Tag: Algorand

nChain CEO Departs Accusing Dr. Craig Wright of Fraud

by Blockchain News

Christen Ager-Hanssen, the Group CEO of blockchain technology company nChain, has announced his resignation, effective immediately. Ager-Hanssen took to social media on September 30, 2023, to detail the reasons behind his departure, highlighting a series of serious concerns he reported to the nChain board. Among these, he alleged a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder and raised concerns about the ultimate beneficiary shareholder and the real individuals behind DW Discovery fund registered in Cayman. The former CEO also mentioned that the chairman had been taking instructions from shadow directors, which he found unacceptable.

Evidence against Dr. Craig Wright

A notable part of Ager-Hanssen’s revelation was his assertion that he had discovered compelling evidence against Dr. Craig Wright, a controversial figure in the blockchain community who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Ager-Hanssen stated that the evidence he found suggests Wright manipulated documents to deceive courts about his identity as Satoshi. This led Ager-Hanssen to believe that Wright is not Satoshi and is likely to lose his ongoing legal battles. He expressed regret for not having recognized these issues earlier, referring to Wright as “#Faketoshi” in his tweets.

Reactions from the Crypto Community

Ager-Hanssen’s disclosure generated a significant reaction from the cryptocurrency community. Several individuals, including Ray Youssef and Rahul Sood, supported his decision to come forward with the information. Others inquired about his past support for Wright and what changed his perspective. Ager-Hanssen acknowledged that he was misled into believing that Wright was part of the group that created Bitcoin.

A Look Back at Algorand

Some commentators also touched on Ager-Hanssen’s past involvement with Algorand, suggesting that he should have stayed with the project, regarded by some as superior blockchain technology. Ager-Hanssen admitted his mistake and expressed openness to exploring scalable technologies moving forward. The discussions also delved into the broader implications of the former CEO’s allegations on the Bitcoin SV (BSV) community, which largely rallied around Wright’s claims in the past.

Future Endeavors

Although the immediate future remains uncertain for Ager-Hanssen, he expressed gratitude for the support received and hinted at his willingness to explore other opportunities in the blockchain space. The narrative underscores a significant event in the ongoing saga surrounding the true identity of Satoshi Nakamoto and adds another layer to the controversies enveloping nChain and Dr. Craig Wright.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Algorand Foundation Joins Forces with Borderless Capital, Arrington Capital, and DWF to Invest in Pera Algo Wallet

by Blockchain News

The Algorand Foundation, in partnership with Borderless Capital, Arrington Capital, and DWFLabs, has announced a strategic investment in the Pera Algo Wallet. This investment aims to expedite the expansion and adoption of the Algorand ecosystem by enhancing the capabilities of this self-custodial wallet.

Pera Algo Wallet, an open-source platform, empowers users to securely store, purchase, and trade cryptocurrencies on the Algorand blockchain. The Algorand Foundation’s commitment to providing essential tools and support for ecosystem growth is exemplified by its decision to support and nurture Pera Algo Wallet.

Under the leadership of CTO HYigitGuler, the core engineering team of Pera Algo Wallet will continue to advance the platform’s features and functionality. Oversight of Pera Algo Wallet will be assumed by the Algorand Foundation’s EVP of Ecosystem Growth, mintwt, and Principal Architect, Bruno Martins, who brings a wealth of experience in wallet architecture, mobile applications, applied cryptography, and encrypted messaging systems.

The Algorand Foundation reaffirms its dedication to fostering a diverse ecosystem by pledging continued support for various Algorand wallets, including Defly, Exodus, Fireblocks, Ledger, MyAlgo, DaffiWallet, and more.

Pera Algo Wallet, which recorded over 1 million new app downloads in 2023, will maintain uninterrupted wallet services and customer support for existing users following this strategic partnership.

This investment by the Algorand Foundation underscores its commitment to bolstering the cryptocurrency ecosystem. It is anticipated that this collaboration will pave the way for further advancements within the Algorand network, potentially expanding opportunities for cryptocurrency adoption and utilization.

