Aptos(APT)

The U.S. and South Korea are seeking the extradition of international crypto fugitive Do Kwon. Kwon, along with another suspect, was arrested last week in Montenegro. The Montenegrin Justice minister Marko Kovac said on Wednesday that the United States and South Korea had requested the extradition of Do Kwon. Kwon is a South Korean national who stands accused on charges of multibillion-dollar fraud related to the collapse of the Terra ecosystem in May 2022. The Terra co-founder was arrested in the Podgorica region of Montenegro last week. Minister Kovac said during a news conference that South Korea and the U.S. have officially requested Kwon and another suspect’s extradition. Kovac added the two suspects were charged in Montenegro with forging documents after they attempted to board a flight to Dubai. Montenegrin authorities charged Kwon and the second suspect – identified as Hon Chang Joon, with forging official documents. Reuters reports Kwon and Joon were found in possession of doctored Costa Rican passports, a second set of Belgian passports, laptops, and other devices. The Multiple Charges Against Do Kwon South Korean authorities charged Kwon in September for violating its Capital Markets Acts and issued a warrant for his arrest. Following investigations by numerous law enforcement agencies and having charges filed against him, the International Criminal Police Organisation, or Interpol, issued a red notice for Kwon. U.S. federal prosecutors indicted Kwon with two counts each of securities fraud, wire fraud, commodities fraud, and conspiracy hours after his arrest. Who Will Get Custody of Kwon? It is unclear who will get custody of Kwon, given that he faces criminal charges in several jurisdictions. Kovac explained that extradition proceedings would only commence after local courts have dealt with the charges against Kwon and Joon for their use of falsified documents. If Kwon and Joon are sentenced for the charges in Montenegro, they would have to serve this out before being extradited. Since more than one country has requested extradition for Kwon, Kovac said the decision ultimately lies with the courts. He explained: In the case when we receive several extradition requests, determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and the time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors. A local court in Podgorica placed Kwon and Joon in a 30-day pre-trial detention. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, recently passed a new "constitution" aimed at formalizing its governance process and bolstering decentralization.This constitution is a key component of the "Endgame Plan" designed to transform MakerDAO into a truly decentralized organization, with DAI potentially becoming the world's reserve currency. The Maker Constitution acknowledges the inherent resilience of decentralized systems like Bitcoin and Ethereum, which have withstood adversarial events and remain uncensorable. However, unlike these systems, the Maker Protocol relies on human decisions made by $MKR token holders, making it more susceptible to weaknesses and vulnerabilities that could lead to the protocol's failure or loss of user funds.To address these risks, the Maker Constitution employs "alignment engineering," a practice that designs mechanisms, incentives, and shared habits to align the interests of the entire ecosystem. The constitution establishes clear definitions and delineations of roles within the governance framework, ensuring transparency and reducing complexity. It also enforces a separation of concerns, discouraging actions that risk taking the DAO towards governance failure. Recognizing that budgeting, resource allocation, and control over governance privileges are vulnerable aspects of a DAO, the Maker Constitution emphasizes the importance of robust grassroots community participation. The constitution aims to enforce a self-sustaining equilibrium where MKR token holders can effectively govern the DAO while promoting its growth and adaptation. In a bid to counterbalance rigidity and immutability, the Maker Constitution introduces a system for incubating and launching SubDAOs, which operate as semi-independent DAOs linked to Maker Governance that enable fast-moving innovation, growth, and experimentation. These SubDAOs also allow for the delegation of responsibility and risk within specific, highly complex areas. Despite the constitution's approval with 76.04% of MKR votes, some users have criticized it as authoritarian. Critics argue that restrictions on communication from constitutional delegates effectively "muzzle" them and inhibit their ability to gather information. As the Maker Constitution takes effect, it is poised to play a crucial role in fortifying the protocol's governance, enhancing decentralization, and ultimately, achieving MakerDAO's ambitious Endgame Plan. The Maker Constitution sets the stage for the document's purpose and vision by acknowledging the inherent