The web3 AI wellness company CUDIS raised $5 million in funding led by Draper Associates, the early-stage venture capital firm founded by Tim Draper.
Other participants in the round were Skybridge, Penrose, SNZ, Mozaik, NGC, Foresight Ventures, OGBC, Monke Ventures, DraperDragon, Block Patch, Trinito, Rend Network's Kalin, Dimo's Andrew Chatham, Solana Foundation's Adam Jin and others, according to a release shared with The Block.
CUDIS develops a wearable ring monitoring health metrics, allowing users to access their health data via the Solana blockchain and earn passive rewards from their participation. The rings also come with an AI coach that offers tailored wellness advice to users based on their biometric data.
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CUDIS intends to use the funding to continue augmenting its AI coach and gamification features and bolster its decentralized infrastructure, the release continued.
"CUDIS is setting a new benchmark in wellness by leveraging technology to prioritize consumer needs,” Draper said in a statement. "This innovative approach could redefine how we engage with our health and wellness."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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AI-focused Bitcoin BTC
+1.43%
miners such as Core Scientific, IREN and Terawulf are outperforming their “pure play” rivals in terms of stock price due to stronger conviction in the data center thesis amid choppy bitcoin price action, according to analysts at research and brokerage firm Bernstein.
AI-focused miners have outperformed through stronger investor confidence in their business model diversification, better valuation multiples, more predictable revenue streams and greater flexibility in navigating the often volatile bitcoin market, Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients on Monday.
While their hash rate growth may generally be slower than that of pure-play Bitcoin miners, AI-focused operators are expanding their data center infrastructure in parallel, which provides additional opportunities in the rapidly growing AI sector, the analysts said.
However, IREN is an exception as the fastest-growing miner by hash rate with a fourfold increase year-over-year, according to Bernstein. IREN plans to double both its GPU fleet and hash rate by December, expecting AI cloud services to account for around 10% of its earnings by the end of the year.
Bitcoin miners vs. bitcoin YTD returns. Image: Bernstein.
Large public Bitcoin mining consolidators like Marathon, Riot Platforms and CleanSpark also hold substantial amounts of bitcoin on their balance sheets, selling a smaller percentage of their mined coins this year compared to 2023 and retaining 100% of their August production, the analysts noted. “This shift indicates that large miners are willing to raise capital or accept dilution to invest in capex and expand their market share in Bitcoin mining, instead of liquidating their bitcoin holdings,” Chhugani, Sapra and Chindalia said, adding, “Currently, they view AI as a distraction and are not pivoting their capacity towards the same.”
In contrast, AI data center-focused miners do not hold bitcoin on their balance sheets, often due to internal policies or debt covenants, according to Bernstein, and regularly sell 100% of their production to fund operations. “These miners are unwilling to take a price view on bitcoin, do not prefer bitcoin as a treasury asset and see themselves as data center operators,” the analysts added.
Bitcoin held by miners as a percentage of market cap. Image: Bernstein.
Bitcoin is currently trading for $59,907, according to The Block’s Bitcoin Price Page. The foremost cryptocurrency is down around 20% since hitting an all-time high of nearly $74,000 in March. However, it remains 44% up year-to-date.
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'Significant upside' potential for public Bitcoin miners
While the stock price of AI-focused firms may be currently outperforming, Bernstein expects pure-play public Bitcoin miners to bottom around current price levels and gain from an acceleration of the bitcoin cycle once U.S. election uncertainty is resolved.
“Bitcoin miners have significant upside from the power portfolios they control. They operate ~6GW of power capacity, globally. Bitcoin miners, by focusing on an active ‘power’ strategy and pushing the frontiers of power efficiency, can make a stronger case for valuation re-rating (~90% discount vs. traditional data centers),” Chhugani, Sapra and Chindalia wrote. “There is upside from investors valuing mining assets as efficient ‘power shells’ with data center capabilities, with further upside from the bitcoin price cycle.”
Bernstein rates Riot stock as outperform, with a target of $22 compared to Tuesday’s closing price of $7.10, CleanSpark as outperform with a target of $30 vs. $9.15 and Marathon as market-perform with a target of $23 vs. $15.87.In terms of AI-focused Bitcoin miners, Bernstein rates Core Scientific as outperform with a target of $17 vs. $11.48 and IREN as outperform, targeting $26 compared to yesterday’s $8.03 closing price.
