#development

Atomic Wallet has landed in legal hot waters. This development comes after a hacking event that wiped out more than $100 million. The claimants assert that the developers neither informed the users about the security vulnerability nor contacted law enforcement after the breach. Many prosperous investors, some having affiliations with Russia, are included in the court case.

Crypto miners in the U.S. have initiated the Digital Energy Council to lobby for miner-friendly policies amidst ongoing crypto regulation debates. The council aims to advocate for sustainable energy development, grid resilience, U.S. competitiveness, and national security. This move comes as President Joe Biden's administration proposes a 30% excise tax on mining operations, citing societal harms. Additionally, Democratic lawmakers criticize miners for environmental concerns.

The company's developers are gearing up to release JavaScript libraries tailored to facilitate the transmission of commands and signals to mining hardware. Tether CTO Paolo Ardoino confirmed his direct involvement in the coding process, asserting that this new development will bolster both performance and security.

Tech leaders Google, Microsoft, OpenAI, and AI startup Anthropic are forming a new industry watchdog group, the Frontier Model Forum, to supervise the "safe and responsible" development of frontier AI models. The alliance aims to push research on AI safety, pinpoint responsible development practices, collaborate with governments and civil leaders, and back the development of applications. This move follows a commitment made by these AI companies to the White House for the safe and transparent development of AI.

The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities. In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible.

Grayscale Investments is gearing up for a potential positive outcome in its lawsuit with the SEC, as it begins hiring for its ETF team. The firm is on the lookout for a "Senior Associate, ETFs" to bolster its ETF business development. This move comes as the crypto community eagerly awaits a court decision on Grayscale's proposal to convert its GBTC fund into a spot bitcoin ETF. The outcome could set a precedent for other asset managers seeking approvals for spot bitcoin funds, influencing the future of crypto ETFs.

Coinbase, the cryptocurrency exchange, has joined forces with Peoples Trust Company. This collaboration facilitates access to the Interac e-Transfers system, streamlining deposit and withdrawal processes for its Canadian user base. What's more, they're gifting users a one-month free gateway into the Coinbase One subscription. This means no trade-related fees, amplified staking profits, and swift client support. "Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework," voiced Nana Murugesan, the International Development VP at Coinbase.

Meta, previously recognized as Facebook, is working on crafting chatbots powered by artificial intelligence, each endowed with a unique personality. These bots will be capable of engaging in human-like conversations on a wide array of subjects or even emulate certain characters. The first iterations of these chatbots are slated for an official roll-out in September. Their primary role will be to assist in information retrieval or offer suggestions. Currently, the company has chosen not to offer any comments regarding this development.

Bankrupt crypto firms FTX and Genesis have reportedly reached a preliminary agreement to settle outstanding issues. The companies have agreed to void all mutual claims. This development was revealed in a letter sent to Bankruptcy Judge Sean Lane on July 27. The final decision and terms of the agreement, however, need to be officially approved by the court.

Yesterday, reports surfaced suggesting that KuCoin had dismissed 30% of its employees due to declining profits. However, the cryptocurrency exchange's representatives debunked these claims today, explaining that there was just a slight downsizing in line with their routine organizational strategy. "To stay on top, we regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic," asserted Johnny Lyu, the Chief Executive of KuCoin.