strength and resilience of blockchain technology, cryptocurrency, and decentralized finance (DeFi). It highlights how these systems, exemplified by Bitcoin and Ethereum, have demonstrated their ability to withstand adversarial events and maintain security, which is difficult to achieve in centralized systems. The Maker Constitution, however, acknowledges that the Maker Protocol is fundamentally different from Bitcoin and Ethereum in that it relies on human governance decisions made by $MKR token holders. This reliance introduces weaknesses and vulnerabilities that can potentially result in the protocol's failure or loss of user funds. While the constitutive aspects of the writing recognizes the importance of addressing full-scale governance attacks, such as takeovers or theft of all DAI collateral, it also emphasizes the need to address slow-moving, slippery slope governance risks, like cultural shifts, creeping misalignment, or structural inability to achieve results. These risks can emerge spontaneously and, if left unaddressed, can pave the way for full-scale governance attacks. The Maker Constitution highlights the importance of grassroots community participation and alignment with the protocol's purpose as essential tools for defending against these risks. It emphasizes the importance of nurturing a community that transcends mere financial gain, to create a united front that can effectively protect the protocol. It is precisely in this manner that the Maker Constitution sets the pace for its DAO, emphasizing the need for a robust governance framework that safeguards the protocol against both immediate and long-term risks. This framework aims to foster a strong, aligned community dedicated to promoting the protocol's resilience and success. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Image: Wakweli The decentralized NFT certification protocol Wakweli collaborates with Polygon Labs to issue certificates for non-fungible tokens (NFTs) on the Polygon blockchain. Wakweli, a Web 3 certification protocol for NFTs that issues certificates of authenticity, is now collaborating with Polygon Labs, the leading development team on the Polygon blockchain, to bring certification to NFTs hosted on the blockchain. According to the team statement released this Wednesday, the collaboration allows every authentic digital asset to be verified by the Wakweli protocol. Speaking on the latest partnership, Antoine Sarraute, Co-Founder of Wakweli, praised the efficiency and cost-effectiveness of Polygon as a layer 2 chain and aims to capture the Polygon NFT market as he did the Ethereum NFT market. “Since 2021 when ETH fees skyrocketed, Polygon established itself as the go-to chain to mint assets and has performed extremely well ever since – it is now the home of incredible NFT projects,” he said. Following the collaboration, all tokenized assets and NFTs on Polygon will be compatible with Wakweli’s certification system and will have a green checkmark beside them after verification. Additionally, every NFT project holder on the chain will also be able to request authenticity certificates for each of their assets. Wakweli (Swahili for ‘Truthsayers’)is currently incubated by EverdreamSoft having been in operation since 2015. The protocol uses a ‘unique’ consensus mechanism, the proof-of-democracy (PoD), to authenticate and verify NFTs on every blockchain. Simply, Wakweli’s community is incentivized to review certificate reports and requests via a consensus with fair behaviours rewarded and malicious members punished to retain trust across the process. This is to promote the security and authenticity of assets. Once verified, the certified assets carry a green tick beside them when appearing on official marketplaces such as Opensea, which confirms their authenticity and helps promote the confidence and trust of the potential buyers. Sarraute believes the latest collaboration with Polygon, the second-largest NFT blockchain after Ethereum, will promote authenticity across the Web 3 tokenization economy. “We built Wakweli to create a safer web3 space across all chains, and today we are thrilled to collaborate with Polygon,” he said. “This will enable Wakweli’s certification power to all Polygon users and unlock a definitive way to fight scam attempts, creating more trust in this thriving ecosystem.” In addition, advanced use case scenarios will be available for NFT creators, developers and project holders via Wakweli’s platform and APIs. Some of these advanced use cases include automatic certification requests upon minting or accessing more precise certification data. Finally, additional customer and technical support will be available for developers and NFT holders in a bid to build “ a more secure digital ecosystem with the Polygon collaboration”, the statement further read. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The startup offers an order book protocol for decentralized finance (DeFi) in the Aptos ecosystem.