Bitcoin miner ratings. Image: Bernstein.
“Bitcoin miners can make a case for better stewards of power resources, and choose to optimise yield on their power portfolio more strategically between AI and bitcoin cycles, driving valuations higher,” the analysts concluded.
Gautam Chhugani maintains long positions in various cryptocurrencies. Affiliates of Bernstein act as market makers or liquidity providers in the debt securities of Riot Platforms.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Spot bitcoin exchange-traded funds in the U.S. ended their eight-day streak of negative flows on Monday, reporting $28.72 million in net inflows.
Fidelity’s FBTC led the pack of inflows yesterday with $28.6 million, followed by Bitwise’s BITB, which saw inflows of $21.99 million, according to SoSoValue data.
Ark Invest and 21Shares’ ARKB reported smaller inflows of $6.81 million, while Invesco’s BTCO saw $3.14 million flow into the fund.
Monday’s inflows were offset by $22.76 million in outflows from Grayscale’s GBTC. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, recorded $9.06 million in net outflows. IBIT has seen outflows or zero flows since Aug. 26.
The 12 bitcoin ETFs recorded $1.61 billion in total daily trading volume on Monday, down from $2.39 billion last Friday. They have accumulated $16.92 billion in net inflows since launching in January.
While spot bitcoin ETFs saw higher volumes and larger inflows during their peaks in March, Bitwise CIO Matt Hougan recently said that “investment advisors are adopting bitcoin ETFs faster than any new ETF in history.” Hougan cited data showing BlackRock’s spot bitcoin fund has attracted $1.5 billion from investment advisors.
Ether ETFs continued to see outflows
Spot Ethereum ETH
+2.01%
ETFs in the U.S. saw another day of net outflows, totaling $5.20 million. Monday marked the fifth consecutive day of negative flows.
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Grayscale’s ETHE reported $22.64 million in net outflows, SoSoValue data showed. It was the only spot ether ETF to record outflows on Monday. The Grayscale Ethereum Mini Trust (ETH), on the other hand, logged $7.97 million in inflows.
Fidelity’s FETH had $7.62 million in inflows, and Bitwise’s ETHW recorded $1.85 million in net inflows.
The total daily trading volume for the nine ETFs shrank to $124.51 million on Monday, compared to $210.43 million last Friday. Their cumulative net flows remained negative, with $573.49 million in net outflows.
Markets are now looking toward the first U.S. presidential election debate between Donald Trump and Kamala Harris, set to take place on Tuesday, as cryptocurrency has become one of the major election topics.
Bitcoin BTC
+3.90%
traded up 3.54% over the past 24 hours at $56,856 at the time of writing, and ether climbed 2% to change hands at $2,344, according to The Block's price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Lookonchain monitoring shows that 12 hours ago, a whale once again purchased 34,807 SOL ($4.52 million). Since February 7th, this whale has withdrawn 206,951 SOL ($29.3 million) from Binance and MEXC at an average price of $142 and staked 115,135 SOL ($15.3 million).
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RISE, the Gigagas Layer 2, has raised a seed round of $3.2 million. The round was finalized last month, and is led by Finality Capital with participation from Orange DAO, DACM, ether.fi Ventures, P2 Ventures*, MH Ventures and Public Works. Angel investors include Vitalik Buterin, Stani Kulechov, Anthony Sassano aka sassal.eth, and DCF God as well as several prominent web3 founders.
RISE moves beyond the limitations of Megagas performance to surpass 1 billion gas per second, marking the beginning of the Gigagas Era. This breakthrough has far reaching implications for multiple sectors, including DeFi, DePIN, gaming and social networks, opening up new possibilities for web3 apps.
RISE was founded by veteran web3 builders Sam Battenally, Hai Nguyen and Sasha Mai; and incubated by Caliber Venture Builder, a venture studio founded by Loi Luu. RISE has been in development since 2023, inspired by the desire to provide a significantly better solution to the scalability problem.
