Toronto, Canada, May 16th, 2023, Chainwire
Conflux Network, the first regulatory compliant public blockchain in China and global communications network, China Telecom, today unveiled its jointly developed Blockchain SIM (BSIM) card at the Xuhui District West Bank Artificial Intelligence Center in Shanghai.
In a world first, the BSIM card is a mobile user identification card based on blockchain technology. With an appearance nearly identical to traditional SIM cards, the BSIM card is fully compatible with mainstream mobile terminal systems such as Android and iOS. It also boasts storage space 10-20 times larger than traditional SIM cards and computing power several dozen times greater.
Alongside traditional communications functions, the BSIM card also can generate and store users’ public and private keys within the card. By performing digital signatures in a “private key never leaves the card” manner, the card reduces the risk of users’ mobile terminals being targeted by malware and virus software attacks. Furthermore, the BSIM card can implement encrypted storage, key recovery functions and even integrate traditional U-shield functions. Leveraging the hardware security advantages of the BSIM card to protect users’ private keys. It is currently the safest and most convenient Web3 user terminal entry solution available.
During the launch event, Dr. Wu Ming, CTO and Co-Founder of the Conflux Network, successfully transferred a Commemorative NFT of the China Telecom and Conflux Partnership by pressing the send button within the app. This marked the first on-chain, public use of the BSIM card, as the NFT was transferred from the BSIM card account of Shanghai Conflux Research Institute to the BSIM card account of China Telecom.
Dr. Wu Ming from Conflux stated: “From now on, all mobile communication users can obtain a more secure digital identity through mobile terminals and access Web3 and the metaverse with minimal technical barriers. Blockchain technology has evolved beyond its reputation as a complex and inaccessible concept, transforming into a truly practical infrastructure for applications in the global economy and people’s daily lives.”
Li Anmin, Deputy Dean of the Research Institute at China Telecom Group added: “We are committed to working alongside Conflux Network in developing and promoting practical communication solutions tailored to meet genuine user needs. The BSIM card is just a first step as we collaborate in exploring a diverse range of application scenarios and supplementary products, made possible through the innovative integration of blockchain technology with modern communication advancements.”
The BSIM card will be piloted in Hong Kong before being gradually introduced to mainland and overseas markets.
About Conflux Network
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
Contact
Melissa Tirey
melissa@shift6studios.com
Salem, Oregon, May 15th, 2023, Chainwire
Merov is proud to announce the launch of its comprehensive suite of services designed for the Bitcoin mining industry. The suite of services includes Merov Hosting, Rejuvit Systems by Merov, and Merov Marketplace, each providing solutions to the needs of the Bitcoin mining industry.
“As a pioneer in the industry, we are excited about the opportunities these services present, and we look forward to continuing to innovate and provide exceptional services to the Bitcoin mining community,” said Montana L. Dukes, Founder and Chief Executive Officer of Merov.
Merov Hosting offers state-of-the-art colocation facilities designed to provide the highest levels of performance, reliability, and security for Bitcoin miners.
Rejuvit Systems by Merov is a US-based parts distributor and ASIC repair company with high-quality repair, training, and tools at competitive prices.
Merov Marketplace is an innovative platform that provides due diligence, asset sale, distribution, and procurement services to the Bitcoin mining industry. It is currently in beta testing and will launch in Q3 ‘23.
Milestones Achieved
- $771.96mm in ASIC mining infrastructure deals closed or currently engaged in.
- 105,455 ASICs processed through Merov’s acquisition, verification, repair, or fulfillment services.
- 400+ megawatts of colocation capacity becoming available ’23-’24.
About Merov:
Merov is a team of passionate and experienced professionals committed to enhancing the Bitcoin industry. With a deep understanding of the industry and a range of expertise in related fields, we strive to deliver innovative, reliable, and comprehensive solutions tailored to our clients’ needs.
Our mission is to bridge gaps and streamline operations, enabling businesses and individuals to thrive in the rapidly evolving world of Bitcoin. By pushing the boundaries of technology and staying at the forefront of industry developments, we are dedicated to driving growth, fostering innovation, and empowering our clients to reach their full potential.
