Top 10 Crypto News: Weekly Round-up of Headlines That Made Waves (Oct 2nd-6th)
In Brief
Dive into the overview of key crypto market developments that occurred during the week of October 2nd to the 6th.
From the shores of Africa to the technological hubs of Asia, the cryptocurrency domain experienced a flurry of activity. With Kenyan authorities putting the spotlight on Worldcoin, and China continuing to push the boundaries of blockchain technology, the week between October 2nd and 6th was nothing short of eventful.
Additionally, Binance’s eagle-eyed monitoring, CMCC Global’s significant funding feat, and a surge in cyber-attacks on Friend.tech users marked significant pivots in the crypto landscape. Let’s delve into the details of these noteworthy events.
Kenyan MPs Demand Shutdown of Worldcoin’s Crypto Venture in Kenya
In a significant development, a Kenyan parliamentary panel has issued a strong recommendation to the country’s information technology regulator, urging the immediate shutdown of Worldcoin‘s cryptocurrency project within Kenya.
The move comes in response to mounting concerns over privacy and the need for more robust regulations governing such initiatives.
Previously, the Kenyan government took the initial step of suspending the Worldcoin project in early August due to widespread objections regarding its controversial practice of scanning users’ irises in exchange for a digital ID, aiming to establish a new “identity and financial network.” Even after the August suspension, Worldcoin continues to maintain a virtual presence in Kenya, accessible via the Internet.
Worldcoin, an initiative rolled out in several countries worldwide by Tools for Humanity, a company co-founded by OpenAI CEO Sam Altman, has reportedly faced scrutiny not only in Kenya but also in Britain, Germany, and France.
LayerZero Partners with Conflux to Boost China’s Blockchain SIM Ecosystem
LayerZero Labs, the pioneer behind the acclaimed omnichain messaging protocol LayerZero, has taken a pivotal stride.
In its latest partnership with Conflux Network, China’s sole regulatory-compliant public blockchain, the company aims to infuse China Telecom’s blockchain-integrated SIM card, known as the BSIM card, with omnichain capabilities. The move is especially noteworthy since it follows the BSIM’s recent introduction to the market.
“This partnership is an important step in expanding our global footprint, specifically the APAC region. The integration of our capabilities into the BSIM technology with Conflux is a key part of bringing the best-in-class omnichain experience we provide to a larger market,” said LayerZero Labs’ CEO, Bryan Pellegrino.
Immutable zkEVM Mainnet Set to Debut This December with Enhanced Features
Immutable is gearing up for an ambitious end to the year, with plans in motion to introduce their zkEVM mainnet. Detailed in a recent blog, the company will set the stage with a series of meticulous updates.
Before the zkEVM mainnet goes live between December and January, Immutable will overhaul its zkEVM testnet this coming November.
This revision is essential to shift their first EVM client from Polygon Edge to Geth. The ultimate goal? Align Immutable zkEVM closely with Ethereum to not only match its function but also provide it at a competitive cost. Compatibility is also in focus, as the company aims to be in sync with the entirety of the Ethereum tool ecosystem.
But the action doesn’t stop with the mainnet launch. Immutable will usher developers into exclusive groups before opening the mainnet to a broader audience.
AI Researchers Have Taught Large Language Models to Lie Less
A collaborative effort involving over 20 researchers from diverse corners of the field has given birth to a burgeoning domain – representation engineering (RepE). While this isn’t the first exploration of its kind, the authors are presenting both descriptive insights and establishing crucial benchmarks.
So, what exactly is representation engineering? It revolves around the notion that neural networks possess “hidden states,” which, despite their name, aren’t shrouded in secrecy. These states are accessible, modifiable, and observable (provided one has access to the model’s weights). Unlike parameters, these are the network’s “reactions” to specific inputs, particularly in the case of LLMs, textual inputs. These hidden representations are like windows into the model’s cognitive workings, a feature distinctly different from the human brain.
Drawing parallels with cognitive science, the authors highlight the potential for analogous explorations. In the realm of neural activations, a domain analogous to brain neurons, resides the promise of meaning. Just as certain neurons in the human brain are linked to concepts like Canada or honesty, these activations could harbor insights.
Solana Expands Network’ Resilience and Decentralization, Reveals Node Count Increase
The Solana Foundation has released its latest Validator Health Report, illuminating the network’s journey towards further decentralization and resilience. The report reveals that Solana aims to become a leading decentralized proof-of-stake blockchain, with metrics such as total global node count, node distribution, and geographic diversity showcasing its impressive growth.
In addition, the network’s resilience is augmented through its evolution into a multi-client system
He attributed this achievement to the increasing number of validators operating across diverse global jurisdictions and the development of multiple light clients and second validator clients, including Firedancer.
