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Chainlink Launches Automation 2.0 and Functions on Mainnet
According to Foresight News, Chainlink has announced the launch of Chainlink Automation 2.0 and Chainlink Functions (beta) on its mainnet. The new version of Chainlink Automation allows developers to perform off-chain smart contract computations in a verifiable and highly reliable manner, enabling Web3 use case automation support and reducing gas costs. Chainlink Functions, on the other hand, enable smart contracts to support application programming interfaces (APIs) without the need for servers, allowing access to API data, AI models, cloud services, and more.
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CFTC Chair Highlights Crypto Enforcement Efforts and Need for Updated Legislation
According to Cointelegraph, United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam discussed the agency's activity in the crypto sphere and the need for updated legislation at the Financial Industry Association Expo 2023 event in Chicago. He highlighted the CFTC Enforcement Division's efforts as a "nonstop drumbeat." In his keynote address, Behnam mentioned that his agency collected $6 billion in penalties in fiscal year 2023, with 45 of those enforcement actions involving digital asset-related misconduct, representing over 34% of the 131 such actions brought by the Commission since 2015. Behnam also discussed the precedent-setting litigation against Ooki DAO, which resulted in the closure of the decentralized autonomous organization (DAO) and a $643,542 penalty. The U.S. District Court for the Northern District of California found that the DAO was a "person" under the Commodity Exchange Act (CEA) of 1936. Behnam noted that the limits in the CEA create barriers to engaging in rulemakings and policy necessary for the agency's mission, forcing the CFTC to engage in resource-intensive quests for assurances that they are acting within the bounds of their intended remit. Behnam's statements contrasted with Securities and Exchange Commission chair Gary Gensler's position that Depression-era financial legislation should not be tampered with. Behnam also indirectly addressed limitations on the CFTC's enforcement authority, stating that he has continued to advocate for additional authority in the crypto space.
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Scientists Highlight Challenges in Removing Sensitive Data from AI Language Models
According to Cointelegraph, a team of scientists from the University of North Carolina, Chapel Hill, recently published pre-print artificial intelligence (AI) research that highlights the difficulty of removing sensitive data from large language models (LLMs) like OpenAI’s ChatGPT and Google’s Bard. The researchers found that while it is possible to delete information from LLMs, verifying that the information has been removed is just as challenging as the removal process itself. This difficulty arises from the way LLMs are engineered and trained. They are pre-trained on databases and then fine-tuned to generate coherent outputs. Once a model is trained, its creators cannot go back into the database and delete specific files to prevent the model from outputting related results. This is the 'black box' of AI. Problems occur when LLMs trained on massive datasets output sensitive information, such as personally identifiable information or financial records. To address this issue, AI developers use guardrails, such as hard-coded prompts that inhibit specific behaviors or reinforcement learning from human feedback (RLHF). However, the UNC researchers argue that this method relies on humans finding all the flaws a model might exhibit and, even when successful, it still doesn’t 'delete' the information from the model. The researchers concluded that even state-of-the-art model editing methods, such as Rank-One Model Editing (ROME), fail to fully delete factual information from LLMs, as facts can still be extracted 38% of the time by whitebox attacks and 29% of the time by blackbox attacks. The researchers were able to develop new defense methods to protect LLMs from some 'extraction attacks' — purposeful attempts by bad actors to use prompting to circumvent a model’s guardrails in order to make it output sensitive information. However, they noted that the problem of deleting sensitive information may be one where defense methods are always playing catch-up to new attack methods.
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UK's FCA Concerned About Overseas Crypto Firms' Response to Upcoming Promotions Regime
According to CoinDesk, the UK Financial Conduct Authority (FCA) is concerned about the poor quality of responses it has received from unregulated overseas crypto firms regarding the upcoming promotions regime for the sector. The new rules, which require crypto firms to have appropriate warnings on websites and implement a 24-hour waiting period for new investors to confirm they want to enter into a contract with companies, will take effect on October 8. Firms have the option to apply for a three-month extension to comply with the rules. Lucy Castledine, director of consumer investments at the FCA, said the regulator is concerned about a lack of engagement from some unregulated overseas firms. However, crypto firms like ByBit, Luno, and payments platform PayPal, who recently announced they were halting certain services to the UK market in order to comply with the rules, received a nod of approval from the watchdog. The FCA is prepared to monitor firms' compliance and has the ability to scan 100,000 websites on a daily basis, according to Castledine. Unauthorized ads or promotions could mean jail time, the FCA warned in February. The regulator will also have powers against overseas companies serving UK clients without registering with the FCA, but how they will handle them will vary case by case, Castledine added. The regulator submits information on non-compliant firms to global watchdogs like the International Organization of Securities Commissions (IOSCO) to be added to alert lists.
