Grand Cayman, Cayman Islands, February 15th, 2024, Chainwire
Wormhole data shows nearly $310 million in assets bridged from Ethereum to Sui over the last month — more than all other blockchains combined.
Sui, a Layer 1 blockchain that has experienced explosive growth since its inception nine months ago, is seeing a substantial migration of funds from Ethereum to the Sui ecosystem, with nearly $310 million worth of assets flowing through the Wormhole Portal in the past 30 days. The data is issued by wormholescan.io, which tracks the flow of funds through Wormhole, one of the most important cross-chain bridges for wrapped tokens and NFTs, and the one most used on the preeminent decentralized exchange, Uniswap.
As the Sui ecosystem has been gaining remarkable traction during the past month – surpassing $600M in Total Value Locked and entering the top 10 of DeFi ecosystems – the data from Wormhole shows that the origin of a lot of these funds is Ethereum. Of the almost $500M worth of funds that were bridged from Ethereum through Wormhole in the last 30 days, over 64% of it was moved to Sui — more than all of the funds sent to Solana, Arbitrum, Polygon, and every other chain combined.
According to the Wormhole data, most of these bridged assets are stablecoins, with USDC and USDT bridged to Sui accounting for $134M and $78M of the volume respectively.
source: wormholescan.io
source: wormholescan.io“The prevalence of users migrating assets to Sui demonstrates a growing belief in the strength of Sui’s underpinning technology and the community of builders, developers, and enthusiasts that power the ecosystem,” said Greg Siourounis, Managing Director at the Sui Foundation. “The Sui community looks forward to continuing to push the boundaries of DeFi and offering an industry-defining experience for users and builders alike.”
source: Sui Internal Data
Also notable in the context of Sui’s emergence in DeFi, Sui’s internal data reflects the acceleration of the growth in bridged stablecoins USDC and USDT to the Sui ecosystem that began in Q4 of 2023. TVL of USDC and USDT went from hovering below $50M to spiking well beyond $250M, a rise of over 400% in less than five months.
In recent months, in addition to the empirical data, there is also a qualitative trend that points to Sui becoming a primary hub of DeFi’s excitement and activity — top projects choosing to build on Sui. In December 2023, two leading projects that began on other protocols chose Sui for expansion or complete migration.
Solend, which remains the top lending protocol on Solana at nearly $180M in TVL, has devoted a full team to launching a new lending protocol on Sui that will be called Suilend. Likewise, Bluefin, a decentralized derivatives exchange that had already achieved over $1B in transaction volume on its v1 application on Arbitrum, shuttered its initial implementation to focus entirely on the newest version built on Sui, reaching $2.3B in volume in its first four months on the network. Both projects cited the performance capabilities of Sui in explaining their moves.
More recently, Sui announced two more important steps in turning Sui into the DeFi platform of choice for builders, developers, and their users. First, together with Ondo Finance—the third-largest platform bringing tokenized real-world assets onto public blockchains, Sui announced the launch of interest-bearing stablecoin substitutes on Sui. Just as important, a new partnership with Banxa, a leading payments infrastructure provider for the crypto-compatible economy, will enable on and off-ramps via the Banxa platform. Combined, these steps will broaden the appeal of the Sui platform to include a far wider audience.
Contact
Sui Foundation
[email protected]
Solana’s SOL token has overtaken Binance’s BNB token to secure the position of the fourth-largest cryptocurrency by market capitalisation.
Over the span of 24 hours leading up to 1:50 pm UTC, SOL experienced a notable surge of 7.56%, reaching a trading value of $112.52, surpassing BNB.
According to CoinMarketCap data, SOL now boasts a market capitalisation of $49.36 billion, which is 1.74% greater than BNB’s $48.5 billion.
This rise in SOL’s price coincided with the Crypto Fear and Greed Index reaching its highest level since November 2021, when Bitcoin soared to $69,000.
Notably, this index surged a day after Bitcoin exceeded $50,000 for the first time since December 2021.
