C98 News: Coin98 Ventures Rebrands to Arche Fund for Web3 Focus

Coin98 Ventures, originally established in 2021 as the venture arm of Vietnam-based Coin98 Finance, announced a comprehensive rebranding to Arche Fund on August 31, 2023. The move is intended to refocus the firm’s efforts on supporting emerging ideas and businesses shaping the future of the Web3 ecosystem.

A Multi-Tiered Strategy for Web3 Support

The rebrand comes with a revamped operational framework geared toward enhancing the precision of the firm’s investment model and widening the scope of its strategic backing. Established less than three years ago, Coin98 Ventures already has a notable investment record, including a collaboration with the Solana Foundation and investments in over 30 Web3 companies and protocols since 2021.

According to the firm’s official announcement, the newly rebranded Arche Fund will operate around three foundational pillars:

  1. Arche Ventures: A venture capital division focused on early-stage Web3 projects.
  2. Kompass: A Web3-specific acceleration program aimed at guiding nascent Web3 enterprises throughout their development.
  3. Arche Capital: A dedicated source of funding for groundbreaking ideas in the Web3 space.

The fund vows to offer robust financial backing and essential resources, tailored to meet the specific needs of each project.

From Coin98 Ventures to Arche Fund: A Record of Investment

Before its transformation, Coin98 Ventures had an established track record that included a $5 million investment fund in collaboration with the Solana Foundation. The firm’s portfolio also included Web3 projects such as GuildFi, Magic Eden, and Aura Network.

Unveiling the Vision Behind Arche Fund

Inspired by Greek philosophy, Arche—pronounced /a-ki/—signifies the ‘First Principle.’ The name aims to convey the firm’s intent to become a “trustworthy cornerstone for Web3 Builders,” as outlined in the announcement.

Arche Fund’s mission goes beyond mere capital investment. It aims to provide a holistic range of support services that can be customized based on the needs of individual projects. “Depending upon the specific requirements, stage, and scale of the Web3 project, we at Arche provide consultation to choose the most appropriate pillar,” according to the firm’s statement.

The Future of Arche Fund

Arche Fund has committed to fostering mass adoption of Web3 technologies. The rebranded firm envisions its role as an influential participant in the growing Web3 ecosystem, rather than as a controlling entity. “Instead of control, our approach revolves around uplifting ideas and upholding the core values of each project,” the firm clarified in the announcement.

With this comprehensive rebranding and strategic refocus, Arche Fund aims to solidify its position as a key player in the advancement of the Web3 ecosystem.

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Google DeepMind Introduces SynthID to Combat Deepfakes and AI-Generated Imagery

Google DeepMind has unveiled SynthID, a watermarking technology aimed at identifying AI-generated images. The tool embeds an “imperceptible” watermark into the pixels of images generated by AI, making them easily identifiable by specialized detection tools. The technology is initially available to Google Cloud customers using the Vertex AI platform and the Imagen image generator.

As the 2024 election season looms in the U.S. and the U.K., the issue of deepfakes and AI-generated content has gained heightened attention. Google DeepMind’s CEO, Demis Hassabis, emphasized the increasing importance of systems that can identify and detect AI-generated imagery. “Every time we talk about it and other systems, it’s, ‘What about the problem of deepfakes?’” Hassabis said in an interview with The Verge on August 29, 2023.

How SynthID Works

SynthID works by embedding a watermark directly into the pixels of an AI-generated image. According to Hassabis, this watermark is “

robust to various transformations — cropping, resizing, all of the things that you might do to try and get around normal, traditional, simple watermarks.

The watermark does not alter the quality or the experience of the image but makes it easily detectable by DeepMind’s tools.

Availability and Future Plans

Initially, SynthID is being rolled out to a limited number of Vertex AI customers using Imagen, one of DeepMind’s latest text-to-image models. The technology was developed in collaboration with Google Research and is part of Google Cloud’s broader strategy to offer tools for creating AI-generated images responsibly.

Thomas Kurian, Google Cloud’s CEO, noted that the Vertex AI platform is experiencing rapid growth, making it an opportune time to launch SynthID. “The models are getting more and more sophisticated, and we’ve had a huge, huge ramp in the number of people using the models,” Kurian said.

