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Research by WuBlockchain in 2022 pointed toward a principal risk for KuCoin as its main user traffic source is the United States. The cryptocurrency exchange has not even banned American IP addresses, unlike many other offshore exchanges.
According to data from Similarweb, while the largest source of traffic for exchanges like Binance, OKEx, and Huobi is Russia, KuCoin's largest demographic is US users. OKEx's second-largest and Deribit's largest traffic source also comes from China.According to Foresight News, the Avalanche Foundation has announced the launch of a community grant program using Gitcoin. The program will optimize the grant plan by utilizing a combination of Gitcoin's grant stack, secondary, and traceable funding. The first round of funding submissions opened on March 26, and teams or individuals who have contributed to the Avalanche ecosystem in the past or plan to do so in the future are eligible to apply.According to the United States Attorney's Office: Cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, have been indicted for allegedly operating an unlicensed money transmitting business and violating the Bank Secrecy Act. KuCoin is accused of failing to maintain an adequate anti-money laundering program, neglecting to verify customer identities, and not filing any suspicious activity reports as required by law. As unveiled by U.S. Attorney Damian Williams, KuCoin is alleged to have deliberately concealed a large number of U.S. users trading on the platform. It further took advantage of its extensive U.S. customer base to become a leading cryptocurrency exchange with a daily trading volume in billions of dollars. The indictment alleges that KuCoin knowingly neglected its obligation to implement an adequate know-your-customer program. It only adopted a KYC process for new customers in July 2023 after being notified of a federal criminal investigation into its activities. According to the charges, KuCoin and its founders tried to mask the existence of U.S. customers to evade U.S. AML and KYC requirements. The indictment also alleges that KuCoin received over $5 billion and sent over $4 billion of suspicious and criminal funds since its founding in 2017. If found guilty, both Gan and Tang face a maximum sentence of five years in prison for each of the two counts charged. The three entities under KuCoin's umbrella could face up to 25 years in prison for the combined charges.According to Foresight News, Injective has released the Ionic upgrade for its Injective Bridge, aiming to achieve interoperability and a near-zero fee user experience. The upgrade will unify one-click cross-chain transactions for mainstream chains, including Ethereum, Solana, and Cosmos. Additionally, the Injective Bridge will feature simple deposit functionality, transaction history records, and transfer tracking mechanisms.According to CoinDesk, El Salvador has increased its bitcoin holdings to 5,700, up from roughly 5,690 in mid-March. The country's president, Nayib Bukele, announced the update on Monday. With bitcoin's current price just above $70,000, El Salvador's bitcoin stack is worth more than $400 million. Bukele had previously stated that the country's bitcoin holdings had been moved to cold storage and published the address of its bitcoin wallet. The wallet showed just under 5,690 BTC, significantly more than what public trackers of El Salvador's holdings had estimated. The discrepancy in the trackers' estimates was due to El Salvador's policy of purchasing one bitcoin per day, as well as adding tokens through the sale of passports, currency conversions from businesses, and from mining and government services. El Salvador has consistently positioned itself as a bitcoin-friendly nation, eliminating income tax on money coming into the country from abroad earlier this month. This move makes the country an attractive destination for foreign investment and bitcoin enthusiasts. Additionally, in December, El Salvador introduced a law granting citizenship to bitcoin investors who make a donation to the government.According to BlockBeats, a recent research report by Bloomberg ETF analyst Rebecca Sin reveals that Hong Kong is expected to create and redeem physical Bitcoin ETFs in the second quarter of 2021. This development could present a significant market opportunity, potentially increasing the assets under management and trading volume for Bitcoin ETF issuers in the region. The report states that Hong Kong's approach is to use physical Bitcoin to create ETFs, which is entirely different from the United States, where only cash is allowed. In the US, the process is 'cash in, Bitcoin ETF out,' while in Hong Kong, it is 'Bitcoin in, ETF out.'On Mar 26, 2024, 14:24 PM . According to Binance Market Data, Bitcoin has dropped below 70,000 USDT and is now trading at 69,917.203125 USDT, with a narrowed 0.82% increase in 24 hours.On Mar 26, 2024, 14:17 PM. According to Binance Market Data, Ethereum has dropped below 3,600 USDT and is now trading at 3,598.189941 USDT, with a narrowed 2.15% increase in 24 hours.According to Foresight News, digital asset management company Hashnote has announced a partnership with Paxos, allowing for instant conversion between Hashnote's US Treasury token USYC and PayPal stablecoin PYUSD. The collaboration aims to improve the settlement of USYC tokens. Hashnote stated that USYC is