Despite encountering a network outage on February 6, SOL managed to outpace BNB.
The approval of the Pyth DAO Constitution on-chain likely served as a catalyst for this rally.
The proposal aimed to establish the Pyth DAO Constitution as the governing framework for the Pyth DAO, an autonomous organisation overseeing the Pyth Network.
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Despite the recent setback, SOL has gained 19.99% over the past seven days, albeit remaining 57% lower than its all-time high of $260.06, recorded on November 6, 2021.
Solana Mobile’s Chapter 2 smartphone garnered 100,000 pre-orders by February 12, within a span of less than 30 days.
In contrast, it took Solana nearly a year to sell 20,000 units of its inaugural Solana Saga smartphones.
Following this achievement, the pre-order window for purchasing the new Solana phone for $450 is set to close on February 14, as announced by Solana Mobile.
Shipments of the smartphones are expected to commence in early 2025.
Meanwhile, BNB has been grappling with challenges amid Binance’s regulatory issues.
On February 12, the sentencing date for Binance founder Changpeng Zhao was postponed from February 23 to April 30. Zhao, currently on a $175 million bond, is residing in the United States.
Investors of the Hector decentralised autonomous organisation, HectorDAO, on the Fantom network are demanding control of the protocol’s remaining funds after the team allegedly halted all communications following a Jan. 16 hack that led to $2.7 million in losses.
In a conversation with Cointelegraph, a HectorDAO investor who wishes to remain anonymous stated that the HectorDAO team stopped communicating with its community on Jan. 19.
According to the source, all project social channels were muted in September 2023.
At that time, the HectorDAO team still allowed contact through a Google Group email address. However, the DAO allegedly deleted this group sometime before Jan. 19.
To make matters worse, the hack occurred just as the protocol planned to dissolve itself and return assets to investors. Prior security warnings were allegedly ignored.
According to blockchain security firm CertiK, its researchers informed the HectorDAO team of the “centralisation” risk posed by the “addEligibleWallet” function, the root cause of the exploit, and recommended steps to mitigate this risk.
The HectorDAO team allegedly chose not to implement the recommended changes for unknown reasons CertiK referred Cointelegraph to its official audit report, which stated that the function could be called by any account with moderator privileges.
HectorDAO tells a different version of the story, claiming that the protocol engaged with CertiK to conduct a thorough smart contract security analysis and that, contrary to CertiK’s statement, “all assets were secured in a Redemption Vault prior to the launch of the production claim process.”
Blockchain analysis has since shown that the attacker allegedly had access to the team’s deployer account, implying that the exploit was either an inside job or the result of a private key compromise.
The development team’s last known communication to investors was on Jan. 18, before going quiet.
The story of HectorDAO begins in 2021, when its early investors were allowed to buy the DAO’s token, HEC, at a discount through DAO bonds.
The funds raised through this process went into the DAO’s treasury, where, theoretically, each HEC token represented ownership of a portion of the treasury, which could be reinvested to produce yield for tokenholders.
At its height, the HectorDAO treasury held over $100 million in digital assets.
But troubles began with the onset of the crypto winter.
By 1st May 2023, HEC’s price had collapsed by nearly 99%, according to data from CoinMarketCap. At the same time, the HectorDAO treasury also declined in value.
These difficulties accelerated when the $1.5 billion Multichain bridge hack on 6th July 2023 caused contagion in the Fantom ecosystem.
This led to another $8 million in losses for HectorDAO, as some of its treasury assets depegged from their Ethereum collateral.
After this incident, HectorDAO investors decided to call it quits, voting in July 2023 to liquidate the DAO and return its funds to users.
Despite the vote, however, most of the $16 million held by the treasury at the time of the vote had yet to be distributed to investors by 15th Jan 2024, on the eve of the HectorDAO hack.
On 15th Jan, the HectorDAO team attempted to finally distribute treasury funds by moving them into a new contract from which they could be redeemed.
However, a malicious account immediately transferred $2.7 million worth of assets to itself after depositing only 0.0001 HEC.
