Zug, Switzerland, August 22nd, 2023, Chainwire
The Camino Network Foundation announced that its Web3 travel ecosystem Camino Network has passed a security audit with outstanding results carried out by the prestigious cybersecurity firm, Hexens. The full report can be found here.
Launched earlier this year, Camino Network is a public and permissioned Web3 blockchain for the global travel industry that anyone can build on. It will transform the travel industry by enabling participants to build and deploy decentralized applications powered by smart contracts, ushering in a new era of travel-related products and services.
Camino Network is a consortium blockchain backed by dozens of major travel industry players, including established brands such as Lufthansa, EuroWings, Hahn Air and Sunnycars.
Because the security of Camino Network has always been a top priority, it set out to find a reliable and trustworthy partner to audit its extensive codebase and provide recommendations on fixing any vulnerabilities.
The Camino Network Foundation ultimately chose to partner with Hexens, which has extensive experience in auditing blockchain infrastructure and smart contract code, having previously served noted projects including Polygon Labs, Celo, Lido and others.
Hexens uses the established methodologies and workflows in the industry to identify vulnerabilities and offer recommendations, and is also recognized as a pioneer in the development of new bug-finding techniques.
Hexens’ audit of Camino Network’s L1 codebase identified nine minor issues, each of which were promptly addressed by the team to ensure the integrity of the network. The absence of any major vulnerabilities underscores the commitment to high-quality coding practices and prioritization of robust security.
Following the audit, the Foundation has contracted Hexens to actively contribute to its security on an ongoing basis. The partnership will help to reassure the travel community that ecosystem security will always remain one of Camino Network’s highest priorities.
To that end, Camino Network is inviting white-hat hackers to test the strength of its network through an official bug bounty program, offering up to $50,000 in rewards for the discovery of critical vulnerabilities. Full details of the program and the incentives on offer are available now at https://hackenproof.com/camino-network/camino-protocol.
Camino Network has further increased the security of its network with the introduction of a fully-compliant KYC/KYB process. It ensures that only verified organizations and individuals are able to deploy smart contracts on Camino Network, preventing malicious actors from participating. Moreover, the governing Camino Network Foundation and Consortium also possess the authority to suspend suspicious smart contracts and validators through a democratic voting process, providing a novel layer of oversight that further enhances network security.
Camino Network officially launched its mainnet in April with support from more than 150 Web3, travel and travel technology partners. Its initial group of validators has since expanded to 26 live consortium members across eight countries and three continents, with several groundbreaking use cases to go live in the next weeks such as the Web3 hotel booking platform Sleap.
About Camino Network Foundation
Camino Network Foundation is a non-profit organization based in Zug, Switzerland, driving the development of a blockchain-based ecosystem in the global travel industry. The Camino Network Foundation supports the development of Camino Network, the first Layer 1 blockchain built specifically for the travel industry by travel technology experts.
Contact
Avishay Litani
[email protected]
Cryptocurrency exchange Binance is contemplating taking legal action against its former payment provider, Checkout.com, according to a spokesperson for Binance on August 18.
The potential legal conflict stems from communications dispatched by Checkout.com to Binance on August 9 and August 11.
As reported by Forbes, Guillaume Pousaz, CEO of Checkout.com, terminated the partnership with Binance due to concerns regarding regulatory actions, Anti-Money Laundering (AML) measures, sanctions, and compliance controls within relevant jurisdictions.
A Binance representative responded via email, stating, “We do not agree with Checkout’s purported basis for termination and are considering our options for legal action.”
The spokesperson emphasized that on-ramp and off-ramp services on the exchange are unaffected by this dispute.
However, the discontinuation of the business relationship prompted Binance to close down Binance Connect on August 16.
Launched in March 2022, Binance Connect was a regulated platform facilitating crypto buy-and-sell operations.
The platform supported over 50 cryptocurrencies and fiat transactions, bridging the gap between crypto firms and the traditional financial system.
