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GEM Digital Invests $50 Million In ParallelChain Lab’s Mainnet Development

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Ahead of ParallelChain mainnet launch, GEM Digital Limited, a digital asset investment, has reportedly invested $ 50 million into the firm. The investment is targeted at the ParallelChain Lab Layer-1 protocol development project.

The blockchain industry keeps growing in strength as more funds enter the industry. The DeFi community is one part of the blockchain industry pulling the most weight.

ParallelChain is an all-in-one decentralized blockchain that handles enterprise-grade and retail use cases. ParallelChain consists of two scalable layer-1 platforms, the Public mainnet, and Private Networks. ParallelChain recently launched its native token XPLL as an Ethereum-based ERC-20 token.  Read more...

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Hacker steals $3.3 million using Profanity’s vanity Ethereum addresses

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Since the crypto industry expanded its growth, it has become the favorite place for hackers to commit exploits. The Ethereum vanity addresses generated via the Profanity tool have now become the latest loophole to dupe millions of crypto users.

As per the market insights provider firm, Etherscan, Ethereum custom addresses created via the Profanity tool have been breached by a hacker who stole almost $ 3.3 million from several custom ETH addresses.

Related Reading: Crypto Trading Firm Wintermute Has Suffered $ 160 Million Hack  Read more...

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Crypto Trading Firm Wintermute Has Suffered $160 Million Hack

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Crypto trading platform Wintermute has just lost $ 160 million in a hack which concerns its decentralised finance (DeFi) operation.

This news was confirmed through a tweet from the company’s founder and CEO, Evgeny Gaevoy.

This makes Wintermute the latest firm within the industry to have suffered a hack. A series of tweets by Gaevoy has revealed that the prominent trading firm’s decentralised financial operations have been breached.

He also clarified that the centralised finance and over-the-counter verticals had not been compromised in the hack.  Read more...

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Fireblocks Sees Over $100 Million In Revenue From Subscriptions

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Although the crypto market is suffering a long-lasted downtrend and investors reflect negative sentiments, crypto adoption seems to be growing on another verge.

Fireblocks, a software-as-a-service (SaaS) company currently operating over 1300 crypto and web 3 businesses, has hit a new high in revenue, indicating crypto use cases continue attracting more businesses worldwide.

Related Reading: Investment Giant Fidelity Could Allow Bitcoin Trading On Its Platform

The company announced on Monday that its Annual Recurring Revenue (ARR) surpassed $ 100 million only in three years after the firm enrolled its product in the market. The achievement cements its status as a ‘Centaur.’ Centaur is a term used for SaaS startups to symbolize the company has exceeded $ 100 million in revenue.  Read more...

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Fidelity To Allow Its 34 Million Individual Investors To Buy Bitcoin: Report

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The pro-bitcoin financial giant is reportedly considering allowing its over 34 million individual investors to buy bitcoin through its online brokerage.

  • Fidelity Investments is considering allowing individual investors to buy bitcoin.
  • Investors would be able to purchase the asset through the company’s online brokerage.
  • Fidelity has over 34 million individual investors on its platform.

Fidelity Investments is reportedly considering allowing individual investors to invest in bitcoin on its brokerage platform, per a report from the Wall Street Journal.  Read more...

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Bitcoin Miner CleanSpark Acquires $33 Million Mining Facility In Georgia

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The renewable bitcoin mining company acquired a new facility in Georgia which will hold up to 70,000 mining rigs at full capacity by the end of next year.

Bitcoin mining company CleanSpark Inc.(Nasdaq: CLSK), has entered into an agreement with Mawson Infrastructure Group (Nasdaq: MIGI) to purchase a mining facility for $ 33 million, per a press release sent to Bitcoin Magazine.

The turnkey mining facility in Sandersville, Georgia is expected to add 1.4 exahashes per second (EH/s) to CleanSpark’s hash rate before the end of the year. By early 2023, the facility should provide a total output of 2.4 EH/s, increasing up to 7 EH/s by the end of 2023. The company has a goal of 22 EH/s across all locations by the end of 2023.  Read more...

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Bitcoin Miner CleanSpark Purchases 10,000 Antminers For $28 Million

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In a purchase agreement with Cryptech Solutions, CleanSpark has purchased an additional 10,000 miners, on top of the 6,000 already purchased this summer.