only available to investors outside the United States and is subject to eligibility restrictions and a minimum investment limit of $100,000. However, the company said that US investors can invest in USYC through the Hashnote Feeder Fund.According to Foresight News, Circle, the issuer of USDC, has announced the launch of its Cross-Chain Transfer Protocol on the Solana mainnet. Developers and users can now perform 1:1 cross-chain transfers of USDC between eight blockchains, including Arbitrum, Avalanche, Base, Ethereum, Noble, Optimism, Polygon PoS, and Solana. This development allows for seamless and efficient transfers of USDC across multiple blockchain networks, enhancing the interoperability and utility of the stablecoin. The CCTP aims to provide a unified and simplified experience for users and developers, making it easier to navigate the growing blockchain ecosystem.According to Blockworks, 0G Labs has secured $35 million in funding for the development of infrastructure designed to support AI and other compute-intensive applications running on-chain. The investment round included participation from Hack VC, Stanford Builders Fund, Delphi Digital, and GSR, among others. The platform aims to establish itself as a leading layer for data availability , joining a field of existing and upcoming DA providers such as Celestia, EigenLayer, NEAR, and Polygon. 0G, short for Zero Gravity, plans to scale by separating data storage from data publishing. Data availability refers to the ability of nodes in a blockchain network to access and verify transaction data. For optimistic rollups like Arbitrum and Optimism, nodes need to access all the chain's transactions to run proofs and eliminate fraudulent transactions. However, publishing large amounts of data is costly, with a Blockworks Research report estimating that DA costs account for 90% of transaction costs on some rollups. This expense is further increased by many rollups using Ethereum for DA, as Ethereum blockspace is costly. As a result, startups like 0G have emerged to offer more affordable DA layers, which are particularly appealing to high-throughput sectors such as gaming, on-chain social media, or AI. Michael Heinrich, founder of 0G, revealed that the protocol is collaborating with several AI projects, including ORA and Modulus Labs. 0G is designed with two lanes: one for data publishing and one for data storage. The platform's data publishing lane utilizes data availability sampling, a method also employed by DA layers Celestia and Polygon Avail. Ethereum's planned upgrade to full danksharding will also shift the network to start using DA sampling. In the storage lane, data sent to 0G is erasure coded, meaning some data is duplicated to ensure block data can always be recovered even if data is lost or withheld. Celestia, Polygon Avail, and EigenDA either currently use or plan to use erasure coding for their data availability systems. 0G then sends chunks of erasure coded data to a decentralized storage system secured by rewarding data storers. This system is intended to be horizontally scalable, meaning that each node has to download less data as more nodes are added to the system. In general, DA providers are based on modularity, which involves breaking complex systems like blockchains into smaller, interchangeable parts. DA layers are used by modular, as opposed to monolithic, blockchain systems.On Mar 26, 2024, 13:27 PM. According to Binance Market Data, BNB has dropped below 590 USDT and is now trading at 589.700012 USDT, with a narrowed 2.47% increase in 24 hours.According to Foresight News, Surf Protocol, a decentralized exchange for perpetual contracts based on Bitcoin's Layer 2, has announced the end of its testnet today. The mainnet is set to launch next week. Over 30,000 wallet addresses participated in the testnet, with a total trading volume reaching $250 million.According to Foresight News, Tether has announced plans to expand its strategic focus to the artificial intelligence sector. The company's Tether data division intends to develop open-source, multi-modal AI models as a first step, aiming to seamlessly integrate AI solutions into market-driven products and promote the development of open AI. In addition, Tether data has announced a global recruitment drive for AI-related talent.According to Blockworks, Civic, a company specializing in identity and access management solutions, has introduced a new physical ID card for Civic Pass holders to help combat the growing threat of AI-driven identity fraud. A Civic Pass is a non-transferable token, also known as a soulbound identity token, which allows users to access decentralized applications and services by verifying their legitimacy as a person. With the increasing adoption of AI, new technologies are emerging that can create realistic, imaginative scenes from text and instructions, fueling the fraudulent identity market and enabling the production of fake IDs almost instantly. To protect users from a scheme called 'face farming,' where bad actors collect videos and selfies from a person they are trying to imitate and gain access to their online accounts, Civic has introduced a physical ID card. Vinny Lingham, co-founder and Chair of the board at Civic, said in a press release that criminals are increasingly using AI technology to bypass checks and guardrails that society has been using. 