For those interested in gaining deeper insights into this partnership and its implications for the Algorand ecosystem, the Algorand Foundation will host a live event on their Spaces channel at 12:00 pm EDT.

The Algorand community has enthusiastically received this announcement, with members expressing optimism about the potential use of $Algo for payments on platforms like Shopify. This showcases the growing enthusiasm within the Algorand community.

The Algorand Foundation’s dedication to nurturing the Algorand ecosystem through strategic investments exemplifies its commitment to the blockchain industry’s growth and development.

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Algorand Initiates Voting for Expanded Governance and NFT Rewards Programs

by Blockchain News

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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Algorand Wallets Hacked Again

by Blockchain News

Algorand-based wallets have been hit by security breaches in recent weeks, with MyAlgo and Algodex both experiencing hacks. MyAlgo urged users to withdraw their assets or rekey their funds after a February security breach that resulted in losses of around $9.2 million. In the past week, a targeted attack was carried out against a group of high-profile MyAlgo accounts. The cause of the breach is unknown, and the wallet provider has encouraged users to take precautionary measures to protect their assets. Meanwhile, Algodex revealed that a malicious actor infiltrated a company wallet on March 5, similar to what is happening in the Algorand ecosystem. Algodex moved the bulk of its USD Coin (USDC) and native Algodex (ALGX) tokens to secure locations, but the infiltrated wallet was responsible for providing extra liquidity to the ALGX token. The exchange confirmed that $25,000 in ALGX tokens allocated to provide liquidity rewards were taken, but it would replace this in full. The total loss from the theft was less than $55,000, and Algodex users and the liquidity of ALGX were not affected.

The Algorand Foundation’s chief technology officer, John Wood, confirmed that around 25 accounts were affected by the MyAlgo exploit, and it was not the result of an underlying issue with the Algorand protocol or software development kit (SDK). The foundation is responsible for the development and governance of the Algorand ecosystem, which aims to create a secure and decentralized platform for digital assets and applications. Algorand uses a pure proof-of-stake consensus algorithm that is designed to be energy-efficient and secure against attacks. The protocol has been adopted by a range of projects and companies in the blockchain space, including Circle, the issuer of USDC stablecoin, and the International Blockchain Monetary Reserve, a non-profit organization that aims to provide financial services to underserved communities.

The recent hacks on Algorand-based wallets highlight the importance of securing digital assets and using trusted and reputable service providers. Users should also be aware of the risks associated with storing assets on centralized platforms, which can be vulnerable to attacks and hacks. The Algorand Foundation has been working on enhancing the security of the protocol and its ecosystem by partnering with leading security firms and auditing companies. The foundation also offers grants and support to developers and projects building on the Algorand platform, with a focus on security, scalability, and usability. The foundation’s latest initiative is the Algorand Improvement Proposal (AIP) process, which allows stakeholders and developers to propose and discuss changes to the protocol and its governance. The AIP process is designed to be transparent, collaborative, and community-driven, ensuring that the Algorand ecosystem evolves in a responsible and inclusive way.

In addition to the Algorand Foundation’s efforts, users can take several measures to protect their digital assets and minimize the risks of hacks and breaches. One of the most important steps is to use strong and unique passwords for each account and to enable two-factor authentication (2FA) whenever possible. Users should also avoid sharing sensitive information online or with unknown parties, and to verify the authenticity of emails, messages, and websites before providing any information or making any transactions. Another best practice is to store digital assets in hardware wallets, which are offline devices that offer enhanced security and privacy compared to software wallets and exchanges.

As the adoption of blockchain and digital assets continues to grow, the security and resilience of the underlying infrastructure become even more critical. Algorand and other blockchain platforms must continue to invest in research, development, and education to address the evolving threats and challenges in the digital asset space. Users and stakeholders also have a role to play in promoting best practices, transparency, and accountability in the ecosystem, ensuring that the benefits of blockchain technology are realized in a safe and sustainable way.

