In a recent tweet, Shibburn explorer revealed that the Shiba Inu community had transferred a staggering 1,653,845,435 SHIB meme coins to dead-end wallets.
While this number seems substantial, daily burns have been fluctuating, often plummeting below zero and resulting in losses.
However, on June 30, there was a remarkable surge in the burn rate of Shiba Inu, witnessing a 1,800% increase as 50,258,924 SHIB were locked in unspendable wallet addresses.
Nonetheless, this week has only seen a few instances of daily SHIB burns on the rise.
During the month of June, Shytoshi Kusama, the lead developer, posted enigmatic tweets that may have inspired the SHIB community to burn more of these meme coins.
One tweet mentioned “Something physical coming,” hinting at a new partnership between SHIB and Shibcals. Shibcals specializes in transferring SHIB “into the physical world,” creating tangible SHIB-themed clothing, merchandise, and other touchable items beyond the realm of computer and smartphone screens.
Additionally, Kusama’s second tweet and a Telegram message in the “Shibarium Tech” channel mentioned that SHIB was “going somewhere.” Kusama clarified that this “somewhere” referred to a location “outside the USA.”
Speculations arose suggesting that the SHIB team might be heading to Canada soon to participate in the ETHToronto conference.
This move would pay homage to Vitalik Buterin, as Shiba Inu was initially launched on the Ethereum chain. It is also possible that the launch of the Layer-2 solution, Shibarium, will take place in Canada.
In a recent Telegram post, Kusama mentioned that the date and plan were unchangeable and already set, referring to it as a “launch strategy.”
Shibarium’s testnet was launched on March 11 and has since achieved significant utility milestones, with 17,019,690 linked wallets and a total of 25,955,919 transactions, according to Puppyscan.
In conclusion, the Shiba Inu community has witnessed substantial transfers of SHIB meme coins to dead-end wallets.
Despite daily burn rates fluctuating, a notable surge was observed on June 30. The lead developer’s cryptic tweets have fueled speculation among the community, with some anticipating a new partnership involving SHIB’s physical representation and a potential move outside the USA.
The possibility of the SHIB team’s involvement in the ETHToronto conference and the launch of Shibarium in Canada has also been discussed.
Shibarium’s testnet has already achieved significant milestones, demonstrating its growing utility.
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During a panel discussion at Collision 2023 in Toronto, Anthony Scaramucci, the founder of Skybridge Capital and former White House communications director, expressed his concerns about the impact of disgraced crypto executive Sam Bankman-Fried on the regulatory landscape in the United States.
According to Scaramucci, Bankman-Fried’s actions have had a detrimental effect on the industry.
Scaramucci stated that Bankman-Fried’s behavior had not only embarrassed politicians but also resulted in a swing towards over-regulation and excessive prosecutorial oversight in the United States.
He pointed out that Bankman-Fried had made substantial donations to politicians, including spending a significant amount of time with Gary Gensler, the chair of the Securities and Exchange Commission (SEC).
However, the subsequent controversies surrounding Bankman-Fried’s activities had caused a backlash and a shift towards stricter regulations.
When asked about the crypto regulatory environment in Canada compared to the United States, Scaramucci praised Canada for learning from the mistakes of the US and adopting a different approach.
He explained that Canada had actively engaged with industry players to develop fair regulations and protect against bad actors.
By working closely with legislators, they had established guidelines that fostered the growth of the Canadian crypto and digital asset space.
Scaramucci also commented on the future of cryptocurrency exchanges and expressed his admiration for Binance CEO Changpeng Zhao, also known as CZ, who is a Canadian national.
He commended CZ’s execution and the growth of Binance, which has become a dominant player in the market.
However, Scaramucci noted that transparency had been a concern and criticized some past actions. He emphasized that while the SEC has filed a lawsuit against Binance, no criminal charges have been brought forth yet.
