Day: July 13, 2023

FTX spent $400 million on the acquisition of its European branch

According to the legal team of the FTX investors, trying to return their funds through court, a failed crypto exchange spent “nearly $400 million” to acquire Digital Assets DA AG (“DAAG”). Later the Swiss company became known as FTX Europe. Now the plaintiffs are eager to be refunded the money that was spent on it by Sam Bankman-Fried and his associates.  The complaint for avoidance and recovery of transfers was filed to the United States bankruptcy court in the district of Delaware on July 12. The plaintiffs are stating that…

Ethereum scaling protocols drive zero-knowledge proof use in 2023

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Ethereum (ETH) scaling protocols are dominating the use of zero-knowledge (ZK) rollups, with major launches, new research and healthy competition key points in a sector report published by ZK Validator. The node infrastructure operator’s “State of ZK Q2” report reflects on significant events across the ZK ecosystem, with notable launches of ZK-powered layer 2’s highlighting the use of the technology on scaling in comparison to other market segments. ZK-proofs use cryptography to allow one party to prove to another party that certain information is correct, without revealing any data. They present…

ICO Sandbox publishes exit report following work with the Betting and Gaming Council to reduce incidents of gambling related harm

The ICO’s Regulatory Sandbox aims to support organisations who are creating products and services which utilise personal data in innovative and safe ways. The Betting and Gaming Council entered the Sandbox to explore the gambling industry’s development and trial of a Single Customer View (SCV) solution. The trial built on the work previously undertaken by the Gambling Commission within the Sandbox in 2021. The SCV solution developed by the BGC and the participating operators (Entain, William Hill, 888, Gamesys, Bet365 and Flutter) aims to enable a more unified and proactive…

ICO backs new data sharing schemes to protect gamblers from harm

The Information Commissioner’s Office (ICO) has today backed proposals for the financial sector to share data with gambling companies to protect customers from unaffordable losses. In a letter to industry body UK Finance, the ICO has confirmed that data protection law does not stop gambling companies from conducting financial risk checks on customers, and that lenders can share people’s personal information – but this must be done transparently and proportionately. “Problem gambling has devastating consequences for people’s finances, relationships and health. We are keen to see the financial sector share…

Blockchain group to push Philippines Web3 adoption via state partnership

The Blockchain Council of the Philippines (BCP) — a nonprofit organization dedicated to improving the regulatory framework for blockchain technology — has partnered with the Department of Information and Communications Technology (DICT) to foster Web3 adoption in the Philippines.  In an announcement sent to Cointelegraph, Donald Lim, the founding president of the BCP, said that the organization’s vision is to drive Web3 adoption in the Philippines. BCP’s primary goal is to propel blockchain adoption in the country and make the country a global leader in blockchain technology. To achieve this…

US government transfers BTC worth $300m from Coinbase

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The US government moved over $297 million worth of bitcoin (BTC) seized from the Silk Road hacker in March. The total amount captured from the hacker was worth over $1 billion — 49,000 bitcoins — in March. At the current price point, the total assets would be worth roughly $1.5 billion as BTC holds above the $30,000 mark. Moreover, the US government transferred 9,825 bitcoins — worth $298.7 million at the time of writing — to…

US industry watchdogs oppose draft bill on crypto market structure

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An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee. In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical…

Stader Labs Debuts Ether Staking Product With 6% Yield

“While the Ethereum staking ecosystem is already mature and features multiple protocols and services, it’s somewhat centralized today as the top three entities have more than 50% ETH staked on them while the predominant liquid staking protocol has roughly 90% market share,” said Amitej Gajjala, CEO at Stader Labs, told CoinDesk in a message. Source