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Worldcoin rebrands, launches World Chain mainnet

  • Worldcoin has rebranded to ‘World’ and introduced several new features to enhance its World ID.
  • The project also announced the mainnet launch of its blockchain World Chain.

Worldcoin is now simply “World” after the blockchain-based identity verification project announced it’s rebranding on Oct. 17.

Sam Altman and Alex Blania, co-founders of World, announced the name change during a company event in San Francisco. As well as the rebranding, the project unveiled several updates aimed at bringing ‘proof-of-humanity’ technology to more people.

One of the key announcements is World’s unveiling of a new version of the biometric identification device the Orb. The company said the next-gen Orb is powered by NVIDIA’s latest Jetson chipset and offers as much as fivefold the AI performance of the previous version.

World has also introduced World ID 3.0, an advanced version of World ID and designed to enable further verification across the globe. The World ID Credentials and Deep Face features enhance this capacity, allowing those with NFC-enabled passports to verify their identity via their devices.

According to details in the blog post, verified passport holders can claim the native cryptocurrency WLD even before fully verifying their ID via the Orb.

World Chain mainnet launch

Oct. 17 also saw World Chain, the layer-2 chain the World Foundation announced earlier in the year, launch its mainnet. Approximately 15 million people have migrated or are completing the migration to World Chain as of Thursday, October 17, 2024.

World Chain is a blockchain network that will prioritise human activity and transactions over bots and launched with support from several crypto platforms, including Dune, Uniswap, Optimism, Alchemy, Safe and Etherscan.

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Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08

A growing number of smart money crypto investors are shifting their focus from Solana (SOL) and Cardano (ADA) to an emerging utility token priced under $0.08. The Rexas Finance token offers a unique value proposition with strong use cases in decentralized finance (DeFi) and real-world asset tokenization, making it an attractive alternative to more volatile projects. 

Its cutting-edge technology and growing adoption rates could be setting the stage for substantial long-term gains. With the potential for exponential growth, these savvy investors see this low-cost token as a high-reward opportunity to capitalize on before it fully breaks out.

Utility Token Rexas Finance under $0.08

Buying a piece of real estate or gold needs significant capital, and the process is often slow and complicated. But Rexas Finance changes this by enabling these assets to be indicated as tokens on the blockchain. This shows that users can easily buy, sell, and trade fractions of the assets, opening up investment opportunities to a wide range of audiences.

Key features of Rexas Finance

Rexas Token Builder simplifies the process of tokenizing assets by eliminating the need for complex coding, enabling users to launch tokens in minutes. In addition, Rexas Launchpad provides a decentralized, secure project for token funding over many blockchain networks.

For artists and creators, Rexas GenAI also offers an AI-based tool for creating unique digital artworks, ideal for venturing into the NFT space. 

Rexas DeFi further enables the platform by allowing seamless cryptocurrency swaps across various networks, while Rexas Estate allows users to co-own real-world properties and earn passive income in stablecoins.

Finally, Rexas Treasury is a multi-chain yield optimizer that enables users to earn compound interest on their crypto deposits.

Rexas Finance began the presale of the native token RXS on September 8, 2024. The total supply of RXS tokens is 1 billion. The Rexas Finance project has already raised over $2.85M, with the third stage of its  presale over. This presale event is important for the platform as it allows early investors to engage in what might turn into a revolutionary solution for RWA tokenization.

Rexas Finance’s $1M Giveaway is live, offering a huge chance for early adopters to join the project’s growth. With a current token price of $0.06 and a projected listing price of $0.20, the potential for an increase indicates a good opportunity for investors. 

About Rexas Finance (RXS)

Rexas Finance is the users’ gateway to the future of asset management. Rexas allows users to own or tokenize virtually any real-world asset, from real estate and art to commodities and intellectual property world-wide. With Rexas, users gain access to a world where asset liquidity and investment choices are boundless.

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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Italy set to raise Bitcoin capital gains tax to 42%

  • Italy plans to raise the capital gains tax on cryptocurrencies from 26% to 42%.
  • The new policy reflects a trend among European countries tightening crypto regulations.
  • PM Giorgia Meloni assures no new taxes for citizens despite the proposed increases.

