Liezl Gambe

Threshold Network has proposed a plan to enhance the security and stability of Wrapped Bitcoin (CRYPTO:WBTC) by transitioning from the current centralised custody model managed by Bitgo to a more decentralised and permissionless custody system.

This proposal comes amid growing concerns within the decentralised finance (DeFi) community over the centralised control of WBTC custody, particularly following Bitgo's decision to transfer its custody control to a joint venture.

The plan suggests that Threshold Network should be granted merchant privileges to mint and redeem WBTC.

This approach would enable a gradual shift from Bitgo’s centralised management to a decentralised process, aimed at ensuring the safety and stability of the underlying assets.

A decentralised custody model is expected to alleviate market concerns and help maintain the integrity of DeFi protocols that rely on WBTC.

A key aspect of the proposal is to allocate a substantial amount of Threshold’s tokens to Bitgo, giving it a significant stake in the Threshold Network.

This strategy would align Bitgo's interests with the success of the decentralised custody model, encouraging it to support the transition.

It would also provide incentives for other stakeholders to adopt the new model, fostering broader community engagement.

Threshold Network, formed from the merger of Keep and Nucypher, focuses on decentralised cryptographic services governed by its community.

One of its notable products is tBTC, a decentralised bridge that allows Bitcoin holders to securely participate in Ethereum's DeFi ecosystem.

The tBTC token facilitates Bitcoin's interoperability across different blockchains, emphasising security and trust minimisation through its decentralised infrastructure.

By proposing this shift, Threshold Network aims to provide a more secure and resilient custody solution for WBTC, aligning with the DeFi community's broader push for decentralisation and reduced reliance on centralised entities.

If adopted, this move could mark a significant step toward enhancing the security and stability of Wrapped Bitcoin within the DeFi ecosystem.

Ripple's (CRYPTO:XRP) ongoing legal battle with the US Securities and Exchange Commission (SEC) took a significant turn when Judge Torres ruled in early August that Ripple must pay a $125 million fine for violating securities laws.

This was a notable reduction from the SEC's initial demand of $2 billion.

While many viewed this outcome as a win for Ripple, the case remains unresolved, as both parties have until early October to appeal the decision.

Ripple is unlikely to challenge the ruling, given the substantial reduction in the penalty.

CEO Brad Garlinghouse expressed respect for the court's decision, and Chief Legal Officer Stuart Alderoty confirmed that Ripple will cover the fine from its cash reserves.

Pro-XRP lawyer Bill Morgan initially believed there was an 80% chance the SEC would appeal the decision.

However, he has since adjusted his estimate to a 45%-55% likelihood after observing recent developments in other SEC-related legal cases in the crypto industry.

Morgan noted that comments from Judges Orrick and Jackson in the Kraken and Binance cases, respectively, have favored Judge Torres' approach in the Ripple case, unlike Judge Rakoff's stance in the Terraform case.

Morgan pointed out that Judge Orrick praised Judge Torres' decision for its careful consideration of the facts, suggesting it is unlikely to be overturned on appeal.

He argued that the SEC may avoid appealing the Ripple case as it is narrowly focused on specific facts, unless other non-legal factors influence the decision.

However, former Senior Senate Staffer Dennis Kelleher offers a different perspective.

He argues that the SEC has a strong chance of winning an appeal, claiming that Judge Torres' ruling misinterpreted longstanding securities laws.

Ripple’s Chief Legal Officer Alderoty, on the other hand, remains confident, stating that the Court of Appeal rarely reverses initial rulings, with less than 10% of cases being overturned.

As the October deadline approaches, the crypto community is watching closely to see if the SEC will pursue an appeal, which could significantly impact the broader regulatory landscape for digital assets.

At the time of writing, the XRP price was $0.5629.

Double Jump Tokyo, a Japanese company specialising in Web3 gaming, has raised over $10 million in the first closing of its Series D funding round.

This round was led by SBI Investment, a major venture capital firm in Japan, with participation from Sony Group Corporation and other investors.

The newly raised capital will be used to advance the company's blockchain gaming projects, develop related services, and expand its organisational structure and talent pool.

The fresh funding comes as Double Jump Tokyo aims to strengthen its position in the evolving blockchain gaming market.

