Utrecht, Netherlands, August 15th, 2023, Chainwire
AllianceBlock today unveiled Nexera Exchange, an innovative new decentralized exchange platform incorporating an advanced on-chain order book protocol to provide deeper and more accessible liquidity across a diverse range of cryptocurrencies and tokenized assets.
Nexera Exchange builds on last year’s launch of AllianceBlock DEX, which harnesses the power of a cutting-edge Automated Market Maker to minimize the risk of impermanent loss for liquidity providers. Designed to meet the demand for a more streamlined user interface and optimized liquidity mechanisms, Nexera Exchange acts as an intermediary layer, making AllianceBlock DEX more efficient and user-friendly.
DEX platforms have vast potential but struggle with challenges around the user experience and operational fluidity, in contrast to the highly efficient experience of centralized exchanges. By leveraging an innovative on-chain order book protocol, Nexera Exchange bridges this gap, providing a decentralized trading experience that rivals the very best CEX platforms while amplifying the core strengths of AllianceBlock DEX.
Enhanced DEX Liquidity With Uniswap
Nexera Exchange’s integration with the Uniswap protocol allows it to leverage the rich liquidity of Uniswap V3 and execute limit orders seamlessly while ensuring the best possible price. Ultimately, Nexera Exchange intends to become an on-chain limit order book aggregator that facilitates efficient liquidity access from across multiple DEXs to deliver the most optimal decentralized trading experience. The integration with Uniswap allows users to place market orders and gain deeper insight into available liquidity at various price points for trading pairs.
In its next phase, Nexera Exchange will add the ability to execute limit orders. By leveraging its limit,on-chain order book, limit orders will be securely stored on chain, with the protocol determining the optimal match from either the order book itself or Uniswap V3’s liquidity pool. By transitioning from market orders to limit orders, users gain heightened control and deeper price insights, creating a more efficient trading environment.
A key element of this transformation will be the addition of a stability staking pool to incentivize traders to actively participate in the platform. Users will be able to stake their NXRA tokens and earn a portion of the trading fees from Nexera Exchange on a continuous basis, creating a mutually beneficial environment for all participants. The integration of NXRA as an incentivization tool will improve the overall experience for Nexera Exchange users while augmenting the platform’s growth and liquidity, and providing additional utility for the token itself.
Advanced DeFi Primitives
Traders will also gain access to an array of new DeFi primitives in a forthcoming release that combine to deliver an enriched toolkit for advanced DeFi trading strategies.
The new primitives include Staking-Enabled On-Chain Order books, a novel approach wherein users can stake their orders on the blockchain to provide liquidity to the protocol, distinct from the standard liquidity provision model. Other innovations include Order-Triggering Matching to eliminate the continuous hustle of order matching; Yield-Optimized Staked Orders to generate passive yield; and Dynamic Range Order Book Provision to ensure optimal order execution and capital utilization.
Building A Secure & Compliant DEX Experience
Nexera Exchange’s transformation will gradually redefine the DEX trading experience to support the concept of tokenized asset trading, enabling real-world assets (RWAs) to be traded with the same ease as digital tokens. The evolution of Nexera Exchange is designed to establish a fully transparent and compliant platform that’s trusted by traders and investors alike while aligning with regulatory standards.
In the coming months, Nexera Exchange will introduce critical functionality including decentralized KYC/AML procedures and gated liquidity pools to verify users and enhance security, together with zero-knowledge proofs for users to comply with KYC without revealing their personal information. The platform will also introduce Fractionalized NFT Representation technology to support the tokenization of RWAs, followed by unique yield-generating DeFi strategies for users to provide liquidity for RWA fractions. Finally, Nexera Exchange will implement high-level security mechanisms such as multi-factor authentication, advanced cold storage and consistent security audits.
With Nexera Exchange, AllianceBlock’s goal is to entice financial institutions and institutional traders to enter the DeFi industry with measures that minimize risk and achieve the highest standards of compliance for the safe and secure trading of tokenized assets.
About AllianceBlock
AllianceBlock is an infrastructure provider for decentralized tokenized markets. It empowers businesses with liquidity provisioning, and allows them to compliantly issue, manage, and trade tokenized, digital assets including real world assets (RWAs).
The AllianceBlock ecosystem of partners, clients, and ventures consists of top stakeholders from the financial industry, as well as the decentralized finance (DeFi) sector. Their unique product suite complies with global regulations and seamlessly integrates with legacy systems.
Contact
Avishay Litani
[email protected]
In a collaborative effort involving law enforcement and cyber authorities, a victim who goes by the pseudonym L3yum on X (formerly known as Twitter) has achieved a significant breakthrough following a hack that resulted in the loss of 90 Ether.
