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CryptoPotato
CryptoPotato
Ronin Co-founder Zirlin Claims he Lost $9.7M to Wallet Hack
2 days ago
The Cryptonomist
The Cryptonomist
followers

In a saga that has captured the attention of the global financial community, Do Kwon, co-founder of the Terra-Luna crypto ecosystem, finds himself at the center of a legal storm as he faces extradition to the United States.  According to local media reports, the High Court of Podgorica, in Montenegro, has decided to extradite Kwon to the United States, rejecting the extradition request from South Korea.  The decision comes following accusations of fraud and financial misconduct related to losses suffered by US investors linked to an algorithmic stablecoin. The co-founder of the Terra-Luna crypto system is in a real legal storm  At the end of last year, a court in Podgorica had initially approved Kwon’s extradition. His journey through the legal system began when he was arrested in Montenegro in March 2023 for attempting to use a counterfeit passport to leave the country.  Initially, Kwon had agreed to be extradited to South Korea. However, subsequent developments have led to a change in his legal trajectory. In June, a court in Montenegro sentenced Kwon to four months in prison after finding him guilty of document forgery in relation to the use of a counterfeit passport.  Despite the appeal to the court’s decision, Kwon’s efforts were unsuccessful and he was ultimately sentenced to serve a prison term. The extradition decision marks a significant development in Kwon’s legal issues.  With civil charges from the Securities and Exchange Commission (SEC), Kwon and Terraform Labs are accused of raising billions from investors through the offering and sale of a interconnected series of cryptocurrency securities, many of which allegedly were conducted in unregistered transactions. The imminent extradition comes after the delays of the jury trial for fraud charges, originally scheduled for January 29 but then postponed to the end of March.  The legal representative of Do Kwon cited difficulties in facilitating his client’s release from Montenegro as the reason for the postponement of the trial. The charges against Kwon and Terraform Labs highlight the complexities and challenges surrounding the regulation of cryptocurrency markets and digital assets. As the popularity and adoption of cryptocurrencies continue to grow, regulatory authorities around the world are grappling with how to effectively supervise these rapidly evolving financial instruments. According to Kwon, the extradition to the United States represents a crucial moment in his legal battle, with potential far-reaching implications both for himself and for the cryptocurrency sector in general. The outcome of the trial and any subsequent legal proceedings could shape the regulatory landscape surrounding digital assets and influence investors’ confidence in the sector. The intensification of controls in the crypto world In recent years, governments and regulatory bodies have increased scrutiny on cryptocurrency projects and their founders, especially regarding issues such as fraud, market manipulation, and compliance with securities laws.  The case of Do Kwon highlights the importance of supervision and enforcement of regulations to safeguard investors and maintain the integrity of financial markets. According to Terraform Labs, the legal proceedings involving its co-founder have undoubtedly cast a shadow on the company’s operations and reputation.  Terraform Labs, one of the leading players in the cryptocurrency sector, has been at the forefront of innovation in blockchain technology and decentralized finance. However, the accusations against Kwon and the company have raised doubts about compliance practices and risk management procedures. The outcome of Kwon’s extradition and the subsequent trial will be closely followed by industry operators, legal experts, and regulatory authorities.  Beyond the immediate implications for Terraform Labs and its co-founder, the case could set legal precedents and influence regulatory approaches to cryptocurrencies in the years to come. As the cryptocurrency market continues to evolve and mature, stakeholders must work collaboratively to address regulatory challenges and promote responsible innovation.  Reaching a balance between promoting innovation and protecting investors will be crucial in shaping the future of digital finance and ensuring its long-term sustainability. Conclusions In the case of Do Kwon, the journey from Montenegro to the United States marks a crucial chapter in a legal saga that has captured the attention of the global financial community.  With the eyes of the world focused on him, Kwon’s extradition and trial represent much more than the fate of a single individual: they symbolize the broader challenges and opportunities that the thriving cryptocurrency sector must face in an increasingly interconnected and regulated world. In conclusion, the extradition to the United States of Do Kwon, co-founder of Terraform Labs, represents a significant step in a legal saga that has reverberated throughout the global cryptocurrency community.  Between allegations of fraud and misconduct, Kwon’s journey from Montenegro to the United States highlights the complexities and challenges inherent in regulating the rapidly evolving landscape of digital assets. While governments and regulatory bodies are grappling with the regulation of cryptocurrencies, Kwon’s case serves as a reminder of the importance of strong surveillance and enforcement mechanisms to protect investors and maintain market integrity.  The outcome of Kwon’s trial and any subsequent legal proceedings will have far-reaching implications, shaping not only the future of Terraform Labs but also influencing regulatory approaches to cryptocurrencies worldwide. In the future, stakeholders will need to collaborate to find a balance between promoting innovation and safeguarding against fraudulent activities in the cryptocurrency space.  Facing regulatory challenges and promoting responsible innovation, the sector can continue to thrive and evolve in a way that is beneficial both for investors and for the broader financial ecosystem.