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MyAlgo warns users of ongoing wallet exploit

by Blockchain News

MyAlgo, a popular wallet provider for the Algorand (ALGO) network, has issued a warning to its users amid an ongoing exploit that has resulted in the theft of an estimated $9.2 million worth of funds. The company has advised users to withdraw funds from any wallets created with a seed phrase due to the vulnerability of such wallets to the exploit. While the company is uncertain about the cause of the recent wallet hacks, it has encouraged everyone to take precautionary measures to protect their assets.

According to a tweet by MyAlgo, a targeted attack was carried out against a group of high-profile MyAlgo accounts, which has seemingly been conducted over the past week. The self-titled “on-chain sleuth,” ZachXBT, has outlined in a tweet that the exploit has pilfered over $9.2 million, with crypto exchange ChangeNOW able to freeze around $1.5 million worth of funds.

The exploit primarily affects users who had mnemonic wallets with the key stored in an internet browser, according to MyAlgo. A mnemonic wallet typically uses between 12 and 24 words to generate a private key. The vulnerability of such wallets to the exploit has been highlighted by the Algorand-focused developer collective D13.co, which released a report that eliminated multiple possible exploit vectors such as malware or operating system vulnerabilities. The report determined the “most probable” scenarios were that the affected users’ seed phrases were compromised through socially engineered phishing attacks or MyAlgo’s website was compromised, leading to the “targeted exfiltration of unencrypted private keys.”

John Wood, chief technology officer at the Algorand Foundation, has confirmed that around 25 accounts were affected by the exploit. He added that the exploit “is not the result of an underlying issue with the Algorand protocol” or its software development kit.

MyAlgo has stated that it will continue to work with authorities and conduct a thorough investigation to determine the root cause of the attack. The company has advised its users to take precautionary measures and to withdraw funds from wallets created with a seed phrase.

In conclusion, the ongoing exploit has resulted in the theft of millions of dollars worth of funds from the Algorand network. The vulnerability of mnemonic wallets with the key stored in an internet browser has been highlighted, and users are advised to take precautionary measures to protect their assets. MyAlgo and other relevant authorities are working to investigate the attack and determine its root cause to prevent future incidents.

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Algorand Foundation Expands its Presence in India

by Blockchain News

In India, the Algorand Foundation has announced a number of new partnerships, one of which is a cooperation with educational institutions to establish instructional programs that would assist in the expansion of Web3 in the nation.

According to Anil Kakani, who was recently appointed to the position of Algorand’s national head for India, the collaborations seek to generate a sustained effect. He elaborated as follows: “We are poised to take center stage in India and throughout the globe to power world-changing solutions to increase access to financial services, healthcare, education, and so many other essential applications.” This statement was made in reference to the country of India.

In addition to the educational market, the organization is actively pursuing opportunities inside the country’s newly established businesses. A relationship between Algorand and T-Hub, an innovation hub with headquarters in Hyderabad, was also revealed. According to Srinivas Rao Mahankali, the Chief Executive Officer of T-Hub, the cooperation would assist local businesses in gaining access to finance from all around the globe and in scaling their initiatives on a global level.

Additionally, the Algorand Foundation has joined forces with the Clinton Foundation to become a technology partner for their recently established Global Climate Resilience Fund. Local companies will get assistance in connecting with carbon markets and monetizing carbon credits thanks to the fund’s contribution. Seed funding and business acceleration programs will be provided by the company to female-owned and -operated companies in an effort to expand access to financial markets. “I am pleased to be back in India, and particularly to witness the acceptance and excitement by people throughout the nation for technology that can so drastically and positively improve their quality of life,” said Staci Warden, CEO of the Algorand Foundation. “I am thrilled to be back in India.”

Warden said that the collaborations would assist in bringing blockchain closer to its full potential and will assist the local ecosystem in creating an economy that is more welcoming to everybody.

The Algorand Foundation has been working hard to significantly expand its influence around the world. The business made the announcement on the 13th of December 2022 that it had been selected to provide assistance for a bank and insurance guarantees platform in Italy.

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Altcoin Watch: Top 3 Tokens to Watch This Week XRP, ALGO, and COMP

by Blockchain News

Less volatility was experienced in the digital currency ecosystem over the weekend, but a bearish sentiment is still the general outlook.

