Terraform Labs and its founder, Do Kwon, are contesting the SEC's proposed $5.3 billion fine, labeling it unjustified, following allegations of fraud and unregistered token sales.

Terraform Lawyers: $1M, Not $5.3B

The Terraform legal team is not happy with the SEC’s proposed $5.3 billion fine. The team representing the company and its founder, Do Kwon, has instead stated that a million-dollar fine would be more appropriate for the situation. 

This statement follows the SEC’s proposal to level the highest fine in the crypto industry against Do Kwon and Terraform Labs. The move is intended to send a strong message against fraudulent activities in the industry after a New York jury found the two entities liable for fraud last month. 

Lawsuit Charges And Allegations 

On April 5, a jury found Terraform Labs and Kwon liable for defrauding investors after a two-week trial with the SEC. The lawsuit stemmed from the collapse of TerraUSD stablecoin that created a domino effect and subsequently wiped out $40 billion in market value in 2022, causing significant repercussions in the cryptocurrency market for the next year. 

The SEC further alleged that Terraform and Kwon made over $4 billion in "ill-gotten gains" from unregistered token sales, including LUNA and UST. 

SEC’s Proposed Fine

The SEC proposed a fine totaling $5.3 billion, with approximately $4.7 billion for disgorgement and prejudgment interest, along with $100 million and $420 million, respectively, in civil penalties for Kwon and Terraform. This proposed fine is the largest ever for the crypto industry and highlights the increasing scrutiny from US regulators. In a court filing, the SEC emphasized the need to send a strong message against such misconduct, which it claims will not be tolerated henceforth. 

Kwon And Terraform's Response

Terraform's legal team countered the proposed fine, arguing for a significantly lower penalty. They suggested a civil penalty of $1 million with no injunctive relief or disgorgement. Both parties have until May 6 and May 1, respectively, to submit supplements to their proposals.

Kwon's lawyers argued that his actions had no substantial effect in the US and were performed entirely abroad, primarily in Korea and Singapore.

Upcoming Court Proceedings

In an April 29 filing, Judge Jed Rakoff scheduled a court appearance for May 22 for lawyers representing the SEC, Kwon, and Terraform Labs. This hearing aims to discuss proposed remedies following the jury verdict. While all parties have already submitted filings regarding disgorgement and civil penalties, Judge Rakoff's order allows for additional supplements before the court appearance.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

The Ethereum Virtual Machine (EVM) serves as the beating heart of the Ethereum network, acting as the runtime environment for executing smart contracts and decentralized applications (dApps). The EVM's importance goes beyond Ethereum, as many layer-2 (L2) solutions aim to be compatible with it. This is mainly because of Ethereum's strong developer base and active community.

EVM and Ethereum can be seen as basic technologies that support many other web3 projects. The smart contract system was initially built as a transparent and trustworthy decentralized alternative to traditional web protocols. Since the launch of Ethereum, the ecosystem has faced new challenges. For example, it can't hide sensitive data in the contracts. Transactions on public blockchains are visible to everyone, which could expose sensitive information about the people involved.

However, new EVM-based innovations are developing ways to improve privacy on the blockchain. These methods use complex cryptography and off-chain techniques to protect transaction details and private information.

Solutions for Blockchain Privacy: the FHE Perspective

Solutions leveraging different cryptographic primitives including: Zero-Knowledge Proofs (ZKPs), and Secure Multi-Party Computation (MPC) are transforming privacy on the blockchain. ZKPs, utilized by projects like Aztec and Zether, ensure confidential transactions by obscuring transaction amounts and participant identities. Secure Multi-Party Computation (MPC) protocols, such as those by Enigma and Keep Network, enable privacy-preserving smart contracts by executing computations on encrypted data.

Another promising avenue for enhancing privacy in blockchain lies in the development of the FHE-EVM, which integrates Fully Homomorphic Encryption (FHE) into blockchain technology. This innovative approach allows smart contracts to execute operations on encrypted data without necessitating decryption at any stage.

Zama has introduced a protocol for building the FHE-EVM, which companies like Fhenix and Inco have adopted for their solutions. Conversely, research company Fair Math has proposed a distinctive approach that underscores a collaborative strategy for building an FHE-EVM. This approach is pivotal in tackling challenges in the zk field, where limited development tools often result in wasted resources and abandoned projects. By fostering collaboration, Fair Math aims to mitigate these risks and accelerate progress in FHE solution development. Fair Math's competitive model ensures that the solution evolves naturally over time, removing the requirement for constant development efforts.

A Closer Look at FHE-(E)VM Ecosystem

Building FHE projects collaboratively requires key blocks to speed up the process. Fair Math initiated this by partnering with OpenFHE to create FHERMA, an FHE challenges platform. Within FHERMA, there's a dedicated track where winning solutions are incorporated into the component library. The aim is to build the initial version of the FHE-(E)VM through ongoing competition, with new and improved components replacing existing ones over time.

FHERMA isn't just about FHE-(E)VM challenges, though; it's a hub for various FHE contests, inspiring innovation in encrypted data processing. By providing support for various encryption schemes, participants are encouraged to explore different methods for solving challenges and to expand the possibilities of encrypted data processing. Challenges range from privacy-preserving machine learning to algorithms for extracting data from encrypted containers.

FHE computations are resource-intensive, so the platform connects developers with computation providers, or “actors”, to streamline the process. This approach democratizes access to FHE, making it easier for developers to integrate advanced encryption into their projects. By offloading complex calculations to actors, developers can focus on improving their applications.

Exploring the Promise of Collaborative Approach

Fair Math has opted for a modular approach in designing the FHE-(E)VM. Essentially, its core consists of a set of operation codes for working with encrypted data. Thus, the FHE-EVM can be viewed as an entity comprised of a collection of building blocks, each corresponding to an operation code. 

The approach proposed by Fair Math involves utilizing its platform for FHE challenges to create a space for the continual evolution of what is termed collaborative FHE-EVM. The main idea is that anyone can attempt to enhance a specific block of the FHE-EVM. To do so, one simply needs to upload their solution to the relevant challenge, and if the solution proves to be the best, it becomes part of the EVM.

Closing Remarks

Providing an open, secure, and accessible environment for developers across diverse backgrounds, the FHE-(E)VM initiative seeks to drive the adoption of advanced encryption techniques and catalyze innovation in both Web2 and Web3 realms. Overall, the proposed approach is highly intriguing and has the potential to pave the way for the development of similar innovative projects. The principle built on openness and competition instills hope for the best solution, as excellence often arises from competition.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin is flirting with a further descent down to lower price levels, and most altcoins are still beaten down. That said, when the market bottoms, getting those entries early will be key. Memecoins will potentially be the canary in the coal mine for the recovery.

Sell green and buy red

All is still mostly blanketed in red across the crypto space. Bitcoin is languishing at $57,000 and looks as though it could take another dip. The altcoins are as usual doing a lot worse, and those who are holding them must be suffering.

Be that as it may, the best traders know that you buy the red and sell the green. Of course, timing the bottom is almost impossible, but starting to ladder into some positions could be what some traders are starting to do.

Memecoins - a polemic discussion

Memecoins are still an extremely polemic topic in the cryptocurrency space. One side of the argument is that they are pure gambling vehicles based on nothing but thin air, and are designed to make money for the issuer at the expense of a huge retail crowd that is out to make money quickly.

On the other side of the argument are those who realise that memecoins have the most volatility, and are therefore offering the biggest returns to whoever can trade them the most successfully.

One more thing that needs to be said is that there are way too many memecoins in the market now. Probably just as there were/are for altcoins, NFT JPEGs, and the like. This is a money grab and won’t end well for many who invest in them.

So with all the memecoin baggage out of the way, and with the realisation that buying memecoins is a spin of the wheel at the roulette table, the decision needs to be made if now, or the near future is a good time to buy them.

