Chinese Authorities Arrest Twenty Individuals Involved in Cryptojacking Scam
Twenty individuals have been arrested in connection with a huge cryptojacking scam in the Shandong province of China. Those involved are thought to have successfully hijacked 3.89 million personal computers since 2015.
Massive Chinese Cryptojacking Scam Uncovered
It’s estimated that the cryptojacking scam netted those involved more than 15 million yuan ($2.26 million). It was discovered back in January by technicians at Tencent, the largest gaming and social media company in China. According to a post from the Shandong government’s website, the malware used was hidden in software downloads that enable online gamers to add cheats to various titles.
Once installed, the malware used the computer systems of unsuspecting gamers to mine various cryptocurrencies. Those targeted include DigiByte, Decred, and Siacoin. It’s thought that these currencies were chosen because they can still be mined successfully without the kinds of application-specific chips needed to mine Bitcoin. Additionally, the systems of committed online gamers are often equipped with high-end graphics cards capable of mining cryptocurrency efficiently.
Many of those arrested were employees at Dalian Shenping Network Technology. One suspect whose surname is Yang is also believed to have cloned a popular video streaming service owned by Baidu. He then sold fake subscriptions to the fraudulent service which netted him another 200,000 yuan ($30,163).
In addition, Yang also created downloadable plugins that were spread through chat groups. These programs were also used to turn the computers of unsuspecting users into cryptocurrency miners for those involved.
A report in the South China Morning post alleges that the owner of Dilian Shengping was also in on the scam. Along with other employees from the company some 3.89 million computers were hijacked using the cryptojacking software. It’s believed that using the method, those involved were able to mine 26 million units of DigiByte, Decred, and Siacoin.
Cryptojacking has a detrimental impact on the machines of victims. It forces them to work much harder than they would normally and this places undue wear on components. In addition, extra power is required to run computers in this manner. This can lead to increased electricity bills for those affected.
Leonard Weese of the Bitcoin Association Hong Kong spoke to the publication about the cyber crime that has been gaining traction in recent years:
“If it’s done cleverly, then the software will only mine with excess capacity and you won’t notice from the outside.”
We’ve previously reported on other incidents of cryptojacking here at NewsBTC. However, none uncovered so far seem to have been anywhere near as successful as this example. That said, many such attacks are yet to be discovered. The issue is becoming so prevalent that digital security company Avast decided to hold a live demonstration showing just how destructive it could be at RSA 2018 in April of this year.
Tata Elxsi, Cultos Global partner to integrate an NFT Token mechanism for a unique and innovative Driver Reward Program
Tata Elxsi, a global design and technology company, has partnered with Cultos Global to integrate a Blockchain mechanism from Cultos Global with its TETHER Connected Vehicle Platform to create an innovative Driver Reward Program. This unique proposition of tracking driver behaviour using rich analytics from the cloud-first TETHER connected vehicle platform, augmented with ADAS and driver monitoring features, enables an entirely new way of positively impacting driver behaviour, incentivised through a high-trust and high-privacy blockchain model.
This integrated solution will provide mobility players with a dynamic rewards platform that enables consistent engagement and positive behaviour modification through gamification. The driving scorecard, which gets translated to tokens, is a single digital identifier for a user and can be used across the ecosystem. It will give access to first-party data for mobility providers with enhanced privacy for end consumers. It has a wide range of applications ranging from use for insurance to incentives for safety and reliability, etc.
Nitin Pai, CSO & CMO at Tata Elxsi, said, “We are pleased to announce our partnership with Cultos Global to integrate their cutting-edge blockchain mechanism into a unique Driver Reward Program, powered by TETHER – our Connected Vehicle Platform.”
“This collaboration marks an important milestone in our journey to leverage emerging technologies and enhance driver and passenger safety and experience – whether it is a mobility provider, vehicle brand, fleet owner, or a road transport authority that aims to positively impact driver behaviour and road safety using gamification and incentivisation and creates reputation, reliability and monetisation opportunities.”
“By harnessing the immutable nature of blockchain, we are elevating the program’s integrity, security, and transparency. Through this integration, we aim to create a seamless and rewarding experience for our drivers, fostering trust, loyalty, and long-term engagement. Together, we are redefining the future of driver rewards and setting new industry benchmarks.”
“Cultos complements TETHER offering by providing a single digital identifier for every customer. This not only increases engagement for mobility providers and their customers in the form of tokens that can be redeemed for different Loyalty/Rewards, but it can also be interoperable and can be liquidated,” said Pavan Govindan, CEO at Cultos Global.
About Tata Elxsi
Tata Elxsi is amongst the world’s leading providers of design and technology services across industries, including Automotive, Broadcast, Media, Communications, Healthcare, and Transportation. Tata Elxsi helps customers reimagine their products and services through design thinking and the application of digital technologies.
