Month: March 2023

Lucid Plans to Reduce Headcounts as Part of Restructuring Plan

The Lucid CEO said the company remains committed to expanding globally despite cutting headcounts. American EV maker Lucid Group Inc (NASDAQ: LCID) has revealed plans to reduce headcounts, dismissing about 18% of its workforce. The company announced the job cut in an SEC filing on the 27th of March. According to the document, Lucid is reducing workers as part of a larger restructuring plan to reduce expenses. Employees’ dismissal is no longer news in the markets. Over the past years, many companies across different sectors have had to fire some…

SBF Charged with Paying $40M Bribe to Chinese Officials

The Chinese authorities froze the Alameda Research trading account in 2021 as part of an ongoing investigation of a particular counterparty. The United States Department of Justice (DoJ) has unveiled a new indictment against former FTX CEO Sam Bankman-Fried (SBF). According to court filings published on March 28, SBF is charged with bribe dealings with Chinese officials to unfreeze FTX accounts. The distressed former crypto billionaire will be fighting more charges in court at the tail end of this year when his next hearing is scheduled. With three of his…

Kraken and Williams Racing Announces Strategic Partnership to Enhance Future of Finance

With the Williams Racing partnership, Kraken anticipates getting more global recognition amid increased competition from centralized exchanges. The Kraken cryptocurrency exchange has announced a strategic partnership with the English Formula 1 team Williams Racing. Following the partnership, Kraken’s logo will appear evidently on the halo and rear wing of Williams Racing’s FW45 race car driven by Alex Albon and Logan Sargeant in the Formula 1 Rolex Australian Grand Prix 2023. The partnership is geared towards sensitizing the cryptocurrency topic on the world stage through the formula one racing programs. Through…

Noble Partners With Circle Financial to Integrate USDC on Cosmos Blockchain – News Bitcoin News

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According to the token protocol startup Noble, the second-largest stablecoin, USDC, will be integrated into the Cosmos blockchain, as the company has partnered with Circle Financial for the rollout. Noble details that the integration will give access to Circle’s USDC stablecoin to more than 50 Inter-Blockchain Communication (IBC) networks. USDC Native Support Is Coming to the Cosmos Blockchain Noble, a token issuance protocol startup, has revealed the Cosmos network of IBC protocols will support USDC. The team introduced Noble last week in a blog post that describes the protocol as…

The Algorand Foundation Branches Out to India

Blockchain protocol Algorand (ALGO) has entered the world’s most populous country, India, with a project that aims to support the nation’s transformation from the back office of the Web2 world to the innovation hub of the Web3 world, two senior representatives told CoinDesk. Millions of Indians take on outsourced work from Silicon Valley companies and global banks. Source

MetaMask warns users of deceptive March 31 airdrop rumors

Web3 wallet provider MetaMask has warned its users of “false rumors” of a purported MetaMask airdrop, which appears to have been making the rounds on social media.  According to a March 28 tweet from MetaMask, there have “quite a few rumors going around” of a MetaMask snapshot or airdrop on March 31. There are quite a few false rumors going around about a MetaMask snapshot/airdrop/etc. on March 31. These rumors are not only false, but they are dangerous. They create opportunities for scammers and phishers. Please be on the lookout…

The Liability of DAOs and Their Founders Has Been Put to the Test in Court

At the core of the case are how the concepts of fiduciary duty (the obligation to act in the best interest), the duty of care (the obligation to act without negligence), as well as joint and several liability (a responsibility that is shared by multiple parties), apply to the concept of a DAO and governance token holders. While existing case law has created plenty of guidance on how these concepts apply to TradFi partnership structures like General and Limited Partnerships, DAOs are something of an undiscovered country given their unique…

The government should fear AI, not crypto: Galaxy Digital CEO

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Mike Novogratz, the CEO of digital asset investment firm Galaxy Digital told investors he is shocked over the amount of regulatory attention for crypto rather than artificial intelligence (AI), a technology he believes will trigger a “deep fake” identity crisis. The chief executive explained at the firm’s fourth-quarter conference call on March 28 that the U.S. government has it “completely upside-down” in choosing to focus so much on crypto regulation and yet turn a blind eye to AI: “When I think about AI, it shocks me that we’re talking so…