Amidst a downturn in Bitcoin prices, the worldwide active Bitcoin ATM network contracted by 334 machines in under 40 days.

During June, 107 Bitcoin ATMs ceased operations, halting a streak of ten consecutive months of net installations. The decline accelerated in July, with 227 crypto ATMs removed from the global network by July 5th alone.

Source: Coin ATM Radar

Countries such as Australia and Spain are actively expanding their Bitcoin ATM presence, contrasting with the United States and Europe, where significant reductions are occurring. The U.S., home to approximately 82.6% of global Bitcoin and crypto ATMs, saw a decline of 182 ATMs in June and a further 239 ATMs in the first week of July.

Source: Coin ATM Radar

In July, Europe saw a reduction of 29 ATMs, leaving its total crypto ATM count at 1,589 machines. Conversely, Australia contributed 77 new Bitcoin ATMs to the global network.

The decline in crypto ATMs is possibly linked to a worldwide crackdown by authorities aimed at combating financial crimes. Entities like the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have previously scrutinized Bitcoin ATM operators for their potential involvement in crypto-related scams.

For more insights into Bitcoin ATMs and teller machines, explore Cointelegraph’s beginner’s guide.

Bitcoin Depot, the largest ATM operator in the United States, has disclosed that its revenue does not show a direct correlation with cryptocurrency prices.

In both 2023 and 2022, Bitcoin Depot reported revenues of $689 million and $647 million, respectively, unaffected by fluctuations in Bitcoin’s price despite its volatility.

For instance, despite Bitcoin’s 155% surge in 2023, Bitcoin Depot experienced only a 6% year-over-year revenue growth, highlighting the minimal impact of Bitcoin price movements on its financial performance. According to the company, this disconnect is attributed to the diverse range of services it offers.

“Our user surveys indicate that a majority of our customers utilize our products and services for practical purposes such as money transfers, international remittances, and online purchases, rather than speculative trading,” Bitcoin Depot explained.

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A recent social media post by Telegram CEO Pavel Durov has ignited speculation within the crypto community about his potential interest in the tap-to-earn game Hamster Kombat. The post has triggered a flurry of comments and theories about its implications, suggesting a possible collaboration between Durov and the game developers.

Has Hamster Kombat caught the interest of the new Telegram CEO?

Recently, Durov posted a video on his official Telegram channel discussing updates to the messaging app. He emphasized a new feature allowing users to collapse and switch between mini-apps. Durov also mentioned upcoming enhancements to the bottom bar, which will store web pages and other content for later access. Additionally, the update enables channel owners to publish paid photos and videos that users can purchase using Stars. Similar to mini app developers, channel owners can convert their earned Stars into Toncoin with minimal commissions from Telegram, as outlined in Durov’s Telegram account.

Durov’s video prominently features Hamster Kombat, capturing the community’s attention. The Hamster Kombat team responded to his post, noting:

“It seems Pavel Durov has been busy with new updates and has started playing Hamster Kombat! Pavel, remember that upgrading your cards and increasing hourly profit is crucial, even more than the coin balance! Welcome to the Hamster Family,” the team wrote.

In Hamster Kombat, players manage a virtual crypto exchange by tapping on digital hamsters to earn coins.

Players can also enhance their earnings through various methods in Hamster Kombat, such as winning coins via the Daily Combo, subscribing to the game’s YouTube channel, or inviting friends. Special missions and daily check-ins offer additional coins, while upgrading exchanges boosts earning rates.

According to BeInCrypto, Hamster Kombat has surpassed 200 million users worldwide. The project has also launched its Hamster Academy in 17 languages, with the community eagerly anticipating the long-awaited airdrop.

Durov’s ongoing interest in tap-to-earn games adds to the community’s speculation. In May, he publicly supported Notcoin (NOT), the first tap-to-earn game on Telegram, highlighting its transformation from an in-game currency to real money for users.

In the same month, Durov and his team acquired more than 1 billion NOT tokens, valued at approximately $6.8 million at that time. He committed to holding onto the tokens until their value increased by 100 times.

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Mt. Gox, the collapsed cryptocurrency exchange, has begun repaying its debts in Bitcoin (BTC) and Bitcoin Cash (BCH). These repayments are facilitated through designated cryptocurrency exchanges, following the guidelines set out in its rehabilitation plan.

According to a post by the MtGoxBalanceBot account on X, the total Bitcoin (BTC) balance across all known addresses of the Mt. Gox Trustee is 94,457 BTC, with 47,288 BTC having been moved from these addresses since

Source: Mt. Gox

Mt. Gox Repayments: Conditions and Process Details

The repayments to the remaining rehabilitation creditors will be “promptly made” once multiple conditions have been met.

These conditions include confirming account validity and obtaining creditors’ acceptance of the intent to subscribe to the Agency Receipt Agreement through designated crypto exchanges.

Additionally, to ensure repayments are made safely and securely, discussions regarding repayment procedures between the Rehabilitation Trustee and the exchanges must also be completed.

The Rise and Fall of Mt. Gox

Mt. Gox, founded in 2010 by Jed McCaleb, became one of the largest Bitcoin exchanges, handling 70% of global BTC transactions at its peak. McCaleb sold it to Mark Karpelès in 2011.

In early 2014, the exchange suspended all BTC withdrawals, citing technical issues. It was later revealed that approximately 850,000 BTC had been lost due to a long-standing security breach.

