Welcome to the latest edition of Crypto Weekly Digest! 🚀✨
Your one-stop shop for all the latest buzz and excitement in the world of crypto & AI.
Buckle up as we uncover scandalous scams, reveal game-changing innovations, and dive into the rollercoaster of market moves.
Ready to ride the crypto wave? Let’s get started! 🌊
Elliptic’s latest investigation has unveiled a colossal $11 billion scam network facilitated by the Huione Guarantee marketplace, operated by Cambodia’s Huione Group. This platform, predominantly using Tether (USDT) transactions, has been deeply involved in money laundering and cyber scams throughout Southeast Asia. 💻
Thousands of merchants on the platform provided services essential for these scams, such as selling personal data, money laundering, and developing scam websites. By leveraging blockchain technology’s transparency, the company could track and label hundreds of cryptocurrency addresses associated with these illicit activities, enabling businesses to prevent further laundering of illicit funds. 🚫
Dr. Tom Robinson, co-founder and chief scientist at Elliptic, emphasized the importance of blockchain analytics in identifying and blocking such transactions.
As a proud tech partner of Elliptic, for more than 3 years 4soft actively supports their mission to combat cybercrime and ensure the integrity of the cryptocurrency ecosystem. Our collaboration with them allows us to contribute our technical expertise and innovative solutions to enhance their blockchain analysis capabilities. 🛡️
Learn more about our partnership here: Elliptic Case Study.
The European Union is doubling down on blockchain technology, announcing a collaboration with ChromaWay to develop sustainable solutions. 🌿🖥️ This partnership aims to harness relational blockchain technology, combining relational databases’ flexibility with blockchain security. The goal is to enhance efficiency and sustainability across various sectors.
During a review meeting in Brussels, ChromaWay showcased advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property rights. This initiative supports enterprise solutions and powers Chromia, a public layer-1 platform for decentralized applications, launching its mainnet on July 16. Or Perelman, Chromia's co-founder, expressed enthusiasm for developing innovative institutional solutions with the EU.
The EU's endorsement of relational blockchain highlights its potential to drive significant impacts in both public and private sectors, aligning with the EU's broader strategy of integrating advanced technologies for economic and environmental benefits. 💶 Representatives from RBN Eco and ChromaWay will soon meet with the European Blockchain Association to discuss future collaborations.
In related news, the European Central Bank (ECB) is experimenting with multiparty computation (MPC) and blockchain technology. 💡
The ECB's recent trial with Zama explored blockchain-based liquidity matching for its central bank digital currency (CBDC). Despite successful experiments, scaling this technology to support the European economy remains a work in progress.💸
MPC technology, which allows multiple parties to share data without revealing it, has the potential to revolutionize the financial sector. Zama's trial with the ECB showed promising results, but further development is needed to support large-scale economic applications fully.
Coinbase has just launched a game-changing wallet app that lets users connect any self-custodial wallet, like MetaMask or Phantom, for a unified view of their assets.📱
Announced on July 11, this new feature allows users to track their crypto portfolios, including NFTs and DeFi positions, across multiple platforms in one place—no Coinbase wallet needed!
The app, accessible on desktop and mobile, supports Bitcoin, Solana, and Ethereum-based chains, providing a comprehensive asset overview.
While Zerion Wallet offers similar services, Coinbase's wallet app stands out with its no-fee policy (excluding network transaction fees) and robust security measures, such as biometric authentication and spam token management. 🔒
Coinbase emphasizes the importance of user education to prevent phishing and scams, ensuring a safer crypto experience for everyone. So, get ready to streamline your crypto management with Coinbase’s latest innovation! 🔍
Partior, a blockchain firm backed by JP Morgan, DBS, and Temasek, has secured $60 million in Series B funding! 🏦
This funding, led by Peak XV Partners and supported by Valor Capital Group and Jump Trading Group, aims to enhance Partior’s global unified ledger, enabling real-time, cross-border, multi-currency settlements for banks and payment providers. 🌐
The funds will help develop new features like Intraday FX swaps, Cross-currency repos, and Programmable Enterprise Liquidity Management. Partior also plans to expand its network to include more currencies like AED, AUD, BRL, and JPY, adding to its current USD, EUR, and SGD. 🚀
Shailendra Singh of Peak XV highlighted Partior's ambition to transform global money transfers and settlements, with multiple banks collaborating to drive this industry change. 🌍✨
source: here
Last week, we covered the beginning of a huge shift in the Bitcoin market, and this is the continuation.
