Aurelia Butler

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    in Cryptocurrency

    Flare taps Hypernative to enhance Web3 security

    Hypernative brings to the table a security platform capable of identifying vulnerabilities and potential exploits across the Web3 spectrum, including assets, protocols, and applications. To date, the platform says it has detected over 270 exploits that could have led to nearly $14 billion in damages.Hypernative’s technology will offer Flare’s users, decentralized applications (dApps), and institutions protection against imminent cyber threats, including zero-day attacks, Investing.com understands. The sophistication of Web3 attacks is increasing, with a wider array of exploitation methods being employed by attackers worldwide. In response, Hypernative says it has developed a technology capable of identifying potential Web3 exploits well in advance, offering a proactive approach to security. As a result, its offering is trusted by some of the largest Web3 ecosystems, overseeing assets totaling $37 billion in value.The company’s solution is designed for continuous monitoring of on-chain and off-chain activities to preempt risks and attacks. With over 764,000 risks identified across 1,443 monitored protocols, Hypernative delivers critical insights and actionable intelligence to minimize false positives without overlooking threats.Hugo Philion, Co-founder of Flare & CEO of Flare Labs, commented, “Flare has been architected with enshrined oracles to support high transaction value use cases, including DeFi and AI. Hypernative’s monitoring on Flare will help provide applications and their users with an additional layer of defense against potential exploits. Our aim is to provide the highest level of security possible, so institutions, builders and community members have the confidence to engage with decentralized applications on the network.”Flare is known for its Ethereum Virtual Machine (EVM)-compatible smart contract platform that facilitates decentralized data acquisition. It provides developers with secure and cost-effective access to extensive data sets to improve the capabilities of Solidity-coded applications.Gal Sagie, Co-founder and CEO of Hypernative, highlighted the need for a new security standard in Web3, beyond traditional audits and bounties. “There is a dawning realization that web3 needs a new security standard that goes beyond audits and bounties. It’s really encouraging to see leading protocols like Flare take a global approach to security and implement active strategies that protect their entire ecosystem,” he added.As the complexity of Web3 smart contracts continues to grow, so does the need for sophisticated security solutions. Hypernative’s track record and battle-hardened tools are set to play a crucial role in safeguarding Flare’s over 290 projects, offering real-time, proactive protection against sophisticated cyber threats. Flare projects will gain access to Hypernative’s platform, enabling them to configure alerts, monitor security flows, and receive support in case of attacks. More

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    in Cryptocurrency

    Soil’s Decentralized Credit Protocol Achieves Over $2M in TVL

    Decentralized credit protocol Soil has ambitions to reshape the global investment and stablecoin yield generation landscape. With its unique blockchain-based infrastructure, the recently-launched protocol provides seamless access to the lucrative Real World Asset (RWA) market, catering to both institutional investors and individual participants. Soil’s recent milestones and strategic partnerships underline its readiness to capture, in particular, a share of the $14 trillion corporate debt market. Last October, the protocol conducted a successful Initial DEX Offering (IDO) during which it raised over $800,000 across three launchpads, after which the $SOIL token debuted on two centralized exchanges, Gate.io and MEXC, and leading DEX Uniswap. Since its public launch on January 11, Soil has seen Total Value Locked (TVL) cross the $2 million mark.Private Debt experienced executive team boasts a track record of managing over $1 billion in private debt, with expertise in both technology and finance. The team has created a protocol that functions as a debt marketplace, facilitating connections between lenders and borrowers (including corporate borrowers) and generating revenue through the arbitrage of the cost of capital.The protocol’s innovative approach to decentralized credit and investment is not just a technological advancement, it’s a complete reimagining of how individuals and institutions engage with the lucrative global debt market. With its robust platform and strategic alliances, Soil is poised for significant growth in the burgeoning field of blockchain-based financial solutions.About Soil:Soil is a decentralized credit protocol offering global access to Real World Asset investments and secure yield on stablecoins. Combining regulatory compliance with high scalability, Soil caters to both institutional investors and individuals, bridging the gap between traditional finance and decentralized finance.Website | X | Telegram | Discord | LinkedIn | Coinmarketcap | CoingeckoContactJakub [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    Xterio to Launch Gaming-Oriented Blockchain in Collaboration with AltLayer, aiming for Wider Web3 Gaming Adoption

