Browsing:Crypto

Ferrari ended partnership with Velas Blockchain
1 year ago 1 min read

Ferrari ends partnership with Velas Blockchain and Snapdragon

Scuderia Ferrari, the racing division of luxury carmaker Ferrari, has ended its partnerships with Velas Blockchain and Snapdragon, resulting in a loss of $55 million for the team ahead of the 2023 Formula One season. The partnership with Velas, worth $30 million per year, was intended to increase fan engagement through the use of non-fungible tokens (NFTs) and other shared initiatives. However, the team reportedly failed to meet the clauses that allowed Velas to create NFT images. Mercedes also suffered a loss of $15 million in November 2022 after ending its partnership with FTX, which filed for Chapter 11 bankruptcy.

Mastercard and Polygon
1 year ago 1 min read

Mastercard and Polygon collaborate on Web3 artist accelerator program

At the 2021 Consumer Electronics Show in Las Vegas, Mastercard unveiled its Artist Accelerator program, which will utilize the Polygon blockchain to help emerging musicians, DJs, and producers expand their brands. The program will run until the end of the year and will culminate in a live-streamed artist showcase. Five selected participants will gain access to a variety of resources and tools to help them succeed in the digital economy. Additionally, Mastercard will be releasing a limited edition NFT, “The Mastercard Music Pass,” which will give holders access to exclusive music educational materials, unique resources, and other physical and digital

Avalanche blockchain
1 year ago 1 min read

Avalanche DEX sees positive movements, could it lead to AVAX rally?

Since April, the AVAX token of Avalanche, the blockchain company behind the decentralized cryptocurrency exchange Trader Joe, has been unable to break through its resistance level. Nevertheless, Trader Joe’s services, such as lending, leveraging, staking, and farming, have made considerable strides in recent weeks. According to data from Dune Analytics, the trade swap volume of Trader Joe reached its zenith in December 2022 and has been rising since then. USDC/WETH and GMX/WETH swaps comprised the majority of the volume, and a closer examination of the protocol’s trading volume for each liquidity pool showed a large number of transactions, demonstrating abundant

quantum computers
1 year ago 1 min read

Chinese scientists claim to have broken encryption with quantum computers

Chinese researchers have claimed that they have used quantum computers to break the standard RSA algorithm, which is used for encryption by many industries, including banking, mobile phones, and data storage. The researchers published a “scientific paper” last month stating that they had used their algorithm to factor a number with 48 bits on a quantum computer with ten qubits, but had not yet tried to scale it up to work on a larger system. Many experts have called the claims hype-driven and lacking a proof of concept that would demonstrate the successful breaking of current encryption standards. Encryption helps

Digital Currency Group (DCG) shuts down
1 year ago 1 min read

End of the road for Digital Currency Group’s Genesis wealth management subsidiary

Due to the “prolonged crypto winter” and the “broader economic environment,” Digital Currency Group (DCG) has announced that it is shutting down its wealth management subsidiary, HQ Digital, which launched in June 2022. The DCG spokesperson stated that the company may eventually revive HQ Digital in the future. This news comes in the wake of issues at another DCG subsidiary, Genesis Global Capital, which suspended withdrawals and loan redemptions in November and is reportedly exploring a potential bankruptcy filing. DCG holds a variety of other crypto companies, such as CoinDesk, Grayscale, Foundry, Luno, and TradeBlock. So far, only Luno has

Huobi, a cryptocurrency exchange
1 year ago 1 min read

Huobi Global sees significant drop in trading volume amid rumors of financial trouble

A significant drop in trading volume has been observed at Huobi Global, which has gone from around $1.6 billion to $1.23 billion in the past day. This is due to rumors about the exchange’s financial issues and internal conflicts. The Huobi Token and TRON tokens have also witnessed a decrease in value. Ethereum has experienced a 7-day net flow of -$34.9 million. The HT token makes up a majority of the Huobi portfolio, which is currently valued at $908 million, while the portfolio balance for Ethereum is $2.1 billion and the balance across all chains is $2.9 billion. Justin Sun,

