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Unizen DeFi Platform to Reimburse Users Following $2.1 Million Hack

In a recent turn of events, the Decentralized Finance (DeFi) platform Unizen has suffered a significant security breach, leading to a loss of approximately $2.1 million in user funds.

The compromise was initially detected on March 9 by PeckShield, a blockchain analytics company, which identified an “approve issue” resulting in the drain of over $2 million.

PeckShield’s discovery prompted them to advise users to revoke their platform approvals immediately to prevent further losses. Additionally, SlowMist, another security firm, confirmed the total losses to be around $2.1 million, revealing that the attacker had exchanged the stolen Tether for Dai, a stablecoin.

In response to the incident, Unizen communicated directly with the hacker via an on-chain message on March 10, proposing a 20% bounty for the return of the pilfered assets.

The platform also disclosed that they were collaborating with law enforcement and forensic experts to unmask the hacker’s identity.

Despite the ongoing negotiations for the return of the stolen funds, Unizen made a prompt decision to reimburse the affected users.

By March 11, the protocol announced its intention to compensate 99% of the victims as swiftly as possible.

The statement detailed plans for individualized distribution processes, emphasizing a cautious and thorough approach to ensure accuracy.

Unizen’s commitment to rectifying the situation was further underscored by an announcement that founder and CEO Sean Noga had provided personal funds to facilitate the reimbursements.

Starting March 11, users who incurred losses of up to $750,000 were assured of receiving their refunds, either in USDT or USD Coin. For those who faced greater losses, Unizen promised tailored resolutions.

Moreover, Unizen released an instructional video to guide users on reviewing and revoking platform approvals, aiming to forestall any additional vulnerabilities.

Martin Granström, Unizen’s chief technology officer, affirmed on X that sufficient evidence had been gathered for a comprehensive analysis of the breach.

Granström announced the forthcoming release of a detailed incident report and pledged an investment in enhanced security measures to prevent future exploits.

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London Stock Exchange to Introduce Bitcoin and Ether ETNs in New Bullish Signal

Bitcoin/Blockchain News/Crypto News Today

The London Stock Exchange (LSE) is gearing up to broaden its financial product offerings by incorporating crypto exchange-traded notes (ETNs) for Bitcoin and Ether.

This significant development is set to unfold in the second quarter of 2024, with the LSE poised to start receiving applications for these novel ETNs.

The announcement made on March 11 delineates a strategic move towards embracing the burgeoning realm of cryptocurrency within the established frameworks of traditional financial markets.

The LSE has outlined specific criteria for the admission of crypto ETNs in its recently published Crypto ETN Admission Factsheet.

Although an exact commencement date for accepting applications has not been disclosed, the exchange has made clear its requirements.

For an ETN to be considered, it must be physically backed by Bitcoin or Ether and refrain from leveraging.

A critical stipulation is the transparent availability of the market price or value of the underlying crypto asset.

Furthermore, the crypto assets backing the ETNs must be securely stored, preferably in cold wallets, and the custodians of these assets must comply with Anti-Money Laundering legislation from the UK, EU, Switzerland, or the US.

ETNs, defined by the exchange as debt securities linked to an underlying asset, offer investors an opportunity to engage with the performance of cryptocurrencies within regulated trading hours.

This method presents a less direct approach compared to exchange-traded funds (ETFs), with ETNs being backed by issuer’s credit rather than a collective pool of assets, and is viewed as a softer alternative for those seeking exposure to crypto assets.

Parallel to the LSE’s initiative, the UK’s Financial Conduct Authority (FCA) has also indicated a willingness to accommodate Recognised Investment Exchanges (RIEs) wishing to establish market segments for crypto-backed ETNs, albeit restricted to professional investors.

This category encompasses authorized or regulated credit institutions and investment firms.

The FCA emphasizes the need for stringent controls to safeguard investors and mandates adherence to the UK’s listing regime, including ongoing disclosure and the provision of prospectuses.

Despite this openness towards institutional engagement with crypto-backed ETNs, the FCA maintains a cautious stance towards retail investors, citing the high-risk nature of cryptoassets.

The authority has reiterated its position that such investments are not suitable for the retail market, warning of the potential for total loss and underscoring the largely unregulated status of cryptoassets.

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Elon Musk Takes AI Open Source with Grok Amid Legal Battle with OpenAI

Blockchain News/Crypto News Today

Elon Musk announced the decision to open source xAI’s artificial intelligence model, Grok, amid a growing lawsuit with OpenAI, a rival AI chatbot developer.

Musk’s announcement on X on March 11 reveals Grok will become open source starting this week, though he provided no further details on the move.