Dog Wif Hat (WIF) already out of the blocks

Source: Coingecko/TradingView

As already mentioned, buying the red is the way to go. But if that is the case, then the very popular Dog Wif Hat (WIF) could already be out of the starting blocks. The short term 4-hour time frame shows that the $WIF price is inside a triangle and is currently butting up against the resistance at $2.75. Should the price fall back to the bottom of the triangle, or even all the way back to the main support at $1.94, these could be good entry points.

$PEPE breaks out

Source: Coingecko/TradingView

$PEPE is one of the other favourites among the retail horde that buys memecoins, and as can be noted in the very short hourly time frame above, the price has just broken out and has confirmed the breakout, albeit only on the hourly. A 4-hour confirmation, or higher would be a much better signal that the price is going to hold this breakout.

$BONK leads the memecoins with 10% gains

Source: Coingecko/TradingView

And then we go to $BONK, the premier memecoin on Solana. Once again, a breakout has occurred, and another hourly candle has opened above the trend line. Having already put on 10% in gains, the price is now at resistance, so it will be interesting to see if this can be broken, potentially inspiring a move up to the main $0.000029 resistance.

So, a short delve into the prices of three of the main memecoins shows that there is the possibility that they have already started their next major moves to the upside. 

Memecoins among first to react

Be that as it may, it is still too early to know whether this is just a flash rally, or if it is indeed the beginning of a major upside move. $BTC has just risen to retest the $59,000 resistance again, so it now remains to be seen if this was just a retest, or the start of something bigger.

Even if this current rally does come to nothing, and $BTC corrects down to $51,000, dragging the memecoins down with it, it can be seen just how quickly the memecoins react to the slightest bit of positivity in the market, and more importantly, how they are generally able to react first. 

Trade wisely.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The digital landscape is continuously evolving, and with the advent of blockchain technology, two of the most talked-about innovations are Non-Fungible Tokens (NFTs) and the Metaverse. These technologies are not only reshaping the world of art and virtual real estate but are also poised to revolutionize online gambling. Here, you will explore how NFTs and the Metaverse could potentially redefine the realms of online casinos and betting platforms.

The Integration of NFTs in Online Gambling

Non-Fungible Tokens (NFTs) represent unique digital assets verified using blockchain technology, ensuring that each item is distinct and has its own digital identity. This uniqueness opens up fascinating new possibilities for online gambling, where NFTs can play several innovative roles:

1. Rewards and Incentives: Online casinos are continuously innovating to boost player engagement and retention. For those new to the scene or looking to make the most of their gaming experience, exploring the best crypto casinos with daily free spins can be a great way to familiarize yourself with the rapidly evolving world of crypto gambling.

Moreover, the integration of NFTs adds an exciting twist. By offering special edition NFTs as rewards, casinos provide more than just the usual cash bonuses or free spins. These NFTs, often limited in number and crafted by famous artists, bring unique in-game utilities and the potential for future value, making them highly coveted prizes.

2. Ownership and Provenance: In the digital gambling world, NFTs can be used to establish ownership of specific in-game assets. These can range from virtual poker chips and exclusive playing cards to unique avatars and rare game accessories. Each NFT can store a detailed history, including records of wins and losses, previous owners, and significant game moments. 

This not only adds a layer of personalization to the gambling experience but also increases the intrinsic value of these items. Collectors and gamers alike might find additional satisfaction in acquiring and trading these assets, knowing their provenance and the storied history attached to each.

3. Gaming Interoperability: One of the most significant advantages of NFTs in online gambling is their ability to transcend individual gaming platforms. A player could win an NFT on one casino site and then use it on another, or even in a completely different gaming ecosystem. This interoperability broadens the appeal and utility of online gambling rewards, making them more than just site-specific bonuses. 

It also encourages a more interconnected network of gaming platforms, where assets can freely move and retain their value across the ecosystem.

The integration of NFTs into online gambling also promises enhanced security and trust, as the blockchain technology underlying NFTs provides transparency and is tamper-proof. This could help alleviate some common concerns in online gambling regarding the fairness of play and the authenticity of in-game assets.

By revolutionizing how value and ownership are perceived in the gambling sphere, NFTs could well become the cornerstone of a new digital gambling era, providing a more engaging, secure, and rewarding environment for players. As we explore these possibilities, the potential of NFTs seems not only to enhance the player's gaming experience but also to redefine the very fabric of online gambling itself.

The Metaverse: A New Arena for Online Casinos

The Metaverse, a collective virtual shared space created by the convergence of virtually enhanced physical and digital reality, is fertile ground for the next generation of online casinos. It offers immersive, interactive environments that could take online gambling to unprecedented levels.

1. Immersive Gambling Environments: Imagine entering a fully immersive digital casino where every element interacts with you in real-time. The Metaverse can host a virtual casino where players can walk around, choose their games, interact with other players, and experience a near-physical casino vibe from the comfort of their homes.

2. Global Accessibility: With the Metaverse, geographical and physical limitations disappear. Players from all over the world can gather in a virtual space without the need to travel. This accessibility can dramatically expand the customer base of online casinos and foster a more interconnected global gambling community.

3. Enhanced Social Interactions: The social aspect of gambling can be significantly amplified in the Metaverse. Players can meet new people, join groups, and even watch live events together, making it a more engaging and enjoyable experience.

Final Thoughts

The potential of NFTs and the Metaverse to redefine online gambling is immense. These technologies promise to make gambling more personal, interactive, and connected. As you look towards this future, the key will be to approach it with careful planning and robust regulatory practices. The journey to integrating these technologies in gambling is just beginning, and it promises to be as thrilling as a high-stakes game. Ready to place your bets on a future where gambling is not just a game of chance but a rich, immersive experience for everyone involved?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

A 24-year-old Ukrainian member of the REvil ransomware gang has been sentenced to over 13 years in prison for his involvement in a 2021 global ransomware attack that targeted businesses worldwide.

Role in Extensive Ransomware Attacks

Yaroslav Vasinskyi, a 24-year-old Ukrainian national associated with the notorious ransomware gang REvil, has been sentenced to 13 years and seven months in prison and ordered to pay $16 million in restitution for his role in a 2021 ransomware attack that wreaked havoc across the United States and abroad.

Vasinskyi, also known as Rabotnik, was found to have played a significant role in over 2,500 ransomware attacks worldwide, with demands totaling a staggering $700 million in ransom payments. These attacks caused severe financial and operational disruptions to hundreds of businesses.

Government Crackdown on Ransomware Groups

This sentencing is part of a broader crackdown on ransomware groups, following a promise made by U.S. President Joe Biden in November 2021. Biden's pledge came after REvil demanded $70 million in bitcoin (BTC) following their hacking and deployment of ransomware on Miami-based software provider Kaseya.

In March 2022, Russian authorities, responding to requests from the U.S., raided and dismantled REvil. Attorney General Merrick B. Garland emphasized the importance of international cooperation, stating, 

"The Justice Department is working with our international partners and using all tools at our disposal to identify cybercriminals, capture their illicit profits, and hold them accountable for their crimes."

Sanctions and Disruptions

The Kaseya attack, which targeted a major Swedish supermarket chain, reverberated worldwide, disrupting businesses in at least 17 countries, ranging from pharmacies to gas stations to kindergartens.

The Treasury Department imposed sanctions on Vasinskyi, Polyanin, and a cryptocurrency exchange accused of facilitating ransomware money transfers in 2021. 

Deputy Attorney General Lisa Monaco stressed the severity of Vasinskyi's actions, stating, 

"Deploying the REvil ransomware variant, the defendant reached out across the globe to demand hundreds of millions of dollars from U.S. victims.…[The DOJ is committed to] bringing to justice those who target U.S. victims, and we are disrupting the broader cybercrime ecosystem."

Legal Proceedings and Confiscations

Vasinskyi was arrested in Poland two years ago and later extradited to the United States. He pleaded guilty to an 11-count indictment, including charges of conspiracy to commit fraud, damage to protected computers, and conspiracy to commit money laundering.

In 2021, Vasinskyi was charged alongside another alleged REvil operative, Russian national Yevgeniy Polyanin. Authorities seized approximately $6 million in funds allegedly linked to ransom payments received by Polyanin during their investigation.

