The Netherlands Crime Agency (FIOD) said it arrested a 29-year-old who is a suspected developer of Tornado Cash, the crypto mixer that was slapped with US sanctions earlier this week.
The platform, which mixes cryptocurrencies into the decentralized ethereum network and hides the origin of users’ tokens, was prohibited from operating in the United States earlier this week after the US Treasury said North Korean hackers had been using the service for money laundering.
US Treasury officials say the platform has laundered around $7 billion in crypto, and an analysis by TRM Labs shows North Korean hackers are responsible for $1 billion of the laundered funds.
Regulators did not name the suspect, but said he was detained on Wednesday and will be presented to a judge today in the Netherlands for helping money laundering and concealing other criminal financial activity on Tornado Cash’s platform.
“Multiple arrests are not ruled out. These advanced technologies, such as decentralised organisations that may facilitate money laundering are receiving extra attention from the FIOD,” regulators said in a statement.
The sanctions on Tornado Cash are the latest development as regulators crack down on the crypto industry and turn the screws on decentralized finance firms. 2022 has seen a wave of high profile crypto hacks and cyberthefts.
Earlier this year, North Korean hackers stole $625 million in cryptocurrency from Axie’s Infinity Ronin Network, one of the largest thefts in history of the blockchain. Another $100 million was stolen from Harmony Bridge – with evidence that 98% of those funds were later laundered through Tornado Cash, according to an analysis from Elliptic.
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Billionaire bitcoin bull Mike Novogratz believes the forced deleveraging of the cryptocurrency market is over and that investors can expect new narratives to shape the space following a brutal quarter for digital assets.
His optimism comes after a rocky year for crypto investors, following the crash of the Terra stablecoin and the related Luna token, which set off a domino effect of losses and bankruptcies across the sector. Crypto has enjoyed a few rallies since then, but the bitcoin and ethereum are still down around 60% from their November highs.
“We had a forced deleveraging that happened because of a lot of imprudent credit policies at lots of places, that I think exacerbated how bad the move would be,” Novogratz said in an interview with CNBC.
But Novogratz thinks that the cycle is ending, with the potential for more positive change in the crypto market to come this quarter.
“The worst is over,” he said of last quarter’s big sell-off. “There is no more forced deleveraging that’s going to happen. And so now, the market hits an equilibrium, and it waits for new narratives.”
Developments like ethereum’s upcoming merge could be a big narrative shift for the market, one that generates renewed enthusiasm among investors, Novogratz said. The merge is one out of five planned updates to the ethereum blockchain, CoinDesk reported, and will switch the blockchain over from a proof-of-work to a proof-of-stake system to increase efficiency.
Bitcoin may also be on a new path, with Coinbase’s recent partnership with BlackRock: “That’s like a monumental announcement,” Novogratz said.
Bitcoin’s steady adoption in mainstream finance is keeping Novogratz bullish on the largest crypto by market cap. He added he was particularly optimistic about the outlook for the coin in the current economic climate.
“I think bitcoin remains a really good macro asset for an environment where the macro is pretty uncertain,” Novogratz said.
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Working toward its stated goal to build the highest-performing, most reliable blockchain application programming interface (API) platform, Bware Labs, the company behind Blast, is launching the Houston Incentivized Testnet.
The purpose of the testnet mainly revolves around verifying all the technical aspects involved in the decentralization of the Blast API Platform, from the proprietary Node Integrity Protocol to the staking mechanism. At the same time, it aims at preparing future node providers for the mainnet launch while giving them the option to obtain enough funds to join the platform in its production state.
In terms of rewards, the total amount reserved for the entire Houston Testnet is 1 million Bware Tokens (BWR), which is 1% of the total token supply. The tokens received during the testnet will be sufficient for each participant to be able to run at least one node when the mainnet is live.
Bware Labs claims that — thanks to its integrity protocol and incentivization mechanism — the Blast API platform will be able to keep the highest level of performance in the industry even after decentralization takes place. This means that no change in the quality of service will be visible to its constantly growing number of adopters and customers, among which it can already enumerate CoinGecko, Decentralized Information Asset, Connext Network, Moonwell, Subscan, DappRadar and many others.