  • CleanSpark purchased 10,000 bitcoin mining machines from Cryptech Solutions.
  • The purchase agreement had a final valuation of $ 28 million.
  • CleanSpark now hosts over 37,000 bitcoin miners.

CleanSpark Inc., (Nasdaq: CLSK) has acquired 10,000 brand-new Bitmain Antminer S19j Pro units through a $ 28 million purchase agreement with Cryptech Solutions, per a press release sent to Bitcoin Magazine.  Read more...

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Why Meta Is Shelling Out $150 Million To Construct 10 Schools In The Metaverse

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One of the most significant applications of virtual reality and metaverse technology involves education and the prospect of incorporating virtual reality classes.

Social media giant Meta is implementing this concept by aiding 10 universities in launching campuses that will be built on metaverse “soil.”

As part of its $ 150 million Immersive Learning Project, Meta (formerly Facebook) will collaborate with VictoryXR, an Iowa company that is designing the virtual campuses.

The Global Campus of the University of Maryland is one of the campuses. The university’s 45,000-plus students will now be able to convene and share their experiences in the virtual domain.  Read more...

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Crypto Casino Stake.com Sued For $400 Million By Former Partner

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An former partner of Stake.com who claims he was excluded from the wildly successful company is suing the Australian creators of the largest bitcoin casino in the world in the US for $ US400 million in damages.

However, the creators of Stake.com, Ed Craven and Bijan Tehrani, who just bought the most expensive home in Melbourne, have called the lawsuit “utterly frivolous” and “provably false.”

Stake.com Is $ 1 Billion Operation

The cryptocurrency casino Stake.com, which was thought to be an overseas operation, was actually formed in Melbourne in 2017 by Craven and Tehrani, according to a late 2021 investigation by The Age and Sydney Morning Herald.  Read more...

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Why This Indonesian Tech Giant Bough Crypto Exchange For $8 million

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Per a report from Reuters, Indonesia’s largest digital economy platform GoTo purchased the crypto exchange PT Kripto Maksima Koin. The company has been making efforts to expand and diversify its services after recording important growth in the first half of 2022.

According to the report, PT Goto Gojek Tokopedia Tbk (GoTo) acquired 100% of shares from the crypto exchange. The digital platform paid $ 8,4 million for the acquisition.

PT Kripto is one of the 25 crypto exchange platforms with a license from Indonesia´s Commodity Futures Trading Regulatory Agency. Its acquisition could be part of a bigger strategy to integrate a blockchain and digital asset business into its structure, a spokesperson for GoTo told Reuters:  Read more...

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Dogecoin Co-Founder Rejects $14 Million Offer To Boost Image Of Dogechain

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Billy Markus, one of Dogecoin’s co-founders, can’t be bought with money – even if it’s… say — $ 14 million.

Dogechain, a relatively new digital currency that’s making some noise in the crypto industry, sought the outspoken infotech developer to promote the blockchain project.

Dogechain is designed to bridge the gap between the meme coin and Web3.

A Twitter user with the handle @RepeatAfterVee made Markus’s rejection of the offer public. The user said that Markus, who co-created the first meme coin with Jackson Palmer, declined an offer to tweet about – and perhaps boost – the image of Dogechain.  Read more...

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Nike Just Did It With A Record $185 Million In NFT Sales – Swoosh!

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As Nike would say – just do it – and it did. The athletic brand takes it a notch higher with millions of bucks in NFT sales.

Despite non-fungible tokens’ second-quarter trading volume falling 40% as interest in NFTs begins to fade, Nike has set a record by becoming the world’s highest-earning brand through digital commodity sales.

According to statistics from Dunn Analytics, Nike dominated the list of highest-earning brands from NFTs, with sales of $ 185 million.

Dolce & Gabbana, Tiffany, Gucci, and Adidas make out the top five brands in total NFT sales on the Ethereum blockchain, based on the performance analysis of large-brand NFT initiatives.  Read more...

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India’s Federal Agency ED Froze Crypto Exchange Vauld’s Assets Worth $4.6 Million

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India’s Enforcement Directorate (ED) froze assets amounting to $ 46 Million belonging to Vauld which is a cryptocurrency exchange. In Vauld’s press release, the company stated that it disagreed with the claims made by ED on Vauld’s KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.

