “restaking,” a process that allows new blockchain projects to leverage the security infrastructure of established networks like Ethereum and Bitcoin.

Riad Wahby, an engineering professor at Carnegie Mellon University and CEO of crypto startup Cubist, emphasized the significance of research in developing these restaking technologies. Wahby noted that much of the current yield-generating technology in the crypto space originates from the academic research conducted by Kannan and Tse.

Academic Backgrounds and Venture Capital Interest

Despite venture firms’ general hesitance to invest in academic-led ventures due to concerns over practical and business applications, Kannan and Tse’s expertise in restaking has proven to be a strong attraction for investors. Kate Laurence, CEO of Bloccelerate VC, stated that her firm typically views academic backgrounds as a potential drawback. 

However, Kannan and Tse’s innovative solutions led Bloccelerate to invest in EigenLayer and Babylon, recognizing their potential to address different market needs.

Restaking enables new blockchain projects to bypass the extensive time and capital required to build their staking support by borrowing the staking power of established networks like Ethereum. Babylon applies a similar strategy to Bitcoin, addressing the complexities of its proof-of-work mechanism and aiming to provide yield generation for Bitcoin holders.

Challenges and Criticisms

Professor-led crypto projects often face hurdles, with many failing to achieve commercial success. Emin Gun Sirer, a former associate professor at Cornell University and CEO of Ava Labs, highlighted the frequent disconnect between technical innovation and market needs. Despite EigenLayer attracting over $15 billion in crypto assets to its platform, it encountered setbacks due to perceived misunderstandings of the broader digital asset market.

In February, Kannan stated there were no plans for an EigenLayer token. However, the subsequent release of the Eigen token plan in April sparked controversy. Critics pointed to the allocation of over half of the 1.67 billion total token supply to investors and early contributors, raising concerns about potential sell-off pressure and accusations of self-enrichment. The decision to make the tokens non-transferable at launch further frustrated some early users who had invested significant capital.

The Eigen Foundation defended its strategy, explaining that the non-transferable tokens would allow time to improve project decentralization and enhance token features. Ayesha Kiani, COO of crypto hedge fund MNNC Group and an adjunct professor at New York University argued that EigenLayer’s critics overlook Kannan and Tse’s broader contributions to the industry. Kiani emphasized that their efforts are aimed at advancing the field, not merely generating quick profits.

Vance Spencer, from Framework Ventures echoed this sentiment, noting that the technical expertise required to build blockchain technologies is often found within academic institutions. The trend of investing in professor-led projects is expected to continue as these ventures bring advanced research-driven innovations to the market.

The post Venture Capital Funds Flow into Professor-Founded Crypto Firms appeared first on Coinfomania.

Crypto Entrepreneur and founder of TRON, Justin Sun, makes headlines today as he acquired a massive amount of EIGEN tokens, up to the tune of 3 million. The latest accumulation of the newly launched token has caught the attention of crypto enthusiasts and investors.

Eigenlayer, an Ethereum restaking protocol, recently launched its airdrop for Season 1, Phase 1 rewards according to a blog post dated May 10 on its official website. According to the post, the campaign starts with 6.05% of the initial supply. However, Season 1 Phase 2 will bump that to 6.75% in mid-June. After waiting for weeks, users who are owed the new EIGEN token can now obtain it through the claims process. Nevertheless, users are unable to sell EIGEN because it is not currently transferable.

Justin Sun Adds EIGEN Tokens to His Portfolio

In a recent report by PA News, the Chinese-born Grenadian crypto head, Justin Sun has added a substantial amount of EIGEN tokens to his portfolio. According to the report, Sun acquired a total of 3.62 million EIGEN tokens from four separate addresses. The total value of these tokens is approximated at $28.23 million, based on its current price of $7.8 on AEVO, a decentralized crypto derivatives trading platform.

At the time of writing, Sun holds a total of 665k ETH tokens (worth $1.9 billion). About 247,000 of these tokens are stored in his wallet, while 417,000 tokens have been used for staking on several platforms. Some of these platforms include Eigenlayer where he stakes about 215,045 ETH tokens, about 120,045 ETH on Swell, more than 58k ETH tokens on Puffer, 23,205 ETH tokens on Lido, and 454 ETH on Etherfi.