In his closing statements, Scaramucci acknowledged that CZ would face criticism but maintained that he would remain the most influential person in the crypto industry.
Scaramucci highlighted CZ’s platform as the key to achieving mass adoption of cryptocurrency while maintaining legitimacy and operating in major jurisdictions worldwide.
Scaramucci’s remarks at the panel underscored his belief that Bankman-Fried’s actions had negatively impacted the crypto regulatory environment in the United States.
In contrast, he praised Canada for its collaborative approach to regulation and expressed optimism about the future of cryptocurrency exchanges under CZ’s leadership.
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Bankrupt Crypto Exchange FTX Takes Steps Towards Relaunching as a New Entity
FTX, the bankrupt crypto exchange, is moving closer to relaunching itself as an entirely new exchange, as stated in a recent report from The Wall Street Journal on June 28. John Ray, the restructuring chief at FTX, announced that the company has initiated the process of seeking interested parties for the reboot of the FTX.com exchange.
Sources familiar with the matter revealed that FTX has been engaged in discussions with potential investors regarding financing for the relaunch.
Among the interested parties is Figure, a blockchain lending company. However, Figure did not respond to Cointelegraph’s request for comment.
Potential bidders have been given until the end of the week to submit their Letters of Intent, which outline the terms and conditions for their participation in the process.
Notably, current FTX creditors may be offered a stake in the reorganized crypto exchange, along with other forms of compensation.
In an effort to distance itself from its troubled past, FTX is expected to rebrand with a new name rather than being called “FTX 2.0” or any variation of its original name.
The FTX team, led by John Ray, believes that a reboot is the best course of action to ensure that creditors receive the best possible outcome in terms of repayment.
FTX’s legal team had previously stated in April that they anticipated the launch of the new exchange to be completed sometime in the second quarter of 2024.
However, the recovery process for FTX is not without challenges. A June 26 report highlighted a significant deficit of nearly $2 billion in FTX’s books.
Furthermore, the efforts to recover these missing funds have been further complicated by allegations of the misuse of customer assets by key leadership at FTX.
Daniel Friedberg, a former regulatory officer at FTX, who has been mentioned as an unnamed party in many legal proceedings, was sued by FTX on June 27.
The lawsuit accuses Friedberg of orchestrating “hush money” payments to silence potential whistleblowers and approving fraudulent transfers and loans.
The report on the missing funds also shed light on alleged investments in venture capital firms, a $243 million Bahamian real estate portfolio, and numerous donations to non-profit organizations.
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Reshape The Future Of Cellular Connectivity And Bridge The Digital Divide
The lower house of the North Carolina General Assembly has approved a bill that paves the way for the state to study the feasibility and advantages of holding Bitcoin.
The bill, which passed the North Carolina House of Representatives on June 28, would allocate $50,000 for a study to explore the potential acquisition, secure storage, insurance, and liquidation of both gold bullion and virtual currencies, including Bitcoin.
The study aims to assess the impact of incorporating gold and cryptocurrency holdings into North Carolina’s financial assets.
It will investigate whether such holdings can act as a hedge against inflation and systemic credit risks.
Additionally, the study will examine whether including gold and crypto assets in the state’s portfolio could reduce volatility and increase overall returns.
One of the bill’s proposals involves the creation of a state-administered depository to house the digital asset holdings. Under this arrangement, North Carolina would act as the custodian of its crypto assets.
The study will also consider the costs and benefits associated with using a privately managed depository or utilizing the depository of another state.
The bill received support from the majority of the 120-member House, with 73 representatives voting in favor, 40 against, and seven absentees.
However, before the bill can become law or be vetoed, it must also pass through the Senate and receive final approval.
In a related development, on May 3, the North Carolina House unanimously passed a bill prohibiting payments to the state using a central bank digital currency (CBDC).
The legislation also forbids the United States Federal Reserve from conducting any future pilot CBDC tests in North Carolina.