    Xterio, a leading Web3 gaming publisher and platform, and AltLayer, an open and decentralized protocol for launching native and ZK rollup stacks, have announced the launch of a game-focused restaked rollup designed specifically for Web3 games.Xterio is a Web3 gaming ecosystem & infrastructure, distinguishing itself as a gaming publisher with top-notch development skills, unparalleled distribution expertise, and over $80M raised in ecosystem funding. With five AAA games and over 45 gaming partners, Xterio has amassed a gaming community of over two million users worldwide and developed the most successful gaming NFT launchpad. Co-founded by industry veterans like Michael Tong, former COO of NetEase (NASDAQ:NTES) and CSO of FunPlus, and Jeremy Horn, former Vice President of Jam City, Xterio is committed to accelerating the integration of Web3 technology into gaming and onboarding billions of gamers.The Xterio chain will be run and managed by AltLayer. It will operate as a Layer 2 settling on Ethereum and utilize the OP Stack as the rollup framework with EigenDA as the Data Availability (DA) layer. Unlike a classical rollup, Xterio chain will instead take the form of a “restaked rollup”, a framework pioneered by AltLayer. As a restaked rollup, the Xterio chain will come with MACH – an Actively Validated Services (AVS) offering faster finality with economic security by leveraging EigenLayer’s restaking mechanism. The rollup will focus on web3 and AI-powered games, with plans to build an on-chain ecosystem around AAA games leveraging the $XTER token.In addition to being integrated across multiple Xterio titles, the Xterio chain will act as the backbone of the Xterio ecosystem, offering a gateway to a vibrant gaming ecosystem and empowering players to effortlessly collect, own, and trade digital assets in a safe and accessible environment and allowing developers to mint, distribute, and manage millions of assets seamlessly. The chain, alongside the comprehensive Xterio tech platform, intends to make on-chain elements almost invisible thanks to account abstracted wallets, seamless off-chain and on-chain systems, cheap transactions, single-click purchases, flexible payment marketplace and launchpad, and more. In addition to facilitating transactions, the Xterio marketplace and NFT launchpad will embrace the Xterio token as a versatile payment method, accepted for both purchases and gas fees, ensuring a smooth and convenient user experience. Looking ahead, the Xterio chain will open its doors to game developers seeking a sophisticated yet user-friendly solution to power their creations. Through the Xterio chain, developers will have access to the most extensive first-party gaming catalog in Web3 and tap into its over 2 million user base, which is currently rapidly growing.With its promise of easy integration and cutting-edge capabilities, the Xterio chain stands ready to drive the future of gaming.About XterioXterio Foundation in Switzerland was founded with a council and by a team of technology and entertainment leaders with deep game development and publishing experience. Its mission is to develop, publish, and distribute high-quality Web2 and Web3 games and interactive entertainment. Xterio is committed to accelerating the integration of Web3 technology into gaming and AI. This commitment simplifies the experience for developers and players, facilitating the widespread adoption of decentralized gaming and digital ownership. Xterio, together with its partners, operate the first gaming rollup with the latest MACH technology and one of the best launchpads for games and marketplaces. Recently, the Xterio platform has successfully launched NFT sales in Overworld, Age of Dinos, Persona, Army of Fortune, and more.The Xterio platform is developing five first-party titles powered by $XTER. Each is led by genre experts and supported by talented teams from renowned entities like FunPlus, Riot, Tencent, and Epic.To learn more, users can visit xter.io and follow along at @XterioGames.About AltLayerFounded in 2021, AltLayer is an open and decentralized protocol for rollups. AltLayer is known for its novel product – ‘restaked rollups’ – which supplements existing rollups with better security, decentralization, fast finality, and interoperability.Built atop its protocol is a Rollups-as-a-Service (RaaS) launcher, a hassle-free platform allowing developers and beginners to spin up a customized rollup within 2 minutes! This product is designed for a multi-chain and a multi-VM world.Together, these products form the bedrock of a modular blockchain ecosystem – home to hundreds of thousands of rollups that can accelerate scaling for any Web3 application. They can help save considerable capital, reduce years of development work for teams, encourage innovation, and fast-track experimentation while being fully open and permissionless.Industries spanning the NFT sector, Web3 gaming, DeFi, real-world asset tokenization, and others leverage these rollups to scale their applications. AltLayer supports major stacks, alternative DA layers, and shared sequencers, including OP Stack, Arbitrum Orbit, Polygon CDK, ZK-rollup, Celestia, EigenDA, Avail, Espresso, and more.Alter invites users to join its community: Twitter | Discord | Official WebsiteContactXterio [email protected] article was originally published on Chainwire More