Sun has always been an avid holder of cryptocurrency. In an X (formerly Twitter) post in February, Sun revealed that he has up to $1.6 billion worth of crypto-holding on his HTX account while stressing that he is a “heavy user” of the platform. ” I am a heavy user of HTX. My personal use of HTX is the same as all HTX users, believing and trading,” he wrote

My personal HTX account balance (just for those who are saying I'm not using HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ

— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024

Justin Sun Accumulated Over 176,000 ETH in April

Meanwhile, Justin Sun’s portfolio also boasts more than 176k ETH (worth approximately $559.7 million). In data shared by Lookonchain, an on-chain analytics platform, Sun had accumulated this much amount of Ethereum since April 8 at an average price of $3,170 per token. Before the report, the aforementioned tracker platform spotted a wallet address that is likely associated with Sun, withdrawing thousands of ETH tokens from the exchange giant Binance.

Update:

0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL

— Lookonchain (@lookonchain) April 25, 2024

Additionally, Lookonchain previously reported that on April 27, another address that may be connected to Sun removed $23.3 million worth of Ethereum and roughly $96 million worth of Tether (USDT) from Binance. The continuous hefty transactions have created speculations across the crypto community about the possibility of affecting market prices.

Meanwhile, the EIGEN token is not available to users in over 30 countries including the U.S., Canada, Russia, and China.

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A 42-year-old British-Chinese woman, Jian Wen, has been found guilty by a UK court for her involvement in the country’s largest Bitcoin laundering case. 

The court could sentence her to a maximum of 14 years in prison. However, due to the judge’s busy schedule, the final verdict, initially scheduled for May 10th, has been postponed to May 24th.

During the investigation, UK police seized over 61,000 Bitcoins, the largest amount of cryptocurrency ever seized in the country. The value of the seized Bitcoins is approximately 3.06 billion pounds, based on the exchange rate of one Bitcoin to 50,190 pounds on May 10th. Jian Wen was arrested in a two-bedroom apartment in South London. It is reported that she has returned to work at a restaurant and is living with her son. 

In the apartment, police found a handwritten note stating, 

“I’ll be dead if they break the BTC code.”

Involvement with Chinese Fugitive and $6 Billion Fraud

Jian Wen was found guilty by a London jury of laundering amounts of Bitcoin for a Chinese fugitive linked to a nearly $6 billion investment fraud. Between 2017 and 2022, Jian Wen assisted the fugitive, Zhimin Qian, in laundering the money. The jury found her guilty on one count of money laundering but could not decide on two other charges.

A woman has been found guilty of laundering massive amounts of Bitcoin for a Chinese fugitive who is thought to have orchestrated a near $6 billion investment fraud https://t.co/E3tIjFiT5a

— Bloomberg Crypto (@crypto) March 24, 2024

In 2018, police seized Bitcoin worth over 1.7 billion pounds ($2.2 billion) during a raid at a London house where Jian lived with Zhimin Qian. Prosecutors portrayed Zhimin as a “super villain” during the trial. Although Jian was previously acquitted of several other money laundering allegations at a separate trial, she will face sentencing on May 24th for the current charge.

Defense and Prosecution Perspectives

Jian Wen consistently denied all allegations against her. Her defense lawyer argued that she was unaware of Zhimin’s alleged fraud in China or that the money she handled was fraudulent. Jian was not accused of any involvement in the underlying fraud in China, which prosecutors estimate affected nearly 130,000 investors and amounted to almost $6 billion.

Zhimin Qian arrived in the UK in September 2017 under the assumed name of Yadi Zhang. He fled the country in 2020, two days before he was due to be questioned by London police, and his current whereabouts are unknown. After starting to work with Zhimin, Jian Wen transitioned from working in a fast-food takeaway in east London to living a luxurious lifestyle, including a six-bedroom house and foreign trips.

Investigation and Broader Implications

The trial, which lasted almost two months, shed light on the role of various intermediaries and professionals who assisted Jian Wen and Zhimin Qian in laundering Bitcoin and purchasing assets across the UK, Europe, and Dubai. Zhimin was described as a “master of deception” who orchestrated a complex investment fraud through ten investment vehicles managed via seven offices across China.

