New York, New York, June 14th, 2024, Chainwire

Kadena, the world’s only scalable Proof of Work blockchain, announces a partnership with Lurk Lab to build out a Zero-Knowledge tech stack on the Kadena blockchain that will pave the way for provably secure cross-chain messaging. 

Kadena and Lurk Lab are developing a robust ZK roadmap that includes a ZK bridge between Ethereum and Kadena. In total, there are two milestones that are expected to be accomplished in the second half of 2024, and a third milestone that will be completed later. 

Given Lurk’s comprehensive and unique approach, John Wiegley, Kadena’s Chief Technology Officer, is excited about the robust capabilities being developed for ZKs on Kadena by Lurk Lab. 

“We’re excited to work with Lurk Lab to integrate their zero-knowledge technology into Kadena, particularly for the impact it will have in enabling zero-knowledge cross-chain messaging,” said Wiegley. 

John Burnham, Co-Founder and CEO of Lurk Lab, also shared in the enthusiasm for the partnership and bringing ZK to Kadena. 

“It’s now generally accepted in Web3 that zero-knowledge cryptography is critical to building a world of fast, reliable, and interoperable blockchains, but what’s not yet as widely understood are the tremendous performance and safety advantages unlocked by defining zero-knowledge proofs – and blockchain infrastructure in general – using functional programming techniques. Kadena has long been a leader in this space, and we’re thrilled to be working together to achieve this shared vision of the functional future,” said Burnham. 

About Kadena 

Kadena offers the industry’s only Proof of Work Layer 1 blockchain that is infinitely scalable, secure, and decentralized. Its infrastructure-grade performance and impenetrable network empower users to develop high-value systems using Kadena’s security-focused smart contract language, Pact. Founded in 2017 by Stuart Popejoy and Will Martino, who previously created J.P. Morgan’s first blockchain and led the SEC’s Crypto Steering Committee, Kadena aims to drive widespread blockchain adoption by providing a Web3 platform for solving real-world problems for businesses. Explore more about Kadena at https://www.kadena.io.

About Lurk Lab

Lurk Lab builds tools that make provable computing fast, safe and easy. By combining zero-knowledge cryptography, formal verification and distributed consensus technologies, Lurk enables software to be as reliable and as powerful as mathematics without sacrificing performance.

Contact

Kadena PressKadenapress@kadena.io

Tortola, BVI, June 14th, 2024, Chainwire

Stage, with it’s $STAGE token that is set to launch soon on the BNB Chain, launches a platform where music fans directly influence the rise of new stars and get rewarded for it. This platform combines talent, technology and tokens to create a dynamic music ecosystem.

Stage is where artists and fans alike actively participate in shaping the future of music. On Stage, artists upload their video performances and compete in exciting rounds to rise to stardom. Fans play a crucial role by voting for their favorite artists, potentially earning exclusive rewards, and engaging with unique Real World Asset (RWA) Badges. The innovative business model ensures that artists receive 60% of the proceeds from votes cast for them, alongside 10% royalties on RWA Badges. Fans, on the other hand, are rewarded with Stage Badges for their support, making every interaction on the platform mutually beneficial.

The mission at Stage is straightforward: to empower music fans and artists, ensuring that everyone gets a piece of the action. The vision is to build a thriving community where every interaction enriches both fans’ and artists’ journeys.

Backed by top-tier crypto entities such as the Solana Foundation and key industry figures, including the CEO of Kraken US, Stage has additional support from RR2 Capital, Moonrock Ventures, and Cogitent (among others).

The powerhouse team behind Stage includes André Cruz, CEO and Co-Founder, a musician and e-commerce expert with three successful exits; Geoffrey Doyen, CTO and Co-Founder, who brings extensive AI experience from working with Fortune 500 companies; and Francisco Quartin de Macedo, COO and Co-Founder, who previously led a trading desk at blockchain.com.

Stage has also attracted high-profile ambassadors, including celebrities with millions of followers who will help amplify the mission. Among them is Jerry Heil, who ranked Ukraine as Eurovision 3rd Place. Their influence helps Stage reach a global audience and attract top-tier talent to the platform.

By integrating Web 3.0 principles, Stage aims that both artists and fans are fairly compensated and deeply engaged. The platform’s unique approach includes:

Play-to-Earn Model: Gamify the user’s music experience and potentially earn as they participate.

Real World Assets (RWAs): Users can collect and trade digital badges linked to exclusive artist rewards.

AI Music First: Users can compete in AI music competitions and tokenize music samples, melodies, beats, and vocals.

The Token Generation Event (TGE) for $STAGE will be conducted through the reputable launchpads ChainGPT, Decubate and Eesee. This will aim to a broad and invested audience, to potentially maximize the impact and reach of the token launch.

Users can stay updated with Stage’s journey by following on Twitter and joining the Telegram community, to be the first to know about the latest updates and exclusive rewards.

Contact

CTO & Co-FounderGeoffrey DoyenStage Token Inc.info@stage.community

DeFi lending protocol UwU Lend has suffered two attacks in the past three days. The second exploit occurred on Thursday during the protocol’s reimbursement process from the first hack. The ongoing saga has taken around $23 million from the protocol.

DeFi Protocol Hit With $20 Million Exploit

On June 10, DeFi project UwU Lend was hit by a sophisticated attack that took $19.3 million. The attack seemingly involved the use of flash loans to exploit the protocol. 

The project quickly addressed the situation by pausing the protocol and assured users that most assets were safe.

