Tether Announces Sustainable Bitcoin Mining in Uruguay
Tether (COIN:USDTUSD) has revealed plans to launch Bitcoin (COIN:BTCUSD) mining operations in Uruguay, in partnership with a local licensed company. The stablecoin issuing company has stated that it will use renewable energy sources, aiming at sustainable mining. Tether also plans to allocate part of its profits to buy Bitcoin regularly.
“ Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while maintaining the security and integrity of the Bitcoin network ”, said Tether CTO Paolo Ardoino.
Key App Revolutionizes Solana to Ethereum Transfers with Integrated Bridge and Covered Gas Fees
Remittance platform Key App has launched a bridge connecting users between the Solana (COIN:SOLUSD) and Ethereum (COIN:ETHUSD) networks, with gas fee coverage for transfers over $50. Wormhole bridge, Key App simplifies the user interface, allowing anyone to send tokens between the two networks with few steps. Users receive an Ethereum address in the Key App and can send Ethereum to Solana without the need to connect a third wallet. Also, they can withdraw funds from Solana to Ethereum and pay the fee in the same currency they are sending.
Fingerprints DAO and Mercedes-Benz launch NFT collection
Fingerprints DAO, in collaboration with artist Harm van den Dorpel and Mercedes-Benz (USOTC:MBGYY), is releasing a collection of generative art NFTs inspired by automotive concepts. The collection, called “Maschine”, features 1,000 unique Ethereum-based tokens and will be auctioned starting June 7. Mercedes-Benz NXT plans to launch more collections and expand its NFT ecosystem. The partnership aims to unite emerging digital art with the traditional art world.
“ A collaboration like this is likely to catch the attention of ordinary people who, for the most part, are not aware of developments in the Web3 space… we can make them see that there is substance to the works of art being made here, works of art that could not be made without the use of these new technologies ”, said Luiz Ramalho, founder of Fingerprints DAO.
European Central Bank completes digital euro prototypes
The European Central Bank (ECB) has completed prototypes for a digital euro and is preparing to make a decision on the currency’s development later this year. The ECB believes that digital currency can drive innovation, but is skeptical of the use of Web3-style blockchain technology and smart contracts. The ECB favored a centralized model based on unspent transactions (UTXO) for the backend of the prototype. The European Commission is due to publish a draft law on the digital euro in June, addressing privacy concerns. Other jurisdictions, including the Bank of England, are also considering implementing a digital currency.
“ This exercise shows that it is possible to easily integrate the digital euro design options into the existing payment landscape, leaving ample room for innovative features and technologies ”, said ECB Executive Board Member Fabio Panetta.
London Blockchain Conference starts tomorrow
The highly anticipated London Blockchain Conference will take place from May 31 to June 2 at the Queen Elizabeth II Center in London. The event will feature experts, industry leaders and visionaries discussing the latest trends in the blockchain space. Attendees will have the opportunity to explore the scalability of blockchain technology and its applications in microtransactions, data transfer and more. Renowned speakers such as Ryan Kavanaugh and Kenneth Braithwaite will share valuable insights. In addition, topics such as data integrity, cybersecurity and IoT will be addressed. The conference also marks the unveiling of the TIMESEAL app, which promises to impact blockchain adoption by governments and businesses alike. Those unable to attend in person can attend virtually. The London Blockchain Conference is an engaging and informative event designed to connect and educate attendees about blockchain innovations.
CoinEx launches BitHK, a professional cryptocurrency trading platform in Hong Kong
CoinEx, one of the world’s leading digital asset exchanges, has officially launched BitHK, a professional cryptocurrency trading platform specifically aimed at users in Hong Kong. BitHK will submit its license application as a Virtual Asset Service Provider (VASP) to the SFC on June 1, following regulatory guidelines. The platform utilizes CoinEx’s in-house developed high-speed trade matching engine, enabling efficient cryptographic transactions. Users can trade spot cryptocurrencies and store assets on the platform, which is available in Traditional Chinese and English. BitHK plans to expand to peer-to-peer (P2P) trading and support deposits and withdrawals in HKD.
PancakeSwap launches GameFi game “Pancake Protectors” with rewards in CAKE tokens
On May 29, PancakeSwap, a decentralized exchange (DEX), released a GameFi tower defense game called “Pancake Protectors” in partnership with BNB GameFi’s Mobox protocol. Players can use CAKE tokens (COIN:CAKEUSD) to earn in-game rewards such as speeding up progress, purchasing in-game currency, and unlocking levels. The game also has a built-in market to trade CAKE heroes and participate in lotteries to win NFT upgrade rewards. PancakeSwap is a popular DEX with a high trading volume and locked total amount.
