Warsaw, Poland, August 21st, 2023, Chainwire
ETHWarsaw, a web3 conference and hackathon, organized by a passionate group of local Ethereum enthusiasts, returns for its second edition. The event is set to take place from August 31st to September 3rd, 2023 in Warsaw, Poland, bringing together a global community of builders, founders, and educators in web3.
Building upon the achievements of its debut, the second edition of ETHWarsaw promises enhanced experience as it will coincide with the first in the history Warsaw Blockchain Week.
“Despite the backdrop of crypto’s resurgence after a challenging year, we’re ready to deliver an even more comprehensive experience for the global community traveling across the world to Poland. This year we’re literally transforming Warsaw, a tech hub teeming with talent, into a hotbed of web3 action.” said Lukasz Stoczynski, ETHWarsaw’s Co-Founder, Business Development Lead.
This collaborative initiative, set against the charming blend of tradition and modernity that defines Warsaw, promises community-organized side events, including conferences, networking meetups, and parties.
The collective effort is poised to make this year’s ETHWarsaw, for the second year in a row, the biggest web3 conference in the CEE region and Warsaw Blockchain Week the largest blockchain event ever held in Poland.
ETHWarsaw is structured to cater to both seasoned professionals and curious newcomers including web2 developers and students. The conference spans two dynamic days of talks, panels and fireside chats divided into six key tracks: DeFi, Scalability, Security, Infrastructure, Governance, and Non-Tech.
This year’s speakers include Marius Van Der Wijden, Ethereum Foundation; Akram El Milligy, Ledger; Patrick McCorry, Arbitrum Foundation; Artis from Gitcoin, and Adam Gagol from Aleph Zero.
Similarly to last year, the overnight hackathon will start on Friday evening and it will be a 48 hours marathon of non-stop building. There will be opportunities for teams and individuals to get hands-on, practical experience working with applications and advanced tools with ~$50,000 in value to be won from various competitions.
ETHWarsaw’s reputation as a hub for breakthroughs in the blockchain realm continues to be reinforced by the awe-inspiring success stories of projects born from the event. Antoni Zolciak, Co-founder of Aleph Zero, Ocean Sponsor of ETHWarsaw, explains: “The brilliant team behind our recently launched ecosystem company, AZERO.ID, was formed after they emerged as victorious champions of the ETHWarsaw hackathon. This win led them to secure a grant, develop the platform’s first version, and successfully close an oversubscribed pre-seed funding round. Their mainnet launch on Aleph Zero is just weeks away, marking an exciting beginning for AZERO.ID. We’re excited for this year’s hackathon during ETHWarsaw and have no doubt that this year’s edition will not disappoint.”
Other ETHWarsaw returning sponsors include RedStone Oracles, Arweave, Octant, Scroll, IPOR. In addition, EthWarsaw secured support for the vol2 event from companies like Lukso, zkSync, Request Network, PROPERLY, Beamer Bridge, Mantle & Chronicle.
For more details about the event and to buy tickets for the conference and hackathon, visit: https://www.ethwarsaw.dev/
Stay connected with ETHWarsaw:
Twitter: @ETHWarsaw
Telegram: ETHWarsaw Official
Contact
Head of PR
Martyna Borys-Liszka
ETHWarsaw
[email protected]
New York, USA, August 21st, 2023, Chainwire
Zebec has launched Nautilus, a modular L3 network that supports its blockchain-based global payment infrastructure. Nautilus enables continuous payment streaming and real-time payroll services on a previously impossible scale.
As a first-of-its-kind L3, Nautilus enables more than just instant payments. It can also facilitate Zebec Protocol’s live-payment streaming service at scale, made possible by the fastest EVM environment in web3.
Capable of parallel transaction processing, Nautilus is built for scalability, interoperability, and security through interchangeable modules for consensus, settlement, data availability, and transaction execution. This modularity will have a significant impact on how web3 payment infrastructure is composed and adopted.