Additionally, the team offered a $4 million white hat bounty for the return of the funds. The list of stolen assets included Wrapped Ethereum (wETH), Wrapped Bitcoin (wBTC), Curve DAO (CRV), Tether (USDT), Staked USDe (sUSDE), and others.

Blockchain security firm Beosin revealed that the attacker manipulated the price of USDe (USDE) by swapping it for other tokens through flash loans. Seemingly, this move lowered USDe and sUSDE’s price.

Analysis of @UwU_Lend attack:

UwU Lend attack is caused by price manipulation. The attacker first use flash loan to swap $USDe for other tokens, which led to a lower price of $USDe and $sUSDe.

The attacker deposited some to UwU Lend and then lent more $sUSDe than expected. pic.twitter.com/wanIwZymBZ

— Beosin Alert (@BeosinAlert) June 11, 2024

Following the price manipulation, the hacker deposited part of the tokens to UwU Lend and “lent more $sUSDe than expected,” driving USDe’s price higher. 

Similarly, the attacker deposited the sUSDE to the DeFi protocol and borrowed CRV.

On Wednesday, UwU Lend informed users that its team had identified the vulnerability.  Per the post, it was a vulnerability unique to the sUSDE market oracle and had been resolved at the time of the report.

As a result, the protocol was unpaused, and the markets were slowly relaunched to return to their normal operations. 

The DeFi project also announced it would repay all its bad debt and that users’ funds had not been lost during the exploit, claiming that their funds “are safu at UwU Lend.”

Do You Get DéFì Vu?

What seemed to be the end of the story turned out to be the first installment of a saga. On Thursday, reports of a second attack on UwU Lend appeared as the protocol carried out its reimbursement process.

According to the reports, the same attacker drained another $3.7 million from the DeFi protocol before converting the funds to ETH again. The affected pools included uDAI, uWETH, uLUSD, uFRAX, UCRVUSD, and uUSDT.

The crypto community expressed their concern about the second attack, with many questioning if their funds were indeed safe. Users started to joke that funds were not “safu” but were “with Sifu” instead.

UwU Lend was founded by Michael Patryn, also known as Sifu. Patryn was the co-founder of the now-collapsed QuadrigaCX. 

As reported, Canadian authorities were pursuing an unexplained wealth order (UWO) against Sifu for his involvement in the exchange’s criminal activities.

The DeFi project has paused the protocol for the second time this week, and the situation is being investigated. However, online reports claim that the second exploit was caused by a vulnerability similar to the first attack.

MetaTrust Labs explained the hacker seemingly used 60 million uSUSDE obtained from Monday’s hack “as collateral to drain the pool.”

Due to the @UwU_Lend paused the protocol, we'd like to expose the reason of the today's hack.

The hacker used 60M $uSUSDE he/she got in the previous hack as collateral to drain the pool, and now still has 5M $uSUSDE.

For UWU Lend, it is recommended to stop supporting the $SUSDE… https://t.co/KWWFu6bYmk pic.twitter.com/UecVF5p9Qi

— MetaTrust Labs (@MetaTrustLabs) June 13, 2024

The news caused users to wonder whether the UwU Lend team was unaware of the tokens in the attacker’s wallet. Some also questioned why they didn’t stop supporting the sUSDE collateral.

At the time of writing, an official explanation for the second exploit has not been published.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Blockchain tokenization platform Holograph’s native token, HLG, fell as much as 79.4% after a malicious actor hacked the protocol’s operator contract and minted 1 billion HLG tokens worth $14.4 million.

Holograph’s X account confirmed the hack on June 14. It revealed that it has since patched up the initial exploit and is working with cryptocurrency exchange partners to freeze the malicious actor’s accounts.

https://twitter.com/holographxyz/status/1801332482262110301

Holograph added that it has launched its own investigation and is contacting law enforcement.

How the HLG Exploit Happened

The 1 billion HLG tokens were minted across nine transactions by the hacker, taking advantage of a smart contract vulnerability — with the first mint on June 13 at 9:47 am UTC, according to Etherscan.

Seven of them were sent in 100 million batches.

It took only 10 minutes for HLG’s price to start tumbling. Within nine hours, the token fell 79.4% from $0.014 to a local low of $0.0029, while HLG’s market cap fell from nearly $22 million to $4.8 million in that timeframe, according to CoinStats. HLG has since recovered slightly to $0.008.

The 1 billion HLG tokens are now worth $7.4 million at the current prices, but the hacker had already started converting the minted HLG into stablecoin Tether (USDT) about four hours after the first exploit.

Matt Casto, cryptocurrency researcher at venture capital firm CMT Digital believes the hacker was a “rogue dev” who funded Holograph’s operator contract address 26 days ago.

https://x.com/mcasto_/status/1801336933873791207

Holograph didn’t immediately respond to Cointelegraph on whether it knows the identity of the hacker.

Holograph is based in the Omnichain ecosystem and enables tokens to move between blockchains while maintaining the same contract address, thus allowing asset issuers to index cross-chain data.

It has received venture capital funding from the likes of Animoca Brands and Mechanism Capital.

Nearly $19 billion in cryptocurrencies have been stolen since the first industry hack was reported in June 2011, a recent Crystal Intelligence report shows.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

OKX, a prominent cryptocurrency exchange, has announced the launch of ONE subscriptions on its On-chain Earn platform. According to OKX, the new feature will be available starting from 1:00 pm UTC on June 13, 2024.

