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Circle Considering a 2024 IPO, ApeFest Participants Suffer Skin Irritation, Binance Launches Web3 Wallet

By
Paul Ugbede Godwin
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0

One of the leading stablecoin issuers in the crypto space, Circle, is reportedly exploring the possibility of going public in 2024. According to sources familiar with the matter, the company has been in talks with investment banks and advisors to prepare for an initial public offering (IPO) that could value it at more than $10 billion.

Circle is best known for its USD Coin (USDC), a dollar-pegged cryptocurrency that aims to provide a stable and transparent alternative to traditional fiat currencies. USDC is the second largest stablecoin by market capitalization, after Tether (USDT), and has grown rapidly in popularity and adoption in the past year. As of November 2023, there are more than $50 billion worth of USDC in circulation, up from $2.8 billion a year ago.

Circle’s potential IPO would be a major milestone for the crypto industry, as it would be one of the first companies to go public that is solely focused on digital assets. Circle’s co-founder and CEO, Jeremy Allaire, has been a vocal advocate for the mainstream adoption of crypto and blockchain technology, and has expressed his vision of creating a more open and inclusive global financial system.

However, Circle’s IPO plans are not without challenges and uncertainties. The company faces increasing regulatory scrutiny and competition in the stablecoin market, as well as potential legal issues related to its involvement in the controversial Poloniex exchange, which it acquired in 2018 and sold in 2019. Moreover, the crypto market is notoriously volatile and unpredictable, which could affect Circle’s valuation and investor sentiment.

Circle has not officially confirmed or denied its IPO intentions and declined to comment on this report. However, some analysts believe that the company has a strong case for going public, given its impressive growth, innovation and leadership in the stablecoin sector. If Circle does decide to pursue an IPO in 2024, it could set a precedent and inspire other crypto companies to follow suit.

Yugalab’s ApeFest Participants suffers eye pain, vision issues and skin irritation.

On Sunday, November 5, Yuga Labs began to receive reports that some ApeFest attendees and staff experienced eye pain, vision issues, or skin irritation following the Saturday night community event. These reports were – and continue to be – deeply concerning to us. We immediately reached out to impacted attendees to learn of their symptoms and to direct our investigation.

Simultaneously, we commenced an investigation that included a thorough review of inventory records, material logs, and spec sheets (including paint and lighting), interviewing contractors who provided and built Ape Fest installations, and conducting testing and on-site inspections.

This comprehensive investigation, undertaken in collaboration with Jack Morton Worldwide, the global brand experience agency that produced ApeFest 2023, has determined that UV-A emitting lights installed in one corner of the event was likely the cause of the reported issues related to attendees’ eyes and skin.

We acknowledge that members of the community and general public have suggested a similar conclusion, and we appreciate the patience of the community as we gathered evidence to support this determination. We continue to encourage anyone experiencing symptoms to seek medical attention and share these findings with their medical provider. We also ask that anyone impacted to direct message us on X.

Community is the heart of Yuga and the purpose of ApeFest is to bring the community together IRL. We are saddened that this incident has detracted from the experience of ApeFest attendees. Along with Jack Morton, we are committed to supporting the recovery of anyone affected.

Binance launches Web3 Wallet and Chat Messenger amid Monero Community Crowdfunding Wallet Hacked of $460,000

Binance, the world’s leading cryptocurrency exchange, has announced the launch of its web3 wallet and chat messenger, Binance Connect. Binance Connect is a decentralized platform that allows users to access web3 applications, store and manage their crypto assets, and communicate securely with other users.

Binance Connect aims to provide a seamless and user-friendly experience for web3 enthusiasts, developers, and newcomers alike. Users can easily connect to web3 applications such as decentralized exchanges, games, NFT marketplaces, and more, without having to install any browser extensions or plugins.

Users can also store and manage their crypto assets in a secure and non-custodial wallet, which supports multiple blockchains and tokens. Users can also send and receive encrypted messages, voice calls, and file transfers with other Binance Connect users, using the same wallet address.

