AggrNews monitoring recently caught the X account of AI chatbot project Truth Terminal founder Andy Ayrey being hacked. The hacked account posted a message claiming the founder of Truth Terminal planned to launch a new cryptocurrency token named IB.

This post included an image indicating that the token had completed its development phase on the pump.fun platform, though it was later removed. Hacks are commonplace in the crypto space, though many are now actively promoting fraudulent meme tokens through malicious means.

An Evolving Project

Truth Terminal is an AI-driven chatbot initiative that initially captured the attention of the cryptocurrency community with its innovative mix of artificial intelligence and cultural storytelling. Launched by researcher Ayrey, the bot gained significant recognition in July 2024 after receiving a notable Bitcoin donation by Marc Andreessen, co-founder of a16z.

What began as an X bot parodying a fictional religion called the Goatse Gospel has evolved into a project exploring meme coins, digital culture, and the complexities of AI interactions in the ever-changing crypto space.

A Refined Version

The founder describes the initiative as a refined version of the Meta Llama 3.1 model, aimed at pushing the limits and examining the impact of AI in meme content creation. Ayrey originally conceived the bot to crack other language models in order to deliver bad jokes.

While Truth Terminal operates as an independent AI, it does not engage in trading or creating any cryptocurrencies. Ayrey, who holds the associated wallet, emphasizes that the project is an artistic endeavor rather than a commercial one.

Both Ethereum (ETH) and Toncoin (TON) have attracted a significant amount of investors, but a recent analysis by CryptoQuant indicates that TON might actually exceed ETH in holder numbers.

This assertion is grounded in the impressive growth rate that TON has experienced over recent months, averaging 500,000 new followers daily for the last four weeks. If this trend continues, TON is projected to surpass Ethereum by late December.

Ethereum Still Fighting

Despite the aforementioned growth, it is important to note that the number of ETH holders could rise as well, and there is a chance that the growth in TON holders might slow. Furthermore, comparing TON addresses to those of ETH, as of October 26th, the total for TON stood at 113.71 million.

Of these, 93.18 million had balances, while 20.54 million had none. A year ago, TON had only 3.63 million addresses, reflecting an astounding 3,032% increase. In contrast, Ethereum had 309.32 million addresses on the same date, resulting in a year-over-year growth of 14.42%. This indicates that the increase in TON addresses occurred at a rate 210 times faster than that of Ethereum.

The Decline Continues

Ownership statistics reveal that interest in Toncoin has declined over the past month. Whale holdings decreased to 33.19% at the time of reporting. Meanwhile, investor balances dropped to 25.51%, while retail ownership rose to 41.31%. This trend indicates that whales and investors have been reducing their holdings, while retail investors have been accumulating.

In terms of price action, despite a general positive trend among top cryptocurrencies since September, Toncoin has fallen, revisiting September lows. On October 25th, it dropped to $4.51, marking a 16% decrease compared to its weekly peak.

Stil, the bullish momentum for Toncoin continues, as the recent surge of clicker games within Telegram has notably amplified the appeal and functionality of the TON Blockchain and its native token, TON.

A Donald Trump presidency could be detrimental for meme coins, which thrive as a protest against perceived injustices, according to finance professor Omid Malekan who works at Columbia Business School.

He argues that meme coins embody economic populism, reacting against the inequities of venture capital-backed tokens. Malekan warns that increased regulatory clarity in the U.S. might shift focus toward decentralized applications, leading to a prolonged downturn where many investors face losses.

In related news, the former United States President has recently voiced strong support for Bitcoin (BTC), sparking discussions on categorizing the cryptocurrency as a strategic reserve asset.

Responding To Strict Regulation

With a market capitalization of $61 billion, meme coins represent a significant segment of the crypto landscape. Malekan suggests that a Republican sweep could revive initial coin offerings and unrestricted token airdrops, countering pressures by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler.

Nic Carter of Castle Island Ventures supports this view, claiming that meme coins largely emerged as a response to a restrictive SEC environment. However, critics argue that many meme coin traders are indifferent to political matters. Meme coin enthusiast Murad Mahmudov believes their appeal is tied to the rising global money supply, which he expects to continue under Trump.