Binance considers using banks as collateral for cryptocurrency trading while building local platform in Japan
Binance is discussing the possibility of allowing institutional clients to use banks as collateral for cryptocurrency trading. The proposal involves locking up customers’ money in a deal with the bank, while Binance lends stablecoins as collateral. This comes amid regulatory concerns over the mixed functions of cryptocurrency exchanges. Elsewhere, Binance is creating a separate local platform in Japan to meet local regulations. Japanese users will gradually move to the new platform, losing access to certain services. The new entity will only support 30 cryptocurrency trading pairs and will follow the country’s compliance rules.
“ Any open positions related to Tokens and Leveraged Options will be automatically liquidated and the respective funds will be returned to your wallet ”, the company explained.
Chinese government support for Web3 highlighted by cryptocurrency founders amid global regulatory scrutiny
Cryptocurrency veterans including Binance CEO Zhao Changpeng are talking about the Chinese government’s support for Web3, linking a recent white paper from Beijing to Hong Kong’s efforts to become a cryptocurrency hub. Although cryptocurrencies are banned on the Chinese mainland, the report titled “Beijing Internet 3.0: Innovation and Development White Paper” covers a broad vision of the next generation of the internet, addressing blockchain, metaverse and artificial intelligence. While the term Web3 is often associated with crypto assets, the Beijing government emphasizes the use of blockchain as part of “Internet 3.0”. Crypto founders with ties to China see the white paper as a positive sign, and hope that the regulatory change in Hong Kong can boost Chinese crypto activity. However, the industry faces intense regulatory scrutiny in other countries, with legal cases involving Binance and Huobi in the US. Still, the hope is that the measures in Beijing and Hong Kong will indicate a more favorable stance towards cryptocurrencies from China.
Prosecutors respond to meritless arguments in cryptocurrency fraud case involving Sam Bankman-Fried
Federal prosecutors say the arguments of lawyers for Sam Bankman-Fried, founder of FTX, are without merit. They responded to lawsuits in federal court in Manhattan, where attorneys insisted the case against Bankman-Fried was overstated, turning regulatory issues into crimes. Bankman-Fried, accused of robbing a multibillion-dollar cryptocurrency fund, has pleaded not guilty. The trial is scheduled for the fall.
“ The defendant’s expenditure of embezzled funds on political donations is evidential of the defendant’s motive for defrauding FTX clients and investors: the defendant wanted access to capital that he could use, in part, for political donations that would burnish his own image and improve the regulatory prospects of its business in the United States ”, the prosecutors wrote.
OKX Sends $8.3M worth of Crypto Assets to Alameda Research
In the last seven days, OKX sent approximately $8.3 million worth of various cryptocurrencies to Alameda Research, according to the Arkham Intelligence panel. Transfers included assets such as WBTC, CEL, SHIB, MKR, CHZ, DAI, AXS, MIM and others. The biggest transfers involved WBTC, DAI, LEO, MIM and SHIB, totaling $4.8 million. Alameda also transferred funds to Coinbase (NASDAQ:COIN), with $10 million in USDT in the last 24 hours. Alameda’s wallet contains around $314.7 million in digital assets, including USDT, BIT, ETH, USDC, Stargate, Polygon and several altcoins.
Hacker gives back control of Tornado Cash after laundering stolen funds on the service
The hacker responsible for the Tornado Cash attack has returned control of the protocol to the team. Ironically, the criminal used the same service to launder the stolen funds. Tornado Cash’s reputation as an enabler of money laundering has attracted criminals, including North Korean hackers. While it took an initial hit to the TORN token price, the protocol is now recovering. Despite sanctions and criticism, Tornado Cash continues to be used for illegal transactions and money laundering.
EDE Finance Hacker Returns Over $400,000
After admitting to a “reckless decision to manipulate price,” an attacker targeting the DeFi El Dorado Exchange (EDE Finance) protocol returned over $400,000 worth of USDC and USDT. The protocol was mined for around $580,000 on Tuesday. The EDE token dropped 14% after the exploit, and the attacker claimed that the team entered a backdoor. The EDE team stated that their intention was to blacklist exploits and offered the attacker 5% of the token allocation as a thank you.
“ We didn’t intend to embezzle users’ funds as this would leave a traceable record. We will promptly remove the problematic pump contract ” the EDE team said.