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Shortly afterward, the team shut down the redemption platform, and all remaining assets were moved back to the treasury contract. The redemptions have not been reopened since.
On 18th Jan, the HectorDAO team announced that the redemption platform had been hacked.
“Hector Network regrets to inform you that there has been a security breach when the protocol was redeeming token holders as part of liquidation, and approximately USDC 2.7 million have been stolen on 15 January 2024,” it stated.
The team claimed it was “actively investigating” the breach and would provide updates in the future. In the meantime, it stated, “the redemption process is postponed for now.”
In the wake of the hack announcement, some tokenholders squarely blamed the development team, claiming that the hack was either the work of a rogue developer or a compromised private key.
They argued that the team could no longer be trusted to secure the DAO’s funds.
On 19th Jan, blockchain analyst Lilbagscientist released a detailed post-mortem report on the attack, citing data from Etherscan.
According to them, preparations for the attack began on 16th Dec 2023, when the HectorDAO deployer account sent 0.0001 HEC to the attacker. This 0.0001 HEC sat in the account until 15th Jan.
From 12:32 am UTC through 12:43 am on 15th Jan, a series of 14 transactions were submitted to Ethereum by the HectorDAO team’s Treasury Multisig Wallet.
When confirmed, these transactions resulted in some of the treasury funds being moved to the HectorDAO Temporary Treasury Multisig, while others were sent to the Hector Liquidation Manager.
The Hector Liquidation Manager then swapped some of the tokens for others on a decentralised exchange before sending them to the Temporary Treasury Multisig.
At the end of this process, the entirety of the HectorDAO treasury had been sent to the Temporary Treasury Multisig.
Between 3:14 am and 4:19 am on 15th Jan, an additional 16 transactions were performed by the Temporary Treasury Multisig, moving the funds to the Hector Redemption Treasury contract.
At 5:12 am, the attacker made a token approval, allowing up to 1 HEC to be spent by the Hector Redemption Contract. Immediately afterward, they deposited 0.0001 HEC into the contract.
One minute later, the team’s deployer account whitelisted the attacker’s wallet by calling the addEligibleWallet function on the platform’s Token Vault contract.
This transaction also set the rate of redemption at $2.7 million worth of USD Coin.
At 5:59 am, the attacker called mintWithdraw on the Token Vault contract.
This caused the Hector Redemption Contract to send $2.7 million in USDC to the attacker and burn the 0.0001 HEC that had been deposited. This transaction completed the attack.
The HectorDAO website’s most recent update was posted on 18th Jan. The last paragraph states that the redemption process is “postponed for now.”
“Hector Network is working tirelessly to address this, is committed to maintaining transparency throughout this process and will keep you updated on any developments,” the team wrote.
Meanwhile, HectorDAO investors say that they are considering legal action amid repeated failed efforts to contact the protocol’s developers.
Originally, payments were scheduled for March to compensate investors as the DAO liquidates. An investigation into the hack continues.
Cointelegraph attempted to contact the HectorDAO team for comment but did not receive a response by the time of publication.
Bitcoin (BTC) suffered sudden losses ahead of the Feb. 13 opening on Wall Street, as United States inflation data delivered a blow to risky assets.
Data from Cointelegraph Markets Pro and TradingView tracked a 3.8% decline in BTC price for the day, reaching a low of $48,435 on Bitstamp.
Bitcoin reacted negatively to the January Consumer Price Index (CPI) data, which surpassed expectations.
The month-on-month CPI stood at 0.3%, with the year-on-year figure at 3.1% — exceeding predictions by 0.1% and 0.3%, respectively.
“The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two-thirds of the monthly all items increase.
The food index increased 0.4 percent in January, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month,” read an official press release from the U.S. Bureau of Labor Statistics.
“In contrast, the energy index fell 0.9 percent over the month due in large part to the decline in the gasoline index.”
Markets promptly began reevaluating the probability of the Federal Reserve reducing interest rates, postponing expectations from March to later in the year.