The victim has managed to have the perpetrator’s Tether address placed on a blacklist, potentially enabling the recovery of a substantial portion of the stolen funds.
The breach occurred on March 16, when the hacker successfully acquired access to L3yum’s hot wallet seed phrase.
Subsequently, a collection of nonfungible tokens (NFTs) associated with Yuga Labs, as well as cryptocurrencies and NFTs from smaller projects, were pilfered.
These ill-gotten assets were swiftly liquidated or traded by the attacker.
In a recent post on Aug. 11 on X, L3yum conveyed the successful outcome: “Today after working with the police and cyber team in my country, I was able to get the stolen funds sitting in USDT frozen and black listed.”
The involved Ethereum-based USDT address, linked to the hacker, has now been rendered inactive, marking a significant step towards recovering the stolen assets.
At present, the 90 ETH translates to roughly $166,000, while the blacklisted wallet contains $107,306 worth of USDT, implying that the victim might not fully recoup their losses.
The question of whether the victim will receive restitution remains unanswered.
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However, history suggests that when a USDT address faces blacklisting under similar circumstances, Tether has previously destroyed the blacklisted USDT and reissued an equivalent amount of the asset to the original owner.
It’s important to note that the process of blacklisting a USDT address by Tether typically follows a court order, as has been observed in previous cases.
L3yum indicated that while this seemed to be the likely course of action, confirmation is still pending.
Responding to comments, L3yum clarified, “This is the part I’m unsure about but yeah from my understanding this is how it works and the funds that are blacklisted are essentially burnt.
Don’t quote me on that though, but that is my understanding!”
The circumstances that enabled the hacker to obtain the seed phrase back in March are yet to be fully determined.
However, initial speculation pointed towards possibilities such as SIM swapping, inadvertent seed phrase storage on iCloud, or the use of the wallet across multiple devices.
While details remain unclear, L3yum’s proactive efforts, coupled with the cooperation of law enforcement and cyber experts, have paved the way for potential recovery in this intricate crypto hack saga.
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Former FTX CEO Sam Bankman-Fried’s bail has been revoked by a federal judge in response to allegations that he attempted to intimidate witnesses by sharing information with New York Times reporters.
The decision was made during an August 11 hearing at the United States District Court for the Southern District of New York. Judge Lewis Kaplan ordered the revocation of Bankman-Fried’s $250 million bail, which had initially kept him out of custody since his arraignment in December 2022.
Bankman-Fried had given interviews to New York Times reporters, with the intention, as suggested by Judge Kaplan, of “hurting and frightening” his former colleague and girlfriend, former Alameda Research CEO Caroline Ellison.
His legal team confirmed his collaboration with the reporters, leading to the imposition of a gag order to prevent any further extrajudicial statements related to the ongoing criminal case.
Assistant U.S. Attorney Danielle Sassoon cited Bankman-Fried’s breach of previous bail conditions, which included sending a message via the Signal app to FTX US general counsel Ryne Miller, using a virtual private network for internet activities, and releasing information to reporters aimed at intimidating Ellison.
The prosecutor also mentioned that the Putnam County Correctional Facility could provide Bankman-Fried with a laptop if he were to be remanded into custody, though home detention with restrictions on Google Drive was also considered.
Judge Kaplan stated that there was probable cause to believe that Bankman-Fried had attempted to tamper with witnesses on at least two occasions, and he listed additional violations as well.
Consequently, he decided to revoke the bail. Sassoon argued that Bankman-Fried had allegedly asked witnesses to delete specific messages and documents.
Bankman-Fried’s attorney, Mark Cohen, pleaded with the judge to maintain his bail conditions, asserting that coordination with the legal team was necessary.
Cohen also contended that allegations of witness intimidation should be addressed during the October trial.
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Despite Bankman-Fried’s legal team’s intention to appeal the decision, Judge Kaplan denied the motion and ordered Bankman-Fried to be remanded into custody, likely at the Putnam County Correctional Facility.
He may be transferred to the Metropolitan Detention Center in Brooklyn once the trial begins in October.
It’s worth noting that Bankman-Fried’s parents may have been present at the hearing.
Bankman-Fried, who has primarily been staying at his California home except for court appearances in New York, is facing 12 criminal charges spanning two trials scheduled for October 2023 and March 2024.
While a campaign finance law violation charge is set to be dropped due to an extradition agreement with the Bahamas, prosecutors intend to include the alleged scheme in a wire fraud charge.
