TL;DR Breakdown Cinneamhain Ventures CEO accuses Binance of operating like a Ponzi scheme and making unauthorized decisions about user funds. Binance faces a lawsuit by the CFTC for alleged circumvention of US laws, inadequate safeguards against money laundering, and enabling illegal transactions. Description Cinneamhain Ventures CEO, Adam Cochran, recently took to Twitter to voice serious allegations against Binance, the world’s largest cryptocurrency exchange. Cochran referred to Binance as a “Ponzi” scheme, claiming that the exchange has an evident “hole across multiple assets.” Drawing a comparison between Binance and FTX, Cochran stated that while user funds have not disappeared … Read more Cinneamhain Ventures CEO, Adam Cochran, recently took to Twitter to voice serious allegations against Binance, the world’s largest cryptocurrency exchange. Cochran referred to Binance as a “Ponzi” scheme, claiming that the exchange has an evident “hole across multiple assets.” Drawing a comparison between Binance and FTX, Cochran stated that while user funds have not disappeared entirely, customers should not be burdened with the consequences of CEO Changpeng Zhao’s alleged mistakes. Contents hide 1 CEO Accuses Binance of Unauthorized Use…

TL;DR Breakdown The platform’s Intel Exchange incentivizes users to disclose the identities behind anonymous blockchain addresses by rewarding them with a new token called ARKM. The CEO of Arkham, Miguel Morel addressed this move, asserting that the platform’s purpose was to uncover scammers and hackers involved in crypto exploits rather than promoting unethical behavior.  Morel assured participants that the platform would be properly governed and more regulated than social media platforms like Twitter or Facebook. Description Arkham, the startup blockchain intelligence platform, has faced criticism and controversy over its recently launched “Intel Exchange” marketplace. The CEO of Arkham, Miguel Morel, addressed these concerns during a Twitter Space session on July 11. The platform’s Intel Exchange incentivizes users to disclose the identities behind anonymous blockchain addresses by rewarding them with a new … Read more Arkham, the startup blockchain intelligence platform, has faced criticism and controversy over its recently launched “Intel Exchange” marketplace. The CEO of Arkham, Miguel Morel, addressed these concerns during a Twitter Space session on July 11. The platform’s Intel Exchange incentivizes users to disclose the identities behind…

TL;DR Breakdown FTX introduces a customer claims portal for creditors to submit claims in the Chapter 11 bankruptcy proceedings. Customers of FTX.com, FTX.us, Blockfolio, FTX EU, FTX JP, and crypto exchange Liquid can access it to verify balances and submit electronic proofs of claim. Description FTX, the defunct cryptocurrency trading platform, has announced the launch of a customer claims portal, providing creditors with the opportunity to submit their claims. The portal allows individuals who had accounts with various FTX subsidiaries, including FTX.com, FTX.us, Blockfolio, FTX EU, FTX JP, and crypto exchange Liquid, to access their account information and file a … Read more FTX, the defunct cryptocurrency trading platform, has announced the launch of a customer claims portal, providing creditors with the opportunity to submit their claims. The portal allows individuals who had accounts with various FTX subsidiaries, including FTX.com, FTX.us, Blockfolio, FTX EU, FTX JP, and crypto exchange Liquid, to access their account information and file a petition. The claims submitted through this portal will be considered as part of FTX’s ongoing Chapter 11 bankruptcy proceedings. In response to…

TL;DR Breakdown Bored Ape Yacht Club (BAYC) collaborates with SaaSy Labs to introduce “Made by Apes,” an on-chain IP verification tool. It will enable BAYC members to authenticate their creations. BAYC floor prices have dropped significantly, but the introduction of “Made by Apes” aims to revitalize interest and strengthen the long-term value of the collection. Description In an exciting development for the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, the team has announced the upcoming launch of “Made by Apes,” an on-chain intellectual property (IP) verification tool. Developed in partnership with SaaSy Labs, this tool aims to provide a seamless solution for BAYC members to verify … Read more In an exciting development for the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, the team has announced the upcoming launch of “Made by Apes,” an on-chain intellectual property (IP) verification tool. Developed in partnership with SaaSy Labs, this tool aims to provide a seamless solution for BAYC members to verify their creations and establish an official catalog within the club. As…

TL;DR Breakdown The BIS has sent a comprehensive report on CBDCs and crypto to the G20 ministers where it gave a detailed analysis of both assets. The organization sees CBDCs as the future of money systems. Description In anticipation of the upcoming meeting of the G20 finance ministers and central bank governors, the Bank for International Settlements Innovation Hub (BISIH) released two significant reports on cryptocurrency and central bank digital currencies (CBDCs) on July 11. These reports present divergent perspectives on the technologies involved. BIS favors CBDCs ahead of crypto The shorter … Read more In anticipation of the upcoming meeting of the G20 finance ministers and central bank governors, the Bank for International Settlements Innovation Hub (BISIH) released two significant reports on cryptocurrency and central bank digital currencies (CBDCs) on July 11. These reports present divergent perspectives on the technologies involved. BIS favors CBDCs ahead of crypto The shorter of the two reports, spanning 24 pages, focus on the crypto ecosystem, encompassing cryptocurrencies, stablecoins, and decentralized finance (DeFi). It offers a brief overview of these components but primarily highlights…