The latest figures from CME Group’s FedWatch Tool indicated only an 8.5% likelihood of a rate cut in March, compared to 17.5% on Feb. 12.
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“This inflation reading was much hotter than expected all around the board,” commented trading resource The Kobeissi Letter on X (formerly Twitter).
“Core CPI was expected to fall and it didn’t while CPI inflation came in 20 bps above expectations. A March rate cut is likely gone.”
Kobeissi noted that avoiding a premature rate cut, which would bolster risky assets including crypto, was the Fed’s “top priority.”
The resurgence of inflows into spot Bitcoin exchange-traded funds (ETFs) did little to stabilize Bitcoin’s situation.
$49,000 remained elusive, while outflows from the Grayscale Bitcoin Trust (GBTC) amounted to around 2,400 BTC ($117 million), according to data from crypto intelligence firm Arkham.
Despite this, popular trader Daan Crypto Trades noted positive trends in ETF flows, which were absorbing BTC supply around twelve times faster than new coins entered the market.
GBTC’s net asset value (NAV) flipped positive relative to Bitcoin for the first time in almost three years last week.
Paris, France, February 14th, 2024, Chainwire
The R.AI.SE Summit, a global reunion of 1,500 global leaders and Generative AI pioneers, is set to take place on April 8th, 2024, at the prestigious Westin Paris Vendôme, Paris, France. The landmark conference will bring together the corporate world and the top artificial intelligence builders to share first-hand insights on using Generative AI to address essential business and societal challenges.
“Excited to discuss Generative AI advancements at RAISE Summit, showcasing Mistral AI’s innovations” comments Arthur Mensch, Co-Founder and CEO of Mistral AI.
Featuring more than 90 expert speakers and 100 partners, the R.AI.SE Summit looks to welcome its 1,500+ attendees with an array of keynotes, panels, and workshops delving into the latest advancements and applications of Generative AI. The event promises to be a hub for corporate executives, entrepreneurs, developers, and investors, offering the opportunity to participate in groundbreaking discussions and networking sessions. The Co-Founders & CEOs of flagship Gen AI companies like Mistral AI, Cohere, Sambanova Systems & Perplexity AI, among many others, will be here to unveil their latest insights and advancements in the field.
“AVEVA is committed to harnessing the power of all types of artificial intelligence, machine learning, advanced analytics and generative capabilities to build comprehensive digital ecosystems that boost collaboration, enable higher efficiency and drive competitive advantage. At RAISE, we are pleased to share how leading companies are using such technologies, including Generative AI, to shape a more sustainable future for global industries.” asserts Caspar Herzberg, CEO of AVEVA and board member of Schneider Electric.
The R.AI.SE Summit is held by Chain of Events, the company behind the biggest European event in Web3 and blockchain, Paris Blockchain Week. The full-day conference, with its exclusive agenda, will serve as a platform for leaders and innovators to converge, share insights, and lay the foundation for future developments in the world of AI.
The Summit aims to provide a comprehensive overview of the current Generative AI revolution, with a focus on 3 main themes: Corporate innovation & transformation, Generative AI builders and Responsible AI activation. In addition to the main Summit, R.AI.SE Dev Arena and R.AI.SE Startup Agora events will provide unique platforms for builders and investors of the AI ecosystem.
The Dev Arena is a first-of-its-kind AI hackathon, sponsored by Mistral AI and organized with our operating partner Sia Partners, that will assemble the crème de la crème of developers in the field to become the epicenter for companies seeking to shape the future of Generative AI. The hackathon will feature over 150 participants under the guidance of field-expert mentors and will work on Mistral AI’s open-source models and tech stack. The hackathon will be featuring 4 different industries-focused tracks delving into the current hottest business issues.
Mistral AI comments “The Mistral hackathon at RAISE in France marks a significant stride forward in championing the open-source ethos across Europe”.
