Bitmain, a prominent cryptocurrency mining hardware manufacturer, and the now-bankrupt crypto mining entity, Core Scientific, have reached a significant agreement that involves a combination of equity and cash to advance their mining facility expansion plans.
Under this agreement, Bitmain will provide Core Scientific with 27,000 Bitcoin mining rigs in exchange for $23 million in cash and $53.9 million worth of common stock from the distressed mining company.
Beyond the hardware procurement, the two companies have also inked a fresh hosting arrangement aimed at supporting Bitmain’s mining endeavors.
The deal’s finalization occurred in August, marked by a court filing that spotlighted Bitmain’s intention to trade mining hardware for cash and equity within the context of Core Scientific’s restructuring blueprint.
This restructuring plan encompassed other entities like Anchorage, BlockFi, and Mass Mutual Asset Finance.
Notably, aside from Anchorage, all three firms opted for a combination of cash and equity as a means to settle their claims.
Bitmain’s ambitious expansion and investment strategy are poised to come to fruition by the fourth quarter of 2023, contingent upon approval from a judge.
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Once greenlit, this hardware infusion could potentially bolster Core Scientific’s hash rate by an impressive 4.1 exahashes.
Additionally, the two crypto mining collaborators have committed to collaborating on the enhancement of Bitmain’s legacy miners situated within Core Scientific’s data centers, with the ultimate goal of optimizing the firm’s operational efficiency.
Core Scientific’s financial woes led to their Chapter 11 bankruptcy filing in December 2022, with the primary drivers being the financial crisis and the declining value of Bitcoin.
The company faced mounting challenges in the lead-up to its eventual collapse, primarily due to the turbulent conditions prevailing in the cryptocurrency market during that period.
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A novel development has taken the cryptocurrency world by storm as the Alpha project has introduced a groundbreaking community-based social token ecosystem within the Bitcoin network.
Alpha, positioned as a decentralized social network protocol, shares similarities with the well-known Ethereum-based platform Friend.tech.
Its primary function is to enable users to monetize their online presence and content creation by utilizing social tokens.
Distinguishing itself from Friend.tech, Alpha employs a unique structural composition.
It hinges on the security and immutability of the Bitcoin blockchain for finality, while data storage is facilitated through the Polygon blockchain.
Notably, the project has introduced Trustless Computer as its proprietary scaling network for Bitcoin. Co-founder Punk3700, operating under a pseudonym, eloquently described Alpha as “a rollup that rolls up to another rollup that rolls up to Bitcoin.”
In an exclusive conversation with Cointelegraph, Punk3700 shed light on the intricate architecture of Alpha. He explained, “Alpha implies a layered architecture that includes NOS-TC.
Trustless Computer (TC) is an optimistic rollup layer that directly integrates with the Bitcoin blockchain. NOS is implemented as another optimistic layer, enhancing scalability on the Bitcoin network.”
These optimistic rollup layers, he emphasized, collaborate harmoniously to ensure both security and efficiency in the deployment of decentralized applications.
Punk3700 elucidated further, stating, “NOS adopts a hybrid design that leverages Bitcoin for data validity and Polygon for data storage, ultimately settling on Bitcoin.”
This ingenious approach not only enhances flexibility in data storage but also serves to mitigate the exorbitant transaction fees associated with Bitcoin.
The user-centric ethos of Alpha is exemplified by its community-driven development approach.
Punk3700 revealed that the project was conceived and launched in an astonishingly brief 48-hour window.
To further incentivize user engagement, a referral program is currently in development, allowing users to earn 1% of their friends’ trading volume.
This move is poised to encourage user participation and motivate content creators to produce valuable content.
Meanwhile, Alpha is experiencing rapid user growth, contrasting with recent developments at Friend.tech.
The latter platform recently announced penalties for users engaging with forked or copycat versions of its platform, as it seeks to reward loyal users during its beta phase.
This decision followed concerns about a decline in key metrics, including user activity, inflows, and volume.
Additionally, Friend.tech grappled with rumors of a data breach, which the platform vehemently denied, assuaging fears regarding the exposure of over 100,000 user’s personal data.
