Autor Cointelegraph By Ana Paula Pereira

Cameron Winklevoss steps down from Gemini's European board

Cameron Winklevoss steps down from Gemini's European board

Uverejnil používateľ | okt 17, 2022 |

Cameron Winklevoss, a co-founder of cryptocurrency exchange Gemini, has stepped down from the European company board of directors, according to a Companies House filing from Oct. 12.As indicated in a statement sent to the local press, Cameron continues to lead Gemini’s global operations alongside his twin brother Tyler Winklevoss:“We can confirm this change was filed with Companies House and brings local leadership onto the board of directors to reflect the growth of Gemini’s business in the UK and Europe. Cameron and Tyler Winklevoss continue as President and CEO at Gemini.” As per the filings, Gillian Lynch, the head of Gemini in Ireland and Europe, takes Blair Halliday’s seat on the board. Blair was U.K. managing director at Gemini for two years before moving to the rival exchange Kraken this month, according to his LinkedIn profile.In July, Gemini announced a registration as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI) after having received an electronic money institution (EMI) authorization from the CBI that allowed the company to issue electronic money, provide electronic payment services and handle electronic payments for third parties months before. In June, the United States Commodity Futures Trading Commission (CFTC) filed a lawsuit against Gemini claiming that the company made false or misleading statements in 2017 during in-person meetings and in documents, violating the Commodity Exchange Act and other regulations. The agency was making an evaluation of the potential self-certification of a Bitcoin futures contract to be based on the spot Bitcoin price determined by an auction held on Gemini’s digital asset trading platform.Also this year, the exchange laid off over 10% of its staff as part of “extreme cost-cutting” during the crypto winter, just two months after the company’s co-founders were featured as crypto billionaires in the Forbes list, with fortunes of $4 billion each.Cointelegraph reached out to Gemini, but did not receive a response at the time of publication.

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Mango Market's DAO forum set to approve $47M settlement with hacker

Mango Market's DAO forum set to approve $47M settlement with hacker

Uverejnil používateľ | okt 14, 2022 |

Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with its hacker, allowing the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFI) protocol governance forum. The proposed terms reveal that $67 million of the stolen tokens will be returned, while $47 million will be kept by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which also stipulates that Mango Markets will not pursue criminal charges on the case. With the quorum reached, the voting is likely to happen on Oct. 15. The proposal stated:”The funds sent by you and the mango DAO treasury will be used to cover any remaining bad debt in the protocol. All mango depositors will be made whole. By voting for this proposal, mango token holders agree to pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above.”On Twitter, members of the community reacted to the development:Mango hacker securing himself a ~$47m bug bounty.Biggest crypto bounty by far? The current bounty going rate of 10% of exploited funds is going to need to be repriced lmao. pic.twitter.com/FcHkEbwY7u— Hsaka (@HsakaTrades) October 14, 2022The proposal has been questioned at the governance forum as well, as stated by one voter:”Agree 100% that making users funds whole ASAP is the top priority but a $50m “bug bounty” is ridiculous. At most the exploiter should get their costs back ($15m?) plus $10m. $10m whitehat bounty is what was offered to the $600m wormhole hacker. Mango can negotiate better than this, especially given the exploiter is essentially doxed.”The hacker performed the attack by manipulating the value of the MNGO native token collateral, then taking out “massive loans” from Mango’s treasury. After draining the funds, the hacker demanded a settlement, filling a proposal on the Mango Market’s decentralized autonomous organization (DAO) forum asking for $70 million at that time. Moreover, the hacker has voted for this proposal using millions of tokens stolen from the exploit. On Oct. 14, the proposal reached the required quorum to pass. In exchange for the settlement, the hacker requests that users who vote in favor of the proposal agree to pay the bounty, pay off the bad debt with the treasury, waive any potential claims against accounts with bad debt and not pursue any criminal investigation or the freezing of funds.

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51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

Uverejnil používateľ | okt 14, 2022 |

One month after the Merge, 51% of Ethereum blocks were compliant with OFAC standards, according to blockchain development Labrys’ data, as MEV-Boost relays take over market share. On Twitter, users highlighted how the figures represent a milestone towards censorship, as more blocks are under surveillance:We reached another sad milestone in censorship: 51%This means if the censoring validators would now stop attesting to non-censoring blocks they would eventually form the canonical, 100% censoring chain. pic.twitter.com/JrYUjowLpt— Martin Köppelmann (@koeppelmann) October 14, 2022OFAC stands for the Office of Foreign Assets Control, the entity in charge of enforcing United States economic sanctions, while MEV-Boost relays are centralized entities that act as trusted mediators between block producers and block builders. In this way, all Ethereum proof-of-stake (PoS) validators can outsource their block production to other builders. This metric tracks how many blocks were built by OFAC-compliant MEV-Boost relays since the Merge. Due to Ethereum’s upgrade to a PoS consensus, MEV-Boost has been enabled to a more representative distribution of block proposers, rather than a small group of miners under proof-of-work (PoW). Ethereum blocks went from 9% OFAC compliant to 51% OFAC compliant in the past month, as mev boost (block outsourcing) takes market share. https://t.co/SYiVHPlTf4— Lyn Alden (@LynAldenContact) October 14, 2022

Speaking to Cointelegraph in September, Lachan Feeney, Labrys’ CEO, noted that in the case of hard censorship, that would mean that “no matter how long you waited, no matter how much you paid, you would never get to a point where those sanctioned transactions would get included in the blockchain.”Under a hard censorship scenario, “nodes would be forced by regulation to basically discard any blocks with any of these transactions in them.”He also noted that even with soft censorship, when sanctioned transactions would eventually be validated, it would likely result in long waits and high-priority fees, making the user experience substandard.According to Labrys’ page, there are currently seven major MEV-oost relays including Flashbots, BloXroute Max Profit, BloXroute Ethical, BloXroute Regulated, BlockNative, Manifold and Eden. “Of the 7 available major relays, only 3 do not censor according to OFAC compliance requirements. OFAC compliant relays will not include any transactions that interact with the Tornado Cash smart contract or other sanctioned wallet addresses as designated by OFAC,” stated the company.