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At one point, Binance had been the largest customer of Checkout.com, processing around $2 billion in transactions in a single month in 2021.
Binance has encountered a series of setbacks in recent months, leading to its global branches struggling to secure partnerships.
In June, the exchange disclosed the discontinuation of support from its euro banking partner, Paysafe Payment Solutions, in Europe.
The Australian branch faced a sudden cutoff from the banking system in June.
Similarly, Binance.US confronted challenges in finding banking partners in the United States, with former collaborators Silvergate and Signature Bank facing closures during the banking crisis earlier this year.
The ongoing crisis has even prompted Binance CEO Changpeng Zhao to explore the possibility of purchasing a bank, as he revealed in an interview.
The legal and operational challenges faced by Binance do not seem to be abating.
On June 5, the U.S. Securities and Exchange Commission filed a lawsuit against the global exchange and its CEO, accusing them of violating securities laws and engaging in the unregistered offering of securities in the United States.
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In a recent update on X (formerly Twitter), David Schwartz, Chief Technology Officer of Ripple Labs, shed light on a recent development concerning the United States Securities and Exchange Commission’s (SEC) appeal.
Schwartz indicated that the SEC’s appeal is predicated on their interpretation that the ongoing legal case has not yet reached its conclusion.
This perspective grants parties involved the opportunity to appeal subsequent to the finalization of the case.
This procedural approach aims to streamline legal proceedings and prevent ongoing disruptions to the core case due to multiple appeals on minor rulings.
After Judge Analisa Torres’ ruling on July 13, which declared that the sale of XRP on digital asset exchanges does not qualify it as a security, the SEC has taken the step to file an appeal.
While this move by the SEC was prompted by the favorable outcome for Ripple, its focus centers on an unexpected twist within the legal proceedings.
Schwartz affirmed that consolidating appeals is crucial to streamline the process, as separate appeals are likely to protract the legal proceedings further.
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However, he clarified a rule applicable to specific scenarios.
The SEC contends that the unique circumstances in this instance warrant a different approach.
The SEC proposes a suspension of the process until the appeal is resolved, a proposition that Ripple does not endorse.
Ripple maintains that, even if the SEC is entitled to appeal, the primary lawsuit should continue while the appeal process unfolds.
This approach aligns with the notion of allowing the trial to proceed and addressing appeals diligently once all other matters are settled.
Schwartz provided additional insight to counter rumors within the Bitcoin community concerning the SEC’s potential intent to appeal Torres’ decision to higher courts.
The ultimate resolution of the legal dispute between Ripple Labs and the SEC may be influenced by the court’s decision on whether to grant the appeal request.
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IBM Automation’s Chief Technology Officer, Jerry Cuomo, recently penned a blog post that delves into the potential risks tied to deploying ChatGPT for enterprise purposes.
Cuomo highlights crucial areas of concern that businesses ought to ponder before integrating ChatGPT into their operations.
Despite these concerns, Cuomo ultimately asserts that ChatGPT is suitable solely for non-sensitive data, emphasizing that once information is fed into ChatGPT, its usage becomes opaque and uncontrollable.
Cuomo underscores the inadvertent likelihood of data leakage, posing a legal predicament for companies if confidential customer, partner, or client data seeps into ChatGPT’s training dataset and subsequently becomes public.
Intellectual property concerns also loom large, and Cuomo warns against the inadvertent violation of open-source agreements due to such data leakage.
In line with the IBM blog post, Cuomo states that if proprietary third-party or internal organizational data is inputted into ChatGPT, it morphs into a part of the chatbot’s data framework and could potentially be shared with others seeking relevant insights.
Following the article’s publication, Cointelegraph sought input from OpenAI on the matter.
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A public relations representative responded via email, asserting that the data would not be shared with other users posing relevant queries.
The representative further directed attention to the existing documentation elucidating ChatGPT’s privacy safeguards, including an explanation of how web users can deactivate their chat history.