Mt. Gox filed for bankruptcy in February 2014, with liabilities far exceeding its assets. The case shifted to civil rehabilitation in 2018, and in 2019, Karpelès was convicted of falsifying financial records.

Mt. Gox Creditors to Be Credited via Designated Exchanges

According to several Reddit posts and users, BTC and Bitcoin Cash (BCH) have started being repaid and credited to exchanges.

“On July 5, 2024, the Rehabilitation Trustee made a blockchain transfer of the BTC/BCH amount repayable to you as part of the Base Repayment, the Early Lump-Sum Repayment, or the Intermediate Repayment.”

Source: Reddit

The Reddit post details the email received from “MtGox Co., Ltd.” as the Rehabilitation Debtor, with Nobuaki Kobayashi, Attorney-at-law, serving as the Rehabilitation Trustee.

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The Nigerian government’s National Information Technology Development Agency (NITDA) has revealed its plans to establish research centers dedicated to emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), and blockchain across the country’s six geopolitical zones.

Local media reported that the initiative was announced by NITDA’s Director-General, Kashifu Inuwa, at the opening of the IoT West Africa Conference and Exhibition in Lagos. Inuwa, represented by NITDA’s Director of Corporate Planning and Strategy, Aristotle Onumo, highlighted the agency’s dedication to fostering a robust technology research ecosystem.

Innovation-driven research centers

The planned research centers will focus on pivotal sectors such as IoT, blockchain technology, unmanned aerial vehicles (UAVs), additive manufacturing, AI, and robotics. Inuwa stated:

“We are forming a specialized entity to oversee these critical sectors and establish research centers across Nigeria’s six geopolitical zones, each dedicated to advancing these six key areas of emerging technologies.”

Beyond research funding, NITDA aims to aid Nigerian startups in leveraging emerging technologies to develop products. The agency intends to establish innovation sandboxes to assist startups in creating use cases, establishing businesses, and bringing their products to market.

NITDA is also crucial in nurturing talent through the Nigerian government’s 3 Million Technical Talent (3MTT) program, which aims to train and empower three million Nigerians with technical skills by 2027.

The envisioned Silicon Valley of Africa

Inuwa acknowledged that trained individuals leaving the country could contribute to Nigeria’s export of talent and bolster foreign exchange through higher remittance inflows. Shitij Taneja, managing director of Vertex Next, organizers of the IoT West Africa Conference and Exhibition, emphasized Nigeria’s potential to become “Africa’s next Silicon Valley.”

He highlighted the country’s extensive youth population and dynamic startup ecosystem as pivotal elements. Co-located with the Africa Data Center and Cloud Expo Africa, the conference seeks to draw investors to Nigerian startups specializing in emerging technologies.

Recently, the United States and Nigeria expressed plans to engage in talks concerning the digital economy, emerging technology, and AI, aiming to explore potential partnership opportunities. These discussions are geared towards enhancing economic bonds between the two nations and fostering deeper collaborations in these fields.

Additionally, the Nigerian government has introduced its inaugural multilingual large language model, aiming to establish a leading role in AI development across Africa.

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Major game production companies such as Nintendo are refraining from incorporating generative artificial intelligence (AI) tools into game development due to concerns over potential intellectual property (IP) breaches.

While generative AI tools have demonstrated creative capabilities, their commercial application is heavily contingent upon the data sets used to train these AI models. Consequently, Nintendo, a prominent Japanese video game company, has opted against integrating generative AI elements into their upcoming games.

Nintendo president Shuntaro Furukawa expressed reservations about utilizing generative AI during a shareholders’ general meeting.

Future of generative AI in gaming

When questioned about Nintendo’s AI strategy, Furukawa acknowledged the longstanding relationship between game development and AI technology. However, he expressed concerns that incorporating generative AI elements could potentially lead to intellectual property breaches.

“Generative AI has gained significant attention in recent years for its creative potential, but it also presents challenges related to intellectual property rights,” Furukawa commented.

He emphasized that while new technologies like generative AI offer creative capabilities, they alone cannot replace decades of expertise in crafting the optimal gaming experience for customers. Furukawa affirmed his decision to prioritize Nintendo’s established methods over AI tools in game development.

Meanwhile, Bitcoin developers are dedicated to preserving Nintendo’s legacy for future generations.

Bitcoin Upholds Nintendo’s Legacy

A team of blockchain enthusiasts, known as onchain ninjas, recently embedded an emulator for the Nintendo 64 (N64) console onto the Bitcoin network. Their initiative aims to advocate for the preservation of classic video games through blockchain technology.

Source: Trevor Owens

Trevor Owens, CEO of Ninjalerts, a Bitcoin Ordinals portfolio tracker, spearheaded the “Pizza Ninjas” project to embed the N64 emulator on Bitcoin using the Ordinals protocol. He emphasized:

“Our goal is to foster dialogue among preservationists about classic games and encourage community efforts to legally preserve critically endangered games on the blockchain.”

Addressing copyright concerns, Owens stressed their advocacy for exploring lawful methods to preserve games on the blockchain.

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Ethereum developers have introduced EIP-7732, a new Ethereum Improvement Proposal designed to enhance the block validation process and accelerate the blockchain. The proposal aims to boost security and performance by separating block validation into consensus and execution stages.

EIP-7732 addresses the increasing demand for efficiency on the Ethereum blockchain and aligns with Ethereum co-founder Vitalik Buterin’s initiative to achieve faster transaction confirmation times.