Increasing Difficulty

Crypto trader Jordan Fish, better known as Cobie, adds that meme coins attract investors due to their potential for rapid price increases. He notes that it is increasingly difficult for average investors to access non meme coins early, and even a more crypto-friendly SEC may not change that.

Moreover, the vague promises made by Trump about crypto regulation aim to position the U.S. as a global leader in the meme coin space. Recent polls indicate strong support for pro-crypto candidates among crypto owners in key swing states, although the backing is nearly evenly split between Trump and Democratic nominee Kamala Harris. As the November 5th elections approach, Harris holds a slight 1.5-point lead over Trump, according to FiveThirtyEight.

BulbaSwap raised $1.30M in Seed Funding with assistance by Foresight Ventures. BulbaSwap is a decentralized exchange that enables secure token swaps and liquidity provision.

Moonwalk Fitness obtained $3.40M in Seed Funding with help by Hack VC. Moonwalk is a fitness accountability app that combines daily step goals with financial incentives. Users can join or create a crew, set a daily step target, and stake their crypto using USDC, SOL, or BONK.

Skyfire secured $1M in Strategic Funding with help by Coinbase Ventures. Skyfire is a financial stack designed for the AI economy, offering an instant, global payment system for AI Agents, LLMs, data platforms, service providers, and other goods and services.

Hana Network acquired $4M in Undisclosed Funding with support by Dewhales Capital. Hana Network is a PoS blockchain on Cosmos SDK and Tendermint, designed for Ethereum, Bitcoin, and other L1 and L2s.

STOKR raised $7.98M in Undisclosed Funding with help by Fulgur Ventures. STOKR is a digital marketplace for alternative investments, allowing users to invest in a wide range of assets such as BTC mining, real estate, and music royalties.

Party Icons secured $9M in Seed Funding with assistance by BITKRAFT Ventures. Party Icons is a Web3 mobile gaming platform that combines social party games with the excitement of extraction shooters. It offers three unique game modes designed for quick and engaging play sessions under 12 minutes, catering to modern gaming habits.

Craftt obtained $2M in Seed Funding with help by Superscrypt. Craftt is a decentralized infrastructure platform designed to support the modern workforce with universal benefits, payments, and identity solutions. It aims to create a seamless and fair work environment, enhancing financial confidence for gig workers, freelancers, and digital nomads.

Variational raised $10.30M in Seed Funding with support by Bain Capital Crypto. Variational is a P2P trading protocol for perpetuals and generalized derivatives. It automates the end-to-end process of trading and clearing for safe bilateral trading of options, futures, perpetuals, and more.

Validation Cloud secured $10M in Undisclosed Funding with assistance by True Global Ventures. Validation Cloud has a Node API which is designed for enterprises and developers needing a robust Web3 solution. It provides an extensive range of API endpoints organized by crypto network for easy integration.

Azura acquired $6.90M in Seed Funding with help by Initialized Capital. Azura is a full-stack decentralized platform offering a non-custodial trading app for DeFi assets. It provides real-time market data, multi-chain interoperability, and secure execution of trades. 

Bitcoin (BTC) experienced significant price fluctuations on Friday night, plunging $3,000 within minutes before partially recovering to $67,000. Altcoins faced even greater challenges, contributing to a total decline in the crypto market cap of about $70 billion overnight.

Although BTC managed to recover some losses, trading close to $67,000, the volatility resulted in over $400 million in liquidations. Currently, Bitcoin is down 1.3% for the day, bringing its market cap to $1.320 trillion, while its dominance in the market has increased to 55.7%.

More Ups And Downs
The week began positively for Bitcoin, which rose to $69,500 on Monday, marking its highest price since late July. However, it quickly encountered resistance, falling back to $67,000 by the end of Monday and continuing that trend into Tuesday.

Wednesday brought further volatility as bearish sentiment pushed Bitcoin down to $65,000. Nevertheless, bullish momentum emerged, with Bitcoin reaching nearly $69,000 several times on Thursday and Friday.

