The US Securities and Exchange Commission (SEC) has responded to Ripple's attempt to use the Terraform Labs settlement as a defense against a proposed $2 billion fine. Ripple argued that the SEC's fine was excessive compared to Terraform Labs' penalty. However, the SEC criticized Ripple's comparisons, stating that the situations were different as Terraform Labs had agreed to severe penalties due to bankruptcy. The SEC highlighted key differences between the cases, emphasizing that Ripple had not taken similar measures to rectify violations. The SEC also pointed out that Ripple's proposed penalty based on penalty ratios was flawed, as it did not consider gross profit. The ongoing legal battle between Ripple and the SEC dates back to 2020 when Ripple was accused of using XRP as an unregistered security. Despite a ruling that XRP is not a security in certain sales, the dispute continues over appropriate penalties for securities violations. Read more AI-generated news on: https://app.chaingpt.org/news

Tether's CEO, Paolo Ardoino, highlighted the crucial role of USDT in driving demand for the US dollar in developing countries. With over 300 million users globally, USDT serves as a digital dollar, offering vital financial services to underbanked communities. This stablecoin facilitates efficient money transfers and storage, bypassing traditional financial systems. Tether's significant holdings in US Treasuries, amounting to $90.87 billion as of March 31, 2024, reflect its growing influence in finance. As the dominant stablecoin with a market cap exceeding $112 billion, USDT plays a pivotal role in the cryptocurrency market. Despite facing regulatory scrutiny, Tether continues to witness steady growth in demand, especially in emerging markets like Nigeria, Turkey, Thailand, and Brazil. Ardoino debunked claims of potential US government targeting, emphasizing Tether's commitment to transparency and compliance. Read more AI-generated news on: https://app.chaingpt.org/news

The Cybersecurity and Infrastructure Security Agency (CISA) recently warned about a surge in impersonation scams, particularly using the identities of government officials. These scams involve requests for money transfers, including cryptocurrency, under false pretenses. Chainalysis' Phil Larratt highlighted the ongoing threat of scams in the crypto space, generating billions in illicit revenue. To combat such scams, Larratt emphasized the importance of public awareness and education. He also outlined common scam tactics like approval phishing and crypto draining. Larratt stressed the need for Web3 projects and users to enhance security measures, such as Web3 security extensions, to thwart these fraudulent activities. The crypto community faces significant challenges from these scams, with recent incidents like the $11 million theft from an OKX account and SEC actions against Zipmex underscoring the pervasive nature of such criminal activities. Read more AI-generated news on: https://app.chaingpt.org/news

Ethereum co-founder Vitalik Buterin has given his approval to the innovative Token for Image Tokenizer (TiTok) compression technique for its potential use in blockchain technology. TiTok, not to be confused with TikTok, significantly reduces image sizes, making them more suitable for blockchain storage. Buterin praised TiTok's blockchain capabilities on the decentralized social media platform Farcaster, emphasizing its ability to compress images into 32 bits, ideal for blockchain storage. This advancement could have a major impact on storing digital images like profile pictures and NFTs. Developed by ByteDance and Technical University Munich researchers, TiTok employs AI image compression to tokenize images efficiently. By utilizing machine learning and transformer-based models, TiTok breaks free from traditional grid constraints, resulting in more flexible and compact images. The method's ability to identify and eliminate redundant information leads to highly efficient image representations, endorsed by Buterin for its potential in the crypto world. Read more AI-generated news on: https://app.chaingpt.org/news

Deutsche Telekom's T-Mobile division has revealed plans to venture into Bitcoin mining, building on its existing involvement in the crypto space. Since 2023, the telecommunications giant has been running a Bitcoin node and operating Bitcoin Lightning Network nodes. At the BTC Prague event, Dirk Röder, head of Web3 infrastructure at Deutsche Telekom, discussed the concept of 'digital monetary photosynthesis.' The company has also been active in Web3 as a Polygon validator since June 2023, utilizing its infrastructure to explore new revenue streams. As one of 100 validators on Polygon, Deutsche Telekom has contributed to the platform's proof-of-stake consensus mechanism. Additionally, the firm has partnered with Fetch.ai to support AI-driven autonomous agents in various sectors like healthcare and supply chain management. This collaboration highlights Deutsche Telekom's commitment to innovation in the crypto and AI space. Read more AI-generated news on: https://app.chaingpt.org/news