“Zebec is helping to create a future where money moves more freely, providing individuals, businesses, investors, and teams with quicker and easier access to funds and tokens,” said Zebec Founder Sam Thapaliya. “Launching the Nautilus Chain, and the new suite of products built on it, is a significant step towards our vision.”
With Nautilus now live, Zebec’s team is set to bring single-side staking and DeFi yields online in select jurisdictions and power ZebecPay – its live streaming web3 payroll services. Zebec is also in the process of launching a traditional payroll app, WageLink, with a planned integration with Circle. With the Nautilus chain functionality, Zebec is able to offer crypto off-ramps directly linked to US bank accounts (via a partnership with CoinFlow) and roll out Zebec Card programs in Asia and Europe. These products and services will augment Zebec’s existing services.
Zebec started as a continuous settlement protocol that enabled real-time payments, or payment streaming, allowing businesses to pay employees and partners in real-time in a tax-compliant way. However, the limitations of existing blockchain technology soon became apparent. Networks were either too slow or too unreliable to keep up with demand. To solve the issue, Zebec Labs created a next-generation blockchain: fast enough to facilitate payment streaming at scale, which could, critically, integrate with Ethereum-based chains.
Originally planned for Zebec’s core DeFi projects for internal payments and value/assets transfer, Nautilus testnet became one of the most prominent testnets in the crypto world. Having facilitated over 50 million transactions, with 400,000 wallets and 3,000 smart contracts deployed in its first 8 months, Nautilus chain has proven its utility and functionality beyond DeFi and opened to projects from other sectors, such as NFTs, Gamefi, etc., thus becoming a “general purpose” L3.
A huge upside to Nautilus’ modular system is that it gives developers the flexibility to configure the “chain stack” they use to build their dApps. A modular chain uses interchangeable modules for consensus, data availability, settlement, and execution. Each of these layers can be configured to developer needs or optimized based on the dApp being serviced. Especially at the execution layer, customized rollups can be deployed that optimize for privacy or scalability, or decentralization — whatever is required by the dApp.
Modular chains allow for infinite horizontal scaling and greater levels of interoperability. Since developers build from the same pool of modules, code is safer, more battle-tested, and easier to connect. More rollups and parallel chains can be deployed to increase block space and throughput effectively. Nautilus is a pioneer in this new type of blockchain, and its architecture will permanently change how blockchains are built and bring them into the real world.
At launch, Nautilus’ settlement layer is built using Solana’s VM, MOVE, and its execution layer on Neon EVM using Solidity smart contracts. Data availability is stored off-chain using Celestia. Nautilus’ initial default execution layer will use optimistic rollups, but the team plans to transition to zkRollups for faster settlements, privacy, and even higher levels of scalability.
Nautilus is built with Celestia and Eclipse empowering modular chains. Through Celesita, Nautilus allows projects to tailor their consensus and settlement layers. Eclipse allows builders on Nautilus to deploy customized rollups on their execution layer.
The result is a chain with Solana-like speeds but with the security and decentralization of Ethereum. According to its engineers, Nautilus has been tested up to 3,000 TPS, but the team expects the number to increase with the transition to zkRollups. By having such a high TPS, Nautilus chain provides a platform that can keep up with the demands of the real world, opening the door to decentralized markets for financial instruments and assets, such as stocks, bonds, real estate, and tokenized real-world assets.
Thanks to Nautilus, Zebec can now operate on a much larger scale. Businesses can pay employees and partners in real time through live payments or payment streaming. Zebec’s goal isn’t merely to provide more efficient payment services; it’s to onboard millions of new users through user-friendly, secure payment apps and new use cases.
Zebec’s innovation paves the way for pay-as-you-go payment plans for streaming services, car-sharing platforms, gyms, residential clubs, and more. It enables potential new business models and applications not yet created. As Zebec continues to innovate and grow its ecosystem, it invites developers and founders from around the world to join it in creating a more connected, efficient, and accessible financial future.
About Zebec
Zebec enables real-time and continuous streams of payments and financial transactions for payroll, investments, and more. It was founded in 2021, with investments from Circle, Coinbase, Solana Ventures, Breyer Capital, Republic, and Lightspeed Venture Partners, among others. Zebec already services hundreds of companies, running thousands of continuous payment streams and bringing the blockchain to our day-to-day lives.