In 2023, the DoJ confiscated nearly 40 BTCs, valued at approximately $2.3 million, and $6.1 million in funds traceable to ransom payments received by other conspirators. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

One feature that strikes a balance between security and convenience is the multi-wallet seed login, which allows users to access multiple wallets using a single seed phrase or recovery phrase. This feature not only enhances security by providing a single point of backup for all your wallets but also offers convenience by eliminating the need to manage multiple seed phrases. In this article, we'll explore some of the top Bitcoin wallets that support multi-wallet seed login.

Bitamp

Bitamp is a Bitcoin wallet designed specifically for Bitcoin. One of its standout features is the support for multi-wallet seed login. With Bitamp, you can log in with seeds from various Bitcoin wallets, including Electrum, Mycelium, Trezor, Ledger, Blockchain, and many more.

 

This versatile seed compatibility allows Bitamp users to easily import and manage their existing Bitcoin wallets from different platforms, providing a seamless transition and consolidation of their Bitcoin assets. By supporting seeds from popular hardware wallets like Trezor and Ledger, Bitamp offers an additional layer of security for users who prioritize the utmost protection for their Bitcoin holdings.

Bitamp's multi-wallet seed login feature streamlines the Bitcoin wallet management process, eliminating the need to remember multiple seed phrases or recovery phrases. Users can securely store and access all their Bitcoin wallets within the Bitamp interface using a single seed phrase, enhancing convenience while maintaining the highest levels of security.

Trust Wallet

Trust Wallet is a standout wallet that supports multi-wallet seed login and offers additional flexibility by allowing users to import private keys or seed phrases from other wallets like Coinbase or Exodus. This feature is particularly useful for users who want to consolidate their cryptocurrency holdings into Trust Wallet for streamlined management and enhanced security.

Coinomi

Coinomi is a multi-asset wallet that supports multiple cryptocurrencies and tokens, including Bitcoin. It offers a multi-wallet seed login feature, allowing users to create and manage multiple wallets within the same interface. With Coinomi, you can access multiple supported wallets using a single seed phrase, providing a convenient and secure way to manage your digital assets. Additionally, Coinomi is an open-source wallet, which means its code is publicly available for review and auditing, enhancing transparency and security.

Atomic Wallet

Atomic Wallet is a non-custodial multi-cryptocurrency wallet that supports different cryptocurrencies, including Bitcoin. It offers a seamless multi-wallet seed login experience, allowing users to create and manage multiple wallets within the same interface. With Atomic Wallet, you can securely store your private keys and access all your wallets using a single seed phrase, making it a convenient and secure option for managing your digital assets.

Conclusion

The multi-wallet seed login feature is a game-changer in the cryptocurrency world, offering both security and convenience. By providing access to multiple wallets through a single seed phrase, users can streamline their wallet management process while minimizing the risk of losing access to their funds due to misplaced or forgotten seed phrases.

It's important to note that while these wallets offer multi-wallet seed login capabilities, it's still crucial to prioritize the security of your seed phrase. Always store your seed phrase in a secure location, preferably offline, and never share it with anyone.

The wallets mentioned above are some of the top choices for Bitcoin users seeking the convenience of multi-wallet seed login while maintaining the highest levels of security for their digital assets. As the cryptocurrency ecosystem continues to evolve, we can expect to see more wallets adopting this feature, further enhancing the user experience and promoting the adoption of cryptocurrencies worldwide.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

As the crypto market expands, memecoins become more attractive for their potential ludicrous returns. The market capitalization has surged past $2.9 trillion, and memecoins have evolved from speculative plays into vital investments to diversify portfolios. 

It’s the memecoin season, and investors are seeing previously unknown gains. With the market expanding at its current rate, investors are looking for alternatives to traditional investments that could pay out in folds. 

PawFury ($PAW): Crypto Whale Invests $11,695

After rising to fame for its incredible presale success, PawFury received yet another confidence boost in the form of a crypto whale investment. The project announced via X (previously Twitter) that a crypto whale invested significantly in its ongoing presale. The investment underscores PawFury’s immense potential and shows why the presale has garnered over $2 million. 

📢Exciting news! The top PawFury buyer recently purchased PAW for an impressive $11,695! A huge thanks for the incredible support. 🌟 🎟 Promo code for EXTRA 10% bonus you will find from our admins in the chat!BUY $PAW NOW 👉https://t.co/Uawj7PH86a#PawFury #Crypto… pic.twitter.com/NYo2Of2ZG0

— PAWFURY: Play, Earn & Unlock Bonuses! (@Paw_Fury) January 15, 2024

The investment shows trust and underscores PawFury's potential for the crypto community. The project already boasts a Telegram of 30,000 strong, with strategic partnerships on the horizon. With its presale success and upcoming partnerships, $PAW is positioned to impact the market significantly. $PAW’s presale price is currently $0.00825, with an expected listing price of $0.0200. Expert analysis predicts PawFury will be a rip-roaring success with the potential for massive returns for early investors. 

What Does This All Mean?

For those considering investing in PawFury, the whale’s commitment is an endorsement of the project’s potential for substantial returns. The investment further explains the presale’s rapid growth and signals investors to hurry to grab a stake in this project.

Captain Faibik: Pepe ($PEPE ) Ready for 3x Rally

Popular memecoin $PEPE ’s recent market activity suggests an upcoming price surge, as renowned crypto analyst Captain Faibik outlined after a 17% single-day increase coupled with a significant boost in trading volume positions Pepe for a potential 3x increase in value. 

Shiba Inu ($SHIB ) Secures $12 Million in Token Funding

Shiba Inu recently received a capital injection of $12 million from top investors, strengthening its position in the crypto market. The capital inflow from notable entities, including Polygon Ventures and Animoca Brands, suggests that $SHIB is approaching an upward trajectory for future growth. 

Dogwifhat ($WIF) Set for 20% Price Rally

Dogwifhat gained immense popularity and is following a bullish trajectory, quickly approaching crucial resistance levels. The memecoin’s resilience and potential for profit increases indicated strong market confidence despite broader market corrections. 

Bonk ($BONK ) Rallies 30% Upon Revolut Listing

Bonk made headlines following its price rally after listing on the crypto exchange Revolut. This price rally underscores Bonk’s market position and the growing interest among traders. Analysts are optimistic about $BONK ’s future market performance owing to its increased exposure thanks to the Revolut listing.  

Memecoin Potential Amid Wider Market Correction

Memecoins such as PawFury, with their massive profit potential, not only offer investors the chance for some good gains but also offer exposure and involvement in innovative and rapidly evolving crypto projects. Investing in the burgeoning memecoin market is the logical next step for those looking to diversify their holdings. 

Discover the exciting opportunities of PawFury’s Presale!

Official Website: https://www.pawfury.com/

Telegram Community: https://t.me/PawFury 

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

For the first time, every single Spot Bitcoin ETF had an outflow day, and this led to a total $563 million total outflow for Wednesday. The $BTC price is teetering on the edge of a potential further dump.

FOMC announcement sparks short-lived rally

The FOMC meeting took place on Wednesday, and the Federal Reserve Chairman Jerome Powell said that progress had stalled in bringing inflation back to 2%. With this in mind, he said that interest rates would stay as they were.

After his speech, both the stock market and crypto put on a rally, with bitcoin briefly getting back above $59,000. However, it was short-lived, and it seems that the $BTC rally only succeeded in testing the bottom of its bull flag before coming all the way back down to below $57,000.

Spot Bitcoin ETFs suffer big outflow

It certainly didn’t help that for the very first time since their launch on 11 January every single one of the funds had a net outflow day. The upshot was a rather large $563.7 million total outflow. Even the Blackrock IBIT ETF, after five days of zero input, managed to sell $36.9 million on Wednesday.

It would appear that at least some of those who bought $BTC through the ETFs in the last few months, have developed cold feet and have decided to sell at least a part of what they bought earlier this year. This is probably retail selling, given that institutions are likely to be able to absorb the high volatility, and will potentially be looking to hold for a number of years.