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The Hong Kong Securities and Futures Commission (SFC) has granted preliminary approval to the Hong Kong Virtual Asset Exchange (HKVAX) to operate a virtual asset trading platform within the framework of the region’s securities regulations.
HKVAX recently disclosed that it has secured an “approval-in-principle” from the SFC, authorizing the execution of Type 1 and Type 7 regulated activities.
The Type 1 license empowers the platform to administer a digital asset trading system dealing with securities, while the Type 7 classification formally permits the company to furnish automated trading services to both retail customers and institutional investors.
In pursuit of capitalizing on the investment prospects presented by Web3, HKVAX is striving to introduce a new category of offerings known as security token offerings.
Once the final endorsement is obtained, the platform intends to provide a range of services, including over-the-counter (OTC) brokerage facilities facilitating transactions between fiat and digital assets.
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Moreover, the platform plans to establish an institutional-grade exchange platform and a secure custody solution, backed by insurance provisions.
Anthony Ng, who serves as the co-founder and CEO of HKVAX, articulated that as the platform’s operations expand, the entity remains committed to broadening its array of products available in the Hong Kong market.
Simultaneously, HKVAX intends to collaborate with strategic investors during its forthcoming funding rounds.
The announcement from HKVAX emerges in the wake of HashKey and OSL, two exchanges, debuting retail cryptocurrency trading activities in Hong Kong.
These exchanges made history on August 3 as the first entities to be granted licenses to facilitate crypto trading services in the jurisdiction.
Hong Kong’s regulatory authorities have intensified their scrutiny of the cryptocurrency sector following the FTX collapse.
The CEO of the SFC, Julia Leung Fung-yee, stressed the importance of crypto trading within the virtual asset ecosystem in light of the FTX exchange’s downfall in 2022.
In a public address, Leung emphasized that the newly implemented licensing structure for virtual asset service providers aims to safeguard investors as they engage in trading activities.
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FTX’s CEO and chief restructuring officer, John J. Ray III, along with other debtors, are expressing dissatisfaction with certain members of the Official Committee of Unsecured Creditors (UCC), who are attempting to gain control over assets.
These debtors are raising concerns about the UCC’s proposal to invest around $2.6 billion from cash reserves into short-term Treasuries.
They believe this move contradicts the FTX 2.0 draft restructuring plan.
In an official response filed on August 9, FTX addressed the UCC’s opinions regarding the reorganization and term sheet proposal. FTX criticized the UCC’s pursuit of asset control, especially their recommendation to allocate the cash reserves to cover professional fees, which could total up to $330 million.
Tensions have arisen between the UCC and debtors due to allegations that creditors were not adequately consulted and that FTX substantially depleted funds during the bankruptcy filing process.
Furthermore, the United States Securities Exchange Commission (SEC) expressed dissatisfaction with what it perceived as limited engagement and unprofessional conduct among several UCC members.
FTX’s restructuring unit has managed to recover around $7 billion in liquid assets from the original $8.7 billion owed to customers at the onset of the exchange’s bankruptcy proceedings.
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However, some creditors and experts believe that the debtors’ actions are hindering the reorganization process and have contested claims made by the UCC.
The debtors have unveiled a strategy for the relaunch of FTX 2.0, with CEO John J. Ray III striving to finalize agreements and outstanding payments to facilitate the launch.
Yet, Jesse Powell, the CEO of Kraken, has expressed doubt about FTX 2.0, stating that the endeavor is more challenging than starting anew.
Powell pointed to factors like the absence of a complete team, technology, necessary licenses, and damage to the brand’s reputation.
In a separate development, FTX has submitted a request for the dismissal of Chapter 11 bankruptcy proceedings involving FTX Exchange FZE (FTX Dubai).
The exchange argues that it never actually provided cryptocurrency-related services to investors, and therefore, the bankruptcy proceedings are not warranted.
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Stablecoins are positioned as the driving force behind a transformative shift tied to the U.S. dollar, potentially safeguarding its supremacy on the global stage, asserts an opinion piece dated August 9 in The Wall Street Journal.
Penned by Brian Brooks and Charles Calomiris, the article advocates for the establishment of a robust regulatory framework for stablecoins within the United States.
Brooks, previously at the helm of Binance.US and a former legal executive at Coinbase, brings substantial fintech expertise, while Calomiris, the dean of economics, politics, and history at the University of Austin, offers his background as a former chief economist at the Office of the Comptroller of the Currency.
The Clarity for Payment Stablecoins Act, championed by Patrick McHenry, Chair of the House Financial Services Committee, was tabled in July.
Unfortunately, the legislation has encountered resistance due to a lack of bipartisan consensus.