Follow Merov on Telegram and Twitter.
Merov is a proud sponsor of the Bitcoin Conference, May 18-20, 2023. Come meet the Merov team at booth 1206.
Contact
Chief Creative Officer
Rachel Schimelman
Merov
press@merov.io
JPMorgan Chase CEO, Jamie Dimon, has expressed concern about the potential repercussions for US banks should the Federal Reserve resort to an overregulatory approach in response to crisis. This comes in the wake of JPMorgan’s recent acquisition of the beleaguered First Republic Bank.
In an interview with Bloomberg TV on May 11, Dimon warned that the banking sector could face further difficulties unless the Federal Reserve adopts more proactive strategies, as opposed to merely increasing regulations.
The initial months of the year have already seen the collapse of three major US banks: Signature Bank, Silicon Valley Bank, and First Republic Bank.
Dimon attributed these failures to a problem with supervision, arguing that the onus should be on the bank CEOs and board members, who are usually the focus of compliance with regulations.
He voiced skepticism about the efficacy of adding more regulations to the Federal Reserve’s already voluminous 200,000-page stress test, arguing that this is not the remedy for the ongoing banking crisis.
According to Dimon, increasing regulations impedes banks’ business operations, pointing out that several community banks now employ more compliance personnel than loan officers.
He advocated for a comprehensive approach to regulatory reform, observing that existing rules already number in the hundreds and may hinder banks’ operations.
Dimon also questioned the reliability of stress tests, suggesting that companies that concentrate solely on passing these tests may neglect other issues, including recurring historical events. He warned that overreliance on a single stress test can instill a deceptive sense of security.
Dimon criticized the Federal Reserve for its apparent lack of foresight, stating that none of the Fed governors had predicted the banking crisis.
This isn’t the first time a JPMorgan executive has aired grievances about banking regulations. On April 27, Bob Michele, the chief investment officer of J.P. Morgan Asset Management, commented in a Bloomberg TV interview that the liquidity issues of First Republic Bank should not have occurred given the stringent regulatory environment in the banking industry.
More recently, on May 1, it was announced that JPMorgan would be acquiring the assets of First Republic Bank (FRB) after unsuccessful attempts to rescue it.
Seattle, USA, May 11th, 2023, Chainwire
A new memecoin has emerged with more than 70 years of history behind it and the goal of unseating current meme king PEPE. $LOVESNOOPY is a meme token with a Snoopy theme backed by the love of fans and armed with formidable meme power. With a fandom that has grown over generations, the anticipated impact of $LOVESNOOPY is high.
$LOVESNOOPY is the latest in a long line of dogcoins including Dogecoin (DOGE), Shiba Inu (SHIB), FLOKI (FLOKI), and Baby Doge Coin (BabyDoge). The Snoopy-themed token arrives on the market at a time when interest in memecoins is at a two-year high. The trading volume of meme coins reached $2.3 billion last week, the highest since May 2021
The official website of $LOVESNOOPY supports all languages in the world including English, Arabic, Chinese, Japanese, French, German, and Vietnamese, showcasing its global ambitions. $LOVESNOOPY has made a powerful entrance onto the scene by trading on Uniswap and announcing listings on five centralized exchanges (CEXs). Its rapid rise has prompted speculation that it could quickly ascend to become a blue-chip player in the world of memecoins.
Since its debut, $LOVESNOOPY has captured the attention of cryptocurrency investors, rapidly gaining a foothold in the market. Observers will be watching closely to see whether it can surpass Pepe token and Dogecoin and claim its position as the ‘Meme King’ amidst the flood of contenders.
About $LOVESNOOPY
The main utility of $LOVESNOOPY is to establish a vibrant and impassioned meme community that we can embrace with all our hearts. LOVESNOOPY’s path to global domination is simple! Just enjoy and ‘LOVE SNOOPY’! The more people enjoy and LOVE SNOOPY, the more indelible his legacy as a beloved meme will become.
