The Shiba Inu (SHIB) ecosystem has advanced with the release of the Shiba Eternity closed beta, its first game on the Shibarium blockchain. Lucie, the Shiba Inu marketing lead, announced the update on X, marking a major shift towards a utility-focused ecosystem.

She also warned against scams and that users should only connect their wallet through official platforms and avoid links via unknown sources in addition to always verifying the official website address before connecting.

Making History

Lucie revealed that the latest version of Shiba Eternity is a complete overhaul rather than a simple update, before going on to claim that this is not just the old game with a few tweaks as it is instead a full transition to Web3 with major upgrades.

The game operates on the Shibarium mainnet and supports NFTs, allowing a decentralized gaming experience where inventory cards are NFTs, ensuring verifiable ownership and tradeability. The infrastructure of the game is also now built on the Shibarium blockchain, providing secure asset management and transactions. In addition, it features a ranked mode with 15 day tournaments, rewards based on performance, and exclusive events for top players.

Release Schedule

Significant improvements include an updated tutorial, refined menu, streamlined armory management, and enhanced performance. The new reward system offers better quests and faster progression, with special gifts for players who previously played the Web2 versions of the game.

The closed beta, accessible since August 21st, 2024, is available to LEASH token stakers who can connect their smart wallets via ShibaSwap. On September 5th, access will expand to holders of specific Shiba Inu NFTs, including The Shiboshis and The Shiba Eternity Lore collections. An open beta release will be announced later.

Despite recent price drops, Shiba Inu has shown notable improvements in key metrics, suggesting a potential price recovery after a period of decline.

Binance and its former CEO, Changpeng Zhao (CZ), are facing a class action lawsuit by three crypto investors who claim they could not recover their stolen assets because Binance failed to prevent money laundering. Previously, Binance.US had its license revoked by The North Dakota Department of Financial Institutions (DFI).

A Tough Spot

On August 16th, the plaintiffs filed their complaint in the U.S. District Court for the Western District of Washington. They argue that their stolen crypto was sent to Binance by thieves to hide its origin and make it untraceable. The lawsuit alleges that Binance played a key role in the laundering process, violating the Racketeer Influenced and Corrupt Organizations (RICO) Act.

Bill Hughes of ConsenSys expressed doubt about the lawsuit and its ability to prove its claims but acknowledged that it puts Binance in a tough spot. He noted that if the case advances, it could test the effectiveness of blockchain analytics and asset recovery.

No Confidence

CZ admitted guilt in November 2023 for violating U.S. money laundering laws, leading to his resignation and Binance agreeing to pay $4.3 billion in fines. CZ received a four-month prison sentence in April and began serving it in June.

Additionally, the SEC has sued Binance and CZ for misleading statements about market controls and inflated trading volumes, with most of the case allowed to proceed as of June 28th. In any case, trust in Binance has waned due to allegations of failing to prevent money laundering, misleading regulators, and inflating trading volumes, despite the exchange trying to help the industry in the past.

A federal judge in Texas has halted a new Federal Trade Commission (FTC) rule that would have simplified the process for employees to leave their jobs and join competing firms.

Overstepping Authority

On Tuesday, U.S. District Judge Ada Brown ruled in favor of a summary judgment request by the U.S. Chamber of Commerce and other plaintiffs, denying the request made by the FTC for a ruling in its favor. Judge Brown determined that the FTC had overstepped its legal authority with the rule, labeling it as arbitrary and capricious, and also found that it would result in significant, irreparable damage.

Consequently, the FTC will not be able to enforce the rule, which was scheduled to take effect on September 4th, as per the decision made by the judge. However, this ruling does not stop the agency when it comes to addressing non-compete agreements through individual enforcement actions, according to FTC spokesperson Victoria Graham.

Appealing The Decision

The FTC is also considering whether to appeal the decision, Graham noted. In April, the FTC decided to ban employers across the nation when it comes to entering into new non-compete agreements or enforcing existing ones, arguing that such agreements limit workers in terms of their freedom and overall wages.