This decision was met with positive feedback on X, where one user suggested OpenAI should follow suit, prompting Musk to criticize OpenAI as “a lie.”

The backdrop to Musk’s announcement is a lawsuit he filed on February 29 against OpenAI, accusing it of breaching the founding agreement by partnering with Microsoft, which had invested nearly $3 billion into OpenAI by the end of 2023.

Musk’s legal action seeks to compel OpenAI to adhere to its original open-source and non-profit commitments, aimed at developing artificial general intelligence (AGI) for humanity’s benefit.

This move comes amid escalating tensions marked by OpenAI transitioning into a profit-driven entity, a change Musk initially appeared to support based on emails released by OpenAI executives after the lawsuit.

Further complicating the scenario, OpenAI reinstated Sam Altman as a board member following a brief dismissal, acknowledging the instability his absence caused within the company.

Musk’s push for making Grok open source echoes his lawsuit’s plea for a return to open-source AGI development for global benefit.

Grok, developed by Musk’s xAI, stands out as it integrates with the X social media platform, providing real-time information access and handling sensitive topics often avoided by other AI systems.

To interact with Grok, users need a verified X account. Performance-wise, Grok is positioned between OpenAI’s ChatGPT-3.5 and the more advanced ChatGPT-4, showcasing its competitive edge in the AI landscape.

Musk’s latest move signals a significant step towards advocating for open-source principles in AI development, amidst ongoing legal and ethical debates surrounding the future of artificial intelligence.

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MicroStrategy Bolsters Bitcoin Treasury With $800 Million Note Offering, Purchases 12,000 BTC

Bitcoin/Blockchain News/Crypto News Today

MicroStrategy, an American software technology firm, has once again made headlines with its aggressive Bitcoin investment strategy.

Completing a substantial $800 million convertible note offering, the company used the proceeds to purchase an additional 12,000 BTC for its treasury reserve.

This latest acquisition was announced after the firm declared its plans to issue new convertible notes on March 6, coinciding with Bitcoin hitting a new all-time high.

The offering was successfully finalized on March 8, reinforcing MicroStrategy’s commitment to Bitcoin.

The company’s founder and chairman, Michael Saylor, shared on the X social media platform that this strategic move utilized the net proceeds from the note offering along with surplus cash, securing the Bitcoin at an average price of $68,477 per unit.

Prior to this purchase, MicroStrategy’s Bitcoin portfolio comprised approximately 193,000 BTC, acquired at an average price of $31,544, totaling a value of $12.9 billion and marking a 112% return since the company first ventured into Bitcoin investments.

With the latest addition, MicroStrategy’s Bitcoin holdings have swelled to 205,000 BTC, acquired at a total cost of $6.91 billion, averaging $33,706 per Bitcoin.

This latest note offering introduced by MicroStrategy features a modest annual interest rate of 0.625%, with payments due semi-annually starting September 2024.

The notes can be converted into cash, MicroStrategy stocks, or a combination thereof, with an initial conversion rate set at 0.6677 shares of MicroStrategy’s class A common stock per $1,000 of note value.

This conversion rate translates to a share price of approximately $1,497.68, a significant 42.5% premium over the share price on March 5, 2024.

MicroStrategy’s bold move to invest a significant portion of its capital into Bitcoin began in August 2020, under the guidance of Michael Saylor.

This strategic decision was motivated by the belief in Bitcoin’s reliability as a store of value and its potential for long-term appreciation over holding cash.

Saylor emphasized Bitcoin’s superiority over fiat currency as the mainstay of the company’s treasury reserve strategy.

Since then, the value of the company’s Bitcoin holdings has escalated by over $1 billion by early January 2024, underscoring the lucrative nature of its investment approach.

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Arbitrum to Release $2.32 Billion in Vested Tokens, Sparking Market Speculation

Blockchain News/Crypto News Today/DeFi

The Layer-2 blockchain network Arbitrum is gearing up for a significant event on March 16, as it plans to release $2.32 billion worth of Arbitrum (ARB) tokens from vesting.

According to data from Token Unlocks, this release will involve approximately 1.1 billion ARB tokens, constituting about 76% of the token’s current circulating supply.

The breakdown of the distribution includes 673.5 million tokens, valued at roughly $1.41 billion, allocated for the Arbitrum team and advisers.

Additionally, 438.25 million tokens, with an approximate value of $915 million, are earmarked for the project’s investors.

This event is characterized as a “Cliff Unlock,” meaning that all these tokens will be made available at once on the unlock date, without any gradual release leading up to this point.

The impending unlock has stirred discussions within the cryptocurrency community, with expectations of potential price fluctuations for the ARB token.