Contact
I LOVE SNOOPY team
ilovesnoopy1949@gmail.com
Abu Dhabi, UAE, May 10th, 2023, Chainwire
Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a “blockchain hub” in Africa, focusing on the development of Web3 and blockchain technology applications. This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.
More than 84% of the Kenyan population have access to financial services through banks and fintech. However, with the implementation of blockchain infrastructure as a long term strategy it will further increase the value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra African trade lines.
Venom Foundation’s expansion into Africa highlights the continent’s forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation. By advocating for the adoption of blockchain technology, Venom Foundation seeks to empower African communities, create a bridge between traditional finance and trade with the web3 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions.
Tangible benefits that can be realized include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization. These advancements hold considerable potential to substantially contribute to economic development and financial inclusion across the continent.
The blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa. Venom will also supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry,
voting systems, tokenization of assets, and other areas where blockchain technology can make a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.
Christopher Louis Tsu, CTO for the Venom Foundation, commented “Africa is already rich in natural resources and human capital, by bringing next generation blockchain technology to the continent it will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively”
The Kenyan government also expressed enthusiasm for the partnership. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated, “We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology, and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”
About Venom Foundation
Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. With capabilities of dynamic sharding, low fees, ultra-fast speed and scalability, Venom harbors the potential to function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever expanding user base.
For more information about the Venom testnet launch, visit: Website
For more information about Venom Foundation, visit: Website | Twitter
Contact
Adam Newton
pr@venom.ventures
WhiteBIT is the most prominent crypto exchange in Ukraine. It is constantly advertised and widely known. A lot of effort is put into developing the PR component. In 2022, WhiteBIT launched joint projects with the Ministry of Foreign Affairs, in particular, regarding the support of Ukrainian refugees. WhiteBIT has recently announced cooperation with the Ministry of Digital Transformation. The country’s main digital agency is launching free crypto literacy training together with this exchange.
Additionally, the owners of the crypto exchange are investing in sponsorship contracts with football clubs and our national team. The exchange became a sponsor of the Turkish football club Trabzonspor, paying 4.5 million euros for its logo to be displayed on the players’ shirts during 3 seasons.
Later, in December 2022, Whitebit signed a similar agreement with FC Barcelona, and shortly afterwards, in January 2023, with the Ukrainian national football team. The amounts of the last two deals were not disclosed.
All these steps should make this crypto exchange look interesting and encourage people to use it.
But in reality, there are a number of questions towards Whitebit, and I am pretty sure that at least one of them deserves to be investigated by the British National Crime Agency.
Who Stands Behind WhiteBIT?
According to the conventional wisdom, WhiteBIT was founded in 2018 by Volodymyr Nosov, a Kharkiv resident who used to sell parquet. He is the person who represents the crypto exchange, speaks on its behalf, and signs agreements.
However, in fact, the WhiteBIT group now includes at least 9 companies registered in different countries. The oldest of them in the Estonian jurisdiction is Whitebit Financial Company OÜ. It was registered at the time of the founding of the crypto exchange itself. This jurisdiction was highly popular among Ukrainian IT businesses in those years because of its convenient administration and low taxes.
Volodymyr Nosov created the company not alone, but jointly with three other people: his partners were Hanna Yankovska, Maria Repeshko, and Mykyta Shentsev.
Yes, the same Mykyta Shentsev who recently resigned his mandate as a deputy of the Kharkiv Regional Council from the OPFL. Moreover, according to the media, he was deprived of Ukrainian citizenship by President Volodymyr Zelenskyy. According to Censor.Net, Mykyta Shentsev is a citizen of Russia since 2014. However, the ex-deputy himself denies the claim.
As we know, Mykyta is the son of Dmytro Shentsev, a formerly influential former member of the Verkhovna Rada from Kharkiv region. The latter was a member of the Party of Regions, the Opposition Bloc, and eventually was elected from the OPFL in the last parliamentary elections. He resigned his mandate in the fall in 2022, and until then was considered to be a representative of the “Kharkiv” group of former Party of Regions members.