TL;DR Breakdown Multichain has suffered another $103 million hack in a potential inside job. Implications of the action on Defi and trust in the crypto space. Description In what is being considered one of the largest cryptocurrency hacks to date, cross-chain bridge Multichain fell victim to a devastating breach resulting in the loss of $125 million. Recent reports from blockchain data firm Chainalysis suggest that the exploit may have been an inside job, leaving the cryptocurrency community stunned and searching for answers. … Read more In what is being considered one of the largest cryptocurrency hacks to date, cross-chain bridge Multichain fell victim to a devastating breach resulting in the loss of $125 million. Recent reports from blockchain data firm Chainalysis suggest that the exploit may have been an inside job, leaving the cryptocurrency community stunned and searching for answers. In a new twist, the firm has lost another $103 million which were transferred in bits to different addresses. Multichain has now lost $228 million to exploits Multichain, formerly known as Anyswap, operates as a cross-chain protocol that enables the…

TL;DR Breakdown Security engineer Shakeeb Ahmed has been arrested for wire fraud and money laundering, accused of stealing $9 million in cryptocurrency. Ahmed exploited a vulnerability in smart contracts to generate inflated fees and attempted to launder the funds. Charges carry a maximum sentence of 20 years each; Ahmed offered to return most of the stolen funds to the exchange. Description Shakeeb Ahmed, a security engineer, has been arrested by the U.S. Department of Justice (DOJ) on charges of wire fraud and money laundering. The arrest follows an investigation into Ahmed’s alleged theft of $9 million worth of cryptocurrency from an undisclosed decentralized cryptocurrency exchange (DEX). According to the DOJ, Ahmed exploited a vulnerability in the … Read more Shakeeb Ahmed, a security engineer, has been arrested by the U.S. Department of Justice (DOJ) on charges of wire fraud and money laundering. The arrest follows an investigation into Ahmed’s alleged theft of $9 million worth of cryptocurrency from an undisclosed decentralized cryptocurrency exchange (DEX). According to the DOJ, Ahmed exploited a vulnerability in the exchange’s smart contracts and used fake…

TL;DR Breakdown Netflix has shifted away from the traditional green screen for visual effects while tapping AI for enhanced effects. AI continues to influence industries in diverse ways. Description Netflix, the renowned streaming giant, has unveiled an innovative advancement in the film and television industry that could potentially render traditional green screens obsolete. The Magenta Green Screen (MGS), powered by artificial intelligence (AI), offers real-time enhancements to visual effects, making them more precise and realistic. Netflix’s implementation of AI has already proven successful in … Read more Netflix, the renowned streaming giant, has unveiled an innovative advancement in the film and television industry that could potentially render traditional green screens obsolete. The Magenta Green Screen (MGS), powered by artificial intelligence (AI), offers real-time enhancements to visual effects, making them more precise and realistic. Netflix’s implementation of AI has already proven successful in tailoring user experiences, profiling viewers, and creating captivating highlights. Now, the company aims to revolutionize the process of green-screen filming, addressing common challenges faced by filmmakers and VFX artists. Netflix notes the tedious process of traditional green screens…

TL;DR Breakdown The legal representative of Fei Labs has cleared the air after rumors of its discord seizure surfaced on Twitter. Class-action lawsuit reaches preliminary settlement stage. Description In recent developments surrounding the ongoing class action lawsuit against DeFi project Fei Labs, new information has emerged regarding the widely reported seizure of the platform’s Discord server. Contrary to previous reports, it has now been clarified that the notice posted on the server was not a result of authorities seizing control. Instead, the purpose … Read more In recent developments surrounding the ongoing class action lawsuit against DeFi project Fei Labs, new information has emerged regarding the widely reported seizure of the platform’s Discord server. Contrary to previous reports, it has now been clarified that the notice posted on the server was not a result of authorities seizing control. Instead, the purpose of the notice was to inform investors who were negatively affected by the project’s volatile launch event two years ago. This article will delve into the details of the situation, shedding light on the Fei Labs lawsuit, the recent…

TL;DR Breakdown Paradigm has published an amicus brief in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Bittrex The investment firm says that the SEC lawsuit should be dismissed for lack of a proper regulatory framework Description Paradigm, a crypto investment firm, has published an amicus brief concerning the Bittrex lawsuit by the U.S. Securities and Exchange Commission’s (SEC) lawsuit. The firm has rejected the regulator’s “unsupported attempt” in its crypto secondary market’s effort to expand its jurisdiction.  Paradigm says SEC lawsuit should be dismissed The SEC case against U.S.-based cryptocurrency exchange … Read more Paradigm, a crypto investment firm, has published an amicus brief concerning the Bittrex lawsuit by the U.S. Securities and Exchange Commission’s (SEC) lawsuit. The firm has rejected the regulator’s “unsupported attempt” in its crypto secondary market’s effort to expand its jurisdiction.  Paradigm says SEC lawsuit should be dismissed The SEC case against U.S.-based cryptocurrency exchange Bittrex should be “dismissed,” according to the firm’s special counsel Rodrigo Seira, who shared his thoughts in a thread on Twitter on July 11 following Paradigm’s filing of the…