Google engineer concerned about open-source AI gaining edge 🔼
♾ According to a critique written by a senior software engineer at Google, the company’s artificial intelligence (AI) development is threatened by the open-source community. The engineer contends that independent researchers in open-source technology are making swift and unforeseen strides in AI technology.
✔️ In early April, software engineer Luke Sernau published a document on an internal system. The document was subsequently shared extensively among Google employees over the next few weeks. A source, who requested anonymity as they were not permitted to discuss internal company affairs, claimed that the document had been circulated thousands of times. On Thursday, the document was published by consulting firm SemiAnalysis and began to circulate in Silicon Valley.
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AirDAO launches its AirBond Marketplace
AirDAO has launched the AirBond Marketplace after recently holding an airdrop to celebrate the anniversary of its blockchain. The airdrop rewarded the AirDAO community for supporting AirDAO’s blockchain since launching on April 16th, 2019.
Active users who contributed to the AirDAO ecosystem were eligible to receive airdrop rewards. There were five eligibility criteria for the airdrop, with AirDAO rewarding AMB stakers, Node Operators, and users of its blockchain, bridge, and DEX. Eligible participants received BOND tokens — the native token of the AirBond Marketplace. BOND tokens are AMB that is vested and tradable for AMB on the beta of the marketplace.
AirDAO is a community-governed layer one blockchain and ecosystem of web3 dApps, powered by the native token, AMB. AirDAO brings the benefits of Web3 to a global audience with a suite of powerful products in an intuitive, all-in-one interface that makes DeFi more accessible to the average user.
The AirBond Marketplace is now live, and airdrop winners can trade their BOND tokens for AMB.
DYOR: Telegram | Twitter
AirDAO has launched the AirBond Marketplace after recently holding an airdrop to celebrate the anniversary of its blockchain. The airdrop rewarded the AirDAO community for supporting AirDAO’s blockchain since launching on April 16th, 2019.
Active users who contributed to the AirDAO ecosystem were eligible to receive airdrop rewards. There were five eligibility criteria for the airdrop, with AirDAO rewarding AMB stakers, Node Operators, and users of its blockchain, bridge, and DEX. Eligible participants received BOND tokens — the native token of the AirBond Marketplace. BOND tokens are AMB that is vested and tradable for AMB on the beta of the marketplace.
AirDAO is a community-governed layer one blockchain and ecosystem of web3 dApps, powered by the native token, AMB. AirDAO brings the benefits of Web3 to a global audience with a suite of powerful products in an intuitive, all-in-one interface that makes DeFi more accessible to the average user.
The AirBond Marketplace is now live, and airdrop winners can trade their BOND tokens for AMB.
DYOR: Telegram | Twitter
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US lawmakers hold EU and UK as examples of crypto regulation in joint hearing🤩
With the European Union coming closer to passing the Markets in Crypto Assets framework and Kraken in the process of investing in the United Kingdom, lawmakers are taking notice.
👉Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home.
🏦In a May 10 joint hearing on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast with the patchwork of requirements in the United States. Responding to questions raised by Oklahoma 😅 Representative Frank Lucas, Kraken chief legal officer Marco Santori said the U.S.-based crypto exchange had made plans to invest in the EU and was in the process of investing in the U.K., finding the U.S. regulatory environment difficult to assess.
💸“Other jurisdictions are indeed pushing ahead — they have been pushing ahead,” said Santori. “These are G20 jurisdictions with sophisticated financial services markets, sophisticated technology industries. The U.S. is significantly behind in that respect.”
🏦House Financial Services Committee ranking member Maxine Waters said there had been some efforts to establish an “entirely new market structure” for crypto in the United States amid the lack of clarity among regulators including the Commodity Futures Trading Commission and the Securities and Exchange Commission. Wisconsin Representative Bryan Steil added the U.S. Congress was ready to provide crypto regulation, but suggested there was “a much more forward thinking approach” in Switzerland and Europe.👇
“Switzerland provided very early on for a very clear regulatory framework,” said Web3 Foundation chief legal officer Daniel Schoenberger in response to questioning from Steil. “This framework that they provided certainly provided the legal certainty to be headquartered there and to have legal clarity around the classification instantly.”🌿
With the European Union coming closer to passing the Markets in Crypto Assets framework and Kraken in the process of investing in the United Kingdom, lawmakers are taking notice.
