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August 17,2024

New Cryptocurrency Project Announced By Eric Trump

The Trump Organization is reportedly launching a new cryptocurrency project. Eric Trump, the executive Vice President of the organization, recently shared details about the initiative, which involves digital real estate and allows users to lend or borrow funds on the platform.

 

Revolutionizing Banking

Eric Trump expressed his excitement for DeFi on X, stating that he adamantly supports crypto just like his father and that his supporters should stay tuned for a big announcement soon. This has generated curiosity about the potential impact that the project may have on the financial sector.

Eric believes the new cryptocurrency venture could revolutionize banking by offering financial independence to those without access to traditional services. He criticized the current financial system, claiming it has some serious flaws and expressed a preference for algorithm-based loan approvals.

 

Changing Narratives

The Trump family has become increasingly engaged with crypto, with Donald Trump himself recently accepting donations in various digital currencies for his presidential campaign. This marks a significant shift compared to his previous criticism of cryptocurrencies in 2019.

As the Trump Organization prepares to reveal more about this project, it is clear that their stance on digital currencies has evolved. Eric Trump sees cryptocurrency as a way to promote financial freedom and challenge traditional banking norms.

With the 2024 presidential race approaching, the new cryptocurrency initiative could attract significant  attention via both supporters and critics, potentially influencing the political and financial landscape of the United States.

 

August 16,2024

Sahara AI Receives $43 Million Investment By Binance Labs

Binance Labs has led a $43 million investment in Sahara AI, a promising decentralized AI startup, showcasing the merging of AI and blockchain technologies. This Series A funding round emphasizes the confidence Binance has in the potential of AI to drive innovation well into the future.

 

Bullish Sentiment

Since its launch in April 2023, Sahara AI has quickly made an impact by partnering with major companies like Microsoft, Amazon, and Snap. The new funding, supported by Pantera Capital, Polychain Capital, Samsung NEXT, and Matrix Partners, will help Sahara AI expand globally, enhance its platform, and address key issues such as copyright and privacy through AI and blockchain integration.

A user on X (formerly Twitter) called the investment round one of the most bullish seen, reflecting strong investor and tech enthusiast support. Sahara AI invites those interested in AI and technology to join its collaborative economy.

 

The Future Of Decentralized AI

The leading role that Binance Labs has in this investment highlights its belief in the potential of decentralized AI. Beyond Sahara AI, Binance Labs also supports other blockchain projects like Solayer, Rango, Aarc, FluxLayer, and TonTon Games, aiming to foster industry advancements despite ongoing regulatory challenges, such as a recent fine imposed by the Brazilian SEC.

Overall, Binance Labs made a $43 million investment in Sahara AI which underscores its commitment to the future of decentralized AI, with the company poised to be a significant player in the tech world while navigating regulatory issues.

 

August 16,2024

Chainalysis Reveals Crypto Criminals Are Targeting Centralized Exchanges

Crypto criminals are increasingly targeting centralized exchanges, stealing over $1.5 billion in the first half of the year, according to Chainalysis.

 

Advanced Social Engineering

This marks a shift after four years of focusing on decentralized platforms, attributed to the growing sophistication of attackers using advanced social engineering. Some, including those linked to North Korea, have even applied for IT jobs to gain access to centralized exchanges, which, despite their robust security, offer larger rewards.

A Chainalysis report highlights an 84% increase in the value of stolen crypto, reaching $1.58 billion, following a 50% decrease last year. While the number of hacking incidents has only slightly increased, the value per incident has surged by 79%, showing a shift to higher-value targets.

 

Legitimacy Triumphs

Ransomware remains a threat, with total ransoms paid this year reaching $459.8 million. Organized groups, including those linked to North Korea, are behind some of the largest heists, using sophisticated techniques to breach crypto businesses and launder stolen assets.

Despite the rise in crime, legitimate blockchain transactions are growing faster than illicit activities. Chainalysis reported a 19.6% decrease in aggregate illicit transactions, indicating a shift toward mainstream adoption of cryptocurrency.

 

August 15,2024

Circle Will Add Tap And Go Payment Functionality For iPhones

Circle, the firm behind the USDC stablecoin, is set to introduce tap-and-go payments on iPhones now that Apple has opened access to secure payment technologies for third-party developers. Circle CEO Jeremy Allaire said that users will soon be able to tap to pay with USDC via their iPhones and that wallet developers should prepare accordingly.