Germany's government has officially sold off its last Bitcoin holdings, unloading 3,846 BTC on July 12. This sale, part of a recent series, helped keep Bitcoin prices below $60,000. The BTC, primarily from seized assets, was sold to institutional services like Flow Traders and 139Po.
While Germany was wrapping up its Bitcoin sales, Mt. Gox, the infamous exchange that collapsed in 2014, stirred the market by moving over 140,000 BTC, valued at nearly $9 billion, on July 16. These transactions caused significant market jitters, dropping Bitcoin prices from $65,000 to $63,000 within hours. 📉
Mt. Gox, once the largest Bitcoin exchange, has been working on a reimbursement plan for creditors affected by its 2014 collapse. The recent movement of funds is part of this $9 billion plan. The funds were transferred to known and unknown addresses, with 96,000 BTC shifted to two unknown wallets and 44,527 BTC moved to a known Mt. Gox cold wallet.
In conclusion, the combined actions of the German government selling off its Bitcoin and Mt. Gox moving massive amounts of BTC have created a volatile market environment. Investors are advised to stay informed and cautious as the situation evolves. 📈💡
BitcoinBlack has struck a deal to buy telemedicine provider Ask the Doctor, enabling its cardholders to pay for doctor visits and prescriptions using cryptocurrency. 💊
The integration of Ask the Doctor's services into the BitcoinBlack mobile app means users can access private telemedicine services and pay for prescriptions all through their mobile devices.
This partnership builds on BitcoinBlack’s existing offerings, such as private jet services, a luxury marketplace, and a rewards program where cardholders earn up to 10% cashback in SPND rewards tokens. 🌟 These tokens can be redeemed for high-end goods, including watches and private jet services, in BitcoinBlack’s Haute Living Luxury Marketplace.
Ask the Doctor, a pioneer in accepting Bitcoin for payments since 2016, brings a network of medical professionals to the table, enhancing privacy and convenience for users. 🚀
With the telehealth market expected to reach $342.43 billion by 2028, this deal positions BitcoinBlack at the forefront of a rapidly growing industry.
Goldman Sachs is set to launch three new tokenization products later this year, focusing on the U.S. and Europe. 🌍
These products will create marketplaces for tokenized real-world assets (RWAs), aiming to improve transaction speed and expand collateral options, all on permissioned blockchains. 🚀
The initiative comes as client interest in crypto surges, driven by the rise of digital asset ETFs. Goldman Sachs targets financial institutions with these innovations, steering clear of retail investors.
With tokenized funds like BlackRock’s and Franklin Templeton’s gaining traction, Goldman is poised to make a big impact in the digital finance space. 📈✨
Portal has just launched PortalPay, aiming to be the "Stripe of crypto" by making it easier for gamers to dive into blockchain games. 🌐
With support for 5,000 digital assets, players can now pay for and cash out in-game items seamlessly, without getting tangled in the web of different wallets and tokens. 🕹️
The issue of ecosystem fragmentation in blockchain gaming, where users, tokens, and assets are scattered across different chains, is a big problem. PortalPay addresses this by providing a unified payment solution that simplifies transactions and lowers barriers to entry. Ezra Strauss, Portal’s head of partnerships, notes that this service allows developers to focus on creating great games instead of worrying about on-chain commerce. 🚀
By streamlining the user interface and abstracting away the technical details, PortalPay enhances user retention and adoption. Despite the growing sector, mainstream adoption is still a challenge, with many needing to learn about blockchain gaming. PortalPay is a step towards making blockchain gaming more accessible and enjoyable for everyone! 🌟
Helium Mobile, the decentralized wireless network, just released its first progress update since June. They’ve expanded coverage, increased compatibility with third-party hardware, and started pilot programs with other telecom carriers. 🛠️
RAKwireless is the first to use Helium’s licensing program with its MNTD.FI Pro mobile hotspot, available in the U.S. only.📱
Helium is also boosting connections through the OpenRoaming framework to enhance network reach. Helium is part of the booming decentralized physical infrastructure network (DePin) sector, which was the fourth most profitable for investors in early 2024. DePin networks let communities control their infrastructure, disrupting traditional utility models.