Some community members are considering short positions against ARB in anticipation of the unlock, while others have opted to sell their holdings beforehand.

In contrast, JJcycles, a crypto influencer on X, offered a more optimistic view by drawing parallels to a similar event with Solana, which saw its token price increase following a token unlock, contrary to common expectations.

The coming week will also see other blockchain projects releasing their vested tokens.

Specifically, on March 13, Aptos is set to unlock about 24 million of its tokens, valued at around $329 million, which represents 6.73% of its current circulating supply, designated for its foundation, community, core contributors, and investors.

Additionally, several other projects, including APE, Flow, CyberConnect, Moonbeam, and Euler, are scheduled to release vested tokens, contributing to a total of approximately $53 million in digital assets.

Consequently, the total value of tokens expected to be unlocked this week amounts to around $2.7 billion, highlighting a significant period of activity within the digital asset market.

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Bitcoin ETFs Will Hold Over 10% of BTC Supply By Q3

Bitcoin/Blockchain News/Crypto News Today

Spot Bitcoin exchange-traded funds (ETFs) will hold over 10 percent of the Bitcoin supply by the third quarter of this year, an analysis by Crypto Intelligence has found.

This analysis is contingent on the applications for Ether spot ETFs in the US being rejected in the coming weeks, as the approval of a non-BTC ETF could significantly impact demand for the existing Bitcoin spot ETFs.

This is because there would be another crypto product easily available to investors and institutions, and this would potentially limit demand for BTC ETFs.

This could be exacerbated by the fact that Ether is deflationary, while Bitcoin’s supply is continuing to grow; although the rate of this growth will decrease following the April halving.

READ: Tether Expands USDT Stablecoin to Celo Network, Offering Microtransactions at Sub-Cent Fees

The existing spot Bitcoin ETFs already hold over four percent of the 21 million BTC that will eventually be mined, and a supply crunch – which could send the BTC price well over the $120,000 mark – is expected to take hold in the coming months.

Bitcoin has already posted strong gains as a result of the demand that is flowing through the spot BTC ETFs, and the world’s first-ever cryptocurrency is currently trading at just under the $72,000 mark, according to CoinMarketCap data.

Ethereum, meanwhile, recently jumped above $4,000, but it is still yet to get close to breaching its all-time high.

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Nibiru Chain Debuts Public Mainnet Along with Four Major Exchange Listings

Press Releases

Tortola, British Virgin Islands, March 12th, 2024, Chainwire

Nibiru Chain, a developer and user-centric Layer 1 platform, has officially launched its public mainnet. Nibiru Chain stands out by offering a secure and efficient environment for building highly-performant decentralized applications. It is distinguished by its robust smart contract ecosystem offering superior throughput and unparalleled security, making it the go-to platform for builders in gaming, real-world assets (RWAs), NFTs, DeFi, and more.

Empowering Users with a Rich Ecosystem

At launch, Nibiru Chain offers a wide range of functionalities to its community and prospective builders. Users can engage in staking with NIBI validators and participate in decentralized governance. Nibiru Chain will also introduce competitive Web3 gaming through Chess3, allowing players to learn the game of chess, compete in tournaments sponsored by communities, streamers, or brands, and earn rewards. Additionally, Nibiru Chain supports the minting and trading of NFTs on Dropspace, secure “.nibi” namespaces through Nibiru ID, and real estate opportunities through Coded Estate.

Nibiru Chain encourages innovation by rewarding developers with a portion of transaction fees from their smart contracts, offering built-in value accrual. In addition to providing developers with tools to build applications, Nibiru Chain introduces its Super Chain, which includes perpetuals, spot, swap, and stablecoin functionalities. These features offer greater opportunities for dApps to expand and integrate with DeFi. The Super Chain initiative aims to deliver a seamless retail trading and investment experience and is designed to serve users across more than 40 blockchains.

Nibiru’s Strategic Vision for 2024

Nibiru Chain’s key initiatives include rolling out its genesis NFT collection and expansion into the APAC region with an initial focus on Korea, China, India, Japan, Vietnam, and Thailand. Central to Nibiru Chain’s mission is the launch of parallel optimistic execution, which enables the simultaneous processing of multiple independent transactions.

Launching Nibiru Chain marks a significant stride toward increasing blockchain scalability by bridging gaps across the blockchain landscape. Nibiru is engineered to dismantle hurdles that have isolated applications and users within their ecosystems and offer an intuitive, straightforward entry point into a more thoroughly connected Web3 for users and developers alike.