SBI Investment's involvement suggests a closer alignment with SBI Group, a prominent Japanese financial consortium, which could lead to future collaborations in areas like Web3 offerings and non-fungible token (NFT) marketplaces.

Double Jump Tokyo has also shown interest in joining the "Soneium" project, which focuses on developing new services and initiatives on a blockchain platform.

Kazuhito Hadano, General Manager of the Innovation Fund Office at Sony Group Corporation, expressed confidence in Double Jump Tokyo's potential to advance Web3 gaming technology.

He noted that as the company grows, its technological and development expertise is expected to drive broader adoption of Web3 in the entertainment industry.

Currently, Double Jump Tokyo is focusing on the launch of “Battle of the Three Kingdoms,” a game based on Sega’s Sangokushi Taisen franchise.

Announced in October 2022, this is Sega's first venture into blockchain gaming.

The game will use Oasys, a blockchain designed specifically for gaming, to integrate its Web3 features and functionalities.

The successful funding round and strategic moves by Double Jump Tokyo indicate a growing interest in Web3 gaming and blockchain technology within traditional gaming and financial sectors.

As the company continues to innovate, it is expected to play a pivotal role in the development and adoption of Web3 technology across various entertainment platforms.

Base Dawgz, a new meme coin in the crypto sector, has reopened its presale for a limited time, giving investors another chance to acquire tokens before its anticipated listing on decentralized exchanges (DEX).

The presale, which initially ended, will now remain open for an additional six days, offering DAWGZ tokens at a price of $0.008582 each.

The token is scheduled to launch on a DEX on September 4 at 5 pm CET.

So far, Base Dawgz has raised $3.1 million during its presale, drawing notable interest from the crypto community.

Many early investors have opted to stake their tokens, which will be locked for a week following the launch.

After the initial lock period, staked tokens and any accrued rewards will be released gradually, with 25% becoming available each day.

This mechanism is designed to maintain investor interest and stabilize the token’s price after listing.

Base Dawgz differentiates itself with a multi-chain trading setup, allowing token trading across five major networks: Base, Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), Binance Smart Chain (CRYPTO:BNB), and Avalanche (CRYPTO:AVAX).

This multi-chain approach offers DAWGZ holders greater flexibility compared to other meme coins, potentially appealing to a wider audience.

Additionally, the project has launched a campaign called “Be Social for Airdrop” to increase community engagement.

Users can connect their social media accounts, create content about Base Dawgz, and earn points that can later be redeemed for DAWGZ tokens, offering another way to earn.

The project's roadmap focuses on long-term growth through multi-chain features, DEX and centralized exchange (CEX) listings, marketing initiatives, and community rewards.

The tokenomics of Base Dawgz are designed to support sustainable growth, with 20% of the total supply allocated for presale, another 20% for staking and liquidity, and additional portions for marketing, rewards, and exchange listings.

As the presale enters its final days, the team behind Base Dawgz aims to build a strong community and capture market attention, potentially driving significant interest when the token is listed

Today, a significant $5.01 billion in Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) options contracts are set to expire, potentially causing short-term price volatility in the crypto market.

Bitcoin options, valued at $3.67 billion, and Ethereum options, valued at $1.36 billion, make up this substantial expiration event.

As both assets have recently faced declines, traders are bracing for potential price swings.

Data from Deribit indicates a notable increase in activity compared to the previous week.

Bitcoin options set to expire today involve 61,793 contracts, a significant rise from 18,440 contracts last week.

Similarly, Ethereum’s expiring options have surged to 538,872 contracts from 141,410 contracts the previous week.

These high volumes could have significant effects on market sentiment.

For Bitcoin, the expiring options have a maximum pain price of $61,000 and a put-to-call ratio of 0.59.

Ethereum's maximum pain price is $2,800, with a put-to-call ratio of 0.49.

The maximum pain price is the level at which most options expire worthless, potentially guiding market movements.

Ratios below 1 for both assets suggest a generally bullish sentiment, with traders betting more on price increases.

Analysts at Greeks.live note that recent external factors, such as Nvidia’s earnings, have led to a slight increase in implied volatility (IV).