Website | Twitter | Discord | Telegram
About Nautilus
Nautilus is a high-performance real-world payment modular chain. Using celestia and eigenlayer, It delivers high-speed and low-cost transaction processing with a secure and stable decentralized foundation.
Website | Twitter | Telegram | Medium
Contact
Elena Solovyov
Zebec
[email protected]
Amidst the ongoing bear market dampening venture capital investments in the cryptocurrency sector, innovative financing avenues like grants have gained prominence as they foster community support and nurture established projects’ growth.
Presently, approximately 40 crypto initiatives, as stated by Blockchain Grants, are extending grants to developers focused on Web3 solutions.
Contrarily, data from Cointelegraph Research underscores that the crypto venture capital space has suffered due to the market downturn, causing a substantial 30% decrease in capital infusion into Web3 projects over the past year.
Grants and venture capital diverge in purpose and prerequisites.
While grants align with particular goals and values, venture capital centers on startups with exponential growth potential and financial profitability.
However, the efficacy of grants rests on reinvesting funds into the project, according to Naveen Agnihotri, CEO of Cumberland Labs.
Agnihotri emphasizes that grants can be a boon for burgeoning crypto projects if funds are channeled back into project development.
Alternatively, venture capital, he notes, can enable founders to bootstrap their projects, given the mutually incentivized engagement between parties.
To sustain accountability and innovation, the SingularityNET team has revamped its Deep Funding grant initiative.
This updated program, now in its third round, will evaluate teams based on milestones, deliverables, and peer revisions.
Proposals are open until September 3 across five funding pools, with over $1.5 million earmarked for AI-related projects.
READ MORE: Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million
According to Rafael Presa, operations manager of Deep Funding, grant programs are pivotal in shaping the next phase of crypto industry evolution by supporting innovative ideas, research, and solutions.
Since its inception in 2022, the Deep Funding program has nurtured 28 artificial intelligence (AI) projects through decentralized voting within the SingularityNET ecosystem.
Furthering this trend, the Interledger Foundation employs its grant program to bolster initiatives targeting payment networks for unbanked communities worldwide.
Briana Marbury, CEO of the Interledger Foundation, highlights that grants can alleviate financial constraints faced by entrepreneurs and innovators, enabling ideas that might otherwise remain unrealized.
The program is currently accepting applications, with grants exceeding $100,000 in this round and a deadline of November 21.
Applying for grants necessitates a deep understanding of grantor objectives and priorities, demonstrating a sincere commitment to the program’s essence.
Engaging with the community, soliciting feedback, and refining proposals showcase dedication to collaboration and improvement, according to Presa.
In these challenging market conditions, Naveen Agnihotri advises projects to focus on addressing genuine issues when presenting grant proposals.
He encourages taking advantage of the bear market’s contemplative environment to devise significant ideas and craft comprehensive grant proposals, highlighting that even in lean times, quality ideas attract funding.
In summation, while the bear market impacts venture capital, the rise of grant programs offers a lifeline for crypto projects, nurturing innovation, collaboration, and impactful solutions.
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Former US President Donald Trump’s Ethereum wallet has been revealed to contain more than $2.8 million, according to a newly disclosed financial statement.
Released on August 14 by the nonprofit watchdog group Citizens for Responsibility and Ethics in Washington, the statement exposes that Trump accrued over $4.8 million through licensing fees linked to nonfungible token (NFT) collections that utilized his image.
His crypto-related endeavors, in total, brought in approximately $7.6 million.
This sum stowed in Trump’s Ethereum wallet significantly surpasses the previously stated figure of $250,000 to $500,000, which was disclosed in an April 14 filing.
The disclosure comes as Trump, after his defeat by President Joe Biden in 2020, is aiming for a White House comeback in the 2024 election.
However, this financial revelation is accompanied by a shadow cast by Trump’s indictment in Georgia on August 14. The charges revolve around allegations of Trump and his supporters plotting to disrupt the 2020 presidential election.
