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Injective(INJ)

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$6.9563
(-1.42%)
0.00026139 BTC
Market Cap (Rank#61)
$582,628,019
21,893 BTC
Vol 24h
$5,669,174
213.026 BTC
Circulating Supply
83,755,555.66
Max Supply
100,000,000
8 days agocryptopotato
MakerDAO Injects $100M Worth of RWAs via BlockTower Andromeda
RWA assets stand as the leading breadwinner for MakerDAO.
19 days agocryptopotato
TOKYO BEAST – Crypto Entertainment Game By Renowned Web3 Companies Announces Launch on Korea Blockchain Week
[PRESS RELEASE – Tokyo, Japan, September 4th, 2023] zTOKYO BEAST FZCO, headquartered in Dubai, United Arab Emirates; General Manager: Tomoe Mizutani; (hereinafter “TOKYO BEAST FZCO”) has announced the crypto entertainment project “TOKYO BEAST, gumi Inc. Headquartered in Shinjuku-ku, Tokyo; Hiroyuki Kawamoto, CEO; (hereinafter “gumi”) as the developer, Turingum K.K., headquartered in Minato-ku, Tokyo; Hiroki Tahara, CEO; (hereinafter […]
25 days agocryptodaily
Leading Edtech Firm TinyTap Launches AI-Generated Games And Content
World’s leading library for interactive educational games, TinyTap launches AI-based content generation and deepens its strategic partnerships with Web 3 firm Open Campus. Following a ten-year spell as one of the leading edtech platforms, TinyTap, a subsidiary of Animoca Brands, is entering a new technological development stage, introducing novel AI features to enhance educational content creation on its platform. According to a release this Wednesday, TinyTap has launched the ‘prompt to game’ AI beta today and is expected to launch its ‘prompt to text/image’ AI generator later next month. Moreover, users and creators on the platform can leverage the ‘Practice Anywhere’ AI, which allows creators to turn any form of media into educational games and courses. In addition, TinyTap, one of the launch partners of Open Campus, announced the strengthening of the two firms’ partnership in the future and the integration of Publisher NFTs and $EDU tokens on TinyTap. “We are excited to unveil our AI roadmap, which will redefine how teachers and parents create engaging and interactive educational content for children,” Yogev Shelly, CEO of TinyTap, said. “With its new AI-powered functions, TinyTap will make content creation faster and more accessible, enabling teachers and parents to provide a personalized learning experience for each child." TinyTap’s Roadmap for AI Integration TinyTap is an online edtech platform that allows millions of users to generate educational courses and interactive games on a no-code platform. Since its launch in 2012, TinyTap has grown into the most prominent educational library for games, with companies such as Sesame Street and Oxford University Press creating their own games. With the integration of AI technology, TinyTap will empower even more creators to generate educational content and games more efficiently and quickly. According to the team statement, the decision to pivot to AI comes in light of the recent developments in the industry (just check Chat GPT’s rise) and its mission to provide a better user experience. To kick off the AI revolution on the platform, TinyTap is launching the “Prompt to Game” beta feature, allowing anyone to enter a topic prompt in a search box, and TinyTap’s AI creates a complete game from the topic provided, as this live demo shows. “As in various other fields, AI presents some terrific opportunities for edtech. Integrating AI into TinyTap allows us to scale up educational opportunities with customised programs tailored for each learner,” Yat Siu, co-founder and executive chairman of Animoca Brands, said. Additionally, the “Prompt to Text/Image” is set to launch this September. The team states that this feature aims to allow creators, educators and teachers to generate graphics, texts, and images from simple topic prompts. This will gradually enhance their courses and help them create more interesting lessons as the AI learns and adapts. “More efficiently produced content means a larger education library, which will also help teachers earn more on TinyTap,” Siu added. If the beta phase of TinyTap’s AI engines is successful, the development team will also launch the “Practice Anywhere” tools to enable creators to learn more about creating content using AI content generators. In addition, these tools can be used to “turn existing media into learning material”. For example, users paste the URL link of an educational video into the tool, and the AI transcribes the video, creates a lesson, and produces real-time TinyTap games. TinyTap integrates $EDU tokens and Publisher NFTs Apart from AI, TinyTap is also shifting its attention towards Web 3.0, strengthening its relationship with Open Campus. According to the statement, starting next quarter, holders of Open Campus NFTs and its native, $EDU token will be able to spend their digital assets to create TinyTap games and courses. These games can then be converted or minted into Publisher NFTs, which can be sold on the Open Campus marketplace. This gives the creator an opportunity to raise money from “co-publishers” who can purchase the NFT in return for a share of the revenue the content generates. By introducing Publisher NFTs, creators on TinyTap will receive a fair share of earnings generated by their content while injecting new liquidity into the edtech sector. 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.
32 days agocryptodaily
Yuga Labs To End Support For OpenSea’s Seaport Protocol From 2024
Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), have announced they will be removing support for OpenSea’s Seaport Protocol from February 2024. OpenSea has made over $100 million in fees from collections such as Bored Ape Yacht Club, BAKC, Mutant Apes, and other prominent NFT collections. Yuga Labs To Block OpenSea Yuga Lab’s decision to block OpenSea comes after OpenSea announced its decision to disable mandatory royalties for existing collections. OpenSea announced a slew of changes in a blog post published on the 17th of August. OpenSea had stated in its update, “We launched our Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees. But we relied on opt-in by the entire ecosystem, which didn’t happen. So we’re making a few changes to our approach to creator fees. Starting on Thursday, the 31st of August, 2023, we’re moving to optional creator fees on OpenSea in an effort to better reflect the principles of choice and ownership that drive this decentralized ecosystem.” Yuga Lab’s collections on OpenSea comprise nearly $5 billion worth of all-time traded value. Out of this, the Bored Ape Yacht Club alone has generated around $2 billion. The announcement makes Yuga Labs the latest NFT project to come out in opposition to OpenSea’s controversial decision. Yuga Labs CEO Daniel Alegre, stated in a post on X, “Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach. “For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators. Yuga believes in protecting creator royalties so creators are properly compensated for their work.” A spokesperson for Yuga Labs stated that the company would be moving towards disallowing OpenSea’s marketplace to trade any of its collections as they phase out royalties. Move Panned By NFT Community OpenSea’s sudden move has, not surprisingly, angered the NFT and digital art communities, with artists expressing their anger and disbelief at the decision. They have also criticized OpenSea’s lack of respect and appreciation for the creators from whom it had profited off for years. One of the most prominent investors in OpenSea, Mark Cuban, has also criticized the move, posting on X. “Not collecting and paying royalties on NFT sales is a HUGE mistake by OpenSea. It diminished trust in the platform and hurts the industry.” The company has also changed its OpenSea Pro fee structure and will be levying a 0.5% fee on listings and offers on the platform starting the 31st of August. At present, the 0.5% listing fee is only applicable in specific instances where the creator royalty is set to below 0.5% or if the collection does not meet specified thresholds. The move could drive users to Blur, which recently surpassed OpenSea as the leading NFT marketplace by trading volume. Collections such as Bored Ape Yacht Club and CryptoPunks play a crucial role in contributing to the success of NFT marketplaces such as OpenSea. According to data from Ninjalerts, Yuga Lab’s 30-day trading volume is 80% of the size of OpenSea’s at $52.8 million. Meanwhile, OpenSea’s 30-day volume is around $66.7 million. “Yuga’s 30d volume is 80% the size of OpenSea’s. This is the leverage that IP has over NFT Marketplaces. The NFT Marketplaces are dead without the most important IP Will this lead to walled garden marketplaces by IP owners? That’s much more complicated, so I’m not sure. Distributors can also create walled gardens. Is there any upside for OpenSea to work as an “Authorized Reseller” that maintains royalties for the top IP? Probably? It will be very difficult for these IP creators to make good marketplaces.” 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.
32 days agocryptodaily
Yuga Labs To End Support For OpenSea’s Seaport Protocol From 2024
Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), have announced they will be removing support for OpenSea’s Seaport Protocol from February 2024. OpenSea has made over $100 million in fees from collections such as Bored Ape Yacht Club, BAKC, Mutant Apes, and other prominent NFT collections. Yuga Labs To Block OpenSea Yuga Lab’s decision to block OpenSea comes after OpenSea announced its decision to disable mandatory royalties for existing collections. OpenSea announced a slew of changes in a blog post published on the 17th of August. OpenSea had stated in its update, “We launched our Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees. But we relied on opt-in by the entire ecosystem, which didn’t happen. So we’re making a few changes to our approach to creator fees. Starting on Thursday, the 31st of August, 2023, we’re moving to optional creator fees on OpenSea in an effort to better reflect the principles of choice and ownership that drive this decentralized ecosystem.” Yuga Lab’s collections on OpenSea comprise nearly $5 billion worth of all-time traded value. Out of this, the Bored Ape Yacht Club alone has generated around $2 billion. The announcement makes Yuga Labs the latest NFT project to come out in opposition to OpenSea’s controversial decision. Yuga Labs CEO Daniel Alegre, stated in a post on X, “Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach. “For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators. Yuga believes in protecting creator royalties so creators are properly compensated for their work.” A spokesperson for Yuga Labs stated that the company would be moving towards disallowing OpenSea’s marketplace to trade any of its collections as they phase out royalties. Move Panned By NFT Community OpenSea’s sudden move has, not surprisingly, angered the NFT and digital art communities, with artists expressing their anger and disbelief at the decision. They have also criticized OpenSea’s lack of respect and appreciation for the creators from whom it had profited off for years. One of the most prominent investors in OpenSea, Mark Cuban, has also criticized the move, posting on X. “Not collecting and paying royalties on NFT sales is a HUGE mistake by OpenSea. It diminished trust in the platform