Author: Blockchain News

Tornado Cash Token Plummets Following Binance Delisting Announcement

by Blockchain News

Following the news that Binance, the biggest cryptocurrency exchange in the world in terms of volume, made about the delisting of the Tornado Cash (TORN) token, the value of the token witnessed a significant decline over time. It is important to note that the market value of TORN, which is the governing token for the cryptocurrency mixing protocol Tornado Cash, has seen a dramatic decline of more than fifty percent.

In accordance with the information provided by CoinGecko, the collapse was particularly severe, with the value of TORN falling from around $4.00 to $1.66, which represents a reduction of 57%. This precipitous decline happened at the same time that Binance announced that it will stop accepting deposits of TORN on December 8 and would totally stop taking withdrawals after March 7, 2024.

A portion of the decrease in the value of TORN may be ascribed to the penalties that were placed on Tornado Cash by the United States Office of Foreign Asset Control on August 8 for allegedly supporting operations related to money laundering. This resulted in a legal prohibition that prevented those living in the United States from utilising the protocol.

When Binance made the decision to delist TORN, it was affected by a number of different variables. On a regular basis, the exchange examines digital assets to make certain that they are up to the required standards. According to Binance, the delisting of TORN, along with other tokens such as BitShares (BTS), PERL.eco (PERL), and Waltonchain (WTC), was due to decreased development activity, poor liquidity and trading volume, and concerns about unethical behaviour or neglect. Other tokens to be delisted include Waltonchain (WTC), PERL.eco (PERL), and more. The date of the delisting is set for the seventh of December in the year 2023.

The values of other tokens, such as Waltonchain, PERL.eco, and BitShares, also saw significant drops, with falls of 56%, 54%, and 47%, respectively. This is an important development. As a result of this decision, Binance recently reached a settlement with the authorities in the United States that was worth $4.3 billion. Additionally, the company experienced a shift in its leadership, with the previous CEO Changpeng Zhao resigning from his position.

Binance’s decision to remove Tornado Cash from its list of cryptocurrencies and the following decline in the token’s value are two examples that illustrate the substantial influence that exchange choices have on cryptocurrency markets. Additionally, it is a reflection of the continued regulatory problems that the cryptocurrency sector is experiencing, as well as the critical role that compliance plays in preserving the integrity of the market.

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Hive Digital Technologies Bolsters Global Reach with Swedish Data Center Acquisition

by Blockchain News

Hive Digital Technologies, a prominent player in cryptocurrency mining, has recently announced a significant expansion of its global operations. The company’s latest move involves the acquisition of a new property and data center in Boden, Sweden. This acquisition is set to enhance Hive’s Bitcoin production capabilities significantly.

The newly acquired property, previously part of the European Union’s Horizon 2020 project, marks a substantial step in Hive’s expansion strategy. The company entered a property transfer agreement with Turis AB, underlining its commitment to fortify its presence in the cryptocurrency mining landscape. This strategic location in Sweden, positioned near Hive’s existing data center, is poised to become a key asset in the company’s portfolio.

Consistent with Hive’s dedication to environmental sustainability, the new data center in Sweden will adhere to the company’s green energy practices. Johanna Thornblad, Hive’s country president for Sweden, highlighted this expansion as a testament to Hive’s commitment to environmental responsibility and energy efficiency. The facility is expected to house the next generation of Application-Specific Integrated Circuit (ASIC) servers, a crucial component in enhancing Bitcoin production.

In a strategic shift earlier this year, Hive Digital Technologies rebranded itself by dropping the term “blockchain” from its official name. This move signifies the company’s evolving focus towards financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs). Despite the emphasis on AI, Hive remains deeply involved in Bitcoin and cryptocurrency mining, with its leadership affirming the synergistic coexistence of blockchain and AI as pillars of Web3.

Hive Digital Technologies’ acquisition of the data center in Boden, Sweden, represents a significant milestone in its global expansion strategy. By leveraging its commitment to green energy and innovative practices, Hive is poised to enhance its Bitcoin production while contributing to the sustainable growth of the cryptocurrency industry.

The acquisition aligns with Hive’s broader industry initiatives. Earlier, Hive participated in launching the Digital Power Network (DPN), which underscores the importance of proof-of-work (PoW) mining in the cryptocurrency ecosystem. Furthermore, the company plans to use its 38,000 Nvidia GPUs to offer more efficient alternatives for small and medium-sized businesses, highlighting its diversification and adaptability in the evolving digital landscape.

