3 days ago • cryptopotato
OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards
[PRESS RELEASE – Hong Kong, Hong Kong, September 20th, 2023] OKX, a leading crypto exchange and Web3 technology company, today announced that it has successfully completed the Service Organization Control (SOC) 2 Type II audit, demonstrating that the company’s processes for governing its services, managing sensitive data and protecting data privacy meet the highest global […]
3 days ago • cryptodaily
OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards
OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards
16 days ago • cryptodaily
Top 3 Metaverses To Watch Out For In 2023
Once thought to be a far-fetched notion, rooted primarily in the realm of science fiction, the idea of a digital metaverse has garnered a lot of traction over the last couple of years. In fact, owing to the social, monetary, and technological potential possessed by this burgeoning digital paradigm, many analysts believe that the space could generate up to $5 trillion over the next 7 odd years.
22 days ago • cryptopotato
Fetch.ai (FET) Price in Top Crypto Gainers Today, Are AI Coins OCEAN, PAAL, yPredict Next
The Fetch.ai price is among the top crypto gainers today and outperforming the market, one of the few altcoins not to fully retrace their post-Grayscale news pump. FET Price Predictions FET was one of the best performers of early 2023, pumping 200% in January and a further 60% in February, as AI crypto projects took […]
23 days ago • cryptodaily
Core Quickswap Members Launch 50x Leverage on Kava Chain
Georgetown, Cayman Islands, August 30th, 2023, Chainwire
Multiple core contributors of Quickswap, celebrated for their success on Polygon, have launched their next venture: Kinetix Finance on Kava Chain. Kava Chain is a Layer-1 Cosmos-Ethereum interoperability blockchain. The Kinetix Finance perpetual exchange is tailored for users eager to leverage trade without the limitations of traditional centralized exchanges.
Kinetix's innovative Perpetual Market allows users to leverage trade on the Kava Chain. The Perpetual Market meets the rising demand for decentralized trading solutions, offering users leveraged exposure to crypto assets like KAVA, axlETH, axlWBTC, ATOM, and USDt all while ensuring utmost transparency and security.
"The Perpetual Market is not just another trading platform — it is a reflection of Kinetix's dedication to providing decentralized solutions that empower our users. With this platform, we're offering a unique, secure, and efficient way to leverage trade on the Kava Chain," said Kinetix team lead Alexi Atlas.
At the heart of Kinetix's Perpetual Market is the distinctive liquidity pool system, KLP. LPs can offer any of the initial five supported assets: KAVA, axlETH (ETH), axlBTC (BTC), ATOM, and USDT. In return for contributing these tokens, participants receive KLP, a special liquidity token representing the entire basket. This decentralized structure, combined with the protocol's AMM, facilitates leverage trading, allowing users to borrow based on the value of their collateral.
“Kinetix's Perpetual Market boasts a suite of features tailored to cater to sophisticated DeFi users. Its decentralized nature guarantees that positions of any size can be taken with clarity and safety,” said Scott Stuart, Kava Chain Co-founder. “And the KLP token is a nod to traditional liquidity pool systems, ensuring familiarity and ease of use for traders.”
For more updates, follow Kava Chain and Kinetix Finance on X (fka Twitter).
About Kava
Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava Chain is a trusted choice for developers and users worldwide.
About Kinetix
Kinetix Finance is building a DeFi Hub featuring perpetual futures trading and the most sophisticated trading instruments on Kava, connecting the major building blocks of decentralized finance. Your best trade, every trade.
Contact
Media ManagerGuillermo [email protected]
25 days ago • cryptodaily
1inch Investment Fund Acquires $10m in $ETH
Blockchain data indications have revealed that 1inch Investment Fund, the investment arm of 1inch Network, recently acquired acquired a substantial amount of Ether (ETH) on itscrypto wallet.
The purchase, which amounts to 6,088 ETH bought at a price of $1,655 each, translates to an investment exceeding $10 million at the time of purchase. Blockchain analytics platform Lookonchain first highlighted this large transaction, drawing attention to the fund's continued interest in the crypto market.
1inch Investment Fund wallet spent $10M to buy 6,088 $ETH at $1,655 6 hrs ago.The wallet bought a total of 17K $ETH($26.8M) at an average price of $1,569 on Jan 13, Feb 9 and Mar 14.Then sold 11K $ETH($21M) at $1,906 on July 5, making ~$3.7M.https://t.co/QhEm3M9Mm7 pic.twitter.com/JUxzA8hFom
— Lookonchain (@lookonchain) August 28, 2023
The investment comes on the heels of a profitable period for the 1inch-affiliated wallet. Earlier this year, the wallet had made sizable investments inETH, buying around 17,000 ETH at an average price of $1,569 across three different instances—January 13, February 9, and March 14. The cumulative spend for these earlier investments was approximately $26.8 million.
