Drop Wireless, a trailblazer company specializing in decentralized physical infrastructure development, is thrilled to announce its partnership with NextEPC, a cellular core network development and private 5G network solution expert.
This collaboration will redefine and expand the cellular communications landscape, bridge the digital divide, and drive groundbreaking advancements in network infrastructure with a vision to provide decentralized 5G connectivity worldwide, including areas completely marginalized or underserved by centralized providers.
Drop Wireless and NextEPC will explore innovative technologies, enhance network scalability, and develop groundbreaking solutions that will reshape the future of cellular communications. By joining forces, Drop Wireless and NextEPC will unlock a wide range of compelling opportunities, including digital twins, AR gamification, IoT sensor monitoring, and pervasive edge computing.
The partnership will also enable the processing of vast amounts of data collected by devices in infrastructure facilities at the network edge, as well as facilitate seamless transfer to cloud networks. This approach will empower individuals and communities by delivering a true metaverse experience, combining ultra-real-time sensing with AI compute capabilities at the network edge.
Expanding connectivity worldwide
The collaboration between Drop Wireless and NextEPC has the potential to completely transform the cellular core network landscape. By combining Drop Wireless’ decentralized physical infrastructure with NextEPC’s expertise, the partnership aims to establish a new paradigm in network development. The combined efforts will facilitate the deployment of resilient, flexible, and cost-effective cellular networks.
“We are thrilled to join forces with NextEPC,” said Dr. Andrew Baek, CEO of Drop Wireless. “Their extensive experience in cellular core network development aligns perfectly with our vision of creating decentralized physical infrastructure. Together, we will unlock new possibilities for connectivity, enabling reliable communication in areas that were previously considered unreachable.”
Dr. Jihoon Lee, CEO of NextEPC, also expressed enthusiasm. “The partnership with Drop Wireless marks a significant milestone for us. By leveraging our expertise in cellular core network development, we can contribute to Drop Wireless’ mission of expanding connectivity and bridging the digital divide. We look forward to jointly developing cutting-edge solutions that will redefine the way networks are built and operated.”
Connectivity for all
Drop Wireless is at the forefront of the connectivity revolution by pioneering decentralized physical infrastructure. Their innovative approach enables seamless and robust network connectivity in challenging environments, remote areas, and disaster-stricken regions where traditional infrastructure is limited or non-existent.
By leveraging cutting-edge technologies, Drop Wireless empowers individuals and communities, granting access to critical services, information, and communication channels.
NextEPC brings an impressive wealth of knowledge and experience, boasting a proven track record in designing and constructing efficient and scalable cellular networks. They have developed cellular products for major global telecom operators.
Their expertise has earned them the trust of industry leaders worldwide. NextEPC’ s core team has extensive experience in cellular network development, including the inception of all IP-based fourth-generation mobile communications. Furthermore, NextEPC provides a comprehensive suite of 5G NR core network functionalities.
Expanding its ecosystem
This new collaboration agreement with NextEPC comes several months after Drop Wireless migrated its blockchain operations onto IoTeX’s layer one, adopting its W3bstream, the world’s first open, chain-agnostic data computational infrastructure. It makes Decentralized Physical Infrastructure Network (DePIN) deployment dramatically faster and cheaper.
“We’re excited to see Drop Wireless’ development progressing incredibly well and its partnership with NextEPC is testament to its commitment to advancing the decentralized communication landscape,” said Chai.
“Drop Wireless shares our vision to fast-forward the DePIN sector and transcend borders with the deployment of DePIN projects that, like them, will have a tremendous social impact.”
Drop Wireless and NextEPC are committed to making a global impact by ensuring connectivity for all, regardless of geographical location or infrastructure limitations.
By revolutionizing the way cellular networks are developed and operated, the partnership will bring transformative benefits to individuals and communities worldwide by revolutionizing the way cellular networks are developed and operated.
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SYS Labs Announces Launch of Rollux EVM Layer-2 Solution
Retail Investors Will Drive Significant Price Surges in Bitcoin
Former FTX CEO Sam Bankman-Fried Suffers Legal Blow In Criminal Case
SYS Labs has today announced the launch of Rollux, an innovative EVM Layer-2 solution that is designed to optimize the performance of Ethereum network applications. It achieves this by harnessing the strength of Bitcoin, setting SYS Labs aside from its current competitors in the market.
Rollux is powered by Syscoin and its utility token $SYS. It functions as Syscoin’s Layer 2 and provides scope for huge scalability.
This cutting-edge EVM Layer-2 solution sets a new standard in the marketplace as the highest-performing EVM-rollup solution, “offering unparalleled speed, scalability, and affordability.”