Crypto remains to be very popular in Texas due to the favorable regulatory environment in the state alongside low energy costs, and strong tech infrastructure. These factors attract investors and companies looking for a supportive environment for digital currency ventures.

The Cardano Lace Wallet has now upgraded its paper wallet with Pretty Good Privacy (PGP) encryption to enhance security. To prove confidence in this advancement, Cardano Founder and Input Output (IO) CEO Charles Hoskinson has announced a $1 million reward for anyone who can breach the Lace paper wallet.

Crypto wallets are essential for managing digital assets and come in various forms, each with different benefits and risks. Paper wallets are simple but vulnerable to damage and theft, while hardware wallets offer added security through PIN codes or biometrics.

Hack The Paper Wallet for $1M

At the Rare Evo blockchain event in Las Vegas between August 15th to 17th, 2024, Hoskinson introduced the aforementioned new PGP encrypted paper wallet. This upgrade aims to resolve the issues of compromised private keys found in traditional paper wallets.

Public keys are openly shared for transactions, while private keys are usually secured by a seed phrase. The updated paper wallet features both keys as QR codes, with added PGP encryption for the private key.

Despite being shareable, unauthorized access is blocked by the encryption. The wallet includes an NFT, which will be exchanged for $1 million in USDM stablecoin if successfully hacked. This bounty is available until the end of 2024 or until the wallet is breached.

A Strong Security Record

Since its launch in 2017, Cardano has maintained a strong reputation for reliability and security, with no network breaches. Its decentralized, open-source platform uses scientifically validated technology to ensure reliable transactions and smart contract audits. This design helps reduce potential vulnerabilities and attack vectors.

In June, Cardano faced a spam attack that caused some network slowdowns but was otherwise managed effectively with minimal disruption. Regardless, PGP encryption is considered nearly unbreakable, and integrating it with blockchain technology shows the evolving security practices in crypto.

The expansion of Lace to support multiple assets and chains highlights an overall push by Cardano for greater interoperability. The $1 million bug bounty is impressive, but the real significance lies in the development of Lace as a secure and versatile alternative to MetaMask.

Kamala Harris is considering appointing Gary Gensler as the next Treasury Secretary if she wins the 2024 election. This is the same Gary Gensler who currently leads the United States Securities And Exchange Commission (SEC) and has caused significant unease among crypto firms.

A Divisive Decision

According to some senior Senate staffers, Kamala is serious about this move, and Republicans are expected to react strongly against it. Minnesota representative Tom Emmer, a known critic of Gensler, has made his stance clear by stating that Gary needs to move on, and that his career in government should be over. Emmer also criticized Gensler for frequently initiating lawsuits without achieving many victories.

Republican Senate staffers are gearing up to resist Gensler and his potential nomination, believing it could negatively impact the economy, especially if his current regulatory approach continues at the Treasury.

On the Democratic side, there might be some support for Gensler. Figures like Elissa Slotkin and Ruben Gallego, who have connections to the crypto industry through backing via groups like Fairshake PAC, could potentially endorse him. However, both have been quite critical of crypto policies in Congress, leaving their support uncertain.

The Uncertainty Continues

There is also speculation that Gensler might step down before the upcoming presidential election, allowing Joe Biden to select a new SEC chair. If Gensler does take up the Treasury position, it could lead to increased scrutiny for crypto firms and potentially tougher regulations for other financial institutions.

This uncertainty regarding securities could make it challenging for crypto companies to operate effectively, possibly prompting them to seek more favorable environments abroad, which could impact the leadership of the United States in terms of crypto innovation.

BlackRock has recently surpassed Grayscale to become the top holder of cryptocurrency ETFs, marking a significant change in the investment landscape. As the largest asset manager globally, BlackRock now leads in crypto ETFs with $21.2 billion in assets, just ahead of Grayscale.