👉Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home.
🏦In a May 10 joint hearing on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast with the patchwork of requirements in the United States. Responding to questions raised by Oklahoma 😅 Representative Frank Lucas, Kraken chief legal officer Marco Santori said the U.S.-based crypto exchange had made plans to invest in the EU and was in the process of investing in the U.K., finding the U.S. regulatory environment difficult to assess.
💸“Other jurisdictions are indeed pushing ahead — they have been pushing ahead,” said Santori. “These are G20 jurisdictions with sophisticated financial services markets, sophisticated technology industries. The U.S. is significantly behind in that respect.”
🏦House Financial Services Committee ranking member Maxine Waters said there had been some efforts to establish an “entirely new market structure” for crypto in the United States amid the lack of clarity among regulators including the Commodity Futures Trading Commission and the Securities and Exchange Commission. Wisconsin Representative Bryan Steil added the U.S. Congress was ready to provide crypto regulation, but suggested there was “a much more forward thinking approach” in Switzerland and Europe.👇
“Switzerland provided very early on for a very clear regulatory framework,” said Web3 Foundation chief legal officer Daniel Schoenberger in response to questioning from Steil. “This framework that they provided certainly provided the legal certainty to be headquartered there and to have legal clarity around the classification instantly.”🌿
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Safaricom M-Pesa receives Ethiopian mobile money license, ending state monopoly👇
The Kenya-based company already has 3 million mobile phone users in Ethiopia and plans to make it the 10th country where the payment service will be available.🌸
The National Bank of Ethiopia (NBE) has issued a mobile money-service license to Safaricom M-Pesa Mobile Financial Service, it announced May 11. Previously, only Telebirr, part of the state-owned Ethio Telecom network, operated in that market.
🥳Kenya-based Safaricom was also the first company to break Ethio Telecom’s monopoly on Ethiopian mobile phone service in October, through its Safaricom Telecommunications Ethiopia subsidiary. The NBE introduced legislation into the Parliamentary Assembly earlier in 2022 to make the private service possible.
Safaricom Ethiopia currently has almost 3 million users, the company said. That compares to Ethio Telecom’s 54 million users, in a country of 118 million. The government is now reportedly looking to sell a 45% share in Ethio Telecom.
🥶Safaricom reportedly paid $150 million for its license and expects to launch M-Pesa service in the second half of the year. M-Pesa is already available in nine African countries and Afghanistan. It offers financial services to people through their mobile phone, regardless of whether or not they have bank accounts.
Although the legal status of crypto assets in Ethiopia is murky, the country is slowly opening up to greater digitalization in finance. The NBE wrote in its announcement:👇
“The NBE will continue to take measures to deepen Ethiopia's digital finance ecosystem. To this end, we will strongly support the spread of digital payment systems as a substitute for cash-based transactions within the economy.”
💸Blockchain-based payments platform Fuse has announced plans to bring ChromePay’s decentralized identity service to the country. The local Project Mano organization lobbies for Bitcoin adoption, and the Cardano blockchain has invested heavily in infrastructure for use by government services in the country.
The Kenya-based company already has 3 million mobile phone users in Ethiopia and plans to make it the 10th country where the payment service will be available.🌸
The National Bank of Ethiopia (NBE) has issued a mobile money-service license to Safaricom M-Pesa Mobile Financial Service, it announced May 11. Previously, only Telebirr, part of the state-owned Ethio Telecom network, operated in that market.
🥳Kenya-based Safaricom was also the first company to break Ethio Telecom’s monopoly on Ethiopian mobile phone service in October, through its Safaricom Telecommunications Ethiopia subsidiary. The NBE introduced legislation into the Parliamentary Assembly earlier in 2022 to make the private service possible.
Safaricom Ethiopia currently has almost 3 million users, the company said. That compares to Ethio Telecom’s 54 million users, in a country of 118 million. The government is now reportedly looking to sell a 45% share in Ethio Telecom.
🥶Safaricom reportedly paid $150 million for its license and expects to launch M-Pesa service in the second half of the year. M-Pesa is already available in nine African countries and Afghanistan. It offers financial services to people through their mobile phone, regardless of whether or not they have bank accounts.