These networks offer significant returns by allowing individuals to provide and maintain essential services, making infrastructure more accessible and equitable. By lowering entry barriers and decentralizing control, Helium is shaping a more connected future! 🌐
In a wild turn of events, Trump-themed memecoins saw a massive spike after an assassination attempt on the former president at a rally in Butler, Pennsylvania. 💥
While Donald Trump was thankfully unharmed, his memecoin, MAGA (TRUMP), surged over 30%, jumping from $6.31 to $10.36 in less than 45 minutes! 📈
Other Trump-inspired coins followed suit: Solana-based Tremp (TREMP) soared 63%, and MAGA Hat (MAGA) spiked 21%. Prediction markets also went haywire, with Trump’s election odds on Polymarket jumping from 60% to 68%, while Biden’s odds dropped sharply. 🎰
Donald Trump, once a crypto skeptic, has recently softened his stance, even promising to end the "war on crypto" if re-elected. Whether you're into politics or just watching the crypto market, these Trump coins are turning heads and wallets! 🗳️🔗
Bitcoin and Ether inflows surged significantly, with total crypto inflows hitting a record $17.8 billion this year, surpassing the 2021 record of $10.6 billion. This remarkable influx of capital suggests growing investor confidence and a potential market recovery, as more funds flow into digital assets.
During a recent price dip, Bitcoin whales amassed $4.3 billion worth of BTC, marking the fastest accumulation rate since April 2023. As smaller traders sold off their holdings, these large investors' actions indicate a bullish outlook and hint at a potential market bottoming out.
Spot Bitcoin ETFs, particularly those from BlackRock and Fidelity, experienced $310 million in inflows on a single day, the best performance since June 5. These significant inflows are helping Bitcoin recover, as investor interest in regulated crypto investment products grows.
BlackRock’s assets under management (AUM) soared to a record $10.6 trillion, driven by robust ETF inflows, including those in Bitcoin. Larry Fink, BlackRock's CEO, attributed part of this growth to increasing investments in ETFs, highlighting the growing integration of crypto assets into traditional financial portfolios.
A study predicts that global crypto trading volumes will exceed $108 trillion by the end of 2024, with Europe leading in transaction value. This projection underscores the rapid adoption and mainstream acceptance of cryptocurrencies, further fueled by clear regulatory frameworks in regions like the EU.
The share of new cryptocurrency startups in Asia and Africa has reached unprecedented levels, taking market share from the US and Canada. Regulatory uncertainties in the US and growing digital asset adoption in emerging markets are driving this trend, as more entrepreneurs look to these regions for opportunities.
The recent influx of capital, strategic accumulation by large investors, and significant ETF inflows are painting a promising picture for the crypto market. With trading volumes set to skyrocket and startup activity booming in new regions, the industry appears poised for another potential all-time high, signaling a vibrant future for digital assets. 🌟
Mainland China is buzzing with rumors about potentially lifting its long-standing Bitcoin ban by late 2024, a move that has the cryptocurrency community talking. While some are hopeful, many remain doubtful, pointing out that China has banned and unbanned Bitcoin multiple times without changes. 🐉
Despite these bans, China has continued to be a major player in Bitcoin mining, and experts argue that a complete policy reversal seems unlikely due to political and financial concerns.🇨🇳
Meanwhile, South Korea’s ruling party has officially proposed delaying the implementation of a crypto gains tax until 2028, nearly seven years later than originally planned. This proposal comes amid concerns about the current sentiment towards crypto assets and the need for a more robust regulatory framework before imposing taxes. The delay aims to prevent a hasty taxation approach and give investors more confidence in the market. 🇰🇷
These developments reflect the ongoing global struggle to balance regulation and innovation in the crypto space, with China’s potential policy shift and South Korea’s tax delay both adding new layers of complexity and anticipation. 🌟
Elon Musk’s X, previously known as Twitter, could be fined up to $200 million by the EU for alleged violations of the Digital Services Act (DSA). 🚨 The EU's preliminary findings highlight three major issues: the misleading “blue check” verification system, lack of transparency in advertising practices, and failure to provide essential data to researchers.