Another founder of the Estonian Whitebit, Maria Repeshko, works with Mykyta Shentsev in the legal business.
It is worth noting that over time, the list of beneficiaries of the Estonian crypto-exchange company has changed. There were new people, such as Hlib Ushakov, Nosov’s partner, or WhiteBIT’s vice president Oleksii Kovalev. All the while, however, the share of Mykyta Shentsev’s ownership was steadily increasing.
As of March 1, 2023, Shentsev controlled 51% of WhiteBIT Financial Company OÜ. Another 5% belonged to his partner Maria Repeshko. On March 2 this year, both Nikita Shentsev’s and Maria Repeshko’s shares were re-registered to Volodymyr Nosov.
This can only mean one thing: Whitebit was not only Volodymyr Nosov’s startup. An influential family of pro-Russian politicians from Kharkiv oblast, who has extensive ties, was involved in its formation, and until last month, its representatives controlled the company completely. It is quite possible that they still control it, through a new formal owner.
However, this is not the only suspicious connection of Whitebit, to put it mildly.
The financing of the attempted coup in Montenegro
Another crypto exchange structure registered in the UK is WhiteBIT Solutions LLP. The company is owned by two offshore founders – Whitebit LTD and Coddan Nominee.
These two companies are registered in the same room in the Seychelles. The offshore registrar Nobel Capital Group also operates there.
This is where the most interesting part begins.
Coddan Nominee acts not only as a co-founder of a large crypto exchange company that cooperates with the Ukrainian authorities. Researchers consider Coddan an important component of an extensive offshore network. However, exactly what kind of network is it?
In 2014-2016, Coddan was the founder of Sofbiz.
According to “Radio Svoboda” (Radio Liberty), this company transferred one and a half million euros to the organizers of the failed coup in Montenegro in October 2016. According to Montenegrin investigators, these funds were intended for the assassination of the former Prime Minister and current President of Montenegro, Milo Đukanović.
As stated by Montenegro’s Special Prosecutor Sasha Chadenovic that summer in 2019, the funds transferred by the company first went to bank accounts in Cyprus, and only then were transferred to a group of people involved in the coup attempt. The aim of the coup, according to the investigation, was to prevent Montenegro from joining NATO and ensure that pro-Russian forces would take control.
An investigation by the Bellingcat group and its Russian partner The Insider found that CIO (Chief Intelligence Office) officers of the Russian General Staff, Eduard Shishmakov and Volodymyr Moiseev, were behind the coup attempt. It was they who organized work with pro-Russian politicians in Montenegro and involved Serbian citizens in this coup attempt.
At the same time, the same CIO officers were also involved in recruiting Serbs for the war against Ukraine in Donbas and helped in organizing intelligence for terrorists from the so-called “DPR”.
Taking into account these relations, the conclusion is quite obvious – the aforementioned “Seychelles” offshore network can be controlled by the Russian CIO and used to finance its terrorist operations around the world.
One of the elements of this network, Coddan, was not dismantled even after it became a part of an international scandal concerning coup attempts in a European country. More importantly, in 2020, he suddenly appears among the founders of a major crypto exchange connected to Ukrainian pro-Russian figures. How was this possible? I sent an inquiry to the British National Crime Agency regarding this matter, but by the time of the publication of this article, I have not yet received a response.
Money laundering
A few days ago, at the end of March 2023, Russian IT journalists noticed the movement of a large amount of money (about $88 million) in bitcoin associated with the Russian crypto exchange BTC-e.
These bitcoins remained unchanged since November 2022, and in summer 2022, the founder of the BTC-e exchange, Russian Oleksandr Vinnyk, was extradited to the United States with a possible 55-year prison sentence for financial fraud and laundering $4 billion.
Some representatives of the Russian crypto market were outraged by the fact that, according to them, part of this amount, about $12 million, was transferred to the supposedly Ukrainian exchange Whitebit.