and hurts the industry.” The company has also changed its OpenSea Pro fee structure and will be levying a 0.5% fee on listings and offers on the platform starting the 31st of August. At present, the 0.5% listing fee is only applicable in specific instances where the creator royalty is set to below 0.5% or if the collection does not meet specified thresholds. The move could drive users to Blur, which recently surpassed OpenSea as the leading NFT marketplace by trading volume. Collections such as Bored Ape Yacht Club and CryptoPunks play a crucial role in contributing to the success of NFT marketplaces such as OpenSea. According to data from Ninjalerts, Yuga Lab’s 30-day trading volume is 80% of the size of OpenSea’s at $52.8 million. Meanwhile, OpenSea’s 30-day volume is around $66.7 million. “Yuga’s 30d volume is 80% the size of OpenSea’s. This is the leverage that IP has over NFT Marketplaces. The NFT Marketplaces are dead without the most important IP Will this lead to walled garden marketplaces by IP owners? That’s much more complicated, so I’m not sure. Distributors can also create walled gardens. Is there any upside for OpenSea to work as an “Authorized Reseller” that maintains royalties for the top IP? Probably? It will be very difficult for these IP creators to make good marketplaces.” 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.
32 days agocryptodaily
BlockFi Pushes Back On FTX And Three Arrows Capital Repayment
Bankrupt crypto lender BlockFi is reportedly trying to block attempts by FTX and Three Arrows Capital (also bankrupt) to retrieve millions of dollars to pay back their creditors. BlockFi has claimed that, by its estimates, legal battles with FTX and Three Arrows Capital could cost its customers up to $1 billion. BlockFi Looks To Stop FTX And 3AC Repayment BlockFi claimed in a 21st August filing at the New Jersey bankruptcy court that its own creditors must not be pushed to the back of the line because FTX’s creditors were harmed thanks to the exchange allegedly misappropriating the $5 billion that BlockFi had initially lent it. In an attempt to safeguard the interest of its creditors, BlockFi has stated it will actively look to block attempts by FTX and Three Arrows Capital to claw back billions to pay off their own creditors. The crypto lender argued that its bankruptcy directly resulted from the fraud perpetrated by FTX and 3AC. BlockFi stated in its filing, “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors. To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands.” FTX had also given $400 million to BlockFi in June 2022 in an attempt to remedy the situation. This was in addition to purchasing BlockFi equity pursuant to a loan agreement, the filing added. However, BlockFi has stated that this was not a standard loan agreement. Instead, the crypto lender has stated that it was an unsecured, 5-year term which was also well below market rates. It further added that repayments were not due until the firm would supposedly mature. BlockFi called FTX’s investment a gamble, one that BlockFi’s creditors should not be held liable for. BlockFi stated in its argument, “Just because FTX’s fraudulent actions caused FTX’s bet to fail does not mean BlockFi’s creditors are now somehow liable to refund the purchase price.” BlockFi Owes Billions To Creditors Several estimates have shown that BlockFi reportedly owes up to $10 billion to over 100,000 creditors. This figure includes $1 billion to three of its largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital. Three Arrows Capital’s creditors have reportedly expressed considerable frustration with the slow pace of bankruptcy proceedings. BlockFi has argued that Three Arrows Capital, like FTX, was not entitled to repayment and claimed that the crypto hedge fund used fraudulent means to borrow the funds. Three Arrows Capital had previously taken loans from BlockFi, on which it subsequently defaulted. This led to the foreclosure on the collateral, leading to what liquidators have described as a $220 million preferential payment to BlockFi. BlockFi’s creditors have also accused the company of ignoring several warnings and red flags when dealing with FTX and its sister concern Alameda Research, just months prior to the FTX collapse. The creditors claimed that the CEO of BlockFi ignored advice from BlockFi’s risk management team, which had stated that Alameda Research’s balance sheet primarily consisted of FTX’s own FTT token. However, the CEO dismissed such concerns and urged the risk management team to get comfortable with Alameda Research being a borrower similar to Three Arrows Capital. “As early as August 2021, BlockFi’s risk management team was advised that Alameda’s balance sheet was largely comprised of ‘~7bb unlocked FTT and 11bb total including locked tokens based on unaudited financials. This set off alarms at BlockFi. Mr. Prince dismissed the concerns, urging the risk team to learn to ‘get comfortable [with Alameda] being a three arrows size borrower, just with FTT and other collateral types instead of GBTC shares.” However, BlockFi’s creditors settled with the company last month on moving ahead with a repayment plan. BlockFi collapsed just weeks after FTX, filing for Chapter 11 bankruptcy on the 28th of November. 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.
32 days agocryptodaily
BlockFi Pushes Back On FTX And Three Arrows Capital Repayment