The real turbulence began following a Wall Street Journal report stating that the U.S. government initiated an investigation into Tether. Although the stablecoin issuer denied the allegations, Bitcoin plummeted over $3,000 in mere minutes, hitting $65,500.

Altcoins Decline
The impact on altcoins was even more pronounced, reflected in the rising dominance of Bitcoin. Ethereum, Binance Coin, Tron, Ripple, Bitcoin Cash, and Cardano saw declines of 1% to 3.5% on the last day. Others, like SOL, DOGE, TON, AVAX, LINK, and SHIB, faced steeper losses, with the second-largest meme coin dropping as much as 5.3%.

Severe declines were noted for TIA (-14%), APT (-10%), MEW (-10%), KAS (-10%), AR (-10%), GALA (-10%), and JASMY (-9.5%). In total, the cryptocurrency market cap has decreased to $2.37 trillion, indicating a loss of approximately $70 billion in just one day.

Other Markets

A recent surge in bond trading has raised alarms about market makers and their potential overconfidence. Still, current credit spreads suggest an overly optimistic bond market, which could face rapid repricing if volatility spikes, especially after the presidential election.

In the stock market, large-cap companies are feeling the impact of a shift in investments as traders brace for the interest rate decision by the Federal Reserve. Despite rising yields, Wall Street bulls remain undeterred. Notably, hedging activity has surged across nearly all markets. For Chinese stocks, stimulus measures are deemed more critical than the U.S. elections.

In a decisive move against corruption, China penalized 589,000 individuals in just nine months. Meanwhile, DCA Airport experienced service disruptions due to a Microsoft outage, prompting Delta to sue CrowdStrike over a major software glitch.

In the oil sector, the Keystone operator was held accountable for a U.S. spill, while Brookfield raised $26 billion for Oaktree and infrastructure ventures. A Brookfield unit is also seeking to sell $1.5 billion in private credit. Finally, Wall Street has been coming up with new and innovative tax-loss harvesting strategies, providing wealthy clients with savvy ways to reduce their tax burdens.

The Wall Street Journal (WSJ) reports that the U.S. Department of Justice and the Treasury Department have initiated an investigation into Tether, the company behind the largest stablecoin, USDT. The investigation focuses on allegations that Tether violated anti-money laundering laws and may have allowed sanctioned individuals or entities to evade restrictions.

In an effort to work alongside regulatory authorities, Tether recently took a big step to improve safety by introducing a new policy on wallet freezing, after which over 40 wallets were frozen on the basis of suspected fraudulent activity.

Rising Concerns

The inquiry, led by the Southern District of New York, is examining whether third parties exploited USDT for illicit activities or money laundering. This investigation has reportedly been ongoing for several years, aiming to determine if the widespread use of USDT helped facilitate illegal financial transactions.

Additionally, the Treasury Department is looking into whether Tether was involved in circumventing international sanctions. There are concerns that banned groups, like Hamas and Russian arms dealers, could use USDT token in financial operations, given its status as a digital dollar in global markets. The Wall Street Journal highlights that USDT trades approximately $190 billion daily.

More Than Meets The Eye

In response to the investigation, Tether CEO, Paolo Ardoino, dismissed the allegations as outdated, claiming that Tether is not currently under investigation and outright blaming The Wall Street Journal for spreading misinformation. He stated that there is currently no indication of any direct action against Tether.

Despite his reassurances, the news negatively impacted the cryptocurrency market, causing Bitcoin (BTC) to drop over 2% and Ethereum (ETH) to briefly fall below $2,400 before recovering some losses. It remains unclear as to who is telling the truth, but admittedly this is not the first time that Tether has been the subject of controversy. 

The Wall Street Journal (WSJ) reports that the U.S. Department of Justice and the Treasury Department have initiated an investigation into Tether, the company behind the largest stablecoin, USDT. The investigation focuses on allegations that Tether violated anti-money laundering laws and may have allowed sanctioned individuals or entities to evade restrictions.

