DeFi & Ethereum News

2023-03-21 06:43:02 Polygon ID Will Be Integrated Into The Sandbox To Enhance User Security

The Sandbox, a metaverse gaming platform, is collaborating with Polygon Labs to integrate Polygon ID before the end of the year. Polygon ID revealed earlier this month that four tools had been released in Identity Infrastructure to create a better internet that puts identity at the core of it. It provides developers with tools for creating self-sovereign, decentralized, and private identification solutions for users.

Anyone may now become an issuer, verifier, or holder of a Web3 identity by utilizing the Polygon ID infrastructure stack, which is currently accessible under an open-source license to the public. This implies that off-chain data may now be utilized for trustless on-chain verifications in the widely recognized Verified Credential format. ZK technology is an encryption technique that enables to prove and validate information parties without gaining access to it. ZK technology, also known as zero-knowledge technology, refers to protocols and services that use an encryption approach known as zero-knowledge proofs.

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https://t.me/DeFi_Ethereum Open / Comment

2023-03-20 05:56:02 Date for FTX's auction of LedgerX revised for third time

The counsel for FTX filed the notice of revised dates on March 18 in U.S. Bankruptcy Court for the District of Delaware. The auction will now be held on April 4 at the offices of Sullivan & Cromwell and a sale hearing will take place April 12, the filing said. Notice of the successful bidder should occur within one business day of the conclusion of the auction.

The auction had previously been scheduled for March 7 and then was revised to March 22, according to court filings. A reason for the most recent date revision was not provided. FTX secured approval early this year to sell business units to raise money for creditors. It is also looking to sell Embed Financial Technologies, FTX Japan and FTX Europe. About 117 parties have shown interest in buying entities of FTX, according to a legal filing at the start of this year. The exchange's U.S. operation acquired LedgerX in Oct. 2021 and rebranded it as FTX.US Derivatives. The auction had been set for two previous dates before being rescheduled.

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2023-03-19 06:03:02 FDIC Denies That Potential Signature Buyers Must Give Up Crypto

A Reuters report previously stated that any purchaser of Signature Bank must agree to divest from crypto clients, a statement the FDIC has now denied. Following the collapse of Silvergate bank – one of the two main banks providing financial services to crypto platforms – former clients began pivoting to competitor Signature, only for the latter to be seized by U.S. authorities, citing significant liquidity issues.

The news dealt a blow to many mainstays of the crypto industry, de-pegging Circle’s USDC and causing uncertainty for Coinbase and Paxos, who, among others, had significant assets stashed away at Signature Bank. Faced with a public lack of trust in the banking sector, U.S. authorities decided over the weekend to place Signature Bank in receivership, informing its leadership mere hours before the public announcement was made. The bank was majorly invested in crypto, with over a quarter of all deposits coming from the industry. The bank and its assets were put up for sale by U.S. authorities.

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2023-03-18 06:49:02 Euler Finance Miner Transferred 100 ETH To Notorious Hacker Lazarus Group

On-chain data discovered by Look on Chain shows that a wallet address controlled by Euler Finance’s protocol mining entity recently sent 100 Ether ($170,515) to a wallet associated with the crypto-currency exchange hack the Ronin network of the Lazarus Corporation. Euler Finance, a decentralized finance (DeFi) protocol that provides on-chain lending was hacked.

The US Treasury Department added Lazarus Corporation to its list of designated entities in April. In January, the Federal Bureau of Investigation (FBI) said the Lazarus Group and North Korea’s APT38 hacking team were responsible for the $100 million theft of crypto assets from Horizon Bridge. It is not clear whether the Lazarus Group is behind the attack or if there is any connection between them and the mining organization Euler Finance. He retweeted a message shared by a user saying that Euler had 10 audits from 6 different companies and commented that the platform has “always been a privacy-conscious project.”

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2023-03-17 06:10:03 Fidelity Crypto quietly went live, giving millions of retail customers access to bitcoin, ether

Fidelity Digital Assets quietly opened access to Fidelity Crypto for the masses recently. Millions of users can now trade bitcoin and ether commission-free on the platform. The app was previously restricted to a waitlist, with users given access on a rolling basis. Fidelity Crypto is open to new and existing customers — first-time customers must create a Fidelity Brokerage account during the setup process.