Following the verdict, Jason Prins, detective chief superintendent at London’s Metropolitan Police Service, commented on the case. He noted that the investigation disrupted a sophisticated economic crime operation, illustrating how international criminals exploit cryptocurrency. The Crown Prosecution Service has decided not to pursue a retrial for the two outstanding charges against Jian.

The post Verdict Delayed for Woman in UK’s Biggest BTC Laundering Case appeared first on Coinfomania.

Holograph, a full-chain NFT protocol, has revealed its token economics alongside the completion of a new strategic financing round. 

Meanwhile, the protocol, known for its omnichain tokenization capabilities, continues to expand its influence and technological advancements in the blockchain industry.

Holograph introduced its native token, HLG, which was designed for seamless transfer across different blockchain networks. The HLG token boasts complete data persistence, trustworthy neutrality, and minimized cross-chain bridge risk, reinforcing its robust infrastructure. The total supply of HLG is capped at 10 billion tokens, with an initial circulation of 1.525 billion, accounting for 15.25% of the total supply.

JUST IN: Holograph Announces Token Economics, Completes New Funding Round

Daily 24/7 News#crypto #cryptocurrency #bitcoin #news #nft #altcoins

— CEAN – Crypto & Business News (@cryptoceannews) May 11, 2024

The distribution of the HLG tokens is strategically planned to support various aspects of the Holograph ecosystem. 25% of the tokens are allocated to the ecosystem and incubator, facilitating the growth and development of new projects within the network. The core development team receives 23.4%, ensuring sustained innovation and enhancement of the protocol. Strategic network participants are allocated 21.18%, reflecting the importance of partnerships and collaborations in expanding Holograph’s reach. 

Additionally, 15% is reserved for the foundation treasury, 10% for community and launch initiatives, and 5.42% for long-term consulting advisors. The release of HLG tokens is scheduled over 48 months.

Successful Completion of New Funding Round

In a recent report, on April 30, Holograph secured $3 million in a new strategic financing round. This round was led by Mechanism Capital and Selini Capital, with additional investments from Northrock Capital, Arca, Courtside Ventures, and Hartmann Capital. This latest round brings Holograph’s total funding to $11 million.

Andrew Kang, the managing partner at Mechanism Capital, expressed enthusiasm for supporting Holograph’s vision for omnichain gaming. He highlighted the protocol’s potential to transform the gaming landscape through cross-chain interoperability.

Jordi Alexander, founder of Selini Capital, echoed these sentiments, emphasizing the significance of cross-chain asset production and distribution. Alexander pointed out that Holograph’s ability to facilitate seamless asset transfer across multiple chains presents new opportunities for both users and developers.

Advancements in Omnichain Technology

Holograph’s protocol enables game developers to tokenize assets on multiple chains, maintaining consistent token addresses across all networks. This feature simplifies asset management for developers and enhances the gaming experience for players. By streamlining the deployment process, Holograph allows developers to quickly deploy on new chains, promoting asset interoperability between games and NFT marketplaces. This fosters liquidity and encourages collaboration across various gaming platforms.

Since launching its mainnet in 2023, Holograph has facilitated the minting of over 10 million omnichain tokens by 1.5 million unique wallets. The protocol has also enabled more than 2 million cross-chain transactions, leveraging LayerZero’s cross-chain messaging protocol. This significant usage highlights the growing adoption of Holograph technology and its impact on the blockchain and gaming industries.

Jeremy Kerbel, Co-Founder and CEO of Holograph expressed gratitude for the support from lead investors and strategic partners. Kerbel emphasized that the recent funding round validates Holograph’s vision and commitment to enhancing the gaming industry with omnichain technology. The company aims to create more immersive and interconnected experiences for players, leveraging the capabilities of its innovative protocol.

Holograph supports multiple EVM chains, including Ethereum, Polygon, Optimism, Base, Zora, Arbitrum, Mantle, BNB Chain, Avalanche, and Linea.

The post Holograph Announces Token Economics and Funding Round Completion appeared first on Coinfomania.