 

Key Details

The new feature will use two notable Apple features, namely the NFC chip and Secure Element (SE), which were previously exclusive to Apple Pay and the Apple Wallet app. This will enable direct USDC payments at points of sale through iPhone wallet apps, which will prompt users to confirm transactions using FaceID.

Allaire emphasized that this development could create a powerful new channel for USDC payments by integrating iPhone technology with efficient blockchain networks. The implications extend beyond USDC, potentially impacting NFTs, other stablecoins like EURC, and various digital certificates. However, the feature will initially launch in select countries, including Australia, Brazil, Canada, Japan, New Zealand, the UK, and the US, with no mention of the EU.

 

Competition Heating Up

Meanwhile, MetaMask is advancing in payments with a self-custody debit card pilot in partnership with Mastercard and Baanx, enabling UK and EU users to spend directly from crypto wallets. Stripe has also resumed cryptocurrency payments, starting with USDC on Solana, Ethereum, and Polygon blockchains, after previously halting support for Bitcoin in 2018.

Additionally, Singapore-based Triple-A plans to add PYUSD, the stablecoin introduced by PayPal, to its supported tokens by the end of June next year, alongside Bitcoin, Ether, and stablecoins by Tether and Circle.

 

August 15,2024

Cronos zkEVM Finally Makes Long Awaited Debut On Alpha Mainnet

Cronos Labs, a leading Web3 accelerator, has announced a collaboration with Matter Labs to launch Cronos zkEVM on the Ethereum mainnet. This zkEVM is the first Layer-2 ZK chain beyond the ZKsync Era. According to the announcement, Matter Labs, which is known for ZKsync, along with Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and 20 other digital asset entities, will spearhead the introduction of Cronos zkEVM on Ethereum (ETH) mainnet.

 

Harnessing Top Blockchain Technologies

Introduced in February 2023, Cronos zkEVM has already reached 3 million unique addresses and processed millions of transactions. The new addition to the Ethereum mainnet will join Cronos EVM and Cronos POS within the Cronos ecosystem, which boasts user assets exceeding $6 billion.

Kem Timsit of Cronos Labs stated that the Cronos team excels at harnessing top blockchain technologies to create innovative use cases while contributing to open-source projects. With the launch of Cronos zkEVM and the integration with ZKsync, Cronos aims to advance Ethereum in terms of infinite scalability and widespread adoption.

Furthermore, Cronos zkEVM will leverage CROFam, providing a long-term boost to the scaling solution. The official press release noted that the ecosystem encompasses around 100 million people, with top developers planning to expand to the new chain.

 

Several Benefits

The Cronos DeFi ecosystem offers various transaction fees and triple yield benefits. Users can earn returns by staking tokens like zkCRO, vETH, and vUSD, benefiting via DeFi applications on the blockchain, and receiving loyalty points for various activities within the Cronos ecosystem.

Cronos zkEVM will also feature the Pioneer Program, rewarding end-users with loyalty points for active participation and specific actions. The reward pool includes 5 million ZK tokens collected through the ZK Nation airdrop.

The release outlined that users can complete quests such as bridging funds, sending transactions, and using eligible dApps to earn points, which can later be redeemed in various participating cryptocurrencies. The alpha phase of the Cronos zkEVM mainnet will run until late September 2024, after which the transition to the beta phase will mark a significant milestone for the blockchain ecosystem.

 

August 14,2024

ASIC Sues ASX Over Abandoned Blockchain Initiative

The Australian Securities and Investments Commission (ASIC) has taken legal action against ASX, a local stock exchange, in Federal Court, accusing it of making misleading and deceptive claims about its now-canceled initiative to upgrade its outdated systems using blockchain technology.

On August 14th, ASIC stated that the Australian Securities Exchange (ASX) misrepresented the status of its project to replace the Clearing House Electronic Subregister System (CHESS) trading platform. ASX had claimed that the project was on track for go-live in April 2023 and was progressing well, but ASIC contends that these statements were misleading.

 

Lack Of Progress

According to the regulator, the project was not adhering to the planned schedule when the aforementioned statements were issued in early February 2022, and that ASX had no reasonable basis to suggest that it would be completed by that time.