Broader Implications

While SynthID is not the first tool designed to combat deepfakes, it joins a growing list of initiatives from major tech companies like Meta, Microsoft, and Amazon. These companies are increasingly investing in content verification solutions to maintain digital integrity. However, SynthID is not a “silver bullet to the deepfake problem,” according to Hassabis. The technology is still in its beta phase, and Google plans to refine it based on real-world testing and user feedback.

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Algorand Initiates Voting for Expanded Governance and NFT Rewards Programs

Key Takeaways

  1. Algorand Foundation opened voting for its Period 8 governance measures from September 1 to September 15, 2023.
  2. The foundation aims to auto-renew the xGov Grants Program and increase allocation for the NFT Rewards Program.
  3. Total stake voted so far stands at 575.7 million Algo, with 7.8K governors participating.
  4. The native token $ALGO has seen a sharp decline from $3 in 2021 to its current price of $0.094.

Governance Measures in Focus

The Algorand Foundation has entered the voting phase for Period 8, Session 1, focusing on initiatives including the xGov Grants Program and the NFT Rewards Program. The voting window is open from September 1, 2023, until September 15, 2023, and has already seen 575.7 million Algo staked and 7.8K governors participating.

The core of the voting session is aimed at auto-renewal mechanisms for the xGov grants and an increased allocation for the NFT rewards scheme. Preliminary results show strong approval from the Algorand community. 

Although the Algorand Foundation is working to expand its ecosystem and add more functions, its native token, $ALGO, has plummeted from $3 in 2021 to just $0.094.

xGov Grants Program: Piloting for Sustainability

The xGov Grants Program is in its pilot phase, and 26 projects have submitted proposals for grants amounting to around 5 million Algo. The community aims to refine the xGov Minimum Viable Product (MVP) to better filter and select impactful projects. This voting session also includes a measure that seeks to “automatically top up the xGov grant allocations by tapping into the quarterly governance rewards available.”

If approved, the top-up mechanism will activate when the remaining grant funds drop below 1 million Algo, ensuring continuity. Currently, the measure has gained 76.68% approval, according to the foundation’s data.

NFT Rewards Program: Measuring Success and Proposing Expansion

The NFT Rewards Program initially allocated 500K Algo to boost Algorand’s NFT community. Since its launch in late July to early August 2023, the program has seen significant results. For instance, Rand Gallery experienced a 4X jump in transaction volume within the first week of the program. Another platform, Shuffl, saw a notable increase in listings and user engagement, while Algogems doubled its monthly volume to 33K by mid-August.

The current voting session proposes to extend the NFT rewards program and increase the allocation from 500K to 1 million Algo. However, this measure has so far received less favor, with only 42.23% approval, according to current data.

Future Outlook

These governance measures provide an outlook into how the Algorand Foundation is seeking to sustainably manage the grant allocation and strategically incentivize its growing NFT ecosystem. The decisions made during this voting session will play a critical role in shaping the Algorand community’s initiatives for the upcoming fourth quarter of 2023.

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Breaking: Bitcoin Enters Banking System: El Salvador’s Cuscatlan and Agricola Accept it for Loans

El Salvador may be the most enthusiastic country to adopt Bitcoin. In addition to declaring it legal tender and investing in Bitcoin mining, the country now allows Bitcoin to serve as collateral for mortgages.

Two major banks in El Salvador, Cuscatlan and Agricola, have announced that they will now accept Bitcoin for loan payments. Customers can use Bitcoin to settle credit card debts or loans directly, eliminating the need for fiat conversion. This groundbreaking move was revealed through a tweet by Volcano Energy, a key player in El Salvador’s emerging crypto landscape.

The announcement aligns with El Salvador’s broader strategy to integrate cryptocurrency into its financial infrastructure. This is not just another step for Bitcoin adoption in El Salvador, but a significant move that could set precedents for the banking industry globally.