4 days ago
Crypto
ETH,BNB,SOL,MATIC,GLMR,MATIC
Polygon(MATIC)

$0.79

1.61%

Market Cap
7.63b
 

1.61%

Volume (24h)
212.52m
 

15.86%

Released on 28 Apr 2019
DeFiDynamo
DeFiDynamo
followers

Michael Saylor, co-founder and executive chairman of MicroStrategy, has reaffirmed his commitment to Bitcoin (BTC), stating that he and his company will continue to buy the digital asset indefinitely. In an interview with Bloomberg, Saylor emphasized his belief in BTC as the strongest asset, competing with gold and the S&P stock market index. Saylor argues that capital will continue to flow from gold and other asset classes into BTC due to its technical superiority. He sees no reason to sell the winning asset to invest in less successful ones. Saylor's comments follow his prediction in December that BTC demand would surge in 2024, a forecast that is currently materializing as demand from spot Bitcoin ETFs outpaces supply from miners. MicroStrategy, the first publicly traded company to accumulate BTC, now holds 190,000 BTC worth over $10 billion. Saylor remains optimistic about the future of the digital currency, further solidifying his position as one of its strongest proponents.

4 days ago
Crypto
Theta Network(THETA)

$0.97

-0.15%

Market Cap
968.95m
 

-0.15%

Volume (24h)
10.85m
 

23.23%

Released on 17 Jan 2018
0xChairman
0xChairman
followers

$10M Lost in Wallet Hack! Hackers on the prowl While you labour to make sterling gains from crypto, hackers are out there hunting to steal it. In a recent incident, a wallet hack led to a loss of $10 million. The founders are assuring users about the security of the chain. In a recent security breach, Jeffrey Zirlin, co-founder of Sky Mavis, the company behind the popular Axie Infinity game, fell victim to a wallet hack, resulting in a loss of over $10 million. Here's a breakdown of the key details: What Happened: Zirlin confirmed that two of his personal wallets were compromised in the hacking incident. Chain Integrity: Despite the breach, Zirlin assured users that the Ronin sidechain, which hosts Axie Infinity, remains secure and unaffected by the attack. Scope of Attack Blockchain security firm PeckShield revealed that a significant "whale wallet" was targeted, raising speculation about the security of the Ronin Bridge. Approximately 3,248 ETH, equivalent to $9.7 million, was illegally withdrawn and transferred to the crypto mixer Tornado Cash. Isolated Incident: Zirlin's counterpart, Aleksander Leonard Larsen, emphasized that the Ronin Bridge maintains robust security measures and that the compromised wallet was an isolated incident, similar to occurrences on other blockchain networks. Overall Crypto Security Trends: In 2023, the crypto space saw over 600 major hacks, resulting in $2.61 billion in losses, according to PeckShield. However, there was a 27.8% decrease in crypto hacks and scams compared to the previous year. Despite this setback, the founders are working diligently to address the issue and ensure the ongoing security of the Axie Infinity ecosystem. What are your thoughts on this situation? #Write2Earn #TrendingTopic #CryptoSecurity #axs #hackattack

2 days ago
Crypto
ETH
ALTAVA(TAVA)