The key efforts to unlock the RISE stack include execution and state access optimizations to maximize throughput and minimize latency. On the execution front, RISE has developed and open-sourced pevm, a Parallel EVM engine which is the fastest public EVM executor in the market and set to be integrated into Reth. The RISE Stack also features a Continuous Block Pipeline, which ensures full CPU utilization with no idle time by continuously executing L2 transactions while waiting for L1 consensus. RISE tackles state access with a Versioned Merkle Tree to minimize disk compaction; and a delta-encoded log-structured database, RiseDB, to minimize state access complexity.
RISE prioritizes Ethereum alignment and decentralization. With its optimized database and state access methods, RISE expects full node operation to run efficiently with 32 Gigabytes of RAM. RISE also plans to implement Based Sequencing next year, a decentralized approach to Layer 2 block sequencing.
The RISE internal testnet is ready for developers to start building high performance applications. The RISE team is excited to welcome builders to get involved and join the Gigagas Era. Builders can contact the team via the website.
*P2 Ventures is formerly Polygon Ventures
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Contact: [email protected]
About RISE: RISE is the Gigagas Layer 2, aiming to unlock a new generation of Gigagas applications. The RISE stack offers throughput in excess of 1 billion gas per second; it’s able to achieve this stepwise technology improvement by tackling execution and state access, including pevm - the fastest public EVM execution engine, Continuous Execution, Versioned Merkle Tree, and RiseDB. The future of Web3 will be built on RISE.
Website | Discord | X | Github

This post is commissioned by Surge Labs and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Through a partnership, State Street Global Advisors, one of the world's largest investment managers, and Galaxy Digital have launched three exchange-traded funds designed to offer investment exposure to a mix of both companies associated with blockchain technology and cryptocurrencies through futures and other ETFs.
"Digital assets and blockchain technology have the power to transform financial markets as well as the economy over the next decade, and a number of companies will grow and flourish thanks to their contribution to this transformative technology," State Street Global Advisors' Chief Business Officer Anna Paglia said in a statement. "Some investors are not comfortable with the short-term, volatile price swings of single-currency crypto. We believe the next evolution of this market is the introduction of actively managed digital asset portfolios that help investors tap into the benefits of diversification."
State Street has partnered with Galaxy Digital affiliate Galaxy Asset Management to launch the three "actively managed" ETFs. The three funds that began trading Tuesday possess the ticker symbols DECO, HECO and TEKX. While both DECO and HECO involve "cryptocurrency exposures through ETFs and futures," the latter also seeks to manage "volatility through the incorporation of covered call options and protective put options," according to the statement.
Back in July, the two firms requested permission to launch the ETFs from the U.S. Securities and Exchange Commission, citing a perceived need to provide investors exposure to the digital assets industry beyond spot bitcoin ETFs. Galaxy Digital issued a spot bitcoin ETF jointly with Invesco, which launched earlier this year.
"We believe an active approach to digital asset investing is essential in order to fully capture the potential of this rapidly changing technology," the two firms said in their statement.
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Bitwise Invest CIO Matt Hougan recently said that “investment advisors are adopting bitcoin ETFs faster than any new ETF in history," citing data showing BlackRock’s spot BTC fund has attracted $1.5 billion from investment advisors.
The 12 bitcoin ETFs recorded $1.61 billion in total daily trading volume on Monday and have accumulated $16.92 billion in net inflows since launching in January.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Indonesian cryptocurrency exchange Indodax appears to have experienced exploits that have resulted in losses of about $15.7 million.
PeckShield wrote on X today that it detected large outflows of cryptocurrency worth about $15.7 million from Indodax. Cyvers Alerts also flagged that its system identified multiple suspicious transactions involving Indodax’s wallets on different networks. “Suspicious address already holds 14.4 million USD and swapping the tokens to Ether,” Cyvers said.
According to PeckShield, about 5,204 ETH was parked at an address on Ethereum, along with about 6.8 million POL on Polygon and about 380 ETH on Optimism.
In response to the reported security incidents, Indodax said in a post on X that its security team has discovered potential security issues on its platform. “Currently, we are conducting complete maintenance to ensure the entire system is operating properly. During this maintenance process, the Indodax web platform and application are temporarily inaccessible,” said Indodax in a translated post.
