Month: July 2023

EOS Foundation to sue Block.one on failure to honor $1B commitment

boss

The EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over failure to honor $1 billion investment commitments. On July 25, ESN founder and CEO Yves La Rose took to Twitter to announce that the ESN is preparing a lawsuit against B1 for “failure to follow through on its $1B commitment.” The CEO mentioned that Block.one is already working to settle another class action lawsuit for $22 million, after rejection of a proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity.…

LayerZero Crosses This Significant Milestone, But Is An Airdrop Coming?

boss

Cross-Chain communication protocol platform LayerZero has crossed 50 million cross-chain messages, as revealed by the platform on Tuesday, July 25. This significant milestone proves the massive trading activity and cross-chain token swaps that happen across several chains daily. LayerZero’s Impressive Growth The ‘50-million cross-chain messages’ is undoubtedly a testament to how much LayerZero has achieved in the space. Due to the project’s disruptive vision, it has received enormous backing from some of the ecosystem’s biggest Venture Capitalists (VC).  Three months ago, LayerZero raised $120 million from prominent backers like auction…

Italian central bank backs DeFi tokenization project with Polygon, Fireblocks

boss

The Bank of Italy’s Milano Hub innovation center will provide support for a project developed by Cetif Advisory to research a security token ecosystem for institutional decentralized finance (DeFi).  The project has no “commercialisation purpose,” but will extend “the scope of analysis” of security tokens on secondary markets. Security tokens are digitized representations of the ownership of real-world assets. Cetif Advisory general manager Imanuel Baharier said in a statement: “We believe it is vitally important to create the conditions for DeFi to become a safe and open operating environment for…

SEC files charges against Quantstamp for $28M initial coin offering

Blockchain security firm Quantamp is set to return $28 million  raised in a 2017 initial coin offering following charges brought by the United States Securities and Exchange Commission (SEC). The U.S. agency announced that it had formally charged the California-based firm on July 21 for conducting an unregistered initial coin offering of “crypto asset securities”. According to the statement from the SEC, Quantstamp agreed to settle the charges. The SEC’s order outlines how Quantstamp’s ICO, which took place in October and November 2017, raised over $28 million by selling its…

It’s Time for Publicly-Traded Miners to Stop With the Gimmicks

While capital is useful, equity markets are not dissimilar to the token markets many miners disparage. Retail investors huddle in Telegram groups, poking and prodding for updates from each firm, urging one another to “hodl” the stock or trust the executives on the ground, only for the leadership team to dilute stocks to worthless drivel, purchase ASICs at the top or fail to hedge energy contracts (believe me, these are not uncommon occurrences). The real vice here: marketing. Source

TD Cowen analyst just made a risky buy call on a bitcoin play

boss

Investors looking for ways to bet on crypto should look closer at a software company with a unique balance sheet, according to TD Cowen. Analyst Lance Vitanza initiated coverage of MicroStrategy at outperform, saying in a note to clients on Wednesday that the stock was the “best way for institutions to acquire exposure to bitcoin.” “MSTR is a leading provider of [business intelligence] software, but with a twist: it uses all its retained earnings – and then some – to buy and hold bitcoins. This is not a short-term trading…

Meta Platforms fined $14 million for Onavo privacy issues: Report

boss

An Australian court has reportedly ordered Meta Platforms, the owner of Facebook, to pay fines amounting to 20 million Australian dollars ($14 million) for collecting user data through a smartphone application, Onavo.  According to a Reuters report, the Federal Court of Australia has directed Meta, along with its subsidiaries Facebook Israel and the discontinued app, to reimburse $270,356 (A$400,000) in legal costs to the Australian Competition and Consumer Commission (ACCC). The ACCC initiated the civil lawsuit against Meta, alleging that Onavo was promoted as a privacy protection tool, but failed…

Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why

boss

First Digital USD (FDUSD), a newly introduced stablecoin scheduled to make its debut on Binance on Wednesday has now faced a halt due to technical difficulties. A Bumpy Start To The FDUSD Journey The expected listing of FDUSD on Binance was initially set for July 26, 2023. To incentivize traders, Binance planned to offer zero maker fees for all FDUSD trading pairs. However, due to technical issues encountered by the FDUSD pairs’ liquidity providers, the launch was postponed. Related Reading: Binance Pool’s Litecoin Hash Rate Falls 50%: What’s Next? Trading…