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Nine United States Senators have thrown their support behind Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, marking a significant step in the bipartisan fight against illicit cryptocurrency activities, according to a statement from Warren’s office.
Among the notable senators who have joined the coalition supporting the bill are prominent Democratic Party members: Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto. Independent Senator Angus King has also lent his support to this bipartisan effort.
Notably, Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Durbin serves as the chair of the Senate Judiciary Committee.
Senator Warren, the driving force behind the bill, expressed her satisfaction with the growing support, affirming that it demonstrates Congress’s readiness to take action.
She highlighted the strength of their bipartisan proposal, which is touted as the most robust solution to combat the illicit use of cryptocurrencies, equipping regulators with essential tools to enforce compliance.
READ MORE: FTX Reopens Secure Customer Claims Portal Following Cyberattack
This legislation has garnered endorsements from various organizations dedicated to combating financial crimes, including Transparency International U.S., Global Financial Integrity, the National District Attorneys Association, the Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League.
Warren originally introduced the Digital Asset Anti-Money Laundering Act in July 2023, collaborating with Senators Joe Manchin, Roger Marshall, and Lindsey Graham.
The current version of the bill encompasses several key provisions.
Notably, it seeks to crack down on noncustodial digital wallets, expand the responsibilities under the Bank Secrecy Act, and establish a framework for Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations and other legal mechanisms to combat the illicit use of digital currencies.
Senator Warren has underscored the urgency of addressing what she terms as a “$50 billion crypto tax gap.”
She asserts that unless there is a timely update to tax policies, the Internal Revenue Service and the U.S. Treasury could potentially miss out on approximately $1.5 billion in tax revenue for the 2024 financial year.
As such, the Digital Asset Anti-Money Laundering Act represents a critical step in enhancing oversight and regulation in the rapidly evolving cryptocurrency landscape.
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SVB Financial Group, formerly the parent company of Silicon Valley Bank, is edging closer to finalizing a deal that would involve the sale of its venture capital division, SVB Capital.
Recent reports from The Wall Street Journal on September 15, citing insider sources, indicate that Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are in competition with San Francisco’s Vector Capital in the latter stages of the bidding process.
While estimates suggest SVB Capital could fetch between $250 million and $500 million in the sale, it’s important to note that the transaction’s completion is not guaranteed and remains subject to the scrutiny of the creditor’s committee.
A decision regarding the sale is expected to be rendered in the upcoming weeks.
Remarkably, SVB Capital was not encompassed within SVB’s broader Chapter 11 bankruptcy proceedings.
The bank has affirmed that SVB Capital will continue its regular business operations despite being put on the market.
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SVB Capital is recognized for its investment capital activities, including backing prominent Silicon Valley venture capital firms like Sequoia and Andreessen Horowitz (a16z).
As of December 2022, SVB Capital held assets totaling $9.5 billion, spread across 20 funds and 760 companies, which encompassed blockchain analytics service Chainalysis.
In parallel, SkyBridge Capital, overseen by Anthony Scaramucci, manages approximately $1.8 billion in assets, with a significant portion, around $580 million, allocated to cryptocurrencies and other digital asset-related investments.
Cointelegraph reached out to both SkyBridge Capital and SVB Capital for comments but had not received responses as of the publication time.
Earlier this year, Silicon Valley Bank faced regulatory action from California’s financial watchdog, leading to its closure on March 10 and subsequent bankruptcy filing on March 17.
Before its collapse, Silicon Valley Bank was among the few institutions offering banking services to crypto companies in the United States.
Its downfall coincided with that of other crypto and tech-friendly banks, including Signature Bank and Silvergate Bank, marking one of the most significant banking crises since 2008.
Furthermore, earlier this year, SVB Financial’s investment-banking arm, SVB Securities, completed its sale to its founder, Jeff Leerink, and senior managers for a sum of $100 million, underscoring the ongoing changes and developments within the organization.
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Crypto holders must always be on their toes, as scammers are continuously looking for opportunities to trick users into giving up the all-important private keys that can unlock their digital assets.