In addition to boasting the fastest speeds, highest throughput at scale, and the lowest transaction fees, it is the only major rollup to offer merged mining with Bitcoin.
SYS Labs CEO Jagdeep Sidhu hailed the launch of Rollux, while emphasizing its primary benefits.
“Rollux is the embodiment of our shared vision and unwavering commitment. We’re delivering on our promise of speed, decentralization, security, affordability, and scalability — the core pillars of blockchain technology that we always believed were vital for fostering mass adoption,” Sidhu said.
Rollux is the first product to be developed and rolled out by SYS Labs, but other equally innovative blockchain solutions will be unveiled by the firm in due course.
It leverages the capabilities of SuperDapp, an AI-enhanced Web3 social platform, which has essential chat features, a built-in non-custodial wallet, and a mobile responsive version.
Furthermore, the ecosystem incorporates Pegasys DeFi exchange and AMM, Luxy NFT Platform, Pali Wallet (web & mobile), DAOSYS, and Camada, a noncustodial, regulatory-compliant crypto trading platform to accelerate mainstream investments and self-custody.
SYS Labs has already inked partnerships with several developers who will also be launching their own products on Rollux.
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Former FTX CEO Sam Bankman-Fried Suffers Legal Blow In Criminal Case
Former FTX CEO Sam Bankman-Fried (SBF) has faced a setback in his criminal case as a federal judge has denied motions from his legal team to dismiss most of the charges against him.
In a filing on June 27, Judge Lewis Kaplan of the United States District Court for the Southern District of New York issued a memorandum opinion rejecting the motions that sought to halt the discovery and disclosure of certain information pertaining to SBF’s case.
Bankman-Fried’s legal team had filed motions on May 8 with the aim of dismissing 10 out of the 13 criminal counts he was facing, leaving only three charges intact.
These remaining charges included conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.
The judge carefully considered the arguments made in the motions and ultimately denied them, citing precedent from the U.S. Court of Appeals for the Second Circuit.
Judge Kaplan emphasized that the dismissal of charges is an extraordinary remedy that should be reserved for limited circumstances involving fundamental rights.
He referred to the Second Circuit’s stance that dismissal is an extreme sanction only appropriate in rare and extreme cases, particularly those involving serious criminal conduct.
Bankman-Fried will now face all eight charges originally brought against him in December 2022, along with four additional charges added in February 2023 through a superseding indictment, and one charge in March 2023 related to the alleged bribery of a Chinese government official.
However, the last five counts will be addressed separately in a trial scheduled to commence in March 2024, as they were added after SBF’s extradition from the Bahamas.
His first trial is set to begin in October.
Throughout the proceedings, Bankman-Fried has maintained his plea of not guilty to all charges.
In December 2022, Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty to related federal fraud charges.
In addition to the criminal trials, both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are expected to initiate civil lawsuits against SBF once the criminal proceedings are concluded.
Meanwhile, FTX’s bankruptcy case continues in the District of Delaware.
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Cryptocurrency exchange FTX has taken legal action against its former regulatory and compliance executive, Daniel Friedberg, accusing him of making illicit payments to prevent employees from exposing the exchange’s problems.
FTX filed the lawsuit on June 27, highlighting Friedberg’s various roles within the organization, including chief regulatory officer, chief compliance officer of FTX US, and general counsel at Alameda Research.
According to FTX, Friedberg acted as a “fixer” for Sam Bankman-Fried, co-founder of the exchange, at the urging of Bankman-Fried’s father.
Allegedly, Friedberg made “hush money” payments to two potential whistleblowers in an attempt to silence them about regulatory issues and the alleged close relationship between FTX and Alameda.
The lawsuit claims that Friedberg even hired the attorney of one of the whistleblowers after making a payment to ensure their silence.
FTX’s 40-page complaint outlines 11 civil charges against Friedberg, including breaching his legal duties, authorizing fraudulent transfers, and approving questionable loans to former FTX executives.
During his 22-month tenure at FTX, Friedberg reportedly received a $300,000 salary, a signing bonus of $1.4 million, a separate $3 million cash bonus, an 8% equity stake in FTX US, and cryptocurrencies valued at tens of millions of dollars. FTX aims to recover these assets through the lawsuit.
Certain details, such as the specific amounts paid to the whistleblowers, are redacted in the complaint.
However, it does reveal an incident in March 2022 where Friedberg reached an “extraordinary settlement” with a female FTX US employee known as “Whistleblower-1,” who had worked at the exchange for less than two months.
The settlement reportedly included a $12 million deal to retain Whistleblower-1’s attorney.