The APT43 group steals crypto to fund operations and launders it through cloud mining services.

FTX's fomer boss will supposedly be given a new laptop and phone with limited functions.

A judge has recently passed a ruling to temporarily halt the sale of the Voyager Digital company and its assets to the crypto exchange, Binance.US. Federal Judge Halts Voyager Acquisition Judge Jennifer Rearden of the U.S. District Court in New York granted the request of the United States government for an emergency stay when she temporarily halted the $1 billion sale of the bankrupt Voyager Digital to Binance.US. Her ruling granting the request stated, “Upon consideration of all parties’ written submissions, as well as the conferences and oral argument held in this matter, the Government’s emergency motion is hereby GRANTED.” The order passed by the Federal Judge will put a pause on the potential deal between Voyager Digital and Binance.US, which will need to wait till a decision is made on the Department of Justice’s appeal against the bankruptcy plan. The other alternative route for the acquisition to go through is to appeal to a higher court and get a ruling trumping that of the Federal Judge. DoJ Requested Emergency Stay The appeal for an emergency stay on the sale was filed by the DoJ on March 17 and was immediately challenged by Voyager Digital and the Official Committee of Unsecured Creditors on March 20. The DoJ responded to that in a final “reply” motion on March 21 and was granted its request by the Federal Judge on March 27. In response, the Voyager Official Committee of Unsecured Creditors tweeted, “The Committee is still analyzing the situation and awaiting the district court's forthcoming written opinion. We will continue to aggressively oppose the Government’s efforts and will provide further updates as they become available.” Voyager’s Bankruptcy Journey The federal judge will soon release a statement to highlight the situation more. Voyager Digital was one of the many other crypto companies that fell under the curse of the 2022 bear market and declared Chapter 11 bankruptcy on July 5. The defunct-crypto exchange has been focusing on developing a plan to redistribute funds ever since, and the Binance.US deal was struck as a result of that. Binance.US, a separate entity from the Binance crypto exchange, received approval from Judge Michael Wiles on March 7 to acquire Voyager assets. The approval ruling also mandated the issuance of bankruptcy tokens to impacted Voyager customers. Regulators Opposing Acquisition However, since the approval went through, the acquisition process has received pushback from more than one U.S. regulatory body. Other than the Department of Justice, the U.S. Securities and Exchange Commission also passed a motion on March 15, in which it argued that the acquisition of Voyager Digital by Binance.US would lead to an increase in fraud, theft, and tax evasion. Judge Wiles successfully squashed this claim. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Nvidia, the computing software and hardware design firm behind what some have touted to be the cutting edge in terms of processors, has long been a key player in the world of technology. Its silicon substrate designs laid the foundation for technological innovation for over the past three decades, driving progress in various industries. Nvidia CTO Michael Kagan, however, recently expressed his belief that cryptocurrencies do not "bring anything useful for society," in an interview from The Guardian. "All this crypto stuff, it needed parallel processing, and [Nvidia] is the best so people just programmed it to use for this purpose. They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does." Kagan shares. Kagan also compared crypto to AI, claiming that the uses of processing power for artificial intelligence engines were somehow more "worthwhile" than mining or computing for proof-of-work blockchains. Despite this assertion, it's essential to examine Nvidia's history and its role in supporting the development of blockchain and distributed ledger technologies, which are shaping a decentralized future. Nvidia's Silicon Legacy As a silicon manufacturer, Nvidia has been at the forefront of the tech revolution. Silicon, the second most abundant element on Earth (seventh, if we include the entire known universe), is the primary component in semiconductor materials. Its unique properties have enabled the production of integrated circuits, microprocessors, and memory chips, all of which have played a pivotal role in the digital age. The growth of silicon-based technology has spurred advancements in computing, communications, and various other industries, impacting every aspect of our lives. This also extends to how blockchain technologies were first developed from the mid-80s until the threshold moment in January 2009, which was when the genesis block for Bitcoin was mined. As technology evolves, the salient prospects of creating cohesively interlinked ecosystems and stacks is increasingly shifting toward decentralization. Blockchain and distributed ledger technologies (DLT) are key to this development, enabling greater security, transparency, and efficiency in various sectors. The rise of Bitcoin and other cryptocurrencies is just one example of how these technologies are reshaping our world. Considering the legacy of companies like Nvidia, it is vital that they continue to support and nurture the growth of decentralized technologies. While the initial software behind Bitcoin relied heavily on proof-of-work, future implementations of blockchain and DLT may require less computing power as the shift to proof-of-stake becomes more apparent in the case of Ethereum. As a leading computer hardware manufacturer, Nvidia has the potential to contribute significantly to this decentralized future. Indeed, Nvidia's mixed relationship with cryptocurrencies highlights the need for tech giants to adapt and embrace the changes driven by blockchain and DLT. Roughly two years ago, its competitors such as AMD have also begun their own initiatives into the crypto space. While their GPUs were in high demand for mining cryptocurrencies, the firm has also faced challenges, such as the enforced hashrate limitations and regulatory prompts and warnings for not disclosing the impact of crypto mining on their gaming GPUs. Crypto's Social Impact Technology pushes the boundaries of what's possible in the human imagination. It's a bit disheartening to hear of technologists such as Kagan offer a negative prospect about crypto and blockchain, which may be considered as one of the greatest innovations in recent history. While it's true that there have been challenges and inconsistencies in the crypto industry which have led to global market instability, the core technology and the ideals of freedom and financial inclusion it represents is what's important, not the individual aberrations or the prices driving people unto irrational heights. Cryptocurrencies and blockchain technology have garnered significant attention in recent years, not only for their potential to disrupt traditional financial systems but also for their wide-ranging social implications. The crypto industry is rapidly reshaping the legacy ecosystems that we've all been mired in: from banking to finance, crypto is changing the paradigm, opening its use to unbanked and underbanked demographics. With a borderless and decentralized financial ecosystem, crypto enables people without access to (or even those who prefer not to) traditional banking services to become active participants in the global economy. This fosters individual freedom and opens opportunities, especially in developing nations. In the same way, crypto and blockchain tech have also revolutionized philanthropy and social initiatives. With the use of transparent smart contracts, crypto helps ensure funds are used effectively and reach their intended recipients. Tokenization and smart contracts can also be used to facilitate innovative funding models, such as decentralized autonomous organizations (DAOs) focused on social causes. While cryptocurrencies like Bitcoin have faced harsh criticism for their energy consumption and impact, many projects in the crypto space are actively working on more sustainable solutions. It can also be leveraged to promote environmental stewardship, such as by tracking carbon emissions, enabling peer-to-peer renewable energy trading, and ensuring sustainable land management practices. It's crucial for companies like Nvidia to recognize the potential of blockchain and DLT in shaping our shared, decentralized future. By supporting and fostering these advancements, tech giants can help usher in a new era of innovation, driving progress across industries and improving the lives of people worldwide. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no influential stakes in any of the digital assets and securities mentioned, and does not have any significant hold of or own any cryptocurrency or token discussed.

The FTX founder will be given a new phone without internet access and a laptop with limited functionality.