Prior to that, on May 2, the Buncombe County Board of Commissioners in North Carolina passed a one-year moratorium on cryptocurrency mining.
This temporary ban reflects a growing concern over the environmental impact of mining operations.
As the bill progresses through the legislative process, North Carolina is demonstrating an increased interest in exploring the potential benefits and risks associated with cryptocurrencies, digital assets, and their role within the state’s financial infrastructure.
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Drop Wireless, a trailblazer company specializing in decentralized physical infrastructure development, is thrilled to announce its partnership with NextEPC, a cellular core network development and private 5G network solution expert.
This collaboration will redefine and expand the cellular communications landscape, bridge the digital divide, and drive groundbreaking advancements in network infrastructure with a vision to provide decentralized 5G connectivity worldwide, including areas completely marginalized or underserved by centralized providers.
Drop Wireless and NextEPC will explore innovative technologies, enhance network scalability, and develop groundbreaking solutions that will reshape the future of cellular communications. By joining forces, Drop Wireless and NextEPC will unlock a wide range of compelling opportunities, including digital twins, AR gamification, IoT sensor monitoring, and pervasive edge computing.
The partnership will also enable the processing of vast amounts of data collected by devices in infrastructure facilities at the network edge, as well as facilitate seamless transfer to cloud networks. This approach will empower individuals and communities by delivering a true metaverse experience, combining ultra-real-time sensing with AI compute capabilities at the network edge.
Expanding connectivity worldwide
The collaboration between Drop Wireless and NextEPC has the potential to completely transform the cellular core network landscape. By combining Drop Wireless’ decentralized physical infrastructure with NextEPC’s expertise, the partnership aims to establish a new paradigm in network development. The combined efforts will facilitate the deployment of resilient, flexible, and cost-effective cellular networks.
“We are thrilled to join forces with NextEPC,” said Dr. Andrew Baek, CEO of Drop Wireless. “Their extensive experience in cellular core network development aligns perfectly with our vision of creating decentralized physical infrastructure. Together, we will unlock new possibilities for connectivity, enabling reliable communication in areas that were previously considered unreachable.”
Dr. Jihoon Lee, CEO of NextEPC, also expressed enthusiasm. “The partnership with Drop Wireless marks a significant milestone for us. By leveraging our expertise in cellular core network development, we can contribute to Drop Wireless’ mission of expanding connectivity and bridging the digital divide. We look forward to jointly developing cutting-edge solutions that will redefine the way networks are built and operated.”
Connectivity for all
Drop Wireless is at the forefront of the connectivity revolution by pioneering decentralized physical infrastructure. Their innovative approach enables seamless and robust network connectivity in challenging environments, remote areas, and disaster-stricken regions where traditional infrastructure is limited or non-existent.
By leveraging cutting-edge technologies, Drop Wireless empowers individuals and communities, granting access to critical services, information, and communication channels.
NextEPC brings an impressive wealth of knowledge and experience, boasting a proven track record in designing and constructing efficient and scalable cellular networks. They have developed cellular products for major global telecom operators.
Their expertise has earned them the trust of industry leaders worldwide. NextEPC’ s core team has extensive experience in cellular network development, including the inception of all IP-based fourth-generation mobile communications. Furthermore, NextEPC provides a comprehensive suite of 5G NR core network functionalities.
Expanding its ecosystem
This new collaboration agreement with NextEPC comes several months after Drop Wireless migrated its blockchain operations onto IoTeX’s layer one, adopting its W3bstream, the world’s first open, chain-agnostic data computational infrastructure. It makes Decentralized Physical Infrastructure Network (DePIN) deployment dramatically faster and cheaper.
“We’re excited to see Drop Wireless’ development progressing incredibly well and its partnership with NextEPC is testament to its commitment to advancing the decentralized communication landscape,” said Chai.
“Drop Wireless shares our vision to fast-forward the DePIN sector and transcend borders with the deployment of DePIN projects that, like them, will have a tremendous social impact.”