On-chain Earn Highlights

On-chain Earn allows users to stake their digital assets and earn rewards directly on the blockchain. This initiative aims to simplify the process of earning on-chain rewards for users. OKX has provided a straightforward guide to stake ONE on the On-chain Earn platform:

How to Stake ONE

On Browser: Navigate to the Grow section, then to Earn, and select On-chain Earn. Search for ONE and select subscribe.

On the OKX App: Navigate through Grow, then to Earn, and select On-chain Earn. Search for ONE and select subscribe.

Important Considerations

OKX has highlighted several key points for users to consider before subscribing to On-chain Earn products:

Each Proof of Stake project may have different rules. Users should carefully read and understand these rules, which include details on the minimum redemption amount, interest accrual start time, reward distribution time, principal redemption period, and expected annualized earnings.

OKX will extract a certain percentage of fees from users. Detailed fee information is available on the product introduction page.

OKX assumes no responsibility for disputes over any agreement, hacking incidents, project fraud, or other risks that may result in asset loss for subscribers.

OKX expressed gratitude for user support and mentioned that more On-chain Earn products would be launched in the coming weeks.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

India’s financial watchdog, the Financial Intelligence Unit (FIU), is reportedly getting renewed interest from offshore crypto exchanges.

Local outlet Business Standard reported Friday that four additional offshore exchanges have requested permission to operate in India.

It comes after Binance and KuCoin were authorized to operate in India again after getting approval from the financial regulator. 

These two exchanges were previously banned, with KuCoin facing a fine of $34.5 lakh ($41,282) and Binance a reported $2m penalty.

“We expect them to go live very soon,” the official said. They did not reveal the identities of the four new applicants.

Binance Limits Payment Options in India Despite Market Entry

India currently has 46 registered crypto entities, and that number is expected to jump to 48 with Kucoin and Binance’s approvals.

A group of others were banned last year, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. This hurt the Indian crypto industry, pushing many users to trade on foreign exchanges instead.

Binance recently stopped allowing cash payments for cryptocurrency trades between users in India. This move aims to comply with regulations and improve its reputation in the Indian market, even though it restricts a previously offered way to pay (cash vs bank transfer) for crypto.

Sitharaman Retains India FM Post, Crypto Community Wary of Her Stance

India has been taking steps to bring the crypto industry under its financial umbrella. Last year, the government mandated cryptocurrency companies to collect Know Your Customer (KYC) data and register with the FIU.

These regulations apply to all Virtual Asset Service Providers (VASPs) operating in India, regardless of their physical location. 

By requiring FIU registration and compliance with the Prevention of Money Laundering Act (PMLA), India aims to integrate the crypto sector with the existing financial system and establish a framework for monitoring and regulation.

Narendra Modi, who has been re-elected for a third term with coalition support, reappointed the same finance minister Nirmala Sitharaman. This decision drew mixed reactions from the crypto community, as the official holds the view that cryptocurrencies cannot function as actual currencies. However, she has called for international cooperation in crypto policies.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

A sharp decline in the price of CRV has caused Michael Egorov, the founder of Curve Finance, to suffer tens of millions of dollars in liquidations after borrowing nearly $100 million in stablecoins backed by Curve’s governance token.

Egorov’s CRV holdings have dropped to $34M after previously taking out nearly $100M in stablecoins loans backed by $141M worth of CRV.

On June 13, Lookonchain, an on-chain analytics team, flagged that Egorov’s collateral across four lending protocols had been reduced to just $33.9 million worth of CRV backing $20.6 million in debts after being forced into liquidation.

The #Curvefi founder(Michale Egorov) is being liquidated!

He currently has 111.87M $CRV ($33.87M) in collateral and $20.6M in debt on 4 platforms.https://t.co/WM1nW8JKwU pic.twitter.com/huwgetBXuS

— Lookonchain (@lookonchain) June 13, 2024

According to Arkham Intelligence, an on-chain intelligence firm, Egorov previously used $141 million worth of CRV to back $95.7 million worth of stablecoin loans using the DeFi lending protocols Inverse, UwU Lend, Fraxlend, LlamaLend, and Aave.

On June 12, Arkham noted that $50 million worth of Egorov’s loans were taken out in the form of crvUSD from Llamalend, exhausting the protocol’s crvUSD pool and resulting in annual interest of roughly 120%. Arkham warned that a 10% drop in the price of CRV would place Egorov’s positions in liquidation.

The price of CRV, Curve’s governance token, has crashed by more than 20% in the past 24 hours, according to CoinGecko, triggering many of Egorov’s positions to enter liquidation. CRV is also down 40% in the past seven days.

Egorov also suffered a $5 million liquidation on UwU Lend, while Curve’s founder has made repayments on Inverse to stave off further losses.

The current state of Egorov’s holdings suggests that around 78% of his holdings have been liquidated to pay down his debts so far.

Curve Lend, a lending protocol launched by Curve Finance, has also been severely hit by the recent CRV drawdown.

On June 13, Saint Rat, a pseudonymous Curve contributor, posted on the X platform that the protocol has incurred $11.5 million worth of bad debt, adding that the debt would be cleared if the price of CRV rises to $0.33. CRV last changed hands for roughly $0.28.

$CRV isn’t dead

We do have $11.5M of bad debt in Curve Lend, but this could clear itself if $CRV price goes back up through the bands between $0.29-0.33

Theoretically if the CRV price got to around $0.40ish everyone would be repaid

— Saint (Llama) Rat (@saint_rat) June 13, 2024

Bad Debt

The latest episode is not the first time that Egorov has stared down the barrel at hefty liquidations. Last year, $60 million worth of loans borrowed from Aave by Egorov threatened to leave the protocol with bad debt in the event of liquidation.