'We’re very aware of the challenges that the rapidly evolving AI world poses to human identity verification…by launching our physical ID card, we’re taking real steps towards protecting against fraudulent activity that takes place digitally,' Lingham said. Civic's personal physical ID card can be collected at select physical addresses, and those who collect their IDs must undergo a verification process through an authorized provider. Users will also receive a new digital Civic Pass in their on-chain wallets, representing the soulbound token itself. The existing Civic platform is being used by popular Web3 projects including Gitcoin, Passport, Polygon ID, Realms, Fantom, Metaplex, Solana, Polygon, Arbitrum, Avalanche, Base, Ethereum, Optimism, and XDC.According to Foresight News, Automated Liquidity Exchange has completed a $10 million strategic funding round led by Spartan Capital, with participation from CMS Holdings, DACM, DWF Labs, Foresight Ventures, G-20 Group, Ouroboros Capital, Summer Capital, Cultur3 Capital, and EVG. ALEX aims to create a decentralized financial layer specific to Bitcoin through Layer2, cross-chain bridges, oracles, and other infrastructure. The company plans to use the new funds to continue developing its financial layer on Stacks.According to CoinDesk, a technology working group supported by the U.K. government is encouraging companies to implement tokenization strategies in collaboration with their peers. In their second report on the subject, the group suggests that funds should be able to hold tokenized assets and settle transfers on-chain. Tokenization, which involves digitizing real-world assets using blockchain technology, is being explored by financial institutions worldwide to enhance the efficiency of traditional markets. The working group emphasizes the need for on-chain fund settlement with digital money based on industry feedback. It also recommends that funds hold tokenized assets and use public permissioned networks, allowing verified users to access the blockchain. Members of the Technology Working Group include the U.K. government's finance arm and the Financial Conduct Authority, which regulates the country's finance sector, including crypto. This latest report builds on the group's November report, which called for regulatory clarity on tokenization as firms continue to show interest in the technology. The report also suggests that tokenizing money market fund units used as collateral could help accelerate the settlement process and increase opportunities for this use case. The government plans to continue engaging with companies on the potential benefits of incorporating distributed ledger technology into sovereign bonds. The group's third phase will focus on artificial intelligence.According to CoinDesk, Arkon Energy, a U.S. data center infrastructure and mining firm, plans to list on Euronext Amsterdam through a merger with BM3EAC Corp., a Cayman Islands-incorporated shell company. The two parties agreed to a 90-day mutual exclusivity period on Feb. 21 to work toward a definitive agreement. Should the merger come to fruition, Hannibal, Ohio-based Arkon would become the first bitcoin mining company to list on the Euronext. There is only one such firm on the London Stock Exchange – Argo Blockchain – while there are several listed on exchanges in North America. Arkon has a combined 117 megawatts of approved operating capacity at its two Ohio data centers in Hannibal and Hopedale. It has agreements in place to develop more sites in the U.S. which could increase its capacity by a further 190 MW.According to PANews, Gunzilla Games, a PlayStation crypto game development company, has raised $30 million in a funding round led by Avalanche Fund and CoinFund. The funds will support the development and release of their upcoming free battle royale video game, 'Off the Grid.' The game is planned to launch on PlayStation, Xbox, and PC.According to Blockworks, digital asset trading platform Cube.Exchange has established a Guardian Council to prevent fraud on the exchange. The council will consist of industry participants from the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln. These participants will serve as independent third-party validators for Cube.Exchange, preventing fraudulent withdrawals from occurring. They will be part of a system that requires approval from multiple parties for transactions on the exchange to proceed, ensuring that no single group, including the exchange itself, can misuse customer funds. This multi-party accountability system aims to minimize the potential for risk or financial loss. Cube.Exchange CEO Bartosz Lipiński stated that the exchange is looking to 'raise the bar for asset security and user protection in Web3.' He added that the Guardian Council is just the beginning of this effort, and the company will continue to introduce more innovations prioritizing security and user trust. Cube.Exchange launched the public beta of its testnet in November last year and announced in February that it had secured $12 million in a Series A fundraising round led by 6th Man Ventures. The platform is designed so that the exchange never takes full custody of the assets traded, due to its hybrid nature. Users maintain ownership of their assets through MPC wallets, and withdrawals and trades are executed through an off-chain matching system, with trading settled on the blockchain.
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