Drop Wireless and NextEPC are committed to making a global impact by ensuring connectivity for all, regardless of geographical location or infrastructure limitations.
By revolutionizing the way cellular networks are developed and operated, the partnership will bring transformative benefits to individuals and communities worldwide by revolutionizing the way cellular networks are developed and operated.
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SYS Labs Announces Launch of Rollux EVM Layer-2 Solution
Retail Investors Will Drive Significant Price Surges in Bitcoin
Former FTX CEO Sam Bankman-Fried Suffers Legal Blow In Criminal Case
SYS Labs has today announced the launch of Rollux, an innovative EVM Layer-2 solution that is designed to optimize the performance of Ethereum network applications. It achieves this by harnessing the strength of Bitcoin, setting SYS Labs aside from its current competitors in the market.
Rollux is powered by Syscoin and its utility token $SYS. It functions as Syscoin’s Layer 2 and provides scope for huge scalability.
This cutting-edge EVM Layer-2 solution sets a new standard in the marketplace as the highest-performing EVM-rollup solution, “offering unparalleled speed, scalability, and affordability.”
In addition to boasting the fastest speeds, highest throughput at scale, and the lowest transaction fees, it is the only major rollup to offer merged mining with Bitcoin.
SYS Labs CEO Jagdeep Sidhu hailed the launch of Rollux, while emphasizing its primary benefits.
“Rollux is the embodiment of our shared vision and unwavering commitment. We’re delivering on our promise of speed, decentralization, security, affordability, and scalability — the core pillars of blockchain technology that we always believed were vital for fostering mass adoption,” Sidhu said.
Rollux is the first product to be developed and rolled out by SYS Labs, but other equally innovative blockchain solutions will be unveiled by the firm in due course.
It leverages the capabilities of SuperDapp, an AI-enhanced Web3 social platform, which has essential chat features, a built-in non-custodial wallet, and a mobile responsive version.
Furthermore, the ecosystem incorporates Pegasys DeFi exchange and AMM, Luxy NFT Platform, Pali Wallet (web & mobile), DAOSYS, and Camada, a noncustodial, regulatory-compliant crypto trading platform to accelerate mainstream investments and self-custody.
SYS Labs has already inked partnerships with several developers who will also be launching their own products on Rollux.
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Former FTX CEO Sam Bankman-Fried Suffers Legal Blow In Criminal Case
Former FTX CEO Sam Bankman-Fried (SBF) has faced a setback in his criminal case as a federal judge has denied motions from his legal team to dismiss most of the charges against him.
In a filing on June 27, Judge Lewis Kaplan of the United States District Court for the Southern District of New York issued a memorandum opinion rejecting the motions that sought to halt the discovery and disclosure of certain information pertaining to SBF’s case.
Bankman-Fried’s legal team had filed motions on May 8 with the aim of dismissing 10 out of the 13 criminal counts he was facing, leaving only three charges intact.
These remaining charges included conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.
The judge carefully considered the arguments made in the motions and ultimately denied them, citing precedent from the U.S. Court of Appeals for the Second Circuit.
Judge Kaplan emphasized that the dismissal of charges is an extraordinary remedy that should be reserved for limited circumstances involving fundamental rights.
He referred to the Second Circuit’s stance that dismissal is an extreme sanction only appropriate in rare and extreme cases, particularly those involving serious criminal conduct.
Bankman-Fried will now face all eight charges originally brought against him in December 2022, along with four additional charges added in February 2023 through a superseding indictment, and one charge in March 2023 related to the alleged bribery of a Chinese government official.
However, the last five counts will be addressed separately in a trial scheduled to commence in March 2024, as they were added after SBF’s extradition from the Bahamas.
His first trial is set to begin in October.
Throughout the proceedings, Bankman-Fried has maintained his plea of not guilty to all charges.
In December 2022, Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty to related federal fraud charges.