In June, Gauntlet, a risk management firm, recommended that Aave freeze its v2 CRV market to prevent the token from backing new loans and to minimize risks posed to the protocol. A proposal to freeze the CRV market passed in August 2023.

That same month, Egorov sold 106 million CRV for $46 million in private deals to pay down the majority of his debts on Aave and other lending protocols. Egorov closed out his debt to Aave in September with a deposit of $11 million USDT.

Curve Founder sold 106M CRV so far in OTC "handshake" deals, in exchange for $42.4M. pic.twitter.com/EeXoCc0hB3

— Sandra (@sandraaleow) August 4, 2023

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Current CEO Chris Amani announced that Terraform Labs will shut down.

Terraform Labs will sell its remaining assets to various digital asset management firms.

More information about Terraform Labs’ dissolution and the distribution of its assets will be released in the coming weeks.

The CEO of Terraform Labs, the blockchain protocol founded by Do Kwon, has announced that it is ceasing operations after reaching a settlement with the U.S. Securities and Exchange Commission (SEC).

The $4.5 million fine settlement, which reached on Wednesday June 12, marked the end of a tumultuous period for the company, which has faced significant legal and financial challenges since the TerraUSD (UST) stablecoin collapsed in 2022. 

The UST collapse wiped out almost half a trillion U.S. dollars from the crypto markets.

Terraform Labs had a shutdown plan just in case

Terraform Labs’ decision to cease operations comes after a settlement with the SEC, which had initially sought a $5.3 billion penalty.

The $4.5 billion fine, while substantial, reflected a compromise between the federal regulator and the company’s legal representatives.

The settlement was intended to serve as a deterrent against misconduct in the crypto industry, highlighting the SEC’s commitment to enforcing federal securities laws.

In his announcement on X, the CEO Chris Amani stated that the company had always planned to dissolve if necessary and is now proceeding with that course of action. Amani expressed pride in the company’s efforts to innovate despite the numerous challenges it faced.

As the firm winds down, the remaining assets of Terraform will be sold to several entities, including Pulsar Finance, wen3 interface Station Wallet, and DAO management firm Enterprise Protocol. This distribution aims to ensure that the valuable components of Terraform Labs’ technological and financial ecosystem continue to benefit the broader digital asset community.

Implications of Terraform Labs’ dissolution

The SEC’s case against Terraform Labs and Do Kwon has been a significant event in the crypto world and the $4.5 billion fine is a part of a broader legal strategy to regulate and oversee the rapidly evolving cryptocurrency market.

Do Kwon’s involvement in the collapse of Terra Luna and the UST stablecoin, which led to a loss of billions from the crypto market, has been central to the SEC’s case against Terraform.

After evading authorities for months by hiding in various countries, Kwon was eventually apprehended in Montenegro. He now faces potential extradition to either the United States or South Korea, where he could face further legal consequences.

The outcome of the case sends a clear message to the crypto industry that regulatory compliance is crucial, and those who attempt to circumvent federal laws will face significant penalties.

After Terraform Labs’ shutdown, the legal proceedings against Kwon will likely influence future regulatory approaches and enforcement actions in the crypto space.

Taiwan establishes an official crypto association, the Taiwan Virtual Asset Service Provider Association, to regulate its cryptocurrency sector, aiming to enhance oversight, combat fraud, and ensure AML compliance.

Taiwan has established the Taiwan Virtual Asset Service Provider Association under government guidance to regulate the crypto sector.

The association, comprising 24 registered crypto firms, will focus on formulating self-regulatory guidelines and enhancing industry oversight.

Taiwan continues to enforce AML compliance and is considering new regulations to ensure a secure and transparent cryptocurrency environment.

Taiwan has officially established a cryptocurrency industry association under government guidance. This marks a proactive stance to regulate the crypto sector by creating a structured framework that promotes innovation while ensuring security.

The association’s formation reflects the government’s commitment to building robust regulations that address the unique challenges and opportunities cryptocurrencies present. 

By bringing industry stakeholders together, Taiwan aims to foster a responsible digital asset economy and position itself as a crypto-friendly environment.

Establishment of the Crypto Industry Association

Taiwan’s cryptocurrency industry has formed a new self-regulatory association of 24 registered crypto firms. Led by BitoPro CEO Titan Cheng and XREX’s Winston Hsiao, the Taiwan Virtual Asset Service Provider Association aims to develop guidelines for classifying and managing virtual asset service providers. 

This step towards self-regulation comes with priority as Taiwan has faced various crime uprisings as regards the crypto sector like a recent fraud case involving 32 individuals from platforms like Ace Exchange.

The Financial Supervisory Commission believes proper crypto industry development is crucial for Taiwan’s economy. 

The association’s primary task is formulating self-regulatory rules balancing industry interests with consumer protection to create a trustworthy environment attracting domestic and global virtual asset participants.

Current Regulatory Landscape and Future Directions

Taiwan is cracking down irregularities in the sector with crypto regulations. In July 2021, new rules required crypto firms to comply with anti-money laundering (AML) laws. However, most of the crypto industry remains unregulated, prompting a new crypto association to establish self-regulatory frameworks.

Last month, proposed amendments would force domestic and overseas crypto businesses in Taiwan to register for AML compliance or face up to 2 years in prison signaling the government’s tough stance against illicit financial activities.

Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) has been monitoring Bitcoin ETFs throughout April to assess public demand and readiness. 

The FSC will soon release findings that could greenlight Taiwanese investors to resume buying overseas Bitcoin ETFs, reflecting an openness to crypto innovations within proper regulatory guardrails.

President Biden’s campaign is reportedly exploring accepting Bitcoin and crypto donations, marking a shift from his administration’s prior stances on crypto.

President Biden’s re-election campaign is allegedly in talks to accept Bitcoin and crypto donations, according to reports. This move comes after rival Donald Trump opened up Bitcoin contributions for his campaign.

Sources claim Biden’s team is discussing accepting crypto donations via Coinbase Commerce. The payment service enables contributions to Trump’s campaign.

The Biden campaign’s outreach is reportedly an effort to appeal to Bitcoin and crypto-focused voters ahead of the hotly contested 2024 election. 

However, the news sparked a backlash from some industry figures. Critics argued it was hypocritical given the Biden administration’s hostile stance toward the industry, including a recent veto of bipartisan crypto legislation.

Sources say Biden’s team wants to signal a friendlier posture on Bitcoin and crypto. With the election expected to come down to razor-thin margins, Bitcoin and crypto voters could prove decisive. 

Billionaire Mark Cuban suggested Biden’s indifference to crypto could hand Trump the presidency. Recent polls give Trump a double-digit lead among crypto holders.

The Biden campaign did not officially confirm the reports on potential crypto donations. Sources stressed talks are still exploratory as Biden gauges the Bitcoin and crypto landscape.

The engagement nonetheless shows Bitcoin’s growing influence. Both parties realize appeasing Bitcoin supporters is now necessary, even if symbolic. With potential voters and donors at stake, expect more Bitcoin pandering as November nears.

LBank Exchange, a premier global digital asset trading platform, has announced the listing of Aethir (ATH) on June 12, 2024. 

Users of LBank Exchange can brace themselves for the ATH/USDT trading pair, which has gone live already.

Aethir (ATH) is a cloud computing infrastructure platform that transforms the ownership, distribution, and utilization of enterprise-grade GPUs through a scalable, decentralized framework for sharing computational resources.

Introducing Aethir: Revolutionizing Enterprise-Grade GPU Cloud Computing

LBank Exchange is thrilled to announce the listing of Aethir (ATH), a cutting-edge decentralized cloud computing platform that is transforming the landscape of Graphical Processing Unit (GPU) utilization. 

At its core, Aethir addresses the growing demand for GPU resources driven by advancements in Artificial Intelligence (AI), Machine Learning (ML), and cloud gaming. 

Traditional centralized models of GPU ownership and distribution have proven inefficient and costly, often leaving vast amounts of computational power underutilized. 

Aethir disrupts this paradigm by leveraging a distributed framework that aggregates idle GPU capacity from diverse sources, particularly targeting the untapped potential in US data centers, where an estimated 85-90% of GPU capacity remains underutilized.

The Aethir platform operates through a unique combination of distributed GPU frameworks, decentralized ownership, and collaborative cross-cluster operations. 

This architecture seamlessly connects separate GPU clusters into a unified network, enhancing the scalability, reliability, and resilience required for heavy processing tasks in AI and gaming. 

By enabling decentralized ownership, Aethir ensures broader accessibility and significantly reduces barriers to entry for new users. 

This model not only democratizes access to advanced computational resources but also fosters a more equitable and sustainable technological ecosystem, making high-performance computing more affordable and efficient.

Aethir’s innovative approach also includes the Aethir Token (ATH), the platform’s native cryptocurrency, which plays a central role in facilitating transactions, governance, and incentivization within the network. 

ATH tokens are used for paying service fees, staking to support network security, and participating in governance decisions. This integrated economic model ensures that as Aethir’s ecosystem grows, so does the value and utility of the ATH token. 

Overall, Aethir is pioneering a new era in cloud computing by optimizing the use of existing resources, enhancing global GPU compute availability, and paving the way for continued growth and innovation in GPU-reliant industries.

About ATH Token

Based on ERC20, ATH has a total supply of 42 billion (i.e. 42,000,000,000). 

The ATH token distribution is as follows: Airdrop 6%, Team 12.5%, Investors 11.5%, Advisors 5%, Checkers and Compute Providers 50%, and Ecosystem 15%. 

The ATH token is poised for its debut on LBank Exchange at 10:00 UTC on June 12, 2024. Investors who are interested in ATH can easily buy and sell on LBank Exchange now.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ethereum price struggled to clear the $3,650 resistance as ETH started another decline and there is now a risk of more dips below the $3,420 support.

Ethereum started a fresh decline below the $3,550 support zone.

The price is trading below $3,540 and the 100-hourly Simple Moving Average.

There is a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could extend losses if it stays below the $3,550 resistance zone.

Ethereum Price Struggle Continues

The price of Ethereum failed to start a recovery wave above the $3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in a short-term bearish zone and extended losses below the $3,500 level.

The price declined below the $3,450 support level. A low was formed at $3,428 and the price is now consolidating losses. 

There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

Ethereum is still trading below $3,550 and the 100-hourly Simple Moving Average. There is also a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD. 

If there is a fresh increase, the price might face resistance near the $3,540 level and the 50% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

The first major resistance is near the $3,550 level and the trend line. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level.

A clear move above the $3,720 level might send Ether toward the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,420.

A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,250 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,420

Major Resistance Level – $3,550

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ethereum price struggled to clear the $3,650 resistance as ETH started another decline and there is now a risk of more dips below the $3,420 support.