The first phase — dubbed the launch phase — of the Houston Testnet will be restricted to the companies’ closest partners from the infrastructure and node-operating segments. The list includes reputable companies with vast experience in running blockchain infrastructure such as Dokia Capital, Stakin, P2P, Hashquark, Hypersphere and Woodstock. Once this preliminary stage is completed, Bware Labs will welcome independent node runners to onboard the testnet in the orbit phase, or phase two, and earn rewards while helping the company achieve its mission of providing quality-driven, decentralized services.
The Houston Incentivized Testnet will end with the landing phase — the third phase, where the creativity of participants is required in finding improvements, corner cases or other feedback that will help the platform become more robust and easier to use by both API consumers and node providers.
All details for the Houston Testnet — as well as the schedule and missions for those interested in becoming Blast partners as node providers — are available on the Houston Testnet landing page at houston.blastapi.io/houston-testnet.
About Bware Labs
The mission of Bware Labs is to create an infrastructure and development ecosystem that can help Web3 builders throughout their entire blockchain journey. The company aims to play a decisive role in worldwide blockchain adoption.
Proving its commitment to bringing true reliability and quality to Web3, Bware Labs has partnered with some of the greatest names in the industry, such as Polygon, Avalanche, Elrond, Moonbeam and Fantom. This will further support blockchain development efforts by providing the highest quality infrastructure services in the crypto space.
Bware Labs also supports Blockchain projects from a validator role. Capitalizing on its engineering team’s vast blockchain experience, the company is trusted by more than 15 blockchain networks to run validators for its projects.
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The United Kingdom-based decentralized cloud network Cudos has announced that its token is now listed on Crypto.com’s globally recognized digital asset exchange. This high-profile listing on one of the world’s most popular exchanges will make the CUDOS token available to millions of users across 90-plus countries, helping to drive Cudos’ ambition to power Web3.
The Cudos network is a layer-1 (L1) blockchain designed for maximum flexibility and scalability. With its high throughput, low transaction fees and user-friendly development tools, it offers the ideal platform for building future-proof decentralized applications (DApps) and metaverse experiences.
The network is also highly interoperable, forming an integral part of the wider Web3 space. As part of the Cosmos ecosystem, it features simple and efficient interchain bridging to other Cosmos chains and Ethereum via the Cudos bridge. With other bridges planned for the coming months, Cudos is committed to an open and collaborative future for Web3.
The CUDOS token
The CUDOS token is the lifeblood of the Cudos blockchain, helping to secure the network and provide extensive utility. Tokenholders can take advantage of a range of benefits, including staking, governance rights and native nonfungible token (NFT) minting. And thanks to Cudos’ partnerships with NowPayments and Shopping.io, the token can also be used for purchases across a huge range of e-commerce stores.
Building the cloud of the future
The recent mainnet launch of the Cudos network is just the first step in the company’s far-reaching plan to power the future of the web. Building on this foundation, the forthcoming Cudo Compute platform will offer a revolutionary solution for distributed cloud computing.
By distributing computing tasks across an open, permissionless network, Cudo Compute will be able to offer a sustainable and robust source of cloud computing, all powered by the CUDOS token. By significantly expanding the global reach of the CUDOS token, the Crypto.com listing will help Cudos to realize its ambitious vision.
As Cudos’ CEO Matt Hawkins explains: “The recent launch of the Cudos mainnet has been an incredible achievement, the result of years of hard work by our dedicated team and the support of our vibrant and active community.
“Now that the network is live, we’re looking to the future with our goal of building a decentralized, sustainable and connected world. Thanks to this major new listing on Crypto.com, we’ll be able to introduce a whole new universe of users to the benefits of our blockchain.”
An expanding ecosystem
In addition to Crypto.com, CUDOS is also available on a number of other prominent exchanges, including Huobi Global, KuCoin, Bittrex Global, AscendEx and Liquid. These listings have driven the rapid adoption of the CUDOS token over the past year, alongside an extensive ecosystem of partnerships with industry leaders and innovative start-ups.