The Clarity for Payment Stablecoins Act, which has bipartisan support, seeks to implement necessary safeguards to enable this technology to realize its full potential.
In the face of mounting concerns regarding the erosion of the dollar’s status as a global reserve currency, Brooks and Calomiris suggest that stablecoins possess the capability to emulate the post-World War II paradigm in which the U.S. dollar emerged as the world’s primary trade currency.
Citing International Monetary Fund data, which reveals a decline in foreign central banks’ holdings of U.S. dollar reserves from nearly 73% in 2000 to 59% presently, the authors emphasize the importance of exploring tools that could fortify the dollar’s standing.
Brooks and Calomiris sound an alarm regarding the ongoing shift away from the dollar by major commodity trading nations like Brazil and Argentina.
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These nations have entered into bilateral agreements with China to facilitate trade settlements using the yuan and their respective local currencies.
The authors argue that stablecoins offer individuals trapped in hyperinflationary environments a more accessible pathway to the U.S. dollar.
In advocating for stablecoin oversight, the authors underscore the potential harm dedollarization could inflict on the U.S. economy.
The loss of reserve currency status could escalate the country’s borrowing costs, a pivotal concern during periods marked by extensive government borrowing and spending.
Furthermore, the authors contend that dedollarization could erode the purchasing power of American consumers, leading to an increase in the cost of imported goods.
The authors predict that, if stablecoins proliferate, global citizens might independently and even contrarily drive demand for the dollar, irrespective of their governments’ political stances.
The authors conclude by urging U.S. policymakers to acknowledge the significance of reaffirming the dollar’s role in the global economy.
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Crypto Intelligence, a leading crypto and Web 3.0 news portal, has announced the launch of its Blockchain Council today, with 12 initial members.
The Crypto Intelligence Blockchain Council is made up of pioneers, visionaries and experts of the Web 3.0 space.
Members have the privilege of being able to share their insights via op-eds and thought leadership articles published in Crypto Intelligence and their affiliated partners, which include CoinMarketCap, CoinGecko, and CryptoPanic.
Members are also invited to industry panels and events organised throughout the year by Crypto Intelligence.
The founding members of the Crypto Intelligence Blockchain Council include current and former executives and employees of several leading blockchain companies, including Tezos, Kraken, Coinbase, and IoTeX.
Namely, the 12 initial Blockchain Council members are:
Deepak Garg – Chief Compliance Officer & MLRO (MENA) at Kraken
Jakob Linus Stammler – Product Owner & Operations Manager at Tezos Foundation
Miles Anthony – Chief Executive Officer and Founder of Decentral Games
Mark Zalan – CEO of GoMining, formerly a Silicon Valley network security engineer
Dr Raullen Chai – CEO of IoTeX, previously Lead of Crypto R&D and Engineering Security at Uber
Gagan Gehani – Former Product Manager at Coinbase
Martin Petkov – Head of Marketing at LandVault, Formerly of HSBC
Radovan Vukotic – Head of Finance at CoinFantasy
Suliman Mulhem – Founder of Imperium Comms and member of the Forbes Business Council
Alex Thurston – Chief Executive Officer of Bitcoin PR Buzz
Haris Khan – Group Vice President of Growth at Rain
Ehab Khattab – Content Manager at the Dubai Future Foundation
Commenting on the much-anticipated launch of the Blockchain Council, David Prior, Head of Partnerships and Sales at Crypto Intelligence, hailed it as an effective way to encourage more innovation and debate in the crypto and broader Web 3.0 space.
“Our Blockchain Council provides a platform for industry leaders and visionaries to share their expertise with the cryptoshere and encourage the sharing of ideas,” he said.
“We are looking forward to adding more members to our Blockchain Council in the coming weeks and months.”
Join the Crypto Intelligence Blockchain Council
While the majority of Blockchain Council members are invited to join directly by Crypto Intelligence, crypto pioneers and experts are able to apply to join the waiting list and to be considered for admission.
To apply, you can send an email to [email protected].
In the week ending on August 4, cryptocurrency asset flows recorded a total of $107 million in outflows, continuing a three-week negative trend that amounted to $134.8 million.
Once again, the primary factor behind this movement was Bitcoin (BTC), which experienced $111 million in outflows. These outflows offset the majority of inflows seen in the market during the week.
According to CoinShares’ “Digital Asset Fund Flows” weekly report, this trend indicates further “profit taking” following the gains from the previous market cycle.
In the month leading up to the recent outflows, crypto funds had seen inflows of $742 million, with a significant 99% of those inflows directed towards Bitcoin.