$BTC continuing to roll over

Source: Coingecko/TradingView

Looking at the shorter term time frame, the touch of the bottom of the bull flag and what is now resistance, confirms it as such. It also brings into question the validity of the bull flag. Given that there were not at least three touches of the top of the flag, we may just be seeing a roll over of the $BTC price.

Upside momentum is coming, but $51,000 first?

Source: Coingecko/TradingView

Observing the chart of the weekly time frame, price is looking more likely to come back at least to the $51,000 support level. This all very much depends on how much longer it takes the weekly stochastic RSI to bottom and to then cross back up. A cross up happens roughly every six months, and the ensuing upside momentum would likely be very powerful, and could potentially have the effect of pushing the $BTC price back towards the highs again.

As things stand, it could be several more nerve wracking days before a possible change in price direction. For those holding $BTC this is all just noise. In the big picture, bitcoin is in its bull market, corrections happen, it’s healthy, and these periods do not last. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

MicroStrategy founder Michael Saylor and the EVP of Engineering have announced the Orange Protocol, a decentralized identity platform built on the Bitcoin network. 

The initiative, which was announced at the MicroStrategy World: Bitcoin for Corporations 2024 event, hopes to anchor digital identities in the Bitcoin blockchain. 

MicroStrategy Announces Orange Protocol 

The open-source MicroStrategy Orange Decentralized identity protocol was unveiled during a presentation at the annual MicroStrategy World conference held in Las Vegas. According to Cezary Raczko, Executive Vice President at MicroStrategy, MicroStrategy Orange is an enterprise platform for creating decentralized identity applications on the Bitcoin blockchain. 

“Today, I’d like to introduce MicroStrategy Orange, which is an enterprise platform for building decentralized identity applications on the Bitcoin blockchain. The platform consists of three fundamental pieces. At the heart of it is a service cloud hosted that allows you to issue those identifiers to your users and your organization.”

He added that MicroStrategy founder Michael Saylor made a compelling case for decentralized identity and why anchoring digital identity into the Bitcoin blockchain would make sense. 

“Michael presented a very compelling case for why we need decentralized identity and did decentralized identifiers. He made an even more compelling case for why it makes sense to anchor digital identity into the Bitcoin blockchain, protected by the strength and the security of the Bitcoin network.”

A New Milestone 

MicroStrategy Orange marks a new milestone in the integration of Bitcoin into enterprise solutions, with the platform designed to empower organizations by enabling them to use and manage decentralized identity applications via the Bitcoin blockchain by leveraging its robust security and immutability. The EVP added that the new innovation enables the deployment of pre-packaged applications that can run on the MicroStrategy Orange platform. 

“The orange apps are what’s going to be pre-packaged, point solutions that address specific digital identify challenges. We see a huge opportunity, and this is just the beginning.”

MicroStrategy also published an unofficial draft of the MicroStrategy Orange specification to GitHub. According to the documentation, the decentralized identity protocol utilizes a modified approach to inscriptions, storing only the data related to decentralized identity. This means documents can be created and updated with fewer restrictions while taking advantage of the segregated witness (SegWit) feature of Bitcoin. 

“Once you’ve established that that email is genuine, you accept the invitation, and at that point, we’re going to generate your unique decentralized identifier, and the public and private key pair.

MicroStrategy’s Foray Into The Identity And Authentication Space

The timing of MicroStrategy’s announcement was unexpected. However, Saylor had hinted that the company was working in the identity and authentication space, stating that he was exploring how Ordinals could help inspire and create software innovations. 

“The whole idea of burning a piece of data on the blockchain opens the door to the possibility that I might burn a digital signature, or I might burn a registration, or I might burn a hash of a document. Right now, enterprises have weak security compared to Bitcoin.”

Saylor argued that currently, enterprises have weak security compared to Bitcoin, and innovations using the cryptocurrency could help create a whole new level of security. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Polkadot has recently reached significant milestones, with the network hitting 600,000 active wallets. This has naturally spawned considerable interest in its native DOT token.

There are plenty of options when it comes to storing Polkadot, each with its own unique features and pros and cons. 

Best Polkadot Wallets 

Despite its recent slide, Polkadot (DOT) ranks among the top 20 cryptocurrencies in the market and is an excellent addition to your crypto portfolio. But what’s the best option to store your DOT tokens? While storing your DOT on an exchange wallet may sound convenient, using a dedicated crypto wallet is highly recommended if you want to keep your tokens safe. Selecting a suitable Polkadot wallet can be a complicated endeavor. Here are our recommendations for the top five Polkadot wallets. 

Ledger Nano S 

Let’s begin with the Ledger Nano S. The Ledger Nano S is a hardware wallet that has gained considerable popularity in recent times. Similar to a USB, this wallet allows you to store your DOT tokens and other cryptocurrencies. One significant advantage of this wallet is that it will enable you to store your DOT offline, making it far more secure than online wallets by eliminating any risk from hackers. 

The Ledger Nano S is one of the most affordable hardware wallets on the market, making it an excellent choice for those who want to store their tokens securely. 

Atomic Wallet 

Atomic Wallet is available as a desktop wallet and supports several cryptocurrencies, including DOT. The wallet is an HD (hierarchical deterministic) wallet. This means it generates a new address for every transaction, significantly bolstering your privacy and security. The wallet also supports cross-chain swapping, allowing users to exchange cryptocurrencies directly from their wallets. Additionally, Atomic Wallet supports an in-built exchange that allows users to buy and sell crypto from within the wallet itself. These features make Atomic Wallet an excellent choice for those seeking a desktop wallet supporting DOT. 

Polkawallet 

Polkawallet supports multiple cryptocurrencies besides DOT, including Acala (ACA) and Kusama (KSM). The wallet lets users view reserved, bonded, and locked digital assets. It also allows users, including DOT token holders, to stake their assets and makes information about nominators and validators easily available. Additionally, Polkawallet provides cross-chain asset management, staking options, governance, and multiple DeFi services. 

PolkaGate

The PolkaGate wallet is a user-friendly and feature-rich extension supported by the Kusama treasury. It offers a diverse range of functionalities that enhance user experience. These include features such as open governance, proxy management, pool staking management, spam address warning, support for address-only accounts, crowd loans, ledger support, parachain accounts, phishing website detection, solo staking, remote node selection, and much more. 

Nova Wallet 

The Nova Wallet is specifically designed for the Polkadot and Kusama ecosystems, giving users a streamlined experience across Android and iOS platforms. The wallet supports various functionalities, including governance, staking, NFTs, and NFT management. With its feature-rich offering, Nova Wallet is a comprehensive option for experienced users accessing the Polkadot ecosystem. Additionally, the wallet’s integration with Polkadot JS and MetaMask makes it compatible with an array of decentralized applications (dApps).

Polkadot Wallet FAQs 

Do all wallets support Polkadot? 

No, not all wallets support Polkadot. However, the wallets mentioned above do support the asset. 

Can other cryptocurrencies be stored in a Polkadot (DOT) wallet?

Yes, users can store other cryptocurrencies in their Polkadot wallets. All the wallets discussed above support other assets besides DOT. 

Choose Wisely 

There are several options for storing DOT, with the ones discussed here only a handful. Each wallet has a specific set of features, so decide which one works best for you. Always ensure that your chosen wallet is reputable and supports DOT. Choosing the right wallet is crucial for accessing and storing your tokens securely.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Update - SLOTH can be now be traded on DEXTools here.

Even as the crypto market collapses, new tokens continue to deliver explosive returns. 

All eyes now turn to the highly anticipated launch of the Slothana meme coin, set to take place today on Wednesday at 4 PM UTC. Presale buyers will receive their tokens as an airdrop at the same time as the IEO.

🌿🚀 Hark, disciples of Slothana! 🌟 Our Lord Sloth shall grace us with the first coming of Slothana's liquidity on the first day of May at 4pm UTC. 🕓 Most loyal participants in the presale shall be blessed with their Slothana tokens starting from this auspicious hour.But… pic.twitter.com/4ZQmDpUZD1

— Slothana (@SlothanaCoin) April 29, 2024

The new Solana meme coin has witnessed tremendous hype and FOMO since its ICO, raising over $15 million in less than a month. 