The startup Star Nest, located in Hong Kong and involved in the Web3 music industry, has raised $6 million in a Pre-A funding round. 

The investment was fronted by Chuangqi International Limited, a wholly-owned subsidiary of Guofu Innovation Limited, which is listed on the Hong Kong Stock Exchange. This investment will help Star Nest extend its Web3 activities, which feature creative music projects.

Metaverse Collaboration and Token Launch

Some of the money will be used for the creation of Star Nest SpaceStar, a metaverse game that integrates music, role-play, and social conversations. Star Nest partners with Armonia Meta Chain in this project to provide a whole digital experience that includes entertainment and interaction with the community. Utilizing Web3 and blockchain technology, the game will offer its users an immersive space in which to engage with music and other virtual assets.

The NEST token, with a total supply of 21 billion, will be listed by Star Nest in the third quarter of this year. The token will act as a multi-functional object within the Star Nest ecosystem—it is used for buying concert tickets, transacting with blockchain partnerships, and even for transactions within the metaverse and voting for governance. This general-purpose utility is designed to create a self-sustaining economy of the platform and stimulate user involvement in different aspects of the metaverse activity.

New Strategic Partnerships Enhance Star Nest’s Capabilities

Notably, this news comes after a sequence of alliances to enhance certain aspects of the system. For example, Star Nest has recently entered into a partnership with HyperPay, a leader in digital wallet technology. This collaboration brings HyperPay’s Web5 wallet innovation to the Star Nest ecosystem, which unifies a variety of wallets, such as Offchain, Web3, Hardware, and Co-managed Wallets.

The sophisticated platform of HyperPay integrates CeFi and DeFi application scenarios, providing a single solution for finance transactions and payment in both environments. Moreover, Star Nest’s vision to disrupt the music industry through Web3 technologies has been strengthened by a fresh deal with Tubes, a cross-chain decentralized Inscription exchange that was made on ERC-20.

The post Star Nest Secures $6 Million Pre-A Funding for Web3 Music Venture appeared first on Coinfomania.

In a recent development, investment banking firm, JP Morgan has revealed that it intends to make its blockchain solution Onyx available to third parties, allowing them to deploy applications. At the Tokenize This conference, Stephanie Lok, a product manager at Onyx disclosed that the blockchain has now processed over $1 trillion notional transactions.

Third Parties Can Now Build Tokenized Assets on JP Morgan Blockchain

With its blockchain-based solution, JPM Coin Systems is the most well-known Onyx service. Moreover, Onyx Digital Assets, the area in which it hopes to collaborate with other parties, is the focus of a distinct section within the company. This development is a component of JPMorgan’s larger plan to use blockchain technology to enhance its operations and services.

The bank hopes to promote growth and innovation in the blockchain industry by making Onyx available to third parties. Consequently, asset management might become more streamlined and secure with the tokenization of assets on the blockchain, offering a more dependable and effective method.

Recall that in 2020, JP Morgan established Onyx digital financing with Goldman Sachs involved around the end of 2020. With BlackRock and Barclays as partners, it debuted its Tokenized Collateral Network last year. Since its launch, the blockchain solution has experienced impressive growth, translating to the aforementioned number of transactions processed. Last week, the debt servicing offering by Onyx Digital was launched, issuing a blockchain-based municipal bond by Quincy City in Massachusetts.

Onyx Digital will Fund Tokenization

Meanwhile, JP Morgan is currently focusing on moving its proofs of concept (PoCs) into live products. In a report shared last year, JP Morgan revealed the result of Project Guardian, an asset and wealth management solution with Apollo and WisdomTree, which was discussed today at the Tokenize This conference.

Ms Lok said that as a first step, Onyx by JP Morgan is “working with a fund manager, distributor, (and) fund admin to really tokenize an alternative investment fund to see what that could look like.” The objective is to diversify the returns on alternative investments, even though not all alternative investment funds are suitable for every situation.

In response to a question thrown at her about the biggest tokenization challenge, Ms Lok pointed to the common standardization and blockchain interoperability issues. Nevertheless, Onyx’s main goal is to advance beyond proofs of concept and show ROI by introducing production solutions.

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