Three executives from major cryptocurrency mining companies in the U.S. have established a nonprofit organization to educate voters about Bitcoin. The Bitcoin Voter Project, led by executives from Marathon Digital Holdings, Riot Platforms, and CleanSpark, aims to inform voters about digital assets. Unlike a PAC, the project is registered as a 501(c)(4) and is nonpartisan. The initiative, which coincided with a meeting between mining representatives and former President Trump, plans to support candidates who back digital assets. With $5 million allocated for research and voter education, the project seeks to engage potential voters and influence elections. While single-issue crypto voters may not dominate the 2024 election, their impact could sway results in swing states. Various crypto advocacy groups have endorsed the project, which has already garnered hundreds of sign-ups. The upcoming debate between President Biden and Trump, along with other potential candidates like Robert F. Kennedy Jr. and Chase Oliver, highlights the growing influence of crypto voters in the political landscape. Read more AI-generated news on: https://app.chaingpt.org/news

El Salvador's President Nayib Bukele, known for his pro-Bitcoin stance, is suggesting the creation of private investment banks in the country. These banks, if established, would provide Bitcoin investors with access to financial services with fewer restrictions compared to traditional banks. The proposed Bank for Private Investment (BPI) aims to diversify financing options in both Dollars and Bitcoin. This initiative comes shortly after Bukele's re-election and is supported by key figures in the Bitcoin community. The BPI would operate under more relaxed regulations than traditional banks, allowing for greater flexibility in investments and loans. The proposal, presented by El Salvador's Minister of Economy, is still pending approval by the legislative commission. If approved, the BPI would have a minimum capital requirement and could potentially offer digital asset services. This move aligns with El Salvador's efforts to embrace Bitcoin as legal tender and promote economic growth. Read more AI-generated news on: https://app.chaingpt.org/news

Cloud crypto mining platform NiceHash has launched a new firmware product in collaboration with Marathon Digital, allowing retail and home miners access to the mining company's technology. Marketed as NiceHash Firmware Powered by MARA, the firmware combines features developed by Marathon Digital, the largest Bitcoin miner by market cap. Marathon Digital's chief technology officer, Ashu Swami, stated that the new firmware, introduced in March, will be available to over 200,000 ASICs and enterprise clients. Users will pay a 2% fee, or 1.4% when using the NiceHash pool. The firmware is compatible with various ASIC mining machine models and algorithms, including Kadena's Blake2s algorithm for KDA coin mining. NiceHash also offers features like autotuning, temperature control, and a mobile app for remote ASIC management. In addition to software and mining services, NiceHash operates a hashrate market where ASIC owners can sell their hashing power for any supported coin. Read more AI-generated news on: https://app.chaingpt.org/news

Denis Vasin, co-founder and lead developer of Storm Trade, introduced the project during a Cointelegraph AMA as the first leverage trading platform integrated with Telegram. Users can easily access the platform through Telegram's wallet and start trading via Storm's mini-app. The project originated from the TON hackathon, where Denis showcased a perpetual DEX prototype on the TON blockchain, leading to its development with funding from TONcoin.Fund. Storm Trade has seen rapid growth on the TON mainnet, with daily trading volumes doubling monthly. The platform offers a user-friendly mini-app optimized for mobile use, focusing on blue-chip assets. Unlike traditional DEX models, Storm Trade simplifies liquidity provision by using one settlement asset for all trading pairs. It leverages oracle solutions for accurate pricing and implements risk management strategies for liquidity providers. The platform's noncustodial nature and user-friendly interface set it apart from Telegram trading bots, aiming for mass adoption and seamless user experience on the TON blockchain. Read more AI-generated news on: https://app.chaingpt.org/news

Bitcoin mining company Bitfarms has announced its expansion into the United States by establishing a new site in Sharon, Pennsylvania. With plans to develop up to 120 megawatts of power capacity in the region, Bitfarms aims to leverage competitive electricity rates and opportunities to optimize energy costs. The strategic location within a deregulated state allows the firm to participate in demand response programs. This expansion is projected to enhance operational efficiency, increase capacity to 8 EH/s by 2025, and boost total power capacity to 648 MW. Additionally, Riot Platforms has increased its ownership stake in Bitfarms to 14%, acquiring over 1.4 million common shares. The move comes amidst a recovery from a share price dip and signals confidence in Bitfarms' future prospects in the cryptocurrency mining sector. Read more AI-generated news on: https://app.chaingpt.org/news