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Bankrupt Crypto Firm Haru Invest Outlines Plan for Asset Recovery
According to Cointelegraph: Haru Invest, the bankrupt South Korean yield platform, has signaled its intention to return assets to investors, despite not providing a specific time frame for the process. During a Q&A session on October 2, Haru Invest's CEO Hugo Lee explained that the firm is planning a "phased asset recovery and distribution" in multiple stages through the sale of recovered assets. However, he acknowledged that predicting an exact distribution schedule is impossible at this stage due to ongoing legal procedures and cooperation with investigative agencies. Lee assured investors that their money would be returned via an equitable distribution process that doesn't favor South Korean creditors over international investors. Notably, about 60% of Haru Invest's users are from abroad, while the remaining 40% reside in South Korea. Haru Invest previously experienced suspicion of fraudulent activities involving a consignment operator, B&S Holdings, in June. Subsequently, the platform suspended all deposits and withdrawals before filing for bankruptcy. The situation sent shock waves through the crypto sector, affecting the fellow crypto lender Delio, which held $1 billion in Bitcoin and $200 million in Ether. At its peak, Haru Invest served over 80,000 members and reported 9.8 million crypto-earn payouts, alongside $2.27 billion in total transactions. The firm once aimed to offer a 12% annual yield on most of its earn products and raised $4 million last September in funding, valuing the company at $284 million. As of a September 25 update, Haru Invest is being maintained by a minimal operating team, rendering its website login functionality non-operational.  
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Significant Token Releases Expected in October for Axie Infinity, Optimism, and Aptos
According to CryptoPotato, October is shaping up to be an important month for several major projects, including Axie Infinity, Optimism, and Aptos, as they prepare for significant token releases. Collectively, the three projects are set to release over $130 million into the market, with Axie Infinity experiencing the largest increase in the circulating supply of its AXS token at 11.5%. Axie Infinity, a blockchain-based NFT game, leads the token unlocks this month. Data from TokenUnlocks indicates that the project will release 15.1 million AXS tokens on October 20, representing 11.5% of its circulating supply and valued at approximately $71.8 million. The distribution of these tokens will primarily benefit the project's team, who will receive $28.9 million, followed by $16.3 million allocated to staking rewards, $16 million for play-to-earn incentives, $8 million for an ecosystem fund, and $2.6 million going to advisors. Optimism is also set to unlock tokens this month. On October 30, 24.2 million OP tokens, equivalent to 3% of its circulating supply, will be released, with a total value of $35.3 million. Of this amount, $18.6 million will be allocated to core contributors, and $16.7 million will go to investors. Aptos will release 4.5 million APT tokens on October 12, equivalent to 1.91% of its circulating supply and valued at approximately $26 million. The community will receive most of these tokens, with $18.4 million allocated, while $7.6 million will go to the Aptos Foundation. Other significant ventures releasing tokens in October include ApeCoin ($19.7 million), Sui ($17.2 million), ImmutableX ($11 million), and dYdX ($4.5 million). In November, Avalanche is preparing for a token unlock, with approximately $93.5 million of AVAX tokens, equivalent to 2.7% of the circulating supply, set to be released on November 24.
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Chainlink Data Streams Enters Early Access on Arbitrum, Launches New Decentralized Computing Capabilities
According to CoinDesk, Chainlink, a blockchain data oracle provider, has launched a new product called 'Data Streams' designed to reduce network latency. The product has entered early access on the layer 2 platform Arbitrum. Chainlink Data Streams combines low latency market data and automated execution to enable a new generation of ultra-fast and user-friendly derivatives products. The product uses a pull-based data oracle solution, which reduces latency and allows users to retrieve oracle reports off-chain and validate them with their on-chain transactions. Chainlink co-founder Sergey Nazarov said in a press release that Data Streams enables decentralized finance (DeFi) protocols to support execution speeds and user experiences that rival centralized exchanges without compromising on the core Web3 value of fair, transparent, and decentralized infrastructure. Additionally, Chainlink announced new decentralized computing capabilities with Functions Beta and Automation 2.0 on the main network. Chainlink Functions will enable developers to connect decentralized applications to any application program interface (API), while Chainlink Functions allows high-value jobs to be automated at a tenth of the cost, saving up to 90% in gas costs. Kemal El Moujahid, chief product officer at Chainlink Labs, said in a statement that these updates create a standard for developers to connect heterogeneous Web3 components with any existing system, move data and value seamlessly across multiple chain ecosystems, and create new verifiable applications.
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