Although the legal status of crypto assets in Ethiopia is murky, the country is slowly opening up to greater digitalization in finance. The NBE wrote in its announcement:👇
“The NBE will continue to take measures to deepen Ethiopia's digital finance ecosystem. To this end, we will strongly support the spread of digital payment systems as a substitute for cash-based transactions within the economy.”
💸Blockchain-based payments platform Fuse has announced plans to bring ChromePay’s decentralized identity service to the country. The local Project Mano organization lobbies for Bitcoin adoption, and the Cardano blockchain has invested heavily in infrastructure for use by government services in the country.
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What is AirDrop?
In the crypto market, the term "AirDrop" is used when a blockchain project or platform distributes cryptocurrencies to its potential investors or users. It is believed that in 80% of cases it is nothing more than a marketing ploy of another crypto platform to attract the attention of future customers.
COBRA is a decentralized fundraising platform with other unique features built on BINANCE SMART CHAIN that helps projects to raise start up fund and promise safety with maximum protection to early stage investors.
In the crypto market, the term "AirDrop" is used when a blockchain project or platform distributes cryptocurrencies to its potential investors or users. It is believed that in 80% of cases it is nothing more than a marketing ploy of another crypto platform to attract the attention of future customers.
COBRA is a decentralized fundraising platform with other unique features built on BINANCE SMART CHAIN that helps projects to raise start up fund and promise safety with maximum protection to early stage investors.
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🥶Libra-related Sui blockchain fixes critical bug that put ‘billions’ at risk
👉The vulnerability was located in a file that translates human-readable code into machine language for storage.
The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security.
🧐The bug was in a dependency of the bytecode verifier, which ensures that the human-readable Move language used to write smart contracts on Sui is correctly transcribed into machine code during deployment. Had the bug not been fixed, it could have “allowed attackers to bypass multiple security properties, leading to potentially significant financial damages,” the announcement said.
In a statement to Cointelegraph, Mysten Labs confirmed that the the bug has been fixed in the SUI version of MOVE.
😩Zellic claimed that the bug may have also been present in other Move-based networks, including Aptos and Starcoin. However, they stated that the Aptos version of it was eliminated with a patch on April 10, according to the Zellic team.
🌿In a conversation with Cointelegraph, a representative from the Move-based 0L network stated that the bug does not affect its version of Move. On May 15, 0L added a series of tests to their GitHub, which it says proves the exploit is not possible on the 0L version. The Starcoin team told Cointelegraph that their version was eliminated on April 5.
👉The vulnerability was located in a file that translates human-readable code into machine language for storage.
The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security.
🧐The bug was in a dependency of the bytecode verifier, which ensures that the human-readable Move language used to write smart contracts on Sui is correctly transcribed into machine code during deployment. Had the bug not been fixed, it could have “allowed attackers to bypass multiple security properties, leading to potentially significant financial damages,” the announcement said.
In a statement to Cointelegraph, Mysten Labs confirmed that the the bug has been fixed in the SUI version of MOVE.
😩Zellic claimed that the bug may have also been present in other Move-based networks, including Aptos and Starcoin. However, they stated that the Aptos version of it was eliminated with a patch on April 10, according to the Zellic team.
🌿In a conversation with Cointelegraph, a representative from the Move-based 0L network stated that the bug does not affect its version of Move. On May 15, 0L added a series of tests to their GitHub, which it says proves the exploit is not possible on the 0L version. The Starcoin team told Cointelegraph that their version was eliminated on April 5.
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Texas proof-of-reserve bill passes through the Senate 📌
✍️ Legislation that could require exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” has made it one step closer to becoming law in Texas. On May 15, the bill passed a vote in the state Senate and now awaits only the governor’s signature.
➡️ Texas House Bill 1666, amending the Texan finance code, passed through the state’s House of Representatives earlier this year. After three readings in the Senate, the text of the bill hasn’t experienced any significant changes from the previous draft.
➡️ Under the amendments, digital asset providers serving more than 500 customers in the state, with at least $10 million of customer funds, would be restricted from comingling the customer funds with any other type of operational capital, and using customer funds for any further transactions besides the original transaction demanded by the customer.
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US university gets $20M to create new AI institute ♾
💙 According to a report from a local news publication, Carnegie Mellon University in Pittsburgh, Pennsylvania received the funding for its new AI Institute for Societal Decision Making.