However, IV has generally declined over time, supported by a decrease in realized volatility (RV) for Bitcoin, which has dropped from 100% on August 9 to 40% currently.

This drop in RV has been a key factor in driving down IV, signaling a market pullback.

An increase in long positions within block options trading indicates that some large-scale traders are positioning themselves for future gains.

However, with the expiration of these crypto options contracts, traders should expect short-term price fluctuations.

While there may be initial uncertainty, markets generally stabilize once traders adjust to the new environment.

With today’s high-volume expiration, the outcome could shape future trends in the crypto market.

At the time of writing, the Bitcoin price was $59,218.10, and the Ethereum price was $2,514.33.

The Bitcoin Layer 2 network Stacks (CRYPTO:STX) protocol has successfully completed its Nakamoto upgrade, introducing several enhancements to the platform.

Finalised on August 28, 2024, the upgrade concludes a series of improvements that began in April 2024, focusing on transaction finality, minimising miner extractable value (MEV) opportunities, and increasing network resilience.

A major feature of the Nakamoto upgrade is the introduction of sbtc, a programmable Bitcoin (CRYPTO:BTC) asset that enables decentralised bridging of Bitcoin to the Stacks network.

This allows users to transfer their Bitcoin holdings to Stacks, where they can be utilised in decentralised finance (DeFi) applications.

The sbtc integration aims to create a more versatile DeFi ecosystem on the Bitcoin network by allowing Bitcoin to be used in smart contracts and other DeFi products.

A key component of the upgrade is the enhancement of transaction finality guarantees.

This improvement ensures that transactions are confirmed more securely and efficiently, reducing the risk of reversals and double-spending.

Additionally, the upgrade addresses MEV opportunities, which concern the potential for miners to manipulate transaction ordering to their advantage.

By minimising MEV risks, the network becomes more equitable and less susceptible to manipulation by any single entity.

These upgrades are expected to significantly increase transaction speeds, enabling a more efficient and robust DeFi experience on Bitcoin.

With these changes, Stacks aims to offer a more secure and scalable platform for developers and users interested in engaging in DeFi activities on Bitcoin.

The completion of the Nakamoto upgrade marks a significant step forward for Stacks, positioning it as a key player in bringing DeFi capabilities to the Bitcoin ecosystem.

This advancement could lead to broader adoption of Bitcoin-based DeFi solutions, providing users with greater flexibility and opportunities within the decentralised finance space.

At the time of writing, the Stacks price was $1.59, and the Bitcoin price was $59,218.10.

Star Entertainment has been deemed unfit to regain control of its Sydney casino following a critical inquiry exposing numerous failures.

The New South Wales casino regulator is reviewing the future of Star's license, with shares halted on Aug. 30.

A second investigation found the company "falling short" of acceptable management standards, following earlier revelations of anti-money laundering and counter-terrorism failings.

The new report, led by Adam Bell, cited multiple compliance breaches since the 2022 findings, including a $3.2 million fraud and serious violations of gaming regulations.

The report also noted systemic issues with staff falsifying records to hide extended gambling sessions.

An external review in mid-2023 uncovered a corporate culture prioritising profit over compliance.

The New South Wales Independent Casino Commission is evaluating the next steps for the suspended operator.

Shares were halted partly due to the report and pending 2024 financial results, which have been delayed.

Regulator Philip Crawford criticized the company for failing to address governance and cultural issues promptly.

The Star's chair, Anne Ward, admitted in April that the company was unfit to hold its license but believed management could improve.

The company recently appointed Steve McCann, former CEO of Crown, as its new chief executive.

The Star Entertainment provides gaming, entertainment and hospitality services. The company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The company operates through three segments: Sydney, Gold Coast and Brisbane.

At the time of reporting, Star Entertainment's share price was $0.45. The company has entered into a trading halt.

Former President Donald Trump has unveiled plans to establish the United States as a dominant force in the global cryptocurrency market.

In a video posted on X, Trump expressed his vision of turning the US into the "crypto capital of the planet."

The video also featured the logo of World Liberty Financial, a decentralized finance (DeFi) project led by his sons, Eric Trump and Donald Trump Jr.