Source: Farcaster

The core element of EIP-7732 is its Enshrined Proposer-Builder Separation (EPBS), which divides block creation into two roles: the consensus proposer and the execution proposer.

The consensus proposer selects the execution proposer, who then commits to producing a valid block containing critical information, such as a payment or block hash, for the consensus proposer.

A group of validators, referred to as the Payload Timeliness Committee (PTC), ensures that the execution proposer submits the promised block promptly.

Why it matters

EIP-7732 aims to enhance network efficiency and speed by reducing the computational load on validators through the separation of the consensus and execution layers.

Currently, the Ethereum blockchain requires validators to handle both consensus and execution tasks within a short timeframe, which can lead to inefficiencies and delays.

EPBS (Execution Payload Block Scheduling) would allow validators to immediately focus on validating consensus while deferring the execution validation to a later time. This approach maintains network performance and security without compromising either.

Additionally, the proposed solution introduces a trust-free exchange between builders and proposers. This guarantees the payment and inclusion of valid blocks, eliminating the need for middleware.

Vitalik’s Push for a Faster Ethereum

According to a June 30 post by Buterin, fast transaction confirmation times are crucial for a good blockchain user experience.

Thanks to EIP-1559’s overhaul of transaction fees and consistent block times post-Merge, Ethereum now achieves transaction confirmations in just 5-20 seconds.

While this rivals credit card transaction speeds, certain applications demand even faster performance, contrasting with the current 12-second Gasper consensus mechanism.

The ongoing discussion around EIP-7732 suggests potential changes that could further accelerate transaction speeds, albeit requiring another hard fork with backward-incompatible adjustments.

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The Bank of Russia is exploring the legalization of stablecoins for cross-border trades, driven by local businesses seeking alternative methods to sustain trade with China amid ongoing sanctions. This move reflects the country’s efforts to maintain economic activity and trade relationships despite geopolitical challenges.

In an interview with Russia’s state newspaper Izvestia, central bank deputy governor Alexei Guznov disclosed that the proposal to legalize stablecoins for cross-border transactions is currently under discussion and has been formulated. He emphasized the goal to regulate the entire process chain, enabling individuals to transfer, accumulate, and use these assets for international payments within Russia. Guznov suggested the initiative could evolve from a temporary experiment to a permanent regulatory framework, although no specific timeline for approval was provided.

Stablecoins, unlike traditional cryptocurrencies such as Bitcoin (BTC), are typically asset-backed and issued by a central authority, addressing past concerns that led the Bank of Russia to oppose digital asset legalization. Recent shifts indicate the central bank is reconsidering its stance, with reports of major Russian metal producers turning to stablecoins for transactions with China amid severe limitations on traditional payment methods due to sanctions.

Despite these advancements, challenges remain regarding how the legalization of stablecoins would navigate compliance with international sanctions, especially since Tether has expressed readiness to adhere to sanction policies.

Most recently, to underscore its commitment to compliance, Tether partnered with Chainalysis to identify wallets potentially linked to risks or illicit and sanctioned addresses.

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Cobo is expanding its digital asset custody solutions by integrating the TON blockchain, enhancing security and flexibility for institutional clients. The digital asset custody and wallet provider will now support The Open Network (TON).

This integration brings Cobo’s comprehensive custody solutions to the TON blockchain, including custodial wallets and multiparty computation wallet technology.

Through this collaboration, Cobo will integrate TON’s native Toncoin (TON) token, Notcoin (NOT), and stablecoins such as Tether (USDT).

TON integration

The integration between Cobo and TON follows a significant influx of Web3 support for the blockchain, which powers Telegram’s new advertising platform.

This partnership aims to enhance the security and flexibility of digital asset management for institutional clients while expanding Cobo’s service offerings. Although incorporating the TON blockchain into Cobo’s services can broaden token support for the wallet provider, TON’s multichain architecture and sharding technology present several technical challenges.

Meeting Regulatory Standards in the Digital Asset Industry

With Toncoin recently receiving approval from the Kazakhstan Financial Services and Regulatory Committee (AFSA), the partnership with Cobo is a strategic move. Following the AFSA approval, Toncoin joined a list of 107 cryptocurrencies sanctioned by the Kazakhstan government.

Like catching ‘phish’ in a barrel

Despite the success of the TON ecosystem, phishing attacks on the blockchain have increased, as highlighted by SlowMist founder Yu Xian.

On June 24, Xian argued that the Telegram ecosystem was “too free,” allowing phishing links to proliferate through the platform’s message groups, airdrops, and other deceptive methods.

Although Telegram typically requires phone numbers for account creation, Xian noted that phishing risks are higher for users with anonymous numbers. These users do not have accounts linked to SIM cards, making it easier for bad actors to phish and take over their accounts.

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Social media giant Meta is seeking to introduce “entirely new types of gameplay” to its metaverse by integrating generative artificial intelligence technology with virtual, augmented, and mixed-reality games.

A recent job listing reveals that Meta aims to research and prototype new “consumer experiences” using generative AI, creating games that are “non-deterministic, personalized, and change every time you play them.”

“This is a nascent area but has the potential to create new experiences that are not even possible to exist today.”

The chosen candidate will initially work in Meta’s Reality Labs division, which focuses on building the metaverse, and will collaborate with company leadership. The role offers a salary of around $347,000 per year, plus a bonus, equity, and benefits.