  • 138 Shares199 Views

    in Cryptocurrency

    Detained Binance executive in court on Nigerian tax, money laundry charges

    ABUJA (Reuters) – One of the two executives from Binance, the world’s largest cryptocurrency exchange, detained in Nigeria appeared in an Abuja court on Thursday to face tax evasion and money laundering charges.Binance and two of its executives Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, have been charged with four counts of tax evasion and with laundering over $35 million.Gambaryan and Anjarwalla were detained on Feb. 26 in connection with a criminal investigation into Binance’s activities in Nigeria when they arrived in the country. Anjarwalla escaped from custody and fled the country. Gambaryan was served with the charges for the first time since his detention during his court appearance and did not take a plea. He will be formally arraigned for the money laundering and tax charges on April 8 and 19, respectively, when his plea will be taken.Binance itself has not been charged by Nigeria’s Economic and Financial Crimes Commission (EFCC), which has argued Gambaryan could face the charges on the exchange’s behalf.Gambaryan’s lawyer Chukwuka Ikuazom objected, saying he was “neither a director, partner nor company secretary” and had no written instructions from Binance to face the charges on its behalf.Ikuazom also argued that since Binance and Gambaryan were jointly charged, he could not take a plea until the exchange, the first defendant in the case, had been served, according to Nigerian law.Binance, which was not represented in court and had no immediate comment, said on Wednesday that it respectfully requested that Gambaryan, who had no decision-making power in the company, was not held responsible while discussions are ongoing with the Nigerian government. Gambaryan has asked a Nigerian court to release him.Nigeria blamed Binance for its currency woes after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira currency, as the country grappled with chronic dollar shortages. More

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    in Economy

    Exclusive-Modi sets ambitious India economic goals for probable third term

    NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi, confident of winning a national election starting this month, has set an ambitious target of roughly doubling the economy and exports this decade, according to a government document seen by Reuters.Modi has highlighted economic growth as one of his biggest achievements in election rallies and has “guaranteed” making the economy the third largest in the world from fifth now if he wins a third term in a row as polls predict.He has already asked officials to finalise plans by around May to expand the economy to $6.69 trillion in nominal terms by 2030, from around $3.51 trillion currently, according to the October document. Though short on concrete details of how to achieve that, it has been a basis for officials’ meetings.When he took office for a second term five years ago, Modi promised to take the economy to $5 trillion by the current fiscal year, but partly due to COVID-19 related disruptions, meeting that target is virtually impossible now.For the next six years, Modi’s goal is to raise per capita income to $4,418 from around $2,500, the document says, without specifying the spending or reforms needed to achieve that.Modi’s office and the finance ministry did not reply to requests seeking comment.Independent economist Saugata Bhattacharya said doubling the economy by the end of the decade would be a “very difficult feat” requiring 6%-6.5% growth for the next seven years along with inflation of 4.5%.The economy is, however, expected to have grown by around 8% in the last fiscal year ended March 31, the fastest among major countries, on the back of strong manufacturing and construction activity driven by government spending.A former senior finance ministry official, Subhash Chandra Garg, said growth projections like those in the document are mostly based on “backward arithmetical calculations” and lack any “reform and investment plan”.”Usually such mental gymnastics based on arithmetic calculations and assumptions are meaningless unless there is serious reform and investment plan to test it for real economy dynamics,” said Garg, the Modi government’s finance secretary until 2019.The main opposition Congress party says India’s economic growth in the past few years under Modi has done little to create jobs and alleviate rural distress, while the disparity between rich and poor has widened.The document says Modi’s government wants exports of goods and services to jump to $1.58 trillion by 2030 from around $700 billion, which could double the share of Indian exports in global trade to more than 4%.The government also plans to focus on 70 areas of improvement including workforce skills and vocational training, critical demands of industry leaders who often complain about the skill levels of the labour force.It wants the literacy rate to rise to 82% by 2030 from about 78% now, unemployment to fall to less than 5% from 8%, and labour force participation rate to jump to more than 50% from 46% now. Modi has said in rallies he needs to remain in power to implement measures to take India towards a developed economy by 2047, the 100th year of independence, from mid-income levels now. He has not spelt out the measures.Opinion polls show he will win big in the elections starting on April 19 and ending after seven phases on June 1, with vote counting on June 4.A coalition led by Modi’s Hindu nationalist Bharatiya Janata Party (BJP) could win nearly three-fourths of parliamentary seats in the nation of 1.42 billion people, according to a survey on Wednesday, while Congress could hit a record low.He would be the first person since India’s post-independence Prime Minister Jawaharlal Nehru to win three consecutive terms. More