In addition to the criminal trials, both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are expected to initiate civil lawsuits against SBF once the criminal proceedings are concluded.
Meanwhile, FTX’s bankruptcy case continues in the District of Delaware.
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Cryptocurrency exchange FTX has taken legal action against its former regulatory and compliance executive, Daniel Friedberg, accusing him of making illicit payments to prevent employees from exposing the exchange’s problems.
FTX filed the lawsuit on June 27, highlighting Friedberg’s various roles within the organization, including chief regulatory officer, chief compliance officer of FTX US, and general counsel at Alameda Research.
According to FTX, Friedberg acted as a “fixer” for Sam Bankman-Fried, co-founder of the exchange, at the urging of Bankman-Fried’s father.
Allegedly, Friedberg made “hush money” payments to two potential whistleblowers in an attempt to silence them about regulatory issues and the alleged close relationship between FTX and Alameda.
The lawsuit claims that Friedberg even hired the attorney of one of the whistleblowers after making a payment to ensure their silence.
FTX’s 40-page complaint outlines 11 civil charges against Friedberg, including breaching his legal duties, authorizing fraudulent transfers, and approving questionable loans to former FTX executives.
During his 22-month tenure at FTX, Friedberg reportedly received a $300,000 salary, a signing bonus of $1.4 million, a separate $3 million cash bonus, an 8% equity stake in FTX US, and cryptocurrencies valued at tens of millions of dollars. FTX aims to recover these assets through the lawsuit.
Certain details, such as the specific amounts paid to the whistleblowers, are redacted in the complaint.
However, it does reveal an incident in March 2022 where Friedberg reached an “extraordinary settlement” with a female FTX US employee known as “Whistleblower-1,” who had worked at the exchange for less than two months.
The settlement reportedly included a $12 million deal to retain Whistleblower-1’s attorney.
Whistleblower-1 claimed that Alameda was merely an extension of FTX, used to boost investor confidence and manipulate project prices.
They also alleged that sensitive company information was freely shared on Slack, allowing employees to make trades based on non-public announcements.
The lawsuit further alleges that Friedberg terminated another attorney, referred to as “Whistleblower-2,” at Alameda after they raised concerns about governance and regulatory issues within the business.
Although their severance package is redacted in the filing, FTX claims they had been with Alameda for less than three months.
Previous reports by FTX’s restructuring chief implicated an unnamed senior attorney in facilitating and concealing the mingling of customer funds.
The Wall Street Journal later identified Daniel Friedberg as the anonymous attorney, citing insider sources.
Friedberg was also mentioned as someone who provided information to investigators from the U.S. Attorney’s office.
In addition to the lawsuit against Friedberg, FTX is facing a class action lawsuit involving celebrities accused of promoting the exchange.
Interestingly, Friedberg allegedly provided evidence that challenges certain defenses put forth by the defendants in that case.
Friedberg could not be reached for immediate comment regarding these allegations.
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The United States House of Representatives has implemented a set of rules that prohibit the use of artificial intelligence (AI) large language models by its members, with the exception of OpenAI’s ChatGPT Plus service.
The decision was made to enhance security within the House offices, as stated in a notice issued by Catherine Szpindor, the chief administrative officer of the House.
The notice specifically authorized the use of the ChatGPT Plus version, highlighting its incorporation of crucial privacy features necessary for safeguarding House data.
No other versions of ChatGPT or similar large language models are currently permitted for use in the House. Furthermore, the usage of ChatGPT by House members is limited solely to research and evaluation purposes, and it is not to be integrated into their regular workflow.
The provisions outlined in the document also impose restrictions on sharing sensitive data as prompts, and require the utilization of ChatGPT Plus with all privacy settings enabled.
Although the memo refers to privacy features, the exact nature of these features is not explicitly mentioned by OpenAI, the developer of ChatGPT.
OpenAI has not specified any privacy-related advantages exclusive to the Plus service.