The Ton Foundation
1 year ago 1 min read

TON Foundation Introduces TON Storage, a Decentralized File Sharing Solution

The Ton Foundation has released TON Storage, a distributed file-sharing and data storage system modeled on the Torrent protocol but operating on the Ton blockchain. With TON Storage, users can securely store files of any size on the decentralized network and share them with other users with the aid of smart contracts. Through these contracts, node operators are provided with incentivization for hosting files for users and can even receive compensation for their services. As a rival to projects like Filecoin and Storj, TON Storage can be used by both individuals and services with a large following. Furthermore, the technology

1 year ago 1 min read

Immunefi Researcher Saves $200 Million from Being Stolen on Three Polkadot Parachains

A security researcher known as pwning.eth discovered and reported a software vulnerability that could have been exploited to steal up to $200 million from three Ethereum-compatible parachains on the Polkadot network. The vulnerability was found in a program called Frontier that is used for “wrapping” native tokens on the Moonbeam, Astar Network, and Acala parachains. Wrapping is the process of converting native crypto assets into tokens that can be more easily supported by apps, and is done through the use of a smart contract. The vulnerability could have been used to mint unlimited wrapped tokens, but was fixed by the

3AC founder subpoenaed for tweets following bankruptcy
1 year ago 1 min read

3AC founder subpoenaed over social media activity after bankruptcy

The co-founder of Three Arrows Capital (3AC), Kyle Davies, has been subpoenaed to produce documents related to the company’s assets following its bankruptcy. The subpoena was issued by the United States Bankruptcy Court in the Southern District of New York and requires Davies to hand over all physical and digital company documents, as well as the contact details of 3AC co-founder Zhu and several other entities, by January 26, 2023. The subpoena also demands details of 3AC’s bank accounts and Ethereum addresses. The ruling followed recent tweets by Davies, who, along with Zhu, has been active on social media in

Justin Sun and Huobi crypto exchange
1 year ago 1 min read

Huobi crypto exchange facing difficulties?

There have been rumors swirling about potential financial difficulties at Huobi, a cryptocurrency exchange with which Justin Sun is affiliated. These rumors were exacerbated by the fact that Huobi China fired and rehired its staff to Huobi Global and laid off a large number of employees, while also canceling bonuses. Adding to the speculation, Sun withdrew $1.1 billion from various exchanges in December and more recently received $200 million from the Binance exchange to his personal wallets. While it is not clear if these actions are connected to potential issues at Huobi, the absence of concrete evidence has led some

Singapore-based crypto exchange Huobi
1 year ago 1 min read

Crypto exchange Huobi to lay off 20% of staff

Singapore-based crypto exchange Huobi has confirmed that it will lay off around 20% of its staff. The move follows rumors of layoffs at the company and a report by journalist Colin Wu that Huobi had started paying salaries in stablecoins rather than fiat currency, leading to protests from employees. Huobi was acquired by About Capital Management’s M&A fund in October, with Tron founder Justin Sun later named as an adviser to the exchange. Huobi’s spokesperson said the company is currently adding 390,000 new users per month and is embarking on a global expansion plan. “The personnel optimization aims to implement

Animoca blockchain gaming
1 year ago 1 min read

Animoca Brands Launches $1 Billion Fundraising Campaign for Web3 Investments

Hong Kong-based Animoca Brands, a blockchain gaming platform, is seeking to raise around $1 billion in the first quarter of 2023 to invest in Web3 and Metaverse startups. This comes despite the recent market decline and the crash of cryptocurrency exchange FTX, which had a negative impact on some of Animoca’s portfolio companies. The company had previously announced plans to launch a $2 billion fund, called “Animoca Capital,” to invest in Metaverse businesses around the world in partnership with former Morgan Stanley executive Homer Sun by the end of 2022. Animoca Brands has completed several funding rounds in the past