In an effort to work alongside regulatory authorities, Tether recently took a big step to improve safety by introducing a new policy on wallet freezing, after which over 40 wallets were frozen on the basis of suspected fraudulent activity.

Rising Concerns

The inquiry, led by the Southern District of New York, is examining whether third parties exploited USDT for illicit activities or money laundering. This investigation has reportedly been ongoing for several years, aiming to determine if the widespread use of USDT helped facilitate illegal financial transactions.

Additionally, the Treasury Department is looking into whether Tether was involved in circumventing international sanctions. There are concerns that banned groups, like Hamas and Russian arms dealers, could use USDT token in financial operations, given its status as a digital dollar in global markets. The Wall Street Journal highlights that USDT trades approximately $190 billion daily.

More Than Meets The Eye

In response to the investigation, Tether CEO, Paolo Ardoino, dismissed the allegations as outdated, claiming that Tether is not currently under investigation and outright blaming The Wall Street Journal for spreading misinformation. He stated that there is currently no indication of any direct action against Tether.

Despite his reassurances, the news negatively impacted the cryptocurrency market, causing Bitcoin (BTC) to drop over 2% and Ethereum (ETH) to briefly fall below $2,400 before recovering some losses. It remains unclear as to who is telling the truth, but admittedly this is not the first time that Tether has been the subject of controversy. 

Microsoft is reportedly contemplating an investment in Bitcoin (BTC), based on a filing with the U.S. Securities and Exchange Commission made on Thursday. The company has added this topic as a voting item for its upcoming shareholder meeting set for December 10th.

The proposal titled Assessment in Investing in Bitcoin appears to originate via The National Center for Public Policy Research, a conservative think tank that is involved with Project 2025, which promotes a strongly conservative policy agenda.

Mixed Reactions

The proposal includes a statement recommending shareholders vote against it. The filing by Microsoft indicates that the board considers this proposal unnecessary, as management already gives the matter careful consideration.

In its Notice of Annual Shareholders Meeting and Proxy Statement for 2024, Microsoft explained, The Global Treasury and Investment Services team assesses various investable assets to support ongoing operations, including those anticipated to provide diversification and inflation protection, while mitigating risks associated with rising interest rates.

In addition, the company also mentioned that previous evaluations have in fact included Bitcoin and other cryptocurrencies, and it continues to observe trends in the crypto space to guide future decisions.

Massive Potential

Microsoft acknowledged that volatility is an important factor in assessing cryptocurrency investments and emphasized that it has established processes to manage and diversify its corporate treasury.

As the third-largest tech company in the U.S. with a market capitalization of $3.157 trillion, Microsoft would become the largest publicly traded crypto investor if this proposal passes, surpassing both MicroStrategy and Tesla.

Under securities law, eligible shareholders who own a specific amount of equity can propose items for a shareholder vote, including operational or policy changes. The final decision on such proposals is usually determined by a majority vote of the shareholders, rather than the Board of Directors.

October 24th, 2024  TON Memelandia is excited to announce the launch of its highly anticipated Memecoin Battles event, offering traders, token creators, and memecoin communities the chance to compete for a share of a massive $1,250,000 prize pool.

Kicking off the week of October 28th, 2024, this inaugural season will feature two thrilling competitions: Cabal Arena and Memecoin Mountain, each designed to engage participants in the dynamic memecoin market.

Cabal Arena And Memecoin Mountain

Developed by the TON Community and backed by the TON Foundation and TON Society, TON Memelandia empowers communities to create, collaborate, and compete through Telegram. Memecoin Battles will therefore unfold over four weeks, with applications currently open until one week before the competitions conclude.
In the Cabal Arena, various teams known as Cabals will face off by deploying and trading memes, striving to achieve the highest PnL (Profit and Loss) and trading volume. The top ten Cabals will share a substantial $750,000 in rewards. To enhance the competitive spirit, leading market makers will participate as secret agents, offering mentorship while testing the trading acumen of the Cabals.
Numerous memecoins will also compete in Memecoin Mountain based on key performance metrics, including trading volume, market capitalization, holder growth, and social engagement. Expected participants include popular tokens such as $DOGS, $REDO, $FISH, and $DUREV, alongside other contenders launching on TON. A milestone-based prize pool of $500,000 will be unlocked if the community achieves the highest trading volume across both battles, rewarding the most engaged members..