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Indodax added that its clients' funds remained “100% safe” both in crypto and rupiah.
The Indodax team did not immediately respond to The Block’s request for further comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Singapore — September 10, 2024 — TRON, Tether, and TRM Labs today announced they have joined forces to establish the T3 Financial Crime Unit (T3 FCU), a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activity associated with the use of USDT on the TRON blockchain. This novel collaboration brings together the anti-financial crime expertise of TRM Labs, a leading blockchain intelligence firm; the technical expertise of TRON, a leading global blockchain and DAO; and external investigations team at Tether, the largest company in the digital asset industry, to create a safer and more secure crypto community for all.
In the weeks since launch, the initiative, in collaboration with law enforcement, facilitated the freezing of over USDT 12 million in funds associated with a blackmail scam, an investment fraud scheme, and others. Police are aware of at least 11 victims impacted by the scams and expect to identify additional victims as the investigations unfold.
Stablecoins like USDT serve as the backbone of the digital asset industry, providing a stable store of value and enabling seamless movement of funds between platforms. With over $117 billion USD in market capitalization and more than 50% of its circulating supply running on the TRON blockchain, USDT is integral to facilitating transactions and liquidity. However, the same features that make USDT on TRON attractive to legitimate users — low fees, lack of volatility, and ease of use — have also drawn the attention of scammers, terrorist financiers, and other threat actors. And as the TRON blockchain's popularity and user base grow, drawn by its high throughput and low transaction costs, so too does its uninvited exposure to these criminal elements. The establishment of the T3 FCU represents a significant step towards impeding the ability of malicious actors to launder and utilize the proceeds of crime, safeguarding the integrity of the TRON blockchain.
As part of the collaboration, TRM will provide ongoing support to TRON and Tether in identifying transactions that have a connection to alleged illegal activities such as terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. TRM will leverage its proprietary technology as well as its global network of expert investigators to generate intelligence. The work will support TRON’s and Tether’s efforts to disrupt criminal activity and aid collaborations with law enforcement around the world.
By collaborating to proactively identify and disrupt illicit activity, the T3 FCU aims to promote security and prosperity across the TRON network and beyond.
“TRON originated with the belief that technology can be used for good and to empower people across the globe,” said Justin Sun, founder of the TRON blockchain. “By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place, and sends a clear message that illicit activity is not welcome in our industry.”
"At Tether, safeguarding the integrity of the blockchain ecosystem is a top priority and a responsibility we embrace with being a key player in the digital asset space. This commitment drives us to take proactive measures in helping maintain the security and trustworthiness of the ecosystem," said Paolo Ardoino, CEO of Tether. "We’re proud to have worked with TRM Labs and TRON in this pioneering effort. This collaboration underscores our dedication to joining with industry leaders and law enforcement to combat illicit activity, ensuring a secure environment for all users."
“As adoption of stablecoins continues to rise, it’s critical that key industry players proactively evolve their capabilities to combat illicit activity and ensure a safe and secure environment,” said Chris Janczewski, head of global investigations at TRM Labs. “TRM is proud to collaborate with TRON, Tether, law enforcement, and others who are committed to helping build a safer blockchain industry for all.”
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the integration of BitTorrent, a pioneer in decentralized Web3 services, boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2024, it has over 247 million total user accounts on the blockchain, more than 8 billion total transactions, and over $22 billion in total value locked (TVL), as reported on TRONSCAN.
In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO.
Media contact: [email protected]
About Tether
Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible and efficient financial, communication, artificial intelligence and energy infrastructure. Tether enables greater financial
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inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike.
As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance.
Media contact: [email protected]
About TRM Labs
TRM Labs provides blockchain intelligence to help law enforcement and national security agencies, financial institutions, and cryptocurrency businesses detect, investigate, and disrupt crypto-related fraud and financial crime. TRM’s Blockchain Intelligence platform includes solutions to follow the money, identify illicit activity, build cases, and construct an operating picture of threats. TRM is trusted by a growing number of leading agencies worldwide who rely on TRM for their blockchain intelligence needs. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.