Weekly trading volumes in investment products experienced a decline below the year-to-date average, with broader on-exchange market volumes down by 62% compared to the relative average.
Regionally, only Australia and the United States demonstrated inflows of $0.3 million and $0.2 million, respectively.
Conversely, Canada and Germany witnessed the largest outflows, with $70.8 million and $28.5 million, respectively.
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Despite the outflows from Bitcoin, the total weekly outflows were partially offset by inflows into Solana (SOL), amounting to $9.5 million, a significant increase from the previous week’s $0.6 million inflows.
Additionally, investment products related to XRP (XRP) also experienced inflows of $0.5 million.
However, Ether (ETH) funds continued their negative trend, with an additional $5.9 million in outflows following the previous week’s $1.9 million.
These outflows offset the prior inflows of $6.6 million, further distinguishing Ether from the current bullish trend of Solana.
Bitcoin has maintained its overall value since the beginning of the year compared to its January opening, but market experts believe that the sideways movement observed since April, mostly below $30,000, is a result of market uncertainty.
Data from Switzerland-based investment adviser 21e6 Capital AG revealed that “hodlers” of Bitcoin, those who held funds in BTC, outperformed crypto funds by 69% in the first half of 2023.
The 2022 implosion of FTX and regulatory and legal uncertainties surrounding several other exchanges may have prompted crypto fund investors to increase their cash reserves rather than investing further, contributing to the current decline.
The report from 21e6 Capital AG also noted a slight increase in investor sentiment compared to the first half of 2023.
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Singapore’s Monetary Authority (MAS) has granted a major payment institution (MPI) license to crypto exchange Blockchain.com, making it the twelfth digital payment token service provider in the country.
The license, received on August 1, enables Blockchain.com to offer digital payment token services to institutional and accredited investors.
This approval comes after the exchange received in-principle approval from MAS in September of the previous year.
Other providers in the country offering similar services include Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.
The growing number of licensed crypto service providers demonstrates Singapore’s commitment to becoming a prominent crypto hub.
MAS has been actively supporting the fintech sector in the country, pledging $112 million to further strengthen the financial technology industry, including Web3 entities.
In July, the regulator introduced new regulations aimed at enhancing customer protections.
These rules include a requirement for crypto service providers to hold customer funds in a statutory trust by the end of the year.
Moreover, additional proposals are being developed to prevent crypto providers from facilitating lending or staking of retail customer assets.
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Singapore’s efforts to bolster its crypto industry have been showing results.
According to a report by Galaxy Digital in July, while the United States still led in crypto startup funding in Q2 2022, Singapore-based crypto firms secured the third position, trailing only the United Kingdom.
Notably, Blockchain.com’s license comes in the wake of MAS granting an in-principle approval for a similar MPI license to Ripple, a blockchain-based payments firm, in June.
These developments signal the government’s commitment to fostering a favorable environment for the crypto industry’s growth in Singapore.
With robust funding commitments and updated industry regulations focusing on customer protection, the country aims to solidify its position as a leading global hub for cryptocurrencies and related services.
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Despite a positive court ruling, XRP’s price failed to reach the anticipated levels, disappointing some investors, including pro-XRP lawyer John Deaton.
The cryptocurrency experienced a brief rally, but it did not surpass the $1 resistance level that many had hoped for.
This comes after several weeks since Judge Analisa Torres declared XRP as not being considered a security under certain circumstances, leading to a surge in the cryptocurrency’s price within the broader Web3 ecosystem.
Addressing a post from a user named Moon Lambo on social media, Deaton acknowledged that XRP had grown by 85% this year, suggesting an overall positive trend.
However, he attributed some users’ disappointment to unrealistic expectations.
While Deaton didn’t expect XRP to reach a new all-time high after the court ruling, he did hope for it to break the $1 resistance level, which ultimately did not happen.
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Instead, the token experienced a significant surge of over 70% following the ruling, reaching $0.84.
XRP’s all-time high occurred over six years ago at $3.84, and while surpassing that price level may be overly ambitious, Deaton remains optimistic about reaching the $1 mark.
However, he cautions that XRP’s price is closely linked to the performance of Bitcoin (BTC).
Deaton, not being a market analyst, expressed his belief that unless BTC retests its all-time high, it is unlikely to see significant bullish momentum in the price of XRP.
As of now, XRP is trading at $0.6283. Despite the recent court ruling, it seems that reaching the anticipated price targets for XRP remains uncertain, heavily influenced by the performance of the broader cryptocurrency market, particularly Bitcoin.
Investors and enthusiasts continue to monitor the situation closely to gauge the future prospects of XRP and its potential for price growth.
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