Bankrupt crypto lender BlockFi is reportedly trying to block attempts by FTX and Three Arrows Capital (also bankrupt) to retrieve millions of dollars to pay back their creditors. BlockFi has claimed that, by its estimates, legal battles with FTX and Three Arrows Capital could cost its customers up to $1 billion. BlockFi Looks To Stop FTX And 3AC Repayment BlockFi claimed in a 21st August filing at the New Jersey bankruptcy court that its own creditors must not be pushed to the back of the line because FTX’s creditors were harmed thanks to the exchange allegedly misappropriating the $5 billion that BlockFi had initially lent it. In an attempt to safeguard the interest of its creditors, BlockFi has stated it will actively look to block attempts by FTX and Three Arrows Capital to claw back billions to pay off their own creditors. The crypto lender argued that its bankruptcy directly resulted from the fraud perpetrated by FTX and 3AC. BlockFi stated in its filing, “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors. To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands.” FTX had also given $400 million to BlockFi in June 2022 in an attempt to remedy the situation. This was in addition to purchasing BlockFi equity pursuant to a loan agreement, the filing added. However, BlockFi has stated that this was not a standard loan agreement. Instead, the crypto lender has stated that it was an unsecured, 5-year term which was also well below market rates. It further added that repayments were not due until the firm would supposedly mature. BlockFi called FTX’s investment a gamble, one that BlockFi’s creditors should not be held liable for. BlockFi stated in its argument, “Just because FTX’s fraudulent actions caused FTX’s bet to fail does not mean BlockFi’s creditors are now somehow liable to refund the purchase price.” BlockFi Owes Billions To Creditors Several estimates have shown that BlockFi reportedly owes up to $10 billion to over 100,000 creditors. This figure includes $1 billion to three of its largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital. Three Arrows Capital’s creditors have reportedly expressed considerable frustration with the slow pace of bankruptcy proceedings. BlockFi has argued that Three Arrows Capital, like FTX, was not entitled to repayment and claimed that the crypto hedge fund used fraudulent means to borrow the funds. Three Arrows Capital had previously taken loans from BlockFi, on which it subsequently defaulted. This led to the foreclosure on the collateral, leading to what liquidators have described as a $220 million preferential payment to BlockFi. BlockFi’s creditors have also accused the company of ignoring several warnings and red flags when dealing with FTX and its sister concern Alameda Research, just months prior to the FTX collapse. The creditors claimed that the CEO of BlockFi ignored advice from BlockFi’s risk management team, which had stated that Alameda Research’s balance sheet primarily consisted of FTX’s own FTT token. However, the CEO dismissed such concerns and urged the risk management team to get comfortable with Alameda Research being a borrower similar to Three Arrows Capital. “As early as August 2021, BlockFi’s risk management team was advised that Alameda’s balance sheet was largely comprised of ‘~7bb unlocked FTT and 11bb total including locked tokens based on unaudited financials. This set off alarms at BlockFi. Mr. Prince dismissed the concerns, urging the risk team to learn to ‘get comfortable [with Alameda] being a three arrows size borrower, just with FTT and other collateral types instead of GBTC shares.” However, BlockFi’s creditors settled with the company last month on moving ahead with a repayment plan. BlockFi collapsed just weeks after FTX, filing for Chapter 11 bankruptcy on the 28th of November. 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.
34 days agocointelegraph
HBAR, OP, INJ and RUNE flash bull signals as Bitcoin price looks for stability
Bitcoin is searching for stability in the $25,000 zone, meanwhile, HBAR, OP, INJ and RUNE price looked primed for further upside.
37 days agocoindesk
Mastercard Deepens Tie to CBDCs as Nations Mull Issuing Digital Currencies
Payments giant Mastercard has created a forum where crypto industry players can discuss and collaborate on central bank digital currencies, injecting its influential voice into the CBDC conversation as nations around the world consider whether to digitize their money.
39 days agocryptopotato
New Meme Coin to Watch: Sonik Coin Launches Presale & Looks to be Fastest Token to $100M Market Cap
Sonik Coin ($SONIK), a new community-driven meme token, aspires to be the fastest-growing project in its niche and is rapidly emerging in the meme coin space. With a fair presale ongoing and lucrative staking rewards, Sonik Coin $SONIK injects hilarity and vibrant energy into the meme coin market. Following the recent successes of comparable low-market-cap […]
46 days agozycrypto
Chainlink Whales Splurge Over $100 Million On LINK Buys Amid Surging Developer Activity
Chainlink whales have injected a staggering $100 million into the market by acquiring around 14 million LINK tokens in just one week. This purchase surge coincides with a notable increase in developer activities and GitHub contributions to the project.
47 days agocryptodaily
US to add $5.2 billion to its debt every day for next 10 years - Bitcoin?
