Autor Cointelegraph By Ana Paula Pereira

American regulators to investigate Genesis and other crypto firms

American regulators to investigate Genesis and other crypto firms

Uverejnil používateľ | nov 25, 2022 |

Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, Alabama Securities Commission Director, confirmed that its state and several other states are participating in inquiries regarding Genesis’ alleged ties to retail investors, including if Genesis and other crypto firms might have violated securities laws, Barron’s reported. It is still unclear what other companies are being investigated.Borg noted that the investigation focuses on whether Genesis and other crypto companies influenced investors on crypto-related securities without obtaining the proper registration.The investigation is another chapter in the Genesis saga after the company revealed around $175 million worth of funds stuck in an FTX trading account. On Nov. 16, Genesis announced it had temporarily suspended withdrawals, citing “unprecedented market turmoil” following FTX’s collapse on Nov. 11. The firm is reportedly facing difficulties raising money for its lending unit. However, Genesis has refuted speculation on an “imminent” bankruptcy due to a $1 billion shortfall. The company told Cointelegraph on Nov. 22 that it does not plan to file for bankruptcy “immediately” and continues to negotiate with creditors in a constructive manner: “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”Genesis hired restructuring advisers to explore all possible options that include, but aren’t limited to, a potential bankruptcy, as reported by Cointelegraph on Nov. 23. Moelis & Company, an investment bank, has been hired by the firm to explore options, while people familiar with the situation emphasized that no financial decisions have been made and that the company may still avoid bankruptcy.Genesis has been in the spotlight due to concerns of a supposed contagion in the industry as a result of FTX’s bankruptcy, along with its sister company, Grayscale Investments and their parent company Digital Currency Group. A tweet from Grayscale on Nov. 18 reassured investors that all digital assets underlie Grayscale’s digital asset products are stored under Coinbase’s custody, citing a letter from Coinbase’s CFO Alesia Haas and CEO Aaron Schnarch.4) All digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company, LLC. Read more from @Coinbase’s CFO Alesia Haas, and CEO of Coinbase Custody Aaron Schnarch: pic.twitter.com/InBP9zPDkC— Grayscale (@Grayscale) November 18, 2022Cointelegraph reached out to Genesis Global Capital, but did not receive a response prior to publication.

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Amber Group's co-founder Tiantian Kullander passes away at 30

Amber Group's co-founder Tiantian Kullander passes away at 30

Uverejnil používateľ | nov 25, 2022 |

Amber Group’s co-founder Tiantian Kullander, also known as TT, unexpectedly passed away in his sleep on Nov. 23, according to the company’s official website. Tiantian was 30 years old and leaves behind a wife and a son.Besides co-founding the Hong Kong-based Amber Group, TT sat on the board of the e-sports company Fnatic and founded KeeperDAO, a DeFi protocol that allows participants to trade, borrow and stake assets with protection from miner value extracted (MEV) bots, before returning it to the community. In an official statement, Amber Group noted that TT had devoted his heart and soul to the company, leading by example with “his intellect, generosity, humility, diligence and creativity.” The company also stated:”TT was a respected thought leader and widely recognized as a pioneer for the industry. His depth of knowledge, his willingness to collaborate and his desire to always help others benefited countless start-ups and individuals. His insights and creativity inspired many projects, people and communities.”Aiming to explore machine learning for trading, Amber Group started in 2015 as a side project for four traders — Michael Wu, Tiantian, Huo and He — as well as Bloomberg LP developer Thomas Zhu. They began working on the project full time in 2017. Prior to this, TianTian had served as Structured Credit Trading at Goldman Sachs and Emerging Markets Trader at Morgan Stanley. In 2019, he was featured as a Forbes Under 30, a list that recognizes ​​the brightest young entrepreneurs, leaders, and stars. The community reacted to the loss on Twitter. Arthur Cheong, founding partner of DeFiance Capital, noted that the “industry lost a young, bright and most importantly, a good soul.”Just received an extremely sad news and really not sure how to react when we were still talking weeks ago.R.I.P @0xttk — Arthur (@Arthur_0x) November 25, 2022Tom C, co-founder of the automatic market maker (AMM) Charm Finance also noted on Twitter that TT was “one of the most genuine, and most talented person” he knows. i’m deeply saddened. tt is one of the most genuine, and most talented person i know. he’s one of the few people who gets crypto (and finance), and sets his heart on doing the right things. I can’t believe something like this has happened – shit world we live inRIP tt — Tom^ (@CryptoMa20) November 25, 2022

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Ethereum developers decided on eight proposals for the Shanghai update