OpenAI’s ChatGPT API, as disclosed, has data sharing deactivated by default.
However, critics have voiced concerns that conversations on the web-based iteration are automatically archived.
Users must actively opt out of saving their conversations, despite the utility of the feature in picking up where discussions left off, and the utilization of their data for model training.
Presently, no alternative exists for conserving conversations without consenting to data sharing.
In summary, IBM Automation’s CTO, Jerry Cuomo, has highlighted numerous vulnerabilities inherent in deploying ChatGPT for enterprise applications.
These vulnerabilities encompass inadvertent data leakage, potential legal repercussions, and intellectual property risks.
OpenAI’s response underscores the commitment to data protection, but critics have pointed out discrepancies between the web version’s conversation saving feature and the ability to opt out of data sharing for training.
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London, United Kingdom, August 21st, 2023, Chainwire
Shiba Memu, a dynamic new cryptocurrency meme coin supported by AI, is causing a stir as its presale surpasses the impressive $2 million fundraising milestone. This remarkable achievement was further spurred by the recent news it would list on BitMart, a renowned crypto exchange, all within the first month of the presale’s launch.
The inception of the Shiba Memu AI stems from the team’s previous experiences with exorbitant marketing agency fees. This motivated Shiba Memu to develop a self-promoting AI solution capable of adapting to various practical applications.
Presently at $0.021700 per token, Shiba Memu’s price experiences scheduled increments every 24 hours due to the team’s well-crafted smart contract. This mechanism is particularly appealing to presale supporters, as it ensures that the token purchase price remains lower than the eventual listing price on exchanges. For instance, if purchased today at $0.021700, the increase by the end of the 60-day presale would amount to 10%.
Those interested can acquire SHMU tokens via the official Shiba Memu website.
The Surge of Shiba Memu: Unleashing AI Potential
Shiba Memu’s remarkable success can be attributed to its untapped AI potential. In its nascent stages, the AI employs Natural Language Processing (NLP) and Sentiment Analysis to scour the web, primarily focusing on social platforms, for mentions of Shiba Memu. It tailors its promotions accordingly, transforming the brand from a simple cute dog meme to an amusing and engaging one, infused with a sharp sense of humor. The project’s forthcoming AI dashboards scheduled for Q4 further stimulate investor interest in meme coins with tangible utility.
The project’s tokenomics demonstrate a robust structure, with 85% of tokens allocated to the presale, 10% to exchange listing liquidity, and 5% to development. This allocation empowers SHMU holders to actively participate in the future development of the dApp.
Crypto Community Propels Shiba Memu’s Soaring Engagement
In the recent video shared by influencer, CryptoPRNR, Shiba Memu was featured among the top four cryptocurrencies predicted to perform well in the next bull run. Additionally, Shiba Memu was also showcased as the best meme coin to buy in 2023 on investing website Invezz. This recognition highlights the project’s strategic advancements and AI-driven capabilities, solidifying its position as a competitive player in the crypto market. The inclusion of Shiba Memu in this selection also reflects the growing interest and attention directed towards AI-powered crypto projects within the broader cryptocurrency community.
The Shiba Memu presale is approaching its closing date on the 1st of September. At this juncture, the price is set to reflect an increase of 119% from its launch price, moving from $0.011125 to $0.024400.
About Shiba Memu
Shiba Memu (SHMU) is a fresh dog-themed crypto meme coin that supports a platform utilizing AI to promote itself and generate buzz in online communities. This technology is poised to gain traction within the blockchain industry in the coming years, establishing Shiba Memu’s position as an industry innovator. The innovative AI technology behind the project demonstrates true innovation in the meme coin sector, offering small and medium-sized businesses access to effective marketing solutions that could significantly cut costs and provide a competitive advantage.