In July, the fund took advantage of favorable market conditions and sold off 11,000 ETH when the cryptocurrency's price peaked at $1,906. This sale resulted in a revenue of roughly $21 million, thereby fetching a profit of around $3.7 million from its Ether holdings alone. According to blockchain data, this calculated approach to buying low and selling high has paid off well for the fund.
The acquisition and sale pattern indicates a strategic investment approach that appears to rely on dollar-cost averaging (DCA) and taking profits when market conditions are optimal. It also showcases the fund's risk diversification tactics, as the wallet reportedly holds a broad range of digital assets currently valued at around $80 million. Such portfolio diversification is often seen as a prudent strategy in the volatile cryptocurrency markets. The fund's recent actions raise pertinent questions about its future investment orientation and whether it will continue to realize profits through similarly strategic engagements in the cryptlo markets.
This acquisition is not merely a one-off purchase but also offers broader insights into market behavior and sentiment. Given that Ethereum is one of the main blockchains and cryptocurrencies that often influences and reflects market dynamics, such large-scale buying activity suggests a level of confidence in the digital asset’s future performance.
Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice.
25 days ago • cryptopotato
Stargate Deploys to Kava Chain Unifying Cosmos-Ethereum Liquidity
[PRESS RELEASE – Georgetown, Cayman Islands, August 28th, 2023] Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to […]
25 days ago • cryptodaily
Stargate Deploys to Kava Chain Unifying Cosmos-Ethereum Liquidity
Georgetown, Cayman Islands, August 28th, 2023, Chainwire
Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond.
Stargate's success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems.
The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple. Stargate's native asset transaction capabilities ensure a more direct and efficient connection to the Cosmos ecosystem.
“Kava Chain’s growth since becoming the exclusive native USDt hub for Tether has been impressive, with 90 million native USDt issued,” said Scott Stuart, Kava Chain Co-founder. “With Kava Chain now on Stargate, both retail and institutional users who previously had restricted access to certain features on Kava, now have an even broader spectrum of opportunities with USDt.”
Stargate's involvement, combined with the Kava Chain's USDt integration, promises to drive growth, increase exposure to liquidity, and open the Kava Chain and Cosmos ecosystems to wider markets, unprecedented usage for the first time.
About the Kava Chain
The Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, the Kava Chain is a trusted choice for developers and users worldwide.
For more updates, follow Kava Chain on X (fka Twitter).
About Stargate
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality.
Contact
Media managerguillermo [email protected]
26 days ago • cryptodaily
HashKey Exchange Set to Launch Today Amidst High Anticipation
In a significant move for the crypto community, HashKey Exchange, Hong Kong's premier licensed retail cryptocurrency platform, is all set to make its grand debut today, 28 August.
Regulatory success
This groundbreaking development comes as the exchange has successfully navigated the regulatory landscape, securing its position under the watchful eyes of the Securities and Futures Commission of Hong Kong (SFC).
The real advantages for the HashKey Exchange is its collaboration with leading banks, and the granting of type 1 and type 7 licences, which will enable it to operate as a virtual asset trading platform, and be able to provide services to not only professional, but also retail investors.
To further enhance user engagement and foster a sense of community, HashKey Group has rolled out HashKey Ecological Points (HSK). These points serve as incentives, rewarding both users and partners within the HashKey ecosystem. From accessing unique features and enjoying transaction fee discounts to availing exclusive benefits on the HashKey platform, HSK points promise a plethora of advantages.
Promotional events
In celebration of its launch, HashKey Exchange is running an ongoing series of promotional events. New registrants during the event period will be greeted with a mystery box, which can be unlocked after completing identity verification. Moreover, professional clients who complete their verification within the event time frame stand a chance to bag a generous 500 HSK package.
But that's not all. HashKey Exchange is offering a zero trading fee policy for spot trading, ensuring all users can engage in transactions without any additional costs. For those interested in API trading, there's an enticing reward event on the horizon, with trading volumes and rankings determining the chance to win a huge 300,000 HSK grand prize.
As September rolls in, newcomers to the platform can look forward to a starter pack, allowing them to earn HSK rewards by completing beginner tasks. Additionally, a trading rewards bonanza is in the pipeline, where trades equivalent to $10,000 will fetch customers 10 HSK.