ASIC Chair Joe Longo remarked that the project was indeed not progressing well as of February 10th, 2022, contrary to what ASX said. He added that the current situation reflects a collective failure by the ASX Board and senior executives at the time. ASIC has yet to decide on the specific penalties it will pursue.

 

Change Of Plans

In response, ASX referenced a statement by Managing Director and CEO Helen Lofthouse, who acknowledged the significance and serious nature of these proceedings. Lofthouse stated that they fully cooperated with the investigation and are now carefully reviewing and considering the allegations.

The exchange initially planned to replace CHESS with blockchain technology, a plan which began in early 2016, aiming to update the system used for managing share transactions and holdings since the mid-1990s. After nearly two years, it opted for a distributed ledger technology-based system.

However, by November 2022, following five years of development, several delays, and an expenditure of $170 million, ASX decided to pause the project after consulting firm Accenture identified significant challenges with the solution design and its ability to meet the necessary requirements. The exchange eventually abandoned its blockchain initiative to consider more traditional solutions.

 

August 14,2024

Meme Coin Boom Continues As BYDFi Flourishes

BYDFi Exchange has doubled its user base to 30 million by offering no-KYC access and focusing on meme coins, successfully navigating crypto market challenges.

The meme coin sector, driven by tokens inspired by animals, celebrities, and political figures, has become a billion-dollar industry and significantly influenced the $2.2 trillion cryptocurrency market. Despite this growth, regulatory barriers can hinder access for many users.

 

Accessibility Is Key

BYDFi addresses the aforementioned challenges by providing a platform that is accessible globally, regardless of local regulations. After going through a rebrand in 2023, BYDFi operates under the motto BUIDL Your Dream Finance and is known for its lack of KYC requirements, which allows users to engage without mandatory identity verification. Users can trade up to 10 BTC daily by providing additional information.

With a user base of over half a million across more than 150 countries, including those with stringent crypto regulations like the U.S., Canada, and the Netherlands, BYDFi facilitates KYC compliance where needed. The platform offers features like crypto deposits and withdrawals, copy trading, P2P trading, and crypto derivatives trading, with a native point system rewarding BYD points for trading.

 

No KYC 

The no-KYC policy appeals to users seeking privacy and fewer regulatory barriers, aligning with the demand for less restrictive crypto platforms. BYDFi also features a section dedicated to meme tokens on its Spot trading page, including popular ones like DOGE and SHIB, allowing users to invest in this growing sector.

Security is paramount for BYDFi, which protects assets with offline cold wallets and two-factor authentication (2FA). The no-KYC approach helps maintain user anonymity and reduces data theft risks. The platform also has a fast onboarding system that simplifies account creation and crypto purchases which help distinguish it compared to other platforms with more complex registration processes.

 

August 13,2024

Web3 Fundraising Deals - 6th August To 12th August, 2024

Telegram Messenger raised $1M for Televerse in its Seed round with support by Summer Capital. Televerse is building a gaming infrastructure on the TON blockchain. It provides developer gamekits and a gamebox platform for mini-games, enabling Web2 game developers to easily bridge and publish their games to Telegram while integrating blockchain technology.

 

 

BasedVC garnered $2M in Seed funding with Crypto Banter leading the way. BasedVC is a decentralized venture capital tool that allows retail investors to invest alongside major venture funds like a16z crypto and Coinbase Ventures. 

 

 

375ai received $5M in Seed funding with help by 6th Man Ventures. 375ai is developing a decentralized edge data intelligence network that utilizes AI and blockchain for real-time data processing and analysis. 

 

 

Pentagon Games brought in a whopping $6M in Seed funding with support by The Spartan Group. Pentagon Games is a zkEVM chain game publisher focused on powering the XR Metaverse through deep learning and Web3 technologies.

 

 

TONX raised $4M supported by SNZ Holding. TONX is a platform focused on leveraging AI technology to enhance productivity and automation. It aims to provide solutions that optimize workflows, improve decision-making, and streamline operations across various industries. 

 

 

Quantlytica completed a Private Token Sale, raising $1.09M with backing by P2 Ventures. Quantilytica is an assets management platform helping individuals, DAOs, and other protocols automate capital flow.