Binance Connect is part of Binance’s vision to promote the adoption and innovation of blockchain technology and cryptocurrencies. Binance Connect is built on Binance Smart Chain (BSC), a fast and low-cost blockchain that is compatible with Ethereum. BSC also supports cross-chain interoperability with other blockchains, such as Bitcoin, Polkadot, and Cosmos. Binance Connect leverages the power and security of BSC to provide a scalable and reliable platform for web3 applications and users.

Binance Connect is now available for beta testing on desktop and mobile devices. Users can sign up for the beta test on the official website. Users who participate in the beta test will have the opportunity to provide feedback and suggestions, as well as earn rewards for testing the platform’s features and functionality.

Binance Connect is an exciting new addition to the Binance ecosystem, which already offers a wide range of products and services for crypto users, such as Binance Exchange, Binance Academy, Binance Charity, Binance Labs, Binance Launchpad, and more. Binance Connect is another step towards Binance’s mission to increase the freedom of money for everyone.

Monero Community Crowdfunding Wallet Hacked of $460,000

Monero, a popular cryptocurrency that claims to offer privacy and anonymity, has suffered a major security breach. According to a post on the Monero Community Crowdfunding System (CCS) website, an attacker compromised the wallet that collects donations for the project and stole about $460,000 worth of Monero.

The incident occurred on November 7, 2023, when the attacker replaced the legitimate donation address with their own on the CCS website. The attacker also modified the CCS proposal files to include the fake address. As a result, unsuspecting donors who wanted to support Monero development sent their funds to the hacker instead of the official wallet.

The Monero team discovered the attack on November 8, 2023, after noticing some discrepancies in the donation amounts. They immediately shut down the CCS website and notified the community about the incident. They also contacted some of the affected donors and offered to reimburse them from the general fund.

The Monero team said that they are investigating how the attacker gained access to the CCS website and wallet, and that they are taking steps to prevent such incidents in the future. They also apologized to the donors and the community for the inconvenience and loss of trust caused by the attack.

The Monero team stressed that the attack did not affect the security or privacy of the Monero network or protocol, and that they remain committed to developing and improving Monero as a decentralized and anonymous cryptocurrency.

Snap Announces The Layoff of Nearly 20 Employees From Its Product Team, as Part of Workforce Reorganization

By
Ojukwu Emmanuel
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0

Snap, the parent company of Snapchat, has announced the layoff of nearly 20 employees from its product management team, as part of a restructuring and workforce reorganization.

According to Snap, the layoffs were not related to any specific product but were part of the company’s goal to boost decision-making speed and minimize overhead cost.

The job cuts come after Snap recently posted third-quarter (Q3) earnings of 2023 in which its overall sales grew 5 percent (Year-over-year) to $1.19 billion, surpassing analyst expectations, and earnings per share of 2 cents adjusted, versus an expected 4-cent loss.

Its global daily active users were also at 406 million, above the 405.7 million expected. This was in line with Wall Street’s projection of 405.8 million daily active users for the app.

The company’s stock initially surged from $9.70 to $10.91 on the news, but then hit a low of $9.30 as investors responded to the company’s lack of guidance for the quarter ahead, citing the onset of the Middle East war between Israel and Hamas.

Snap, like its biggest rival Meta, disclosed to investors that it has seen some recent pauses in advertising owing to the ongoing Middle East conflict. As a result, Snap stated that it would not issue formal instructions due to the unpredictable nature of war.

Snap CEO Evan Spiegel said the company is focused on improving its advertising platform to drive higher return on investment for its advertising partners, noting that the company has evolved its go-to market efforts to better serve its partners and drive customer success.

Despite the layoff of nearly 20 employees in its product team, Snap has been growing its headcount in other areas. Recently, the social media giant hired a number of technical staff over the past few quarters, including former Google VP of Engineering, Eric Young as its SVP of Engineering.