These dangers were highlighted once again in a recent report by the Web3 security firm Beosin. In June, it reported that $656 million worth of crypto was stolen through scams, hacks and rug pulls in the first half of the year. The majority, $471.43 million, was lost in 108 confirmed protocol attacks. More worrying for individual users though is that $108 million was stolen through a variety of “phishing” scams.
Crypto users can’t do much about protocol attacks, but they can definitely take steps to secure their wallets and protect themselves from scammers. Bad actors use phishing to direct crypto holders to fake websites, applications and other forms of malware, and there’s no telling when and where they might strike. The good news is you can protect yourself using the following essential crypto wallet security tools.
FairSide
First off, it’s important to understand that no matter what security tools you use, you can never be totally sure you won’t fall victim to a scam. So it makes sense to have an insurance policy if you are holding significant digital assets, and that’s exactly where FairSide stands out with its comprehensive wallet protection.
The startup’s decentralized crypto insurance is available to any user who’s looking to protect themselves against wallet theft, covering almost every kind of digital asset in virtually any wallet. Should anyone with a policy fall victim to a phishing attack, they can immediately make a claim. Once the theft has been verified, users can expect to receive a payout within 72 hours.
Fairside is committed to offering full coverage, regardless of what tokens users hold. It partners with multiple reliable insurance industry firms to offer its coverage, and uses professional security researchers to properly investigate and vet every claim. It charges an annual fee of just 1.95% of all covered assets, up to a maximum of 100 ETH per policy. In addition, Fairside also offers bespoke coverage solutions for investors that need to protect higher amounts.
Umbra
Many ingenious scammers will use blockchain explorer tools to identify high-value crypto wallets they wish to target, and so it makes sense to try and mask the value of the assets you hold. Umbra enables users to do this through anonymous transactions.
It has created a smart contract and a set of standards that allow users to create “stealth” wallet addresses on the Ethereum network. Using a stealth address, it’s possible to send any ERC20 token to a wallet controlled by the receiver, without revealing its identity. To anyone who’s studying the blockchain, the transaction will look like a simple transfer to an unused address. However, off-chain, the sender can generate a new, encrypted address using a public key. Tp date, Umbra claims to have processed more than 85,000 anonymous transactions since launching in June 2021.
Fire
It’s all too easy to make a mistake when engaging in a complicated DeFi transaction, and so it pays to understand exactly what will happen when you engage with a smart contract. This is what Fire aims to do, and it’s really an essential tool for users who are in the habit of making multiple transactions each day.
Fire is a Chrome browser extension that allows you to preview what assets will enter and exit your wallet before they sign any transaction. Essentially, it simulates each transaction before you go through with it, showing you exactly how much will leave, and what will be deposited into your wallet. This way, you can confirm you aren’t making any mistakes.
Blowfish
Crypto is all about self-custody, and there’s no comeback if someone is able to access your wallet and authorize transactions. Because of this, crypto security begins with your choice of digital wallet. But how do you know which wallet you should choose? How can you trust its safety features and security?
Blowfish is the answer. It’s a risk-assessment tool for every Web3 wallet. It relies on built-in machine learning algorithms to comprehensively scan any crypto wallet and detect all of the possibilities for fraudulent transactions that may exist when interacting with Web3 protocols. Developers can also use Blowfish to assess their own wallets before making them available to users. It’s compatible with any wallet on Ethereum, Polygon and Solana.
Carapace
The risk of phishing attacks is one thing, but self-custody also means that you need to ensure you can always access your cryptocurrency holdings. If you lose access to your smartphone or laptop and cannot find the seed phrase required to access your wallet to another device, you’re basically screwed.
But not if you use Carapace, which is a decentralized social recovery protocol that provides fallback options. It works by creating an abstraction between users and its smart contracts. Users can define rules to shape specific use cases, such as wallet recovery in the event the seed is lost, crypto inheritance and more.
Pocket Universe
Because there have been so many scams affecting crypto users in the past, security researchers have created databases that list all known malicious URLs and smart contracts. Pocket Universe leverages these to ensure that you’ll never transact with a known scammer.