According to Bank of America analyst Michael Hartnett, the US government debt is predicted to rise to $50 trillion by 2033. This is the astonishing and ridiculous state our financial system has got into, and the vast majority of US citizens will probably just shrug their shoulders and carry on. An unfair downgrade? That the US was recently downgraded from triple A to double A+ was heavily lamented in US government and banking circles. Treasury Secretary Janet Yellen called it “puzzling”, “entirely unwarranted”, and a “flawed assessment”. Jamie Dimon, CEO of JP Morgan, said that the downgrade was “ridiculous” and that “it doesn’t really matter”, and that the markets would decide rather than the Fitch rating agency. Both of these heads of finance were hardly going to say that Fitch was absolutely right to make the downgrade, and so their hollow protests were probably to be expected. However, many will take them at their word and wonder why Fitch made this awful decision… Of course we can print money out of thin air, we’re the US government So the already impossible and insurmountable US debt figure is set to rise from the current $32.5 trillion to around $50 trillion over the next 10 years. Given that this is a figure produced by a banker, perhaps the eventual figure might even be much higher. In congress, there are those who revel in the special privilege that the US wields with the dollar as the world’s reserve currency. Brad Sherman is a staunchly anti-crypto congressman, always using his power and influence to malign and demean Bitcoin and cryptocurrencies. When accusing “crypto bros” of printing $1 trillion from thin air during a key congressional committee, he speculated that these same people might accuse the US government of doing the same thing. He said “perhaps we do” and vindicated the act by saying “we’re the US government”. When certain congressmen/women and senators have such a view, it is no wonder the US is in the impossible situation it is in. From the dollar sinking ship to the Bitcoin liferaft So, we know that the US is going to add to its debt mountain over the next 10 years at least, as it spends like a drunken sailor, injecting scandalous amounts of new currency into the system, leading to currency debasement on a massive scale and leaving its citizens to shoulder the cost. Bitcoin on the other hand has a fixed supply built into its code. As its halving approaches in April of next year and its supply is cut in half, expect a tsunami of wealth to leave the sinking ship which is the dollar and climb aboard the Bitcoin liferaft. 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.
48 days agocryptodaily
OPNX Launches Bid To Acquire 75% Of Crypto Lender Hodlnaut
OPNX, the newly launched crypto exchange by founders of the now-defunct Three Arrows Capital (3AC), has reportedly launched a bid to take over struggling crypto lender Hodlnaut. If the bid is approved, the deal could see an injection of around $30 million worth of FLEX tokens into Hodlnaut. A White Knight Investor For Hodlnaut? According to a report in Bloomberg, the OPNX exchange has made an offer to acquire 75% of the struggling crypto lender. The bid comes at a critical time for Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court. The deal would see a significant capital injection into Hodlnaut and would partially cover outstanding claims and creditor payouts. If the deal is approved, creditors will receive 30% of their claims in FLEX tokens and other cryptocurrencies. This offer also gives them a direct stake in the future potential of the entity being acquired. Alternatively, creditors also have the choice of opting for a pro-rata payment, allowing them to recover about 95% of the available corporate asset pool. According to OPNX, this option prioritizes the immediate financial recovery and stability of creditors. However, the bid is subject to approval from Hodlnaut’s creditors, who effectively hold the fate of the acquisition in their hands. The creditors’ decisions could also have a significant impact on the larger crypto-lending ecosystem. Unclear If Deal Goes Through So far, it remains to be seen if Hodlnaut’s creditors will accept the deal. Back in April, a significant majority of the struggling crypto lender’s creditors indicated their desire to liquidate the company. In a letter from the interim judicial manager (IJM), users representing 55.38% of creditors having claims of around 228.3 million Singaporean dollars ($170 million) have indicated that they prefer liquidation rather than restructuring. However, at the time, there was no source of fresh capital for the company. “There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection.” Meanwhile, only users with around 2.42% of claims supported looking into the restructuring option. However, all of these claims belonged to company directors. A mediation proposal was also opposed by the major creditors of the company, including Samtrade Custodian and SAM Fintech, and the Algorand Foundation. Algorand has a $35 million exposure to Hodlnaut. The Hodlnaut Fiasco Hodlnaut halted all withdrawals in August 2022, as the turmoil in the crypto markets led to a significant liquidity crisis for the crypto lender. Eventually, the company entered into judicial management, temporarily protecting it against legal action. Following this, the company entered into a court-based restructuring process, shedding light on the extent of its financial difficulties. The company had stated at the time, “We are aiming to avoid a forced liquidation of our assets as it […] will require us to sell our users’ cryptocurrencies such as BTC, ETH, and WBTC at these current depressed asset prices.” With Hodlnaut struggling with the complexities of financial rehabilitation and creditor interests, founders Zhu Juntao and Simon Lee proposed selling the business as an alternative to liquidation, arguing it would result in a more favorable outcome for creditors. Furthermore, regulatory concerns have also compounded troubles, with figures associated with Hodlnaut and OPNX facing reprimands in Dubai for operating OPNX without the necessary local licenses. The OPNX Exchange And Its 3AC Connection The FLEX token is the native token of the CoinFLEX exchange, founded by Sudhu Arumugam and Mark Lamb. Arumugam and Lamb are also the co-founders of OPNX, a crypto claims trading marketplace. Other co-founders of OPNX include Kyle Davies and Su Zhu, who founded the now-bankrupt crypto hedge fund Three Arrows Capital. Creditors are pursuing both Zhu and Davies in the US over bankruptcy proceedings. The legal team representing creditors filed a motion urging that Davies be held in contempt of court for wilfully ignoring a subpoena connected to the firm’s bankruptcy proceedings. Creditors have alleged that Davies is purposely delaying asset recovery. However, the motion does not apply to co-founder Su Zhu, who, thanks to his Singaporean nationality, is not subject to the jurisdiction of US courts. 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.