The company has also made a few advertising-related hires, which includes former Meta VP of global agency sales, Patrick Harris as President of Americas; former Google head of U.K, Ronan Harris as President of EMEA and former Meta head of India, Alit Mohan as President of APAC.

For the fourth quarter (Q4), Snap told investors it expects revenue to be $1.32 billion-$1.375 billion, implying year-over-year revenue growth of approximately 2% to 6%.

The company in part cited the Israel-Hamas war for limited visibility into advertising demand for the year-end quarter. It further noted that due to the unpredictable nature of the war, it believes it would be imprudent to provide formal guidance for Q4.

Apple Settles with DOJ in Landmark Discrimination Case: Agrees to Pay $25M in Backpay and Penalties

By
Samuel Nwite
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0

The U.S. Department of Justice (DOJ) has announced a landmark agreement with Apple Inc., resolving allegations of illegal discrimination in hiring and recruitment practices. Under the terms of the agreement, Apple has agreed to pay up to $25 million in backpay and civil penalties, marking the largest award recovered by the DOJ under the anti-discrimination provision of the Immigration and Nationality Act (INA).

The DOJ’s investigation, initiated in February 2019, found that Apple engaged in a pattern of citizenship status discrimination in its recruitment for positions covered under the permanent labor certification program (PERM). This program, administered by the U.S. Department of Labor and the U.S. Department of Homeland Security, allows employers to sponsor workers for lawful permanent resident status in the United States.

The investigation revealed that Apple violated the INA’s anti-discrimination requirements during its recruitment for PERM positions, adversely affecting U.S. citizens, U.S. nationals, lawful permanent residents, and individuals granted asylum or refugee status. The discriminatory practices discouraged qualified applicants from applying to positions that Apple preferred to fill with PERM beneficiaries.

Specifically, the investigation found that Apple did not advertise PERM positions on its external job website, unlike its standard practice for other job positions. Additionally, Apple required paper applications for PERM positions, contrary to its allowance for electronic applications in other job categories. The company also reportedly disregarded certain electronically submitted applications for PERM positions from its own employees. These practices resulted in significantly fewer applications from candidates whose permission to work does not expire.

As part of the $25 million settlement agreement, Apple will pay $6.75 million in civil penalties and establish an $18.25 million backpay fund for eligible discrimination victims. Apple is also required to adjust its recruitment practices for PERM positions to align more closely with its standard procedures. This includes posting PERM positions on its external job website, accepting electronic applications, and ensuring applicants are searchable in its applicant tracking system.

In response to the settlement, Apple expressed its disagreement with the DOJ’s characterization of the situation.

“Apple proudly employs more than 90,000 people in the United States and continues to invest nationwide, creating millions of jobs,” a company spokesperson told CNBC. “When we realized we had unintentionally not been following the DOJ standard, we agreed to a settlement addressing their concerns. We have implemented a robust remediation plan to comply with the requirements of various government agencies as we continue to hire American workers and grow in the US.”

The agreement also mandates that Apple train its employees on the INA’s anti-discrimination requirements and undergo departmental monitoring for a three-year period.

The DOJ’s Civil Rights Division’s Immigrant and Employee Rights Section (IER) is responsible for enforcing the INA’s anti-discrimination provision, which prohibits discrimination based on citizenship status and national origin in hiring, firing, recruitment, or referral for a fee. The law also addresses unfair documentary practices, as well as retaliation and intimidation.

Sam Bankman-Fried Perpetrated one of the Biggest Financial Crimes in US history – US Attorney

By
Paul Ugbede Godwin
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0
Sam Bankman-Fried

The US Attorney for the Southern District of New York has accused Sam Bankman-Fried, the founder and CEO of FTX, one of the largest cryptocurrency exchanges in the world, of orchestrating one of the biggest financial crimes in US history.

