Author: Lora

Epic Games, the renowned developer behind the Fortnite phenomenon, is taking drastic measures to address its financial challenges, cutting 830 employees – approximately 16% of its workforce. This significant downsizing comes as a response to the company’s ambitious aspirations for metaverse-related revenue, which led to extravagant spending that outpaced its earnings. In a memo addressed to Epic Games’ staff on September 29, CEO Tim Sweeney candidly acknowledged the need for these layoffs to stabilize the company’s financial health. Sweeney expressed optimism in the past that they could navigate this transition without resorting to job cuts, but in hindsight, he deemed…

Bitmain, a cryptocurrency mining hardware manufacturer, has entered into a deal with Core Scientific, a bankrupt crypto mining company, which combines equity and cash to expand their mining facilities. In this agreement, Bitmain will provide 27,000 Bitcoin mining rigs, with a price tag of $23 million in cash and an additional $53.9 million worth of common stock from Core Scientific. Besides the mining hardware acquisition, both companies have also established a new hosting arrangement aimed at supporting Bitmain’s mining operations. This deal was officially sealed in August, with Anchorage also participating by acquiring an equity stake in the struggling crypto…

The city administration behind the project aims to make Busan a blockchain city and has launched a $75-million development plan to realize the goal. South Korea’s second-largest city, Busan, is developing a public blockchain network compatible with mainstream blockchain platforms, such as Ethereum and Cosmos. The aim is to integrate blockchain-based services from various blockchain mainnets onto a single platform at the city level and develop Busan into a blockchain city. Busan City has allocated a 100-billion-Korean-won ($75 million) budget for open blockchain development compatible with global standards under the Blockchain Innovation Fund (BIF). The funds will be raised through…

Former executives from Andreessen Horowitz have successfully raised $25 million in funding for their new Web3 startup called Bastion. This substantial investment will enable Bastion to pursue its vision of creating innovative solutions within the Web3 space. Bastion, co-founded by former leaders at Andreessen Horowitz, aims to leverage this funding to propel its initiatives in the Web3 sector. The startup’s mission is to play a significant role in shaping the future of Web3 technologies, and the $25 million investment provides a strong foundation for this endeavor. The successful funding round signifies a strong vote of confidence in Bastion’s leadership and…

The United States Securities and Exchange Commission (SEC) has accused Binance US Branch of obstructing its ongoing investigation into the cryptocurrency exchange. In a court filing dated September 14, the SEC expressed frustration with Binance US Branch lack of cooperation. According to the filing, Binance US Branch holding company, BAM, has provided a meager 220 documents during the discovery process. These documents were criticized for containing unintelligible screenshots and lacking essential details like dates or signatures. The SEC further alleged that BAM has been uncooperative in producing key witnesses for deposition. Instead, the company has only agreed to the deposition…

Australia and New Zealand Banking Group (ANZ) has taken a significant step towards the launch of its bank-issued stablecoin, A$DC. The bank recently completed a successful test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking a milestone moment. Nigel Dobson, ANZ’s banking services portfolio lead, expressed the significance of this achievement, stating that the bank had collaborated with Chainlink CCIP to simulate the purchase of a tokenized asset using A$DC and an ANZ-issued New Zealand dollar-denominated stablecoin. ANZ has been actively exploring various blockchain networks as part of its “test-and-learn” approach to ascertain the optimal utilization of its Australian dollar…

Bull Bitcoin, a non-custodial Bitcoin-only exchange headquartered in Canada, has entered into a partnership with SINPE Movil, Costa Rica’s primary fiat payments system, and Bitcoin Jungle, a local cryptocurrency wallet solution. In a press release dated September 14, Bull Bitcoin announced that both Costa Rican citizens and foreigners will have the ability to convert the local currency, Colones, into Bitcoin, and vice versa. Bull Bitcoin will facilitate conversions to and from bank accounts (IBAN) in both Colones and USD via standard bank transfers. The exchange will operate through the Bitcoin Jungle wallet, with users purchasing Bitcoin by sending their fiat…

During an interview at the Intersekt Fintech conference in Melbourne on August 31, Ben Rose, General Manager of Binance Australia, expressed his strong confidence in the ability of Australian regulators to make well-informed decisions regarding digital asset regulations in the country. Rose’s optimism comes in the face of recent challenges and regulatory scrutiny faced by Binance Australia. In May, the exchange experienced an abrupt disconnection when its payment provider terminated services due to concerns about a “high risk” of scams and fraud. Binance Australia informed its customers that access to Australian dollar deposits and withdrawals would no longer be available,…

Shibarium, the new layer-2 blockchain for Shiba Inu, has achieved a significant milestone, surpassing 100,000 wallets on its platform. Remarkably, 35,000 of these wallets joined within just 24 hours following Shibarium’s relaunch on August 28th. In a reassuring update, Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, officially confirmed Shibarium’s successful restoration in a blog post on August 28th. At that time, Shibarium boasted 65,000 wallets and had processed 350,000 transactions. Since then, these numbers have experienced a substantial uptick, with a 55.8% increase in wallets and a 20.2% rise in transactions, as reported by Shibariumscan.io. Shibarium’s block…

Blockchain Capital’s Co-founder and Managing Partner, Bart Stephens, has initiated legal proceedings against an unidentified hacker who allegedly absconded with a staggering $6.3 million worth of cryptocurrencies from his digital wallets, according to a recent Forbes report. Stephens contends that an individual, known only as Jane Doe, exploited a SIM-swap vulnerability, artfully sourcing personal information from the dark web to sidestep security protocols within the cellular network provider’s system. This breach granted the hacker the power to reset account passwords, ultimately securing control over the victim’s digital assets. The lawsuit, which was filed in the United States District Court for…