SEC - Page 154

Ethereum‘s forthcoming Pectra upgrade, anticipated for late 2024 or early 2025, is set to significantly enhance the functionality and user experience of crypto wallets.

The Ethereum Improvement Proposal (EIP) 3074, integral to this update, was recently approved and will enable standard crypto wallets to operate similarly to smart contracts.

The core functionality of EIP-3074 will allow standard externally owned accounts (EOAs), such as those used in MetaMask wallets, to execute operations typical of smart contracts.

This includes transaction bundling, which permits a single signature for multiple transactions, and sponsored transactions, allowing a wallet to allocate funds for use by another entity.

This mimics the account abstraction introduced in ERC-4337.

However, the upgrade is not without its concerns.

An anonymous developer from DefiLlama, known as 0xngmi, highlighted on social media platform X on April 11, the potential risks associated with EIP-3074.

“Now it’ll be possible to fully drain an address (all tokens, all NFTs, all DeFi positions…) with only one bad signature,” 0xngmi stated.

Despite these security issues, Harrison Leggio, co-founder of Gaslite, acknowledged that mishaps are common, noting on X, “people will always find a way to lose their money.”

READ MORE: Telegram Faces Security Scrutiny: Firm Denies Vulnerability Amidst Expert Claims of Risk to Desktop Users

He further commented on the misuse of private keys: “People literally GIVE THEIR PRIVATE KEYS TO TRADING BOTS.”

Laurence Day, a software engineer, pointed out the utility of the EIP in enabling sponsored transactions.

This feature is particularly beneficial as it allows the storage of assets in wallets that do not hold Ether, with the sponsoring of gas fees managed through a controlling contract.

Additional capabilities introduced by EIP-3074 include a social recovery feature, which eliminates the need for traditional seed phrases by implementing new operational commands, AUTH and AUTHCALL.

As explained by an anonymous Web3 adviser, Cygaar, on X, AUTH is used for verifying signatures and actions, and AUTHCALL allows for interaction with the target contracts using the originator’s address instead of the message sender’s.

This update follows the recent Dencun update that reduced layer-2 transaction fees and precedes another planned project known as the “Purge,” discussed by Ethereum co-founder Vitalik Buterin.

This next phase aims to streamline the network by eliminating outdated and excess data.

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Hundreds of Australian investors have lost over 160 million Australian dollars ($104 million) following the collapse of three cryptocurrency mining companies, NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd (collectively known as the “NGS companies”).

This financial debacle unfolded as these entities entered into liquidation.

The Australian Security and Investments Commission (ASIC) has initiated civil proceedings against the NGS companies and their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten.

These companies are alleged to have enticed local investors to set up self-managed superannuation funds (SMSFs), which were then converted into cryptocurrency investments in blockchain mining packages promising fixed-rate returns.

ASIC claims that around 450 investors had invested approximately 62 million AUD ($40 million) with these companies, which lacked the requisite Australian financial services license.

The commission’s concerns over the possible loss of digital assets led to the Federal Court’s decision to appoint liquidators for handling the NGS companies’ digital currency holdings.

Additionally, Brett Mendham has been prohibited from leaving Australia.

The regulator has also taken steps to prevent the NGS companies from offering financial services in the country without the necessary authorization.

ASIC Chair Joe Longo emphasized the risks of investing SMSFs in cryptocurrency and affirmed the agency’s dedication to regulating crypto products to safeguard investors.

READ MORE: Bonk Cryptocurrency Faces 4% Overnight Decline Amid Market Volatility

In a related development, other Australian cryptocurrency entities such as DCA Capital, Digital Commodity Assets Pty Ltd, and the Digital Commodity Assets Fund are undergoing liquidation and face federal court proceedings due to concerns about mismanagement and regulatory non-compliance.

KordaMentha, the liquidator for these companies, has identified debts totaling 100 million AUD ($65 million) owed to 100 investors.

Furthermore, the federal court has frozen assets of DCA Capital’s director, Ashod Balanian, valued at 55 million AUD ($36 million), and he has been ordered to surrender his passport.

The increased scrutiny from ASIC in recent months reflects a broader regulatory focus.

On March 21, ASIC Commissioner Alan Kirkland pointed out the need to address the “regulatory trilemma” which includes balancing consumer protection, market integrity, and the promotion of financial innovation.

As Australia approaches a significant “inflection point” in cryptocurrency demand, the market continues to evolve.

Although local institutional demand remains subdued, the potential for growth in stablecoins and favorable policy adjustments suggest a burgeoning interest in crypto within the nation.

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Tech entrepreneur Elon Musk is currently seeking to secure up to $4 billion in funding for his new artificial intelligence (AI) startup, xAI, which developed the AI chatbot known as Grok.

To facilitate this, Musk is offering selected investors the opportunity to join funding rounds via special purpose vehicles (SPVs), as stated in a recent email circulated among potential contributors.