Previously, the BlackRock Ethereum ETF, known as $ETHA, was listed on the Depository Trust and Clearing Corporation (DTCC), following approval by the United States Securities and Exchange Commission (SEC). The move came shortly after the SEC approved several spot Ether ETFs.

BlackRock Over Grayscale

The success of BlackRock is largely due to its two key funds, the IBIT (spot Bitcoin ETF) and the ETHA (spot Ethereum ETF). In comparison, Grayscale offers four funds but has fallen behind in ETF holdings, despite maintaining a larger overall balance thanks to its GDLC fund, which holds $460 million.

Since its January launch, the IBIT has shown strong performance, with minimal outflows, helping it become a preferred choice for Bitcoin investors. Meanwhile, GBTC has struggled, facing a net outflow of $19.65 billion and losing its leading position. Major investment banks like Morgan Stanley and Goldman Sachs have also shifted their support to BlackRock and its iShares Bitcoin ETF. This trend highlights a growing institutional preference for more stable crypto ETFs.

Bitcoin Over Ethereum

While Bitcoin ETFs perform well, Ethereum ETFs have faced challenges, with a recent net outflow of $14.17 million compared to Bitcoin which has $32.57 million inflow. This indicates stronger market acceptance of Bitcoin ETFs over Ethereum.

The rise of BlackRock is expected to intensify competition among asset managers, driving further innovation in the market. However, the ongoing issues with Ethereum ETFs suggest that balancing risk and reward will be crucial as the market evolves. The ascension of BlackRock to the top of the crypto ETF market marks a major shift, with strong institutional backing positioning it for future leadership, while Grayscale works to regain its footing.

Indian authorities have arrested Shailesh Babulal Bhatt, who is accused of kidnapping two people linked to the collapsed BitConnect crypto scheme to recoup his investment. On August 17th, the Enforcement Directorate (ED) revealed Bhatt had lost money in BitConnect Coin, a cryptocurrency tied to the now-defunct BitConnect platform, deemed a global Ponzi scheme.

A Lengthy Investigation

Allegedly, Bhatt and his accomplices abducted two employees of Satish Kumbhani, the founder of BitConnect, demanding a ransom of 2,091 Bitcoin, 11,000 Litecoin, and roughly $1.7 million USD.  During the investigation, Bhatt admitted to paying his accomplices $34 million, which was used to buy properties, gold, and other assets.

After a lengthy investigation by local authorities, Bhaty was arrested on August 13th under the Prevention of Money-Laundering Act (PMLA) and remains in custody after a court appearance in Ahmedabad, India. The investigation followed reports filed by the State Crime Investigation Department (CID) in Surat. So far, the agency has seized assets worth $52 million, with the probe still ongoing.

An Infamous Scam

BitConnect, launched in 2016 and collapsing in 2018, defrauded 4,000 people across 95 countries, resulting in losses of about $2.4 billion. The scheme has been accused of being a major Ponzi operation. BitConnect founder Satish Kumbhani faces charges in the US for running the scheme and remains unaccounted for.

In addition, key figures involved in BitConnect have faced legal action. Glenn Arcaro, a prominent US promoter, was sentenced to 38 months in prison in September 2022. John Bigatton, another major promoter, was convicted in July for providing unlicensed financial advice.

Holonym Foundation secured $5.50M in Seed funding with help by Paper Ventures. Holonym is a privacy-focused digital identity platform that uses zero-knowledge proofs to enable users to verify their identity without revealing personal information.

CrunchDAO closed a $3.50M Seed round with support by Multicoin Capital. CrunchDAO is an AI research community made up of data scientists who participate in distributed machine learning competitions.

WSPN raised a whopping $30.00M in Seed funding led by Foresight Ventures. WSPN is a global digital payments company that offers transparent, fast, and efficient payment solutions using Distributed Ledger Technology (DLT).

KIP Protocol raised $5.00M in a Private Token Sale with support by Animoca Brands. KIP Protocol is a foundational layer in the world of Web3, designed to enable AI models, applications, and data owners to securely transact and monetize their assets.