Whistleblower-1 claimed that Alameda was merely an extension of FTX, used to boost investor confidence and manipulate project prices.
They also alleged that sensitive company information was freely shared on Slack, allowing employees to make trades based on non-public announcements.
The lawsuit further alleges that Friedberg terminated another attorney, referred to as “Whistleblower-2,” at Alameda after they raised concerns about governance and regulatory issues within the business.
Although their severance package is redacted in the filing, FTX claims they had been with Alameda for less than three months.
Previous reports by FTX’s restructuring chief implicated an unnamed senior attorney in facilitating and concealing the mingling of customer funds.
The Wall Street Journal later identified Daniel Friedberg as the anonymous attorney, citing insider sources.
Friedberg was also mentioned as someone who provided information to investigators from the U.S. Attorney’s office.
In addition to the lawsuit against Friedberg, FTX is facing a class action lawsuit involving celebrities accused of promoting the exchange.
Interestingly, Friedberg allegedly provided evidence that challenges certain defenses put forth by the defendants in that case.
Friedberg could not be reached for immediate comment regarding these allegations.
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The United States House of Representatives has implemented a set of rules that prohibit the use of artificial intelligence (AI) large language models by its members, with the exception of OpenAI’s ChatGPT Plus service.
The decision was made to enhance security within the House offices, as stated in a notice issued by Catherine Szpindor, the chief administrative officer of the House.
The notice specifically authorized the use of the ChatGPT Plus version, highlighting its incorporation of crucial privacy features necessary for safeguarding House data.
No other versions of ChatGPT or similar large language models are currently permitted for use in the House. Furthermore, the usage of ChatGPT by House members is limited solely to research and evaluation purposes, and it is not to be integrated into their regular workflow.
The provisions outlined in the document also impose restrictions on sharing sensitive data as prompts, and require the utilization of ChatGPT Plus with all privacy settings enabled.
Although the memo refers to privacy features, the exact nature of these features is not explicitly mentioned by OpenAI, the developer of ChatGPT.
OpenAI has not specified any privacy-related advantages exclusive to the Plus service.
According to OpenAI, the ChatGPT Plus service grants users general access to the model during peak times, quicker query responses, and priority access to new features.
However, there is no mention of additional privacy features provided by ChatGPT Plus.
In April, OpenAI introduced the option for users of both ChatGPT and ChatGPT Plus to delete their chat history and accounts.
It should be noted, though, that information removed through this process remains on the ChatGPT servers for an additional 30 days.
OpenAI has announced plans to launch a business subscription service for ChatGPT, aiming to include additional data control features.
However, specific details regarding how this service will differ from ChatGPT Plus have not been disclosed.
The newly adopted House rules are applicable solely to House members. However, Representatives Ted Lieu, Ken Buck, and Anna Eshoo have jointly introduced a bipartisan bill that proposes the establishment of a federal artificial intelligence commission.
This commission would be responsible for regulating the AI industry as a whole within the United States, indicating a growing focus on oversight and governance in the field of AI.
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Flasko (FLSK) is a relatively new player in the cryptocurrency market, making its debut with a fresh perspective and innovative approach that is set to reshape the current landscape. With its unique design and strategy, Flasko aims to leverage blockchain technology to address the persistent challenges in the digital world while providing a secure, decentralized platform for transactions.
A critical element of Flasko’s appeal is its underpinning technology: blockchain. As a cryptocurrency, Flasko relies on a decentralized system that ensures the transparency, immutability, and security of every transaction. This decentralized design eliminates the need for intermediaries, reducing costs, and making transactions faster and more efficient.
Flasko’s Native Token
FLSK, Flasko’s native token, is the lifeblood of the ecosystem. It is used for various purposes within the Flasko network such as transaction fees, staking, and participating in governance votes. FLSK tokens are designed to incentivize user participation, and also reward network validators for securing the system and adding new blocks to the Flasko blockchain.
Flasko’s team has adopted a Proof-of-Stake (PoS) consensus algorithm, which distinguishes it from many other cryptocurrencies that still use the more resource-intensive Proof-of-Work (PoW) model. In PoS, validators are chosen to create a new block based on their stake or the number of tokens they hold and are willing to ‘bet’ on creating a valid block. This approach encourages more people to participate in the network, making it more decentralized, secure, and sustainable in the long run.
Flasko also features smart contract capabilities, enabling developers to build decentralized applications (dApps) on its platform. The potential applications of Flasko’s blockchain are broad-ranging, from DeFi (decentralized finance) applications to supply chain management systems, all powered by Flasko’s secure and scalable technology.