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Nigerian Police Arrest Politician Wilfred Bonse for Involvement in Patricia Technologies Financial Fraud

by Blockchain News

The Nigeria Police Force (NPF) has announced a significant breakthrough in a complex financial fraud investigation involving Patricia Technologies Limited. On November 23, 2023, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, detailed the arrest of politician Wilfred Bonse in connection with a security breach and financial fraud at Patricia Technologies.

According to the NPF, the case revolves around criminal conspiracy, unauthorized computer and network data modification, and the illicit diversion of over 200 million Naira (approximately $246,153). The investigation led to the arrest of Wilfred Bonse, accused of laundering 50 million Naira ($61,538) from a total of 607 million Naira ($747,076) fraudulently diverted from Patricia Technologies. This diversion was facilitated through a cryptocurrency wallet.

Further, on November 20, 2023, the NPF-National Cybercrime Center (NCCC) arrested Njoku Kingsley, Chigozie Okorie, and Jideofor Sejus in connection with a separate case of conspiracy, identity theft, and romance scam. This operation in the Wumba District, Apo Area of the Federal Capital Territory, highlighted the suspects’ involvement in swindling victims through a fake profile named Anthony James.

In another development, the NPF-NCCC successfully recovered 179,372.6 USDT in a case involving Ummukulthum Basha and Sean Andres Delacruz, a US citizen. Basha, a cryptocurrency enthusiast, suffered a loss of 20,000 USDT in a fraudulent trading scheme. Sean Andres Delacruz, initially offering assistance, was later identified as the mastermind behind the criminal act. The collaboration with KuCoin was crucial in recovering the funds and identifying Delacruz.

The NPF has emphasized the importance of public vigilance, especially regarding high-yield investment programs that often turn out to be scams. They urge the public to exercise caution and report any suspicious financial activities to their e-reporting portal 

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California Advances in Generative AI with New Report

by Blockchain News

The Newsom Administration released an insightful report in response to Governor Gavin Newsom’s Executive Order from September 2023. This report focuses on the utilization and potential challenges of Generative Artificial Intelligence (GenAI) within the California state government. As the first in a series of planned publications, it marks a significant step in the state’s journey to harness and regulate this emerging technology.

Governor Newsom emphasized the importance of this undertaking, highlighting the need for a comprehensive understanding of GenAI. He pointed out that the state’s approach must balance the risks and benefits of this transformative technology. The report offers a nuanced perspective on GenAI, analyzing the economic and transformative benefits while identifying potential risks and high-risk use cases.

The document discusses strategies for the state to improve access to programs, enhance the speed of ongoing work, and effectively manage complex data sets through the use of GenAI. It emphasizes the importance of conducting secure, controlled pilot programs for effective implementation. Additionally, the report identifies potential applications of GenAI in enhancing the accessibility of government services, especially for groups facing barriers such as language.

State officials, including Secretary Amy Tong, highlighted California’s role as a pioneer in adopting GenAI in government functions. Dee Dee Myers, a Senior Advisor to the Governor, underscored California’s leadership in the AI industry and its commitment to fostering a robust AI workforce. Liana Bailey-Crimmins, Director of the California Department of Technology, discussed the potential of GenAI to improve service delivery and predictive capabilities for Californians.

Looking ahead, the Governor’s Executive Order includes directives for conducting a Risk-Analysis Report on California’s critical energy infrastructure and developing a Procurement Blueprint to guide safe and ethical GenAI applications in state operations. The state also plans to create a Deployment and Analysis Framework to evaluate the impact of GenAI on vulnerable communities and initiate State Employee Training programs to prepare the workforce for the GenAI economy. Additionally, a GenAI Partnership and Symposium are to be formed in collaboration with UC Berkeley and Stanford University. Legislative engagement is planned to develop policy recommendations for AI usage, with periodic assessments of the impact of GenAI on regulatory matters.

The report also emphasizes the importance of education and training in GenAI, responding to its anticipated impact on the global job market. It cites a projection by Goldman Sachs that GenAI could affect 300 million jobs worldwide and suggests incorporating AI education in vocational and higher educational institutions. This aligns with recent studies on AI’s potential impact on employment, including a report by the OECD.

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Cosmos Hub Votes to Reduce ATOM Inflation Rate to 10%

by Blockchain News

Recently, the governing body of the Cosmos Hub approved a significant change to the blockchain’s economic model. The community voted to reduce the maximum inflation rate of ATOM, the native token of Cosmos Hub, from its current rate of around 14% to a new cap of 10%. This change is expected to reduce the Staking Annual Percentage Rate (APR) from approximately 19% to about 13.4%.