Italy is set to increase its capital gains tax on Bitcoin and other cryptocurrencies from 26% to a staggering 42%, according to Vice Economy Minister Maurizio Leo.

This announcement was made during a press conference detailing the country’s budget for 2025, where Leo highlighted measures approved by the Council of Ministers aimed at generating additional resources to support families, youth, and businesses.

Italian’s new tax policy reclassifies crypto taxation

The new tax policy marks a significant shift from the current framework, which has been in place since the 2023 tax year.

This change follows a broader reform that reclassifies cryptocurrency taxation, moving away from treating cryptocurrencies as foreign currency, which had previously benefited from lower tax rates.

Under the previous regime, capital gains exceeding €2,000 (approximately $2,180) were taxed at a rate of 26%.

European countries tightening tax regulations on digital assets

The increase in the capital gains tax on cryptocurrencies reflects a growing trend among European countries to tighten tax regulations on digital assets.

Similar moves have been reported in the UK, where Chancellor Rachel Reeves is considering raising capital gains taxes, including those on cryptocurrencies, from 20% to 39%.

In addition to the capital gains tax hike, Leo mentioned that Italy plans to intensify its efforts to combat tax evasion, particularly through stricter regulations on cash transactions. This initiative aims to create a more transparent financial environment and bolster government revenues.

Despite the proposed tax increases, Italian Prime Minister Giorgia Meloni reassured citizens that there would be no new taxes affecting the general population. She stated that the government remains committed to structural tax cuts for workers and plans to allocate €3.5 billion from banks and insurance companies to healthcare and support for the most vulnerable sectors of society.

As Italy prepares to implement these tax changes, the implications for cryptocurrency investors and the broader digital asset market remain to be seen, especially in a landscape where regulatory scrutiny is increasing across Europe.

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US prosecutors urge judge to hand Bitfinex hack mastermind five-year sentence

  • The Bitfinex crypto hack resulted in the theft of 120,000 Bitcoin
  • Ilya Lichtenstein used a series of sophisticated methods to hide the stolen funds between 2016 and 2022
  • He told his wife and co-conspirator about the hack in 2020 who then helped him to hide the stolen assets

US prosecutors have told a judge that the mastermind behind the Bitfinex exchange hack should receive five years in prison.

Ilya Lichtenstein, who pleaded guilty last year after stealing 120,000 Bitcoin, was arrested in 2022. His wife and co-conspirator Heather Morgan was also taken into custody, in connection to the 2016 Bitfinex crypto hack. During their arrest, police seized Bitcoin worth around $71 million at the time of the hack.

According to Bloomberg, a court filing was submitted to the US District Court of Columbia, US prosecutors say Lichtenstein should receive a longer sentence than Morgan, also known as rapper Razzlekhan.

Last week, federal prosecutors recommended that Morgan receive an 18-month prison sentence given her “substantial assistance” in the case and the fact that she didn’t know her husband had hacked into Bitfinex.

Prosecutors argued that a stronger sentence for Lichtenstein would help deter young cybercriminals from attempting the same thing. According to them, this online activity is “normalized in a way that trivializes the impact on the victims.”

By giving a tougher sentence, prosecutors believe it will “help to break this cycle.”

Sole responsibility for the hack

While it was initially believed that both of them were involved in the exchange’s hack, Lichtenstein was identified as the primary person responsible.

It was only in 2020 that Morgan found out about what her husband had done and admitted to helping him hide the stolen crypto. Following the hack, Lichtenstein transferred around 120,000 Bitcoin into a self-custody wallet under his control.

Over the next few years, he withdrew 25,000 Bitcoin, laundering the stolen funds through darknet markets, non-compliant virtual currency exchanges, and mixers and tumblers, including Bitcoin Fog, Helix, and ChipMixer.

With Morgan’s help, the pair used the stolen funds to buy nonfungible tokens (NFTs), gold, and Walmart gift cards.

Prosecutors have not pushed the judge to give Lichtenstein the maximum sentence due to his assistance in other criminal cases. For instance, in February, Lichtenstein testified as a government witness in a money-laundering trial against Bitcoin Fog.

The pair are scheduled to be sentenced in November.

The post US prosecutors urge judge to hand Bitfinex hack mastermind five-year sentence appeared first on CoinJournal.

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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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