 

 

Moonveil Entertainment raised $3.6M in Pre-Series A funding with help by The Spartan Group. Moonveil is comprised of a team of seasoned professionals with extensive expertise in the gaming industry.

 

 

Blockscout secured $3M in Seed funding with support by 1kx. Blockscout is an open-source blockchain explorer designed to provide insights, transaction confirmations, and analytics across multiple blockchain networks.

 

 

DeAgentAI raised $6M in Seed funding with Waterdrip Capital on board. DeagentAI is an AI-based layer dedicated to building a fully decentralized network platform.

 

 

Andrena (DAWN) achieved an impressive $18M in Extended Series A, led by Dragonfly Capital. Andrena is the developer of a Solana based decentralized physical infrastructure network (DePIN) protocol aimed at providing decentralized internet services.

 

 

Solayer Labs received an undisclosed amount of funding with support by Binance Labs. Solayer leverages economic security and premium execution to enable a higher degree of consensus and blockspace customization for application developers.

 

 

Curio Research raised $5.7M in Seed funding with support by Bain Capital Crypto. Curio is a gaming studio building foundational infrastructure for composable on chain crypto games, starting with its own social strategy title.

August 13,2024

Canto Consensus Issue Finally Resolved After 33 Hour Delay

The Cosmos-based layer-1 blockchain Canto has announced plans for an upgrade on August 12th to resolve a 33-hour outage, which they attribute to a consensus issue. Launched in August 2022, Canto positions itself as a permissionless, general-purpose blockchain suited for decentralized finance (DeFi) applications and compatible with the Ethereum Virtual Machine (EVM).

 

Damage Control

The Canto blockchain has been inactive for over a day, with the last recorded transaction, block 10847516, occurring on August 11th. According to CantoScan, no new transactions have occurred in the last 33 hours, and only two transactions have been recorded in the past 46 hours.

Canto representatives posted an update on August 12th via their official X account where they confirmed a temporary halt in the chain did indeed occur due to the issue with consensus. The team stated that an upgrade to address the problem is scheduled for 12:00 PM UTC on August 12th. The consensus mechanism is responsible for validating and authenticating transactions on the blockchain.

 

No Cause For Concern

Originally, the Callisto upgrade was scheduled for August 9th at 14:30 PM UTC. Canto has not clarified whether this upgrade was completed or if it might be related to the current outage. Despite the disruption, Canto reassures users that there is no cause for concern. They expect normal operations to resume once the consensus issue is resolved. All funds are secure, and when the chain is back online, users will have access to all functionalities as usual, stated Canto.

Canto had previously announced plans to transition to the Ethereum Network as a layer-2 solution in September 2023. However, this decision was reversed in March 2024, and Canto remains a layer-1 blockchain. According to DefiLlama, while blockchain activity peaked in February 2023, it has since declined, placing it as the 80th largest blockchain by total value locked.

 

August 13,2024

Tether Fights Back Against Seemingly Unfair Celsius Lawsuit

Tether has officially rejected the lawsuit put forth by Celsius Network Limited concerning a $2.4 billion Bitcoin (BTC) liquidation, calling it unfounded and blaming Celsius for poor financial management.

 

The Blame Game

Filed on August 9th in the United States Bankruptcy Court for the Southern District of New York, Celsius alleges that Tether wrongfully liquidated Bitcoin collateral in June 2022 and is seeking its return. Tether, however, claims the liquidation was conducted with the consent granted by Celsius which was also based on the price of Bitcoin at the time.

In 2022, Tether provided USDT to Celsius, which used Bitcoin as collateral. When Bitcoin plummeted in June, Celsius faced a margin call and should have added more collateral to prevent liquidation. Instead, Celsius directed Tether to liquidate the Bitcoin to settle an $815 million USDT debt. Tether argues the lawsuit misrepresents the law and the agreement terms, aiming to shift the blame onto them instead of Celsius.

 

Fighting Back

Tether plans a strong defense and is confident in a favorable outcome, stating that they will not yield to meritless litigation. This case highlights the complexity of financial agreements in the crypto sector and the importance of clear contracts. As it unfolds, the lawsuit could influence how similar disputes are handled and impact cryptocurrency lending and collateral management practices.