Considering that Bitcoin and other large-cap altcoins are crashing, investors are on the lookout for the best new cryptocurrencies to invest in. This provides the ideal backdrop for Slothana to explode after its launch, something several experts have predicted.

How To Prepare For The $SLOTH Crypto IEO On DEX

$SLOTH will go live on a decentralized crypto exchange (DEX) today on May 1st at 4 PM UTC, after which presale participants will receive their tokens.

The Slothana project adopted a simplistic presale model, allowing investors to simply send SOL tokens to the project wallet. This eliminates any complicated procedure, including the hassle of investors claiming their presale buys. 

Instead, SLOTH tokens will be airdropped to the same wallets that buyers used to send their Solana coins. 

In a recent X post, the Slothana developer team has advised patience to all presale participants. 4 PM UTC on Wednesday is only the start of the airdrop window and it could take a while for all investors to receive their $SLOTH holdings. 

Buyers are also advised to keep up with the latest updates by following the Slothana X account. However, it is important to remember that the project has attracted the attention of malicious actors due to its hype. One of the tactics they could use to steal client funds is to create knockoff X accounts and websites. 

For instance, a now-suspended account with the handle @Sl0thanaCoin tried to scam investors, bearing a close resemblance to the original @SlothanaCoin account. 

Finally, a glance at DEXTools reveals that several counterfeit tokens with the Slothana ticker are currently live. 

To avoid such scams, visit the Slothana website or X account where the correct token address will be published. 

Slothana Price Prediction - Next Big Solana Meme Coin?

During the 2024 bull cycle, meme coins have outperformed every other asset class. For a few crypto whales, the meme coin investment thesis is very simple - “If it makes me laugh, I’m buying.”

It is therefore no surprise that Slothana raised over $15 million in its presale phase itself. The meme coin has a hilarious and relatable mascot - an office-going sloth who is looking to ditch the office grind and make it big in the world of crypto trading. 

As such, Slerf’s meteoric ascent has brought the spotlight on sloth-inspired tokens and Slothana could carry forward the torch. Indeed, several smart-money traders have labelled $SLOTH as Slerf’s successor. 

Additionally, rumours have been circulating that the developer team behind Slothana is the same one that’s behind the success of Smog. For the uninitiated, Smog was launched in February of this year and surged by more than 26,000% in less than a month. 

Indeed, the Smog X account has replied to Slothana’s posts on several occasions, further fueling this speculation. 

Consequently, analysts and YouTube trading experts are bullish on Slothana. According to YouTubers such as Zach Humphries, Jon Trading and Savvy Finance, Slothana could be the next 100x Solana meme coin. 

 

Popular YouTube channel InspireWealth has gone a step further, signalling up to 1000x potential gains after $SLOTH’s IEO.

 

Update - view the latest SLOTH price chart on DEXTools here.

Trade Slothana

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

 

The cryptocurrency industry has been making headlines lately for a variety of reasons. From Bitcoin recording all-time highs to Hong Kong's approval of ETFs, it appears that we are experiencing the surge in digital currencies like never before. Amidst these market dynamics, Zero-Knowledge (ZK) technology is garnering waves of interest, although the concept seems complex to grasp.

In this interview, Payy CEO & Co-founder Sid Gandhi - a technology leader and entrepreneur shares how Payy is building a ZK-based global payments network and wallet, highlighting the importance of privacy focused applications with the potential to drive increased user adoption. 

CryptoDaily: Tackling ZK is no easy feat, especially with only a few projects tackling it. What prompted the creation of Payy Network? Can you briefly share about what you’re building at Payy? 

Sid Gandhi: Payy is a user-friendly non-custodial ZK wallet designed to be more accessible than Venmo, leveraging ZK rollup technology for enhanced privacy. Our mission is to facilitate fast, cheap, and fully private global transactions.

We witnessed a gap in the market for a functional ZK network built for privacy. We drew upon insights from our previous product, Polybase DB, to shape the technology behind Payy Network, enabling privacy on public chains. Today, we proudly stand as the only modern privacy chain in mainnet. 

CryptoDaily: With everything being tracked onchain, what role does Payy play as a privacy-preserving protocol? And how might its impact ripple across the broader Web3 industry?

Sid Gandhi: We are pioneering privacy in stablecoin payments, one of the first initiatives within the industry. While privacy tokens have traditionally been ideal for payments, their inherent volatility poses a challenge. Monero and Zcash are fantastic tools but lack stability in value. However, payments need consistency and people shouldn’t be making an investment decision every time they make a purchase.  

Payy aims to address this issue by providing a stable value proposition, ensuring consistency in payments without the need for constant investment decisions. Therefore, we believe that Payy will have a huge impact on the Web3 ecosystem as a whole.

CryptoDaily: What sets Payy apart from other privacy chains like Aztec?

Sid Gandhi: We have two major differentiation factors. Firstly, we are app specific. While other privacy chains are developing general-purpose blockchains, we have opted to focus on building a blockchain exclusively for payments. Our strategy prioritises excelling in one area before expanding into others. Secondly, we are already operational on mainnet.

CryptoDaily: What are the compliance challenges that Payy Network is facing as a privacy chain? 

Sid Gandhi: We’ve been able to generate ZK compliance proofs, demonstrating that funds within our network originate from legitimate sources and are free from involvement with sanctioned addresses or illicit actors, all while preserving user privacy. Unlike many other projects that have encountered obstacles in this area, we have adeptly adapted to and overcome this challenge.

CryptoDaily: What are the upcoming developments in the roadmap for Payy Network? What will be the key drivers for the retail adoption of Payy?

Sid Gandhi: Keep an eye out for our App Store launch! Our app is currently available for download on TestFlight and the Google Play Store, giving you the opportunity to explore its features firsthand. The network is live on mainnet, allowing you to on and off ramp real USDC. 

We are particularly enthusiastic about our points system. Users can earn points by referring others to the app through payments (earning 1000 points per referral) and by holding a balance in their wallet, which they can claim every 24 hours. We’re in talks to partner with a few exciting projects, so stay tuned for those announcements as well!

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

The crypto market is on a dip, and this could be the perfect time for revolutionary presale WienerAI to thrive. 

Having raised over $700K so far, traders are certainly interested in this part AI, part sausage dog crossbreed.

Alongside its total raise, pundits are hailing the new presale, speculating big gains are at play for relentless degens that buy on the market downturn.

Leading analysts say WienerAI will 100X, and juggernaut media outlets are interested

Unsurprisingly, a cryptocurrency blending the industry’s two most enthralling narratives, meme coins and AI, is fetching a big reception on the launch of its presale.

While WienerAI’s outer shell is a loveable and relatable meme coin, his inner workings are sophisticated AI algorithms that take shape as a cutting-edge trading bot. 

As such, WienerAI is the ultimate on-chain companion, enabling instant, predictive, and beginner-friendly trading with zero fees.

And it is not just WienerAI’s tail that is wagging, either. Leading analysts believe this could be the best doge crypto on the market.

Prominent low-cap gem hunter Jacob Bury recently speculated that the project could be a “100x potential meme coin” and said it may be the “best crypto to buy now.”

Similarly, analysts from the renowned 99Bitcoins YouTube channel are on board and anticipate 100x gains are on the horizon.

Despite its early stage, tier one media outfits like Cointelegraph, CryptoPotato, and Coinpedia have featured the presale, reflecting its unparalleled hype-garnering ability and presenting mass market exposure.

While WienerAI may not be the first doge-related crypto to cause a stir in the media, he might be the best.

WienerAI runs laps around Dogecoin

Every doge has its day, but that day might have passed for the OG Dogecoin because a new whippersnapper is in town and aims to outdo the market leader in every way.

Its unprecedented blend of pioneering AI innovation and memetic excitement intertwines the best of both industries, providing hype-driven and utility-driven demand that nods to sustained growth.