49 days agocointelegraph
OPNX exchange bids for crypto lender Hodlnaut in Singapore
If approved, the deal would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors' payout and outstanding claims.
50 days agocryptodaily
Judge Throws Out Class Action Suit Against Bitfinex And Tether
Laura Swain, the Chief Judge of the U.S. District Court for the Southern District Of New York, has dismissed a class action lawsuit against USDT issuer Tether and its sister company Bitfinex. The lawsuit was brought on by plaintiffs who alleged Tether was falsely advertising the USDT stablecoin. A Big Win For Tether And Bitfinex The ruling is being seen as a significant win for the two entities and was announced in a blog post published on Tether’s official website. The post stated that the Chief Judge delivered a comprehensive and incisive 6-page decision, including an order to dismiss the class action lawsuit against the two entities, adding that it lacked merit. The post stated, “Today, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York issued a comprehensive and incisive 6-page decision that included an order dismissing the meritless class action lawsuit filed by Matthew Anderson and Shawn Dolifka against Tether and Bitfinex companies in its entirety.” The lawsuit was brought on by plaintiffs Shawn Dolifka and Matthew Anderson. The plaintiffs claimed that Tether had falsely advertised its USDT stablecoin being backed in a 1:1 ratio by the U.S. dollar. However, the court did not buy their argument. Tether added that the fact that the entirety of the lawsuit was dismissed at such an early stage showed that the allegation against it and Bitfinex were devoid of any merit. Tether And Bitfinex CTO Reacts The verdict sparked a wave of reactions from the crypto ecosystem. Paolo Ardoino, Tether, and Bitfinex CTO took to X (formerly Twitter) and expressed his satisfaction with the ruling. “Tether and Bitfinex Win Comprehensive Legal Victory as U.S. District Court Dismisses Class Action Lawsuit The Court correctly held that the plaintiffs’ complaint lacked any “plausible allegations of injury” because it includes no facts showing that “USDT had a diminished actual value at all.” Prominent Bitcoin lawyer Stuart Hoegner applauded the Tether team’s efforts and broke down the court ruling in a long thread on X. The Court Ruling The court gave several reasons for throwing out the lawsuit. It stated that the plaintiffs had not provided sufficient facts in the case nor mentioned the buying or selling price of USDT for the plaintiffs. The court further added that market data showed that USDT still maintains its peg with the USD at $1, and even if there were misrepresentations from the defendant’s side, there was no evidence that showed USDT had lost its value. The Complaint In Question The case stems from a complaint filed in 2021 when the plaintiffs, Shawn Dolifika and Matthew Anderson, claimed that Tether’s statement that its USDT was backed by the U.S. dollar in a 1:1 peg was false. According to the complaint, Tether and Bitfinex did not maintain adequate reserves for the USDT in circulation. Furthermore, the complaint also alleged that the reserves did not contain USD as advertised but were a mix of assets such as overcollateralized loans and undisclosed commercial paper. “Defendants did not maintain the same amount of reserves as Tether tokens in circulation. At times, Defendants had no reserves whatsoever. Further, these reserves did not contain U.S. dollars, as Tether suggested, but were a mix of other assets, such as overcollateralized loans and other undisclosed commercial paper.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
51 day agocryptopotato
New Meme Coin Cowabunga Launches Presale with Just 6 Days Left to Buy – Could It Be the Next Pepe?
Exciting new meme coin Cowabunga has just entered the crypto market, launching a limited-time presale phase for early investors. Inspired by the Teenage Mutant Ninja Turtles franchise, Cowabunga ($COWABUNGA) seeks to leverage nostalgia and community-building to carve out a space in the meme coin niche. With established meme coins like Dogecoin ($DOGE) floundering, some speculate that […]
51 day agocryptodaily
SEC Charges 18 Defendants in DEBT Box, Freezes Its Assets
The US SEC on Thursday secured a temporary asset freeze, restraining order and further emergency relief against Digital Licensing, a Draper, Utah-based entity operating as DEBT Box. The US Securities and Exchange Commission (SEC) announced it had obtained emergency relief against DEBT Box and four of the company’s principals. In its continued crackdown on crypto fraud, the SEC obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., a Draper, Utah-based entity operating as “DEBT Box.” The agency also acted against four of the company’s principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelson, along with 13 other defendants for their connecting to a scheme to sell crypto asset securities to US investors which raised around $50 million and an undisclosed amount of Bitcoin (BTC) and Ether (ETH). According to the securities agency, the defendant sold unregistered securities called “node