Source: Meta

Meta notes that the role will initially focus on Horizon, its ecosystem of mixed-reality games built on its integrated game creation system. However, the scope could expand to include non-Meta platforms such as mobile and PC.

Another key aspect of the role is to develop tools that accelerate content creation on Meta’s platforms.

“Generative AI is rapidly evolving, particularly in content creation. New paradigms are emerging, and Meta is heavily investing to lead the industry,” Meta stated.

Source: Meta 

This follows years of significant investment by Meta in its metaverse division, which reported a $3.8 billion loss in the first quarter of this year. During an earnings call, Meta CEO Mark Zuckerberg mentioned that an “increasing amount” of Reality Labs’ work would be dedicated to advancing the company’s AI initiatives.

Brazilian regulator bans Meta from using data to train AI models

Meanwhile, Meta’s AI initiatives faced a setback in Brazil as the national data protection authority ruled against using Brazilians’ personal data for AI training. The National Data Protection Authority ordered an “immediate suspension” of Meta’s new privacy policy, which included using photos, audio, videos, and posts to train AI models.

The authority stated that the preventative measure would “avoid serious and irreparable damage” to users, with noncompliance resulting in a fine of $8,800 (50,000 Brazilian real) per day.

In a statement to local outlet Núcleo, Meta expressed disappointment with the decision, noting that it would delay the arrival of AI benefits to the Brazilian people.

Brazil represents a significant market for Meta’s social media platform Facebook, with 102 million active users, according to the regulator.

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South Korean crypto exchanges are preparing to reassess more than 1,000 tokens they previously listed in response to the implementation of the Virtual Asset User Protection Act, aimed at safeguarding crypto investors’ rights and interests.

According to a statement from the Digital Asset Exchange Alliance (DAEX) on July 2, starting July 19, approximately 20 domestic crypto exchanges will embark on a six-month review of 1,333 tokens, aligning with recent recommendations from South Korean authorities.

The alliance highlighted that major domestic exchanges have already integrated crucial monitoring criteria, which should mitigate the likelihood of widespread delistings.

“While some assets have been removed from listings, the comprehensive re-evaluation process spanning six months aims to minimize the impact of mass delistings.”

Digital Asset Exchange Alliance

The Digital Asset Exchange Alliance emphasized that only disqualification criteria will be publicly disclosed, with other details kept confidential to prevent market misuse. As previously reported by crypto.news, the new regulations will impact nearly thirty registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. These exchanges will conduct initial reviews to decide on the continuation or delisting of each token.

Under the updated regulatory framework, crypto exchanges must establish review committees to assess factors such as the reliability of issuing entities, measures for user protection, technological and security standards, and adherence to regulations. Tokens issued by decentralized autonomous organizations (DAOs) may not meet standard requirements, while tokens traded normally for over two years in regulated markets like the U.S., U.K., France, Germany, Japan, Hong Kong, Singapore, India, and Australia will face a less rigorous review process. Additionally, crypto exchanges are prohibited from receiving payments for listing tokens.

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German Bitcoin miner and cloud computing firm Northern Data AG is reportedly planning an initial public offering (IPO) for two of its U.S. entities, with a valuation potentially reaching up to $16 billion.

According to a July 1 report from Bloomberg, executives at Northern Data — Europe’s largest Bitcoin miner by market cap — have consulted several advisers about an IPO, targeting a potential listing in the first half of 2025.

The current plan involves listing the “Taiga” and “Ardent” entities on the Nasdaq, representing its cloud computing and data center divisions, respectively.

Additionally, Northern Data’s Bitcoin (BTC) mining business, Peak Mining, might be listed separately, as the firm suggested to analysts and investors in November.

Previously, Northern Data considered an IPO for its cryptocurrency mining business in the U.S. in February 2021, but it did not materialize.

Sources indicated that banks have proposed a valuation between $10 billion and $16 billion, though plans are still under discussion and could change, including the possibility of scrapping the IPO altogether.

Northern Data did not immediately respond to Cointelegraph’s request for comment.

Source: Northern Data

Northern Data Group, originally founded as Northern Bitcoin AG in Germany in 2009, is one of the pioneering firms in Bitcoin mining.

Today, the company operates three business divisions: Taiga, Ardent, and Peak Mining. Peak Mining, the U.S. Bitcoin mining unit, is developing 700 megawatts of high-performance computing data centers, which the company claims will eventually deliver up to 40 exahashes.

Previously, Peak Mining concentrated its efforts on the Ethereum network. However, following Ethereum’s transition from proof-of-work to proof-of-stake in September 2022, the focus shifted back to Bitcoin, as noted by Bloomberg.

Northern Data is among several Bitcoin miners that have diversified into the AI space due to thinning profit margins in the mining sector.

Other Bitcoin mining firms that have taken a similar path recently include Core Scientific, TeraWulf, and Hut 8 Corp.

In November 2023, Northern Data secured $610 million in debt financing from stablecoin issuer Tether to boost investments in its mining and AI businesses.

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Cryptocurrencies are increasingly being exploited for money laundering, leveraging their anonymity and decentralized nature to facilitate criminal activities, which undermines the integrity of the entire system.

According to Chainalysis’ 2024 Crypto Crime Report, over $24 billion was laundered through crypto last year. The lack of stringent regulations and the rapid evolution of laundering techniques exacerbate this issue.