To learn more, or to buy SHMU, visit: Website | Whitepaper | Socials
Contact
Shiba Memu Team
Shiba Memu
[email protected]
Warsaw, Poland, August 21st, 2023, Chainwire
ETHWarsaw, a web3 conference and hackathon, organized by a passionate group of local Ethereum enthusiasts, returns for its second edition. The event is set to take place from August 31st to September 3rd, 2023 in Warsaw, Poland, bringing together a global community of builders, founders, and educators in web3.
Building upon the achievements of its debut, the second edition of ETHWarsaw promises enhanced experience as it will coincide with the first in the history Warsaw Blockchain Week.
“Despite the backdrop of crypto’s resurgence after a challenging year, we’re ready to deliver an even more comprehensive experience for the global community traveling across the world to Poland. This year we’re literally transforming Warsaw, a tech hub teeming with talent, into a hotbed of web3 action.” said Lukasz Stoczynski, ETHWarsaw’s Co-Founder, Business Development Lead.
This collaborative initiative, set against the charming blend of tradition and modernity that defines Warsaw, promises community-organized side events, including conferences, networking meetups, and parties.
The collective effort is poised to make this year’s ETHWarsaw, for the second year in a row, the biggest web3 conference in the CEE region and Warsaw Blockchain Week the largest blockchain event ever held in Poland.
ETHWarsaw is structured to cater to both seasoned professionals and curious newcomers including web2 developers and students. The conference spans two dynamic days of talks, panels and fireside chats divided into six key tracks: DeFi, Scalability, Security, Infrastructure, Governance, and Non-Tech.
This year’s speakers include Marius Van Der Wijden, Ethereum Foundation; Akram El Milligy, Ledger; Patrick McCorry, Arbitrum Foundation; Artis from Gitcoin, and Adam Gagol from Aleph Zero.
Similarly to last year, the overnight hackathon will start on Friday evening and it will be a 48 hours marathon of non-stop building. There will be opportunities for teams and individuals to get hands-on, practical experience working with applications and advanced tools with ~$50,000 in value to be won from various competitions.
ETHWarsaw’s reputation as a hub for breakthroughs in the blockchain realm continues to be reinforced by the awe-inspiring success stories of projects born from the event. Antoni Zolciak, Co-founder of Aleph Zero, Ocean Sponsor of ETHWarsaw, explains: “The brilliant team behind our recently launched ecosystem company, AZERO.ID, was formed after they emerged as victorious champions of the ETHWarsaw hackathon. This win led them to secure a grant, develop the platform’s first version, and successfully close an oversubscribed pre-seed funding round. Their mainnet launch on Aleph Zero is just weeks away, marking an exciting beginning for AZERO.ID. We’re excited for this year’s hackathon during ETHWarsaw and have no doubt that this year’s edition will not disappoint.”
Other ETHWarsaw returning sponsors include RedStone Oracles, Arweave, Octant, Scroll, IPOR. In addition, EthWarsaw secured support for the vol2 event from companies like Lukso, zkSync, Request Network, PROPERLY, Beamer Bridge, Mantle & Chronicle.
For more details about the event and to buy tickets for the conference and hackathon, visit: https://www.ethwarsaw.dev/
Stay connected with ETHWarsaw:
Twitter: @ETHWarsaw
Telegram: ETHWarsaw Official
Contact
Head of PR
Martyna Borys-Liszka
ETHWarsaw
[email protected]
New York, USA, August 21st, 2023, Chainwire
Zebec has launched Nautilus, a modular L3 network that supports its blockchain-based global payment infrastructure. Nautilus enables continuous payment streaming and real-time payroll services on a previously impossible scale.
As a first-of-its-kind L3, Nautilus enables more than just instant payments. It can also facilitate Zebec Protocol’s live-payment streaming service at scale, made possible by the fastest EVM environment in web3.
Capable of parallel transaction processing, Nautilus is built for scalability, interoperability, and security through interchangeable modules for consensus, settlement, data availability, and transaction execution. This modularity will have a significant impact on how web3 payment infrastructure is composed and adopted.