READ MORE: Voyager Digital’s Massive Token Transfers Spark Speculation of Impending Sell-Off
Despite his financial successes in the crypto sphere, Trump’s historical skepticism towards digital currencies lingers.
He has questioned the legitimacy of cryptocurrencies, labeling them as potentially “fake” and foreseeing a “disaster waiting to happen.”
Notably, he has expressed distaste for Bitcoin, deeming it a “scam” and expressing his concern about its competition with the US dollar.
In essence, Trump’s Ethereum wallet now holds over $2.8 million, a sum that dwarfs previous estimates.
This disclosure coincides with his aspiration to reclaim the presidency in 2024, despite the backdrop of legal challenges.
Amid his financial accomplishments within the cryptocurrency realm, his enduring skepticism towards digital currencies remains palpable, particularly in his criticisms of Bitcoin’s viability and potential impact on traditional fiat currencies.
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Uzbekistan’s financial landscape is undergoing a digital transformation as two prominent private banks, Kapital Bank and Ravnaq Bank, secure the green light from the National Agency for Perspective Projects (NAPP) to participate in the realm of cryptocurrency regulation through the digital sandbox initiative.
A significant development unveiled on August 14th, NAPP’s approval was extended to Ravnaq Bank, thus welcoming them to partake in the pilot program.
This followed the Agency’s announcement in May 2023 confirming Kapital Bank’s involvement in issuing its own crypto card.
Branded as “UzNEX,” the forthcoming Uzbeki crypto card is set to revolutionize the financial sector by synergizing traditional banking services with access to a crypto exchange and an automated exchange mechanism.
Bolstering this innovative venture is a partnership with Mastercard, a global frontrunner in payment systems.
Both Kapital Bank and Ravnaq Bank are diligently working towards a shared goal, aiming to roll out their crypto card offerings to the general public by the close of December 2023.
Notably, they stand as two of the esteemed trio of registered participants within the nation’s digital sandbox experiment.
In a pivotal move commencing from 2023, Uzbekistan’s administration has mandated that only licensed cryptocurrency entities are permitted to offer crypto-related services.
READ MORE: Voyager Digital’s Massive Token Transfers Spark Speculation of Impending Sell-Off
This regulatory pivot comes on the heels of the issuance of the inaugural licenses to local crypto enterprises in November 2022.
Preceding this, the country had barred access to several international crypto exchanges of repute, including Binance, FTX, and Huobi, citing allegations of unauthorized activities.
The nation’s meticulous approach to cryptocurrency oversight was instigated by a presidential decree in 2022 that heralded the inception of NAPP, entrusted with the responsibility of supervising the burgeoning digital assets sector.
Furthermore, the decree not only set the wheels in motion for regulatory clarity but also intricately delineated the legal framework encompassing cryptocurrency mining endeavors within the confines of Uzbekistan.
As these private banks join hands with cutting-edge technology and renowned financial giants, they are poised to shape a pioneering era in Uzbekistan’s financial landscape.
With their sights set on the imminent launch of the UzNEX crypto card and the overarching vision of advancing secure and regulated cryptocurrency services, these institutions are indelibly etching their mark in the digital evolution of finance.
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The launch of the Digital Energy Council on August 15 marks a significant development in the United States’ crypto mining sector, aiming to debunk misunderstandings about its environmental impact among policymakers.
The council’s primary objective is to champion policies that foster the expansion of digital asset mining and energy innovation.
Thomas Mapes, the founder and president of the council, emphasized the pressing need for a united voice for digital asset miners in the corridors of power in Washington.
Drawing from his past role as the director of energy at the Chamber of Digital Commerce and his experience as the chief of staff at the U.S. Department of Energy’s Office of International Affairs, Mapes underlined the crucial role of crypto mining companies in the energy ecosystem.
He highlighted how these entities contribute by either supplying energy to the grid during peak demand periods or purchasing excess energy that would otherwise go to waste.
Mapes envisions a future where crypto mining firms evolve into energy companies, alongside established players like utility companies and major power providers.