Should this be true, it means that Whitebit is still working with Russia, and with the money of a person whom the FBI intends to imprison for the rest of his life.
On Patrushev’s table
In addition to the fact that the crypto exchange itself can be a much more convenient tool for financing mercenaries or politicians than international transfers, it also attracts a large number of users. They often strongly believe in the anonymity of their cryptocurrency transactions.
This is especially true when they use the products of a seemingly completely “white” trendy startup that helps Ukrainian refugees and, together with the Ministry of Digital Transformation, trains them in crypto literacy.
These users do not even suspect that not only Russians or pro-Russian politicians, but the Russian CIO itself may operate inside this structure. And all customer transfers can be accessed at any time by the apparatus of the Kremlin’s supervisor of Russian special services, Mykola Patrushev.
We should not forget that at a time when the Ukrainian government is trying its best to block any Russian influence in Ukraine, the Russian General Staff can go behind its back under attractive and fashionable signs.
Considering this, the activities and origins of the Whitebit crypto exchange deserve at least the interest of the Security Service of Ukraine and other competent authorities. And at the very least, it deserves an international investigation, with the involvement of the UK and Montenegro’s intelligence services.
London, United Kingdom, May 5th, 2023, Chainwire
Veloce, the world’s leading digital racing media network, is diving into the world of Web3 with the launch of its new blockchain utility and governance token, VEXT.
Created in partnership with MDRxTech, experts in tech development and Web3 strategy, VEXT will allow the Veloce community to truly influence and govern key decentralised Veloce assets.https://www.youtube.com/embed/f89kZB5qIBw?showinfo=0
The Veloce brand comprises of industry-leading gaming and racing platform, Veloce Esports, and race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship.
Within this Veloce network are some of the most influential names in gaming and racing, including Mercedes AMG, Ferrari, McLaren, and Yas Heat, as well as established joint venture sub-brands, such as Lando Norris’ gaming and lifestyle brand Quadrant.
With the largest racing community in the world, attracting 35 million subscribers so far and hitting nearly one billion monthly views, the Veloce group represents a perfect fit for Web3.
VEXT will allow token holders to integrate within the Veloce ecosystem and have a tangible influence on the direction of assets within the Veloce group, including teams, talent, leagues, and content.
Token holders will also be able to transact across games and live interactive sports features, with rewards for engagement such as tokens, early access to merchandise, and real-world events for an enhanced user experience.
A VEXT integrated store, together with Veloce partners, will fully incorporate the Veloce network into a decentralised community, implementing further utility to onboard users and reward early adopters.
Details on VEXT and its platform will be released in the coming weeks, with multiple partnerships and integrations to be announced. Users who are interested in learning more about VEXT, can sign up on the website ahead of the public pre-sale which will be announced soon.
Rupert Svendsen-Cook, Co-Founder and Chief Executive Officer at Veloce, said: “This is the most exciting thing we have ever done. As a business, we have the two key ingredients for Web3: a globally engaged community and an incredible amount of utility. Our ultimate ambition is to become the first truly decentralised global sporting group.”
Tom Grogan, CEO of MDRxTech, said: “Evolving Veloce, already a pioneer and innovator within motorsports, is an incredible opportunity. They’re leveraging the best bits of Web3 – community participation and decentralisation – while providing real utility and control over an organisation millions of people already care deeply about. I’m so proud of the team who have worked so hard to engineer this product ready for launch and continue to be inspired by the Veloce team for their commitment to innovation and disruption in this incredible industry.”
About Veloce
Founded in 2018, Veloce is a multi-pillared gaming and sports media group operating across some of the most innovative, fast-growing, and future-focused sectors in the UK.
For more information:
Website | Telegram | Twitter | Discord | Instagram | YouTube | Linkedin | TikTok
About MDRxTech
Launched in 2020, MDRxTech is a digital transformation consultancy that delivers “compliant by design” transformation for clients across a wide range of sectors and geographies.