“Zebec is helping to create a future where money moves more freely, providing individuals, businesses, investors, and teams with quicker and easier access to funds and tokens,” said Zebec Founder Sam Thapaliya. “Launching the Nautilus Chain, and the new suite of products built on it, is a significant step towards our vision.”
With Nautilus now live, Zebec’s team is set to bring single-side staking and DeFi yields online in select jurisdictions and power ZebecPay – its live streaming web3 payroll services. Zebec is also in the process of launching a traditional payroll app, WageLink, with a planned integration with Circle. With the Nautilus chain functionality, Zebec is able to offer crypto off-ramps directly linked to US bank accounts (via a partnership with CoinFlow) and roll out Zebec Card programs in Asia and Europe. These products and services will augment Zebec’s existing services.
Zebec started as a continuous settlement protocol that enabled real-time payments, or payment streaming, allowing businesses to pay employees and partners in real-time in a tax-compliant way. However, the limitations of existing blockchain technology soon became apparent. Networks were either too slow or too unreliable to keep up with demand. To solve the issue, Zebec Labs created a next-generation blockchain: fast enough to facilitate payment streaming at scale, which could, critically, integrate with Ethereum-based chains.
Originally planned for Zebec’s core DeFi projects for internal payments and value/assets transfer, Nautilus testnet became one of the most prominent testnets in the crypto world. Having facilitated over 50 million transactions, with 400,000 wallets and 3,000 smart contracts deployed in its first 8 months, Nautilus chain has proven its utility and functionality beyond DeFi and opened to projects from other sectors, such as NFTs, Gamefi, etc., thus becoming a “general purpose” L3.
A huge upside to Nautilus’ modular system is that it gives developers the flexibility to configure the “chain stack” they use to build their dApps. A modular chain uses interchangeable modules for consensus, data availability, settlement, and execution. Each of these layers can be configured to developer needs or optimized based on the dApp being serviced. Especially at the execution layer, customized rollups can be deployed that optimize for privacy or scalability, or decentralization — whatever is required by the dApp.
Modular chains allow for infinite horizontal scaling and greater levels of interoperability. Since developers build from the same pool of modules, code is safer, more battle-tested, and easier to connect. More rollups and parallel chains can be deployed to increase block space and throughput effectively. Nautilus is a pioneer in this new type of blockchain, and its architecture will permanently change how blockchains are built and bring them into the real world.
At launch, Nautilus’ settlement layer is built using Solana’s VM, MOVE, and its execution layer on Neon EVM using Solidity smart contracts. Data availability is stored off-chain using Celestia. Nautilus’ initial default execution layer will use optimistic rollups, but the team plans to transition to zkRollups for faster settlements, privacy, and even higher levels of scalability.
Nautilus is built with Celestia and Eclipse empowering modular chains. Through Celesita, Nautilus allows projects to tailor their consensus and settlement layers. Eclipse allows builders on Nautilus to deploy customized rollups on their execution layer.
The result is a chain with Solana-like speeds but with the security and decentralization of Ethereum. According to its engineers, Nautilus has been tested up to 3,000 TPS, but the team expects the number to increase with the transition to zkRollups. By having such a high TPS, Nautilus chain provides a platform that can keep up with the demands of the real world, opening the door to decentralized markets for financial instruments and assets, such as stocks, bonds, real estate, and tokenized real-world assets.
Thanks to Nautilus, Zebec can now operate on a much larger scale. Businesses can pay employees and partners in real time through live payments or payment streaming. Zebec’s goal isn’t merely to provide more efficient payment services; it’s to onboard millions of new users through user-friendly, secure payment apps and new use cases.
Zebec’s innovation paves the way for pay-as-you-go payment plans for streaming services, car-sharing platforms, gyms, residential clubs, and more. It enables potential new business models and applications not yet created. As Zebec continues to innovate and grow its ecosystem, it invites developers and founders from around the world to join it in creating a more connected, efficient, and accessible financial future.