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    in Cryptocurrency

    Bit Origin Limited Explores Use of AI in Crypto Mining

    As the world of cryptocurrency continues to evolve and innovate, the crypto mining industry is undergoing a significant transformation, driven by the integration of AI. This groundbreaking convergence promises to revolutionize mining operations, enhancing efficiency, sustainability, and profitability.The marriage of AI and crypto mining offers unprecedented opportunities for optimization across the entire mining process. By leveraging AI-powered algorithms and machine learning capabilities, mining operations can streamline processes, maximize resource utilization, and minimize energy consumption.Key benefits of integrating AI into crypto mining operations include:Enhanced Efficiency: AI algorithms can analyze vast amounts of data in real-time, enabling mining rigs to dynamically adjust parameters such as hash rates and power consumption to optimize performance. This results in increased mining efficiency and higher throughput.Predictive Maintenance: AI-driven predictive analytics can anticipate equipment failures and maintenance needs, reducing downtime and enhancing operational continuity. By proactively addressing potential issues, mining facilities can maintain peak performance and minimize costly disruptions.Energy Optimization: AI algorithms can optimize energy usage by dynamically adjusting power allocation based on factors such as electricity prices, network congestion, and environmental considerations. This not only reduces operating costs but also promotes sustainability by minimizing energy wastage.Risk Mitigation: AI-powered risk assessment tools can analyze market trends, price fluctuations, and regulatory developments to inform strategic decision-making. By providing valuable insights into market dynamics, AI empowers miners to navigate uncertainties and mitigate risks effectively.Adaptive Mining Strategies: AI enables mining operations to adapt rapidly to changing market conditions and network dynamics. Through sophisticated data analysis and pattern recognition, AI algorithms can identify lucrative mining opportunities and adjust strategies accordingly, maximizing profitability.By harnessing the power of AI, crypto mining companies can unlock new levels of efficiency, sustainability, and profitability in an increasingly competitive landscape.As the crypto mining industry undergoes this transformative shift, Bit Origin is determined to explore the potential of AI-driven solutions to unlock value and drive sustainable growth. More

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    in Economy

    Exclusive-Banking bottleneck causing six-month delays for Russia-China payments, sources say

    Russia’s largest banks rushed to open accounts in China following sweeping sanctions imposed by the United States and other Western nations on Russia’s financial system after Moscow sent its army into Ukraine in February 2022. By the end of that year, 90% of Russian banks had yuan accounts in Chinese banks.Reuters reported last month that Russian oil firms are facing delays of up to several months to be paid for crude and fuel exports as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions.That sanctions risk has left companies seeking alternative payment routes and led to a bottleneck at VTB Bank’s Shanghai branch, the sources said. State-owned VTB is the only Russian bank with a fully fledged branch in China. The queue of prospective account holders and limited staff to deal with the demand means some companies are waiting as long as six months to open an account, the sources, who declined to be named as they are not authorised to speak to the media, said. VTB declined to comment. Alternative payment methods remain available, such as through the subsidiaries of small Chinese banks in Russia, but the delays show how U.S. restrictions can have a strong knock-on effect. ‘SERIOUS DELAYS’Now, the easiest way to make payments to Russia from China is through an account opened at a Russian bank’s branch in China, a person in banking circles said. The scheme was recommended by lawyers and is also used for Chinese payments for Russian exports, the person said. But the major problem is that only VTB has a fully functioning Chinese branch, which opened in 2008. Dominant Russian lender Sberbank had planned to open a branch by end-2023, but has not yet succeeded. Private lender Alfa Bank plans to open two branches, but it is still early in the process. “The only (Russian) bank branch open in China is not that big and recently they’ve had quite serious delays with processing documents,” said one source.The problems often stem from the huge number of people wanting to do business there – both Russian companies and large Chinese firms who want to deal with sanctioned companies in Russia, the person said.”And of course, the bank prioritises large clients when choosing clients.” Another person engaged in payments said only having one Russian bank in China was posing difficulties, but that patience was required. Having to wait for all documents to be processed was causing delays of up to six months, the person said. Trade between the two countries ballooned to a record $240 billion in 2023, with China buying more Russian oil and supplying Moscow cars and machinery iun particular. But as China and other Asian countries have increased trade with Russia, the United States has sought fiercer deterrents. Russian business people started drawing attention to settlement issues with Chinese banks in January. An additional three sources said Chinese banks were turning away Russian business. “Problems with Zhejiang Chouzhou Commercial Bank started for us at the beginning of February,” one of the people said. Zheijang and other Chinese banks suspended settlement operations with Russia following a U.S. warning of secondary sanctions in December, they said. Zhejiang and China’s central bank did not immediately reply to Reuters requests for comment on a public holiday in China. The person referred to a U.S. Treasury executive order published on Dec. 22, 2023, which warned that Washington could apply sanctions for the evasion of the Russian oil price cap on foreign banks and called on them to boost compliance.LACK OF TRUST?Another person familiar with the situation said there was a queue of two to three months for Chinese suppliers trying to open accounts with VTB Shanghai.”I know companies that have not opened an account for six months,” the person said. Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals – to disrupt money going to the Kremlin to punish it for the conflict in Ukraine while not interrupting global energy flows.”If the account is already open, then there are no special delays, but not all companies on the other side (foreign) are ready to work through VTB,” said a Russian oil market source involved in exports. Another oil industry source said it would be good if more Russian banks opened branches in China as it would mean fewer compliance issues. “Chinese banks trust us less, and we do not know and do not always understand their requirements,” the person said. The prospect of more Russian branches seems unlikely. Sberbank was unable to get China’s permission to open a fully operational branch, according to one source.”They had no chance because they began to deal with this issue after they came under Western blocking sanctions,” the person said. Sberbank declined to comment. More

