Monat: Juni 2023

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Chromia (CHR) hits milestone as My Neighbor Alice Alpha Season 3 goes live

  • Chromia Appnet welcomes first ever decentralised token bridge with My Neighbor Alice collaboration.
  • ALICE tokens can now be bridged from the Binance Smart Chain (BSC).
  • Chromia token (CHR) was slightly lower on Tuesday afternoon, but was 12% higher in the past week.

Chromia, a standalone public blockchain developed by Swedish company Chromaway AB, has hit a new milestone after blockchain-based game My Neighbor Alice Alpha Season 3 went live on the Appnet.

Decentralised token bridge on Chromia

My Neighbor Alice Alpha Season 3 launched on the first ever Chromia Appnet, a collaboration that is set to see the public have access to MNA’s unique multiplayer game. There is a ‘free trial’ where players can tap into the benefits of land ownership as well as use the native MNA token ALICE.

Another milestone is the bridging of ALICE from Binance Smart Chain, the first bridged asset use on the Chromia Appnet.

Alpha Season 3 comes with all the popular game features, including fishing, farming and land decoration. However, there are also new exciting experiences such as sharing of land plots, staking ALICE and customising in-game avatars.

“Today, with the release of My Neighbor Alice Alpha Season 3, is a big milestone for both us and Chromia. We are the first app on Chromia appnet and the first project to utilise the decentralised token bridge in order to give in-game utility for $ALICE,” Viktor Plane, Technical Director at My Neighbor Alice said when commenting on the development.

Chromia’s open source blockchain offers EVM compatibility for Ethereum and the Binance Smart Chain. It provides for the development of next-generation decentralised applications through enhanced scalability, data and storage capabilities and customizable fees.

The applications include DeFi options trading protocol Hedget that launched in 2020 and the increasingly popular MNA. Chromia also enables supply chains, with Chromia’s technology used to trace product origins and integration of NFTs.

Chromia (CHR) price

The Chroma token (CHR), the native token of the Layer-1 blockchain network, hovered above $0.13, about 2.8% down in the past 24 hours at the time of writing. CHR however traded nearly 12% higher over the past week. 

ALICE price hovered at $1.06, just in the green over the past 24 hours and more than 20% up in the past seven days.

The post Chromia (CHR) hits milestone as My Neighbor Alice Alpha Season 3 goes live appeared first on CoinJournal.

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Court denies Binance motion alleging SEC misconduct

  • A US judge has said the court cannot wordsmith the SEC and Binance’s press releases.
  • But in denying the crypto exchange’s motion, Judge Amy Berman Jackson said either party has to “adhere to their ethical obligations at all times.”
  • SEC sued Binance in early June and published a press release alleging commingling of user funds.

Judge Amy Berman Jackson on Monday June 26 denied a motion filed by crypto exchange Binance that sought to stop the SEC from making public statements on the SEC/Binance case.

Binance had alleged that the SEC had published misleading statements that could impact the case and taint the jury pool.

Three days on from the filing, the court pronounced itself on the motion, with Judge Jackson noting that the court cannot “wordsmith” either party’s press releases. Her order read:

“While all of the lawyers in this case should adhere to their ethical obligations at all times, it is not apparent that Court intervention to reiterate that point is needed at this time, or that it is necessary or appropriate for the Court to get involved in wordsmithing the parties’ press releases. Nor is it clear that the agency’s public relations efforts to date will materially affect proceedings in this case.”

Binance questioned SEC’s statements

Binance’s motion followed SEC’s press release on June 21 in which the securities regulator had reiterated its allegations of commingling of user funds by the exchange’s leadership.

The statements came after the two parties reached an agreement on the handling of assets of Binance.US. The agency had filed for a freeze on the exchange’s assets suggesting the need to protect US customers.

In its response to the SEC’s press release, Binance said the regulator had published misleading facts about Binance and CEO Changpeng Zhao mishandling Binance.US customer funds. 

The motion sought orders against the regulator – specifically the motion wanted Judge Jackson to order counsel to comply with ethical obligations and not to make “misleading extrajudicial statements that may materially impact court proceedings.”

“Not a great result for Binance”

John Reed Stark, Former Chief, SEC office of Internet Enforcement, commented on the court’s decision, suggesting that Binance’s filing may not have been worth it.

“It seemed so frivolous on its face and more akin to marketing theater than legal argument,” he noted.

James “MetaLawMan” Murphy, a securities lawyer, said the judge’s order isn’t a great one for Binance – even if it doesn’t impact the merits of its case.

Separately, the court set forth a timeline for the early proceedings. Binance will plead its case on September 21, 2023 before the plaintiff presents their legal arguments on 7 November 7, 2023. The court will listen to replies starting December 12.

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Chibi Finance allegedly executes $1M rug pull on Arbitrum, CHIBI plummets 98%

  • Chibi Finance has allegedly executed a $1M rug pull on Layer 2 blockchain Arbitrum.
  • The team has vanished and their social media accounts are inaccessible.
  • Security platform Peckshield says the team channeled the funds via Tornado Cash.

Arbitrum-based DeFi project Chibi Finance has disappeared into thin air with $1 million in what is reported to be a potential rug pull.

Chibi Finance, which went live only recently on Arbitrum’s Layer 2 network, is said to have drained its liquidity pool, vanishing with 555 ether (ETH). At current market prices, that’s about $1 million worth of user deposits.