MyShell.ai secured an undisclosed amount which was funded by Binance Labs. MyShell is a Web3 enabled AI platform that lets users create personalized chatbots called Shells. The platform is for both content creators and consumers.

Chaos Labs completed a massive $55.00M Series A round with Haun Ventures. Chaos Labs is a platform that focuses on providing advanced risk management solutions for DeFi protocols.

Orderly Network raised $5.00M in a Strategic round with help by OKX Ventures. Orderly Network is a combination of an orderbook based trading infrastructure and a robust liquidity layer offering spot and perpetual futures orderbooks.

Satflow achieved $7.60M in Seed funding with help by Variant. Satflow provides infrastructure tailored for market makers and high-frequency traders.

Sling Money completed a $15.00M Series A with support by Ribbit Capital. Sling is an app designed to make sending and receiving money effortless.

Rivalz Network secured $9.00M with support by Delphi Ventures. Rivalz Network is an AI-driven DePin RollApp built on Dymesion.

Sahara AI raised $37.00M in Series A funding with support by Polychain Capital. Sahara is a decentralized AI network designed to create personalized Knowledge Agents (KA) for both individuals and businesses.

Rhinestone secured $5.00M in Seed funding with support by 1kx. Rhinestone provides distribution through a module marketplace and turnkey business models for monetization.

Parfin secured $10.00M in Series A with help by ParaFi Capital. Parfin is a digital asset management platform that provides secure and compliant solutions for managing cryptocurrencies and digital assets.

Autoverse Studios Inc. raised $8.00M with White Star Capital. Autoverse is a Web3 game studio that developed Auto Legends, a racing game that can be played on PC, Mac, iOS, and Android platforms.

The price of Bitcoin (BTC) recently has been steadily recovering and approaching a key resistance level, despite recent drops. Currently, it is hovering around $59,000 after nearly hitting $60,000 once again.

Extreme Fear

Although there has been a 1.3% rise in the past 24 hours, BTC remains 2.6% down over the last week. Market sentiment has worsened, with the Cryptocurrency Fear & Greed Index showing extreme fear with a value of 25.

Moreover, while many large-cap altcoins are struggling, some are seeing gains. Helium (HNT) is up 5%, dYdX (DYDX) has risen by 4%, and AAVE has increased by 3.3%. Overall, the market is still uncertain, with about $111 million in liquidated positions. The broader cryptocurrency market shows mixed performance, with many major altcoins trading lower. Noteworthy examples include SHIB, DOGE, ADA, SOL, XRP, LINK, BNB, and ETH.

Other Markets

Recent developments in Shenzhen highlight a significant shift for Chinese stock market investors, who have lost a key tool for measuring market sentiment. The CSI 300 Index has dropped over 9% since its peak in May, largely due to unmet expectations for earnings recovery and inadequate policy support.

Meanwhile, Wall Street is keenly watching for signs that US consumers are maintaining their spending habits, but recent inspections suggest that consumer spending might not be as robust as hoped. Goldman Sachs has revised its outlook on the risk of a US recession, thanks to new retail sales and job data. As Fed Chair Powell prepares to speak at Jackson Hole, market watchers are eager for insights on the economy.

Additionally, NFL owners and executives are set to discuss the future of private equity investments in their teams, while the New York Stock Exchange is grappling with a decline in stock values. The rise of Payment-in-Kind (PIK) instruments signals potential trouble ahead for private markets. In Central Gaza, displaced Palestinians are dealing with severe challenges, even as Israel cautiously welcomes a new US proposal for a ceasefire.

Health concerns are also making headlines in France, with ongoing discussions about monkeypox vaccines, and Pakistan has started screening all travelers for the Mpox virus. Lastly, in Russia, Novatek is preparing to unveil its second LNG unit at a sanctioned Arctic facility, underscoring the dynamic nature of the local energy sector.

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.

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.

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.