Furthermore, even everyday users can inadvertently become involved in these schemes by interacting with tainted crypto assets, risking severe legal and financial consequences. Major centralized exchanges frequently blacklist addresses associated with tainted assets, potentially restricting users’ ability to transact.

To address these challenges, innovators in the crypto space are developing advanced solutions. Savl, for instance, employs Know Your Transaction (KYT) to identify and help users avoid tainted assets, thereby enhancing compliance with regulations and ethical transaction practices.

The most pressing security issues in the crypto space include vulnerabilities in decentralized finance (DeFi) platforms, rushed security protocols, and inconsistent regulatory frameworks across jurisdictions. Privacy coins and mixing services further complicate anti-money laundering efforts.

To mitigate these risks, a comprehensive approach is needed: stronger security protocols, smarter regulations adapted to crypto innovations, enhanced user education, and resilient technology. Collaboration among developers, regulators, and the crypto community is crucial to achieving these goals.

Current regulatory frameworks and KYC measures in combating money laundering in the crypto space have made illicit activities more challenging but remain challenged by the ingenuity of criminals exploiting regulatory gaps.

Improvements require cohesive global regulatory frameworks, tech-savvy regulators, robust public-private collaboration, enhanced user education, and stronger international cooperation in enforcement.

Emerging tools such as AI and blockchain forensics are pivotal in identifying and combating crypto money laundering. These technologies analyze vast datasets to detect suspicious transactions and track crypto movements across wallets. Privacy-enhancing technologies like zero-knowledge proofs offer methods to verify legitimacy without compromising user privacy, addressing concerns over data security and compliance.

Balancing Innovation and Privacy: Effective Integration Strategies

In order to succeed, collaboration between regulators and stakeholders in the crypto industry is crucial to establishing standards that balance regulatory compliance with user privacy. Even ordinary users can contribute to this effort—our wallet includes a built-in tool called KYT, which allows users to conduct blockchain analytics risk assessments on any address. This helps mitigate their exposure to potentially laundered assets during transactions.

Self-custody is often touted as a significant advantage of decentralized finance (DeFi). From your perspective, has self-custody lived up to its promise of providing enhanced security?

Self-custody in DeFi promises users greater security and control over their assets, and for the most part, it has delivered on this promise. By enabling individuals to hold and manage their private keys, self-custody eliminates the need for intermediaries, thereby reducing the risk of centralized exchange hacks. This direct control grants users full ownership of their funds and enables them to execute transactions independently, thereby increasing their autonomy in financial management. In recent months, major exchanges have introduced their own self-custodial wallets in response to customer demand. This trend underscores users’ recognition that while centralized exchanges play a vital role in the ecosystem, they also need to offer self-custody options to cater to client preferences. From my perspective, this validates the value of self-custody.

However, the primary challenge lies in the technical proficiency required for self-custody. Users must remain vigilant against security threats such as phishing attacks, malware, and other cybercrimes. Addressing these challenges necessitates robust education initiatives.

Exploring Savl’s KYT Tool: Safeguarding Against Illicit Transactions in Cryptocurrency

Savl’s KYT feature is pioneering in its capability to verify any crypto address for illicit or tainted assets, empowering users to make informed decisions and avoid risky transactions. We collaborate closely with top blockchain analytics providers to ensure that the data powering our KYT feature is unparalleled in accuracy and reliability. As the sole wallet offering this service, we take immense pride in this achievement.

KYT employs several specific mechanisms to effectively detect and help users avoid tainted crypto assets:

Real-Time Data Analysis: Continuously monitors and analyzes blockchain transactions as they occur.

Sanctions and Watchlist Monitoring: Cross-references transactions against updated lists of sanctioned entities and suspicious addresses.

Behavioral Analysis: Flags transactions that deviate from typical user patterns, indicating potential illicit activity.

Risk Scoring: Provides risk assessments to highlight transactions with higher potential for involvement in illicit activities.

Integration with AML Tools: Utilizes advanced anti-money laundering (AML) tools, machine learning, and AI to enhance detection accuracy.

Collaboration with Leading Providers: Partnerships with leading KYT providers ensure comprehensive coverage and accurate results.

Together, these mechanisms enable Savl’s KYT feature to set a new standard in crypto security, supporting both individual users and institutions in their efforts to maintain compliance and integrity within the cryptocurrency ecosystem.

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Blockchain security firm CertiK has migrated its cloud infrastructure in Asia to Alibaba Cloud, the cloud computing arm of the Chinese e-commerce giant Alibaba. As part of this agreement, CertiK will host its suite of 12 blockchain applications on Alibaba Cloud, leveraging its cloud resources to deliver Web3 services.

 Source: CertiK

By hosting its services on Alibaba’s centralized cloud infrastructure, CertiK aims to offer blockchain developers a secure environment for developing and deploying Web3 applications. Ronghui Gu, co-founder of CertiK, stated:

“For over five years, we have believed in the transformative power of blockchain technology. We look forward to empowering developers with secure blockchain development and deployment through Alibaba Cloud’s platform.”

Previously, Alibaba Cloud integrated with the Avalanche blockchain to support its Node-as-a-Service initiatives, enabling Avalanche developers to launch new validator nodes on Alibaba’s cloud infrastructure.

Developers anticipating high resource demands during peak hours can leverage Alibaba Cloud’s additional computing, storage, and distribution resources.