The blue check, meant to verify user authenticity, can be bought by anyone, leading to confusion and potential misuse. The EU also accuses X of not being clear about how ads are shown and not sharing important data with researchers. Musk has the right to defend X against these claims, but if the violations are confirmed, the company faces hefty fines and increased supervision. Stay tuned! 📉
In an exciting twist in the world of AI, Skild AI has just announced a whopping $300 million in funding, with big names like Jeff Bezos and Softbank joining the party! 🥳 This Carnegie Mellon spinout aims to create a "general-purpose brain" that can be retrofitted into various machines and robots.
Imagine a future where your robot vacuum can think for itself! 🤖💡 With a $1.5 billion valuation, Skild AI joins the ranks of other ambitious AI unicorns like OpenAI and Anthropic AI. While the idea of artificial general intelligence (AGI) remains theoretical, Skild AI is set on turning sci-fi dreams into reality.
With heavyweights like Bezos in the mix, we might soon see some intriguing collaborations with Amazon or other robotics companies. Stay tuned for more brainy developments! 🧠✨
OpenAI is stirring up excitement with their new AI project, code-named "Strawberry"! This next-gen model aims to boost AI's brainpower, striving for human-level intelligence through advanced reasoning. 🍓✨
"Strawberry" builds on the Q* project from 2023, touted as a major tech breakthrough. It’s designed to autonomously scour the internet, performing deep research to solve complex real-world problems. Whether it's making scientific discoveries or creating innovative software, "Strawberry" promises to bring AI closer to understanding the world like we do! 🌐💡
Still in the works, the juicy details of "Strawberry" are hush-hush, but one thing’s for sure: AI is getting smarter, and the future looks berry exciting! 😃🔍
If you want to learn more about how AI and Machine Learning can benefit your business, check out our comprehensive guide!
Whistleblowers have raised the alarm, urging the SEC to investigate OpenAI over allegedly illegal non-disclosure agreements (NDAs). According to documents shared with the Washington Post, these NDAs were reportedly used to prevent former employees from discussing safety and other concerns with federal authorities. 📜🤫
Senator Chuck Grassley has thrown his support behind the whistleblowers, criticizing OpenAI’s practices for potentially stifling free speech. He emphasized that these NDAs need to change to ensure transparency and accountability. 🗣️⚖️ OpenAI, while denying any wrongdoing, claims it values open debate and has already revised its policies to remove non-disparagement clauses from its NDAs. This comes as the company continues to work on advanced projects like the new AI model, "Strawberry." 🍓🔍
Adding to the turmoil, former OpenAI employee William Saunders recently compared the company to the Titanic, hinting at a looming disaster. He believes OpenAI focuses more on product development than safety, making it a potential "iceberg" situation. 🧊🚢
Saunders left OpenAI because he felt it was on a collision course, much like the Titanic. He described an environment where safety concerns are sidelined, and profit takes precedence.
The big question is: Who or what is the iceberg in this scenario? Is it the existential threat of AI, or is it the potential burst of the AI hype bubble?
As OpenAI navigates these choppy waters, the world watches to see if they can steer clear of disaster while advancing their groundbreaking AI projects. 🌐
And that's a wrap for this week’s Newsletter! 🌎
From jaw-dropping scam exposés to celebrating mind-blowing tech, it’s been one heck of a ride.
Stay tuned as we bring you the freshest updates and the juiciest stories from the crypto cosmos.
Thanks for joining us on this exhilarating journey, and we’ll see you next week for more crypto adventures! 🚀🔍