The Startup Agora is a pioneering platform set to showcase innovative startups’ cutting-edge solutions with its Startups Competition and Investors Zone. The future gems of the Generative AI industry will be displayed in the Startup Competition, where over 500 startups will vie to prove the value of their project to an elite cohort of global investors. Participants will get a chance to meet industry leaders, venture capitalists and investors to present their ideas and technologies to a diverse and worldwide audience.
Paris was chosen as a venue for the Summit due to France’s leadership in AI innovation, with President Macron having placed a strategic focus on AI development with a series of initiatives and investments. Among multiple initiatives led lately, Meta opened an AI Research (FAIR) lab in the historic capital, while local firm Mistral AI recently raised 385 million euros in a funding round led by Andreessen Horowitz and LightSpeed Ventures.
In addition, President Macron has unveiled a bold €1.5 billion initiative dubbed “France 2030” to accelerate French investments in strategic industries and propel the nation as a global AI leader. This ambitious plan mirrors the recent launch of “Kyutai,” an open-source AI research lab backed by tech heavyweights like Xavier Niel, Rodolphe Saadé, and Eric Schmidt.
About The R.AI.SE Summit
The R.AI.SE Summit is a cutting-edge gathering of 1,500+ global leaders dedicated to exploring the transformative power of Generative AI on businesses. Organized by the company behind Paris Blockchain Week, the full-day conference features a buzzing agenda, workshops, exhibitions and networking to bring together some of the brightest minds in the artificial intelligence industry in person in Paris, France.
Learn more: https://www.raisesummit.com
Contact
Hadrian de Cournon
[email protected]
London, UK, February 14th, 2024, Chainwire
Bitcoin Dogs will make history in less than two hours’ time as the world’s first ICO on the Bitcoin blockchain gets underway.
$0DOG tokens are available to presale buyers for a price of $0.015, beginning at 11:00 AM GMT on the BitcoinDogs.club website. Prices will increase every 72 hours throughout the 30-day presale, ending at $0.0404 per token on the 15th of March.
The ground-breaking ICO represents the beginning of a new era for the Bitcoin ecosystem and will be the only way to purchase $0DOG before Bitcoin Dogs becomes available for trading.
The $0DOG presale takes place exclusively on the BitcoinDogs.club website.
A New Era Of GameFi
$0DOG is a BRC-20 token: a brand-new type of cryptocurrency built on Bitcoin. The Ordinals protocol, which went live in 2023, allows developers to create coins like $0DOG that are secured on the BTC blockchain.
Ordinals also bring NFTs to Bitcoin, and Bitcoin Dogs capitalizes on this breakthrough, too. The project incorporates a collection of 10,000 exclusive NFTs, the largest collection on Ordinals to date.
These NFTs, along with the $0DOG token, constitute the main components of the forthcoming Bitcoin Dogs game. The game, which begins its beta in Q2, fuses Tamagotchi-style gameplay with play-to-earn (P2E) mechanics, bringing a much-loved gaming experience into the GameFi era.
Social media integration is a core element of gameplay. Players have the chance to earn in-game currency by sharing their progress on social channels — a system bound to expand the game’s player base — and Twitter/X will also be home to Dog Showdown events, where players pit their virtual pets against each other in competition.
The Journey Ahead for Bitcoin Dogs
Beyond the historic $0DOG ICO, the road ahead for Bitcoin Dogs is set to be momentous.
Other BRC-20 tokens made headlines last year with impressive price action. $ORDI, one breakout token, managed a rally of 3,000% between September 2023 and January of this year. Other BRC-20 coins include Orange, whose ORNJ token rallied by 677% in three days last week.
Bitcoin Dogs’ proximity to the Ordinals NFT market also puts it in strong company. Bitcoin-based NFTs fared well in 2023 while the rest of the NFT market floundered, leading experts to believe they’ll continue to outperform the wider market as a “roaring comeback” for NFTs takes shape.
The growth of Bitcoin itself is also likely to provide fuel for $0DOG’s ascent: the OG cryptocurrency has enjoyed a positive start to the year, with the SEC approving Bitcoin ETFs in the United States already. Furthermore, the next halving event takes place in April, with 84% of investors expecting this to push BTC to new all-time highs, according to a CoinTelegraph study.