Source: Alibaba Cloud

CertiK’s partnership with Alibaba Cloud began in May 2023 when it introduced its security suite to Alibaba Cloud’s Blockchain as a Service (BaaS) platform.

Source: CertiK

This deal allowed CertiK’s developers to conduct code reviews, risk assessments, team identity verifications, and background checks on Alibaba’s cloud infrastructure.

Initially, CertiK integrated its smart contract auditing and layer 1 blockchain auditing services, and revealed plans to introduce penetration testing and the CertiK Skynet due diligence tool.

In addition to their expertise in blockchain and Web3 applications, Chinese entrepreneurs and investors are also heavily investing in artificial intelligence (AI).

In May, four Chinese startups specializing in generative AI surpassed $1 billion in valuation, positioning themselves as competitors to companies like OpenAI. These new unicorns include Zhipu AI, Moonshot AI, MiniMax, and 01.ai. Supported by local investors, these companies are now seeking to attract talent to further develop their AI products.

Recently, Alibaba’s payment subsidiary, Alipay, introduced an AI feature on its payments app. Alipay’s AI service assists users in detecting early signs of balding.

According to a report from the South China Morning Post, users can upload pictures of their scalps, which are then processed by an image recognition system trained on thousands of medically relevant images. The app provides users with suggestions, including recommendations for medical care when necessary.

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In July, cryptocurrency tokens worth $755 million will be unlocked as vesting periods expire for over 40 projects.

Vesting in crypto prevents early investors and team members from selling their tokens immediately, thereby stabilizing prices in the early stages of a project.

According to Token Unlocks, the largest amount of crypto assets scheduled to be unlocked in July 2024 belongs to AltLayer (ALT), Xai (XAI), Aptos (APT), Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK).

Largest token unlocks anticipated in July

In July, the decentralized protocol AltLayer will unlock its largest token allocation. On July 25, the project plans to release 684 million ALT tokens, valued at approximately $125 million. These tokens are allocated to team members, investors, advisers, protocol development, treasury, ecosystem, and community.

Following AltLayer, gaming-focused project Xai will unlock the second-largest amount, with about $93 million in tokens scheduled for release on July 9. Similar to AltLayer, these crypto assets are designated for team members, investors, and ecosystem development, with an additional $2 million allocated to reserves.

Projects frequently releasing unlocked tokens

Aptos, which unlocked $101 million in May and $102 million in June, is set to release another batch of tokens in July. The project will unlock 11.31 million APT tokens valued at $77 million, allocated to its foundation, community, core contributors, and investors.

Source: CoinGecko

In the past three months, APT’s price has plummeted from a peak of $17.63 on April 1 to $6.99 on June 28, marking a 60% decline from April to June.

Meanwhile, Arbitrum, which released $95 million in May and $105 million in June, is slated to unlock an additional $75 million in tokens for its team, advisers, and investors on July 16. The project previously released 1.1 billion ARB tokens valued at $2.32 billion on March 16.

Following the significant token release, ARB prices have plummeted by 63%, dropping from a high of $2.27 on March 8 to $0.82 at the current time.

Additionally, Optimism, Sui, Immutable, and Starknet, which recently unlocked millions worth of their native tokens in the past two months, are also scheduled to unlock similar amounts in July.

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Iggy Azalea’s Mother Iggy (MOTHER) meme coin has overtaken Andrew Tate’s Daddy Tate (DADDY) coin in market capitalization. This week, MOTHER surged over 35% in value, while DADDY plummeted 20% amid market fluctuations. The rivalry between the two meme coins intensifies, with only a thin gap separating their market capitalizations.

Andrew Tate’s DADDY meme coin nears 50,000 holders.

According to DEX Screener, DADDY’s market cap is currently $69.7 million, while MOTHER holds a slight lead at $75.7 million. Despite fierce competition, MOTHER has shown remarkable resilience and recovery, contrasting sharply with DADDY’s recent downturn.

Initially, DADDY surged past MOTHER in market valuation due to early hype. However, recent trends have reversed these fortunes. Andrew Tate, known for his controversial statements, previously shared his motives for backing DADDY.

“I heard about a coin called MOTHER, so now I’m supporting a coin called DADDY to flip it for the patriarchy,” Tate said.

 Source: TradingView

Currently, DADDY boasts 41,930 token holders, surpassing the 27,056 wallets holding MOTHER. Andrew Tate has sparked curiosity among his followers by hinting at a potential surprise once DADDY hits 50,000 holders, likely involving significant token burns.

Meanwhile, both celebrities are integrating their meme coins into broader business endeavors. On June 10, Iggy Azalea announced that her telecommunications company, Unreal Mobile, would accept MOTHER and Solana (SOL) for purchasing phones and monthly cell plans. This move is supported by a partnership with Sphere Labs, aiming to embed cryptocurrency into everyday transactions.

Simultaneously, Andrew Tate is exploring utilities for DADDY, including transforming it into a non-fungible token (NFT) to significantly reduce its supply. He plans to achieve this by purchasing the coin with his own money and burning it at certain market caps.

Furthermore, Tate plans to integrate the DADDY coin with his Real World University, offering exclusive access and potential staking rewards to coin holders. This strategy aims to provide daily cryptocurrency rewards for university members, enhancing the coin’s appeal.

“The case of the Daddy token is a rare example of how a project initially not associated with a celebrity is suddenly endorsed by one. This sets a precedent—perhaps other celebrities will consider how to capitalize on existing assets and even engage in direct competition with other crypto assets, like the MOTHER-DADDY rivalry,” Max Jones, founder of Memepad.ai, told BeInCrypto.