This announcement comes amid increased activity on Trump's social media accounts following his discussion with X owner Elon Musk.

Eric and Donald Trump Jr. have hinted at the upcoming launch of their new DeFi initiative, describing it as a venture focused on "digital real estate."

To engage with their audience, the Trump family has launched a dedicated Telegram channel for World Liberty Financial.

The channel promises to keep followers informed about the progress of their project and provide regular updates.

Shortly after Trump’s announcement, the Telegram channel posted a message stating, “President Donald J. Trump has just tweeted about World Liberty Financial. Let’s show our support and keep pushing forward together.”

This development indicates Trump's continued interest in digital assets and blockchain technology.

The initiative positions itself as a potential influence on the decentralized finance sector, suggesting a shift in the approach to cryptocurrency in the US.

The launch of World Liberty Financial reflects a move by Trump and his family to play a more significant role in the evolving crypto landscape.

Observers in the cryptocurrency community are closely monitoring the situation, as it could affect regulatory approaches and shape the future of digital finance in the United States.

The project’s success or failure will be closely watched by both supporters and skeptics of Trump’s involvement in the crypto space.

Advance Metals announced assay results from its recent rock chip sampling program at the Augustus Project in Arizona, USA.

The initial assays have confirmed high-grade copper mineralisation, with channel samples returning up to 12.8% Cu and grab samples reaching an impressive 20.8% Cu.

The sampling carried out in August, saw 32 out of 34 samples returning grades over 1.0% Cu.

Significant veins, some as thick as 3m, were mapped over a broad area. Copper mineralisation was found in bedrock below alluvium and creek beds.

Non-Executive Chairman Craig Stranger commented on the findings, stating, "The high-grade sampling results returned at the Augustus Project are outstanding. To receive thirty-two of the thirty-four samples with grades over 1.0% Cu and peak grades at 20.8% Cu is a fantastic result."

"The results show the significant potential for an expansive mineralised system at the Augustus Project. We look forward to reporting further results in the coming weeks," Stranger added.

The assays form part of an ongoing exploration effort to advance the company's portfolio.

The company analysed forty-eight elements plus gold, with further updates on gold results to follow.

Advance Metals controls a strong presence in copper exploration, aiming to maximise shareholder value through the acquisition and development of high-quality copper projects.

Advance Metals is a copper-focused exploration company with a portfolio of copper growth projects in mining-friendly jurisdictions of the United States. The company's projects include Augustus Polymetallic, Garnet Skarn Deposit, and Anderson Creek Gold.

At the time of reporting, Advance Metals’ share price was $0.0025.

BloFin, a prominent futures exchange focused on expanding its international reach, will participate as a gold sponsor at TOKEN2049 in Singapore for the second consecutive year. 

The event, one of the most significant gatherings in the blockchain and cryptocurrency industry, will be held at Marina Bay Sands. 

As part of its commitment to enhancing its platform, BloFin will introduce several new features. 

These updates include new token listings, upgraded security protocols, and the launch of a demo trading feature. 

The demo trading feature is designed to allow users to practice trading strategies without any risk, helping them better navigate market conditions. 

In addition to its presence at the conference, BloFin is set to host the WHALE ROYALE YACHT CLUB, an exclusive event tailored for VIP partners, traders, and top industry leaders. 

The gathering will offer attendees a private chef experience with gourmet dishes, fine wines, and fresh seafood. 

Guests will also enjoy complimentary water activities such as kayaking, paddleboarding, motorised crafts with towing toys, and more. 

BloFin is a secure centralised cryptocurrency exchange (CEX) known for its extensive range of trading options, including over 340 USDT-M perpetual contracts and 130 spot trading pairs. 

It provides a variety of services such as spot trading, copy trading, earning, demo trading, and API access, catering to different trading needs. 

Security and compliance are central to BloFin's operations. 

The platform partners with Fireblocks to protect user assets and offers insurance coverage against potential crypto-related incidents. 

Additionally, BloFin collaborates with Chainalysis to enhance its compliance measures. 

TOKEN2049 Singapore presents an opportunity for BloFin to showcase its offerings and connect with the broader crypto community, further solidifying its position in the global cryptocurrency market.