Ethereum started a fresh decline below the $3,550 support zone.

The price is trading below $3,540 and the 100-hourly Simple Moving Average.

There is a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could extend losses if it stays below the $3,550 resistance zone.

Ethereum Price Struggle Continues

The price of Ethereum failed to start a recovery wave above the $3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in a short-term bearish zone and extended losses below the $3,500 level.

The price declined below the $3,450 support level. A low was formed at $3,428 and the price is now consolidating losses. 

There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

Ethereum is still trading below $3,550 and the 100-hourly Simple Moving Average. There is also a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD. 

If there is a fresh increase, the price might face resistance near the $3,540 level and the 50% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

The first major resistance is near the $3,550 level and the trend line. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level.

A clear move above the $3,720 level might send Ether toward the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,420.

A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,250 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,420

Major Resistance Level – $3,550

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Commonwealth Bank of Australia, the largest bank in the nation, has recently expanded its ETF offerings by adding the Monochrome Bitcoin ETF (IBTC) to the list.

The Monochrome Bitcoin ETF in Australia started trading on June 3.

Since inception, the ETF witnessed significant adoption from locals and now has been embraced by institutional players.

In a landmark development, Commonwealth Bank of Australia (CBA) has introduced the Monochrome Bitcoin ETF (IBTC) on its trading platform. 

The bank has provided Bitcoin ETF investment opportunities to its vast customer base of 17 million. This move underscores CBA’s proactive stance in catering to the rising demand for cryptocurrency investments within a regulated framework.

Spot Bitcoin ETF Debut In Australia

The Monochrome Bitcoin ETF is managed by the Australian investment firm Monochrome Asset Management. 

The ETF was launched on Tuesday, June 4, 2024, at 10:00 am (AEST) on CBOE Australia. Moreover, this ETF allows investors to gain direct exposure to Bitcoin’s price movements while adhering to regulatory standards.

Hence, the recent CBA listing marks a significant step towards integrating digital currencies into mainstream investment options. Australia has positioned itself alongside global crypto ETF centers such as Hong Kong.

The nation is embracing Bitcoin ETFs as part of its strategy to boost innovation and meet evolving investor preferences. 

Furthermore, Monochrome’s initiative of introducing a Spot Bitcoin ETF further solidifies Australia’s commitment to advancing digital asset investments.

Monochrome Asset Management, in collaboration with CBOE Australia, initiated the regulatory process earlier in April. This demonstrates their dedication to pioneering digital asset offerings within the region. 

Additionally, the strategic move by Monochrome reflects their confidence in the growing acceptance of cryptocurrencies among both retail and institutional investors.

The decision by CBA to list the IBTC Bitcoin ETF on its platform comes amid a broader trend in the banking sector towards embracing cryptocurrency opportunities. 

Banks worldwide are increasingly recognizing the potential of digital assets to complement traditional financial services. Thus, they are expanding their product offerings to cater to evolving customer demands.

Brazil Bank Embraces BTC

In a parallel development in Latin America, Itau Unibanco, the largest bank in Brazil and the entire Latam region, has also embraced Bitcoin (BTC). 

The bank boasts a customer base exceeding 60 million and nearly 100,000 employees. Whilst, Itau Unibanco has recently announced the availability of crypto trading services through its in-house investment platform, Ion.

The trading service was initially launched in December with limited availability. However, Itau Unibanco’s crypto trading service has garnered substantial interest among users, prompting its gradual expansion. Hence, it now offers Bitcoin and Ethereum (ETH) investments on the platform.

Guto Antunes, head of Itau Digital Assets, highlighted the positive reception of the bank’s cryptocurrency custody solution. He emphasized high levels of customer trust and acceptance, which catalyzed the latest move.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Riot Platforms criticizes Bitfarms’ adoption of the Poison Pill, which the former described as an unfriendly shareholder rights plan.

The plan imposes certain restrictions on the acquisition of Bitfarms’ shares.

As per Riot’s statement, the Poison Pill highlights a lack of solid corporate governance standards. 

Riot Platforms, a major North American Bitcoin mining company, has sharply criticized rival Bitfarms for adopting a “poison pill” strategy to thwart potential takeovers. 

Riot alleges the move reflects poor corporate governance and disregards shareholder interests.

According to Riot Platform’s press release, Bitfarms’ plan, now in effect, imposes certain restrictions on the acquisition of the company’s shares. 

Specifically, Bitfarms seeks to block any shareholder from acquiring 15% or more of the company’s common shares without a formal takeover bid for all of the company’s shares. 

Riot Comments on Bitfarms’ Adoption of Shareholder-Unfriendly Poison Pill

Poison Pill Comes Just Days After Riot Privately Urged Bitfarms to Consult with Riot and Other Large Shareholders on New Board Members and Stressed that Chairman Nicolas Bonta Must Resign to Address…

— Riot Platforms, Inc. (@RiotPlatforms) June 12, 2024

In an X post, Riot Platforms stated that this plan comes on the heels of Riot Platforms’ recent private outreach to Bitfarms. Subsequently, Riot Platforms wrote to Bitfarms, urging them to add two new independent board members and remove Chairman Nicolas Bonta.

Riot Platforms CEO Jason Les stated, “In our most recent letter, we urged the Bitfarms Board to facilitate the resignation and removal of Chairman and interim CEO Nicolas Bonta…as a first step to address shareholders’ concerns.”