However, he acknowledged that many lawmakers have yet to share this perspective. Over the past year, legislative measures have been introduced that cast a shadow on the industry’s reputation.
READ MORE: Pro-Bitcoin Politician Surges Ahead in Argentine Presidential Primaries
For instance, in March, the chair of the Senate Environment and Public Works Subcommittee reintroduced legislation alleging that crypto miners strain public grids and release substantial greenhouse gas emissions solely for personal profit.
Mapes further referenced President Biden’s proposal for a 30% excise tax on digital asset mining and the White House’s report on the environmental impact of crypto mining as additional instances that have generated concerns.
Mapes disclosed that the association already boasts a roster of founding members, encompassing both crypto mining and energy companies, some of which are publicly traded entities.
While the association’s initial focus will be on the U.S., Mapes emphasized that both membership and lobbying efforts are concentrated within the country.
In summary, the inauguration of the Digital Energy Council on August 15 signifies a pivotal step in the U.S. crypto mining realm, as it endeavors to correct misconceptions surrounding the sector’s sustainability while advocating for policies conducive to its growth and technological innovation.
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Tel Aviv, Israel, August 17th, 2023, Chainwire
Open Campus, a community-led protocol for educators, content creators, parents, and students, and TinyTap, a subsidiary of Animoca Brands and the leading edtech platform for user-generated educational games, today announced a strategic partnership with Code Green, the trailblazing Web3 organization driven by a commitment to the planet’s health. The collaboration aims to help more children learn about climate change by leveraging the power of tokenized educational content, interactive gaming, and blockchain technology.
Open Campus, TinyTap, and Code Green are all dedicated to supporting the efforts of the United Nations Convention to Combat Desertification (UNCCD). This new collaboration exemplifies their commitment to fighting climate change and their belief in the power of education to shape a more sustainable future.
The partnership follows the successful launch of the Open Campus “Climate Change for Kids” initiative, which aims to foster knowledge and awareness of climate change among the younger generation. The #ClimateChange4Kids campaign, first launched on X (formerly Twitter), has received over a combined 200,000 impressions. The initiative includes a proposal for a US$1,000,000 fund incentivizing teachers to create climate change courses; the “Living Stories” project that encourages communities to share their experiences and climate-conscious practices; a climate-themed sticker pack developed by TinyTap to aid educators in course creation; and a new game called “Climate Detectives: Saving Planet Earth” available for free on TinyTap.
As part of the new alliance announced today, TinyTap will create a new climate change course utilizing the rich lore and avatars from Code Green’s HEALV3RSE game designed by MCSK. HEALV3RSE is a ‘play-to-heal’ game available on The Sandbox platform that allows players to explore and learn about eco-friendly activities such as planting trees, cleaning oceans, and installing solar panels, thereby promoting a deep understanding of climate change and its solutions.
“We are excited to work with Code Green, which is a partner to the United Nations’ efforts to combat climate change and desertification, by educating our kids about what is going on in our planet,” said Yogev Shelly, CEO of TinyTap. “By taking HEALV3RSE avatars to TinyTap, we develop a perfect companion to its metaverse game on The Sandbox, and offer parents and kids multiple ways to learn about our changing world in a fun and engaging way.”
Open Campus and Code Green also announced that they will be giving away 100 HEALV3RSE avatar and equipment NFTs to users who engage in an upcoming joint giveaway campaign, and help spread the message to friends and families. Campaign details will be announced on Open Campus’ Twitter.
Inna Modja, CEO of Code Green, Malian actress, singer, environmental activist, and Goodwill Ambassador for the UNCCD, expressed her excitement about this partnership: “By combining education, technology, and gaming, we’re creating a unique platform to engage children and empower them with the knowledge and awareness to tackle this urgent crisis for our planet.”
About Open Campus
Open Campus is a community-led protocol for educators, content creators, parents, and students. It puts decisions about learning back into the hands of educators and their students by fostering a collaborative environment, enabling teachers to create materials that appeal to the exact needs of students. Additionally, Open Campus recognizes the achievements of teachers and content creators who help students seek new knowledge, opening new revenue streams for effective educators around the world.