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.
28 days ago • cryptodaily
Bitget Exchange: Driving Trust in Today’s Evolving Web3 Ecosystem
Building Trust in Web3: How Bitget is Pushing the Envelope
Bitget Redefines Web3 Trust Through Customer-First Initiatives
The Web3 ecosystem is growing rapidly, and though its rise has seen numerous intriguing innovations and services, it is no stranger to mishaps and missteps. From protocol hacks to exchange liquidity drying up, the crypto industry is now characterized as a wild west that demands proper policing.
This sentiment is not unjustified. Regulators around the world are now beginning to demand accountability from firms serving the digital currency ecosystem. This scrutiny usually centers on crypto startup licensing or know-your-customer (KYC) and anti-money laundering (AML) implementation.
Further complicating these matters is that each country has unique regulations for these demands. Nonetheless, a certain level of reliability is in demand for the crypto industry, and countries are following suit.
How Bitget is Fitting into These Complex Regulatory Environments
Bitget was founded as a futuristic trading platform with a commitment to align with regulations regardless of the country. While this commitment can be challenging, Bitget is built with a strong value system that cannot operate without complying with local regulators.
The European Union is currently touting their Markets in Crypto Assets (MiCA) regulation, which has been seen as a comprehensive move toward protecting consumers while promoting crypto industry innovations. The MiCA framework was officially passed by the European Parliament in April with implementation arriving in 2024.
In line with the EU helping tame the crypto industry, Bitget has been proactive in accepting and implementing regulatory demands. From the differences in taxation to the implementation of the 5th and 6th anti-money laundering directives, Bitget’s system is designed to help users and clients stay on the right side of regulators.
The Core Bitget Products that Fosters Regulatory Compliance
One of Bitget’s top features is their impressive 244% reserve ratio. Since liquidity is one of the most important issues for regulators, Bitget has emphasized stability when building confidence for its varied markets and customers.
The platform holds 2.5 times the total amount of customer funds as its reserve asset. This solid block of liquidity means Bitget can meet redemption at any time, regardless of the broader market condition.
Some earlier bankrupt crypto platforms had a history of commingling customer funds, which is one of the reasons for their swift demise. The custody of user assets on Bitget is separate from other fund classifications and this can be verified at any time through their detailed and accessible proof-of-reserve. This transparency is one of Bitget’s biggest initiatives to build trust.
The Bitget Protection Fund
Considering the complexity of the ever-evolving crypto market, Bitget also has introduced the Bitget Protection Fund.
This fund is a deep liquidity pool that serves as insurance that users can turn to in the case of mishaps. Though Bitget is built for safety and the platform’s firewall is battle-tested, the Protection Fund is its way of going the extra mile in safeguarding its users’ hard-earned capital.
The fund is currently valued at $350 million. The platform regularly monitors the liquidity pool and the underlying industry cybersecurity landscape to ensure that the fund remains adequate for user protection. At the moment, the fund is hosted by three, highly-liquid, non-Bitget affiliated digital currencies.
These cryptocurrencies include Bitcoin (BTC) which holds a total of 6,500 units, USDT which holds $120 million worth, and USDC which holds approximately $40 million worth. The wallets holding the Protection Fund can be viewed on-chain to confirm their value.
According to the exchange, users who have their accounts compromised or assets stolen due to uncontrollable events may make a claim. Bitget is committed to preserving this fund for the next three years, a move that highlights their focus on driving sustainability.
A popular Web3 saying goes “Trust But Verify.” Everyone is encouraged to visit the Bitget website to read more and verify the exchange’s proof-of-reserves and Protection Fund for themselves. After all, DYOR.
Conclusion
A lot has happened in the crypto industry over the past few years that calls for caution. With growing demands from regulators, it is important for users to pitch a tent with a trading platform that adheres strictly to tenets of transparency and prioritizes user safety.
Bitget fits this profile better than most, and has the mandate to continuously enhance its systems to serve everyone accordingly.
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.
31 day ago • cryptodaily
Balancer Discloses Critical Vulnerability Affecting Its V2 Pools
Liquidity protocol Balancer has disclosed that it has discovered a critical vulnerability that has impacted over 100 of its v2 pools spread across eight different blockchains.
The team at Balancer has posted a list of the impacted pools on its GitHub page while also activating its emergency subDAO.
Critical Vulnerability Discovered
Balancer announced the discovery of the vulnerability in a post on X (formerly Twitter), stating that it had initiated emergency mitigation features. The protocol also urged users to withdraw funds from the impacted pools.