Tata Elxsi’s solution accelerators and platforms for the automotive and mobility industry include TETHER – the cloud-first connected car platform; Autonomai – a comprehensive AD / ADAS middleware and validation suite; AI solutions for driver monitoring and video analytics, and TE ATOM, a DevOps engine for deployment of high velocity and hyper-scale services.
About Cultos Global
Cultos Global provides a web3 rewards platform where customers can launch branded tokens to incentivize their customers, fans or followers to drive various actions. Cultos provides custodial wallets, NFT minting and liquidity off-ramps for branded tokens through API or e-commerce integrations.
The dPNM ecosystem is an ecosystem of sustainable growth
New projects are constantly emerging in the world of cryptocurrency and blockchain technology. In this article, we will take a look at a new development in the digital world – the dPNM ecosystem, based on Binance Smart Chain.
What is known about the project
The dPNM ecosystem is being developed by enthusiasts. It is based on blockchain technology and smart contracts. It is known that the project is not registered as a legal entity or organisation. It is fully decentralised.
The work and development of the project is ensured by the crypto community and smart contracts, which are designed as the basis of the ecosystem. At the same time, they are made non-renewable. This means that once they are deployed on the blockchain, it will be impossible to change them in any way, and not even the owners of the cryptographic key will be able to do so.
With this approach, users can be 100% sure that no conditions will change in the future. It is also worth noting that only the smart contract will have access to the liquid pool.
The token itself is decentralised and algorithmic and is fully deflationary unlike other tokens on the market. Binance Smart Chain was used in the process. A unique Financially Safe Assets (FSA) algorithm was used in the creation.
The developers assure that the token will have a constantly increasing price and has 100% security in BUSD(BEP20).
- The transparency of the smart contract is 100% checkable
- The contract is not changeable, which rules out the possibility to change, delete or block it.
- The project has been audited by 3 smart contracts from a major auditing company which is a market leader in auditing Defi and Web3.0.
Zokyo is a venture studio that builds, secures, and funds crypto, DeFi, and NFT companies. Zokyo is run by the engineers that built, ran or secured some of the largest cryptocurrency companies to date. Their team consists of crypto industry pioneers, veteran ethical hackers that have earned bounties from several Fortune 200 companies (including Uber, Paypal, Facebook, LinkedIn, etc.), designers, engineers, tokenomic experts, advanced crypto traders, and experienced investors. Their founder, Hartej Sawhney, co-founded Hosho, ranked No.1 Smart Contract Auditor in 2019 by Forbes.
Official Youtube: https://www.youtube.com/@phenomenaldecentralized/featured
Offical Telegram channel: https://t.me/dPNMDefi_Official
Official instructions (ENG): https://t.me/dpnminstructionsenglish
Official instructions (RU): https://t.me/dpnminstructionsrussian
Official Twitter: https://www.facebook.com/profile.php?id=100092552113846
Official Instagram: https://instagram.com/dpnmdefi?igshid=YmMyMTA2M2Y=
Smart Contracts: https://bscscan.com/address/0x31F835C5485Cf273Cd13E29dd7E95cd4691b1735
(GWT): https://bscscan.com/address/0x720BEF8ec188b51cA0Bc02B786e7A22Fb80915dB (Marketing tree)
Liquidity pool and dPNM price growth
The dPNM token is fully collateralised. It is in a liquidity pool that is accessed exclusively by a smart contract. A drop in the price of the token is not possible for the following reasons:
- The user pays a fee when buying the coin. About 10% is sent to the pool, which increases the security and the price.
- When the personal account is activated, the user pays 10 BUSD. 10% of it is sent to the pool.
- After the rewards from the marketing tree are paid, the remaining funds are sent to the liquidity pool.
- During token sales, up to 5% of the amount is sent to the liquidity pool.
- Each GWT transaction sends $1.
- Half of the ecosystem’s profits from partnerships with other platforms are also sent to the pool.
- The liquidity pool has more than 10 sources of funding, including marketing and affiliate services such as a decentralised exchange and cryptocurrency wallets, from which a portion of funds is also channeled into the dPNM liquidity pool.
In addition, the coin itself is made liquid as well. The user at any time can sell it to a smart contract and there can be no situation that the smart contract will not process your application as it always keeps 100% of the collateral. The dPNM token is algorithmic but also has several additional services. The idea is to keep the number of coins smaller than the size of its collateral.
The price of a coin is calculated as:
1 dPNM = ∑BUSD/∑dPNM.
In other words, 1 token equals as the sum of all BUSD collateral divided by the sum of all tokens.
For example, there are 20 dPNM and 10 BUSD. Based on the formula, 1 token would equal 0.5 BUSD. However, when the commission is paid, part of the coins is destroyed. When 1 dPNM is removed from the total, there will be a price increase.
Every time the number of coins in the system decreases slower than the number of collateral, there will be a token increase. At the same time, it will always be under collateral.