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    in Cryptocurrency

    Bitcoin price today: gains limited amid rate uncertainty, slowing ETF activity

    The world’s largest cryptocurrency rose 0.6% in the past 24 hours to $66,531.0 by 08:34 ET (12:34 GMT), though still well below record highs hit in March.Bitcoin remained largely rangebound in recent sessions as mixed cues on U.S. interest rate cuts kept traders largely wary of making big bets. Anticipation of key U.S. nonfarm payrolls data due later in the week also deterred big trades.The token took little support from the weakness in the dollar, which tumbled from recent five-month highs after Federal Reserve Chair Jerome Powell offered middling cues on interest rates. While Powell said the bank still supported cutting interest rates eventually in 2024, he gave scant cues on the timing and scale of the cuts.Powell also said the Fed needed more confidence that inflation was moving back towards its 2% annual target.Beyond Powell, other members of the Fed’s rate-setting committee are also set to speak later this week. Other major cryptocurrencies clocked middling moves, as recent data showed a bulk of capital flows remained heavily biased towards Bitcoin. XRP fell to a one-month low in anticipation of more developments in the Ripple vs SEC case.World no.2 crypto Ethereum rose 1.2% to $3,347.82, ahead of an SEC decision on spot exchange-traded funds for the token, which is due in May.Fund flow data from digital asset manager CoinShares (ST:CS) showed this week that while capital inflows into digital assets resumed after a record-high outflow, a bulk of inflows remained largely biased towards Bitcoin.But CoinShares analysts also noted that while capital inflows picked up, ETF activity was slowing down. Daily trading turnover fell to $5.4 billion in the week to March 30, down 36% from a peak seen three weeks ago. The drop indicated that hype over the approval of Bitcoin ETFs was now cooling after initially sparking a sharp rally over the past two months.The approval of spot Bitcoin ETFs was a key driver of the token’s rally so far in 2024, helping it notch record highs of over $73,000 in March.At the close of the first quarter, leveraged funds, defined as hedge funds and commodity trading advisers by the Commodities Futures Trading Commission (CFTC), set a new record for bearish bets on bitcoin as its price rally neared peak levels.According to the latest CFTC data, these funds increased their net short positions in the Chicago Mercantile Exchange’s (CME) bitcoin futures to 16,102, the highest since these futures were introduced in 2017.Each CME bitcoin futures contract represents 5 BTC.This strategy involves selling futures contracts to anticipate or hedge against a potential decline in bitcoin’s price, often used by carry traders or arbitrageurs to capture price differences between futures and the spot market.”There is a massive demand from hedge funds to put on carry trades. Despite bitcoin’s -10% decline from the all-time high, the futures premium has remained in double digits, and hedge funds are taking advantage of these high rates,” Thielen told CoinDesk. More