About Zebec
Zebec enables real-time and continuous streams of payments and financial transactions for payroll, investments, and more. It was founded in 2021, with investments from Circle, Coinbase, Solana Ventures, Breyer Capital, Republic, and Lightspeed Venture Partners, among others. Zebec already services hundreds of companies, running thousands of continuous payment streams and bringing the blockchain to our day-to-day lives.
Website | Twitter | Discord | Telegram
About Nautilus
Nautilus is a high-performance real-world payment modular chain. Using celestia and eigenlayer, It delivers high-speed and low-cost transaction processing with a secure and stable decentralized foundation.
Website | Twitter | Telegram | Medium
Contact
Elena Solovyov
Zebec
[email protected]
Amidst the ongoing bear market dampening venture capital investments in the cryptocurrency sector, innovative financing avenues like grants have gained prominence as they foster community support and nurture established projects’ growth.
Presently, approximately 40 crypto initiatives, as stated by Blockchain Grants, are extending grants to developers focused on Web3 solutions.
Contrarily, data from Cointelegraph Research underscores that the crypto venture capital space has suffered due to the market downturn, causing a substantial 30% decrease in capital infusion into Web3 projects over the past year.
Grants and venture capital diverge in purpose and prerequisites.
While grants align with particular goals and values, venture capital centers on startups with exponential growth potential and financial profitability.
However, the efficacy of grants rests on reinvesting funds into the project, according to Naveen Agnihotri, CEO of Cumberland Labs.
Agnihotri emphasizes that grants can be a boon for burgeoning crypto projects if funds are channeled back into project development.
Alternatively, venture capital, he notes, can enable founders to bootstrap their projects, given the mutually incentivized engagement between parties.
To sustain accountability and innovation, the SingularityNET team has revamped its Deep Funding grant initiative.
This updated program, now in its third round, will evaluate teams based on milestones, deliverables, and peer revisions.
Proposals are open until September 3 across five funding pools, with over $1.5 million earmarked for AI-related projects.
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According to Rafael Presa, operations manager of Deep Funding, grant programs are pivotal in shaping the next phase of crypto industry evolution by supporting innovative ideas, research, and solutions.
Since its inception in 2022, the Deep Funding program has nurtured 28 artificial intelligence (AI) projects through decentralized voting within the SingularityNET ecosystem.
Furthering this trend, the Interledger Foundation employs its grant program to bolster initiatives targeting payment networks for unbanked communities worldwide.
Briana Marbury, CEO of the Interledger Foundation, highlights that grants can alleviate financial constraints faced by entrepreneurs and innovators, enabling ideas that might otherwise remain unrealized.
The program is currently accepting applications, with grants exceeding $100,000 in this round and a deadline of November 21.
Applying for grants necessitates a deep understanding of grantor objectives and priorities, demonstrating a sincere commitment to the program’s essence.
Engaging with the community, soliciting feedback, and refining proposals showcase dedication to collaboration and improvement, according to Presa.
In these challenging market conditions, Naveen Agnihotri advises projects to focus on addressing genuine issues when presenting grant proposals.
He encourages taking advantage of the bear market’s contemplative environment to devise significant ideas and craft comprehensive grant proposals, highlighting that even in lean times, quality ideas attract funding.
In summation, while the bear market impacts venture capital, the rise of grant programs offers a lifeline for crypto projects, nurturing innovation, collaboration, and impactful solutions.
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Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), is preparing to reduce its support for OpenSea due to the imminent removal of the Operator Filter, a tool designed to enforce on-chain royalties.
Introduced in November 2022, the Operator Filter allowed creators to limit secondary sales of nonfungible tokens (NFTs) to marketplaces that upheld creator royalties, effectively excluding platforms like Blur.
Nonetheless, OpenSea disclosed on August 17 that it would discontinue the tool by the end of the month.
The rationale cited a lack of widespread adoption within the ecosystem, instances of platforms bypassing the tool, and opposition from creators.