🔥 The institute will foster the improvement of AI tools to assist in decision-making procedures in social circumstances, such as natural disasters and public health events. Aarti Singh, a professor at the university’s machine learning department, will serve as the institute’s director.
🎙 She said one of the primary goals will be to create AI that is “human-centric.”
“We need to develop AI technology that works for the people… It’s actually built on data that is vetted, algorithms that are vetted, with feedback from all the stakeholders and participatory design.”
“We need to develop AI technology that works for the people… It’s actually built on data that is vetted, algorithms that are vetted, with feedback from all the stakeholders and participatory design.”
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Banana is one of the most affordable fruits at any time of the year 🍌
Bananas are great as a snack, they can be added to morning meals, cocktails and smoothies, bake cupcakes from them. They are rich in vitamins A, B6, C, E and K, and are also considered a good source of calcium, phosphorus, magnesium, potassium and sodium.
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Terraform Labs’ Do Kwon’s Bail Revoked in Montenegro Court 🆒
🌐 A court spokesperson said a high court in Montenegro’s capital overturned the earlier decision and Kwon remains in jail.
🔔 This also applies to Terraform Labs’ former Chief Financial Officer Han Chong-joon.
The case was sent to the High Court in Podgorica, the country’s capital, earlier this week, after prosecutors appealed against the bail terms to release Kwon and Han for $436,000 each.
📊 Kwon had been on the run for months after the demise of Terra, which was behind the algorithmic stablecoin TerraUSD that fell into a tailspin last year.
‼️ Kwon and Chong-joon were accused of forgery by Montenegro prosecutors last month for allegedly using false passports from Belgium and Costa Rica.
The case was sent to the High Court in Podgorica, the country’s capital, earlier this week, after prosecutors appealed against the bail terms to release Kwon and Han for $436,000 each.
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Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether 💲
⚛️ Adding to the growing number of decentralized finance (DeFi) protocol hacks in the crypto industry, Jimbos Protocol is the latest to suffer an attack resulting in a significant loss of funds.
🗄 According to blockchain security firm PeckShield, Jimbos Protocol — the liquidity protocol of the Arbitrum system — was hacked on the morning of May 28. The attack resulted in the loss of 4,000 Ether worth approximately $7.5 million at the time.
🔵 Specifically, the attacker took advantage of the lack of slippage control on liquidity conversions. The protocol’s liquidity is invested in a price range that doesn’t need to be equal, creating a loophole where attackers can reverse swap orders for their own gain.
💬 Although launched less than 20 days ago, Jimbos Protocol aimed to address liquidity and volatile token prices through a new testing approach. However, the protocol’s mechanism was not adequately developed, leading to a logical vulnerability creating favorable conditions for attackers. As a consequence, the price of the underlying token, Jimbo (JIMBO), has plummeted by 40%.
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US Regulator Issues Warning for Firms Providing Clearings Services for Crypto 🦢
🔴 A US regulator warned firms on Tuesday of the risks that come with the clearing of digital assets.
The US Commodity Futures Trading Commission issued an advisory titled, “Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.”
❗️ Derivatives clearing organizations, or DCOs, are registered with the CFTC and provide clearing services for products such as futures contracts, options or swaps.
💡 The regulator said it had “observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services offered by DCOs, including related to digital assets.”
👁🗨 The agency specifically notes risks, including cyber, that can be associated with digital assets.
💫 For DCOs that involve the “physical delivery of digital assets,” the regulator said its staff “will emphasize reviews of physical settlement arrangements, including whether DCOs have adequately identified and managed risks and obligations associated with digital assets and whether DCO rules clearly state the obligations of the DCO, if any, with respect to physical deliveries involving digital assets.”
The US Commodity Futures Trading Commission issued an advisory titled, “Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.”
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Uniswap and its foundation have no association with the scam as efforts are being made to combat it.
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Russia’s Rosbank Begins ‘Int’l Crypto Pay Pilot’ 🦢
🟥 The Russian megabank Rosbank says it has launched a “cross-border crypto payments” pilot.
Per RBC, Rosbank has become the “first major” Russian bank to launch cross-border payments services “in cryptocurrency.”
💡 The bank has teamed up with a local crypto firm named B-Crypto for its initiative.
B-Crypto works as an “intermediary” by “buying cryptocurrency abroad” on behalf of importers before “transferring [coins] to foreign suppliers.”
🔊 The banks said that it was “already conducting pilot transactions with corporate and private clients.”
