Crypto hacks falling in Q1, $20M for new AI institute, Korean crypto executive accused
Crypto hacks falling in Q1, $20M for new AI institute, Korean crypto executive accused
Daily Crypto, Blockchain & Web3 Update 2023-05-23
CRYPTOCURRENCY
Decentralized governance — How an exchange lets its users hold the steering wheel (5 min read)
Aside from increasing transparency, Phemex also aims to decentralize its trading platform. It aims to fulfill an authentic Web3 vision by involving users in platform decision-making, blurring the line between centralized exchanges (CEXs) and decentralized exchanges (DEXs) and bringing the best of both worlds together on one platform.
That is why Phemex calls itself a semi-centralized crypto exchange. It’s not just an exchange, however. By giving its users access to a unique Web3 environment centered around the Phemex DAO, the project enhances the user experience from an unconventional angle.
South Korea to vote on bill requiring crypto asset disclosure for lawmakers (2 min read)
South Korean officials recently approved a proposal to amend the country’s Public Service Ethics Act to include virtual assets, including cryptocurrency.
Currently, government officials must report stocks, bonds, jewelry, gifted memberships and other holdings worth more than 1 million Korean won — approximately $760 — but no such disclosure is required for digital assets under existing South Korean law.
Philippines SEC says Gemini Derivatives is unregistered securities product (2 min read)
The Philippines Securities and Exchange Commission (PSEC) has issued an advisory on its website warning the public not to invest in Gemini’s Gemini Derivatives product. The product is available on the Gemini Foundation platform that was launched in some jurisdictions on May 1.
Derivatives are securities under Philippine law and therefore subject to registration by the PSEC. Gemini lacks the necessary licensing and authority to operate in the country.
Vitalik Buterin warns against overloading Ethereum consensus layer (3 min read)
Ethereum co-founder Vitalik Buterin has published a lengthy blog post warning of the dangers of “stretching” Ethereum’s consensus past its core functions of validating blocks and securing the network. He warned that using Ethereum’s network consensus for other things could bring “high systemic risks to the ecosystem and should be discouraged and resisted.”
BLOCKCHAIN
Gemini considers forbearance after DCG defaults on a $630M payment (2 min read)
Gemini is planning to file a new motion with the court seeking the return of $1.1 billion of digital assets from DCG-owned Genesis.
Troubled cryptocurrency exchange Gemini is considering a forbearance option against the Digital Currency Group (DCG), which missed a $630 million repayment last week.
Gemini said that the decision about forbearance will depend on whether DCG is willing to negotiate for a consensual deal in good faith.
Crypto hacks falling in Q1 is but a ‘temporary reprieve’ — Blockchain firm (2 min read)
The crypto community is being urged not to let their guard down despite a significant decline in crypto hacks during the first quarter of 2023 — with one firm warning it is most likely a “temporary reprieve, rather than a long-term trend.”
According to a May 21 report by TRM Labs, the amount stolen through crypto hacks in Q1 2023 “was less than any other quarter in 2022.”
Dash blockchain down for hours after hard fork fail, devs to try upgrade again June 14 (2 min read)
The v19 hard fork didn’t go as planned for the privacy coin, but a fix has been released; v18 had experienced a few kinks, too.
The Dash blockchain stalled during the activation of its Dash Core v19 hard fork, chief technical officer Samuel Westrich announced by tweet on the morning of May 21. Developers announced a v19.1.0 fix about 13 hours afterward.
Binance temporarily suspended the distribution of Dash mining rewards while the blockchain was down.
13 years after first Bitcoin purchase, layer-2 solutions struggle to gain traction (3 min read)
Trust Machines CEO Muneeb Ali suggests Ordinals could boost Bitcoin by drawing more developers and capital to layer-2 solutions.
The purpose of layer-2 solutions is to improve the scalability, privacy, and other characteristics of layer-1 blockchains, such as the Bitcoin network. Ali's Trust Machines is a layer-agnostic ecosystem for Bitcoin applications, building on various layers in the Bitcoin network.
BUSINESS
Huobi Global ordered to halt operations in Malaysia (2 min read)
On May 22, Securities Commission Malaysia stated that Huobi Global had to stop all activity as it failed to register as a cryptocurrency exchange operator. The company has been directed to disable its website and mobile applications on Apple Store and Google Play.
The cryptocurrency exchange is also expected to cease advertising its products and services to Malaysian users via email and social media.
Korean crypto executives allegedly profited $2.3M from coin listing scandal (2 min read)
According to local news outlet The JoongAng, an indictment on May 22 revealed that four individuals named Mr. Jeon, Mr. Kim, Mr. Ko and Mr. Hwang in court proceedings, all of whom were employees of South Korean crypto exchange Coinone, allegedly used illicit means to profit more than 2.98 billion Korean won ($2.26 million) during coin listings from various projects. At least 46 coins were involved in the incident lasting from November 2019 to December 2022, accounting for nearly 25% of all tokens listed on Coinone.
US university gets $20M to create new AI institute (2 min read)
The U.S.-based university Carnegie Mellon received $20 million in federal funding to create a brand new AI institute aimed at shaping public policy.
The institute will foster the improvement of AI tools to assist in decision-making procedures in social circumstances, such as natural disasters and public health events. Aarti Singh, a professor at the university’s machine learning department, will serve as the institute’s director.
QUICK LINKS
AI-generated image of Pentagon explosion causes stock market stutter (4 min read)
A faked image of an explosion near the Pentagon has again revealed the power of artificial intelligence-powered deception — and was enough to cause the stock market to dip briefly.
Binance off the hook from $8M Tinder ‘pig butchering’ lawsuit (3 min read)
The plaintiff, a Texan woman, initially blamed Binance for losing $8 million in a pig butchering scam that began on Tinder.
US risks losing the crypto race to UAE, Korea, Aus and Switzerland: Ark (2 min read)
The United State crypto ecosystem is facing a “void” of well-established and credible institutions, according to an analyst from ARK Invest.
GameFi developer Gala Games to launch Web3 poker platform with PokerGO (2 min read)
“Players will soon realize the heightened entertainment that comes with playing poker in an immersive Web3 environment,” said Eric Schiermeyer, founder of Gala Games.
The US Treasury is running out of cash — Trouble ahead for Bitcoin? (2 min read)
Cointelegraph analyst and writer Marcel Pechman explains how and why the U.S. Treasury is quickly running out of cash, and what that means for Bitcoin and the crypto market.