Ethereum developers decided on eight proposals for the Shanghai update

Uverejnil používateľ | nov 24, 2022 |

Developers at the Ethereum foundation decided on eight Ethereum Improvement Proposals (EIP) to explore for the Shanghai update, the next major upgrade after the Merge and its move to proof-of-stake consensus, announced the Ethereum Foundation on Nov. 24. On a weekly call, developers decided what features should be included in the next hard fork, which will be released in the second half of 2023. According to the Ethereum Foundation JavaScript Team on Twitter:We are happy to announce the launch of an early Pre-Shanghai testnet we are calling “Shandong”. https://t.co/1HpFTPUMOUThis is an experimental testnet run in cooperation with EF DevOps which activates a set of selected Shanghai-considered EIPs for early client testing.: https://t.co/VJ4kWxupG3— EF JavaScript Team (@EFJavaScript) October 14, 2022One of the main features expected to be in the Shanghai hard fork, Beacon Chain staked Ether (ETH) is set to be unlocked, allowing the assets will be able to be withdrawn with the upgrade, meaning that users with staked Ethereum prior to the Merge will be able to access those tokens, as well as any other rewards. A previous timeline anticipated locked ETH to be accessible 6-12 months after the Merge. Among the approved proposals is the EIP 4844, which focuses on leveraging proto-danksharding technology, and is expected to boost network throughput and slash transaction fees, a significant improvement for scalability. Other EIPs address the upgrade of Ethereum Virtual Machines, including EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.The Shanghai testnet version, dubbed Shandong, went live on Oct. 18, allowing developers to work on implementations such as Ethereum Virtual Machine (EVM) object format, is one of the community’s most-anticipated updates since it separates coding from data, which could be beneficial for on-chain validators.As previously reported by Cointelegraph, the Merge was the first step in this five-part process, which has since been elaborated upon by a number of Ethereum developers, ecosystem participants and commentators. The key change of the Merge is the drastic reduction in power consumption, which should reduce Ethereum’s energy usage by 99%. 

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IMF calls for tighter crypto regulation in Africa as the industry unfolds

IMF calls for tighter crypto regulation in Africa as the industry unfolds

Uverejnil používateľ | nov 24, 2022 |

The International Monetary Fund (IMF) is calling for increased regulation of Africa’s crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22. Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies prices, which is “prompting renewed calls for greater consumer protection and regulation of the crypto industry.”Moreover, the authors argue that “risks from crypto assets are evident” and “it’s time to regulate” to find a balance between minimizing risk and maximizing innovation. Based on the October 2022 Regional Economic Outlook for sub-Saharan Africa, the piece states that “risks are much greater if crypto is adopted as legal tender”, posing a threat to public finances if governments accept crypto as means of payment. The publication also noted:”Policymakers are also worried that cryptocurrencies can be used to transfer funds illegally out of the region and to circumvent local rules to prevent capital outflows. Widespread use of crypto could also undermine the effectiveness of monetary policy, creating risks for financial and macroeconomic stability.”According to IMF’s data, 25% of countries in sub-Saharan Africa have formally regulated crypto, while two-thirds have implemented some restrictions. On the other hand, Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania and the Republic of Congo have already banned crypto assets, which represents 20% of the sub-Saharan African countries. Kenya, Nigeria, and South Africa have the highest number of users in the region.Between July 2020 and June 2021, Africa’s crypto market increased in value by more than 1,200%, according to data from analytics firm Chainalysis, with high adoption in Kenya, South Africa, Nigeria and Tanzania.As reported by Cointelegraph, Ghana is testing for a central bank digital currency (CBDC). According to Kwame Oppong, an executive at the Bank of Ghana, the country’s initiative aims to foster financial inclusion. Ghana has the potential to achieve crypto adoption levels similar to Kenya and Nigeria, countries that ranked 11th and 19th in Chainalysis’ Global Crypto Adoption Index.

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Heroic Story secures $6 million to build Web3 tabletop RPG world

Heroic Story secures $6 million to build Web3 tabletop RPG world

Uverejnil používateľ | nov 17, 2022 |

Web3 gaming protocol Heroic Story raised $6 million in a seed round led by Upfront Ventures with participation from Multicoin Capital and Polygon Technology, the company announced on Nov. 17.The funds will be used to hire talent, market the live beta and develop on-chain technology for a massively multiplayer role-playing game (RPG) world, the company told Cointelegraph. The round brings Heroic Story’s total financing to $7.4 million. Other investors included strategic angels, such as a16z Games Fund One founding investor Jonathan Lai, Team Liquid CEO Steve Arhancet and Quantstamp CEO Richard Ma, alongside Miramax head of film Wolfgang Hammer and screenwriting duo Ryan and Kaz Firpo, who are cousins and co-writers of Marvel’s Eternals.”We fell in love with the vision for Heroic Story because they are building authentic online RPG experiences for large, global audiences passionate about the tabletop RPG genre,” said Mark Suster, managing partner at Upfront Ventures.Previous investors in the gaming company include Transcend Fund, Twitch co-founder Kevin Lin, Kabam co-founder Holly Liu and Thirdweb CEO Furqan Rydhan. Related: AAA gaming companies will look like peanuts as GameFi evolves — Skale CEOFounded in 2019 at Y Combinator, the company offers multiplayer versions of popular tabletop role-playing games, or TTRPGs, combining storytelling and technology in immersive experiences for players. “The intersection of storytelling and technology has been the theme of my career, from my early years as a top online poker pro and entrepreneur, to designing and directing one of the first adventure games for consumer VR,” said Jay Rosenkrantz, CEO of Heroic Story, adding that “smart contract powered platforms will transform gaming, storytelling, and community building.”The company’s first game franchise, Legends of Fortunata, was released in 2021 with an immersive game experience that the company says “eliminates the pain points of playing traditional tabletop games online, with no stress scheduling and an exciting virtual rewards system designed to broaden the reach and appeal of TTRPG to new audiences.”The market capitalization of blockchain games was around $25 billion at the start of 2022. The gaming experience is one of the main challenges blockchain-based games face.

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