The Bank of International Settlements (BIS) has launched its innovation hub in Canada in partnership with the Bank of Canada. The BIS Toronto Innovation Centre, inaugurated on June 13, will focus on developing new technologies to enhance inclusivity and efficiency in the financial sector. Specifically, the hub will concentrate on open finance, innovation for regulatory purposes, and next-generation financial market infrastructures. Additionally, the hub will work on central bank digital currencies (CBDCs), green finance, and cybersecurity. The collaboration aims to foster innovation in the region, with BIS General Manager Agustín Carstens emphasizing the importance of building a modern and inclusive financial system. The BIS has also outlined its 2024 work program, including initiatives such as CBDC privacy testing and a blockchain-based tokenization project. Furthermore, the BIS has joined forces with several central banks to explore asset tokenization in the financial system through 'Project Agora'. Read more AI-generated news on: https://app.chaingpt.org/news

Solana Labs, the company behind the Solana blockchain, has introduced Bond, a blockchain-based customer engagement platform to enhance brand loyalty. Unlike traditional loyalty programs, Bond ensures a seamless user experience without the need for customers to understand Web3 or cryptocurrencies. By leveraging the Solana blockchain, Bond offers digital twins and limited-edition digital products to enhance customer engagement and authenticity verification. Brands can track products even after resale or gifting, attracting a new generation of customers, including the vibrant Solana community. The platform's innovative approach aims to revolutionize customer loyalty by providing a unique and interactive experience. Additionally, Solana's upcoming Firedancer upgrade in 2025 is set to capitalize on the growth of Decentralized Physical Infrastructure Networks (DePINs), further solidifying its position in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Holograph, a blockchain tokenization platform, saw its native token drop by 79.4% following a hack that minted 1 billion HLG tokens worth $14.4 million. The hack exploited a smart contract vulnerability, with the hacker swiftly converting the tokens into stablecoin Tether. Holograph has patched the exploit, frozen the hacker's accounts, and launched an investigation. The incident highlights the ongoing security risks in the crypto space, with over $19 billion lost to hacks since 2011. Despite the token's recovery to $0.008, its market cap plummeted from $22 million to $4.8 million. The hacker's identity remains unknown, but suspicions point to a 'rogue dev' who funded Holograph's operator contract. This breach underscores the importance of robust security measures in the crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news

An audit challenge between Nirlin and Bunzz Audit showcased the comparison between manual audits and AI-assisted audits in the realm of cryptocurrency security. Web3 security platforms play a crucial role in ensuring the integrity of smart contracts by identifying vulnerabilities and mitigating risks. While AI can enhance the speed and scope of audits, concerns arise about potentially missing critical vulnerabilities that a human auditor could detect. The head-to-head audit contest between Nirlin and Bunzz Audit sparked a debate on the effectiveness of AI in smart contract security. Despite initial skepticism, Bunzz Audit's AI engine showed rapid progress, leveraging OpenAI's advanced technology for improved vulnerability detection. The competition highlighted the evolving landscape of Web3 security, emphasizing the potential synergy between human expertise and artificial intelligence in shaping the future of security audits in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Chris Amani, CEO of Terraform Labs, has announced the company's closure following a $4.47 billion settlement with the SEC. The firm plans to sell key projects in the Terra ecosystem and transfer control of the Terra blockchain to the community. The settlement includes a $3.58 billion disgorgement and a $420 million civil penalty. Amani, who took over in July 2023, confirmed the winding down of operations and burning of holdings. The community will propose burning remaining tokens and oversee governance of Terra and Terra Classic blockchains. This decision sparked mixed reactions, with some optimistic about community control while others criticized past leadership. The dissolution led to a 5% drop in LUNA and 2% in LUNC prices. The SEC settlement sets a regulatory precedent in crypto, emphasizing the importance of compliance and governance. Read more AI-generated news on: https://app.chaingpt.org/news