According to OpenAI, the ChatGPT Plus service grants users general access to the model during peak times, quicker query responses, and priority access to new features.
However, there is no mention of additional privacy features provided by ChatGPT Plus.
In April, OpenAI introduced the option for users of both ChatGPT and ChatGPT Plus to delete their chat history and accounts.
It should be noted, though, that information removed through this process remains on the ChatGPT servers for an additional 30 days.
OpenAI has announced plans to launch a business subscription service for ChatGPT, aiming to include additional data control features.
However, specific details regarding how this service will differ from ChatGPT Plus have not been disclosed.
The newly adopted House rules are applicable solely to House members. However, Representatives Ted Lieu, Ken Buck, and Anna Eshoo have jointly introduced a bipartisan bill that proposes the establishment of a federal artificial intelligence commission.
This commission would be responsible for regulating the AI industry as a whole within the United States, indicating a growing focus on oversight and governance in the field of AI.
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Flasko (FLSK) is a relatively new player in the cryptocurrency market, making its debut with a fresh perspective and innovative approach that is set to reshape the current landscape. With its unique design and strategy, Flasko aims to leverage blockchain technology to address the persistent challenges in the digital world while providing a secure, decentralized platform for transactions.
A critical element of Flasko’s appeal is its underpinning technology: blockchain. As a cryptocurrency, Flasko relies on a decentralized system that ensures the transparency, immutability, and security of every transaction. This decentralized design eliminates the need for intermediaries, reducing costs, and making transactions faster and more efficient.
Flasko’s Native Token
FLSK, Flasko’s native token, is the lifeblood of the ecosystem. It is used for various purposes within the Flasko network such as transaction fees, staking, and participating in governance votes. FLSK tokens are designed to incentivize user participation, and also reward network validators for securing the system and adding new blocks to the Flasko blockchain.
Flasko’s team has adopted a Proof-of-Stake (PoS) consensus algorithm, which distinguishes it from many other cryptocurrencies that still use the more resource-intensive Proof-of-Work (PoW) model. In PoS, validators are chosen to create a new block based on their stake or the number of tokens they hold and are willing to ‘bet’ on creating a valid block. This approach encourages more people to participate in the network, making it more decentralized, secure, and sustainable in the long run.
Flasko also features smart contract capabilities, enabling developers to build decentralized applications (dApps) on its platform. The potential applications of Flasko’s blockchain are broad-ranging, from DeFi (decentralized finance) applications to supply chain management systems, all powered by Flasko’s secure and scalable technology.
Roadmap
One significant aspect of Flasko’s roadmap is its focus on cross-chain interoperability. Flasko aims to bridge different blockchains, allowing them to communicate with each other and transfer value seamlessly. This feature will break down the silos in the current blockchain ecosystem, creating a more interconnected and efficient network.
Flasko’s community governance model is another unique aspect that sets it apart. Flasko token holders can propose and vote on various changes to the network, such as system upgrades or policy changes. This democratic governance model ensures that the community actively shapes Flasko’s future direction.
Flasko’s utility extends beyond just being a cryptocurrency; it is an entire ecosystem built with a vision of providing a robust, user-friendly, and democratic platform for digital transactions. By leveraging blockchain technology and incorporating unique features such as PoS consensus, smart contract capability, and cross-chain interoperability, Flasko is poised to be a significant player in the crypto market.
However, like any cryptocurrency, investing in Flasko comes with its set of risks. The volatility of the crypto market, regulatory uncertainties, and technological risks are factors that potential investors need to consider. Therefore, thorough research and due diligence are essential before diving into any investment.
Overall, Flasko is a promising addition to the ever-growing world of cryptocurrencies. Its unique features and innovative approach position it as a potential game-changer in the blockchain space. While it’s still early in its journey, Flasko presents a compelling vision of a more inclusive, efficient, and democratic digital transaction landscape.
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