Author: Max Bauer
The Hong Kong Monetary Authority (HKMA) and Cyberport today announced the launch of a new Generative Artificial Intelligence (GenA.I.) sandbox. The initiative aims to foster responsible innovation and development of GenA.I. technologies within the banking sector. By providing a controlled environment for banks to experiment with various GenA.I. use cases, the sandbox will support the industry in exploring potential applications to enhance risk management, fraud prevention, and customer experience. The HKMA will also offer technical support and regulatory guidance to ensure alignment with the evolving landscape. Eddie Yue, Chief Executive of the HKMA, emphasized the groundbreaking nature of the sandbox,…
ListaDAO has announced that slisBNB assets will be supported by Binance Launchpool for reward calculation. This means that users holding slisBNB in their Web3 MPC wallets will be eligible to earn rewards from upcoming Launchpool projects. The news comes as Binance Launchpool prepares to launch its 56th project, Toncoin (TON), on August 15, 2024. The webpage for the Toncoin pool is expected to go live within 24 hours of the launch. Beyond Launchpool, ListaDAO also revealed that Megadrop and HODLer Airdrops will soon support DeFi BNB Assets. Binance has indicated a potential expansion of support to other decentralized BNB assets…
In a recent report from Coinbase Research, macroeconomic pressures have been identified as having a significant impact on the cryptocurrency market. Analysts predict that the market is likely to remain subdued in the coming weeks, citing a lack of catalysts to drive prices higher. This environment of uncertainty has led to increased nervousness among investors. The report underscores the growing dependence of the cryptocurrency market on broader economic events. One notable example highlighted is the Bank of Japan’s decision to raise interest rates last week, which contributed to the unwinding of the yen carry trade and sent ripples through global…
Liquidators for the collapsed cryptocurrency hedge fund, Three Arrows Capital, are demanding a staggering $1.3 billion from TerraForm Labs, the bankrupt company co-founded by disgraced crypto entrepreneur Do Kwon. The lawsuit alleges that TerraForm manipulated the market to artificially inflate the prices of Luna and TerraUSD tokens before their catastrophic crash in 2022, leading to massive losses for Three Arrows. The high-profile hedge fund, once a crypto industry titan, imploded shortly after the Luna and TerraUSD collapse, joining a string of crypto businesses that failed amid the market turmoil. Court-appointed liquidators have been working to recoup funds for creditors, with…
Galaxy Digital establishes $26M AVAX investment vehicle with a 2-year lock-up and over 40% discount. The Galaxy Digital Locked AVAX (2-Year) Series fund is structured as a Delaware limited liability company. As the name suggests, the AVAX tokens acquired will be subject to a strict 2-year lockup period before they can be sold or transferred. The fund lists Galaxy DBL LLC, an affiliate of Galaxy Digital, as its manager and promoter. Key executives listed include Jason Urban as CEO and Frank Falco as Chief Compliance Officer.
The Securities and Exchange Commission (SEC) is intensifying its scrutiny of the cryptocurrency industry, with recent inquiries directed at prominent venture capital firms involved in the decentralized exchange Uniswap. According to Axios, multiple sources have confirmed that Andreessen Horowitz (a16z) and Union Square Ventures, among others, have received letters from the SEC seeking information about their investments in Uniswap Labs, the company behind the popular decentralized exchange platform. Uniswap Labs has secured over $170 million in venture capital funding, most recently in late 2022 at a valuation of nearly $1.7 billion. Earlier this year, the company received and responded to…
According to the latest weekly data from CoinShares, digital asset investment products experienced a significant inflow of $176 million as investors seized the recent price weakness as a buying opportunity. Despite a substantial drop in total assets under management (AuM) to $75 billion—losing over $20 billion in the market adjustment—the AuM has rebounded to $85 billion. Exchange-traded product (ETP) trading activity surged to $19 billion this week, significantly higher than the average weekly trading volume of $14 billion seen so far this year. Ethereum emerged as the primary beneficiary of the market correction, attracting $155 million in inflows last week.…
Bitcoin’s price has dipped below the $60,000 mark, driven by a halt in stablecoin purchases by institutional investors. According to on-chain analysis platform Lookonchain, the sudden cessation of buying activity led to a 4.5% drop in Bitcoin’s value today. The analysis revealed that institutions stopped receiving USDT from Tether Treasury and transferring it to exchanges two days ago. This pause in transactions follows a significant movement of funds earlier in the month. On August 9, Lookonchain monitored the transfer of 1.3 billion USDT from Tether Treasury to exchanges, a reaction to the market crash on August 5. Sentiment towards risk-driven…
ZachXBT, a renowned on-chain detective, has raised alarms on the X platform (formerly Twitter) about a suspicious entity holding a significant amount of Wrapped Bitcoin (WBTC). According to ZachXBT, this entity is connected to ransomware and pig-killing schemes. The suspicious addresses in question are: ZachXBT noted that if bridge and DeFi contracts, as well as exchange hot wallets, are excluded, the primary address would be the second-largest holder of WBTC. However, ZachXBT did not specify specifically what illegal transactions the cryptocurrency whale in question was involved in.
Elon Musk has announced the upcoming release of the beta version of their latest AI model, Grok 2. This announcement has generated considerable excitement within the AI community, particularly after Musk described the model as a “giant improvement” in response to a user’s question about its training data. Despite the buzz, both Musk and xAI have kept details about Grok 2 under wraps. However, in March, Musk made a bold claim that Grok 2 would surpass current-generation AI models “on all metrics.” This statement has heightened anticipation for the model’s capabilities and performance. The launch of Grok 2 is just…