$0.08

20.59%

Market Cap
N/A
 

Volume (24h)
17.33m
 

437.13%

Released on 26 Apr 2022
TopCryptoNews
TopCryptoNews
followers

The next bitcoin halving is just around the corner. This event will halve the rewards miners receive for each new block added to the network’s blockchain. But what exactly does all of this mean? Blockworks breaks down the technical details around what happens during the halving. The basics of bitcoin The bitcoin network operates on a decentralized ledger known as a blockchain, which is run by a network of computer nodes. These nodes are designed in a way that records and verifies the validity of each transaction on the network. More computer nodes often means that the stability and security of the network are higher. According to Bitnode, there are currently 18,454 nodes running on bitcoin today. Running a node requires the operator to have enough computer storage to download a full record of the network’s blockchain. This record includes every transaction processed since Bitcoin’s creation in January 2009. As the blockchain grows, so does the need for storage. At the time of publication, the bitcoin blockchain size was over 551 gigabytes. Transactions on the Bitcoin network are grouped into “blocks.” Miners, who use powerful computers to solve cryptographic challenges, compete to find a specific 64-digit hexadecimal number, or “hash.” Successfully discovering this hash allows a miner to add a new block to the blockchain, for which they are rewarded with newly minted bitcoins. This process not only secures the network by verifying transactions but also introduces new bitcoins into circulation, adhering to a predefined issuance rate. What does this have to do with bitcoin halving? There have been three previous halving events. The first occurred on Nov. 28, 2012, when bitcoin rewards went from 50 bitcoins to 25 bitcoins. The second happened in July 2016, when rewards went from 25 bitcoins to 12.5 bitcoins. The most recent bitcoin halving event occurred in May 2020, when 12.5 bitcoin rewards were reduced to 6.25. These events are significant because bitcoin has a hard limited supply of 21 million distributable coins, and there is already an estimated circulating supply of over 19 million. A new halving occurs each time the network mines 210,000 blocks. By design, these events are meant to occur roughly every four years. In practice, however, this has not always been the case. Bitcoin’s protocol aims for a new block to be mined every 10 minutes. The network adjusts the mining difficulty every 2,016 blocks in an attempt to maintain this pace. Increases in miner computing power can lead to faster block discovery, while decreases can slow it down. Over the years, these shifts in capacity have led to deviations from the anticipated four-year interval between each halving. This upcoming halving, however, appears to be aligning closely with its scheduled timeline. According to a Flipside Crypto report, the next bitcoin halving event will most likely occur on April 20, 2024. What does this mean for bitcoin miners? Some argue that the fewer the rewards, the fewer incentives there may be for bitcoin miners to continue their operations. “The current hash rate, the current mining difficulty, a miner’s electricity cost and the current bitcoin price — play a tremendous role in determining if bitcoin miners are profitable and can keep operating older ASICs,” Matthew Niemerg, co-founder of layer-1 network Aleph Zero told Bockworks. Sanjay Gupta, the strategy lead at Auradin, a blockchain web infrastructure solutions company, shares this sentiment. “With bitcoin halving, the need for energy-efficient bitcoin, demand response with the grid becomes even more critical. Older, lower efficient miners without rapid energy response will become obsolete,” Gupta said. Even so, Sukhveer Sanghera, Earth Wallet’s founder and CEO, highlights DeFi solutions on bitcoin’s layer-2 networks as a beacon for new revenue streams and incentives for miners, including MEV. “Bitcoin’s hardcoded monetary policy ensures continued trust and stability, while layer-2 innovations like social network layer-2 can provide the incentives to complement base layer immutability,” Sanghera said. The potential for an increase in bitcoin’s value post-halving could also offset these reduced rewards, maintaining mining’s appeal despite the challenges. $BTC #BTC #Halving #Write2Earn #TrendingTopic