In order to support this system, a limit is set on the maximum amount of coins that can be purchased per day (limits are updated every 24 hours). It may increase or decrease depending on the transactions taking place.
Purchase of the dPNM token
In order to purchase the cryptocurrency, you need to have a cryptocurrency wallet that is capable of connecting to the Binance blockchain. For example, it can be MetaMask.
You need to have BUSD (BEP20) in your wallet to purchase. The amount must be enough to buy the desired number of coins. Also make sure you have BNB. Coins will be required to pay the commission on the blockchain.
You also need to register with the dPNM ecosystem and activate your account. The cost of the service is 10 BUSD. After that, wait for placement in the marketing tree (it will be discussed below).
Please note that there is a limit of 24 hours for the purchase of coins.
It reaches up to 0.1% of the total pool. The minimum daily purchase limit is from 50 BUSD (BEP20). The amount you can buy dPNM for is 20 BUSD (BEP20). That is, the minimum purchase of dPNM starts from 20 BUSD (BEP20).
At the time of purchase, you must also pay a commission of 20% of the amount. It will be compensated at a ratio of 1 to 1 in the form of GWT. This token will expand the marketing rewards and increase the profit limit of the dPNM coin. In the same way, the GWT utility token will be in demand throughout the entire ecosystem and the upcoming dPNM products in the future, and its demand will only increase.
How to sell dPNM
The sale is available at any time as long as there is an income limit. A commission is also charged at the time of sale. However, it is already 10%. There is also compensation in the form of the GWT token.
As soon as the sale takes place, the system will increase the purchase limit by the same amount for two days. The profit limit will be deducted according to the tokens sold.
This utility token shall be used within the ecosystem. It can be obtained by paying commissions on the blockchain. For example, you paid 5 BUSD in commissions. The system will give you back 5 GWT. In other words, the return is 1 to 1.
Also, the GWT tokens are awarded when you activate your account. The amount is 10 coins. Tokens can be used to:
- Activate new levels of the marketing tree. There are 10 of them in total.
- Buy increased income limit (here 1 GWT=1.25 BUSD).
- Transfer them to the other participant of the ecosystem.
- The smart contract itself does not sell GWT so it is not possible to buy just GWT.
In addition, the GWT token can be used for staking. There is a peculiarity here: the tokens are frozen and new coins are added to their value. The latter can be withdrawn without waiting for the end of the freeze.
The daily income from staking depends on the chosen freezing period. Thus, for a two-week period, 0.1 of the amount is accrued each day. However, if staking period is one year, the percentage already increases to 0.5%.
Marketing tree of the project
In order to spread the ecosystem among the users, a marketing policy has been developed. It represents a tree of users. The idea is that a member will invite others and get rewarded for it. This is awarded for:
- Account activation.
- Purchase by the user of dPNM.
Note, that it is important for the account to be activated. For simple purchase/sale of tokens, the procedure is required once. However, if you want to earn passive income from the marketing tree, you need to activate the account every month. The cost is 10 BUSD.
What are the benefits of the coin and the ecosystem
Let’s highlight a few key benefits of dPNM:
- Full decentralisation, control is exercised solely by an open-source smart contract.
- Unique algorithm that supports 100% security of the coin.
- Stable growth of coins by selling them.
- Access to the smart contract is impossible. This makes coins from the liquidity pool impossible to steal.
- Protection against “whales” is made. This makes it impossible to manipulate the value of a token.
- 100% deflationary model because the token is burned.
- No initial issue of printed tokens as the token can only be issued against 100% collateral and there are no other options.
- The dPNM asset cannot fall in value but only grow to BUSD (BEP20) i.e. the value of the dPNM asset only increases to the dollar equivalent.
At the same time, there are many features that allow you to generate passive income in the future. This platform can be a convenient option to save your savings and protect them against inflation.
The dPNM project is interesting. It has quite a simple and convenient functionality. It is designed for financial transactions, storage of assets and their growth and protection against inflation, and funds are stored personally in your account and only you have access to the funds, so there is no need to trust any third-party exchanges or projects that may close. Also, by developing decentralised marketing, you can earn great rewards for your labour.
What is also interesting here is the return of the commission. On the one hand you pay it, and on the other you receive compensation, which helps you grow in the ecosystem. As a result, the more dPNM transactions you make, the more advanced and profitable your account becomes. In addition, let’s not forget that the asset is 100% deflationary and has no issuance, making it a truly unique offering in the cryptocurrency market.
Investors Flock as Lyfebloc Token Presale Starting Soon
As investors seek out emerging opportunities, pre-sales are becoming more common, causing the crypto market to explode. One token that is making waves lately is Lyfebloc, which has raised a lot of interest in its upcoming presale in the world of DeFi (Decentralized Finance).