ATOM plays a central role in the Cosmos Hub ecosystem, being used for staking, governance, and transaction fees. The proposal to adjust the inflation rate garnered mixed reactions, with 41.1% of participants voting in favor and 38.5% voting against. The decision was on a knife-edge until the final moments of the voting period, when a late surge of votes and some reversals from validators tipped the balance in favor of the proposal.

Proponents of the change argued that the existing higher inflation rate led to the Cosmos Hub overspending on network security. The proposal also suggested that validators would still be able to reach a break-even point or remain profitable even with the reduced inflation rate. Zero Knowledge Validator, a prominent validator in the Cosmos ecosystem, voiced its support for the proposal on X (formerly known as Twitter), explaining its stance in favor of the adjustment.

On the other hand, the proposal faced significant opposition, notably from AllNodes, another key validator. AllNodes expressed its concerns on X, describing the proposal as “an abrupt, short-sighted, and ill-researched idea.” They warned that the reduced inflation could negatively impact small validators, as well as retail participants and businesses involved in building, trading, and validating ATOM.

In a related development, Cosmos Hub recently implemented a liquid staking module, a significant update that allows for greater flexibility in the use of staked ATOM. This module enables users to bypass the previous 21-day unbonding period, allowing staked ATOM to be utilized within the Cosmos decentralized finance (DeFi) ecosystem without compromising the returns from staking. This innovation is seen as a step forward in enhancing the liquidity and utility of staked assets in the Cosmos network.

This decision to adjust the inflation rate marks a pivotal moment for the Cosmos Hub, reflecting the community’s ongoing efforts to balance economic incentives with network security and validator profitability. As the Cosmos ecosystem continues to evolve, these changes highlight the dynamic and participatory nature of blockchain governance.

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Richard Teng Signals Unchanged Core Values at Binance Amid Leadership Transition

by Blockchain News

Within a recent post on social media, Richard Teng, who was recently hired as the CEO of Binance, provided reassurance to stakeholders over the exchange’s commitment to maintaining its key principles. His message, which comes after a turbulent era for the corporation, is a promise of stability and a focus on the user from the company’s perspective. Given the recent legal problems that have involved his predecessor, Changpeng Zhao, this promise is especially noteworthy in light of those specific occurrences.

Teng’s Reassurance Amidst Leadership Shift

The following is a tweet from Richard Teng: “Over the next few weeks, I will be doing a lot of talking.” More than just interviews, events, and AMAs. Excited to meet a good number of you in the near future. One thing that should be emphasized right now is that the fundamental principles that Binance upholds will not be altered. We continue to be committed to safeguarding users and developing a platform that people really enjoy using. This comment may be seen as a strong indicator of Teng’s intentions as the new CEO, which include putting an emphasis on user safety and ensuring that the platform continues to be appealing.

Zhao’s Departure and Legal Settlement

Following Changpeng Zhao’s departure as part of a $4.3 billion settlement with U.S. authorities, Teng has taken over as the head of the organization. Zhao entered a guilty plea to the anti-money laundering statutes of the United States, which resulted in one of the highest corporate fines in the history of the United States. Binance was found to have broken various laws in the United States, including neglecting to disclose suspicious transactions and being involved in ransomware profits. Zhao was the one who directed Binance to commit these violations.

Financial Implications for Binance

In accordance with the terms of the legal settlement, Binance is obligated to make a payment of $1.81 billion within a period of 15 months, in addition to forfeiting an extra $2.51 billion. The seriousness of the compliance challenges that Binance encountered when Zhao was in charge is shown by the considerable financial burden that was imposed on the company.

Teng’s Focus on Stability and Compliance

Binance has reached a pivotal juncture with Teng’s appointment to the position of Chief Executive Officer. According to him, a strategy move toward increased regulatory compliance and openness is shown by the fact that he places a strong emphasis on preserving key values and concentrating on user safety. The implementation of this strategy is very necessary in order to regain and preserve the confidence of users in the aftermath of the legal problems and the changes in leadership.

Zhao has resigned from his position at Binance; nevertheless, he continues to have a considerable investment in the firm, which suggests that he may continue to exert some influence over its activities. Due to this particular element, doubts are raised over the future course of Binance and the manner in which Teng’s leadership will handle these problems.

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Binance’s MVB Accelerator Program Collaborates with CMC Labs to Launch Innovative Founder Track

by Blockchain News

The Most Valuable Builder (MVB) accelerator program, which is a collaborative project between BNB Chain and Binance Labs, has been in the forefront of supporting Web3 builders and fostering the development of the BNB Chain ecosystem ever since it was first introduced in 2021. This forward-thinking program, which is well-known for its intense accelerator structure that lasts for ten weeks, has been instrumental in bringing early-stage businesses to the forefront of the blockchain and Web3 worlds.