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Crypto casinos offer an exciting, new way to make money online – but the casino you use can make a big difference with regards to how profitable you are, as they have different win rates and payout mechanisms.
Crypto Intelligence has extensively reviewed over two dozen crypto casinos, and found Wolf.Bet to be the most profitable one for players in the medium-to-long-term.
This particular crypto casino allows you to make money by playing a wide range of online games, including Poker, Slots, and many others.
You can sign up in a matter of minutes over here and immediately unlock your earnings.
After signing up with a few basic details, you then need to deposit some funds – in the form of Bitcoin (BTC), a stablecoin like USDT, or another supported cryptocurrency.
You can then start to play their games – we found slots to be the most profitable and exciting – and watch the money roll in.
You can withdraw your winnings at any time to a crypto wallet, and then cash out to your bank account.
With the notion surrounding the crypto industry becoming more accepted by the day, the highly anticipated Monaco Crypto Summit is bringing together world-class industry leaders and experts this summer to discuss all things cryptocurrency and the future of the industry in the heart of the French Riviera.
The prestigious Grimaldi Forum, based in the heart of Monte Carlo, Monaco, will be hosting the Monaco Crypto Summit this summer on July 29, focusing on the future of crypto through interactive discussions and a series of announcements of new partnerships and products.
Being held in what can be argued as one of the most luxurious and prestigious locations in the world, the Monaco Crypto Summit is sure to give guests only the best VIP treatment with a host of exclusive speakers, auctions, an after party and more. Dustin Plantholt, crypto editor for Forbes Monaco, and Rachel Wolfson, senior reporter with Cointelegraph, will jointly MC the summit.
The summit will be followed by a VIP gala dinner at the Yacht Club de Monaco with expected guests including Prince Albert II of Monaco and Al Burgio, the founder of the ultimate blockchain for brands, DigitalBits.
Attendees can expect an extensive list of special guests and speakers in attendance, which can be found on the event’s official website and social channels.
Some key points that attendees can expect to be covered during the summit will surround the ins and outs of how people are currently using the DigitalBits blockchain, along with new product announcements that are leveraging DigitalBits. In conjunction with that, we will see an exclusive NFT auction that will take place during the course of the VIP gala dinner.
The launch of a new DEX platform will also be unveiled at the summit, along with a list of organizations and projects that will be using this platform.
“The crypto industry is rapidly evolving and maturing by the day, which is why a community-wide update — led by some of the world’s leading experts — is now truly needed more than ever before.
The summit will highlight this emerging new asset class called cryptocurrency, discuss the many benefits to blockchain, reveal the most innovative projects, and announce dynamic new global partnerships and initiatives. We are eager to meet and welcome all our esteemed Monaco guests to what will be an epic summer event held on July 29,” said Plantholt.
Crypto enthusiasts and investors are all welcome at the Monaco Crypto Summit this July 2022, having the opportunity to not only be the first in line to learn about the latest projects but also indulge in the expertise of industry leaders. More news and information is available on the site.
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The TRON DAO Reserve (TDR) has officially answered some frequently asked questions from the community about USDD, the decentralized over-collateralized stablecoin on TRON.
The USDD stablecoin is currently the most over-collateralized stablecoin across the entire cryptocurrency market. The core mission of USDD is to provide the blockchain world with a decentralized cryptocurrency of stable value. USDD represents true decentralization across the stablecoin market. Other stablecoins such as USDC or USDT are pegged to a central platform’s U.S. dollar (USD) reserves. By nature, the fundamentals of USDC and USDT are considered centralized stablecoins with strict supervision by regulators worldwide.
Current market conditions have brought fears of assets being subject to liquidation and freezings without the consent of the holders. USDD overcomes these fears from multiple different angles. Whitelisted institutions of the TRON DAO Reserve (TDR) are authorized to mint USDD.
The value of USDD is supported by the over-collateralization of highly liquid crypto assets consisting of, but not limited to, BTC, USDT, USDC, and TRX. This allows USDD to be free from centralized intermediaries so users do not have to worry about their assets being frozen with or without notice. This enables holders of USDD to truly have full ownership of their stablecoin.