Criticizing Bitfarms’ move, Les further added:

“This action further demonstrates the Bitfarms Board’s entrenchment and disregard for the perspectives of its shareholders, who clearly signaled their discontent less than two weeks ago when they voted out Company co-founder Emiliano Grodzki.”

According to a Reuters report, the conflict escalated in April when Riot Platforms offered to buy Bitfarms for $950 million, a proposal Bitfarms rejected as undervaluing the company. 

Bitfarms’ adoption of the “poison pill” is a direct response to thwart Riot’s takeover attempt.

Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). 

The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM.

Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). This will mark phase 1 of its zkPoS evolution. 

If the proposal is accepted by the community, the expectation is that the pool of unified liquidity for chains connected to the AggLayer would grow by $2 billion.

Polygon Foundation Lauds PoS Capabilities

There are two main consensus mechanisms in the blockchain ecosystem; the Proof-of-Stake and the Proof-of-Work. 

Many cryptocurrencies including the firstborn digital currency Bitcoin (BTC) utilize the PoW. It wasn’t until 2022 that Ethereum (ETH) went through a transition to the PoS consensus algorithm through The Merge.

Polygon Foundation believes strongly that PoS is one of the most used blockchains in the world. The algorithm boasts more than 400 million unique addresses and thousands of applications. 

Today, the Polygon community began discussing a proposal that would see Polygon PoS connected to the AggLayer.

This is zkPoS Phase 1 and, if accepted, the pool of unified liquidity for chains connected to the AggLayer would grow by $2B

— Polygon Foundation (@0xPolygonFdn) June 12, 2024

Polygon PoS prides itself in handling more transactions than the entire Ethereum Layer 2 protocols put together. 

With these ‘success stories’, Polygon highlighted that the potential effects of the merger can not be overstated for AggLayer.

The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM. 

This particular zkVM will permit AggLayer to prove the execution of Rust code with the performance benefits of the Polygon Plonky3 proving system.

Polygon PoS connection to the AggLayer will be established via the Plonky3-secured pessimistic proof, a novel zero-knowledge Proof written in Rust. 

Noteworthy, the pessimistic proof is flexible enough to accommodate both zk and non-zk chains. Additionally, the pessimistic proof is preferred because of how it treats all chains suspiciously.

Polygon PoS to Utilize AggLayer Pessimistic Proof

Ordinarily, the AggLayer unifies liquidity across all connected chains via a single bridge. As the only bridge contract for chains connected to the AggLayer, the unified bridge allows users to send and receive native, but never-wrapped tokens. 

However, the presence of a single bridge becomes a challenge for all the tokens on the bridge as it entices malicious actors.

The pessimistic proof steps in to tackle this setback by providing two guarantees. First, each chain has updated its state truthfully and secondly, no chain is withdrawing more tokens than have been deposited to it. 

Not meeting these conditions means that the proof cannot be verified and the chain cannot settle to Ethereum.

Meanwhile, at a high level, proof of consensus would validate PoS and it will reach its new state faithfully. 

Also, this proof of consensus would allow Polygon PoS to prove finality to the AggLayer. The pessimistic proof would ensure any withdrawals from PoS do not exceed the deposits made into it.

Noteworthy, no validator, alterations to consensus mechanisms, or network client is required to utilize this upgrade. 

In the long run and with the community’s approval, this upgrade would marry the Polygon chain with the final form of Ethereum scaling.

Polygon Labs revealed today the spin-off of its blockchain-based digital identity solution Polygon ID to Privado ID. 

According to the announcement, the spin-off aims to cater to the increasing demand for digital identity solutions that integrate both on-chain and online data.

Privado ID is a protocol-agnostic framework, built on the foundations of the Iden3 Protocol and Polygon ID, and is now set for expansion beyond the confines of the Polygon networks. 

The tech underpinning the solution utilizes decentralization and private interactions, aiming at streamlining the process and reducing costs, complexities, and risks associated with counterparties.

“Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” said Antoni Martin, co-founder of Privado ID. 

“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation. Our commitment to remaining protocol-agnostic aligns perfectly with the idea that unified data is essential for blockchain interoperability and enhancing user experience, both of which are crucial for the success of Web3.”

Notably, users can manage their data, as Privado ID allows them to directly receive benefits or information from applications, thus simplifying the verification of compliance, distribution of incentives, and interaction with tokenized assets.

The executive team at Privado ID includes David Schwartz as CEO and Antoni Martin as COO, with Jordi Baylina and Sandeep Nailwal serving as technical and growth advisors, respectively.

Privado ID is already collaborating with the Verax attestation registry on the Linea zkEVM Chain to create a cross-chain identity system. 

The announcement mentions that this partnership is set to address a myriad of use cases, including Sybil resistance, which aims to prevent the creation and maintenance of fake identities.

Moreover, Privado ID is establishing strategic partnerships with on-chain entities and institutional organizations. 

It has initiated proof-of-concepts with several multinational banks and financial services to lay the technical foundation for identity frameworks that are interoperable and compliant, said the announcement.

Digital identity solutions can also work as credentials to control access to permissioned financial transactions, which can propel the usage of blockchain even more within corporations.

MicroStrategy plans to raise $500M through a convertible senior notes offering, with proceeds going primarily toward acquiring more Bitcoin for its corporate treasury.

MicroStrategy, led by CEO Michael Saylor, announced it will raise $500 million through a private offering of convertible senior notes. 

The proceeds will fund additional purchases, furthering its corporate Bitcoin accumulation strategy.