“Balancer has received a critical vulnerability report affecting a number of V2 Pools. Emergency mitigation procedures have been executed to secure a majority of TVL, but some funds remain at risk. Users are advised to withdraw affected LPs immediately.”
The protocol stated that the issue had been mitigated in about 80% of the impacted pools. Meanwhile, the remaining 20% of the impacted pools represented around 4% of Balancer’s total value locked (TVL). Balancer stated in its forum,
“Balancer Labs received a report of a critical vulnerability affecting a number of pools. We were able to mitigate over 80% of these; the remaining funds at risk represent about 4% of Balancer TVL.”
Funds Remain Safe
The protocol also assured users that, at this point, the vulnerability had not been exploited, and all funds remained safe. Balancer added that pools labeled mitigated were safe but still urged users to migrate to safe pools or withdraw for the time being. The team also urged liquidity providers to exit their positions from impacted pools immediately. Jeff Bennett, a software engineer at Balancer Labs, said in a post,
“We believe funds in the mitigated pools (labeled ‘mitigated’) are safe, but nevertheless strongly recommend timely migration to safe pools or withdrawal. Pools that could not be mitigated are labeled ‘at risk.’ If you are [a liquidity provider] in any of these pools, please exit immediately.”
Users have heeded the warnings from the protocol following the discovery of the vulnerability. As a result of users withdrawing liquidity, the protocol’s total value locked dropped by nearly $100 million amidst the rush of withdrawals. Balancer has also stated that it would be conducting a thorough post-mortem of the vulnerability and would publish details about it and how it was addressed soon.
This is not the first time Balancer has asked users to pull liquidity from its pools. In January, the protocol had advised liquidity providers to pull liquidity citing “ongoing issues.
Balancer’s Native Token Registers Significant Drop
The unfolding situation unsurprisingly had an immediate impact on the market. As a result of the discovery of the vulnerability, Balancer’s native BAL token registered a drop of over 4%. However, the value has recovered with the protocol moving swiftly to mitigate the vulnerability and communicate with users. Currently, the token is trading at around $3.51, according to data from CoinMarketCap.
Meanwhile, Spencer Hughes, a Blockworks Research Analyst, observed that the discovery of the Balancer vulnerability demonstrated the fact that smart contract audits cannot guarantee complete safety. However, he added that these audits never claimed to be a hundred percent foolproof.
“With ~$830M TVL, a Balancer exploit would have left one of the most prominent DEXs for dead. Emergency SubDAOs are definitely very important for all DeFi protocols, and it is great that they were able to act before anything malicious could occur.”
The Curve Hack
While Balancer has moved fast to mitigate any potential damage, the DeFi space has been reeling from a spate of exploits. Recently, an exploit in the Curve Finance platform put over $100 million in crypto at risk, significantly amplifying concerns around the decentralized finance (DeFi) ecosystem. At the heart of the exploit was a re-entrancy bug that was found in Vyper, a programming language critical to Curve’s system.
The vulnerability allowed hackers to drain several stablecoin pools on Curve, leading to a significant disruption of the price and liquidity of several DeFi services. Other major exploits in the DeFi space include the Ronin exploit, which saw the Ronin Network lose a staggering $622 million. The exploit was a result of a breach in the Ethereum sidechain. BadgerDAO also fell victim to hackers, losing around $80 million to hackers.
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.
31 day ago • cryptodaily
LBank Launchpad Addresses False Rumors Surrounding Project PINs Launch
In light of recent community chatter, LBank Launchpad has stepped forward to address misleading speculations regarding its forthcoming Project PINs launch. Set to debut on August 31st, the LBank Launchpad has taken it upon themselves to correct the record and prioritize the safety of its users.
Recent rumors have been suggesting privileges for certain individuals, including direct purchase access to Project PINs, obtaining extra allocations, or guaranteed whitelist spots. LBank Launchpad firmly dispels these rumors, assuring the community that no such privileges exist.
For those interested in the Project PINs token sale event, it is scheduled exclusively for August 31st, 6:00 AM (UTC) on LBank Launchpad. Any information regarding this launch should be verified using the official LBank Launchpad website: LBank Launchpad's Project PINs.
Users and interested parties are encouraged to exercise caution and verify any information they come across regarding the Project PINs launch. For questions or further clarity, LBank Launchpad's dedicated customer support team stands ready to assist.
As always, the community's unwavering support and enthusiasm for LBank Launchpad projects are deeply appreciated.
For more details, please check https://support.lbank.com/hc/en-gb/articles/22061348602521.
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Contact
LBK Blockchain Co. [email protected]