Cosmos co-founder warns of North Korean influence in Cosmos Hub’s LSM

  • Cosmos co-founder Jae Kwon alleges North Korean agents helped develop Cosmos Hub’s LSM code.
  • Kwon accuses Iqlusion’s Zaki Manian of hiding unresolved security risks.
  • Kwon urges an immediate audit and stricter oversight for future implementations.

Cosmos co-founder Jae Kwon has raised serious concerns regarding the integrity of the Cosmos Hub’s liquid staking module (LSM), alleging that significant portions of its development involved individuals linked to North Korea.

In a statement released on Tuesday, Kwon accused Cosmos validator hosting firm Iqlusion and its leader, Zaki Manian, of “gross negligence” in allowing the module’s integration without adequate security vetting.

Cosmos Hub’s LSM developers North Korea agents

According to Kwon, development of the LSM began in August 2021 under the direction of Iqlusion and Manian, with contributions from developers Jun Kai and Sarawut Sanit.

Kwon alleges that these developers were later identified as North Korean agents and had provided a substantial portion of the module’s code.

Despite awareness of their connections since March 2023, Kwon claimed Manian withheld this information and failed to disclose several unresolved security risks associated with the LSM.

The controversy gained traction following Manian’s social media acknowledgement that he had known about the North Korean-linked developers for months. However, instead of taking preventive actions, such as conducting an additional audit or informing the Cosmos community, Kwon stated that Manian continued to assert the module was “ready to be deployed.”

Kwon accused Manian of a “profound breach of trust” for prioritizing deployment over community safety.

Critical vulnerabilities in the LSM

Security issues had already surfaced during a 2022 audit that revealed critical vulnerabilities in the LSM. These vulnerabilities were reportedly addressed by the same North Korean-linked developers.

Kwon suggested that despite Manian’s claim of rewriting the LSM code before deployment, significant risks persisted, especially since the module was not a standalone feature but a set of modifications built atop existing Cosmos staking modules.

This could potentially expose all staked ATOM tokens to security threats.

Kwon has called on the Cosmos governance community to initiate a comprehensive audit of the LSM immediately. Additionally, he urged the Interchain Foundation to impose stricter auditing standards and create an oversight framework to ensure the security of future Cosmos implementations.

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Dogecoin Investors eye Rexas Finance (RXS) as strong alternative for 2025 bull run as DOGE underperforms

Dogecoin (DOGE), a fan-favorite cryptocurrency with a history of community-driven growth, is now a disappointment to many investors. This is because, unlike their counterparts, DOGE has failed to take advantage of the widespread effects of the market movements, which worries a certain section of the community. 

While the excitement surrounding Dogecoin may have faded, investors are now seeking, among other things, new promising substitutes. The surge of demand for Rexas Finance (RXS) is worth mentioning in this regard, with the blockchain platform focusing on the tokenization of real-world assets (RWA). That is why many insiders are expecting more upside for Rexas Finance than Dogecoin during the coming bull run.

Backlash against Dogecoin: Price drops and investor disappointment

Over the past several months, Dogecoin has been unable to generate any real upward movement, notwithstanding the expanded uptrend of the overall cryptocurrency market. Now traded at $0.105, CoinMarketCap data showed that there was a 6.06% drop in the value of the DOGE token over a week. The long-gone effect of this strategy has brought concerns to most investors in regard to the return on the token, as it is mildly positive at the position towards future developments.

Recent analysis suggests that if DOGE breaks past the current support level of $0.096 now retained, the cryptocurrency may face more slumps to levels as low as $0.080. Compounding the bearish narrative is an important transaction executed by a Dogecoin whale, who in one recent transaction moved 118 million DOGE, worth $13.3 million, to the Binance exchange. This has raised concerns that the price of the coin will eventually plummet again, thereby causing even more price drops.Still, some groups of analysts have not given up hope for a short-term spike, and the tools that could facilitate that, such as the Relative Strength Index (RSI), are waving for a move up to $0.15, but generally, sentiments towards the cryptocurrency DOGE, more so to the masses, are still pessimistic. Nowadays for a lot of investors, this state of things is causing a great deal of frustration and many have started looking for other currencies that would be able to move up more actively and thoroughly.

Rexas Finance (RXS): A promising alternative

Bucking the downward trend seen with Dogecoin, Rexas Finance (RXS) as on a growth trajectory and some analysts believe it could be well placed for high returns during the next bull run. 