Legal Tender and Bitcoin Mining

In a landmark decision that garnered international attention, as reported by Blockchain.News, El Salvador’s President Nayib Bukele announced in June 2021 that the nation would be the first to make Bitcoin legal tender. Prior to this, Bitcoin had largely been regarded as a speculative asset, notorious for its price volatility.

on June, 2023, Volcano Energy, known for its renewable energy ventures, appears to be broadening its ecosystem to financial services that facilitate cryptocurrency transactions. The company has previously announced a $1 billion investment in a Bitcoin mining startup. This was part of a renewable energy initiative backed by Tether, aimed at making El Salvador a global hub for sustainable Bitcoin mining.

While the announcement focuses on financial transactions, the sustainability angle offered by Volcano Energy shouldn’t be ignored. El Salvador is already utilizing renewable resources for Bitcoin mining, and the same sustainable approach could be adopted for transactional services. As the nation attempts to make its financial system more resilient and self-reliant, sustainability may serve as a cornerstone.

Regulatory and Financial Implications

El Salvador has been a forerunner in cryptocurrency adoption since it made Bitcoin legal tender in September 2021. However, this announcement from Cuscatlan and Agricola Banks, facilitated through Volcano Energy, could have far-reaching implications. It is yet to be seen how international bodies like the International Monetary Fund (IMF) and even US Federal Reserve will respond to El Salvador’s banks incorporating Bitcoin payments for loans and credit cards.

What’s Next?

As cryptocurrency becomes increasingly integrated into El Salvador’s financial and energy sectors, the acceptance of Bitcoin by Cuscatlan and Agricola Banks marks a significant stride. This could pave the way for broader financial inclusivity and innovations in banking transactions, powered by renewable energy and blockchain technology. While it is too early to predict the full impact of this development, it surely positions El Salvador as a testbed for a new form of banking that incorporates cryptocurrencies.

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OKX Wallet Integrates Oxalus, Aark Digital, KiloEx, and Pendle in One Week

In a span of just one week, OKX Wallet has announced a series of integrations that diversify its offerings and solidify its position in the blockchain and cryptocurrency landscape. As of September 3, 2023, the latest addition to OKX Wallet’s ecosystem is Oxalus, a specialized NFT social commerce platform, according to press releases shared with Blockchain.News by OKX. This integration follows closely on the heels of partnerships with Aark Digital on August 30, as well as with Pendle and KiloEx on August 29.

The rapid-fire sequence of integrations commenced with the tie-up with Aark Digital, a Peer-to-Pool perpetual DEX platform designed explicitly for professional traders. As a result of this integration, OKX Wallet users now have access to advanced trading features, an expanded set of trading pairs, and robust liquidity options. This move not only enhances asset utility for the user base but also aligns seamlessly with OKX’s ongoing efforts to accommodate more seasoned market participants.

On August 29, the wallet integrated with Pendle, a permissionless yield trading protocol. This functionality allows OKX Wallet users to optimize yield earnings on their digital assets. It complements the platform’s broader vision to democratize financial systems via decentralized technologies. On the same day, OKX Wallet expanded its reach further into the realm of decentralized exchanges by integrating with KiloEx. This perpetual DEX focuses on risk management and capital efficiency, allowing users to tap into perpetual swap exchanges, staking, and bridge solutions. This particular development caters to risk-averse users who are seeking more balanced capital allocation and management options.

Capping off the week, the most recent integration on September 3 brought OKX Wallet into the burgeoning field of NFTs via its partnership with Oxalus. The NFT social commerce platform enables users to connect, trade, and stay updated on market trends, providing a well-rounded social and commercial experience within the NFT ecosystem.

Each of these four integrations serves a different subset of the crypto community, ranging from professional traders and yield-maximizers to risk managers and NFT enthusiasts. OKX seems to be setting an aggressive pace in its mission to build a versatile and comprehensive Web3 technology suite, targeted to meet diverse user needs in the fast-evolving crypto world.

In sum, OKX Wallet has significantly broadened its horizons through these calculated partnerships, further entrenching its place in a competitive marketplace. As part of OKX’s broader strategy, these developments stand as evidence of the company’s commitment to offering a comprehensive set of Web3 solutions. The speed and diversity of these integrations not only bolster OKX Wallet’s utility but also send a clear message to the market about OKX‘s ambitions and capabilities.