Media contact: [email protected]

This post is commissioned by TRON and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Ethereum co-founder Vitalik Buterin declared a new approach to how he will engage with Layer 2 rollups in his public communications, including blogs and talks.
Starting next year, to promote decentralization among Layer 2 rollups, Buterin said he plans to mention only Layer 2 solutions that are “stage 1+” in decentralization unless they are part of a short grace period allocated for particularly innovative new projects.
Buterin expressed his stance via X, stating that personal investments or friendships will not influence his decision to highlight certain Layer 2 technologies. “It doesn’t matter if I invested, or if you’re my friend; stage 1 or bust,” Buterin said.
According to Buterin, the criteria for “stage 1+” rollups require that a council reach a 75% consensus to override the proof system. No fewer than 26% of the council members must be independent of the roll-up team itself, emphasizing security and decentralization.
Buterin noted that this is a “very reasonable moderate milestone” and a necessary progression in the security of Layer 2 networks.
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Most rollup-based Layer 2 blockchains on Ethereum have yet to decentralize their networks by reaching stage 1, attained by processes like incorporating fault proofs. The only exception is optimistic rollup Arbitrum.
Buterin added that several teams working on ZK rollups have informed him they are on track to achieve stage 1 status by the end of this year.
Buterin also highlighted the importance of moving away from “glorified multi sigs” — a term for more straightforward, less secure systems for Layer 2 rollups — towards a framework built on cryptographic trust.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Tether USDT
-0.10%
, the issuer of the world's largest stablecoin, announced Friday the appointment of Jesse Spiro as head of government affairs. In this role, Spiro will be responsible for leading policy and engagement efforts with lawmakers, regulators and key stakeholders.
Spiro brings over six years of experience in government and regulatory relations within the blockchain space, according to a company blog post.
Spiro most recently served for three years as PayPal's Head of Regulatory Relations for its Blockchain and Digital Currencies Business. Before this, he was the Chief Government Affairs Officer at blockchain analytics firm Chainalysis.
"Tether plays a significant role in the current and future development of the digital economy and U.S. dollar hegemony," said Spiro. "The ever-evolving legislative and regulatory landscape will continue to require strong collaboration between the public and private sectors. Through education and engagement, I look forward to working with industry, lawmakers, and government agencies as we continue to grow Tether and the ecosystem together."

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Tether issues the world's largest stablecoin, USDT, which has a market capitalization of $118 billion according to The Block's USDT price page. The firm's quarterly attestation released in July showed a record net profit of $5.2 billion for the first half of 2024. This growth set the stage for Tether to double its existing workforce by mid-2025, expanding to around 200 employees.
More recently, Tether joined forces with TRON and TRM Labs to establish the T3 Financial Crime Unit (T3 FCU), an initiative that seeks to facilitate public-private collaboration to combat illicit activity associated with the use of USDT on the TRON blockchain.
"We are excited to welcome Jesse to the Tether team," said Tether CEO Paolo Ardoino. "His deep expertise in government relations and blockchain technology will be invaluable as we continue to navigate the complex and rapidly changing regulatory environment. Jesse’s appointment reinforces Tether’s commitment to responsible innovation and leadership in the digital asset space."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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According to Defillama data on August 23rd, the total amount of token transactions created on the Burve Protocol, a joint curve DeFi protocol, has exceeded $55 million and is now at $56.6 million. The number of users has exceeded 60,000, and TVL has reached $5.27 million, with a monthly growth rate of 102%. It is currently ranked 11th in the DEX ecosystem within the BNB Chain. In addition to the Meme coin one-click creation mode, Burve Protocol also has an exclusive HODL token creation mode, which provides customized and modular token economics creation and transaction services for various Web3 projects, such as Social, GameFi, and DAO projects. Currently, it has dozens of HODL tokens with gains ranging from 30-120 times and market values ranging from $10 million to $120 million. It is reported that Burve Protocol will launch an important activity during the third round of the BNB Chain Meme Innovation Competition, sending exclusive rewards to community users.