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This is what your email could look like in Web3

This is what your email could look like in Web3

Uverejnil používateľ | okt 13, 2022 |

Forget about tracking DAO votes, DeFi transactions or data breaches across many channels and platforms. Your Web3 mailbox will handle it for you without requiring your phone number or legacy email address. Instead, your wallet address will receive and organize all this information.At least, these are some of the promises made by Web3 communications companies attempting to build the first generation of blockchain-based messaging platforms: theWeb2 experience with Web3 privacy and security, and, most importantly, focusing on Web3 problems.Wallet’s monthly statements, transaction notifications and hack updates, for example, are some of the contents users could receive in their inbox, explained Swapnika Nag, co-founder of Hashmail — an India-based startup that launched in beta on Oct. 1. The startup is now offering users the possibility to exchange email through their existing wallet addresses. “That’s essentially an inbox which feels very much like email, but on the backend, you just connect with your wallet address and your messages,” noted Nag.For native Web3 companies, the technology means an alternative to Telegram and Discord communication channels by providing a direct line with users, and also a potentially valuable marketing tool. For users, it adds an extra layer of protection against phishing attacks, and potentially offers token rewards via paid advertising and subscriptions received. “In Web3, your point of access is your wallet, and that is what you log in with. Essentially, that is what most applications know about you,” said Nag. Related: What is Web 3.0: A beginner’s guide to the decentralized internet of the futureAnother company attempting to address the communication friction in the industry is Ethermail; a platform offering encrypted wallet-to-wallet communication. In August, Ethermail disclosed a $3 million seed funding led by Fabric Ventures and Greenfield One. “Today, most users buy a token and speculate on its price without tapping into the community,” said an EtherMail representative to Cointelegraph, stating that straightforward communication may catalyze broader adoption by helping users to understand and engage with their chosen communities.Similar to HashMail, EtherMail seeks to offer a paywall to filter spam and incentivize readers to profit from any advertising received, along with subscriptions and other resources for companies. Despite its potential, Web3 emails don’t seem to be a threat to Web2 message providers in the short term, said Nag. But in the long run, we could see an increase in the adoption of Web3 native emails as users seek fundamental advantages, such as decentralized storage and privacy. Web3 is a possible future version of the internet based on public blockchains, a record-keeping system best known for facilitating cryptocurrency transactions. The industry is expected to reach $81.5 billion in 2030, according to Emergen Research, but it still faces challenges, including security and interoperability.

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Court partially denies Aptos Labs' motion to dismiss Glazer's $1 billion lawsuit

Court partially denies Aptos Labs' motion to dismiss Glazer's $1 billion lawsuit

Uverejnil používateľ | okt 12, 2022 |

A judge has partially denied a motion by Aptos Labs CEO Mohammed “Mo” Shaikh to dismiss a lawsuit filed by entrepreneur Shari Glazer, who claims to have been cheated out of equity as an early investor. According to a court transcript published on Oct. 10, fraud and three other legal claims were dismissed by the court, while three others were allowed to proceed, specifically breach of contract, unjust enrichment, and Glazer’s alleged entitlement to 50% of Matonee, parent company of Aptos Labs.Aptos was founded by former Meta employees Mo Shaikh and Avery Ching. The founders were also involved in Mark Zuckerberg’s failed Diem project. Diem Association and its subsidiaries ceased operations in February, with Meta selling the intellectual property and other assets of the project.In her decisions, Justice Jennifer Schecter stated that “there is no universe in which the complaint is going to be dismissed,” continuing:“I just don’t see at this pleading stage how I can find as a matter of law that there is any evidence that completely refutes the existence of an enforceable agreement between these parties; and certainly, there’s no way that she doesn’t have a claim at the very least for unjust enrichment either.”However, the judge continued on to dismiss a number of the causes of action, stating:“For the reasons that I stated and after hearing arguments and reading the papers, I am going to dismiss the causes of action other than the ones that I indicated have potentially teeth, numbers one, five and six. That’s for breach of contract, unjust enrichment, and its declaratory judgment in connection with the existence of the contract.”In March, Glazer and her firm Swoon Capital filed a complaint against Matonee alleging a fraud scheme that deprived her rightful share in the partnership, in this case 50% of Shaik’s share in the business. Glazer demands up to $1 billion in the lawsuit. The decision was seen as a positive development by Aptos Labs. A spokesperson from the company told Cointelegraph:“We are pleased with the court’s ruling in which the majority of Ms. Glazer’s claims were dismissed outright — despite a high legal standard at this phase of litigation that requires giving Ms. Glazer nearly every benefit of the doubt and requires accepting Ms. Glazer’s allegations at face value.” The company also noted that headlines claiming the motion was denied by the justice are inaccurate: “The judge actually granted Aptos’ motion to dismiss in large part.”In July, Aptos Labs closed a $150 million funding round to advance its efforts in the Web3 space in a round co-led by FTX Ventures and Jump Crypto, along with Andreessen Horowitz, Apollo, Franklin Templeton and Circle Ventures. The funding round more than doubled the startup’s valuation, which was over $1 billion in March.

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