$0DOG tokens are available to presale buyers for a price of $0.015, beginning at 11:00 AM GMT. Prices will increase every 72 hours throughout the 30-day presale, ending at $0.0404 per token on the 15th of March.
$0DOG tokens are available to purchase on the BitcoinDogs.club website.
About Bitcoin Dogs
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and new token types come together to offer the first ICO on the original Bitcoin blockchain. The truly permissionless immutability of Bitcoin is being harnessed to create the $0DOG token, while a play-to-earn (P2E) gaming experience and NFT collection is being developed exclusively for $0DOG holders.
Website | Whitepaper | Socials
Contact
Bitcoin Dogs
[email protected]
Blowfish, a Web3 security firm, has uncovered two fresh Solana drainers capable of executing bit-flip attacks, as disclosed in an analysis shared on the social media platform X on February 9.
The drainers, Aqua and Vanish, were identified altering a condition within on-chain data even after a user’s private key had authenticated a transaction.
Blowfish revealed that these drainers’ scripts are purchasable for a fee within marketplaces that peddle scam-as-a-service tools.
The Blowfish team elucidated the modus operandi employed by the drainers to manipulate data and pilfer funds:
“On Solana, a dApp can be granted authority to submit a transaction.
If the dApp’s on-chain program incorporates a condition permitting it to transfer the user SOL or drain their account, a drainer could manipulate that condition at any given moment,” the analysis expounded.
Initially, users remain oblivious to the presence of these drainers. The victim signs what seems to be a legitimate transaction.
However, subsequent to obtaining the signature, the drainer temporarily retains the transaction.
“Subsequently, via a separate transaction, they alter the dApp’s condition; it transitions from ostensibly sending SOL to seizing it instead.”
READ MORE: European Commission Proposes Mandate for Tech Platforms to Detect AI-Generated Content
A bit-flip attack represents a form of exploitation where the perpetrator alters the value of certain bits within encrypted data to manipulate a system.
This tactic enables the attacker to modify the encrypted message sans knowledge of the encryption key.
By flipping specific bits, an attacker can sometimes alter a message in a foreseeable manner post decryption.
The Solana ecosystem has witnessed an escalating onslaught from crypto drainers.
According to Chainalysis, a leading online community centred around a single Solana wallet drainer kit boasted over 6,000 members as of January.
Brian Carter, senior intelligence analyst at Chainalysis, previously conveyed to Cointelegraph that the most effective draining kits possess the ability to target numerous assets through diverse means.
Allegedly, the Blowfish team has implemented defensive measures to automatically thwart the newly identified drainers and is actively monitoring on-chain activities.
Willemstad, Curaçao, February 13th, 2024, Chainwire
EarnBet.io, an online crypto gambling platform today proudly announces that it has processed over $1 billion in bets and transferred millions of dollars in rewards and cashback to its users and token holders, showcasing its dedication to player satisfaction and innovation
Since 2017, EarnBet has distinguished itself as a pioneering online betting platform, utilizing blockchain technology to offer unparalleled fairness, transparency, and player rewards.
The introduction of several exclusive in-house games and an avant-garde wallet system has streamlined the deposit and withdrawal process for top cryptocurrencies, enhancing the overall user experience.
Year of Transformation: Rebranding and Platform Enhancement
Over the past year, EarnBet.io has embarked on an ambitious journey of transformation, focusing on a complete platform overhaul and rebranding. This initiative aimed to elevate the user experience through new game introductions, enhanced reward programs, and a revamped user interface, signaling a new chapter of growth and development for the platform.
A significant update to the platform is the EarnBet Rakeback feature, offering up to 62.5% Rakeback, allowing users to immediately claim cash rewards on every bet, win or lose, further distinguishing EarnBet.io’s commitment to providing value to its users.