Lyfebloc a next generation Automated Marker Maker (AMM) that provides frictionless crypto liquidity. With Decentralized Governance and cross chain liquidity, Lyfebloc transcends the barriers that currently isolate constant function market makers. Combined with sophisticated routing and arbitrage design, Lyfebloc expands the design space for trading and market making on-chain.
Key features of Lyfebloc (LBT):
- Automated Market Maker (AMM): Designed with next generation arbitrage design enables users to Optimize your trades across hundreds of DEXes on multiple networks instantly
- Liquidity Aggregation Protocol: Instantly sources liquidity from multiple hundreds of sources to provide lowest slippage and best price trades.
- Yield Farming: Allows users to earn rewards by staking LP tokens. LP tokens are generated by the fees charged when users trade on the Lyfebloc, and these tokens can be staked to earn LBT rewards.
- Multiplier Protocol: Allows users to trade crypto with zero price impact, up to 100x leverage and aggregated liquidity.
- Governance: Governed by the community through Lyfebloc DAO, a Decentralized Autonomous Organization. LBT holders stake LBT tokens to vote on governance proposals that shape Lyfebloc.
- Deflationary Protocol: generates decentralized financial assets that reward users with sustainable fixed compound interest models while awarding token holders in crypto.
Why is it being touted as such a revolutionary crypto project?
Lyfebloc offers a range of real-world use cases, including liquidity pools, yield farming, lending, and borrowing. It’s also built on the Ethereum blockchain, which offers fast transaction speeds and low fees, making it a more practical option for DeFi users. Additionally, Lyfebloc also has a more comprehensive ecosystem than most cryptocurrency projects on the market, with a range of products that work together seamlessly. This makes it a more attractive option for DeFi users who are looking for a one-stop shop for all their DeFi needs.
Lyfebloc (LBT) is a DeFi token that’s set to make waves in the crypto market. With its unique architecture, comprehensive ecosystem, and real-world use cases, it’s being touted as a revolutionary crypto project. Lyfebloc has already raised the interest of the biggest names in the crypto industry for its upcoming presale, which is a testament to its potential.
While it’s still early days for Lyfebloc, the project has a solid development team, a range of products, and a clear roadmap for the future. As DeFi continues to gain mainstream acceptance, Lyfebloc is well-positioned to be a major player in the space.
Visit the links below for more information about Lyfebloc (LBT) token presale:
Lyfebloc Presale: Lyfebloc Presale
Lyfebloc Network: https://lyfeblocnetwork.com
Play, Think, and Earn: How House of Hamsters is set on Revolutionizing the Gaming Industry in WEB3
Gaming has become an integral part of our lives, with millions of people across the globe spending hours playing various games on different platforms, the promise of blockchain development and the rise of nonfungible tokens (NFTs) gave the significant birth of play-to-earn games that took the industry by storm.
While many still view gaming as a mere source of entertainment, recent research has revealed that gaming can have numerous positive effects on our cognitive abilities.
In particular, thinking in gaming experience has been shown to improve cognitive abilities, such as problem-solving, decision-making, spatial awareness, and hand-eye coordination. This type of thinking involves the ability to think strategically, anticipate outcomes, and adapt to changing situations in the game, the research that was conducted by the founding team members at House of Hamsters inspired to develop an immersive nature of gaming that can provide a unique and engaging way to improve cognitive abilities and generate income.
House of Hamsters and the Birth of Think 2 Earn
House of Hamsters prides itself in developing the first Think 2 Earn NFT powered mobile game designed to help improve thinking skills, generate income while enjoying the card game.
Merging GameFi (Free to Play) and Poker components, the project aims to develop a self-sustaining and reliable economic model rewarding players making free to play at the core of everything and providing additional income sources on the rake (commission from games for tokens), which, in turn, allows for payments to users for participating in free competitions. It is worth noting that according to research, the revenue of online poker rooms in 2022 from rake alone exceeded $3.5 billion.
HamCoin ($HAMC) is a new BEP20 token supported by Binance Smart Chain (BSC), based on the BNB Chain smart contract. A total of 2,000,000,000 tokens have been issued, of which 25% will be burned in the future.
The project’s concept is focused on fair and just competitions, where everything depends only on the players. Right after registration, each user receives a free Hamster, which allows them to start participating in games.
The idea of Hamsters is built to empower every single player and give them a chance to turn their hamster into a sought — after character captivating the imagination of their fans and followers, community overall. This is an embedded belief of the project founders that anyone has a power to make difference, especially in the industry where one can learn to think strategically, play for free, generate income and capitalize on the promise of WEB 3.
House of Hamsters NFT Sales
To form a strong and sustainable community, House of Hamsters is kicking off its first batch of 1000 pcs of NFT sales on May 15th.
While everyone could enjoy the game by simply registering and start playing with a free white hamster, Limited number of NFT hamsters offer a lot more perks that is well described below
There types of NFTs:
- Common Hamsters – (150$)
- Uncommon Hamsters – (400$)
- Rare Hamsters – (1000$)
These NFTs will be randomly distributed in 1000 NFT boxes, and one of the above listed NFT with unique attributes is going to be included in all of the 1000 boxes.