Blending Creativity And Community

Building on the success of previous competitions during the Open League, these battles represent a significant advancement in the memecoin trading landscape, according to Alena Shmalko, Ecosystem Lead at TON Foundation. Alena added that this competition not only blends creativity and community but also provides an exciting platform for experienced traders, token creators, and passionate communities to showcase their skills in friendly yet fierce battles for substantial cash prizes. The team eagerly anticipates what the ecosystem can achieve when the stakes are this high, Alena concluded.

About TON Memelandia
TON Memelandia is a premier platform in the memecoin space, providing engaging opportunities for traders, token creators, and communities to participate in high-stakes competitions and enhance the memecoin ecosystem on The Open Network (TON).

The Memecoin Battles offer fans a unique opportunity to demonstrate their trading prowess, with the added excitement of generous airdrops, live competitions, and significant rewards. However, there is some important information to know beforehand. Firstly, applications are open now and close one week before the competitions end. Secondly, competitions commence the week of October 28th, 2024. Next, Cabal Arena participants can submit entries here. Finally, Memecoin Mountain participants can apply through TONResearch.

For further information, visit the official website or connect with the team via Telegram and X (Twitter).

Press Contact:
Laura Guzik
PR Manager, TON
Email: laura@ton.org
Telegram: @lauragzk

Crypto scams are widespread, a fact well-known to many. However, some of these scams are notably more severe than others. Certain scammers repeatedly execute the same type of rug pull, and their misdeeds sometimes extend beyond mere financial theft.

Recently, someone reached out to share their story with the public. Below is an account detailing a notorious crypto scammer along with a distressing testimony by a victim of his schemes.

Alleged Crypto Scammer Jeremy Cahen, Aka Pauly0x

The online pseudonym Pauly0x belongs to an individual with a troubling history of alleged crypto fraud. Hackernoon reveals that Jeremy Cahen, among others, faced a lawsuit by Yuga Labs in June 2022. The lawsuit accused Cahen, along with the controversial artist Ryder Ripps, of selling NFTs that infringed upon trademarks belonging to Yuga Labs as well as those of the Bored Ape Yacht Club, defrauding buyers of millions.

In February 2024, Cointelegraph reported that a judge sided with Yuga Labs, mandating that the defendants pay over $9 million in damages collectively. Although the original post on Reddit about Pauly0x allegedly stealing $286k in under an hour has been deleted, users on X (formerly Twitter) have publicly denounced Pauly0x for his fraudulent activities.

Opinions On Pauly0x

It is pertinent to understand the thoughts of former collaborators of Pauly0x, such as OG_Kenobi_Hello, on the long-term impact of what Pauly0x has done. Kenobi believes that this is just the tip of the iceberg regarding the accusations against Pauly0x.

Jeremy Cahen, also known as Pauly0x, seems to be notorious for executing a classic pump-and-dump crypto scam repeatedly. This method is familiar to many within the crypto community and follows a predictable pattern:

1. Launch a token.
2. Promote the token extensively on social media.
3. Either sell the tokens immediately after people invest or steal funds directly via a DeFi platform.

While variations exist, the core strategy remains consistent. The token may be hyped through mainstream social media like Twitter or through private channels on Discord or Telegram. Once investors purchase the tokens, their funds often become irretrievable, either through loss in value or outright theft.

A Cautionary Tale

Evidence shows that Cahen used a Solidity contract to enable users to provide millions in liquidity to Uniswap in exchange for a negligible amount of a scam token called PNDX. This token allowed others to transfer funds via wallets without the consent of the users.

Shortly after, the liquidity provided by users was siphoned off. Three hours post-launch, when the liquidity was already drained, Pauly0x finally warned against using Uniswap for PNDX purchases, but by then, the funds had already disappeared.