SPVs are investment tools that allow various investors, including venture capital firms and individual investors, to pool resources into a single entity.

Although this method provides an organized way to invest, it comes with initial fees of up to 5% in addition to management fees and interest, as reported.

Musk’s fundraising target ranges between $3 billion and $4 billion, aiming for a post-deal company valuation of $18 billion.

The email elaborated that the funds are expected to be raised “in the next 2–3 weeks on a first-come, first-served basis.”

Founded by Musk in March 2023, xAI was officially launched in July of the same year and is based in the San Francisco Bay Area.

The company’s mission is ambitiously described as “understanding the true nature of the universe.”

Its first product, the X-linked chatbot Grok, was released in November, boasting capabilities surpassing those of OpenAI’s ChatGPT, according to the firm.

In addition to Musk’s renowned success with Tesla, the email to investors highlighted the AI model’s training on data sourced from Musk’s X microblogging network as a potential selling point.

READ MORE: Bonk Cryptocurrency Faces 4% Overnight Decline Amid Market Volatility

Mario Nawfal, an entrepreneur and angel investor, has voiced his perspective on the current surge in AI investments, saying, “concerns about an AI bubble grow amid soaring valuations and high development costs.”

xAI also focuses on internal capabilities, employing AI tutors from diverse fields to generate and refine high-quality data for model training and evaluation, per information on the company’s website.

In a significant move, Musk announced in March that xAI would make its AI chatbot open-source, positioning it as a contender against the proprietary models like OpenAI’s ChatGPT.

Despite its ambitious valuation and technological advances, xAI remains relatively small, with only 10 full-time engineers and an operational range of 5,000 to 10,000 GPUs.

When Cointelegraph sought more details from xAI, the company did not provide an immediate response.

The AI chatbot market is competitive, with Grok vying against other products like OpenAI’s ChatGPT, Antropic’s Claude, Microsoft’s Copilot, Google’s Gemini, and Meta AI from the company formerly known as Facebook.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Dogecoin, the market-leading meme coin, has recently seen a significant recovery, surpassing the $0.2 mark and hinting at a potential bullish trend.

As it briefly hit $0.1993, up from below $0.2 since Monday, the coin seems poised for a rebound following substantial sell pressure earlier in April.

Adding to this optimistic sentiment, Dogecoin has outperformed the broader crypto market, which is up by 1.9% today, with Dogecoin itself climbing by 5.8%.

Notably, it has surged by 9.8% this week, 12.4% this month, and an impressive 134% this year.

With a market cap of $28 billion and a $2.7 billion trading volume over the past 24 hours, Dogecoin’s movements are closely watched.

Several crypto analysts have weighed in on Dogecoin’s prospects.

Knight INJ on X predicted that the coin will target $0.45 after breaking above the crucial $0.15 resistance.

“It will wick down to retest it as support before jumping 306% to the price target,” the analyst forecasted.

Similarly, Whale of City expects a rise to $0.45, pointing to a breakout on the monthly chart.

“Chart is extremely bullish! I’m telling you again and again that DOGE will pump hard soon. $0.45 is a magnet,” he stated.

READ MORE: Bitcoin Slips Below $70,000 Amid ETF Outflows and Market Uncertainty, Traders Hold onto Targets

Another analyst, World of Charts, noted that Dogecoin is consolidating in a bullish pennant pattern and anticipates a move towards $0.3 after a decisive breakout.

The upcoming “Doge Day” on April 20th, rumored to be Elon Musk’s favorite day, is also expected to catalyze interest in Dogecoin and other related cryptocurrencies.

In the realm of meme coins, Dogeverse, a new multichain meme coin, is making waves with its presale surpassing $1 million as investors rush to take advantage of early pricing.

This innovative project integrates six leading meme coin networks, including Ethereum, BSC, Polygon, Solana, Base, and Avalanche, regardless of which blockchain dominates the meme coin sector.

The presale for Dogeverse has rapidly raised $1.7 million in just three days, generating significant interest. Investors are also enticed by the potential of a 583% APY through staking, though this rate will decrease as the pool expands.

As Dogeverse’s campaign progresses, the cost of participation is set to increase, with the next price rise scheduled in two days or when the funds raised hit $2.6 million.

This strategic pricing and high staking returns are positioning Dogeverse as a promising new player in the cryptocurrency market.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

On Monday, the cryptocurrency market saw a notable surge led by Bitcoin’s recovery to $72,000, boosting the memecoin sector, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and Bonk.

These assets demonstrated significant gains, underscoring heightened investor interest amid the market’s uptrend.

Pepe Coin, in particular, has exhibited a sideways trading pattern for over a month, aligning with the bullish pennant pattern’s converging trendlines.

This setup, occurring above the 50% retracement level, suggests a robust retracement, enabling buyers to reclaim control of the asset.

On April 5th, Pepe Coin’s price rebounded from the pattern’s support trendline, climbing 20% to reach $0.0000076.