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Gala Games Co-Founders Sue Each Other Over $130M Crypto Theft

A recent lawsuit filed in the United States District Court for the District of Utah has revealed internal strife at Gala Games, a leading company in the web3 gaming industry. Co-founders Eric Schiermeyer and Wright Thurston have filed lawsuits against each other, with the documents becoming public on August 31, 2023.

Detailed Allegations from the Lawsuit

According to the 76-page Verified Shareholder Derivative Complaint filed by Eric Schiermeyer, Wright Thurston and his investment vehicle, True North United Investments, LLC, are accused of stealing 8,645,014,077 GALA tokens from the company.

These tokens are integral to the Gala Games ecosystem. The lawsuit alleges that Thurston initiated a “complex web of obfuscatory transactions” to move, exchange, or sell the stolen tokens, amounting to approximately $130 million, before the company could take action.

Founder and Chief Book Wizard at MagicBookAI state,

BREAKING: Gala Games, one of the largest ecosystems in the web3 gaming industry, is facing internal strife as two of its co-founders have filed lawsuits against each other.

SEC’s Previous Involvement

The lawsuit also brings to light that the United States Securities and Exchange Commission (SEC) had previously sued Thurston and True North for alleged fraudulent activities related to “Green Boxes,” an energy-efficient crypto token venture.

Company and Tokenomics

Gala Games, incorporated under the laws of Wyoming, has developed a blockchain-based gaming infrastructure where GALA tokens serve as the core utility token. The tokens are used for in-game purchases and as a medium of exchange between players. The company also offers Gala Nodes, which are capped at 50,000 and can be operated to earn GALA tokens.

Thurston’s Checkered Past

The lawsuit delves into Thurston’s history, highlighting his involvement in multiple companies that have faced litigation, insolvency, or bankruptcy. It states that Thurston has been sued by the SEC in the past and has been involved in numerous failed ventures, including multi-level marketing companies.

Legal and Financial Repercussions

Schiermeyer’s lawsuit seeks disgorgement or restitution for the stolen cryptocurrency, compensation for the damage caused to Gala Games, and the removal of Thurston as a director. The lawsuit also mentions that Thurston purchased a $40 million house in Puerto Rico in March 2022.

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Elon Musk Responds to Dogecoin Founder’s Drastic Income Reduction

Elon Musk, the CEO of Tesla and SpaceX, recently responded to a tweet from Billy Markus, also known as Shibetoshi Nakamoto, the founder of Dogecoin, regarding a drastic reduction in his social media earnings. This interaction gains significance against the backdrop of Musk’s controversial influence on Dogecoin and allegations of market manipulation.

Markus’s Earnings and Musk’s Response

On September 2, 2023, Billy Markus disclosed that his recent social media earnings had plummeted to about one-third of what they were in the previous two weeks. The tweet quickly gained traction, stating,

my 𝕏 paycheck is about 1/3rd of what it was compared to the previous two weeks, and i want to say… …that it’s all magic bonus money to me that i greatly appreciate and it’s absolutely crazy and amazing that i get paid anything at all to shitpost on this app

In response, Elon Musk tweeted that the fluctuation was likely due to the “beta code” nature of the revenue-sharing algorithm on the platform. He also added that only verified users counted towards ad revenue, hinting at the complexities of monetization algorithms.

Sorry, this should be more stable over time. Revenue share is still very much beta code. Worth noting that only verified users (aka X Premium subscribers) count for ad revenue, otherwise it’s trivial to game.

Implications for Social Media Monetization

The interaction between Markus and Musk serves as a microcosm of larger issues surrounding social media monetization, including high-profile figures of cryptocurrency. It raises questions about the fairness and stability of revenue-sharing models, especially for content creators who rely on these platforms for income. Moreover, it brings into focus the ethical considerations of influential figures like Musk affecting market dynamics.

Musk’s Influence on Dogecoin

Elon Musk has been a polarizing figure in the cryptocurrency world, particularly when it comes to Dogecoin. His tweets have often led to wild price swings, as reported by Blockchain.News, earning him both admiration and criticism. Musk has even faced legal action for allegedly manipulating Dogecoin prices, although these allegations have yet to be substantiated.