B-Crypto reportedly specializes in “making international payments in digital currencies.”
💫 Companies can reportedly use the pilot platform to “pay for imported goods or services in cryptocurrency” after completing Know-Your-Customer/Client (KYC) protocols.
The platform also requires vendors to submit invoices to Russian buyers in crypto rather than fiat.
Per RBC, Rosbank has become the “first major” Russian bank to launch cross-border payments services “in cryptocurrency.”
B-Crypto works as an “intermediary” by “buying cryptocurrency abroad” on behalf of importers before “transferring [coins] to foreign suppliers.”
B-Crypto reportedly specializes in “making international payments in digital currencies.”
The platform also requires vendors to submit invoices to Russian buyers in crypto rather than fiat.
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Gen Z Investors Favor Crypto, But Experts Warn of Potential Risks 💲
⚠️ Crypto is the top choice for Gen Z investors, driven by their exposure to technology, social media, and easy investment access, according to a joint report by American finance industry organizations the CFA Institute and the Financial Industry Regulatory Authority (FINRA).
🔴 But despite the appetite for crypto among younger investors, experts warn that relying solely on crypto in an investment portfolio is risky due to its volatility.
✅ “Whereas mutual funds and most exchange-traded funds (ETFs) typically offer a degree of diversification, the same is not true when purchasing cryptocurrency and individual stocks,” Gerri Walsh, President of FINRA’s Investor Education Foundation, warned in a CNBC article.
➡️ He added, however, that crypto investments are typically only a cause of concern if the investor isn’t adequately considering and managing the risk that comes with the investment.
🔴 According to the report, 55% of Gen Z investors currently invest in crypto.
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Crypto Tax Software Firm Taxbit Lays Off Almost 40% of Its Staff ❗️
⤵️ Taxbit – a software company that assists cryptocurrency holders with tax compliance issues – has cut nearly half of its staff in an effort to re-expand in the U.K. and EU, the company told employees on Thursday.
🔕 The layoff applies to 80 people, representing 40% of the company’s total staff, piling onto the 15% of workers released last year. The announcement arrived the same day that the Utah-based firm’s co-founder and CEO, Austin Woodward, stepped down from his role to be replaced by former Intuit executive Lindsey Argalas.
👌 Argalas joined Taxbit only a year ago, and her appointment makes her one of the few female CEOs of a major crypto firm.
🎤 “I'm honored to be in that position,” she said of her appointment, according to Forbes.
“Ultimately, we are a software company that is solving a complex tax and accounting need.”
“Ultimately, we are a software company that is solving a complex tax and accounting need.”
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European Central Bank Would Need To Set Limits on Use of Digital Euro Under Draft Proposal 🟢
♾ The European Union’s executive branch will unveil plans for a digital euro that would require the European Central Bank to set limits on its use, according to a report from Bloomberg News.
🛍 The ECB would have to decide on the instruments needed to ensure financial stability, according to a draft European Commission proposal on setting up a digital euro obtained by Bloomberg.
📣 “With a view to ensuring the stability of the financial system, the availability of credit and the transmission of monetary policy, the use of the digital euro as a store of value may be subject to limits,” the draft proposal said, according to Bloomberg.
🔔 European Union finance ministers will meet on Thursday in Luxembourg to discuss the project, according to Bloomberg.
➡️ The EU is contemplating launching the central bank digital currency and launched an investigation phase in October 2021.
That phase is expected to conclude in October of this year, according to the ECB’s website.
That phase is expected to conclude in October of this year, according to the ECB’s website.
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Binance CEO CZ deems SEC’s request for emergency relief unwarranted🤔
Binance CEO🌸 Changpeng “CZ” Zhao is pleased the disagreement with the SEC is over.
✌️Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as a prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development.
⛔️ As the regulatory uncertainty begins to fade, CZ can now concentrate on Binance’s future🌿 . In a tweet, the veteran crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, affirming that the mutually agreed resolution would enable Binance to progress unhindered.
👉In a noteworthy turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance, BinanceUS and the SEC on Saturday, June 18.
Binance CEO🌸 Changpeng “CZ” Zhao is pleased the disagreement with the SEC is over.
✌️Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as a prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development.
👉In a noteworthy turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance, BinanceUS and the SEC on Saturday, June 18.
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