According to the indictment, Bankman-Fried and his co-conspirators allegedly engaged in a massive scheme to manipulate the prices of various cryptocurrencies, including Bitcoin, Ethereum, and Solana, using illegal trading practices, such as wash trading, spoofing, and front-running. The indictment also alleges that Bankman-Fried and his associates used FTX’s platform to facilitate illicit transactions involving money laundering, tax evasion, and sanctions violations.

The US Attorney’s office claims that the scheme resulted in billions of dollars of losses for unsuspecting investors and traders, and that Bankman-Fried personally profited from the fraud to the tune of hundreds of millions of dollars. The indictment seeks to seize all of Bankman-Fried’s assets, including his stake in FTX, as well as impose criminal penalties that could amount to life imprisonment.

Bankman-Fried, who is a dual citizen of the US and Hong Kong, has not yet commented on the charges. He is currently believed to be in Hong Kong, where FTX is headquartered. It is unclear whether he will voluntarily surrender to US authorities or fight extradition.

The indictment comes as a major blow to the cryptocurrency industry, which has been struggling to gain legitimacy and regulatory approval in the face of increasing scrutiny and criticism from governments and regulators around the world. FTX, which was founded in 2019 by Bankman-Fried, a former Wall Street trader and MIT graduate, has been one of the most successful and innovative players in the crypto space, offering a wide range of products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance (DeFi) applications.

FTX has also been known for its aggressive marketing and philanthropic efforts, sponsoring major sports teams and leagues, such as the Miami Heat and Major League Baseball, and donating millions of dollars to various causes, such as fighting climate change and COVID-19.

The indictment casts doubt on the future of FTX and its customers, who may face legal risks and financial losses as a result of the alleged fraud. It also raises questions about the integrity and security of the cryptocurrency market as a whole, which relies heavily on trust and transparency among its participants. The indictment may also trigger further regulatory actions and investigations against other crypto exchanges and entities that may have been involved or affected by the scheme.

According to the US Department of Justice, Bankman-Fried orchestrated a scheme to inflate the prices of various crypto assets on his platform, using fake accounts, bots, and insider trading. He also failed to comply with anti-money laundering regulations and misled investors about the risks and returns of his products.

The court found him guilty on all counts and sentenced him to 115 years in prison, the maximum penalty allowed by law. He is expected to be incarcerated at a federal prison in Colorado, where he will serve his time without parole. His sentencing date is set for March 28, 2024.

However, his downfall also exposes the dark side of the crypto world, where greed, deception, and manipulation are rampant. Many critics have argued that crypto is a haven for scammers, hackers, and criminals, who exploit the lack of regulation and oversight to defraud unsuspecting investors and users.

They claim that crypto is a bubble that will eventually burst, leaving behind a trail of losses and damages. They also question the social value and environmental impact of crypto, which consumes enormous amounts of energy and resources without providing any tangible benefits to society.

The fate of Bankman-Fried and FTX is still uncertain. The US government has seized all his assets and frozen all his accounts, pending further investigation and litigation. FTX has announced that it will continue to operate under new management and that it will cooperate with the authorities to resolve any outstanding issues.

However, many users have already withdrawn their funds from the platform, fearing for their security and privacy. The price of FTT, the native token of FTX, has plummeted by more than 96% since the news broke out.

The crypto community is divided over how to react to this situation. Some have expressed sympathy and support for Bankman-Fried, arguing that he is a victim of a witch hunt and a scapegoat for the failures of the traditional financial system. They believe that he is innocent until proven guilty and that he deserves a fair trial and due process.

They also hope that he will appeal his conviction and overturn his sentence. Others have condemned him for his actions and betrayed their trust. They feel that he has tarnished the reputation of crypto and harmed its potential for growth and innovation. They also demand that he be held accountable for his crimes and that he pays back his victims.

What do you think? Do you agree or disagree with the verdict? How do you think this will affect the future of crypto? Share your thoughts in the comments below.ne of the most complex and high-profile prosecutions in the history of financial crimes. It will likely have significant implications for the cryptocurrency industry and its stakeholders, as well as for the broader financial system and society at large.