The ETH wallet ending in 6faf initiated the mining contract, a multi-signature wallet, and added liquidity to Uniswap just 30 minutes before Pauly0x shared the contract address. The developer exploited this contract and then sold through Uniswap. This information, publicly accessible through breadcrumbs and ETH scan, mirrors the outcome of another Pauly0x scheme, yougetnothing.eth, detailed in this Reddit thread: https://www.reddit.com/r/CryptoCurrency/comments/14f4drl/twitter_user_pauly0x_had_told_people_to_send_him/, where contributors to Pauly0x received nothing in return.

An AI bot, funded by a $50,000 Bitcoin (BTC) grant, was instrumental in the launch of the meme coin GOAT, which astonishingly reached a market capitalization of $300 million within just four days. Marc Andreessen and Ben Horowitz, co-founders of a16z, recently explored this unexpected phenomenon, crediting it to Truth Terminal, an AI bot developed by Andy.

The Rise Of Meme Coins

Truth Terminal was designed to engage with Internet culture and incorporate memes into its interactions, which makes it a bit different as compared to typical AI models that often maintain a cautious approach. With the funding provided by Andreessen, the bot began to generate interest and excitement around the idea of a meme coin. Although GOAT lacks intrinsic value, its rapid ascent was fueled entirely by AI-generated marketing strategies that resonated with online communities.

This remarkable rise underscores a significant difference between meme coins and traditional cryptocurrencies. While assets like Ethereum have tangible utility and can be exchanged for goods and services, meme coins primarily thrive on viral trends and cultural engagement. They may lack practical applications, yet they can still accumulate substantial value based on community interest. However, this volatility also attracts risks, including scams and speculative schemes.

A Cautionary Tale

The story of GOAT exemplifies the unpredictable ways in which AI and cryptocurrency can converge. Andreessen and Horowitz discussed the potential for future advancements, suggesting that AI could not only facilitate the creation of meme coins but also contribute to practical applications like decentralized energy systems or personalized medicine. This indicates a broader trend where AI is expected to play a larger role in the evolving landscape of digital finance.

Overall, the emergence of Truth Terminal and its impact on the GOAT meme coin highlights the power of AI-driven creativity and the dynamic nature of cryptocurrency markets. As the intersection of these technologies continues to develop, it may pave the way for groundbreaking innovations that reshape the financial world.

SAN FRANCISCO, October 24th, 2024  Ankr, a leader in blockchain infrastructure solutions, has officially integrated The Open Network (TON) into its Web3 API service. This strategic move offers developers a streamlined gateway to build decentralized applications (dApps) on the TON blockchain, tapping into Telegram and their expansive community of 950 million users.

A Dedication To Innovation

With this integration, Ankr reinforces its dedication to innovation and aims to transform the development landscape for dApps on TON. Developers no longer need to deploy or manage their own nodes to access on-chain data, providing them with immediate connectivity to the TON blockchain.

Chandler Song, Co-Founder and CEO of Ankr, stated that Ankr is thrilled to support development on TON and foster the growth of next-generation dApps, digital assets, games, and more on Telegram and beyond. As the messaging app plays a crucial role in our industry, he added, the team is excited to witness innovative functionalities emerge now that barriers to building have been removed.

Anthony Tsivarev, Director of Ecosystem Development at the TON Foundation, said that partnering with Ankr underscores a mutual commitment to equipping developers with the tools necessary for rapid dApp development on TON, while simultaneously harnessing the vast global reach that Telegram offers. The goal is to create a developer-friendly environment that propels the Web3 movement for the masses, he added.

The Advantages

Ankr has an API service which provides freely available TON endpoints, serving as a public good for the ecosystem with numerous advantages for developers including the streamlining of TON development. The TON APIs by Ankr connect wallets and dApps with the TON blockchain, facilitating the efficient transmission of on-chain data between TON nodes, dApps, and end-users. This enables essential tasks such as submitting transactions and checking wallet balances.