Chibi Finance latest in rug pulls

According to an alert by blockchain security and data analystic firm PeckShield, the Chibi Finance team withdrew staked tokens by converting them to ETH and then funneling them to the Ethereum network via the crypto mixing service Tornado Cash.

The Chibi Finance team has allegedly also “disappeared” with the DeFi projects social media accounts on Twitter and Telegram deleted. The platform’s website is also offline.

Chibi Finance’s apparent rug pull adds to the recent spate of bad actors in the Arbitrum and Ethereum ecosystems. In April, zkSync project Merlin allegedly siphoned off $2 million from its users. Meanwhile, Arbitrum-based Swaprun vanished in May, with close to $3 million of user funds in another rug pull.

CHIBI, the native Chibi Finance token, has plummeted following the news. After trading above $1.62 on Monday, CHIB price fell sharply on Tuesday morning to almost zero. Data from CoinGecko shows the crypto token has lost 98.7% of its value in the past 24 hours and currently hovers near $0.017.

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SwissOne launches ecosystem fund for IOTA and Shimmer

  • SwissOne Capital launched a major ecosystem fund for IOTA and Shimmer.

  • The fund will invest in the most promising projects in the ecosystem.

IOTA and Shimmer received a boost on Tuesday when SwissOne Capital unveiled the first ecosystem fund to support developers. The fund, which is dedicated to IOTA and Shimmer will invest financial resources to developers working on the ecosystem.

The minimum investment the fund will offer will be 10,000 euros or the equivalent in $MIOTA and $SMR. In a statement, Steffen Bassler, the CEO of SwissOne Capital said:

“We are excited to launch this fund and offer our clients early access to projects building within the Shimmer and IOTA ecosystem. With ShimmerEVM rolling out, we believe this is the perfect time to launch a dedicated fund. We are committed to working with the Tangle Ecosystem Association to ensure that the fund is managed in the best interests of our clients.”

IOTA is one of the pioneers in distributed ledger technology (DLT). It pioneered a technology known as tangle, which is an open, feeless and scalable ledger, which is designed to support frictionless data and value transfer.

Shimmer, on the other hand, is a layer 1 network that provides staging and validation for the IOTA DLT. Like Polkadot’s Kusama, Shimmer makes it possible for developers to build dApps and then test them before moving them to IOTA’s ecosystem. SMR, its native token has over $71 million in market cap and over 249,150 total active addresses.

Shimmer is currently testing its EVM capabilities, as we wrote here. Ethereum Virtual Machine is a piece of software that is able to handle Ethereum smart contracts. It is one of the most popular approaches of improving a network’s interoperability. In a note, the founder of IOTA said:

“With the introduction of EVM-compatible smart contracts, Shimmer and IOTA kick off a new era of growth fueled by crypto-native use cases, primarily in DeFi, NFTs, gaming, and more. We are thrilled to see SwissOne Capital’s commitment to investing in projects across the ecosystem and to see SISO grow alongside the community.”

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Polygon, Cardano price outlook as major crypto trading platform delists tokens

  • Polygon (MATIC) traded around $0.66 on Tuesday and Cardano (ADA) hovered above $0.28.
  • Both tokens are to be delisted from Robinhood app after the SEC labelled them securities.
  • MATIC and ADA fell sharply when Robinhood initially announced it would be ending trading support for the tokens.

Robinhood will end its support for a number of crypto tokens today, June 27 following an announcement made earlier this month. Among the tokens to be delisted are Polygon (MATIC) and Cardano (ADA).

The prices of both tokens dipped after the crypto trading platform’s initial announcement added to the overall negativity triggered by the US Securities and Exchange Commission (SEC)’s lawsuits against crypto exchanges Binance and Coinbase.

What’s the price outlook for the two tokens even as Bitcoin (BTC) bids to hold above the psychological $30k level?

Polygon price outlook

MATIC price fell 35% over two days when Robinhood announced its delisting on June 9, tanking from near $0.79 to $0.50. While bulls face pressure around $0.66, it’s likely a bounce to the $0.75 area could materialise and galvanise buyers.

One of the factors in favour of Polygon bulls is the increased exchange outflows for MATIC. Data shows that more holders have moved tokens to self-custody wallets, the potential impact of which is further reduction in selling pressure.

According to crypto analyst Michael van de Poppe, the dip to $0.50 resulted in “a chain reaction of liquidations on the long side.” 

He notes that all these have since been taken up and a breakout is likely. However, MATIC/USD needs to flip $0.75 into support to provide a base for new upside momentum.

Chart showing key price levels for MATIC/USD. Source: Michael van de Poppe on Twitter

Cardano price outlook

Cardano, like Polygon, fell sharply as the SEC labelled ADA a security earlier this month. ADA lost over 42% of its value in the week between June 5 and June 10, falling from highs of $0.37 to $0.22. 

That was before the recent bounce across cryptocurrencies helped bulls push to $0.30.

Cardano price chart. Source: TradingView

But while ADA/USD is up nearly 10% this past week, the losses over the past 30 days amount to 24% at current prices of $0.28. The areas around $0.25 and $0.22 are key should bears strengthen in the short term.

Meanwhile, the flipside would have breaking above $0.30 again highlight $0.40 as the next major hurdle.

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