licenses” to unsuspecting victims. In the scheme, which started operating in March 2021, the defendants said to investors that the licenses would mine crypto and, in turn, increase in value when the defendants actually created the crypto using code on a blockchain. Tracy S. Combs, Director of the SEC’s Salt Lake Regional Office, said in a press release: “We allege that DEBT Box and its principals lied to investors about virtually every material aspect of their unregistered offering of securities, including by falsely stating that they were engaged in crypto asset mining.” Adding, “We filed this emergency action to protect the victims of the defendants’ unlawful actions and stop further harm.” The SEC charged the 18 defendants, including the four principals mentioned above, with engaging in unregistered securities offerings. “DEBT Box, Jason Anderson, Jacob Anderson, Brannon, Nelson, Franklin, Western Oil, and Bowen were also charged with violations of the antifraud provisions of the federal securities laws. Jason Anderson, Jacob Anderson, Brannon, Nelson, Bowen, Mark Schuler, Benjamin Daniels, Joseph Martinez, Travis Flaherty, Brendon Stangis, Matthew Fritzsche, B & B Investment Group, LLC, and iX Global, LLC were charged with acting as unregistered brokers.” The SEC charges seek permanent injunctive relief, the return of the ill-gotten gains, and further civil penalties. 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.
52 days agocryptodaily
Altcoins continue to bleed as market waits for next big move
The crypto market has continued its downward trajectory over the last three weeks. The next big move is imminent. Exceptionally low volume becalms market As bitcoin moves sideways and downward the altcoins are hit harder as usual, with around $40 billion having been wiped off of the combined market cap of all cryptocurrencies except bitcoin and ethereum. A lack of volume still besets the sector, likening this situation to a period of calm before a storm hits. Whether this storm will push the market higher or lower is still to be determined. The value of the total 3 market cap (all cryptocurrencies except bitcoin and ethereum) is delicately poised at $340 billion. A further fall to $330 billion is a possibility, especially given that the upwards trend since June has been broken to the downside. $XRP still coming down after recent surge A particular altcoin, much in the news of recent times, to have been hit quite hard, is $XRP. $XRP is down 3.2% to $0.66 on the day so far, and this following a 30% descent from the high achieved on the news that $XRP wasn’t considered a security when being bought by retail investors on exchanges. However, $XRP is just above support right now, with the 0.618 Fibonacci for this latest move just below this. If these are broken, $0.58 and $0.50 are good supports further down. $DOGE triple bottom? $DOGE is another one investors have their eye on. Following a 55% surge from what could be considered a triple bottom, $DOGE has since retraced to strong support at $0.073. $DOGE is trapped inside a downwards wedge since November 2022 so a break to the upside could happen in the next few months. The $KAS top in for now? One of the altcoin success stories over recent months is certainly Kaspa ($KAS). This would-be successor to ethereum has bucked the trend since the latter end of May by surging over 300%. A top may be in for now, but this coin is certainly worth keeping an eye on. $INJ bearish? Injective Protocol ($INJ) is one of the biggest movers to the upside this year, rising as much as 723% since January 1. However, a break out of a bull flag saw the price hit the top at $9.90 again (double top?) and the present pattern is starting to form a potential bearish head and shoulders with the right shoulder still to form. A measured move to the downside here could see $INJ go all the way down to test the 200-day moving average which it last left behind in late January. 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.
58 days agocryptopotato
Bitcoin Struggles to Maintain $29K, PEPE Down 13% Weekly (Market Watch)
GALA, INJ, and MNT have also dropped by double digits within the past seven days.
58 days agocryptopotato
Contemporary Giant Yue Minjun Embarks on a Web3 Journey with First NFT Project Exclusively on LiveArt
[PRESS RELEASE – New York, USA, July 27th, 2023] LiveArt, the Web3 Platform for Art and Culture, announced a groundbreaking NFT collection, Kingdom of the Laughing Man, by Yue Minjun, one of the most important contemporary Chinese artists creating today. Yue Minjun, the contemporary art giant of the 21st century, enters the digital art space […]
73 days agocointelegraph
USB keystroke injectors still a threat to crypto users
USB keystroke injection devices like the Diabolic Drive still pose a threat to unsuspecting users by installing malware to take over systems.
90 days agonulltx
Alex The Doge (ALEX) Brings Back The Fun to Crypto
Cryptocurrency investment is often associated with financial sophistication, complexity, and, indeed, a high level of risk. However, the emergence of meme coins like Alex The Doge (ALEX) is injecting a much-needed dose of fun and lightheartedness into the crypto sphere. This, combined with genuine financial potential, has attracted a fresh wave of investors who are […]
112 days agocryptopotato
Lido DAO (LDO) Soars 17% Weekly, Bitcoin (BTC) Maintains $27K (Weekend Watch)
Aside from LDO, INJ and QNT are the two other massive gainers in the past week.
114 days agocryptopotato
Ripple Leads With 11% Gains, Bitcoin Struggles With $27K, Injective (INJ) Explodes: This Week’s Recap
Ripple is the best performer from the large-cap cryptocurrencies over the past seven days, but Injective (NJ) stole the show altogether.