3 days ago
CoinEdition
CoinEdition
followers

SingularityNET, Fetch.ai, and Ocean Protocol demonstrate AI’s impact on blockchain functionality. Vitalik Buterin advocates AI for Ethereum security, citing bug detection and code verification enhancement. AGIX, FET, and OCEAN reflect recent bullish rallies, highlighting market interest in AI-blockchain integration. The co-founder of Ethereum, Vitalik Buterin, has openly stated his excitement concerning the AI technologies that can be used in the Ethereum system. This is in light of a growing discussion about the convergence of these two revolutionary technologies, with Buterin, in particular, noting the ability of AI to contribute to code verification procedures and bug detection, which he identifies as a key technical problem for Ethereum. One application of AI that I am excited about is AI-assisted formal verification of code and bug finding.Right now ethereum's biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing. — vitalik.eth (@VitalikButerin) February 19, 2024 Role of AI in Ethereum Security Enhancement Ethereum’s Vitalik Buterin is especially interested in the possibilities of AI-assisted formal verification of code and bug detection. This space, he points out, is fertile ground for innovation as a result of the current weaknesses that are associated with code bugs. Such bugs put the integrity and security of the Ethereum network at great risk, and therefore, the need for more efficient and effective solutions is high. Buterin’s proposal of AI interventions offers a possibility that would enhance the dependability of smart contracts and, hence the entire Ethereum blockchain. Challenges and Opportunities in Code Verification The talk about the incorporation of AI into the Ethereum framework also has some technical challenges. Critics, like Wolfgang Grieskamp from Aptos Labs, argue that it is the intrinsic complexity of the Ethereum Virtual Machine (EVM) that makes verification difficult. Grieskamp emphasizes the challenges in dealing with the indirect branching of EVM, a characteristic that creates problems in the verification of control flow. Nevertheless, the story of AI aiding in more secure and robust blockchain ecosystems still sounds very attractive. Unfortunately the design of the EVM makes verification very hard. It's already difficult to discover simple control flow because of indirect branching. Not sure whether AI will help here. Formal verification of Move is easier and works today, AI can further boost it. — Wolfgang Grieskamp (@wgrieskamp) February 19, 2024 The operations of platforms, including SingularityNET, Fetch.ai, and Ocean Protocol, also add to the discussion of the intersection of AI and blockchain. These platforms are leaders when it comes to AI in improving the functionality of the blockchain, such as the creation and monetization of AI services, automation of business processes, and supporting the safe exchange of data. The benefits of AI incorporation are demonstrated in their achievements, offering a tiny window to a world where blockchain and AI collaborations promote innovation. SingularityNET: An AI Service Market SingularityNET is a key player in this domain, offering a platform that is based on blockchain technology, which helps in the development, sharing, and monetization of AI services. Its internal market allows users to buy various AI functionalities using AGIX, which is the native cryptocurrency. This model not only democratizes AI technologies but also shows real-life examples of AI and blockchain integration opportunities for a more interconnected and efficient digital ecosystem. AGIX/USD 24-hour price chart (source: CoinStats) Concurrently, in the last  24 hours, AGIX’s bullish momentum has had the upper hand after support at $0.4469 was established. As a result, bulls pushed the price to an intra-day high of $0.5674 at press time, a 24% from the support level. Fetch.ai: Automating Business Processes Likewise, Fetch.ai takes advantage of AI and machine learning to make processes run smoothly, especially when it comes to data processing and trading. Using FET, its native cryptocurrency, Fetch.ai rewards engagement in its network, demonstrating the AI’s mastery of automating and optimizing complex processes within and outside the blockchain world. FET/USD 24-hour price chart (source: CoinStats) FET has also had a notable bull rally in the past 24 hours, with the price soaring from an intra-day low of $0.8019 to a high of $0.9188 before facing resistance. Ocean Protocol: Safe Data Monetization Ocean Protocol has a different perspective as it is concentrated on safe data exchange and monetization. Running on the Ethereum blockchain, it enables persons and companies to exchange and earn money from data, preserving privacy and control. This measure points out the crucial role AI plays in improving data security and accessibility, further closing the gap between blockchain technology and AI progress. Concurrently, Ocean Protocol’s native cryptocurrency, OCEAN, has enjoyed a bullish rally, soaring over 20% in the last 24 hours, with its price at $0.7926 at press time. OCEAN/USD 24-hour price chart (source: CoinStats) During the rally, the price bounced between an intra-day high and low of $0.6473 and $ 0.8001, respectively. The post Ethereum Co-founder Backs AI: Don’t Miss the Green Wave in Big Data Tokens appeared first on Coin Edition.

6 days ago

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