Diverse Gaming Portfolio and User-Centric Innovations
EarnBet.io’s commitment to delivering an unparalleled gaming experience is evident in its extensive game offerings. The platform has introduced a variety of in-house games, along with popular titles from renowned developers like NetEnt, NoLimit, Pragmatic Play, and BGaming. This expansion ensures a rich and diverse gaming portfolio, further enriched by a user-friendly interface designed to boost performance and foster community engagement through social features. In the coming months, EarnBet plans to expand its library even further by adding more betting games from multiple award-winning platforms, showcasing its commitment to providing players with a broad and engaging selection of games.
EarnBet.io has also reinforced its dedication to fairness with a provably fair gaming system, allowing players to independently verify the fairness of game outcomes. This commitment to transparency is further highlighted by the platform’s updated leaderboard, showcasing top players and their achievements, fostering a competitive yet fair gaming environment.
EarnBet.io’s platform overhaul has introduced an array of innovative features designed to revitalize the online betting experience. Among these are enhanced gameplay mechanics for classic casino games like blackjack and baccarat, which have been redesigned for an interactive and engaging user experience. Additionally, the platform has embraced the popularity of dice games, optimizing gameplay to fair outcomes.
Community-Focused Features and Rewarding Opportunities
At the heart of EarnBet.io’s ethos is a focus on community and player rewards. The introduction of a VIP Members Club and innovative features like the Rain Bot and a new tipping system enhance the platform’s social aspects, allowing players to engage with each other and share their successes. These initiatives not only foster a vibrant community but also provide players with opportunities to earn rewards, reinforcing EarnBet.io’s position as a player-centric platform.
Lastly, EarnBet’s EBET native token, allows users to speed up their cashback rewards if the token is staked. The EarnBet team points out that they intends to buy back EBET tokens like previously.
As EarnBet.io continues to advance, it remains focused on continuous innovation and enhancing player engagement. The platform’s commitment to introducing new games, improving user features, and incorporating cutting-edge technology is unwavering. This dedication ensures that EarnBet.io will continue to offer a superior online betting experience, characterized by enjoyment, fairness, and a strong community focus.
About EarnBet
From its inception, EarnBet.io has set a new standard in the crypto online betting industry, combining blockchain technology with a commitment to fairness, transparency, and user satisfaction. The recent platform enhancements and rebranding initiative mark a significant milestone in EarnBet.io’s journey, underscoring its dedication to innovation and superior gaming experiences. With these updates, EarnBet.io reaffirms its commitment to redefining online gaming, offering an unmatched experience that prioritizes player rewards, engagement, and a transparent gaming environment.
Contact
EarnBet Team
[email protected]
Disclaimer
EarnBet is the source of this content. This release is for informational purposes only and does not constitute investment advice or an offer to invest. Information provided about EarnBet and its services, including online gambling and cryptocurrency betting, involves significant risks and may not be suitable for all individuals. Users should exercise caution and are encouraged to conduct their own research before participating in any gambling activities. Participation is at the user’s own risk and should be approached with financial prudence.
The FTX debtors’ estate, under the leadership of CEO John Ray III, has submitted an application to sell Digital Custody to CoinList at a substantial reduction of $500,000, with funding provided by Digital Custody’s original CEO and seller, Terence Culver. FTX had originally acquired Digital Custody for $10 million.
As per FTX’s legal submission, the acquisition of Digital Custody was intended to provide custodial services for FTX US and LedgerX.
However, the integration of Digital Custody into the FTX ecosystem was incomplete when former CEO Sam Bankman-Fried filed for bankruptcy in November 2022, just three months after acquiring Digital Custody.
FTX had procured the company through two transactions of $5 million each in December 2021 and August 2022.
FTX has filed a motion to sell Digital Custody for $500,000, a significant markdown from the $10 million it was purchased for, to Terrence Culver, the individual who sold Digital Custody to FTX for $10 million.
A&M (UCC/Ad hoc agrees) says this reflects a fair price for the valuable license from South Dakota that allows it to provide custody.