Furthermore, developers gain instant access to powerful tools through the API service, including high request rates, global node locations, telemetry, debug mode, support portal, and WebSocket (WS) capabilities. This support enables developers to rapidly create feature-rich applications on the TON Network. The Web3 API service also allows applications and open-source software to leverage the capabilities of TON, providing developers with a robust node cluster rich in data essential for dApp development and operation.

Finally, this collaboration bolsters the global TON ecosystem, as Ankr has a robust infrastructure spanning over 30 regions worldwide. This distributed node network is vital for maintaining high performance and low latency for TON users.

About Ankr And TON
Ankr is an all-in-one Web3 developer hub offering a comprehensive suite of tools for building Web3 applications, supported by high-performance connections to over 55 blockchains. Ankr provides multi-chain dApp development tools, blockchain engineering services, crypto staking solutions, and a globally distributed node infrastructure, enabling users to easily participate in the decentralized economy.

The Open Network (TON) is a decentralized blockchain community dedicated to making cryptocurrency accessible to everyone. By building the Web3 ecosystem within Telegram Messenger, TON aims to empower 500 million users to own their digital identity, data, and assets by 2028. Learn more at ton.org.

2024 has proven to be a breakout year for TON, with a surge in Telegram Mini Apps spanning various industries and a remarkable onboarding of 1 million new users in just one day. Ankr has also helped companies like Microsoft and Tencent alongside dozens of other networks build their blockchain API infrastructure, and most recently they were able to win over TON for the opportunity to power the massive surge in on-chain traffic.

These developments have solidified TON as an attractive option for Web3 developers globally, prompting the selection of Ankr to create new API connections that facilitate the burgeoning demand for on-chain resources.

For media inquiries, contact:
Kevin Dwyer
Email: kevin@ankr.com

With the recent launch of the DAO Association Regime (DARe) by RAK DAO, the United Arab Emirates (UAE) has solidified its status as a key hub for Web3 and cryptocurrency innovation globally. This initiative demonstrates a strong commitment by the UAE toward fostering a secure environment for decentralized organizations to thrive, supported by appropriate legislation.

A few months ago, Chainalysis officially inaugurated its headquarters for Southern Europe, the Middle East, Central Asia, and Africa in the United Arab Emirates. The company intends to enlist skilled professionals with expertise in traditional finance, regulatory compliance, and Web3 technologies to operate out of its Dubai base.

Assisting DAOs

There has been a notable increase in buyers of Bitcoin (BTC) and DigiToads in the UAE, attributed to the country becoming increasingly open to adopting cryptocurrencies and blockchain technologies. The DARe framework, introduced by RAK DAO, aims to assist decentralized autonomous organizations (DAOs) at various stages of development.

The Startup DAO model simplifies regulations for groups with fewer than 100 members, allowing them to concentrate on growth. In contrast, the Alpha DAO plan caters to more established DAOs with treasuries of at least $1 million, facilitating their operational expansion.

Dr. Sameer Al Ansari, CEO of RAK DAO, emphasized that the launch of DARe marks a significant step toward establishing a global hub for the blockchain and digital assets ecosystem. By providing a structured legal framework, he continued, the team is empowering DAOs to actively engage with the off-chain world, such as by opening bank accounts and managing both on-chain and off-chain assets. This legal framework also enhances the credibility of DAOs among peers, members, and investors.

Becoming A Global Hub

Luc Froehlich, the Chief Commercial Officer, noted that DARe allows DAOs to engage with the real economy, enhancing their trustworthiness in the eyes of investors and other DAOs. Comparing the favorable regulatory landscape of the UAE to that of, say, Italy and their more restrictive approach, the DARe system positions the UAE as an attractive destination for crypto-related businesses as interest in digital assets continues to grow globally.

Additionally, the Virtual Asset Regulatory Authority (VARA), which is based in Dubai, has made various recent legal adjustments that simplify the regulation of virtual assets. These initiatives highlight an ever-growing ambition by the UAE to reinforce its leadership in the development of blockchain technology and digital assets and become a global hub for all things Web3.