Additionally, Nibiru Chain is set to announce details on its upgrade enabling full Ethereum Virtual Machine compatibility, ensuring further interoperability with Ethereum-based dApps. This integration will lower the barrier to entry for Ethereum developers and facilitate a smoother transition to Nibiru Chain’s more efficient and cost-effective Layer 1 solution, making crypto more accessible and user-friendly for the general public.

About Nibiru

Nibiru Chain is a breakthrough L1 blockchain and smart contract ecosystem sporting superior throughput and unparalleled security. Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

Website | Twitter | LinkedIn | Telegram | Discord

Contact

PR & Media Inquiries
media@nibiru.org

Investiva Leads the Way with ClimateGiveBack : A Groundbreaking Initiative in Carbon Removal

Crypto News Today/Press Releases

LONDON, 11 March — Investiva, the trailblazing Forex broker and CFD trading platform leader, takes a monumental step towards a greener future with its latest initiative, ClimateGiveBack. This groundbreaking program allows Investiva users to contribute a percentage of their revenue to support the earliest-stage carbon removal companies in Frontier’s portfolio. In just a few clicks, businesses can make a direct impact, helping these companies transition from the lab to the field, fostering innovation and real-world change.

A Catalyst for Carbon Removal Innovation

Investiva Paves the Way: As part of its commitment to environmental sustainability, Investiva introduces ClimateGiveBack, a user-friendly platform feature that empowers businesses to play a crucial role in advancing carbon removal technologies. By supporting Frontier’s portfolio companies, users catalyze innovation, drive real-world solutions, and contribute to a sustainable future.

Easy and Impactful: ClimateGiveBack simplifies the process, allowing businesses to allocate a percentage of their revenue effortlessly. This initiative is tailored for those who prioritize catalyzing the field of carbon removal and do not require a specific tonnage purchase to meet climate targets.

Key Features of ClimateGiveBack

1. Seamless Integration: Investiva’s ClimateGiveBack seamlessly integrates with the trading platform, ensuring a hassle-free experience for users. In just a few clicks, businesses can make a significant impact without disrupting their operations.

2. Direct Support for Innovators: By directing a percentage of revenue to Forest Carbon’s project in the Carbon Club, users actively support the earliest-stage innovators in the carbon removal sector. This direct support accelerates the development and deployment of groundbreaking technologies.

3. Fostering Real-World Change: ClimateGiveBack goes beyond traditional sustainability efforts. It’s a tangible way for businesses to contribute to real-world change by supporting companies at the forefront of carbon removal advancements.

Investiva’s Ongoing Environmental Initiatives

Beyond our trading platform, we actively engage in carbon removal projects with Forest Carbon. Collaborating on initiatives like tree planting and peatland restoration, we also support Carbon Club UK’s Nature project. This spans multiple locations in the United Kingdom, fostering nature protection, creation, and restoration. These efforts empower businesses to make transparent and conscientious corporate social responsibility investments.

Profit with Purpose: At Investiva, we seamlessly blend profit with purpose. Excelling in Forex trading and CFDs, our commitment goes beyond financial success. We actively contribute to building a sustainable future through holistic practices where economic prosperity aligns with environmental responsibility.

Join Investiva in Shaping a Greener Tomorrow

Investiva extends an invitation to businesses and individuals to join the ClimateGiveBack initiative. By integrating carbon removal support into their trading activities, users contribute to environmental progress while benefiting from Investiva’s cutting-edge CFD trading platform.

In conclusion, Investiva stands as a beacon of financial innovation and ecological responsibility. Our platform transcends the role of a mere trading venue; it’s a transformative space where users, from novices to seasoned professionals, encounter a dynamic blend of automated tools, robust risk management, and personalized guidance.

Our excellence and user-centric approach are evident through accolades like Best Crypto Trading Platform and Best Finance App at the Finance Feeds Awards 2023, along with the Red Dot Design Award in 2022.

CEO Thomas Duarte humorously encapsulates our environmental commitment, advising, “Count your carbon before they tax.” This signature phrase mirrors Investiva’s dedication to carbon neutrality. As part of our eco-friendly protocols, every employee appends to their email signature: “Be like me, be Carbon free – don’t print this and save a tree.” This simple act underscores our commitment to a sustainable future.

As we stride into the future, Investiva remains at the forefront, offering a secure, feature-rich platform. Join us, experience the Investiva difference, and elevate your crypto trading with us, Open your account https://trade.investiva.com/sign-up

Press Contact:

Media Contact:
Juliet Emerson – Head of Compliance

Website https://investiva.com/.