Stability is an important aspect of a successful stablecoin. Centralized stablecoins such as USDC and USDT are bound by regulators to maintain a 1:1 reserve ratio to the USD. If the centralized authorities of these stablecoins are unable to meet their reserve requirements, this can cause the centralized stablecoins to lose its 1:1 USD peg. USDD is immune to such issues due to its decentralized nature. USDD is not designed to strictly peg to the USD; instead, it floats up and down around it. The price stability of USDD is maintained through monetary policies adopted by the TDR based on market conditions.
Under volatile market conditions, USDD is not considered depegged when it is within 3% up or down from the USD peg. This allows for further flexibility for the TDR to make the necessary monetary policy adjustments if needed. With recent volatility in the markets, USDD has adjusted properly through TDR’s monetary policy tools which have strongly held up against recent concerns. This methodology is known as a Linked Exchange Rate System and has successfully allowed USDD to properly scale.
The recent controversy surrounding stablecoins arose due to the LUNA and UST crash. USDD fluctuated below its USD peg partly due to market misconceptions tied to the LUNA/UST fiasco. LUNA and UST do not follow the TDR policies that USDD is subject to; instead, LUNA and UST function strictly off an algorithmic arbitrage system of burning and minting. This means that UST did not have to rely on any reserve system to support the 1:1 USD peg.
This whole process relied heavily on LUNA’s liquidity, when market conditions worsened, causing UST to lose its peg, it resulted in a major shock driving prices down for LUNA and in turn UST because there was no reserve system backing it. This is what ultimately caused the collapse of the LUNA and UST prices. On the other hand, USDD is completely supported by a reserve system filled with liquid assets run by the TDR as mentioned earlier. The details of the TDR assets are published in real-time on tdr.org.
The TDR adopts four monetary policy instruments to ensure the stability of USDD, creating further growth in the TRON ecosystem. The four policy instruments are setting benchmark interest rates, open market operations (OMO), window guidance, and the minting-burning mechanism of TRX and USDD.
The TDR will also explore more monetary policy tools to foster further stability and growth of the USDD ecosystem. The end goal of TDR’s monetary policy adjustments is to maintain a stable price of USDD while further empowering it to be the most reliable and decentralized stablecoin on the market.
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Since the first Daybreak testnet released in March this year, Dusk Network developers have been working hard to iron out bugs and improve quality and usability. Now, with the launch of the second, Daylight testnet, many improvements have been integrated.
Upgraded Staking Contract
The new Daylight testnet will enable network participants to make transactions for the first time. Together with the wider blockchain community, they will help to stress-test the network and give feedback on performance and potential improvements.
At launch, the Daylight testnet will hit the deck running, with more than 100 nodes. All these nodes will be integrated into the network and will have no adverse impact on stability. More community nodes will be onboarded going into the near future.
The community participation on the Daylight testnet is not quite ready yet, given that the Dusk team will first test network resilience with purposely malicious nodes in addition to some community-run nodes.
More Improvements
Significantly faster CLI wallet
A new command line interface wallet incorporates faster synchronisation times and has a stable cache mechanism which fetches user balances quickly. This update will resolve connectivity issues.
Block Explorer Tweaks
The TPS statistic has been replaced to show the total number of transactions in the last 100 blocks, and in addition, gas expenditures can now be tracked in real time.
Community involvement
Dusk Network’s team would love to see the community become more involved with testing by making transactions. Also, the team welcomes feedback on the CLI wallet. The newest version of the wallet is available on Linux and macOS, and can be downloaded here.
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To celebrate the brand’s 22nd anniversary, VERTU Paris has unveiled they’ve partnered with Binance to launch the new VERTU Constellation X Ulm smartphone through an exclusive sales process.
1,000 NFTs will be on sale on the Binance NFT platform. The rest of the NFTs will be available for purchase on the decentralized platform Galler.io and the official VERTU Paris website. For this occasion, VERTU will set up a unique launch operation on Monday, June 20th: only 10,555 smartphones will be available for sale via the purchase of an NFT, on the official Vertu Paris website.