About TinyTap
TinyTap, a subsidiary of Animoca Brands, was founded in 2012 and is the world’s largest educational games library with more than 250,000 activities made by educators and publishers including Sesame Street and Oxford University Press. Games are created using TinyTap’s code-free authoring platform and can be accessed by parents as part of TinyTap’s subscription or sold directly to families as bundles. A portion of subscription revenue is shared with content creators based on the user engagement generated by their content. TinyTap is among the top 10 grossing kids apps worldwide, delivering educational content to families all over the world with a focus on young learners (Pre-K to Grade 6), serving 10 million registered family members with content created by over 100,000 creators. Learn more at https://www.tinytap.com.
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. The company develops and publishes a broad portfolio of products including original games such as The Sandbox, Phantom Galaxies, Life Beyond, Crazy Kings, and Crazy Defense Heroes, and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Life Beyond Studios, Notre Game, TinyTap, Be Media, PIXELYNX, and WePlay Media. Animoca Brands has a growing portfolio of more than 380 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.
About Code Green
Code Green is a mission-driven web3 organization that utilizes the power of art and blockchain technology to ignite a healing revolution for the planet. Their work supports the United Nations Convention to Combat Desertification (UNCCD).
Contact
Elie Wiesel
[email protected]
Decentralized finance platform Zunami Protocol has issued a cautionary advisory against the purchase of its Zunami Ether (zETH) and Zunami USD (UZD) stablecoins.
This move comes in the wake of a security breach that targeted the protocol’s “zStables” pools on Curve Finance.
On August 13th, Zunami Protocol officially acknowledged the attack on its stablecoin pools via a post on its Twitter account.
While ensuring the safety of collateral, the protocol has initiated a thorough investigation to assess the scope and impact of the potential exploit.
Blockchain security firm PeckShield has approximated the stolen amount to be more than $2.1 million from Zunami’s Curve Pool.
The breach is attributed to a price manipulation vulnerability, a sentiment shared by the security experts at Ironblocks, who arrived at a similar conclusion.
The initial detection of the exploit was made by PeckShield on August 13th at 10:47 UTC, with Zunami Protocol confirming the incident about 20 minutes later, underscoring the urgency and swiftness with which the situation unfolded.
READ MORE: Hacker’s Tether Address Blacklisted with Police and Cyber Support, Stolen Crypto Recovery Progresses
Zunami Protocol operates as a decentralized revenue aggregator, offering users the opportunity to yield stake stablecoins. The protocol’s major stablecoin pools are housed within the Curve platform.
The impact of the breach is notably seen on the Zunami USD stablecoin as well as Zunami Ether.
In response to the attack, the zETH and UZD Curve pools operated by Zunami have been prominently marked with red exclamation symbols on the Curve platform, serving as a visual indication of the compromised status.
Cointelegraph, seeking further insights, reached out to Zunami Protocol for commentary on the incident.
However, as of the time of reporting, a response from the protocol has not been received.
As Zunami Protocol grapples with the aftermath of this attack, the broader community is reminded of the ongoing security challenges facing decentralized finance platforms.
This event underscores the significance of robust security measures in the DeFi space to safeguard users’ funds and maintain the trust necessary for the ecosystem’s growth.
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A motion to hold co-founder Kyle Davies of the defunct crypto hedge fund Three Arrows Capital (3AC) in contempt of court and impose sanctions has been denied by a judge overseeing the bankruptcy case.
The ruling came from Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York in an August 11 filing.
The judge explained that previous rulings on motions related to a subpoena issued to Davies through X, formerly known as Twitter, were made under the assumption that Davies was a U.S. citizen.
However, it was later revealed that Davies is a non-U.S. citizen residing outside the country.
Judge Glenn cited federal laws that govern compelling compliance outside the United States.
He emphasized that his earlier approvals of motions were based on the assumption that Davies held U.S. citizenship.
This assumption was crucial for proper service of the subpoena, which was invalidated due to Davies’ non-U.S. citizenship status.