The Solana Foundation has been actively working to enhance network health at the software level, supporting the development of new software clients and collaborating with core-contributing developers. Currently, four independent validator clients are in active development, highlighting Solana’s commitment to performance and reliability.
Albert emphasized, “Solana is the only blockchain, apart from Ethereum, to feature more than one validator client, and this is a testament to the vision and drive of the many developers working tirelessly to make this network as performant and reliable as possible.”
Binance To Monitor Four Tokens Closely Over Heightened Risk Concerns
Binance, a leading cryptocurrency exchange platform, announced the addition of four tokens to its Monitoring Tag list.
The tokens, specifically BETA, BOND, WTC and XEM, failed to adhere to the exchange’s listing criteria which they conformed to when initially listed. Their continuation on Binance now hangs in the balance – pending improvements, or they risk delisting.
Tokens that carry the Monitoring Tag typically display higher volatility and associated risks compared to others. As a result, Binance conducts rigorous periodic assessments of these tokens. The onus is primarily on these tokens to ensure they remain compliant with Binance’s listing standards. Failing to do so could lead to their eventual removal from the platform.
For users keen on trading these tokens, Binance has introduced an added layer of caution. They must successfully complete a quiz every three months on the Binance Spot or Binance Margin platforms. This step is designed to ensure traders understand the risks associated with such tokens.
CMCC Global Raises $100 Million in Funding to Foster Asian Blockchain Start-ups
Hong Kong’s cryptocurrency-focused venture capital firm, CMCC Global, today successfully secured $100 million in its inaugural round of funding for its newly established Titan Fund, as reported by the South China Morning Post. The fund aims to bolster early-stage blockchain startups, particularly those based in Hong Kong.
Key players such as Yingke Group, Winklevoss Capital, Jebsen Capital, and an impressive roster of over 30 other investors have thrown their weight behind the Titan Fund, showcasing their confidence in CMCC Global’s vision and the potential of blockchain technology.
Friend.tech Users Lose Over $385K in Eth, Suffer Repeated Sim-Swap Attacks
Friend.tech, the platform allowing users to buy “keys” to private chat rooms, has become the latest victim of cyber attacks, with SIM-swapping scammers draining substantial amounts from its users. Over a span of 24 hours, a scammer managed to siphon off Ether valued around $385,000.
This was not a one-off incident but part of a larger trend that seems to specifically target Friend.tech’s user base.
Blockchain investigator ZachXBT shed light on the issue when he disclosed that this single perpetrator pilfered 234 ETH in a day by targeting four separate Friend.tech accounts. Notably, the digital trail of these transactions led back to one individual hacker.
Meet ‘Tab’ – the Wearable AI Companion by 20yr old Tech Whiz Avi Schiffmann
In an era marked by rapid advancements in technology and the relentless pursuit of efficiency, the demand for intelligent AI assistants has recently skyrocketed. We’ve seen the emergence of voice-activated assistants like Siri and Alexa, as well as AI-driven chatbots for customer service.
However, a new contender is on the horizon, to revolutionize the way we interact with our daily lives – Tab, a wearable AI assistant.
Avi Schiffmann, a young tech visionary behind the headline worthy COVID dashboard and a Airbnb-like platform for Ukrainian refugees, aims to disrupt the tech world once again. This time, he is introducing Tab AI, a groundbreaking smart wearable set to debut in the winter or spring of 2024.
The SBF Trial Saga: FTX Founder Battles Court as Matt Huang and Yedidia Face Intense Scrutiny, a Surprise Visit from Martin Shkreli
FTX founder Sam Bankman-Fried, finds himself embroiled in a high-stakes legal confrontation as he battles charges in court, related to fraud in connection with the collapse of FTX in November 2022. In a trial that revolved a flurry of dramatic headlines —- hinting at a potential 115-year prison sentence, the legal struggle seems undeniably intense.
During the trial’s initial arguments, the prosecution revolved around a narrative that has been circulating since the events of last November. They alleged that Sam Bankman-Fried intentionally diverted customer funds from FTX to Alameda and subsequently utilized these funds for personal enrichment, including investments in property and influence.
Conversely, the defense asserted that Bankman-Fried acted in good faith and maintained transparency in his actions, even if mistakes were made. They argued that being the CEO of a company that eventually filed for bankruptcy does not constitute a crime.
The trial was framed as “the story of the crypto world between 2017 and 2022” and highlighted the challenges faced by well-intentioned businesses in a volatile market. The defense, compared it to working at a startup terming it “building a plane while you’re flying it,” while emphasizing that a more mature company might have been more risk-conscious — as there was no intent to deceive.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
