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1 year ago 1 min read

Paxos and SEC Engage in Constructive Discussions

Paxos, the stablecoin issuer, is reportedly engaged in constructive discussions with the US Securities and Exchange Commission (SEC), according to CEO Charles Cascarilla. This follows Paxos’ acknowledgment of receiving a Wells Notice from the SEC, which is used to flag possible violations of federal securities law and can indicate an intention to sue. The Wells Notice was specifically tied to Paxos’ issuance of Binance USD (BUSD), a stablecoin product. However, the company’s own stablecoin product, Pax Dollar (USDP), was not included in the notice. In response, Paxos has already stated that it will stop issuing BUSD after receiving a notice

Chaos Labs DeFi protocol
1 year ago 1 min read

Chaos Labs Secures $20 Million Funding Round Led by Galaxy Digital and PayPal

Chaos Labs, a startup providing an automated economic security system for decentralized finance (DeFi) protocols, has raised $20 million in seed funding. The round was co-led by Galaxy Digital and PayPal Ventures, with participation from Coinbase, Uniswap, and other notable investors. The funding will be used to expand Chaos Labs’ suite of risk and security products for DeFi protocols. The startup aims to help DeFi protocols protect user funds from attacks while optimizing capital efficiency. The need for such solutions is clear: last year, hackers stole a record-setting $3.8 billion in crypto assets, with the vast majority coming from DeFi

Polygon Labs, the company behind Ethereum's popular Layer-2 scaling solution, has announced a reduction in workforce by 20%.
1 year ago 1 min read

Polygon Labs Cuts Staff Amid Economic Uncertainty

Polygon Labs, the company behind Ethereum’s popular Layer-2 scaling solution, has announced a reduction in workforce by 20%. The decision to downsize was made as part of Polygon Labs’ consolidation process, in which multiple business units were merged. The layoffs will affect around 100 positions across multiple teams. Despite the tough decision, Polygon Labs has offered all affected employees three months of severance pay, regardless of their level of tenure. The announcement comes amid a wave of layoffs among crypto companies, all affected by the recent collapse of the FTX exchange. Filecoin developer Protocol Labs cut 21% of its staff

Australian software engineer Anthony Guerrera forked the Ordinals protocol to Litecoin
1 year ago 1 min read

Creator of Litecoin Describes Recent Fork as ‘Quite Simple’

An Australian software engineer has forked the Ordinals protocol to Litecoin, creating the world’s second-ever cryptocurrency network. Anthony Guerrera claims it was a small monetary bounty and a coding aptitude that led to the development. A $2,000 bounty was posted by the pseudonymous Twitter user, Indigo Nakamoto, which spurred Guerrera to create a Litecoin Ordinal fork. The fork has made it possible to have non-fungible token-like assets on the Litecoin network in the same way they were made possible on Bitcoin. The Litecoin Ordinal fork has been made possible because Litecoin has Taproot and SegWit protocols. Inscribing an image onto

Hong Kong plans to open its doors to crypto asset trading and investment, but the plan has been met with excitement from industry executives.
1 year ago 2 mins read

Hong Kong plans to fully open its doors to crypto asset trading and investment

Hong Kong’s recent announcement that it plans to open its doors to crypto asset trading and investment has been met with excitement from industry executives. However, reading the fine print of the regulatory proposals reveals a number of restrictions and hidden catches that investors need to be aware of. Under a new licensing regime set to take effect on June 1, 2023, all centralized crypto trading platforms in Hong Kong will require licensing from the Securities and Futures Commission (SFC), or risk not being able to market to Hong Kong investors. This means that anyone looking to trade or invest

Hope Finance DeFi Lost about $2 million in cryptocurrency assets
1 year ago 1 min read

DeFi protocol Hope Finance loses roughly $2 million worth of crypto

On February 20, a hacker who “claimed everything from the Genesis Protocol” cost Hope Finance DeFi about $2 million in cryptocurrency assets. According to the DeFi protocol, Ugwoke Pascal Chukwuebuka, a Nigerian, was the hacker who defrauded the community while sharing a photo of himself holding a voter’s card. The scammer used Tornado Cash’s mixing protocol to transfer 1095 Ethereum (ETH), according to blockchain security company Peckshield. According to a representative from its auditor, Cognitos, the malicious player used a different smart contract than the one Hope Finance had audited. Furthermore, Cognitos added that Hope Finance hired it to review