Responding to this decision, Yuga Labs CEO Daniel Alegre posted an announcement on X (previously known as Twitter), revealing the gradual phasing out of their reliance on OpenSea’s Seaport marketplace smart contract.
In his statement, Alegre outlined that Yuga Labs would initiate the process of winding down support for Seaport across upgradable contracts and new collections.
The objective is to complete this transition by February 2024, aligning with OpenSea’s strategy.
Alegre underlined Yuga Labs’ commitment to safeguarding creator royalties and ensuring fair compensation for their creative efforts.
The BAYC community responded positively to Alegre’s announcement, with prominent content creators and NFT project founders, including EllioTrades and Alex Becker, voicing their support.
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The CEO and co-founder of the Forgotten Runes Wizards Cult NFT project, dotta, lauded Yuga Labs for taking a leading role in championing the cause of creator royalties.
This move also garnered interest from Luca Netz, CEO of the Pudgy Penguins NFT project, who commended Yuga Labs and suggested they might follow suit.
Netz indicated a willingness to engage in dialogue about enforcing creator royalties, as highlighted in a post by Coinbase NFT.
The question of whether to uphold and enforce creator royalties has ignited debates within the NFT community over the past year.
Initially, enforcing creator royalties was the norm during the NFT boom in 2021.
However, platforms like Blur disrupted the scene in October 2022, gaining significant market share by offering zero trading fees and an optional creator royalty payment structure.
Consequently, trading fees and royalty percentages experienced a general decline as marketplaces competed for user adoption.
The NFT community now finds itself divided between proponents of the cost-effective trading approach offered by platforms like Blur, advocating for diverse creator compensation models, and those advocating unwaveringly for royalty payments as a necessity.
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Cryptocurrency influencer Evan Luthra has initiated a legal battle against Bitget, a crypto exchange, alleging the freezing of his account following a new token listing in March.
Luthra asserts that his withdrawal requests were halted and approximately $200,000 in Tether was locked up while his attempts to gain clarity were met with silence.
This incident is intertwined with Luthra’s association with the Reel Star project.
He had been engaged as an advisor to Reel Star, a startup dedicated to a social media app for content creators.
As part of his compensation, Luthra received Reel Token (REELT), the project’s utility token. Following its listing, Luthra sold 1.3 million REELT tokens on Bitget.
However, this action led to the suspension of his account over suspicions of market manipulation.
Bitget’s spokesperson disclosed, “Bitget faced a manipulative attack by a group of traders attempting to profit by manipulating trades on the exchange.”
Bitget claims to have reached out to Luthra for an explanation, but despite admitting to the token sale, he reportedly failed to provide a satisfactory reason for the behavior.
Luthra contends his innocence, referencing alleged approval from Reel Star’s co-founder Navdeep Sharma for the token sale.
Seeking $16 million in damages and the release of his $200,000 held by Bitget, Luthra filed a lawsuit against the exchange, Foresight Ventures, and key executives.
He argued that Bitget unjustly restricted his tokens, which he had acquired through legitimate means.
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Gracy Chen, Bitget’s managing director, stated that the exchange prioritizes user protection and undertakes immediate action against illegal activities.
Bitget unveiled an investigation into the matter, disclosing findings and a compensation plan for over 500 affected clients.
The exchange’s response clarified, “After our investigation, we believe the account mentioned has been involved in suspicious trading behaviors on Bitget.”
The cryptocurrency community exhibited mixed reactions on platforms like X (formerly Twitter). While some supported Luthra, highlighting challenges faced by users of centralized exchanges, others defended Bitget’s actions as protective of users’ interests.
Well-known figures within the crypto space, including Changpeng Zhao, CEO of Binance, also chimed in on the dispute.
At present, Bitget’s CEO Chen notes that the exchange was unaware of the lawsuit. Evan Luthra contends he was merely a token recipient for consultation and should not be deemed a part of the project team.
The ongoing case underscores the evolving complexities of the crypto landscape and the vital role of exchanges in maintaining security and fairness.
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