Recent Revelations from Wall Street Journal

A recent Wall Street Journal article titled “The Real Story of Musk’s Twitter Takeover” adds another layer of complexity to this narrative. The article, based on an excerpt from Walter Isaacson’s upcoming biography on Elon Musk, reveals that Musk has been quietly funding Dogecoin’s development. It also discusses failed negotiations between Musk and Sam Bankman-Fried (SBF), the CEO of cryptocurrency exchange FTX, over a potential $5 billion investment. Both parties reportedly considered the other “crazy.”


The sharp decline in social media earnings experienced by Dogecoin founder Billy Markus and Elon Musk’s subsequent response have opened up a Pandora’s box of questions related to social media monetization and market influence, a sentiment echoed by other key figures. This issue gains urgency as Meta’s new Twitter-style app, Thread, intensifies competition and challenges Twitter’s operational model.

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SEC’s XRP and Grayscale Bitcoin ETF Cases Challenged by US House Majority Whip Tom Emme

House Majority Whip Tom Emmer has once again taken to Twitter to challenge the U.S. Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation. Citing the SEC’s recent legal losses against Ripple and Grayscale, Emmer suggests that the regulatory body’s stance on crypto is misguided. His latest comments, dated September 3, 2023, have garnered significant attention, amplifying the ongoing debate on the appropriate level of crypto regulation.

Emmer’s Latest Remarks

In a tweet on September 3, 2023, Tom Emmer stated, 

SEC loses on Ripple… SEC loses on Grayscale… We will see how pending litigation plays out, but it should be increasingly obvious to policymakers that, despite @GaryGensler’s mass marketing campaign, crypto is not an industry ‘rife with noncompliance.’

Checks and Balances in Focus

Emmer’s critique resonate with previous tweet, emphasizing the role of checks and balances in holding the government accountable.

Our system of checks and balances holding the abusive Administrative State accountable,

he wrote, quoting a previous tweet that announced a DC Court of Appeals decision in favor of Grayscale on August 29, 2023.

A Consistent Critic

Emmer has been a consistent critic of the SEC’s regulatory approach to cryptocurrencies. As early as November 4, 2021, he sent a letter to SEC Chairman Gary Gensler, questioning the inconsistency in the agency’s treatment of Bitcoin futures ETFs and Bitcoin spot ETFs. “I’ve called out @GaryGensler’s regulatory hypocrisy for years,” Emmer noted in a tweet on August 30, 2023.

Implications for Policymakers

Emmer’s recent comments add another layer to the ongoing debate among U.S. policymakers about the future of cryptocurrency regulation. With the SEC facing legal setbacks, the question arises whether its current approach is effective or even appropriate, a point that Emmer’s latest tweet underscores.


As the SEC grapples with legal challenges and increased scrutiny, Tom Emmer’s tweets serve as a timely critique from a high-ranking government official. His comments suggest that the debate over the regulatory landscape for cryptocurrencies is far from over, and they call into question the SEC’s current strategy.

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Vitalik Buterin Moves 999 ETH Following Depositing 1,602 ETH to Bitstamp and MKR Dump

Ethereum co-founder Vitalik Buterin has recently been active in moving and selling assets, including Ethereum and Maker. He transferred 999 ETH to a different address and has been involved in depositing ETH to Bitstamp, according to Spot On Chain. These transactions have been tracked over the past month and are noteworthy given Buterin’s influential role in the crypto space.

Key Data

The most recent Ethereum transaction involved a transfer of 999 ETH from address 0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7 to address 0x5567A4bE2D5b77F5Fd870f99Ed9167Feab8831B1. The transaction ID for this move is 0xa1111970c149cbd1f5782f9dadd977439eba1ec2c25fe8ccfdc9bb6003d06664.


999 ETH transaction. Source: ethplorer

Prior to this, Buterin had deposited 1,602 ETH to Bitstamp, an action that was also conducted through the address 0x5567A4bE2D5b77F5Fd870f99Ed9167Feab8831B1. Additionally, 100 ETH were sold for 173,000 USDC via the same address.