Rexas Finance could also offer more sustainable growth due to its inherent utility, allowing and facilitating the tokenization of real estate on its blockchain infrastructure itself. What captivates the users of Rexas Finance is the possibility of using the platform without any special design skills to bring the tokenization of the assets to a broader audience. With proper development and advancement in technology, Rexas Finance has established itself as one of the few players in this new space of tokenization of real-world assets, which is likely to boom in the near future.

Rexas Finance’s impressive presale progress

One of the key factors that has been responsible for the interest generated in Rexas Finance is the success of its presale stages. The platform’s fourth presale stage has shown tremendous success, raising $2,831,856 and selling 66,364,255 RXS tokens at 0.060 USD per RXS token. Even as the next stage is set to take the token price to $0.070, early investors are already making returns, raising even more interest in the project.

Rexas Finance has also initiated the Rexas Millionaire Giveaway, a promotional campaign that will see twenty beneficiaries walk away with 50,000 USDT each. This has resulted in great activity in the community and increased interest in the presale. The continuous inflow of investors in a bid to buy RXS tokens at a cheaper price is indicative of the fact that the platform will be doing quite well even as it heads to 2025.

Could Rexas Finance (RXS) outperform DOGE in 2025?

Due to the current challenges that are surrounding Dogecoin as well as the uncertainty of its future, some investors have continued to ask themselves if DOGE is a coin worth buying for the long term. With the price moving sideways for a long time and the technical indicators suggesting more price declines, DOGE does not seem to have much potential in any of the price spikes expected during the next bull run. 

By contrast, Rexas Finance is looking increasingly more attractive to prospective investors, especially those who want to ride on the tokenization of real-life assets, which continues to surge.

With its unique business model, successful presale, and growing support of the community, Rexas Finance is a project that could have plenty of room for growth. As the technology of blockchain develops and becomes more mainstream, projects like Rexas Finance that seek to create useful applications in the real world will probably experience tremendous growth.

Rexas Finance could therefore represent an ideal candidate for Dogecoin investors looking for alternatives to ride the next wave of the cryptocurrency market. Rexas Finance seeks to eradicate most of the barriers associated with asset tokenization all while promising constant improvement. 

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

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Grayscale wants to convert its mixed-crypto fund into an ETF

  • Grayscale filed to convert its $524M Digital Large Cap Fund into an ETF.
  • The fund includes BTC, ETH, Solana, XRP, and Avalanche among its holdings.
  • This is Grayscale’s third ETF conversion after its Bitcoin and Ethereum funds.

Grayscale Investments has taken a significant step toward expanding its suite of cryptocurrency-based financial products by filing with the US Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).

The GDLC, which currently trades over the counter, offers diversified exposure to several leading digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), and Avalanche (AVAX).

Grayscale’s move marks a continued effort by Grayscale to make cryptocurrency investments more accessible to traditional investors.

Grayscale’s Digital Large Cap Fund (GDLC)

According to the company’s report, the fund has $524 million in assets under management, with a significant concentration in Bitcoin and Ethereum, which make up nearly 75% and 19% of the holdings, respectively.

The remaining portion is allocated to Solana, XRP, and Avalanche, providing investors with a balanced exposure to established and emerging cryptocurrencies.

The third time Grayscale is converting a fund into an ETF

If approved, the ETF would represent Grayscale’s third conversion of a fund into an ETF, following its previous transitions of Bitcoin and Ethereum funds earlier this year.

A spokesperson from Grayscale emphasized that the filing reflects the firm’s commitment to enhancing the accessibility of the crypto asset class for mainstream investors.

The company aims to leverage the regulatory structure of an ETF to offer a more efficient and widely accepted investment vehicle, which could attract additional interest from institutional and retail investors.

In parallel with Grayscale’s move, the market has seen a surge in ETF filings for various crypto assets.

Recently, Bitwise submitted an application to the SEC seeking permission to list a spot XRP ETF and Canary Capital submitted applications to list XRP and Litecoin ETFs. However, these filings have yet to receive approval, underscoring the regulatory uncertainty surrounding crypto-based ETFs in the United States.

Grayscale’s initiative to convert GDLC into an ETF aligns with its broader strategy of offering products that bridge the gap between traditional finance and the evolving digital asset landscape.

Alongside its proposed conversion, the firm has also introduced funds that provide exposure to XRP and the AAVE governance token, reflecting its proactive approach to navigating the competitive and regulatory dynamics of the crypto market.

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Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

  • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
  • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
  • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

First time Tesla is touching its Bitcoin stockpile

The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

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