Email:Support@investiva.com

Telephone: +44 20 7946 0656

Lines open 09:00 – 16:00 / Monday-Friday

Address: 4-12 Regent St., St. James’s, London SW1Y 4PE

Social media:

https://www.linkedin.com/company/investiva-uk/

Investiva (@Investiva_UK) / X (twitter.com)

https://www.facebook.com/InvestivaOfficial

https://www.youtube.com/@Investiva Disclaimer: This press release is for informational purposes only and does not constitute investment advice or an offer to invest.

Binance Ban Adversely Impacts Crypto Sphere

Blockchain News/Crypto News Today

The ban on Binance’s naira operations in Nigeria has drawn significant concern from local cryptocurrency stakeholders, who fear it will negatively impact many Nigerians’ livelihoods and potentially increase youth unemployment.

In discussions with Cointelegraph, stakeholders expressed their concerns over the delisting of Nigerian naira-related services from Binance, predicting that it could spur the development of new crypto exchanges aimed at filling the void left by Binance’s departure through compliance with local regulations.

Nathaniel Luz, CEO of Flincap—a liquidity platform for crypto exchanges—highlighted the immediate effect on Nigerian traders reliant on Binance for peer-to-peer trading.

Luz pointed out that, while affected, some traders have adapted by moving their operations to WhatsApp and Telegram groups.

Oladotun Wilfred Akangbe, Flincap’s chief marketing officer, voiced concerns over the ongoing uncertainty in cryptocurrency regulation within Nigeria.

He believes the suspension of Binance operations could significantly erode confidence within the Nigerian crypto community, fostering a climate of fear, uncertainty, and doubt.

Binance, in a statement on its website, announced significant changes for its Nigerian users.

Starting March 8, at 8:00 am UTC, the platform will automatically convert naira balances to Tether (USDT) and will stop supporting naira deposits from March 5, at 2:00 pm.

Withdrawals were halted from March 8, at 6:00 am, with the conversion rate set at 1 USDT for 1,515.13 naira. This move came after Binance delisted all naira trading pairs in late February.

The backdrop to these developments includes the Central Bank of Nigeria’s governor expressing suspicions on February 27 about crypto exchanges, including Binance, being involved in illicit transactions, citing “suspicious flows” of funds.

These suspicions led to increased scrutiny on Binance’s operations, with the Nigerian House of Representatives Committee on Financial Crimes summoning Binance CEO Richard Teng for a meeting before March 4.

The regulatory landscape in Nigeria has been fluctuating, with the Securities and Exchange Commission stating in 2023 that Binance Nigeria was not registered or regulated by it, rendering its operations illegal.

However, in a surprising turn, the Central Bank of Nigeria reversed its earlier stance on crypto assets in December 2023, advising banks to disregard the previous ban on crypto transactions.

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ARK Invest CEO Cathie Wood Predicts Bitcoin to Surpass $1 Million Before 2030

Bitcoin/Blockchain News/Crypto News Today

The CEO of ARK Invest, Cathie Wood, has made a bold prediction regarding Bitcoin’s future, suggesting that the cryptocurrency will reach a value of $1 million much sooner than the initially forecasted year of 2030.

In an interview with the New Zealand Herald on March 7, Wood shared her insights, citing “new expectations for institutional involvement” as a key driver behind Bitcoin’s potential price surge.

Wood emphasized that the advent of the United States’ first spot exchange-traded funds (ETFs) has marked a significant transformation for Bitcoin.

Her confidence in Bitcoin’s future has only intensified, spurred by the momentum and interest surrounding these spot ETFs.

This has led ARK Invest to reassess its stance on Bitcoin, shifting its price target ahead of the previously predicted timeline.

According to Wood, the approval of spot ETFs by the Securities and Exchange Commission (SEC) was a pivotal milestone that has accelerated the cryptocurrency’s ascent toward the $1 million mark.

Despite the enthusiasm, Wood pointed out that major financial institutions, such as Morgan Stanley, Merryl Lynch, or Bank of America, have yet to endorse Bitcoin.

However, she believes that the current price movement precedes their potential approval, suggesting that Bitcoin’s valuation could climb even higher once these platforms come on board.

Wood hinted that the revised target price for Bitcoin exceeds the $1 million mark, reflecting her optimistic outlook fueled by anticipated institutional participation, though she did not specify an exact figure.

As Bitcoin approaches new all-time highs, the market braces for a “wild week,” according to James Van Straten, a research and data analyst at CryptoSlate.

Traders and analysts anticipate continued price discovery, driven by ongoing ETF inflows.

Van Straten highlighted the critical moment if Bitcoin surpasses the $70,000 threshold before potential turbulence at Coinbase, the largest U.S. exchange.

This period is seen as crucial for determining Bitcoin’s true market value, especially after recent records saw BTC/USD trading at approximately $69,500.

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