In terms of Maker tokens, as reported by Blockchain.News, Buterin sold 500 MKR from address 0x1Db3439a222C519ab44bb1144fC28167b4Fa6EE6 for 353.4 ETH. The transaction ID for this sale is 0x11296c8c2554d256f802a8af9ab0f20628f6f9403e6592a1b80a91861fbe28fc

Ethereum Transactions

The latest transaction ID for the ETH transfer is a long alphanumeric string, and the addresses involved in the transfer are from a better-known address to another address. The amount transferred was 999 ETH. In terms of previous activity, 1,602 ETH were deposited to Bitstamp and 100 ETH were sold for 173,000 USDC via a different address.

Maker Transactions

The transaction ID for the MKR sale is another long alphanumeric string. The addresses involved in this transaction were from one address to another. The amount sold was 500 MKR for 353.4 ETH. This is noteworthy as it’s the first MKR sale by Buterin in two years.


The transactions, while not revealing the underlying reason, indicate a series of calculated financial moves. The deposit of 1,602 ETH to Bitstamp and the sale of 100 ETH for USDC are particularly significant.

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CyberConnect Fully Responsible for Proposal Fueling CYBER Token Manipulation Rumors

Key Takeaways:

CyberConnect dispels rumors surrounding CYBER token manipulation and market control.

The firm acknowledges a “slip-up” in its inaugural proposal at Cyber DAO, contributing to market uncertainty.

New safeguards and a revised proposal for a multi-network bridge involving Ethereum, Optimism, and BNB Chain are forthcoming.

In a statement released on September 3, 2023, CyberConnect, a decentralized social protocol, addressed concerns about its CYBER token. Acknowledging an error in its initial proposal at Cyber DAO, the company aims to quell rumors and market instability. The statement, dated September 2, 2023, delineates plans for new safeguards and an updated proposal to ensure equitable CYBER access across multiple blockchain networks. As previously reported by Blockchain.News, CyberConnect withdrew Proposal CP-1 following a 40% crash in the value of the CYBER token. The primary aim of the now-retracted proposal CP-1 was to ‘optimize CYBER liquidity across Ethereum (ETH), Binance Smart Chain (BSC), and Optimism networks through a series of active balancing strategies.’

Addressing the Rumor Mill

On September 1, 2023, CyberConnect retracted a proposal at Cyber DAO after community members identified an error. The CyberConnect official stated, 

We take full responsibility for this mistake and are introducing safeguards to ensure such events are never repeated.

The withdrawn proposal had intended to optimize CYBER liquidity across Ethereum (ETH), Optimism (OP), and BNB Chain but included a “slip-up” concerning the unlocked amount of CYBER in the community treasury.

Market Dynamics and Liquidity Concerns

The statement also spotlighted a surge in CYBER demand in Korea, where major exchanges currently facilitate CYBER deposits and withdrawals exclusively on Ethereum. This exclusivity has resulted in “unprecedented price differences in CYBER across exchanges.” To mitigate this, CyberConnect introduced the CYBER Multichain Liquidity Balance proposal, aiming for equitable and fair CYBER access across exchanges.

Future Steps

CyberConnect is set to introduce a revised proposal in Cyber DAO, focusing on a bridge to facilitate free CYBER movement across Ethereum, Optimism, and BNB Chain. This proposal will undergo a multi-day voting period for community scrutiny. Additionally, an external, reputable expert will be enlisted to conduct a security audit of the bridge. A Dune dashboard has also been established to offer a transparent view of CYBER’s total and circulating supply.

Mission and Commitment

CyberConnect reaffirmed its mission to “decentralize social networking on the Internet,” emphasizing its dedication to transparency and community engagement. The company stated,

While short-term market volatility may serve as a distraction, the long-term success of CYBER hinges on its community, ecosystem, industry-leading products, and steadfast commitment to a better internet.


CyberConnect’s statement serves as a blueprint for crisis management in the volatile crypto landscape. By acknowledging its oversight and outlining transparent corrective measures, the firm aims to rebuild trust and stabilize the CYBER token market.

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Bitcoin (BTC) $ 39,591.61 2.07%
Ethereum (ETH) $ 2,155.18 2.48%
Litecoin (LTC) $ 71.65 0.03%
Bitcoin Cash (BCH) $ 226.75 0.52%