Andrew Tate, a polarizing social media personality, has seen his crypto token, Daddy Tate (DADDY), outperform rapper Iggy Azalea's token, Mother Iggy (MOTHER), despite allegations of insider trading. DADDY, a Solana-based memecoin promoted by Tate, has reached a $300 million market cap and is trading at $0.30, marking a 218% increase in the last 24 hours. In contrast, MOTHER's market cap has dropped to $153 million from its peak of $267.58 million, with its price falling to $0.15. Bubblemaps, a crypto analytics firm, flagged suspicious insider activity surrounding DADDY, revealing that 11 wallets acquired 20% of the token supply before Tate's promotion, potentially worth $61.4 million. Tate's holdings of 40% could impact liquidity if sold. Despite these concerns, Tate pledged not to sell his tokens. The crypto community remains wary of such celebrity-backed tokens, given the risks associated with concentrated ownership. Read more AI-generated news on: https://app.chaingpt.org/news

Curve Finance recently faced a real-world test of its soft liquidation mechanism during a hacking attempt, leading to a 28% drop in the CRV token price. Despite this, the liquidation process worked as intended. Founder Michael Egorov managed substantial liquidation pressures on June 13 by executing multiple liquidations, repayments, and withdrawals on DeFi platforms. The mechanism, part of Curve Finance's LLAMMA, ensures liquidations without incurring bad debts. However, positions in soft-liquidation may suffer losses. Although the protective measures functioned well, the market reacted with a sharp CRV price decline. This incident highlights the systemic risks associated with Egorov's debt obligations. The event underscores the importance of understanding and managing risks in the crypto space, as demonstrated by Curve Finance's handling of the situation. Read more AI-generated news on: https://app.chaingpt.org/news

The enterprise blockchain sector is rapidly evolving, driven by scalability, security, and user-friendly advancements. Choise.ai, an enterprise crypto ecosystem, serves over 1 million users through the Choise.com app and offers solutions to 50+ banks via Vault.ist. Founder Vlad Gorbunov discusses the dynamic state of enterprise blockchain, highlighting Entropy, a layer-2 platform on Ethereum. Entropy simplifies blockchain app development with AI integration, no-code environment, and real-world connectivity. It aims to make blockchain accessible to all, fostering innovation and reducing technical barriers. The platform's features include no-code smart contract creation, AI automation, and a marketplace for AI models. Entropy's integration into Choise.ai enhances blockchain solutions' accessibility and scalability. The project plans to introduce more partnerships, security features, and no-code tools, envisioning a future where AI and blockchain seamlessly intersect, with Entropy leading the way. Read more AI-generated news on: https://app.chaingpt.org/news

MoonPay has introduced a new fiat on-ramp option for customers in the European Union and the United Kingdom by integrating PayPal. This integration allows European users to buy crypto on the MoonPay platform. Currently available to 1% of European users, the full rollout will happen in the following weeks, excluding residents of Croatia, Iceland, and Hungary. MoonPay highlighted PayPal's popularity as the third-most used payment method in the U.S., emphasizing its user-friendly experience. The option to use PayPal for fiat on-ramp is accessible to customers in 48 U.S. states, except New York and Texas. PayPal also launched its stablecoin, PYUSD, backed by cash reserves. Recently, PayPal deployed PYUSD on the Solana network for faster transactions and lower costs, introducing privacy features like 'confidential transfers'. Stablecoins like PYUSD play a vital role in providing liquidity, enhancing banking services, reducing transaction fees, and improving cross-border payments. Read more AI-generated news on: https://app.chaingpt.org/news

Tech giants like Meta have faced setbacks in blockchain ventures, but Telegram's Open Network (TON) is a shining example of success. TON, initially Telegram Open Network, has evolved into a powerful layer-1 network enabling seamless blockchain and crypto interactions. With integrated payment solutions and a 'super app' model akin to WeChat, TON is simplifying crypto transactions and expanding market access. By offering fast, low-fee transactions, TON ensures scalability and user-friendly experiences. Developers are drawn to TON's potential for diverse mini apps and broad user engagement. However, challenges like network fragmentation and token exclusivity must be addressed for sustained growth. Telegram and TON aim to make crypto payments as intuitive as messaging, fostering mainstream adoption while retaining existing users. This transformative journey underscores the evolving landscape of blockchain integration in popular platforms like Telegram. Read more AI-generated news on: https://app.chaingpt.org/news