The post MOTHER vs. DADDY: Iggy Azalea’s Meme Coin Beats Andrew Tate’s appeared first on Baffic.

Toys “R” Us faced significant backlash following the release of its latest advertisement, which was entirely created using OpenAI’s generative video artificial intelligence tool, Sora.

The ad portrays the American toy retailer’s founder, Charles Lazarus, as a child envisioning the creation of Toys “R” Us and its iconic mascot, Geoffrey the Giraffe. Produced by the company’s in-house studio and creative agency Native Foreign, the ad was touted by Toys “R” Us in a statement as pioneering for being the first major advertisement generated solely by OpenAI’s text-to-video technology.

“Toys “R” Us chief marketing officer Kim Miller Olko highlighted, “Charles Lazarus was a visionary ahead of his time, and we wanted to honor his legacy with a spot using the most cutting-edge technology available.”

However, the ad sparked criticism from artists and filmmakers, including Avengers: Endgame director Joe Russo, who bluntly remarked, “It fucking sucks.”

TOYS ‘R US released an AI commercial and it fucking sucks. pic.twitter.com/K1JcGhHKeA

— Joe Russo (@joerussotweets) June 25, 2024

Others lashed the ad from a technical standpoint for its lack of visual continuity, including noticeable changes in the character’s bodily features and clothing throughout the 66-second clip.

“Just like a weird dream it is a different person each time you see them,” one X user wrote.

Source: syndrowm

“The approach is flawed. It’s baffling why these marketing people thought this was a good representation of their product’s essence,” commented Robin Schmidt, CEO of metaverse multimedia firm BasedAF.

Critics also targeted the perceived energy costs of AI-generated content compared to traditional filming for promotional materials.

“No aspect of this looks superior to conventional tools, yet it consumes ten times more energy to produce,” remarked former Ubisoft concept artist RJ Palmer on X platform.

“Moreover, you can still observe instances where figures were clumsily pieced together from disparate sources in an attempt to form a cohesive whole,” they added. “Fundamentally, there is no advantage to this approach.”

OpenAI introduced its text-to-video model, Sora, on February 15, initially impressing users on social media with its capabilities.

However, since its debut, limitations of the model have surfaced, including its inability to consistently generate footage without noticeable “uncanny” variations in subjects, as seen in occasional glimpses of generated content that reach mainstream attention.

The post Critics Slam AI-Generated Ad from Toys ‘R’ Us appeared first on Baffic.

Turkish legislators have approved a crypto bill introduced by ruling party chairman Abdullah Güler, which imposes fines of up to $182,600 and imprisonment of up to five years for violations, as reported by crypto.news Türkiye.

The bill has now been sent to President Recep Tayyip Erdoğan for approval. If approved, the decision will be published in the Official Gazette by the end of the week, bringing the bill into effect.

Under the new law, crypto exchanges wishing to operate legally in Turkey must be licensed by the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years.

Crypto providers will also be responsible for implementing and reporting measures such as seizures and other legal enforcement actions. Additionally, crypto platforms must ensure that customer fund transfers — including deposits and withdrawals — are accessible and traceable by legal authorities.

Although not included in the bill, a transaction tax of 0.04% may be levied on investors’ crypto trades, though the details of its regulation remain unclear.

Turkey has been considering crypto regulation since 2021, after the Financial Action Task Force (FATF) included the country on its “grey list” for failing to adequately supervise sectors vulnerable to money laundering, such as banking and real estate.

In November 2023, Turkey’s Treasury and Finance Minister Mehmet Şimşek announced the introduction of crypto legislation. Addressing the nation’s planning and budget commission, he noted that Turkey has met 39 of the 40 FATF standards and was in the “final stage” of compliance.

In early 2024, Şimşek emphasized that the upcoming regulations aim to mitigate the risks associated with crypto trading and protect retail investors. Key aspects of these regulations reportedly include legal definitions for terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”

The post Turkey Passes Crypto Regulation: Severe Consequences for Violations appeared first on Baffic.

The rise of DePin startups underscores increasing interest in the technology. However, numerous hurdles such as funding constraints and technical complexities hamper their advancement. To address these challenges, Modular DePin Infrastructure advocates a versatile, community-driven framework.

In a recent social media update, IoTeX highlighted three key advantages of this modular approach: cost-effectiveness, enhanced value capture by the community, and improved collaboration. These pre-built modules effectively tackle technical obstacles, enabling faster and more economical product launches. By decentralizing each module, the community preserves greater value, bolstering the overall resilience of the DePin ecosystem.

“Modular DePin infrastructure isn’t just efficient—it’s a catalyst for community empowerment and collaborative success,” Render Network affirmed, endorsing IoTeX’s perspective.

This infrastructure enables the assembly of custom applications using a variety of modules. These modules encompass hardware abstraction, connectivity, sequencer, data availability, long-term storage, off-chain computing, blockchain, identity, and governance. Developers can mix and match these modules according to their project’s specific requirements, offering unprecedented flexibility.

A key feature of this system is its emphasis on community ownership. Each module is developed and maintained by different teams, promoting a collective ownership model. This setup creates a marketplace where developers can select the best modules for their applications, fostering an economy specific to modules.