Bitcoin and ether are the two assets users can trade right now, and trading is commission-free. The firm will charge a spread of no more than 1%. Withdrawals haven't yet been enabled on the platform. Fidelity, which 37.1 million total retail accounts, has acted sooner than most of its peers in the U.S. in offering crypto to retail clients. The full launch happened over the past few weeks, according to sources with knowledge of the matter. The launch coincided with an increasingly hot regulatory environment in the U.S. and the collapse of two of crypto's biggest banking partners, Silvergate and Signature Bank.

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2023-03-16 05:58:02 Microsoft-backed Space and Time partners with South Korean gaming firm Wemade

Web3 data warehousing platform Space and Time is partnering with publicly listed South Korean gaming firm Wemade. Founded in 2000, Wemade is a games developer known for the title "The Legend of Mir 2," which was a popular roleplaying game in China. The company has since pivoted towards metaverse and blockchain technologies.

The strategic partnership will enable Wemade to use Space and Time’s suite of developer tools to power its gaming services. The data warehouse aims to combine on-chain and off-chain data in a single trustless environment that will enable companies to do enterprise-scale analytics and make fast transactions. Space and Time will help Wemade facilitate more complex earning payouts for its games, run tamperproof analytics against game activity and reduce on-chain storage costs through its data warehouse, the company said in the release.

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2023-03-15 06:02:02 EU Parliament passes smart contract regulation under Data Act

Smart contracts are one step closer to falling under European Union-wide regulation within a broader strategy on data markets, an issue that continues to raise concerns within the crypto industry. The European Parliament adopted legislation under the Data Act on Tuesday, with 500 votes in favor and 23 against.

The legislation, and its provisions on smart contracts, is not explicitly aimed at the crypto industry, but focuses on data from connected devices, or the Internet of Things. Yet some in the industry worry the Data Act may have far-reaching effects on crypto if the scope isn’t clearly defined, especially as smart contracts — automated executions written into software — underpin the infrastructure of DeFi. The greatest potential of the legislation, according to Pilar del Castillo Vera, a centrist-right MEP and rapporteur on the Data Act.

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2023-03-14 06:21:02 Framework and Bitkraft lead $6 million seed funding into gaming studio Jungle

Bitkraft and Framework Ventures co-led a $6 million seed funding round into Jungle, a Brazil-based web3 gaming studio. Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub and Norte Ventures also took part in the round, which closed at the tail end of last year.

The funding will be primarily used to build out its team, marketing, and distribution for the games it produces. Co-founded by Beraldo, Giulio Ferraro and Lucas Kertzman, Jungle differs from other web3 gaming studios in that it seeks to acquire "underutilized" intellectual property rather than developing it in-house. By leapfrogging over the often-lengthy development process, Beraldo claimed that this speeds up the release by around two to three years. Jungle says that its first game, a web3 shooter, will be released this year on mobile devices.

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2023-03-13 06:13:02 US SEC Alleges BKCoin and its Co-Founder for Running a $100 Million Crypto Scam

The watchdog froze assets connected to BKCoin after filing an emergency action against it. The US Securities and Exchange Commission (SEC) filed an emergency action against the Miami-based financial advisor firm – BKCoin Management LLC – and its Co-Founder Kevin Kang, claiming they have defrauded investors with $100 million via a fraudulent crypto scheme.

In a recent press release, the US securities regulator asserted that BKCoin raised around $100 million from at least 55 investors between October 2018 and September 2022. The company and one of its founders – Kevin Kang – assured customers their funds will be used to trade cryptocurrencies, promising significant returns on the investment.Instead, the SEC suggested that the defendants disregarded the outlined plan using $3.6 million of the total sum to make Ponzi-like payments, Kang supposedly stole over $370,000 to pay for holidays, sporting events tickets, and even a property in New York City.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-03-12 05:58:02 Coinbase halts conversion feature between U.S. dollars and USDC

Coinbase said Friday evening that it halted support for conversions between U.S. dollars and stablecoin USDC. "We are temporarily pausing USDC:USD conversions over the weekend while banks are closed," the firm said in a tweet. "During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours."

The firm typically offers traders a feature that allows them to seamlessly exchange USD for USDC. Coinbase plans to restart the feature on Monday. The news came moments after Circle confirmed its USDC had exposure to Silicon Valley Bank, which earlier Friday became the largest bank to fail since the 2008 financial crisis. California's financial regulator seized control of the bank Friday and put it in FDIC receivership. Silicon Valley Bank's collapse came shortly after crypto-friendly Silvergate said it was liquidating. Circle later said in a tweet that its exposure stood at $3.3 billion.

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