It’s a free, Chrome-based browser extension that provides peace of mind for every transaction you make. If you’re about to sign off on a transaction to a suspicious wallet address, or visit a risky URL, it will pop-up with a red alert warning you of the danger. Pocket Universe claims it can protect against almost any kind of phishing scam, as well as honeypot NFTs, counterfeit tokens and malicious seaport transactions.
urToken
You can never have too many lines of defense, and urToken provides a way for security-conscious crypto holders to safeguard their ERC20 and BEP20 tokens by converting them to something that’s more secure.
The way it works is it wraps your tokens and converts them into digital assets based on stricter security standards that will resist any malicious approvals in your wallet. In this way, it offers protection against Transferform exploits in smart contracts that are used to drain user’s wallets of their funds.
Security Is YOUR Problem
The risks of buying, holding and transacting with crypto are ever-present and the decentralized nature of the industry means that the onus is on you, and only you, to secure your assets. The smartest crypto users will be aware of the never-ending risk and use multiple available tools to ensure they don’t become the next victim.
If you’re invested in crypto and possess more than you can afford to use, be sure to protect yourself with the best available crypto wallet security tools.
In August, the crypto markets experienced their most challenging month since Bitcoin hit rock bottom in November 2022.
Initially dismissed as a mere summer slump, this downturn turned out to be a significant market setback, primarily fueled by cascading liquidations in the derivatives sector.
This led to a daunting 7.3% loss in Bitcoin’s value and a 6.9% decline in Ether’s value.
Grayscale’s legal victory briefly provided respite, but prices quickly retraced to their month-start levels, triggering one of the largest liquidation events in crypto, resulting in over $1 billion in losses as Bitcoin plummeted to $26,000.
Adding salt to the wound, venture capital (VC) investments plunged by a staggering 42.7% from July to August, amassing a modest $401.9 million across 77 deals.
This marks a sharp decline in crypto industry investment, which had been on an upward trajectory until May of that year.
Cointelegraph Research’s “Investor Insights Report” delves into the performance of various digital asset sectors in this challenging environment, providing a concise monthly roundup of crypto developments spanning venture capital, derivatives, decentralized finance (DeFi), regulation, mining, and more.
Venture capital investments in the blockchain sphere have been on the decline since the second quarter of 2022, reaching a new low of $401 million in 2023.
Infrastructure projects secured 18 deals, raking in $107 million in August, with centralized finance (CeFi) securing $100 million through just three deals.
These lagging investments hint at a potential resurgence once market sentiment shifts positively.
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Despite the gloom, the words of Tim Draper resonate: “Investors always get it wrong.”
This suggests that the downtime may be the opportune moment to identify quality projects for long-term holding, anticipating the return of the bull market.
On August 25th, $1.9 billion in monthly Bitcoin options expired, stirring speculation in the markets.
Although Bitcoin’s price remained relatively stable during this period, excitement surged following news of the SEC’s court defeat against Grayscale.
This victory potentially paves the way for a future spot Bitcoin ETF.
The price briefly soared to $28,000 before retreating to the $26,000 range.
While short-term gains were elusive, there are promising signs of market support at this level.
Cointelegraph’s Research team boasts a blend of top talents in the blockchain industry, blending academic rigor with practical experience.
With decades of collective expertise in traditional finance, business, engineering, technology, and research, the team is dedicated to delivering accurate and insightful content, exemplified by their latest Investor Insights Report.
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A Bitcoin miner recently found themselves in an unexpected predicament involving a substantial sum of cryptocurrency.
They received a staggering 19.8 BTC in fees from blockchain infrastructure firm Paxos, only to later return the funds.
The reason behind this dramatic turn of events was Paxos’ claim that they had made a grievous mistake, inadvertently paying over $500,000 in transfer fees.
The cryptocurrency community was left bewildered on September 10th when a Bitcoin transaction caught their attention.
This transaction entailed paying approximately $500,000 in fees to move a mere $2,000, a stark contrast to the typical network fee of around $2.
Various speculations circulated within the community, with some speculating that the error occurred due to a data copy-paste mishap, inadvertently placing an output value into the fee box without verification.
Subsequently, on September 13th, Paxos stepped forward and acknowledged responsibility for the transaction mishap.
They reassured their users that their funds remained secure and were the rightful property of Paxos.