Just for 150$ USD anyone can try their luck and buy one of the three NFT Hamsters.
Why NFT Hamsters over free ones?
NFT Hamsters have several advantages over regular Hamsters. They can be leveled up to level 20, allowing players to earn tens of times more $HAMC tokens. Additionally, NFT Hamsters have increased starting stats and more points for stat growth when leveling up. Another advantage of NFT Hamsters is the additional slot for storing the energy required for playing.
By becoming an NFT Hamster owner, you automatically gain access to the beta version of the application where you can start earning $HAMC tokens among the first. And, of course, one of the most important advantages of an NFT Hamster is the ability to sell it on the secondary market at a significantly higher price, as the character’s value increases as it levels up, and demand constantly grows with a limited quantity available.
The project team plans to release a limited number of NFT tables in the future, the owners of which will be able to receive a commission from the games in tokens (rake) regularly.
House of Hamsters is not only a game but also an opportunity to earn, develop thinking, and meet interesting people.
There is one more thing
Beyond WEB 3 related activities, House of Hamsters takes social impact seriously.
It is going to deepen its engagement in charity related activities and develop a network across MENA to help refugees in need.
The funds will be allocated to various initiatives, such as providing food, shelter, medical aid, and education for refugees and much more. One of the upcoming projects that House of Hamsters is supporting is Charity Dinner for Palestenians based on Jordan and Turkish citizens that suffered from recent earthquakes.
Moreover, the team aims to raise money for the provision of essential items like blankets, clothing, and hygiene kits and support community development projects that promote self-sufficiency and resilience among the affected populations.
All details of activities will be well communicated on the website and blog of the project that can be found here.
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Choosing LYOTRADE as your crypto exchange? Here are 5 reasons to do it
With hundreds of crypto exchanges now emerging, it is important to understand the key benefits to choose a crypto exchange. Today, we take a look at why LYOTRADE, which is a regulated and licensed crypto exchange that follows Know Your Customer (KYC) and Anti-Money Laundering (AML). Is LYOTRADE the right choice for you?
1. Trading ETFs
In addition to the classic methods, such as spot market, P2P, futures and grid, LYOTRAVEL also has ETF trading available. An exchange-traded fund is a financial tool to buy baskets of stocks containing shares of hundreds or thousands of companies with a single purchase. It is easy to buy or sell new shares without running the risk of seeing their value drop and accessing small quantities of major market indices. Because they’re highly diversified, ETFs are generally considered safe long-term investments with historically dependable returns.
2. Buy and Sell with Card and Bank Transfer
An essential tool especially for those who are using cryptocurrencies for the first time. A quick and easy way to buy cryptocurrencies and tokens and make a first deposit on LYOTRADE: this is the function buy crypto using your debit/credit card or with bank transfer. Conversely, it can also be sold. There are +50 traditional money available with which to pay and receive funds in fiat money. Convenient fees, this is the alternative to depositing from another wallet to start using LYOTRADE.
3. Staking USDT
LYOTRADE offers staking pools that are updated over time. Staking available on LYO Credit token and Tether USDT. LYO is a good token based on BNB and backed by a burning strategy. Zokyo conducted an audit on it with 98% positive result. As of December 2022, the staking pool with the highest return was 50% rewards per year. For each pool there are different period locks to choose from and the longer the period lock the higher the total rewards. To know about new pools join the telegram channel of LYOTRADE because once announced they reach the maximum capacity quickly: https://t.me/lyotrade
4. KYC and AML Procurement
LYOTRADE has a license based in Georgia for digital assets exchange services, digital assets and financial services, portfolio management. The exchange follows all the procedures for working in complaints according to the regulations of the countries in which it operates. In fact, an identity verification is required with him the user can ensure the ownership of his wallet, even in case of loss of password, he can contact the live support every week. A smart choice for centralized exchanges.
5. Promotions and Events
They are often airdrops to obtain free tokens or features published at events. For example, during the 2022 FIFA World Cup, a game was launched to buy team tokens and win if you pick the winning team. Online games and the possibility of winning free tokens with just a few actions are also promoted during physical events. The most recent airdrops and token bounties were airdrops for account activation on LYOTRADE to win LYO Credit, and on Twitter with a win of 1 Etheurum ETH for retweeting and registering on the exchange.
Telegram announcement channel: https://t.me/lyotrade/
LYOTRADE is part of the LYOPAY group.
Cloak Protocol Pre-Sale Goes Live As The Platform Looks To Revolutionize DeFi
Cloak Protocol is happy to announce that its pre-sale is now live, and the team encourages participants to join the game-changing $CLOAK project, which is focused on privacy and security. As a groundbreaking privacy-centric DAO and DeFi project, Cloak Protocol effectively combines advanced encryption, anonymity, and decentralization to redefine privacy in the digital age.