Davies’ lawyers submitted evidence on August 1 indicating that he had applied to renounce his U.S. citizenship in December 2020 and had become a citizen of Singapore after marrying a Singaporean national.
As Singapore does not permit dual nationality, Davies’ change in citizenship status had significant legal implications.
The judge suggested that foreign representatives could explore the possibility of compelling Davies’ compliance through the Singaporean legal system.
READ MORE: FTX Debtors Clash with Creditors Over Asset Control Amidst Restructuring Plan
Consequently, he dismissed the contempt motion, clarifying that the U.S. court lacked jurisdiction over Davies.
Co-founder Su Zhu of 3AC, who is a Singaporean national and resides outside the United States, was also issued a summons via X.
However, he is not subject to the subpoena due to his non-U.S. residency.
The whereabouts of both Zhu and Davies have largely remained unknown since 3AC’s collapse in July 2022.
Nonetheless, Davies’ lawyers confirmed his residence in Singapore in the August 1 filings.
The liquidators overseeing 3AC’s case are endeavoring to recover approximately $1.3 billion in funds from the two co-founders.
The firm is reported to owe creditors a total of $3.5 billion.
In April, Zhu and Davies played a role in launching Open Exchange, a platform designed to facilitate the trading of claims against insolvent cryptocurrency companies.
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The DeFi landscape is grappling with a series of challenges, as it strives to recover from the aftermath of the Curve Finance hack.
While containment efforts are underway, a fresh wave of vulnerabilities emerged within the past week.
Steadefi, a prominent DeFi protocol, finds itself ensnared in an ongoing exploit, compounding the industry’s woes amid the ongoing recovery from the Curve crisis.
In a bid to mitigate risks associated with the Curve token price, Binance stepped in by injecting $5 million into the Curve token, subsequent to the hacker’s partial fund return.
This move aims to stabilize the ecosystem and shore up confidence.
Meanwhile, Aptos, the driving force behind the layer-1 Aptos Network, has solidified a partnership with tech giant Microsoft.
This collaboration is set to catalyze the adoption of Web3 solutions across financial institutions. The Aptos token witnessed an impressive surge, soaring by double digits on the back of this association.
Breaking new ground, Coinbase has accomplished a significant milestone. It has introduced Base, a decentralized layer-2 platform, marking a historic move as the first publicly listed company to venture into this domain.
This development has piqued substantial interest from the DeFi community.
Binance Labs, the investment arm of Binance exchange, made waves by investing $5 million into Curve Finance (CRV), the token underpinning the decentralized stablecoin trading platform.
The platform boasts the distinction of being the largest stableswap and second-largest DEX, currently holding about $2.4 billion in total locked value.
Aptos Network, empowered by the synergy with Microsoft, is on a growth trajectory, recording an impressive 11.6% surge.
READ MORE: Hong Kong’s HKVAX Granted Preliminary Approval for Virtual Asset Trading Platform by SFC
This collaboration harnesses Microsoft’s AI tools to expedite the adoption of Web3 in the realm of banking and finance.
The integration with Microsoft’s Azure OpenAI service will drive innovation in asset tokenization, on-chain payments, and central bank digital currencies.
Coinbase’s Base network has transitioned from an exclusive builder phase to a user onboarding phase, signaling a major milestone.
Several Web3 development teams have capitalized on this opportunity, unveiling apps for the Base network.
The launch has been accompanied by a calendar of celebratory events to commemorate this achievement.
The DeFi ecosystem experienced a setback with the exploitation of Steadefi, resulting in a loss of approximately $334,000.
The development team conveyed the gravity of the situation, stating that all funds are presently at risk. The incident has caused a decline in the app’s total locked value, as confirmed by DefiLlama data.
As the DeFi market faced bearish headwinds over the past week, the top 100 DeFi tokens by market capitalization exhibited a mixed performance, with most tokens experiencing losses.
Despite the challenges, the total value locked in DeFi protocols remained below the $50 billion mark, reflecting the sector’s resilience amid adversity.
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