There is a new Founder Track that has been introduced thanks to the collaboration between the MVB program and CMC Labs, which is the accelerator division of CoinMarketCap. This relationship represents a strategic expansion of the program’s purpose, which is to incubate one hundred new enterprises on the BNB Chain. In contrast to the Startup Track, which is already in existence, the Founder Track is intended to function as a venture studio that nurtures new company concepts and activities that are aimed at addressing difficulties that are encountered in the real world.

One of the most important aspects of the Founder Track is its dedication to fostering the development of builders and prospective founders. Participants will be able to bring their creative ideas to maturity with the assistance of the program, which will result in a substantial contribution to the development of the BNB Chain ecosystem. This will be accomplished via extensive cooperation and advisory support. The possibility of such partnerships to build important businesses within the blockchain realm is shown by the previous achievements of projects that are comparable to these, such as investments in Celestia and SafePal.

Several major sectors are the focus of the Founder Track, which is primarily concerned with initiatives that address critical areas in the blockchain and Web3 spheres. For example, SocialFi, on-chain games, digital identities, apps driven by artificial intelligence, large yield-bearing assets, security solutions, and payment rails leveraging BNB Chain are all examples of this kind of applications. It is anticipated that this focused strategy would stimulate innovation and user involvement on the BNB Chain, therefore providing builders with a wide variety of possibilities to pursue.

A highlight of this cycle is the Founder Track, which is presently accepting applications for the seventh season of the MVB program, which is currently accepting applications. With the program giving the one-of-a-kind chance to collaborate directly with the investment team at Binance Labs and key contributors of BNB Chain, founders and builders who have ideas that are considered to be revolutionary are strongly invited to submit an application. The program’s forward-looking strategy and dedication to continual innovation are highlighted by the fact that the Application Deadline for the forthcoming MVB 7 season has been set for January 15, 2024.

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Atomicals Market Addresses Security Breach and Announces Compensation Measures

by Blockchain News

The recent events surrounding Atomicals Market (AM) have been a significant concern for the Atomicals community, especially following a severe security breach in two of its trading markets. This breach led to hacker attacks and considerable losses for users, stirring up discussions and demands for action within the community. Shep.eth, an early participant and active community member, took the initiative to address these issues directly with the AM team.

In a detailed letter to the community, shep.eth elaborated on the unfortunate security incidents at Atomicals’ trading markets. Although the details of the attacks were already widely discussed in the community and clarified by the Atomicals protocol team, shep.eth focused on the response and resolution efforts. Representing the interests of affected users and the community, shep.eth held discussions with the AM team to clarify the incident’s causes and explore potential compensation for those who suffered losses.

These discussions led to several significant developments. First, a change in leadership was announced, with @BRC20Coins, the founder of AM, stepping down from any management role. An anonymous individual, a friend of shep.eth, is set to take over as the new CEO. This transition is part of a broader effort to ensure that similar issues are prevented in the future. The new team also committed to compensating the total of 33,000 $ATOM lost in recent ‘zero-dollar purchase’ events, promising to complete this within a week after the leadership transition.

In addition to these measures, AM plans to overhaul its operational and development teams. This restructuring aims to enhance testing processes, ensuring asset safety, an improved user experience, and more effective communication. Moreover, AM intends to revisit its branding, including its logo and name, reflecting a new direction and commitment to security and trust.

Despite not being involved in AM’s management or decision-making, shep.eth will continue to contribute as a community member and a friend of the new CEO. He emphasized the community’s vital role in the protocol’s development and expressed hope for AM’s future under new leadership, focusing on rectifying past mistakes and providing safer, better services to the community and users.

Atomicals Protocol also issued a response, clarifying their position regarding the security issues. They refuted claims of negligence related to the use of SIGHASH_NONE signatures, explaining that they had warned AM against this practice due to its associated risks. The protocol stressed the importance of prioritizing user safety and trust, asserting their independence from Atomicals Market and other projects.

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WhaleFin is being sued by Atletico Madrid for unpaid sponsorship

by Blockchain News

Atletico Madrid, a top-tier Spanish football team, is apparently getting ready to file a lawsuit against WhaleFin, a cryptocurrency exchange located in Singapore, for failing to pay sponsorship money of forty million euros, which is equivalent to forty-four million dollars. Prior to the 2022–2023 season, the club had reached an agreement with WhaleFin covering a period of five years. WhaleFin was going to be one of the primary sponsors of the club, and it was going to be installed. However, Atletico Madrid asserts that WhaleFin violated the terms of the contract by failing to make the payments that were agreed upon when the deal was signed. As a consequence of this, the club is requesting a compensation amount of twenty million euros, which is twenty-two million dollars.