Moreover, as the platform is a decentralized autonomous organization, it emphasizes community participation in decision-making, transforming it into a truly democratic and collaborative platform.
A unique investment opportunity
Generally speaking, investing early can lead to several benefits, such as enabling users to have more time in the market to ride out short-term fluctuations and capitalize on long-term growth trends. Investing early additionally permits users to gradually build a diversified portfolio, which can lower risk and potentially increase returns as well. Early investing can also play a vital role in amassing funds over time to achieve different financial goals, such as purchasing a home, funding education, or accumulating a retirement fund. Finally, investing early allows users to take a long-term view, weather market downturns, and be able to make informed investment decisions over time.
Cloak Protocol provides an appealing investment opportunity with a minimum 2X ROI for investors, along with the ability to stake tokens for additional rewards derived from platform transactions. By securing their positions as one of the privileged holders who can benefit from the minimum 2X return on their investment at launch, these investors are hence able to benefit from the platform’s novel staking strategies and earn profits from platform transactions by purchasing its native coin, increasing their returns. With a comprehensive roadmap outlined on the website, users can also check out Cloak Protocol’s future plans and contribute to the platform’s long term vision.
Cutting-edge privacy with zero-knowledge proof protocol
Cloak Protocol primarily revolves around privacy and security. For anonymous crypto transactions, the platform employs a zero-knowledge proof protocol and smart contracts, guaranteeing the greatest possible degree of safety and reliability for users. The reason behind this is that the platform believes in protecting individual privacy within the ever-growing digital landscape. Cloak Protocol represents a significant step toward that goal.
Furthermore, Cloak Protocol gives users the freedom and control to effectively and seamlessly manage their cryptocurrency assets at their leisure, with instant deposits and withdrawals at any time. The platform also has low fees, ensuring that users’ transactions are always affordable.
Decentralized governance and staking
Cloak Protocol believes in the empowerment of its community. The platform employs an ERC-20 token governance model, enabling token holders to actively contribute to the future of the project. Additionally, users can participate in vital decision-making processes by staking their tokens, thereby cultivating a genuinely constitutional and mutually beneficial approach to the platform’s overall infrastructure and development.
Besides that, Cloak Protocol also utilizes a staked governance model, which ensures that only committed, long-term stakeholders can vote. This reduces the potential danger of opportunistic, short-term voting, thereby improving the platform’s security and stability. In this way, token holders demonstrate their commitment and vested interest in Cloak Protocol’s long-term growth and success by staking their tokens.
About Cloak Protocol
Cloak Protocol believes that secure, anonymous Ethereum transactions will revolutionize decentralized finance. The goal is to thus discover a new era of privacy and security by harnessing the power of zero-knowledge proofs, blockchain technology, and staking capabilities.
As such, the focus is mainly on rewarding users for their involvement. Those who participate in voting can not only have a say in how the platform evolves but also earn rewards proportional to their stake volume by staking their tokens. These rewards, derived from platform fees, provide stakeholders with a passive income stream. This harmonious compatibility of incentives fosters a collaborative environment in which everyone feels inspired to contribute to the success of the project.
For more information and regular updates, visit the official website, whitepaper, as well as the Twitter and Telegram channels.
Decentralized exchange Vertex Protocol launches high speed spot and derivatives trading venue on Arbitrum
Vertex Protocol (Vertex), a decentralized exchange for digital asset spot and derivatives trading, announced earlier today that it has launched to the public, enabling market participants of all types and sizes to trade on an Arbitrum-based DEX.
Vertex’s unique offering brings together multiple market structures into one. The combination of a performant off-chain orderbook layered on top of an on-chain automated market maker (AMM) on a decentralized, self-custodial exchange delivers the benefits of a centralized exchange (CEX) without the drawbacks. All users can take advantage of Vertex’s integrated money market, borrowing and lending wBTC and ETH with spot margin that enables efficient capital deployment across cross-margined accounts.
“When setting out to build Vertex, we put together a team of traders and other financial industry veterans to create a robust, best-in-class venue,” said Vertex Protocol co-founder Darius Tabatabai. “Vertex is the realization of more than a year’s worth of market research and development work, and we couldn’t be more excited to bring it to life at such an important time in the growth cycle of the digital asset industry.”
An evolving marketplace
This launch comes as CEXs face increasing scrutiny from users that have become wary of centralized custody, and not long after research found that non-custodial wallet users grew significantly last year, and are expected to continue growing through the rest of the decade to reach nearly $50 billion in total assets by 2030.
As users increasingly use decentralized finance (DeFi) protocols, a market expected to grow more than 40 percent each year through the end of the decade to reach more than $230 billion in revenue by 2030, Vertex hopes to play an increasingly important role in the financial system of the future.