FTX’s legal team also clarified that since FTX US hasn’t been restarted, Digital Custody holds little value for the estate.
It states, “DCI is no longer useful to the Debtors’ business, given the Debtors’ sale of LedgerX and that it is unlikely for the Debtors to sell or restart FTX U.S..”
Nonetheless, Digital Custody retains a custodial license from the South Dakota Division of Banking.
After assessing three offers, including one from Culver, the debtors opted for the superior offer, considering its ability to swiftly complete the sale and the favourable relationship with Culver, which is anticipated to expedite regulatory approval.
FTX’s legal team indicated that both the committee and the ad hoc committee of non-U.S. customers of FTX.com endorsed the transaction.
READ MORE: European Commission Proposes Mandate for Tech Platforms to Detect AI-Generated Content
However, as part of the agreement, FTX reserves the right to seek a better offer for Digital Custody until three days before the closure.
Failure by the buyer to finalise the deal will incur a reverse termination fee of $50,000.
The now-defunct cryptocurrency exchange FTX has clarified that its restructuring plans do not involve a relaunch of the company but are focused on fully reimbursing customers.
During a court hearing on January 31, FTX lawyer Andy Dietderich stressed that despite exhaustive efforts, there are no plans to revive FTX.
Prior to this, numerous FTX users petitioned a U.S. bankruptcy judge to prevent the collapsed crypto exchange from valuing their cryptocurrency deposits using 2022 prices, claiming that this approach deprived them of the recent surge in crypto prices.
Sunday, February 11th, marks the annual Super Bowl LVIII in the United States, and there’s intrigue within the crypto community regarding rumours of no crypto ads appearing this year, akin to 2023.
However, an executive of crypto exchange Kraken suggests that the event’s American-centric focus clashes with its global plans.
The now-defunct crypto exchange FTX stood out as a major advertiser during the 2022 Super Bowl, featuring comedian Larry David, just nine months before its collapse.
On February 1st, Cointelegraph reported that David regretted taking part in the FTX promotion, in which he encouraged viewers “not to miss out on the next big thing.”
“So, like an idiot, I did it,” David declared.
In a recent Fox Business report, Kraken’s chief marketing officer, Mayur Gupta, emphasised a transition in crypto advertising, moving away from generating hype toward educating the public about the potential of crypto for the future.
“If the last wave of crypto marketing was all about hype and FOMO [fear of missing out], this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion.”
Furthermore, Gupta pointed out that the Super Bowl mainly caters to an American audience.
He anticipates that the next major wave of crypto users will come from locations worldwide, suggesting the exchange’s preference for events with a more global appeal.
“The Super Bowl is a very US-centric event, and the next wave of crypto users will come from all around the world, not just the United States,” he stated.
Meanwhile, Reuters recently reported that the US federal government is working to increase the global viewership of the Super Bowl this year.
READ MORE: Boosting Your Cryptocurrency’s Brand Before the 2024 Halving
The game will reportedly be broadcast in 190 countries, and the US State Department will help organise watch parties in 30 locations abroad.
According to data from Nielsen, the Super Bowl has reached over 100 million viewers every year since 2010.
There was speculation that with the United States Securities and Exchange Commission (SEC) approving 11 spot Bitcoin exchange-traded funds (ETFs) on January 10th, some asset management firms would consider advertising to the Super Bowl audience.
However, the world’s largest asset manager, BlackRock, reportedly has not secured any advertisement slots for its spot Bitcoin ETF product.
Another recently approved applicant, asset management firm VanEck, recently shared on X that seeing no crypto ads in this year’s Super Bowl will be a positive.
Cointelegraph recently reported that during Super Bowl LVII in 2023, the first game following bankruptcy filings from several crypto firms and a market downturn, crypto advertisements were absent.
According to Paul Hardart, a clinical professor of marketing for New York University’s Stern School of Business, “fun, humour and entertainment” will likely be the theme of ads for Super Bowl LVIII, in a “notable shift away” from artificial intelligence and crypto firms.