RTFKT teases Fortnite map, San FranTokyo collaborates on IP Builds, Roger Ver seeks winding up of Matrixport, Ava Labs lays off Many

By
Paul Ugbede Godwin
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0

RTFKT, the digital fashion brand known for its NFT sneakers and collaborations with celebrities like Steve Aoki and Paris Hilton, has teased a new project involving Fortnite. The company posted a video on Twitter showing a 3D model of a futuristic cityscape with the caption “RTFKT x Fortnite map coming soon”. The video also features a logo that resembles the Fortnite logo, but with the letters “RTFKT” instead of “FORTNITE”.

The teaser has sparked speculation among fans of both RTFKT and Fortnite, as well as curiosity about what the collaboration will entail. Will it be a new map for the popular battle royale game, or a collection of NFT skins and accessories for the characters? Will it be exclusive to certain platforms or regions, or available to everyone? And how will it fit into the lore and story of Fortnite, which has recently introduced aliens, superheroes, and other crossover elements?

RTFKT has not revealed any more details about the project, except that it is “coming soon”. The company has been at the forefront of the digital fashion and NFT space, creating virtual items that can be worn in various online platforms and games, as well as sold and traded on the blockchain. RTFKT has also partnered with other brands and artists, such as Atari, Anamanaguchi, and The Weeknd, to create unique and innovative digital experiences.

Fortnite, on the other hand, has been one of the most successful and influential games of the past decade, attracting millions of players and celebrities alike. The game has also become a platform for cultural events, such as concerts, movie screenings, and product launches. Fortnite has also embraced the NFT trend, allowing players to purchase and use skins and items from various franchises and creators.

The collaboration between RTFKT and Fortnite seems like a natural fit, as both are leaders in their respective fields and share a vision of creating immersive and engaging digital worlds. However, until more information is revealed, fans will have to wait and see what surprises RTFKT and Fortnite have in store for them.

San FranTokyo announces collaboration with Cool Cats and Animoca Brands to build IP in Japan via different channel includes purchase of 37 Cool Cats

San FranTokyo, a leading digital entertainment company, has announced a strategic partnership with Cool cats and Animoca Brands, two of the most innovative players in the blockchain gaming and NFT space. The collaboration aims to create and distribute original intellectual property (IP) in Japan, leveraging the strengths and expertise of each partner.

As part of the deal, San FranTokyo will acquire 37 Cool Cats, a popular NFT collection featuring adorable and diverse cat characters, to expand its portfolio of digital assets and enhance its user engagement. The partnership will also explore new opportunities to bring Cool cats and Animoca Brands’ IP to different channels and platforms in Japan, such as mobile games, web comics, anime, and merchandise.

San FranTokyo’s CEO, said: “We are thrilled to join forces with Cool cats and Animoca Brands, who share our vision of creating immersive and meaningful digital experiences for our audiences. Japan is a key market for us, and we believe that this collaboration will unlock new possibilities and synergies for our IP development and distribution.

We are also excited to welcome the Cool Cats community to our family, and we look forward to creating more value and fun for them.” Cool cats’ founder said: “We are honored to partner with San FranTokyo, a pioneer and leader in the digital entertainment industry. We have always admired their creativity and quality of their products, and we are confident that they will take good care of our Cool Cats.

We are also eager to work with Animoca Brands, a global leader in blockchain gaming and NFTs, to explore new ways to bring our IP to life in Japan.” Animoca Brands’ chairman and co-founder, Yat Siu, said: “We are delighted to facilitate this partnership between San FranTokyo and Cool cats, two of our valued partners in the NFT space.

We believe that this collaboration will create significant value for all parties involved, as well as for the broader NFT ecosystem. Japan is a strategic market for us, and we are excited to leverage our network and resources to help San FranTokyo and Cool cats grow their IP presence and reach in Japan.”