“Individuals and businesses are increasingly looking at DeFi as an alternative to the flawed centralized exchange model,” Tabatabai added. ” We believe Vertex offers a viable alternative with similar liquidity and speed, along with better capital efficiencies than incumbent options currently available.”
Setting a new bar
Arbitrum, a Layer 2 solution for the Ethereum network, is currently the fastest growing blockchain in Total Value Locked (TVL). This launch comes at a time when adoption has hit an all-time high, with Arbitrum recently surpassing Ethereum in terms of daily transaction volumes.
“Vertex has quickly established itself as a leader in the DeFi landscape,” said AJ Warner, chief strategy officer at Offchain Labs. “Bringing the exchange onto Arbitrum allows Vertex access to our world-class technology and will hopefully see the exchange scale in size very quickly. We’re excited for our community to explore their platform and look forward to supporting Vertex as they scale.”
Building Vertex on Arbitrum and using an off-chain sequencer for the order book has enabled the venue to achieve between 10,000 – 15,000 transactions per second at an order matching latency of 10-30 milliseconds, a speed that rivals leading centralized venues and surpasses any currently available DEX.
Vertex counts Jane Street, Dexterity Capital, Hudson River Trading, GSR, Collab+Currency, JST Capital, Big Brain and Lunatic Capital among its early backers, and is primed to fast become a leader in the DeFi category through the rest of this year and beyond.
About Vertex Protocol
Vertex Protocol was established by a team of traders and engineers with a track record of business building in both TradFi and DeFi markets. They saw the latent market need for users to interact with DeFi in a more flexible way and decided to leverage the growing ecosystem on the Arbirtrum blockchain to bring a trading protocol to market. Today, they are excited to be at the forefront of smart contract and market innovation for Arbitrum and to help partner with some of the most exciting names in crypto to build a DeFi protocol that works for all users.
To learn more about Vertex Protocol, please visit www.vertexprotocol.com and/or go to the following:
Discord community: https://discord.gg/xRdut3NyG3
Public docs: https://vertex-protocol.gitbook.io/vertex-protocol/getting-started/vertex-overview
The Real Truth About LYOPAY Crypto Ecosystem
There is a project that is becoming popular in the crypto world. And we know that, no matter how many companies there are, it is a sector in which information travels fast and reaches everyone’s ears and eyes.
The latest trend of the moment seems to be LYOPAY, a crypto ecosystem of products ranging from crypto exchanges to bitcoin travel platforms.
What is LYOPAY for real? Is it a project destined to last over time? Here are our two cents.
The project was presented on the market in the summer of 2020. The initial offer was to create a super-app for crypto payment services: then, the direction moved towards creating a real ecosystem of platforms and branded stand-alone products LYOPAY.
The first portal was LYOPAY with the app and payment services. It was successful in Europe, where they had provided the EUR IBAN account service, as well as cryptocurrency wallet storage and swap exchange. Building a community hungry for crypto services, LYOPAY announces the services in development now become reality, especially the LYOTRADE crypto exchange with the native token LYO.
LYOTRADE crypto exchange
On February 21, 2022, the ecosystem exchange goes live celebrating with an airdrop of LYO Credit (LYO). Since that day, in just under a year, many products aside from crypto trading have been integrated and today it has +250 cryptocurrencies and tokens.
To start a business as private or company on LYOTRADE you can deposit crypto after identity verification. LYOTRADE follows the global standard of Anti-Money Laundering (AML) and Know Your Customer (KYC) to keep hacks, illegal transactions, and other illicit activities at bay. In minutes, it’s ready. If you don’t have cryptocurrencies, they can be purchased quickly with the buy and sell using debit/credit card and bank transfer service.
The LYO token can be purchased with USDT. LYO received a 98% rating in a smart contract audit performed by the Zokyo blockchain team on March 11, 2022. It can be used to make transactions or staking: LYOTRADE has published staking pools over time that have reached 50% annual rewards in tokens. Both on LYO and on Tether (USDT).
The ecosystem of crypto products
Many products live in the project, each with its own platform and mobile app. We consider LYOTRADE the starting point from which to manage your crypto wallets. Then, the balances can be used to purchase airline tickets on LYOTRAVEL, using BTC, ETH, BNB, LTC and others. If you have a shop or a business, then you could choose LYOMERCHANT, a payment gateway to accept payments in crypto in your online and offline business.
The safety of the amounts of its customers is in the first place. Because of this LYOPAY offers both centralized solutions for wallet storage as LYOTRADE and LYOPAY app, and DEX as LYOWALLET, noncustodial wallet. In addition, physical cold storage is available with CoolWallet-S branded LYOPAY.
Is LYOPAY a reliable project?
The project has several companies operating in most of the world. As their website states:
The project works with several companies worldwide in order to operate according to the regulations of each legislation in which LYOPAY Group platforms are available. LYOPAY operates in compliance with diligent international standards for conducting its operations under the Anti Money Laundering (AML) Framework, and through its Know Your Customer (KYC) and Digital Asset/Fiat Transaction Monitoring procedures.