Additionally, Paxos clarified that PayPal had no involvement in the mistake, conceding that the error was entirely their own.
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Almost a day after Paxos’ admission, the Bitcoin miner who had received the excessive fees turned to social media, specifically X (formerly Twitter), to voice their frustrations.
Ultimately, they agreed to refund the entire amount to Paxos.
Seeking advice from their X followers, the miner asked what course of action they should take, with a majority of respondents suggesting the funds be distributed to other Bitcoin miners.
However, it appears this counsel was not heeded, as blockchain data from Bitcoin explorer Mempool confirmed that the funds were indeed returned to Paxos on September 15th.
This incident is not the first time substantial transaction fees have been lost due to human error. In 2019, an Ethereum user suffered a loss of nearly $400,000 in Ether after mistakenly inputting values in the wrong fields.
Fortunately, the Ethereum mining pool Sparkpool intervened and helped the user recover half of the lost funds, highlighting the importance of community support and cooperation in the world of cryptocurrency.
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The world of cryptocurrencies is evolving, creating more efficient and practical technologies. Top crypto platforms focus not only on multi-currency but also on adding various networks. In this context, the BetFury platform launches Arbitrum and Optimism, two popular networks with their native ARB and OP tokens. Why is this a great opportunity for Ether holders and fans of cheap transactions?
New Networks – Great Profit
The introduction of Arbitrum and Optimism to the BetFury platform is, first of all, adding variability in the use of networks and their native tokens. For example, each Arbitrum user can transfer a supported currency (ETH, USDT, USDC, DAI, or ARB) to their account balance to play and earn more. It is a kind of another iGaming utility for all supported tokens. In turn, experienced BetFury players can use the networks to transfer assets easily and cheaply.
Over three years ago, BetFury created a native BFG token with many utilities. The most profitable of them is BetFury Staking, with up to 50% APY and the possibility of daily withdrawals. Anyone with at least 100 BFG can withdraw daily Staking payouts in five popular cryptocurrencies: BTC, ETH, USDT, BNB, and TRX. In conjunction with the new Arbitrum and Optimism networks, we receive excellent passive income with the possibility of cheap and fast transfers for most of the above currencies. Therefore, BetFury’s collaboration with Arbitrum and Optimism creates a symbiosis in the entire crypto ecosystem.
Why are Arbitrum and Optimism Top Networks?
For those unfamiliar with the networks, they are an Ethereum Layer 2 solution and work with Optimistic Rollups. They reduce the load on the main network and help its scalability. Compared to the Ethereum network, they are more practical and very cheap. To withdraw currency from BetFury through the Arbitrum network, you should pay 1 ARB (about $0.76) and through the Optimism network – 0.6 OP (about $0.77).
If we compare Arbitrum and Optimism, the latter is almost twice as inferior in Total Value Locked (TVL). Arbitrum also has a larger number of protocols. Optimism uses single-stage proofs of fraud, while Artibrum uses multi-stage off-chain proofs. Arbitrum protection is more effective, but the sequencer is responsible for the proof, and Optimism offers this function to anyone. Therefore, you should rely on your preferences when choosing one of them.
New ARB and OP Tokens on BetFury
Over three years, the ecosystem collaborated with many well-known crypto platforms. Users can place bets in games using over 50 cryptocurrencies: BTC, ETH, BNB, AVAX, DOGE, SHIB, etc. Partnership with Arbitrum and Optimism allows earning ARB and OP by playing games. It is an excellent opportunity for investors and ARB and OP holders to try a new type of income and discover the world of iGaming. In addition to cheap transactions, BetFury provides excellent conditions for deposits and withdrawals. For ARB: min deposit – 0.7 ARB, min withdrawal – 0.7 ARB, for OP: min deposit – 0.5 OP, min withdrawal – 0.5 OP.
About BetFury
BetFury is an ecosystem of crypto products for entertainment and additional income. The platform has over 8,000 Slots and In-House games with one of the highest RTPs on the market (up to 99.02%). The ecosystem also offers lucrative bonuses (Cashback up to 25%, Rakeback, and FuryCharge) and more than 80 sports for true fans.