And while Dogecoin is built on its own blockchain, which is a fork of Bitcoin and relies on the energy-intensive Proof-of-Work (PoW) consensus mechanism, WienerAI adopts a more fitting approach aligning with its contemporary use case. 

The project launched on the Ethereum blockchain, which leverages a Proof-of-Stake (PoS) model that is 99% more energy-efficient than PoW. What’s more, this presents $WAI with added interoperability, enabling it to be used in Ethereum and other EVM-based decentralized applications.

While these factors have already caused a frenzy in the WienerAI presale, the team is vying for long-term success with its staking layer.

Users are incentivized to lock up their tokens for passive rewards, helping to secure and stabilize the network. Currently, they can garner a 1,200% APY, but this outrageously high yield is on a first-come, first-served basis. As more tokens are staked, the annual rewards will decrease.

Further incentivizing early adopters, the WienerAI presale price will rise incrementally throughout the campaign. The next uptick will occur in 18 hours or when the total raise hits $946K.

Follow WienerAI on X or join its Telegram for the latest updates. Alternatively, visit its website to buy and stake tokens.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

 

The times of CryptoKitties and Axie Infinity are long gone. In 2024, data sovereignty and Play-to-Earn alone are not enough to attract the audience’s attention. Meet Eldarune — a software developer company that aims to disrupt the status quo in Web3 gaming. The company’s journey is paved by the vision to create a new fantasy gaming ecosystem — compelling, decentralized, and seamlessly cross-chain.

Eldarune’s proven track record stands out among the other new projects trying to capitalize on the current bull market. Established in 2021, the company has the early mover advantage that allows Eldarune to provide its customers with time-tested true interoperability: from the common token and interconnected NFTs and in-game assets to the robust infrastructure.

Eldarune has an ecosystem of four games and development infrastructure on Polygon, Ethereum, and the BNB Chain, with plans to integrate Avalanche. The platform has achieved a significant milestone of the native ELDA token listed on Bybit and MEXC. Currently negotiating with Playstation regarding the cross-platform deployment of its projects, Eldarune’s team is confidently reemerging from the previous bear market to lead the current industry growth cycle.

Eldarune: Taking the Early Steps

Three years ago, the parent company of Eldarune — DIGA Labs team — united six partners with a simple yet powerful vision: to build an actually good game on blockchain. They quickly realized they embarked on a much more ambitious journey that couldn’t be completed by creating a single game. Back then, Web3 gaming infrastructure was unreliable, isolated to a single network, and suffering from on-chain congestion, rendering NFT trades or in-game transactions unbearable for an average user. That had to change.

After receiving the first investment in March 2022, DIGA Labs began to work on Digard, an infrastructure-centered project providing a combination of a community-building SDK and a technology layer for blockchain interoperability. A month later, the MVP game was connected to the Avalanche Fuji Testnet, and a separate subnet was ready for operations. The product was live. Such fast-paced progress couldn’t go unnoticed: at the beginning of April, DIGA Labs secured a soft commitment of $4M from multiple Avalanche on-chain prominent VCs. 

A Comeback Amid the Bear Market

However, the circumstances were far from perfect. With the just-signed collaboration between Avalanche and Terra-Luna, investors’ vision was fogged with confidence, so UST became the staple for on-chain VC reserves. When Terra collapsed in May, DIGA Labs suddenly realized that its pledged assets had become worthless.

The contribution of Seedify revitalized the company and brought forward the concept of Eldarune — a medieval fantasy cross-chain gaming universe. Half a year of development later, Eldarune’s native token was launched on Seedify, Gamefi.org, Decubate, Enjinstarter, Redkite, and even Bybit. Sales were over in 8 seconds.

From a period of semi-stealth bootstrap development to a multiplatform token sold out, Eldarune’s impressive comeback continues to gain momentum. Placing an early bet on infrastructure and interoperability allowed Eldarune to solidify its position ahead of the other GameFi developers that are only beginning to address these issues. Instead of targeting a niche sector or offering an ad hoc dApp, the business model of Eldarune is focused on building a self-sufficient ecosystem that maintains sovereignty over the marketplace, community platforms, and even the technical layer. In doing so, the project unlocks immense future scaling potential, as the new games are integrated modularly, maintaining the seamless coherence of lore, in-game economics, and the technical aspect.

Growth, Rejuvenated: the Future of Eldarune

Eldarune in 2024 is a sprouting ecosystem of four games in parallel development. Relying on the Layer One X technology and the proprietary Digard solutions, Eldarune ensures seamless cross-chain interoperability. At the same time, the ELDA native token and in-game NFTs, as well as the common marketplace and lore, allow the company to leverage its main advantage — true interoperability across all levels. In early January, the markets recognized Eldarune’s potential, allowing the ELDA token to reach its all-time high price of $0.62 — a stunning ten-fold increase over just six days of trading.

The studio isn’t afraid to experiment with the genre. In one session, your Militia Archer NFT can support your dungeon-raiding squad in World of Elymnias — an isometric Diablo-like idle game with dungeons, grinding, clans, and an arena for PvP battles. In the following session, you can take him to the cutscene in Eldarune: Journey — a text-based adventure game, where players are making difficult choices to help their troops survive a perilous journey. In another game, you might trade it for a sought-after card to include in your deck in Heroes of Eldarune — the studio’s take on cross-platform trading card games. And there is also ELDA Rush — a PvP MOBA that somewhat resembles League of Legends.

The majority of the Eldarune’s games are still in the early stages of development. Yet, the studio overall definitely has what it takes to claim its grounds — a solid genre framework to cater to all members of the prospective audience, technological know-how, and steadily accelerating investor traction. The team’s spectacular experience and the holistic approach to ecosystem interoperability were likely the reason behind the high valuation figures: in December 2023, DIGA Labs raised its seed round at a valuation of $15 million, with L1X taking the lead role in the deal. Having a time-tested business model and a unique first-mover advantage propels Eldarune and its scaling capability ahead of its industry’s competitors.Eldarune is a rare example of a GameFi studio that isn’t just riding the hype wave but is truly introducing a robust operational advantage. With the 2024 GameFi market garnering more and more attention, Eldarune’s next breakthrough feels extremely near. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin’s fall into the chasm must have struck terror into the hearts of many crypto investors. When bitcoin goes down, the altcoins go down in spades. While bitcoin recently reached a correction of 23%, many of the altcoins are down 50% or more. That said, the recovery is on its way.

Altcoin holders under water

The life of a retail investor or trader in crypto is possibly one of continuing nagging doubt interspersed with moments of incredible euphoria. The recent bitcoin and altcoins dump must have struck fear and doubt into hearts and minds.

Those who didn’t sell their altcoins are very likely sat in positions that are very much underwater, and the inclination to sell now, and go away to lick numerous wounds, must be on the minds of many.

An altcoin bottom in sight

There is the possibility that the altcoins can still take a further beating if bitcoin should continue to plunge down to the $50,000 region. However, all is not lost, and there is light at the end of the tunnel. The altcoins are bottoming, and so is bitcoin for that matter.

Source: Coingecko/TradingView

Total 3 charts the market capitalization of all the cryptocurrencies, excluding $BTC and $ETH. As can be seen in this chart, the price is holding at $600 billion, with the upsloping bull market trend line offering support below this. If we are to see a bounce, this would be a very good place for it to take place.

Altcoins about to take some dominance from BTC?

Source: Coingecko/TradingView

Not only were altcoins getting beaten down against their USD pairs, but they were also losing ground to bitcoin, and this came to a real peak at just over 57% dominance to BTC. However, it now appears that the dominance could break down further, given that BTC dominance has been rejected at that 57% resistance, and is in an upsloping wedge, which is more likely to break down than up.

Get your positions in early

Trading altcoins is not for the faint-hearted. That said, if the altcoins do start their bounce, any time from now until the next week or so, those who get their positions in early are going to benefit from the potential gains. 