About Injective?

The live price of Injective (INJ) today is 6.9563 USD, and with the current circulating supply of Injective at 83,755,555.66 INJ, its market capitalization stands at 582,628,019 USD. In the last 24 hours INJ price has moved -0.1812 USD or -0.03% while 4,218,485 USD worth of INJ has been traded on various exchanges. The current valuation of INJ puts it at #61 in cryptocurrency rankings based on market capitalization.

Learn more about the Injective blockchain network and how it works or follow the price of its native cryptocurrency INJ and the broader market with our unique COIN360 cryptocurrency heatmap.

Introduction

Injective Protocol (INJ) is a decentralized derivatives exchange protocol that aims to facilitate secure, fast, and fully decentralized trading. Built on the Ethereum blockchain, Injective leverages the power of decentralization to provide a platform that is free from the constraints of traditional centralized exchanges. The protocol's unique layer-2 structure allows for unprecedented speed and scalability, while its innovative consensus mechanism ensures security and fairness.

Technology & Mechanism

Consensus Mechanism

Injective employs a unique Proof-of-Stake (PoS) consensus mechanism, which allows for a more democratic and efficient network. This mechanism ensures that all transactions are validated by a network of nodes, each of which has a stake in the network.

Blockchain Technology

Injective operates on the Ethereum blockchain, but it also incorporates a layer-2 structure. This structure allows for faster transaction speeds and greater scalability, making it an ideal platform for high-frequency trading.

Key Features

Scalability

Thanks to its layer-2 structure, Injective is highly scalable. It can handle a large volume of transactions without compromising on speed or security.

Security

Injective's PoS consensus mechanism ensures that all transactions are secure. Additionally, the protocol's smart contracts are audited by third-party firms to ensure their security and reliability.

Privacy

Injective respects the privacy of its users. All transactions are encrypted, and user data is never shared with third parties.

Decentralization

Injective is fully decentralized, meaning that it is not controlled by any single entity. This ensures fairness and transparency in all transactions.

Development Team & Governance

The Injective project is spearheaded by a team of experienced blockchain developers and entrepreneurs. The project's governance model is decentralized, with INJ token holders having the power to vote on key decisions.

Use Cases & Potential Impact

Injective has the potential to disrupt the traditional derivatives market by providing a faster, more secure, and more transparent platform for trading. It could also be used in other industries, such as finance and supply chain management.

Purchase & Storage

How to Buy

INJ tokens can be purchased on several major exchanges, including Binance and Huobi. They can also be obtained through the protocol's liquidity mining program.

Wallets & Storage

INJ tokens can be stored in any wallet that supports ERC-20 tokens, such as MetaMask or MyEtherWallet.

Partnerships & Collaborations

Injective has partnered with several major blockchain projects, including Binance and Cosmos. These partnerships have helped to enhance the protocol's functionality and reach.

Roadmap

Injective's future plans include the launch of a fully decentralized exchange, as well as the integration of more blockchain networks. The team is also working on further enhancing the protocol's scalability and security.

Risks & Challenges

Like all blockchain projects, Injective faces several risks and challenges. These include regulatory hurdles, technological challenges, and competition from other projects. However, the team is committed to overcoming these challenges and delivering a superior product.

Community & Regulatory Compliance

Community

Injective has a vibrant and active community of users and developers. The community is a key part of the project's governance model, with INJ token holders having the power to vote on key decisions.

Regulatory Compliance

Injective is committed to complying with all relevant regulations. The team works closely with legal experts to ensure that the protocol is compliant with laws in all jurisdictions in which it operates.

In conclusion, Injective is a groundbreaking project that has the potential to revolutionize the derivatives market. With its unique technology and strong community, it is well-positioned to become a leader in the decentralized finance space.

Injective Price6.9563 USD
Market Rank#61
Market Cap582,628,019 USD
24h Volume5,669,174 USD
Circulating Supply83,755,555.66 INJ
Max Supply100,000,000 INJ
Yesterday's Market Cap588,258,216.51 USD
Yesterday's Open / Close7.2047 USD / 7.0235 USD
Yesterday's High / Low7.2418 USD / 7.0122 USD
Yesterday's Change
-0.03% ( 0.1812 USD )
Yesterday's Volume4,218,485.27 USD
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