MDRxTech is comprised of management consultants, software developers, blockchain engineers, data scientists and designers who work closely with The Mishcon de Reya Group’s lawyers and regulatory specialists. MDRxTech specialises in new technologies with legal complexity such as artificial intelligence, machine learning, the metaverse and Web3 technologies such as blockchain, NFTs and cryptocurrencies. MDRxTech is part of The Mishcon de Reya Group, which includes award-winning law firm Mishcon de Reya, as well as other businesses including MDR Brand Management.
To learn more, please visit: https://mdrx.tech
Contact
Head of Digital Marketing
Louis Broomfield
Veloce Media Group
hi@velocemediagroup.com
Dubai, UAE, May 2nd, 2023, Chainwire
Zeebu has launched the world’s first loyalty utility token catering to the Telecom Carrier Industry. Telecom Carriers work alongside large telecom operators to provide global connectivity. Zeebu is positioning itself as a leader by bringing a blockchain-based settlement platform to the telecom carrier space and intends to get upwards of 100+ carriers because of its partnerships, access, and network.
Telecom Carriers work with global partners and settle high transaction volume but struggle with remittance delays, forex crunches in emerging markets, the volatility of local currency against the USD, high costs of cross-border transactions, and low margins.
The Zeebu loyalty utility tokens provide loyalty rewards to merchants and customers both for successful transactions that reduce the cost of transactions, ensure faster settlements, and improve margins. The Zeebu token went live on the Ethereum mainnet on April 22, 2023, while the complete product will be unveiled on May 14 at ITW, one of the largest Telecom industry conferences held in National Harbor, MD, in the Washington D.C. metropolitan area.
Speaking about the launch, Raj Brahmbhatt, Founder and CEO of Zeebu said “I am excited to work on a project that aims to solve significant inefficiencies in the telecom carrier industry by using the Zeebu token’s loyalty rewards program in order to improve margin retention and operational inefficiencies. This will disrupt the instant settlements by enabling anytime anywhere transactions.”
“Zeebu’s blockchain-based settlement platform and loyalty utility tokens are designed to bolster the profitability of the legacy telecom carrier industry, which comprises over 6000 players in a $120+ billion market.”, said Keshav Pandya, Co-founder and COO of Zeebu.
Zeebu is a tailor-made blockchain solution for telecom carriers. We are working to solve real-world problems using Zeebu tokens and blockchain platforms by bringing conventional web 2.0 players to decentralized platforms. The token can be potentially extended to other B2B industries. Zeebu is currently accepting merchant onboarding requests through their waitlist, catering exclusively to players in the telecom carrier industry. Interested parties can submit their information through the contact form on the Zeebu website.
About Zeebu
Zeebu is a pioneering company in blockchain and settlements, providing innovative solutions to the telecom carrier industry. With their first-of-its-kind loyalty and utility token, Zeebu aims to revolutionize the global telecom carrier market, transforming cross-border transactions and improving profitability in the industry. Zeebu’s mission is to extend its groundbreaking solutions to other B2B industries facing similar challenges with international remittance and lean margins.
Contact
CMO
Dr. Raghavendra Hunasgi
Zeebu
hello@zeebu.com
Singapore, Singapore, May 3rd, 2023, Chainwire
zkLink, a multi-chain trading middleware utilizing zero-knowledge proofs, announces the first “Dunkirk Test”, a new DeFi safety standard, on May 11-13. During this event, zkLink will shut down its servers for 72 hours, inviting users to try the emergency asset recovery feature, and earn rewards for taking part in the test.
“The Dunkirk Test is like a fire drill for crypto users. We will simulate a sudden shutdown of the zkLink infrastructure, so that users can learn how to recover their assets,” said Vince Yang, co-founder of zkLink. “We believe the ‘Dunkirk Test’ could set a new benchmark for safety in the crypto industry. It is unacceptable that billions of dollars are lost each year due to custody fraud or cross-chain bridge exploits, so we encourage other DeFi protocols to conduct the same test to prove self-custody of user’s funds.”