Some of the altcoins have already experienced a bottoming out on the weekly stochastic RSI - stand by for some fireworks when this momentum indicator crosses back to the upside.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto sleuth ZachXBT's investigation reveals that North Korea's Lazarus Group laundered over $200 million in stolen cryptocurrency with the help of coin mixers and peer-to-peer exchanges.

ZachXBT Finds $200M Laundered

On-chain investigator ZachXBT has delved deep into the many laundering operations of North Korea's Lazarus Group, involving over $200 million in stolen cryptocurrency. The investigation, spanning from August 2020 to October 2023, revealed sophisticated methods employed by the hacker collective.

ZachXBT's investigation, which scrutinized more than 25 exploits on various blockchains, meticulously traced the movement of illicitly gained funds. The funds were found to have been passed through coin mixers, peer-to-peer marketplaces, and centralized exchanges, effectively removing them from the crypto ecosystem.

Use of Mixers and Exchanges

The Lazarus Group notably favored the Ethereum mixer Tornado Cash and the Bitcoin-based ChipMixer in their operations. Furthermore, the hackers also converted substantial amounts of cryptocurrency into fiat through peer-to-peer exchanges. Accounts linked to the group received $44 million from these hacks, with usernames "EasyGoatfish351" and "FairJunco470" identified on P2P platforms.

Addressing their findings on social media, ZachXBT wrote, 

"Thousands of people in the space have been impacted directly and indirectly by Lazarus Group attacks, and it seems that number will only continue to increase.”

Lazarus Group's Notorious History

The Lazarus Group is infamous for executing significant cryptocurrency heists, employing sophisticated cyberattacks to steal funds. They have been linked to large-scale exploits, including the $100 million Harmony bridge exploit in January 2023 and the Ronin bridge hack of March 2022. 

According to the United Nations Security Council, their cumulative thefts amount to over $3 billion in digital assets. The UNSC also alleges that these activities fund North Korea’s weapons program.

Scrutiny on Mixers Like Tornado Cash

Tornado Cash, a cryptocurrency mixing app, has come under scrutiny from US authorities due to its use by the Lazarus Group for laundering large sums of funds. Just a month ago, the group used Tornado Cash to launder $12 million worth of stolen ETH funds.

US authorities have taken action against Tornado Cash developers Roman Storm and Alexey Pertsev, charging them with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money-transmitting business.

Despite efforts to crack down on crypto mixers, Chainalysis data reports only a 29% decline in money laundering activities in 2023. The Lazarus Group’s recent return to Tornado Cash underscores the ongoing battle between regulators and cybercriminals. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

SEC Chairman Gary Gensler’s contradictory statements on the classification of Ethereum have been the crux of the lawsuit brought against the regulatory body by blockchain software company Consensys. 

The ETH Controversy: Commodity Or Security? 

SEC Chairman Gary Gensler is again under fire because of his views on cryptocurrency, this time for claiming ETH as a security. He is accused of 'misleading Congress' on the crucial matter of Ethereum's classification as securities, a charge that could have far-reaching implications. 

The US House Financial Services Committee, a respected authority in financial matters, has issued a statement accusing the SEC, under Gensler's leadership, of making contradictory statements about Ethereum's security status. Irked by these inconsistencies, the US Banking Committee has claimed to keep an eye on the SEC for its regulatory overreach across all digital assets. 

Consensys’s Lawsuit Against SEC

It all went down during the Financial Committee hearing on the legal case between blockchain software company Consensys and the SEC. During the hearing, Congressman Patrick McHenry highlighted court filings that drew attention to Gensler’s contradictory statements regarding Ethereum’s classification as a security as opposed to prior views held by the regulatory agency. 

He released a statement clarifying his opinions further, 

“Just months after a federal judge sanctioned SEC enforcement lawyers for lying to the court, new evidence shows Chair Gensler himself misled Congress. In testimony to the Financial Services Committee last April, Chair Gensler refused to answer questions regarding the SEC's classification of Ether. New court filings show this was an intentional attempt to misrepresent the Commission's position.”

ETF Applications Lead to SEC’s ETH Troubles

The entire issue stems from the recent applications filed to the SEC for the country’s first-ever spot Ether exchange-traded funds (ETFs). In his statement, McHenry emphasized the distinctive clarity on whether ETH is a security or a commodity, claiming that it lays the groundwork for any further regulatory framework for the cryptocurrency. He also stated that the securities watchdog's constantly changing stance could significantly impact investors and companies. 

McHenry wrote,

“Classifying Ether as a security contradicts previous statements of the SEC and Chair Gensler-yet another example of the arbitrary and capricious nature of the agency's regulation by enforcement approach to digital assets. This episode underscores the urgency of Congress passing the bipartisan FIT for the 21st Century Act to provide a clear regulatory framework and robust consumer protections for digital asset markets.”

House Republicans Against Gensler

The Congressman also claimed that the regulatory agency would not be favored by the Republicans in the committee, who would hold Gensler and the SEC accountable for its regulatory overreach. Furthermore, he claimed that under Gensler’s leadership, the SEC is stifling innovation in the country by not laying down a clear law of the land. He accused the SEC of leaving American consumers unprotected and of risking the national security of the country by not explicitly stating clear guidelines behind the status of cryptocurrencies like Ethereum. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin has fallen through the important support at $59,000. Currently at $57,000, the king of the cryptocurrencies could plunge even further down. How far will it go?

Bitcoin breaches last line in sand

The last line in the sand has been breached. $BTC took the dreaded plunge and is currently clinging to support at $57,000. A further fall here is likely to take the price all the way down to $51,000, with perhaps a quick stop at around $54,000.

Source: Coingecko/TradingView

The 4-chart above shows how $BTC fell through the bottom of its bull flag. 4-hour and 8-hour candle bodies have closed below the bottom trend line, and it only remains for a daily candle to close below in order to confirm the breakdown.

Eleventh hour hope for $BTC

However, even at the eleventh hour, there is still hope for a bounce from the alpha cryptocurrency. All short term time frames are showing that the $BTC price is oversold, and even the daily is about to enter this territory. More importantly, the weekly time frame for the stochastic RSI is bottoming right now. As the price makes that bottom over the next several days, and starts to cross back up again, the resulting momentum should force a decent bounce out of $BTC .

Source: Coingecko/TradingView

Looking at that weekly time frame, it should be noted that the current support at $57,000 is actually very strong. Depending on how long it takes the stochastic RSI to turn back up, this could save the price at this level. That said, there is still time for the $BTC price to fall to $51,000, even if this is very quickly, and a long wick down might result. This potential strong buying signal, combined with a turn back up of the weekly stochastic RSI could push the price back up again.

The bitcoin hedge against the system

Looking further out into the rest of the Spring and into Summer, on the one side are the bears with potential economic downward pressures spurred on by increasing inflation and worsening job figures, and on the other side, the bulls will be pushing the price up in the knowledge that bitcoin cannot be controlled by governments nor central banks, and is therefore a hedge against the failing monetary system. The rest of this bitcoin bull market will be extremely interesting to witness.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Polkadot (DOT) staking is an excellent option for users who want to earn a passive reward/income on their long-term holdings.

Staking DOT tokens helps secure the network and allows users to earn more DOT tokens as rewards. Users can get started with staking for as little as 1 DOT. 

An Overview Of Polkadot Staking 

Staking is a process through which users can temporarily lock or stake their tokens and earn rewards in the form of interest. Unlike Proof-of-Work blockchains, Proof-of-Stake blockchains like Polkadot enable staking. Polkadot uses a variation of Proof-of-Stake called the Nominated Proof-of-Stake. Nominated Proof-of-Stake is centered around the interoperability of Polkadot’s numerous parachains, connected and secured by the Relay Chain. 

Polkadot staking is a fairly complex process, especially native DOT staking. As mentioned, DOT staking is made possible through the network’s consensus mechanism, Nominated Proof-of-Stake. Users on Polkadot can stake their DOT tokens in three ways: Native staking, third-party decentralized protocols, and centralized exchanges. 