Furthermore, the modular system’s adaptability supports the creation of diverse DePin applications. These range from sensor networks that monetize physical data to connectivity networks leveraging various wireless technologies for bandwidth monetization, and computing networks that provide decentralized computing resources.

Versatile Uses of Modular DePin Infrastructure

Significant DePin projects like DIMO, Hivemapper (HONEY), and WeatherXM in sensor networks, along with Helium, Nodle (NODL), and Wicrypt (WNT) in connectivity networks, demonstrate the effective application of modular infrastructure. Platforms such as Render Network (RNDR) and Akash Network (AKT) also highlight the efficient monetization of computing resources, illustrating the versatile utility of the modular approach.

The connectivity module focuses on leveraging wireless communication technologies like Bluetooth, LoRaWAN, WiFi, and 5G to strengthen connections within Web3 networks. These technologies are integrated into diverse projects, enhancing the network capabilities significantly.

Source: IoTeX Research

Additionally, the sequencer and data availability modules have been customized from existing solutions to better align with DePin applications. Long-term storage solutions such as Filecoin (FIL) and Arweave (AR) are pivotal in meeting the storage requirements of these applications. Meanwhile, blockchain platforms like Ethereum (ETH), IoTeX, and Solana (SOL) offer essential infrastructure support for development.

The post IoTeX Explores the Advantages of Modular DePin Infrastructure appeared first on Baffic.

Gary Gensler underscores the importance of adhering strictly to existing US securities law, particularly the Securities Act of 1933, within the crypto industry. He emphasized that these laws are intended to protect investors and uphold fair, orderly, and efficient markets.

“There’s a clear set of rules in place. Crypto securities align with securities laws,” he affirmed.

Gary Gensler has highlighted significant compliance issues within the crypto industry, noting that many tokens and platforms are failing to adhere to securities laws and provide necessary disclosures to investors, which poses risks to the public.

He emphasized that relocating operations abroad does not exempt crypto companies from complying with US securities laws. Gensler stressed the importance of proper disclosure and compliance regardless of where operations are based.

“If they are truly transparent, making proper disclosures, and registered as required, and if intermediaries are operating lawfully without conflicts,” he stated.

Additionally, Gensler criticized the perceived decentralization of many platforms, arguing that they are actually highly centralized and operate with conflicts of interest.

“The law prohibits trading against customers while operating an exchange, and engaging in activities resembling investment contracts or securities, and benefiting from listing,” he outlined.

Gensler’s position on applying securities laws to the crypto industry is notable, especially amid calls from industry leaders for regulatory clarity. For instance, in May, Charles Hoskinson, co-founder of Ethereum (ETH) and Cardano (ADA), criticized the notion of regulating crypto under existing securities laws as “absurd.” Hoskinson’s remarks reflect ongoing debates within the industry about the compatibility of current securities regulations with cryptocurrency characteristics.

“Cryptocurrencies can embody characteristics of commodities, securities, currencies, loyalty points, and non-fungible tokens, all simultaneously. So, how do you regulate these assets when their classification can change daily, weekly, or monthly? Circumstances can indeed evolve over time,” explained Hoskinson.

In the same interview, Gensler clarified the SEC’s position on crypto exchange-traded funds (ETFs). The recent approval of spot exchange-traded products represents a significant step forward. These products offer regulated avenues for crypto investment, contrasting sharply with non-compliant platforms where much of the crypto trading currently takes place.

He also addressed the approval of spot Ethereum ETFs, underscoring the rigorous scrutiny involved to ensure compliance with all regulatory requirements. This approach aims to offer a safer investment option for the public.

“I cannot pinpoint the timing, but the process is progressing well. It’s primarily about asset managers providing comprehensive disclosures for registration statements to become effective, ensuring clarity for legal compliance,” he explained.

The post Gary Gensler Asserts Crypto Securities Conformity with Securities Laws appeared first on Baffic.

The official X account for the heavy metal band Metallica was hacked, with the perpetrators using the breach to promote a Solana token with the ticker METAL.

Metallica’s team has since regained control of the account and deleted all posts referencing the token.

The hacked account initially posted about the token on June 26, falsely claiming it was made in partnership with Ticketmaster. In reality, the token was launched on the Solana-based platform pump.fun.

Ticketmaster did not announce any such partnership and did not immediately respond to requests for comment.

Source: Metallica

Posts from Metallica’s account also claimed that fintech firm MoonPay was involved with the token. MoonPay president Keith Grossman refuted this in a post on X, stating, “MoonPay does NOT support METAL.”

MoonPay later posted on X: “If someone is offering you a METAL token, they are not the master of puppets — they’re the master of scams!,” referencing the band’s hit 1986 album and single.

Source: Keith Grossman

A series of subsequent posts, seemingly aimed at attracting buyers, claimed users could exchange their METAL tokens for exclusive items such as “free concert tickets,” custom gaming consoles, and merchandise.

One post even suggested that the token would offer staking rewards.

Source: Metallica

According to Dexscreener data, the total value of the METAL token briefly peaked at $3.37 million approximately 20 minutes after its launch.

The value of the METAL token has since plummeted, dropping to a total market capitalization of $90,000 less than three hours after reaching its peak.

Source: DEX Screener

The price of the METAL token has also plummeted nearly 100% from its high, which it reached shortly after Metallica’s account shared the token.

It is unclear how Metallica’s account was breached. The band and its management team were not immediately available for comment.

The post Hackers Use Metallica’s X Account to Advertise Crypto Token appeared first on Baffic.