Validators on The Open Network (TON)
1 year ago 1 min read

Validators of Toncoin (TON) to vote on freezing 1 billion Toncoins

The Open Network (TON) validators are gearing up to vote on a proposal to change the tokenomics and supply of the project. A motion to change the Toncoin supply in circulation will be put to the vote by TON validators on February 21. If approved, the supply will be “frozen for the next 48 months and then unfrozen,” resulting in a 20% reduction. According to the team, this suggestion might have an impact on Toncoin’s market capitalization. Additionally, it might increase tokenomics’ transparency for the community, which consists of users, developers, investors, and other projects. The Durov brothers, who also

The regulatory crackdown in the US may have given institutional investors the chills
1 year ago 1 min read

US regulatory crackdown results in $32 million in digital asset outflows

The regulatory crackdown in the United States may have given institutional investors the chills, as digital asset investment products experienced the biggest weekly outflow of 2023. The largest outflow of the year, $32 million, was recorded in the last week for digital asset investment products, according to a report by institutional crypto fund manager CoinShares on February 20. The move comes as the Securities and Exchange Commission intensifies what market analysts have dubbed its “war on crypto,” which has targeted everything from staking services to stablecoins to crypto custody. Midway through last week, outflows totaled $62 million; however, they began

Cryptocurrency exchange Huobi Global
1 year ago 1 min read

Huobi intends to relocate its headquarters from Singapore to Hong Kong.

Huobi Global is looking to relocate its Asia headquarters from Singapore to Hong Kong, according to Justin Sun in an interview published Monday. Huobi intends to increase its Hong Kong workforce from 50 to 200 by the end of the year. Justin Sun announced on Twitter on Monday that the exchange is applying for a crypto trading license in Hong Kong and will open a new Hong Kong exchange to serve local institutional investors and high net worth individuals. The Securities and Futures Commission (SFC) of Hong Kong published proposals for a new crypto licensing regime on Monday, which may

Galois Capital
1 year ago 1 min read

Crypto Investment Fund Galois Capital to Close Down, Assures Asset Return to Investors

Galois Capital, a crypto trading fund, has announced that it will cease further establishment and close all positions after losing a major share of its holdings in the collapse of FTX, once a leading crypto exchange. Galois Capital previously revealed that around $40 million of its fund was stuck in FTX when it collapsed. While the remaining assets would be returned to the investors, the company is not in a tenable position to continue operating the fund financially and culturally. The co-founder apologized and mentioned that 90% of the remaining money would soon reach Galois’ customers, while 10% would be

Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi
1 year ago 5 mins read

Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi

Abu Dhabi, UAE, 20th February, 2023 Venom Foundation, the first Layer-1 blockchain licensed by Abu Dhabi Global Market (ADGM), has teamed up with Hub71, Abu Dhabi’s global tech ecosystem, to provide startups with enterprise-grade solutions and simplify blockchain adoption for businesses. The collaboration between Venom Foundation and Hub71 will focus on accelerating the growth and adoption of blockchain technologies in the Middle East and North Africa (MENA) region and beyond. Venom Foundation will work closely with Hub71+ Digital Assets, Hub71’s dedicated Web3 and Digital Assets specialist ecosystem, to help startups as well as enterprises with business development, digital asset regulation,

Huobi exchange is reportedly seeking a crypto trading license in Hong Kong
1 year ago 1 min read

Huobi Expands Crypto Policy and Seeks Hong Kong Trading License

Huobi, the Singapore-based crypto trading platform, is reportedly seeking a cryptocurrency trading license in Hong Kong as the country’s financial authorities announced a public consultation for their new plan to allow licensed crypto exchanges to serve retail investors. This comes after Huobi’s announcement to launch a new exchange in Hong Kong named “Huobi Hong Kong” that will comply with local regulations and offer a range of trading pairs and services to customers, with a focus on institutional investors and high net worth individuals. The move by Huobi comes as Hong Kong’s Securities and Futures Commission (SFC) calls for a public

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