Native DOT Staking 

Native DOT staking involves using your DOT tokens natively within the network. In this type of staking, you don’t have to rely on third-party protocols or exchanges. Instead, every step is completed within the Polkadot network. There are several options for native DOT staking, depending on the number of DOT tokens you hold, the number of tokens you want to stake, and your technical experience. 

Joining A Nomination Pool 

Joining a nomination pool is an excellent option for beginners because it does not require any management of your nomination. All you must do is join a nomination pool with other DOT holders. The pool operator is responsible for nominations, meaning all you have to do is join the nomination pool. To start with a nomination pool, you only need 1 DOT. You can claim your rewards manually or bond them to the pool to compound. 

Operating A Nomination Pool 

If you are an intermediate user, you can choose to operate a nomination pool. Pool operators can select validators by opening a nomination pool and allowing others to join by staking their DOT tokens. You need a minimum of 500 DOT tokens to bond and create a nomination pool. These DOT tokens will be deposited directly into the pool’s account. 

Direct Nomination 

Direct nomination enables the selection of validators directly. This process works differently from the simple bonding of DOT tokens and requires you to be an active participant in the Polkadot ecosystem and monitor whether your stake is backing an active validator. Direct nomination requires a minimum of 250 DOT. However, this figure is subject to change and stands at 550.290 DOT as of April 2024. 

Running A Validator 

This option is viable if you are an advanced user. Validating is a task for those with sufficient technical know-how who want to participate in block production and network security. To run a validator, you must first be selected by nominators and meet the specified criteria to be eligible. Running your own validator node requires a considerable amount of effort and community trust. 

Third-Party Decentralized Protocols 

Also called Polkadot liquid staking, third-party staking allows you to receive a token representing DOT, which can then be used in specific ecosystems to carry out designated activities. Third-party staking has several key features: 

Users can stake any amount for a particular fee 

Unbonding is flexible 

Users can tap into liquid markets using a third-party synthetic token. 

Different protocols offer various benefits. 

Centralized Exchanges 

Another way of staking DOT is via centralized exchanges. Most centralized exchanges allow users to stake their tokens on the platform. However, users must note that these platforms can censor or block wallets. Some available options for users include Coinbase, Kraken, and Binance. 

Risks Associated With Staking 

Staking DOT comes with its fair share of risks that must be taken into consideration. These risks vary depending on the type of staking system used. For example, native staking on Polkadot comes with a protocol-level risk. While Protocol is a highly established blockchain network, the risk of failure always exists. Users must also consider the risk of slashing, a mechanism used by Polkadot and Kusama to deter malicious behavior, penalizing validators that act against the interests of the network. 

When it comes to third-party staking protocol-level risk is generally higher than native staking. While the degree of risk varies between platforms, the higher the APY, the greater the risk. The assumption of trust is highest when staking DOT via centralized exchanges because third parties run them. This means the third party has complete control over activities on the platform. Exchanges can arbitrarily freeze your account or seize your DOT tokens.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Real World Assets (RWAs) have hit the crypto scene like a storm, gaining huge exposure in a relatively short space of time, and trending on Google daily. These tokenized assets utilize blockchain technology to digitise real world assets, such as real estate, into digital tokens — granting ownership or fractional ownership to holders.

By fractionalizing once illiquid assets, RWA tokenization opens the gateway to both increase liquidity, and investor access to once inaccessible assets — often due to entry cost barriers. This enhanced access and liquidity combination essentially democratizes the RWAs tokens being purchased.

RWAs hold the potential to redefine both intangible and tangible asset transactions, and as such, a number of major players have emerged to develop this innovation even further. Amongst these innovators, Blocksquare stands out from the rest, delivering a multifaceted approach. Other entities, such as Soil, set out to make RWAs impact through their unique decentralized credit protocol.

Blocksquare: Leading RWA Tokenization

Blocksquare is an award-winning blockchain-based real estate tokenization ecosystem, lead by three co-founders that hold over 40 years experience across tech, legal, product, sales and more between them. Leading innovation in the real estate tokenization sphere, Blocksquare offers far more than just tokenization of assets. 

By developing its own Web3 protocol and blockchain infrastructure, Blocksquare is the only player in the RWAs space that offers this one-stop solution. The dual capability of offering both scalability and security for users comes from this three-pronged approach — ultimately delivering a holistic real estate tokenization ecosystem. 

This composition gives Blocksquare a major edge in customization, scalability and security for all clients seeking an ease-of-access path into real estate tokenization exposure, and investment.

Real Estate Tokenization Protocol

Blocksquare’s real estate tokenization protocol involves the creation process of ‘PropToken’ standard ERC-20 smart contracts. With a max issuance of 100,000 digital tokens — representative of real estate assets — these smart contracts enable specific real estate identification, and transaction rule limitations to be placed per the issuer’s requirements.

A Public Corporate Resolution (PCR) is created to link a real estate property to the PropToken smart contract. The PCR is then signed by the legal representative mandated by shareholders of the issuing legal entity and made public via a distributed file system called IPFS. 

Investors who hold tokens for a given property can use its PCR to appeal in court in the unlikely scenario that an issuer stops providing their payments, dividends, etc. This ensures investor security should any bad actors appear in the process. Furthermore, thanks to payments on the smart contract being recorded on the Ethereum (ETH) blockchain, they can be used as proof for legal disputes, adding a further layer of investor security.

White-Label Marketplace

Blocksquare’s platform offers clients the ability to create, list, issue, sell, distribute, manage, track and trade tokenized properties via Blocksquare’s protocol. This means clients can avoid the hassle of establishing their own branded, coded and fleshed out tokenized marketplace — without the time expenditure and without the excessive associated costs.

Designed to power hundreds of other platforms globally, Blocksquare makes it possible for clients to start connecting their investors to real estate investment deals in their region. Furthermore, clients can provide their investors with the ability to buy and sell their real estate tokens online, with a simple token distribution process for thousands of token holders.

Leveraging blockchain technology to provide transparent trading peer-to-peer (P2P), investors won’t be hindered by intermediaries and can trade with ease. Clients can even upload and share investors reports and buyback tokens from investors in situations where properties are being sold to third-party buyers. Blocksquare’s buyback smart contracts allow the creation of pre-negotiated offers to investors and complete management of the buyback process.

DeFi Bridge 

Oceanpoint is the finishing layer to Blocksquare’s multifaceted approach — connecting decentralized finance (DeFi) to real estate assets via tokenization. 

The Oceanpoint protocol is a set of smart contracts built on Ethereum that function to produce an open-end decentralized autonomous organization (DAO). 

The Oceanpoint DAO — designed with the potential to own an unlimited pool of real estate assets — is backed by the real estate economy, and allows anyone to contribute and participate without legal restrictions.

Soil: No Mess RWA Investing

Soil is another player helping grow the RWA space by providing a decentralized credit protocol that aims to deliver global access to RWA investments. Providing secure stablecoin yield and instant access to global RWAs, Soil offers a blockchain-based infrastructure that adheres to regulations — without sacrificing scalability. 

Poised to be a strong player in RWAs' future growth, Soil’s debt marketplace facilitates the connection between borrowers and lenders without straying from decentralized principles.    

Lofty AI: Automating RWAs Valuation

Lofty AI is the third and final player we’ll mention here that can play it’s part in progressing the RWAs space — this time, through the power of artificial intelligence (AI). 

Lofty AI’s platform provides a tokenized real estate marketplace with a twist, it utilizes AI to determine which properties will most likely increase in valuation the quickest. Using this data, investors can choose their investments more wisely, and get involved for as little as $50.

Innovating Future RWAs Growth

The global shift towards RWAs tokenization is steadily snowballing as real estate investment accessibility becomes increasingly possible for even small-time investors. Key players like Blocksquare and Soil are pushing forth into the RWAs space, proposing, creating, and delivering innovation solutions for even further growth in the industry. 

Blocksquare’s unique tokenization capabilities paired with its blockchain infrastructure and Web3 protocol make it a powerhouse in the RWA space. Equipped with a plethora of versatile smart contracts with varying functionalities, Blocksquare is well-equipped to lead the way to a more efficient future RWAs market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.