Roadmap
One significant aspect of Flasko’s roadmap is its focus on cross-chain interoperability. Flasko aims to bridge different blockchains, allowing them to communicate with each other and transfer value seamlessly. This feature will break down the silos in the current blockchain ecosystem, creating a more interconnected and efficient network.
Flasko’s community governance model is another unique aspect that sets it apart. Flasko token holders can propose and vote on various changes to the network, such as system upgrades or policy changes. This democratic governance model ensures that the community actively shapes Flasko’s future direction.
Flasko’s utility extends beyond just being a cryptocurrency; it is an entire ecosystem built with a vision of providing a robust, user-friendly, and democratic platform for digital transactions. By leveraging blockchain technology and incorporating unique features such as PoS consensus, smart contract capability, and cross-chain interoperability, Flasko is poised to be a significant player in the crypto market.
However, like any cryptocurrency, investing in Flasko comes with its set of risks. The volatility of the crypto market, regulatory uncertainties, and technological risks are factors that potential investors need to consider. Therefore, thorough research and due diligence are essential before diving into any investment.
Overall, Flasko is a promising addition to the ever-growing world of cryptocurrencies. Its unique features and innovative approach position it as a potential game-changer in the blockchain space. While it’s still early in its journey, Flasko presents a compelling vision of a more inclusive, efficient, and democratic digital transaction landscape.
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A motion to prevent the United States Securities and Exchange Commission (SEC) from making public statements regarding the ongoing lawsuit between Binance.US, Binance Holdings Limited, CEO Changpeng “CZ” Zhao, and the SEC has been denied by a federal judge.
The ruling, made on June 26 by Judge Amy Berman Jackson in the U.S. District Court for the District of Columbia, concluded that court intervention was unnecessary at this time.
The motion was filed on June 21 by the legal team representing Binance and Binance.US, alleging that the SEC’s statements about the securities lawsuit were misleading and could potentially bias the jury and cause confusion in the market.
However, Judge Jackson stated that it was not clear if the SEC’s public relations efforts would have a significant impact on the case and that the court did not need to be involved in regulating the parties’ press releases.
The SEC’s statements that sparked the complaint were made in a press release on June 17 by Gurbir Grewal, the Enforcement Director.
Grewal claimed that CZ and Binance had the ability to misuse or divert customer assets. The legal teams representing Binance and Binance.US argued that these allegations were misleading and largely denied them.
The lawsuit against Binance, Binance.US, and CZ was filed by the SEC on June 5.
The SEC accused the exchanges of offering unregistered securities to U.S. customers, and Binance was also accused of failing to register as an exchange or broker-dealer clearing agency.
Initially, the SEC sought to freeze all Binance.US assets, but a compromise was reached, allowing only the exchange’s employees access to client funds.
While facing legal proceedings in the U.S., Binance has continued its global operations.
On June 20, the company announced the launch of a regulated cryptocurrency platform in Kazakhstan.
However, on June 23, the Belgian Financial Services and Markets Authority ordered Binance to cease offering crypto exchange and custody wallet services.
Additionally, Binance reportedly withdrew its application with Austria’s financial regulatory authority.
As the legal battle between Binance and the SEC continues, the denial of the motion suggests that the court does not deem it necessary to intervene in the SEC’s public statements at this stage.
The lawsuit and regulatory actions from various countries underscore the challenges and scrutiny faced by Binance in maintaining its global operations.
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Token issuers in Japan will no longer be required to pay corporate taxes on unrealized cryptocurrency gains, thanks to a recent law revision by the National Tax Agency.
The tax exemption, which was approved by the Japanese government nearly six months ago, eliminates the obligation for crypto firms to pay taxes on paper gains from tokens they issued and held.
The discussion surrounding new crypto tax rules in Japan began in August of the previous year as part of broader tax reforms for 2023.
However, the final approval from the tax authority was only granted this week. Under the revised rules, Japanese companies issuing tokens are exempt from the standard 30% corporate tax rate on their holdings.
Prior to this law, even unrealized gains were subject to taxation.
The ruling Liberal Democratic Party aims to simplify business operations related to token issuance with the implementation of these tax exemptions.
This move is expected to make it easier for various companies to engage in token-related activities.
The cryptocurrency industry in Japan has experienced significant transformations recently.
As of June 1, the country has been enforcing stricter Anti-Money Laundering (AML) measures to align its legal framework with global crypto regulations.
The AML legislation was revised in December after the Financial Action Task Force deemed it insufficient.
In addition, the government passed legislation in June of the previous year prohibiting non-banking institutions from issuing stablecoins.