Roger Ver seeks winding up of Matrixport as Ava Labs lays off large portion of Marketing Team

Roger Ver seeks winding up of Matrixport as Ava Labs lays off large portion of Marketing Team

Roger Ver, a prominent Bitcoin Cash supporter and former CEO of Bitcoin.com, has filed a lawsuit against Matrixport, a crypto financial services platform, in the Seychelles Supreme Court. The lawsuit seeks to wind up the company and appoint a liquidator to distribute its assets among the shareholders.

According to the court documents, Ver claims that he invested $5 million in Matrixport in 2019, in exchange for a 12.5% stake in the company. However, he alleges that Matrixport has breached the shareholders’ agreement by issuing new shares without his consent, diluting his ownership and reducing his voting rights. He also accuses Matrixport of failing to provide him with financial statements, board meeting minutes, and other information related to the company’s operations.

Matrixport, which was founded by former Bitmain executives Jihan Wu and Ge Yuesheng, offers crypto trading, lending, custody, and payment services. The company claims to have over $10 billion in assets under management and over 220 institutional clients. Matrixport has denied Ver’s allegations and said that it will vigorously defend itself in court.

Ver’s lawsuit is the latest episode in a long-running feud between him and Wu, who were once allies in promoting Bitcoin Cash, a fork of Bitcoin that aims to increase transaction capacity. Ver and Wu fell out in 2018, when they supported different versions of Bitcoin Cash in a contentious hard fork that split the network into Bitcoin Cash ABC and Bitcoin Cash SV. Ver backed Bitcoin Cash ABC, which retained the Bitcoin Cash name and ticker, while Wu backed Bitcoin Cash SV, which later rebranded as Bitcoin SV.

Since then, Ver and Wu have been involved in several legal disputes over Bitmain, the world’s largest manufacturer of crypto mining hardware. Ver claims that he owns 10% of Bitmain’s shares through his investment firm Saint Bitts LLC, but Wu disputes this and says that Ver’s shares were invalidated by a board resolution in 2017. Ver has also sued Bitmain and Matrixport in the Cayman Islands for allegedly transferring Bitmain’s intellectual property and assets to Matrixport without his approval.

The outcome of Ver’s lawsuit against Matrixport could have significant implications for the crypto industry, as Matrixport is one of the leading players in the emerging field of decentralized finance (DeFi), which aims to provide financial services without intermediaries. Matrixport recently launched its own DeFi platform, Bit.com, which offers derivatives trading, lending, and staking services for various crypto assets. Matrixport also plans to launch its own token, MTP, which will be used for governance and rewards on its platform.

Ava Labs lays off large portion of Marketing team.

Ava Labs, the company behind the Avalanche blockchain platform, has announced that it is reducing its Marketing team by more than 50%. The decision comes as part of a strategic shift to focus more on product development and technical innovation, according to a blog post published by the company on Thursday.

The blog post, written by Ava Labs co-founder and CEO Emin Gün Sirer, explained that the company had grown rapidly in the past year, reaching over 200 employees across various departments. However, he said that the Marketing team had become too large and inefficient, and that it was not aligned with the company’s vision and goals.

Sirer said that the company had decided to streamline its Marketing team and restructure it around three core functions: developer relations, community management and education. He said that these functions would help the company to attract more developers, users and partners to the Avalanche ecosystem, and to foster a culture of innovation and collaboration.

Sirer also said that the company would continue to invest in its Engineering, Research and Product teams, which he said were the main drivers of the company’s growth and success. He said that the company had recently hired several senior engineers and researchers, and that it was working on several new projects and features for the Avalanche platform.

Sirer expressed his gratitude to the departing Marketing team members and said that they had made valuable contributions to the company and the Avalanche community. He said that the company would provide them with severance packages and career support, and that he wished them all the best for their future endeavors.

Sirer concluded his blog post by reaffirming his confidence in the Avalanche platform and its potential to revolutionize the blockchain industry. He said that the company was committed to delivering cutting-edge technology and solutions, and that it was excited about the future of Avalanche.

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