Should the market maintain its bullish momentum, the coin’s value could see an additional 8% increase, aiming for the overhead trendline at $0.0000082.

READ MORE: Meme Coins Surge as Market Cap Eyes $100 Billion: Dogecoin, Shiba Inu, and PEPE Lead the Bullish Charge

A successful breach of the pennant pattern would indicate a buyer’s market, potentially extending the recovery trend towards the initial target of $0.0000108, with further aspirations reaching $0.000013 and potentially $0.0000167.

Conversely, a drop below the lower support trendline could escalate selling pressure, potentially driving the Pepe Coin price down to $0.00000313, exacerbating the ongoing correction.

The Moving Average Convergence Divergence (MACD) analysis reveals that the MACD (blue) and Signal (orange) lines moving flat above the midline typically signal a beneficial pullback for buyers, offering them an opportunity to gather strength.

This indicator, along with the overall market’s bullish trend and Pepe Coin’s specific pattern dynamics, paints a complex picture of potential growth tempered by cautionary notes regarding possible downturns.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

In the recent upturn of the crypto market, two Solana-based meme coins, WIF and BONK, have stood out due to their remarkable price increases, signaling a bullish trend for both assets.

The WIF meme coin has exhibited a bullish reversal, notably breaching the $3 threshold and surpassing the overhead resistance trendline, leading to a significant 27% increase over a single weekend.

This surge pushed its value beyond the $4 level.

Although there was a slight retracement to $4.31, resulting in a 2.83% intraday decline, WIF’s value rebounded by 11.79% overnight.

This rapid recovery suggests a potential move towards the $5 mark in the near future.

On the other hand, BONK has shown an equally impressive bullish reversal starting from a low of $0.00002122, creating a descending triangle pattern on its 4-hour chart.

Despite facing a 2.34% drop after a 4% rise on Sunday, BONK’s price adjusted to $0.00002388.

However, the general market recovery fuels optimism for a breakout above the trendline, which could lead to an increase towards $0.000051.

A closer examination of the WIF and BONK price charts indicates that both meme coins are on the brink of further gains.

READ MORE: Whale Wallet Swallows 692 Billion SHIB Tokens from Crypto.com Amidst Market Speculation

WIF’s chart suggests a promising post-retest reversal aimed at the $5 benchmark, while BONK’s trajectory hints at an imminent trendline breakout, offering a promising entry point for traders targeting the $0.000051 level.

As the altcoin season progresses, meme coins such as WIF and BONK have become speculative yet potentially profitable investment avenues.

Traders, particularly those interested in short-term investments, are closely watching these coins, expecting additional rises driven by market sentiment and technical indicators.

In conclusion, the surge in WIF and BONK prices mirrors the broader crypto market’s optimism.

These Solana-based meme coins have garnered significant attention, leading investors and traders to approach with a cautious optimism.

As the market for digital assets continues to evolve, the movements of such meme coins are keenly observed, with the community ready for whatever comes next in this volatile sector.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Steven Nerayoff, a prominent figure associated with the early development of the Ethereum network, has initiated legal action against the U.S. government, alleging false accusations and improper conduct by federal officials spanning from 2019 to 2023.

Known for his controversial claims against Ethereum co-founder Vitalik Buterin, Nerayoff seeks $9.6 billion in damages through a lawsuit under the Federal Tort Claims Act (FTCA) related to an extortion case lodged against him four years prior.

The dispute, which concluded in May 2023 with the dismissal of the charges by the U.S. government, centers on accusations deemed by Nerayoff as unfounded and supported by unethical practices, including harassment and evidence fabrication by government agents.

This misconduct, he claims, not only tarnished his reputation and disrupted his business endeavors but also inflicted personal and financial hardships.

The lawsuit filing emphasized the profound impact on Nerayoff’s life and career, highlighting substantial legal expenses and loss of income due to his ostracization within the cryptocurrency community.

READ MORE: Meme Coins Surge as Market Cap Eyes $100 Billion: Dogecoin, Shiba Inu, and PEPE Lead the Bullish Charge

Eleanor Terrett, a journalist for FOX Business, revealed details of the lawsuit, including Nerayoff’s engagement of renowned attorney Alan Dershowitz as an advisor on the case. Dershowitz remarked on the case’s unique nature.

Nerayoff, a serial entrepreneur and legal professional with several international patents to his name, founded the blockchain consulting firm Alchemist.

His early engagement with projects like Ethereum in 2015 established him as a significant figure in the blockchain sector.

The Federal Bureau of Investigation (FBI) apprehended Nerayoff and Michael Hlady, an associate at Alchemist, in September 2019, accusing them of extortion against a cryptocurrency startup.

This incident is part of a series of controversies and legal challenges Nerayoff has faced, including his criticisms of Ethereum, which ranged from allegations of fraudulent activities and misconduct by its founders to accusations of regulatory favoritism—a controversy known within the community as “ETHGate.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.