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Bybit, the second-largest cryptocurrency exchange by trading volume, has released its first report on the TON ecosystem, which highlights the progress of TON's mass-market approach to ecosystem development. TON's collaboration with Telegram has been successful so far, and TON aims to onboard 30% of Telegram's users by 2028. TON's strategy for onboarding Telegram users to Web3 is centered on the seamless integration of its native, self-custodial crypto wallet TON Space and Telegram Mini-Apps. By integrating Web3 experiences into an already popular app, TON is uniquely positioned to blaze a trail for mass adoption with a genuine pathway for millions of users to embrace the world of digital assets and decentralization.
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According to Cointelegraph, on August 23rd, Parity Technologies, the parent company of Polkadot, plans to launch a Web3 identity verification solution called Proof-of-Ink. The solution generates tattoos using a unique algorithm to prove a user's digital citizenship, aiming to solve a key obstacle faced by the widespread adoption of Web3. Gavin Wood, co-founder of Ethereum, Polkadot, and Kusama, revealed at the Berlin Web3 conference that Proof-of-Ink is planned to be launched in the fourth quarter of 2024. The system will require users to tattoo a unique pattern generated by the algorithm on a specific part of their body as proof of their digital identity. Each tattoo design is created based on a random number generated by the blockchain, ensuring the uniqueness of each user. In addition to Proof-of-Ink, Wood revealed that two other digital identity solutions are currently in development and are expected to be launched next year, but no specific details were disclosed.
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Karl Schamotta, chief market strategist at forex company Corpay, said that the key sentence in Powell's speech was that they will "make every effort to support a strong labor market while making further progress in price stability." In my opinion, this does indicate that Powell acknowledges the increasing concerns of policymakers about the direction of the labor market. Powell did not mention the possibility of a 50 basis point rate cut in September, which to some extent also aligns with market expectations.
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Polygon MATIC
+3.30%
has regained control of its community Discord after it was hijacked for about four hours on Saturday morning, allegedly leading to the theft of about $145,000 in assets from one user.
"We have regained access and secured the Polygon community discord server. All external bots and integrations have been disabled while we perform a security review of each of them to avoid this from happening again," Polygon wrote on X.
A fraudulent message was posted to the Polygon Discord at about 5 am GMT, seemingly from the account of its community lead Smokey, contemporaneous screenshots show. The message advertised a "special pre-migration" airdrop ahead of the Polygon network's planned migration from its native MATIC token to the upgraded POL token, which is scheduled for Sep. 4, along with a phishing link.
At least one user claims to have fallen victim to the attack, and blockchain data backs up their claim of losing a Uniswap position worth about $145,000 in the hack. The transfer transaction occurred about 40 minutes after Polygon's chief information security officer, Mudit Gupta, alerted the Polygon community to the hack with a post on X, which was reposted by Polygon's X account, though it's unclear when the repost occurred.
RELATED INDICES
The wallet address where the Uniswap position was transferred, which likely belongs to the hacker, appears to have claimed other victims in the past. Ten days ago, the wallet transferred ether worth $72,300 at the time to a wallet flagged by Etherscan as a phishing perpetrator that now holds nearly $400,000 in assets. Five days ago, the wallet transferred $29,500 worth of ether to a different, but similarly flagged, wallet with $150,000 in assets.
Polygon's team is currently unsure of the mechanism by which its Discord was compromised. "At this moment, we don't believe any of our mods were compromised this way [being phished]. It seems more likely that a bot/integration we had was compromised. Still going through the logs," Gupta posted on X. Gupta also stated that the team plans on releasing a postmortem following a review of the hack.
Polygon did not immediately respond to a request for comment from The Block.
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June 16 (Cointime) - According to documents obtained by the New York Attorney General, Tether had indeed backed its stablecoin with Chinese securities, including those from China Construction Bank Corp. and Agricultural Bank of China Ltd, despite denying it previously. Tether had faced rumors about its use of Chinese securities, but remained silent on the matter until September 2021 when it denied holding commercial paper from Evergrande. In July, Tether stated that it did not hold any Chinese commercial paper at that time, but did not confirm or deny whether it had done so in the past. The documents were released as part of the NYAG's investigation of Tether, which resulted in a settlement and fine in 2021.

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