Based in London and Hong Kong, LYOPAY is here to stay and create a safe and long-lasting project. They are licensed, digital assets exchange services, digital assets and financial services, and portfolio management.
Still not sure where to begin?
The recommended first step is to register on LYOTRADE exchange. Even for the less experienced and crypto newbie, you can rely on the customer service available every day.
Following and learning about the company is a great starting point too, here are the links to their ad pages and channels. We stay informed to see the next steps and growth of LYOPAY, LYOPAY Pro, LYOWALLET, LYOMERCHANT, and all other portals.
Optix Launches An Altcoin Option Trading Competition with $30,000 Prizes
Liquidity providers will share in 15,000 USDC and traders will compete for 15,000 USDC. All of the option markets listed on Arbitrum are eligible for the trading competition including: Ethereum, Bitcoin, Matic, Solana, Avalanche, Doge, Cardano, Aave, Polkadot, Sushi, BNB, Chainlink, Uniswap and Ripple!
Details about the trading competition can be found on the Optix blog:
What is Optix?
Optix is a decentralized option protocol where you can trade options on top crypto assets with up to 50x leverage and earn sustainable yield selling options, directly from your wallet.
What are the unique benefits of Optix?
Optix is revolutionizing the options trading industry with its unique features. One of the standout features is that it offers options on a wide range of assets, not just BTC and ETH. This provides traders with a diverse range of investment strategies that can be tailored to their specific needs.
In addition to a diverse range of assets, Optix offers a simple user experience. The option buying and selling process can be confusing and complicated, but with Optix, it’s as simple as using a decentralized exchange. The platform also supports multiple chains, including Arbitrum and Polygon, making it accessible to a wider range of users.
How does it work?
Collateral in a vault can be used to sell options across multiple assets, put/call directions, expiries, and strikes. This ensures that traders are able to maximize their capital utilization and investment opportunities. Vaults can be created and operated by anyone permissionlessly and compete to offer the best prices to the buyer.
All options on Optix are fully collateralized, non-custodial, and on-chain, providing greater security and transparency to traders.
Who can benefit from Optix?
Optix provides a range of solutions that cater to different types of users, including protocols, DAOs, investors, retail traders, market makers, and institutions.
For protocols, DAOs, and project investors, token vaults and structured products built on a protocol’s native tokens or DeFi primitives offer leverage, risk management & yield opportunities.
For retail traders, Optix provides leverage, portfolio insurance, and yield earning through liquidity provision to vaults.
Market makers & institutions can benefit from Optix’s block trading capabilities for large privately agreed trades against KYC’d and whitelisted parties only, the provision of liquidity at scale, delta hedging and risk warehousing using their own tooling, and using options to hedge their exposure from other trades.
Optix has an exciting on-chain referral program! You can earn a share of the action every time you invite your friends to trade on Optix. For every successful referral, you’ll receive a generous .05% of the notional value of the trader’s transactions. That’s right, simply by spreading the word about Optix, you can start earning today! Don’t wait any longer, join our referral program and start earning rewards.
OPTIX is Optix’s native protocol token; it will be launched in Q3 of 2023. The OPTIX token will be a standard ERC-20 on Ethereum.
The OPTIX token is a utility and governance token that provides ownership and governance of the Optix protocol to the Optix Community. The more OPTIX tokens held, the more voting rights one can accrue. This shared control enables alignment of incentives between the Optix team, community, traders, investors, and partners of the ecosystem.
- Token use cases
- Protocol governance
- Receive a proportion of protocol fees
- Reduce trading fees
- Boost liquidity rewards
$1.8 million was raised in a funding round led by Skynet Trading, followed by Ascensive Assets, Arrington Capital, LVT Capital, Morningstar Ventures, SkyVision Capital, Huobi Global and Phemex.
Future FinTech Group Regains Compliance with NASDAQ Listing Requirements
Future FinTech Group Inc. (“hereinafter referred to as “Future FinTech”, “FTFT” or the “Company”), a blockchain application technology developer and a fintech service provider, announced today that on April 21, 2023, it received a written notification from the NASDAQ Stock Market Listing Qualifications Staff (the “Staff”) indicating that the Company has regained compliance with the periodic filing requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1).
On April 18, 2023, the Company received a letter from the Staff stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission.
Based on the April 19, 2023 filing of the Company’s Form 10-K for the fiscal year ended December 31, 2022, Staff has determined that the Company complies with the Nasdaq Listing Rule and accordingly, this matter is now closed.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a blockchain application technology developer and fintech service provider incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), supply chain financing services, asset management and a money transfer service. The Company is also developing cryptocurrency mining, cryptocurrency market data services, blockchain-based e-Commerce technology, cryptocurrency investment management and financial service technology businesses. For more information, please visit http://www.ftft.com/.
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