After purchasing an NFT, the 10,555 owners will have until September 23, 2022 to choose whether to convert their NTF to the Vertu Constellation X ULM™ smartphone in order to receive it no later than February 2023, or if they decide to keep it as an NFT and thus become part of the new VERTU 3.0 business club bringing together the brand’s historical customers and the new web 3.0 community.
VERTU Constellation X ULM™
In the desire to bring the extraordinary within reach, the new VERTU Constellation X ULM™ is a blend of cutting-edge technological innovation and high fashion craftsmanship.
With an Octa-core processor, coupled with 12GB of RAM, the Vertu Constellation X ULM™ offers ultimate performance to meet the user needs.
The VERTU Constellation X ULM™ is a true everyday companion with its main camera. It features a 50 MP (f/1.9) main lens, a 12 MP (f/2.2) ultra-wide lens and a 48 MP (f/3.5) telephoto lens to capture the best experiences of your life. Not only shots, but also high-definition videos: 4K@30fps or 1080p@30/60fps.
Combining powerful technology that offers global connectivity with dual SIM, 5G compatibility, a stunning 6.71-inch 120Hz display and a fingerprint sensor for biometric security, the Constellation X Ulm is the perfect companion for those looking to get the latest luxury smartphone on the market or international travelers who are often on the go.
A New Smartphone That Offers All The Luxury Services Of VERTU Paris
To create its centerpiece, VERTU Paris has partnered exclusively with COMMUNITAKE, an innovator and leader in the world of confidentiality and communication security. COMMUNITAKE’s advanced technology will encrypt all voice and messaging exchanges to prevent interception of voice and data, as well as location. All VERTU Paris security services can be found on the COMMUNITAKE website.
Each VXCP NFT holder will also have access to exclusive, private events that bring together the most influential and successful people on VERTU’s 300,000+ private buyer list and new VERTU3.0 Club members, as well as Hall of Famers (like Elon Musk, Stephen Joseph Squeri and other successful entrepreneurs).
A Large-Scale Marketing Operation For VERTU’s 22nd Anniversary
The VERTU Constellation X Ulm™ 22nd Anniversary will be produced in limited quantities of only 10,555 units total, and available exclusively through the purchase of the VERTU Non-Fungible Token (VCXP). Starting this Monday, June 20, 2022, 10,555 NFTs go on sale for $5,175 (Constellation X Ulm™ selling price: $14,890).
In this way, VERTU combines luxury with the new world of crypto and the privacy of the Blockchain.
To celebrate its 22nd Anniversary, VERTU is also offering the VERTU community a system of extraordinary prizes offered to all owners of this first NFT collection. In total, no less than $4.68 million will be redistributed to the community in two forms:
VERTU will award crypto-currency prizes ranging from $20,000, $50,000 or $100,000 for every 79 NFTs sold When the 10555 NFTs will be sold, a contest will be held to award 4 grand prizes totaling $1 million (4 Bentley Bentaygas in VERTU colors and VERTU interior edition). Winners will be drawn at an event during Fashion Week 2022 live streamed worldwide from Paris for 3 smartphone/NFT owners, and 1 winner will be drawn from the live stream viewers of the event.
At the same time, VERTU Paris will make a donation of $500,000 to Médecins Sans Frontières (an international, independent medical humanitarian organisation).
Ternoa is a carbon neutral blockchain that is designed for minting NFTs. Specifically, it is a cross-chain NFT network and allows developers to build decentralised apps (dApps) and Web3 games on their network.
It is the first blockchain ecosystem that offers secure data encryption and transmission through the use of non-fungible tokens. As a result of this technology, users can gain full control over their private data, with the option of long-term storage of 20, 50, and even over 100 years.
Ternoa is powered by Polkadot, and it is one of the most promising cross-chain NFT networks in existence.
READ: AstridDAO announces partnership with Microsoft as they look to become the ‘dominant stablecoin’
Their native token, CAPS, is listed on a number of exchanges, including Bybit, HotBit, Pancake Swap, and Gate.io.
It is one of the 1,000 largest tokens in the world by market cap, with it currently trading at around $0.01455 according to CoinMarketCap (CMC) data.
Earlier this month, Ternoa launched a staking feature for their native token which allows holders to earn up to 116 percent on their CAPS.