The new bill, which came into effect a few weeks ago, limits stablecoin issuance to licensed banks, registered money transfer agents, and trust companies.
Japan has been at the forefront of crypto legalization, considering it as a form of private asset, and its regulatory framework for cryptocurrencies is one of the strictest globally.
Following major hacks on exchanges like Mt. Gox and Coincheck, Japan’s financial regulator tightened rules for crypto exchanges.
These local regulations are believed to have facilitated the prompt return of assets to FTX users in Japan after the exchange’s global collapse, in contrast to users in other countries who did not have a clear refund deadline.
Overall, Japan continues to make significant strides in shaping its crypto industry through regulatory measures, ensuring both security and compliance in the rapidly evolving digital asset landscape.
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The price of Bitcoin hovered around $30,500 as the Wall Street market opened this week, with bullish investors finding newfound support.
Data from Cointelegraph Markets Pro and TradingView indicated that the price of BTC remained stable at $30,000 during the weekly close.
At the start of the week, the largest cryptocurrency showed stability as the U.S. markets began trading, and there were hopes for a repeat of the previous week’s performance.
The United States played a significant role in driving buyer interest, particularly after several institutional product applications based on the Bitcoin spot price were announced.
According to popular trader Daan Crypto Trades, most of the action and buying pressure occurred during the U.S. stock market open hours.
This sentiment was echoed by fellow trader Skew, who emphasized the importance of the June 26 U.S. trading session.
On-chain analytics firm Glassnode supported this observation, suggesting that the increased interest in Bitcoin could be part of a longer-term trend driven by the filings for U.S.-based exchange-traded funds (ETFs). Its weekly newsletter,
“The Week On-Chain,” highlighted the revival of U.S.-led demand after a period of weaker relative demand in 2023, with Asian exchanges experiencing the strongest accumulation year to date.
Regarding BTC’s price performance, trading suite DecenTrader identified a significant resistance level above the current price.
This level was represented by the two-year moving average (MA) at slightly above $32,800. Historical data indicated that the area below the two-year MA had provided a favorable opportunity for accumulation before the subsequent halving cycle.
Shorter timeframes also showed a lack of interest in shorting BTC at current levels, which increased expectations for a resumption of the upward trend.
Traders and analysts remained optimistic about Bitcoin’s overall strength, with potential retracements expected to be shallow.
Rekt Capital, a trader and analyst, stated that when a BTC correction ends convincingly, it is highly unlikely that another deep correction would follow immediately.
Any downside movements were more likely to be temporary dips within a new uptrend continuation.
In conclusion, Bitcoin experienced stable trading around $30,500 as the U.S. markets opened on June 26. The U.S. market played a significant role in driving buyer interest, possibly influenced by the recent filings for Bitcoin ETFs.
Analysts and traders expressed optimism about Bitcoin’s price performance, with resistance levels identified and expectations for a shallow retracement before a continuation of the upward trend.
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Cryptocurrency exchange FTX has recouped approximately $7 billion of liquid assets, according to CEO John Ray.
The figure was revealed in the second interim report by the FTX Debtors, a group comprising FTX and its affiliates.
However, the ongoing hunt for more misplaced assets has been complicated due to the massive intermixing of funds.
The report estimates that the value of the pilfered customer assets is around $8.7 billion. Of this, nearly $6.4 billion was held in fiat and stablecoins.
The distinctions between these in FTX’s bookkeeping were unclear.
The report suggested that the misappropriation was not accidental.
It accused former FTX leaders and an unidentified senior attorney from the FTX Group of intentionally commingling and misusing customer deposits.
Consequently, tracing the source of substantial assets or differentiating between the company’s operational funds and customer deposits has become an arduous task, despite employing forensic accounting, asset tracing and recovery, and blockchain analytics experts.
The report drew attention to the misrepresentation of funds transfers from FTX customer accounts, facilitated by misleading banks and making numerous false representations.
Such misrepresentation was also seen in the statements made by former CEO Sam Bankman-Fried (SBF) to the US Congress.
The report repeatedly highlighted the involvement of a senior FTX attorney, who allegedly terminated a less senior lawyer for objecting to the company’s deceitful practices.
Misappropriated funds were allegedly used for political contributions, charity donations, investments, acquisitions, and luxury real estate purchases.
SBF, along with Gary Wang, Nishad Singh from FTX, and Alameda Research CEO Caroline Ellison, informally estimated FTX.com’s undisclosed liabilities to customers – a result of the misuse and intermingling of customer deposits – to be between $8.9 billion and $10 billion. This figure slightly exceeds the FTX Debtors’ current estimate.
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