As one of the most important companies in the crypto sector, Tether issues the USDT stablecoin, which is pegged to the United States Dollar (USD) to maintain a stable value. Stablecoins like USDT are crucial because they provide a stable store of value and facilitate transactions within the cryptocurrency market, helping to bridge the gap between volatile cryptocurrencies and traditional fiat currencies.

 

August 12,2024

Fifth Richest Crypto Investor Rethinks ETH Investment Strategy

James Fickel, the founder of the Amaranth Foundation, which supports longevity research, is also known as the fifth richest crypto investor globally. On August 10th, Fickel partially closed a multi-million dollar long Ethereum (ETH) position against Bitcoin (BTC) due to recent news related to Wrapped Bitcoin (wBTC).

A Lookonchain report reveals that Fickel began initiating long positions on Ethereum against Bitcoin on January 10th. He employed a sophisticated decentralized finance (DeFi) approach involving lending, borrowing, and trading assets.

 

Diamond Hands

Fickel provided lending liquidity on Aave (AAVE) as collateral to borrow 3,061 Wrapped Bitcoin (wBTC). He utilized this $172 million wBTC loan to acquire 56,445 ETH over the past seven months. Lookonchain estimates an average ETH/BTC exchange rate of 0.05424.

As of April 2024, James Fickel was the fifth richest cryptocurrency investor globally, with a net worth exceeding $446 million. Data provided by Arkham Intelligence on August 11th indicates his crypto net worth has risen to $457.39 million. His portfolio primarily includes 133,516 AETHWSTETH ($420 million) and 10,601 AETHWETH ($28.49 million), along with smaller amounts of wETH, ETH, USDC, Optimism (OP), and other cryptocurrencies.

 

Risk Management

In addition to his active role in cryptocurrency investing and enthusiasm for Ethereum, Fickel and his Amaranth Foundation are engaged in cutting-edge research on longevity and neuroscience, focusing on solutions for aging.

His recent trading activity reflects his strong belief that ETH will outperform BTC in 2024. However, with his latest transactions, there is speculation about whether his confidence remains as firm. Alternatively, his recent comments on the BitGo and Justin Sun partnership concerning wBTC might suggest that the repayment is part of a risk management strategy rather than a sign of diminished belief in Ethereum.

 

August 12,2024

Hoskinson And Winklevoss Warn Of Impending Doom If Kamala Harris Is Elected

Charles Hoskinson has criticized the current Biden-Harris administration for its antagonistic stance toward the cryptocurrency industry in the United States. He cautioned that supporting Kamala Harris in the upcoming November presidential election could further damage the emerging sector.

Hoskinson also responded to Tyler Winklevoss, co-founder of Gemini, who claimed that Operation Choke Point 2.0 remains in effect. Winklevoss highlighted that the Fed is now effectively determining who can open a bank account and thereby restricting the operational capabilities of all American crypto companies. Tyler also suggested that if Harris were to win the election, the approval rate for crypto companies could approach zero.

 

Harris Threatens Crypto

Hoskinson contends that the Biden-Harris administration is actively undermining the crypto sector, with no indication of a policy shift or improvement. He warned that electing Kamala Harris could harm the American cryptocurrency industry, suggesting she would perpetuate the current war on crypto.

His remarks followed the recent enforcement action by the US Federal Reserve against the crypto-friendly Customers Bank, which observers view as an excessive measure that could stifle innovation in the cryptocurrency field. The enforcement action against Customers Bank requires the institution to provide a 30-day advance notice before establishing any new banking relationships with crypto companies.

 

The Worst Is Yet To Come

Winklevoss added that this enforcement action is just the beginning, as the Fed is currently behaving with restraint due to the upcoming election. If Harris wins in November, the situation could become much more severe. Before Joe Biden decided to no longer participate in the 2024 Presidential race, Winklevoss and Hoskinson had warned that re-electing Biden could devastate the American crypto industry.

In contrast, former President Donald Trump has consistently expressed support for cryptocurrency during his campaign. Trump recently proposed using a small amount of Bitcoin to address the massive $35 trillion national debt. At the Bitcoin Nashville Conference, Trump received enthusiastic applause when he vowed to fire Gary Gensler if he were to return to the White House, signaling an end to what he views as an anti-crypto crusade.