MicroStrategy is already the largest public company holder of Bitcoin, with over 214,400 BTC worth $15 billion on its balance sheet. Starting in 2020, under Saylor’s direction, it adopted Bitcoin as its primary reserve asset.

It’s average purchase price per Bitcoin remains around $35,000. With Bitcoin trading near $68,000, the firm is still significantly in the green on its holdings.

The latest $500 million capital raise comes via selling convertible senior notes to qualified institutional buyers. The notes will pay interest semiannually and mature in 2032 unless converted or redeemed earlier.

According to the announcement, MicroStrategy may use the funds for general corporate purposes, but Bitcoin acquisition remains the priority. The company will also grant initial purchasers an option to buy an additional $75 million of notes.

MicroStrategy’s Bitcoin-buying obsession has made it a Wall Street proxy for Bitcoin itself. The company’s stock often rises and falls with Bitcoin’s price movements, with investors betting on BTC’s upside.

With this latest capital injection, MicroStrategy is signaling its conviction that Bitcoin will continue appreciating over the long term. Saylor is ready to double down by acquiring more coins while prices remain relatively low.

Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country.

Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.

Trump also reportedly told the industry executives that he promised to support the sector should he be elected as president in November.

Bitcoin mining stock traders seemingly liked Trump’s industry promises.

TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest movers among the top 10 largest Bitcoin miners by market cap, increasing 10.5% and 10.07% respectively on June 12, according to Google Finance.

Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) rounded out the top five with increases of 9.87%, 9.72% and 8.94%.

Industry heavyweights CleanSpark (CLSK) and Riot Platforms (RIOT) also rallied 8.15% and 6.5% but the largest Bitcoin miner by market cap, Marathon Digital (MARA), only increased 2.4% on the day.

China-based Bitcoin miner Canaan (CAN) was the only Bitcoin miner among the top 20 by market cap to record a fall in share price on June 12.

The strong day boosted the Bitcoin mining industry’s market cap to $26.4 billion, according to Companies Market Cap.

The mining stock price rallies came on a day where Bitcoin only managed to rise 1.4% to $68,365 over the last 24 hours.

CleanSpark and TeraWulf have been two of the best performers in 2024, up 58.55% and 66.96% year-to-date.

But not all Bitcoin miners have managed to continue share price growth this year.

Marathon Digital, is down 11.43% year-to-date, while Riot Platforms has tumbled nearly 31% in 2024.

Trump and several industry executives discussed how Bitcoin mining could strengthen the electrical grid and create more jobs in a meeting held at his Mar-a-lago resort on June 11.

Among the attendees were Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and Amanda Fabiano, a board director at TeraWulf.

All of those industry executives reported positive experiences with Trump on the night.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Argentina’s regulators could be set to crack down on third-party Worldcoin (WDC) resellers, as scrutiny of the project continues in the Latin American nation.

Per a report from iPro Up, some Argentines have become unofficial Worldcoin “resellers” to “earn extra income.”

But this has placed them “in the crosshairs” of the likes of the National Securities Commission (CNV) and the tax body, the Federal Administration of Public Revenues (AFIP).

Facing Pressure: Argentina Regulators Target Worldcoin Resellers

Worldcoin has enjoyed phenomenal popularity in Argentina in recent months.

Huge lines have formed outside Worldcoin iris-scanning centers in many Argentinian cities, with many keen to claim their “free” WLD tokens.

But rather than hold onto these coins or trade them on regulated crypto exchanges, some Argentinians are choosing to swap their tokens for cash.

This has given rise to “resellers,” who offer new WLD holders cash or bank deposits in exchange for handing over control of their crypto wallets.

In many cases, resellers charge commission fees of up to 50% of the “token value” for their “services.”

The resellers allegedly “work as a team” with the so-called “coleros.” In Spanish, this term refers to people who earn money by waiting in lines to sell their spot to others.

These coleros stand in lines at Worldcoin iris-scanning centers, helping resellers convince people to use their services.

The media outlet noted that “many people do not know how to convert Worldcoin tokens into cash,” adding:

“This precisely where the resellers and coleros come in.”

‘Several Organizations’ Taking an Interest in Worldcoin Resellers

The media outlet noted that although such “operations” are “not illegal,” they should “go through the financial system.”

The “conversion” of tokens into fiat pesos is a business transaction in the eyes of the Argentine legal system.

“This is why coleros are in the crosshairs of several organizations,” iPro Up explained.

While one-off swap deals would not usually concern tax bodies and regulators, experts said that “changes in the case of resellers that deal with hundreds of users.”

In such cases, tax officers can claim that a person is operating an unofficial business, and legally oblige them to pay taxes.

A top auditor said that the CNV could get involved if it thinks resellers are operating unofficial crypto exchanges.

Under new rules, domestic crypto exchanges must obtain operating permits from the CNV and abide by strict KYC (Know Your Customer) protocols.

Worldcoin’s popularity has drawn the attention of Argentinian regulators and lawmakers, who are concerned about privacy-related matters.

https://twitter.com/worldcoin/status/1798042953115648051

Tools for Humanity Looks to Ease Regulators’ Worries

Last month, the Tools for Humanity CEO Alex Blania visited Argentina to speak to top government officials. Tools for Humanity is the Worldcoin operator.

This followed calls from MPs to police Worldcoin. Lawmakers have also unveiled bills that would, if passed, force Worldcoin to abide by new privacy and data-related restrictions.

Regulatory bodies have also launched probes into Worldcoin’s operations in the country.

Argentina’s data protection agency announced the launch of an investigation into Worldcoin in January this year.