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The combined cryptocurrency market cap was still down 1.75% to $917.22 billion at the time of writing, a far cry from the $1 trillion benchmark that is used to judge the ecosystem’s moderate health.

With the general regressive pathway of major digital assets, here are some of the altcoins to watch this week.

XRP (XRP)

XRP’s growth is the biggest of the top 10 tokens in the past week, as it is up 32.47% to $0.4975 within the same timeframe. The XRP community has remained ever optimistic about the potential of its affiliated firm, Ripple Labs Inc, to win the long-protracted lawsuit with the US Securities and Exchange Commission (SEC).

The negative impacts of the lawsuit have significantly battered the digital currency, but the prospect of winning the case has made investors remain optimistic about its likely future price growth. Ripple and the SEC have asked to court to pass judgment on the case, creating an avenue for investors who trust the company will win to bag some of the coins.

This move is somewhat dangerous as the tables may turn the other way. However, a win can be massive and current buyers are choosing to focus on this.

Algorand (ALGO)

Algorand has been a steady blockchain builder in the broader crypto ecosystem, and with the partnership, it hit with FIFA for the upcoming World Cup, the protocol is billed to gain more global recognition. This recognition can drive up its adoption across the board and thus spell a good omen for the ALGO coin.

The coin is one of the best performers over the past week, up 34.32% to $0.3815, and is worth watching for short to learn term price gains.

Compound (COMP)

Compound is one of the most dominant Decentralized Finance (DeFi) protocols that has stood the test of time compared to related protocols. Its legacy, consistency, and innovative growth have made the COMP token more resilient.

COMP is currently changing hands at $61.84, up 25.65% over the past 7 days. With Ethereum’s transition to Proof-of-Stake (PoS) following the Merge, DeFi enthusiasts may consider Compound as a legacy platform to meet their lending needs.

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Protocol Upgrade to Boost Transactions Speed & Cross-Chain Communcation Security: Algorand

by Blockchain News

Algorand said the new protocol upgrade would boost its transactions per second (TPS) and cross-chain communication security via state proofs.

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Algorand is a proof of stake Layer 1. 

The blockchain cryptocurrency protocol’s state proofs aim to connect Algorand to other blockchains and boost TPS.

The state proofs’ interoperability standard provides an interface with any proof of stake blockchain can use for cross-chain communication and transactions, The Block reported.

According to Algorand, this upgrade will increase the network TPS from 1,200 to 6,000.

However, more details are yet to be seen to confirm the upgrade benefits for users and protocols.

According to The Block, “TPS is a measure of speed and is not correlated to finality, which is when a transaction is processed and finalized on the blockchain.”

It added that finality in terms of security guarantees that the transaction will not be reversed and must be considered when assessing TPS in blockchains.

Chief Product Officer Paul Reigle backs the upgrade saying that state proofs are important and innovative for securing blockchain interoperability.

While Algorand’s founder Silvio Micali also echoed similar sentiments saying that state proofs are important as “decentralization does not need to come at the cost of performance or security” and a “critical security feature for communication between networks.”

Currently, there is a heavy demand for cross-chain messaging security and transactions, as several hacks have occurred over the past year.

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FIFA Launches Digital Collectibles Platform in Collaboration With Algorand

by Blockchain News

The global sports governing body of football, FIFA has launched a virtual assets platform dubbed FIFA+ Collect in partnership with Algorand Blockchain.

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According to the announcement, FIFA is taking the new development to democratize the accessibility of its fans to the captured moments of the “FIFA World Cup™ and FIFA Women’s World Cup™” in virtual form.

 

FIFA+ Collect digital assets platform will enable fans to revel in spectacular moments during the FIFA games. According to the announcement, assets on the platform will be “affordable, inclusive and accessible” to all lovers of FIFA football.

The said virtual assets platform will be launching later in September, and every plan to ensure its safe launching has been put in place.

This new feat confirms the ideology of FIFA to always embrace new technologies in ensuring that its fans are duly entertained.