In conclusion, the emergence of new networks on BetFury expands opportunities for players and opens up new ones for Arbitrum and Optimism users. This partnership demonstrates the strong potential of the ecosystem and influences future connections between the gaming and crypto universes. In addition, the platform plans to hold various events and activities in honor of the new collaboration. Therefore, subscribe to BetFury social media and follow the novelties and updates!
In the forthcoming criminal trial of former FTX CEO Sam Bankman-Fried, potential jurors may face a unique set of questions aimed at gauging their suitability for the case.
Both Bankman-Fried’s defense team and U.S. prosecutors have submitted lists of proposed questions in court filings on September 11, as the trial, scheduled for October 3, approaches.
Bankman-Fried’s legal team is keen to identify prospective jurors with ties to the cryptocurrency world.
They intend to inquire whether potential jurors have invested in cryptocurrencies and, if so, whether their experience involved financial losses or a negative perception of the crypto industry.
Another query seeks to determine whether a juror would attribute the failure of a crypto firm to its owners, delving into their reasoning behind such beliefs.
Additionally, Bankman-Fried wishes to explore prospective jurors’ views on “effective altruism,” a philosophical movement he has been associated with.
They will also inquire about attitudes toward large donations to political candidates and lobbyists and seek any personal or professional experiences with individuals using ADHD medication.
As part of standard procedure, Bankman-Fried’s legal team plans to ask prospective jurors whether they are familiar with him, have formed an opinion on his guilt or innocence, or have expressed opinions about Bankman-Fried, FTX, or Alameda Research.
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On the other side, U.S. prosecutors have their own set of questions.
They are interested in prospective jurors’ familiarity with FTX and its affiliates, as well as whether they or anyone they know has invested or worked in the cryptocurrency space.
The prosecutors also intend to ask about opinions on the government’s role in regulating the crypto industry and whether jurors have ever suffered financial losses due to fraudulent conduct.
Meanwhile, on September 12, U.S. District Court Judge Lewis Kaplan denied Bankman-Fried’s request for temporary release before the trial, dismissing the argument that a poor prison internet connection warranted his release.
Bankman-Fried has pleaded not guilty to seven fraud-related charges relating to FTX’s collapse in November.
Furthermore, he faces a separate criminal trial on additional charges scheduled for March next year.
In preparation for this high-profile trial, both sides are striving to select a jury that can fairly assess the case’s intricacies while considering potential biases and experiences that may influence their perspectives on crypto, altruism, and related matters.
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Ant Group, the owner of the world’s largest mobile payment platform, Alipay, has unveiled its new sub-brand called ZAN, focusing on blockchain development and services tailored for both institutional and individual Web3 developers.
The official press release, issued on Sept. 8, outlines ZAN’s extensive range of technical offerings for its clientele. ZAN’s offerings commence with a solution designed to assist Web3 companies in issuing and managing real-world assets (RWAs) in strict adherence to local regulatory requirements.
The portfolio also encompasses a suite of technical products, encompassing electronic Know Your Customer (KYC) procedures, Anti-Money Laundering protocols, and Know Your Transaction checks specifically tailored for the Web3 ecosystem.
ZAN is further committed to delivering services such as smart contract audits and node services, including remote procedure calls, essential for constructing decentralized applications (DApps).
During the Hong Kong Web3 Festival held in April, HashKey DID, a Web3 decentralized identity data aggregator, made a significant announcement, indicating its adoption of ZAN’s electronic KYC solution.
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HashKey Group actively participated in ZAN’s brand launch ceremony, establishing itself as one of the inaugural partners in this innovative venture.
In a development reported by Bloomberg in July, Ant Group is actively exploring the possibility of separating its blockchain division from its core entity, a move necessitated by the pursuit of a financial holding license in China.
Reflecting on events from 2020, Ant Group had set ambitious objectives, targeting a valuation of $226 billion alongside a monumental $30 billion initial public offering (IPO) on both the Hong Kong and Shanghai stock exchanges.
Had this venture succeeded, it would have marked the largest IPO in history, surpassing records like the $29.4 billion raised during the Saudi Aramco IPO.
However, this ambitious IPO was ultimately thwarted by regulatory actions taken by the Chinese government.
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