Challenges Facing WhaleFin’s Financial Situation

claims from December 2022 indicated that WhaleFin, which was owned by Amber Group, was having financial troubles. This lawsuit was filed in response to such claims. Just seven months after the three-year sponsorship agreement between WhaleFin and Chelsea, an English Premier League team, was finalized, it was disclosed that WhaleFin had made the decision to go through with the termination of the agreement. The termination of WhaleFin and the following legal action taken against the corporation by Atletico Madrid are both indications that the company is experiencing greater financial troubles.

Repercussions for Atletico Madrid and Sponsorships in the Sports Industry

The early termination of the sponsorship agreement by WhaleFin is the root cause of the legal issue which has arisen. Due to this rash choice, Atletico Madrid suffered financial losses as well as the possibility of suffering harm to its reputation. The football club had expected that the agreement would result in large earnings, which were meant to contribute to the club’s existing operations as well as future developments (investments). As a result of the termination, Atletico Madrid is now confronted with a precarious financial situation and the have to investigate alternate sources of income. The club is worried about the possible ramifications on its brand image, considering its reputation in the industry for professionalism and dependability. This is in addition to the financial effect that the club is going to experience. Depending on the conclusion of this legal struggle, it is anticipated that a precedent will be established for future contracts and connections between football teams and crypto sponsors, which will have an impact on the dynamics of sports sponsorship deals from across the world.

The lawsuit that Atletico Madrid filed against WhaleFin about the unfulfilled sponsorship agreement of forty million euros is an important event in the world of sports sponsorships. This highlights the possible hazards that are linked with relationships between bitcoin exchanges and those that are affiliated with sports organizations. This specific case is likely to be widely monitored because it has the potential to influence the future landscape of sponsorship agreements of this kind, especially with regard to the dependability of contractual obligations and the stability of financial resources.

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CFTC’s Stern Warning to Crypto Exchanges Following Binance Case

by Blockchain News

As of late, the Commodity Futures Trading Commission (CFTC) has adopted a resolute position against Binance, which is the biggest cryptocurrency exchange in the world. As the former Chief Executive Officer of Binance, Changpeng Zhao (CZ) has resigned from his position after entering a guilty plea to charges that include violating anti-money laundering laws in the United States. Binance has agreed to pay penalties totaling more than $4.3 billion as part of a deal with the authorities in the United States. Among them is the personal contribution of fifty million dollars made by Zhao. This case exemplifies the dedication of the Commodity Futures Trading Commission (CFTC) to enforce trading restrictions in the United States, especially against firms that let consumers in the United States to trade unregistered bitcoin derivatives.

The Statement Released by Commissioner Caroline D. Pham

A statement was issued by CFTC Commissioner Caroline D. Pham that made it very apparent that the CFTC is unyielding in its pursuit of non-American corporations that violate trade laws in the United States. The comments that she made highlight the worldwide authority of the Commodity Futures Trading Commission (CFTC) as well as its desire to uphold market integrity, regardless of the geographical location of the businesses that are engaged. It is a major hint that the Commodity Futures Trading Commission (CFTC) intends to expand its regulatory reach abroad, guaranteeing compliance with laws that are in place in the United States.

The Influence on the Market for Cryptocurrencies

The steps that were taken against Binance serve as a lesson for other cryptocurrency exchanges that are active on a worldwide scale. The CFTC is ready to take serious legal action against any firm that fails to comply with the regulations governing trading in the United States, as this indicates. The regulatory environment for cryptocurrencies in the United States has undergone a substantial alteration as a result of this event, which is seen as a fundamental shift in the regulatory stance towards cryptocurrency exchanges. This position serves as a message to other platforms that operate in the United States marketplaces, indicating that compliance with rules imposed by the United States is vital and cannot be negotiated.

As a conclusion, the actions and remarks made by the Commodity Futures Trading Commission (CFTC), in particular those made by Commissioner Caroline D. Pham, highlight a heightened regulatory attention on cryptocurrency exchanges, particularly those that are operating outside of the United States. This new development demonstrates a significant change in the approach that is being taken toward regulation in the cryptocurrency market in the United States. It highlights the significance of complying with trade regulations in the United States for all organizations that are involved in the sector. Cryptocurrency exchanges throughout the world are being pushed to reevaluate and tighten their compliance practices in order to align themselves with legislation in the United States as the regulatory environment continues to grow.

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Bitcoin (BTC) $ 37,066.93 0.68%
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