Speaking on the new development, the Chief Business Officer of FIFA, Romy Gai said that the football governing body is excited to launch its first technological initiative with Algorand, noting that football fans will be able to own affordable “digital collectibles” on its platform. 

He added that “this is an accessible opportunity for fans around the world to engage with their favorite players, moments, and more on new platforms.” 

The CEO of Algorand, W. Sean Ford noted that the determination of FIFA to embrace Web3 technology is proof of “their innovative spirit”.

FIFA announced its partnership with Algorand in March of this year. The blockchain platform serves clients and users across commercial industries, government parastatals, and technology-driven organizations. 

Algorand delivers services on the blockchain network that is known to be cheap and very fast, making it deserve all the recommendations and patronage that it enjoys.

This is not the only affiliation that FIFA has with a virtual assets service provider. The worldwide football governing body had in March announced its official sponsor for the FIFA World Cup Qatar 2022™  to be Crypto.com, a cryptocurrency exchange company.

Crypto.com’s sponsorship of the usually nostalgic football season will facilitate the adoption of new technologies, most especially cryptocurrencies on a global scale.

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Three Top JPMorgan Executives Jump Ship to Crypto Startups

by Blockchain News

According to Fortune media, three top executives at JPMorgan have left the leading major bank to join the cryptocurrency industry. 

Despite the current crypto winter, this week has seen three executives working at the giant bank depart and joined crypto firms.

Eric Wragge, a former managing director at JPMorgan with 21 years working at the bank, has joined the Algorand blockchain technology firm as Head of Business Development and Capital Markets.

Puja Samuel, a former Head of Ideation and Digitization at JPMorgan, has also joined Digital Currency Group (a parent company that owns Bitcoin brokerage firm, Genesis Trading and CoinDesk crypto media) as Head of Corporate Development.

Also, early this week, Samir Shah, JPMorgan Chase’s Head of Asset Management Sales, left the bank and assumed the role of Chief Operating Officer at cryptocurrency-focused investment firm Pantera Capital.

Wragge’s joining Algorand shows that he will report to Algorand Foundation CEO Staci Warden. In the new role, he will be expected to chair the foundation’s investment committee as well as lead initiatives in both traditional capital markets as well as decentralized finance (DeFi).

Wragge talked about his appointment at Algorand and said: “Coming from a leading global investment bank, I understand the uncompromising performance requirements for a layer 1 blockchain to compete against and improve upon many aspects of traditional finance.”

Samuel, also commented about his role at Digital Currency Group: “I am excited to help build out new strategic partnerships alongside an energized team that is driving change across the financial system.”

Embracing Crypto World

The latest move of JPMorgan executives jumping ship to the crypto industry is a trend that has been developing lately. Several executives have moved from big corporations to crypto startups.

In February, Goldman Sachs executive Roger Bartlett left the leading global investment bank after 16 years and joined the Coinbase crypto exchange. In his LinkedIn profile, Bartlett stated that it was time to embrace the cryptocurrency economy. He described the change as a once-in-a-lifetime opportunity to become part of building the next stage of the digital revolution.

That is the same sentiment held by several big tech executives and finance professionals making the move into cryptocurrency, as they look to be part of the rapidly growing crypto industry.

Some Wall Street executives have left to launch their own crypto or Web3 ventures. In 2018, Amber Baldet, a prominent blockchain executive at JPMorgan Chase, left the bank and co-founded decentralization startup Clovyr.

In March, Revolut’s chief revenue officer Alan Chang departed the British fintech to start a new crypto venture.

In April last year, Konstantin Shulga, a former senior executive of Russia’s largest bank, Sber, co-founded Finery Markets, a crypto-over-the-counter service, where he serves as the CEO.

The rise in executive moves is an indication of the growing attraction to the crypto world for financial and tech executives who are believed to have amassed a fortune but are keen to become part of the next disruption.

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Bitcoin (BTC) $ 27,455.36 0.51%
Ethereum (ETH) $ 1,644.94 1.25%
Litecoin (LTC) $ 64.34 2.80%
Bitcoin Cash (BCH) $ 228.91 8.06%