These assets seized by the ED were found stored in bank accounts, payment gateway balances and wallets too on the Flipvolt crypto exchange. The $ 46 Million was linked to the instant loan apps case. Flipvolt is the Indian wing of the Singaporean exchange Vauld.  Read more...

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This Brazilian Fintech Is Bringing Crypto Trading To 30 million People

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Crypto services are spreading worldwide. Most of the growth in this regard has been mostly in the West, but more countries and companies are beginning to follow suit. The latest of this is a Brazilian fintech that is starting to offer crypto services in the country. Picpay’s latest innovation that features the space is seeing it bring crypto trading to millions of users in Brazil.

Picpay Unveils New Crypto Offering  Read more...

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Crypto Exchanges Under Probe In India For $125 Million Laundering Scheme

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India’s financial crime-busting agency is now zooming its lens on more than 10 cryptocurrency exchanges in the country for what it believes is illegally moving more than 10 billion rupees ($ 125 million) offshore.

The Economic Times reported, citing unnamed sources, that the yet to be named crypto exchanges were used by several companies as some sort of conduits.

Now, these crypto exchanges are accused of money laundering to make purchases that were then sent to other international wallets, mostly linked to mainland China.  Read more...

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“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?

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The “Bitcoin Family” have been in the headlines ever since they put everything that they had into bitcoin back in 2016. By then, the digital asset was only trading at around $ 900, and the family had become bitcoin millionaires with the most recent run-up. However, like everyone else, the Bitcoin Family has been hit hard by the recent bear market and has seen their portfolio drop during this time. But the gospel of bitcoin seems to have not left them either.

Still Believes In Bitcoin  Read more...

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Iran Concludes $10 Million Import Using Crypto. US Sanctions Dead?

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Iran recorded its first formal order for the import of goods valued at $ 10 million and paid for in cryptocurrency, marking a historic defining moment in the usage of cryptocurrencies. The Ministry of Industry, Mine and Trade says the country intends to employ cryptocurrencies extensively in its international trade with target countries, according to a local Iranian news source.

Iran Turn Towards Crypto For International Trade

According to a source from the Ministry of Industry, Mine, and Trade, Iran imported its first goods using bitcoin, as reported by the regional news outlet Tasnim. This week’s import involved the use of cryptocurrency valued at $ 10 million in goods. Iran anticipates expanding the use of cryptocurrency and smart contracts for international trade in the future.  Read more...

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Virginia Fairfax County Pours $70 Million Into Crypto Lending As Investment

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The crypto winter brought more devastating impacts on some crypto lending platforms. There was a lot of battling by most lending firms to evade liquidation. Their turbulent waves created distrust, loss of hope, and funds for many investors.

In the history of the crypto lending space, instability and quaking are connected to the collapse of the Terra ecosystem’s algorithmic stablecoin. This was closely followed by the fall of the LUNA token, which has metamorphosed recently to Luna Classic.  Read more...

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Crypto Exchange ZB.com Reportedly Loses $4.8 Million To Hackers – Here’s What We Know

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Crypto exchanges have become popular for enabling consumers to purchase, sell, swap, and store digital assets.

However, research has shown that exchanges have been easy prey for hackers, especially as the popularity and price of specific crypto currencies has skyrocketed.

Typically affecting thousands, if not millions, of users and resulting in the theft of hard-earned assets, crypto exchange hacks are exceptionally destructive.

The cryptocurrency trading platform ZB.com may be the most recent target of cybercriminals. PeckShield, a blockchain analytics company, estimates that ZB lost approximately $ 4.8 million from its hot wallets on Wednesday.  Read more...

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FBI Raises Alarm On Crypto Cyber Fraud, Says $42.7 Million Lost Since December

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The Federal Trade Commission (FTC) issued a consumer alert last month regarding the growing risk of crypto frauds. The FBI is now adding its voice to the chorus by issuing its own warning.

FBI Cautions Against Crypto Scam Apps

The agency is alerting banks and investors about an eight-month period of increased cybercrime activity involving phony bitcoin apps.

A report released on July 18 states that the Federal Bureau of Investigation has identified 244 victims in various crypto-related cyber crimes, with an estimated loss of $ 42.7 million.  Read more...

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