The Dunkirk shutdown period begins on May 11 at 12pm Singapore time, during which users can go to a recovery node and withdraw their assets back to their wallets.
One of zkLink’s ecosystem dApps, ZKEX.com, will also take part in the shutdown test.
To participate in the Dunkirk event, users should first join the campaign on Galxe.com, then trade on the ZKEX.com testnet using free test tokens until May 10, the day before the shutdown.
“The ZKEX team is building what we hope is the safest omni-chain DEX in the industry. So to prove it, we’re joining zkLink in shutting down access to our trading platform to demonstrate users won’t experience another CeFi-like loss with us,” said Balal Khan, co-founder of ZKEX. “Think of this as a fake rug pull with a happy ending, giving peace of mind that crypto traders have ownership and control of their assets at all times, even if zkLink is down, or ZKEX.com disappears.”
In addition to fourteen partners hosting recovery nodes, zkLink’s open-source asset recovery app has been released on Github, enabling anyone to download and run a private recovery node for fund withdrawal.
The mainnet launch of zkLink is planned for summer 2023, soon after the Dunkirk test.
For more information about the Dunkirk asset recovery test, visit zk.link/dunkirk
About zkLink
zkLink is a multi-chain trading infrastructure secured with zk-SNARKS, empowering the next generation of decentralized trading products such as order book DEX, NFT marketplaces, among others.
By connecting various L1 blockchains and L2 networks, zkLink’s unified, multi-purpose ZK-Rollup middleware enables developers and traders to leverage aggregated assets and liquidity from different chains and offer a seamless multi-chain trading experience, contributing to a more accessible and efficient DeFi ecosystem for all.
About the ‘Dunkirk Test’
Inspired by the historic evacuation from the beaches of Dunkirk, the zkLink Dunkirk Test serves two critical purposes: boosting user confidence in zkLink system security and promoting the adoption of the Dunkirk Test as an industry standard for absolute fund security.
In this first test, the zkLink protocol will shut down for three days, allowing users to recover their assets from either a hosted or self-hosted recovery node. Asset balances will be rebuilt from all connected blockchains, and withdrawn back to users’ wallets, giving peace of mind that user funds are truly self-custodial.
A number of partners have committed to run recovery nodes for users during the Dunkirk shutdown period, namely Alliance DAO, Ascensive Assets, BitEye, Bware Labs, CyberConnect, Kepler-428 DAO, Meria, Morningstar Ventures, Republic Crypto, Secure3, Smrti Labs, TokenInsight, Unipass, and Verilog.
To stay updated and learn more about zkLink, follow zkLink on:
Website | Twitter | Discord | Logo
Contact
zkLink Marketing Team
zklinkteam@zklink.org
George Town, BVI, May 2nd, 2023, Chainwire
Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets.
The recently concluded $20 million valuation seed funding is backed by Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, and will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem. The Advisory Board members Zaki Manian, Strangelove, and Shane Molidor will ensure Nolus solidify its cross-chain presence.
The novel DeFi Lease solution by Nolus unlocks the full potential of crypto money markets by reducing the industry’s steep over-collateralization requirements, resulting in significantly improved capital efficiency and much more favorable lending options for users. The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets through whitelisted yield-bearing strategies. With the added support of liquid staking derivatives, the Nolus protocol will create a cornerstone use case for LSDs for the Cosmos ecosystem in the form of self-repaying loans.
About Nolus
Nolus defines a money market between lenders looking to earn yield on deposited stablecoins and borrowers looking to amplify holdings with more assets than their current equity at lower risk and retained ownership.
The Protocol utilizes a semi-permissioned PoS blockchain built using the Cosmos SDK and a WASM smart contract engine that executes in an isolated sandbox model focused on interoperability, security and performance. Interoperability itself is at the core of Nolus’ offering as the Protocol utilizes IBC and Interchain Accounts to tap into a diverse set of liquidity hubs without creating fragmentation across chains.
After months of testing, Nolus will open its public mainnet in May.
Contact
Marketing and Communications
Nolus Protocol
comms@nolus.io