Tokenized Digital Real Pilot to Use Ethereum-Compatible Hyperledger Besu
Brazil continues to move forward with its plan of delivering a working version of its own central bank digital currency (CBDC), the digital real, for the end of 2024. According to reports, the central bank of the country chose Hyperledger Besu, an open-source, Ethereum-compatible blockchain platform, as the base upon which to run the tokenized version of the digital real.
Local analysts believe the compatibility with Ethereum might bring a slew of third parties to develop applications and services using the tokenized digital real, opening the economic playing field to more competition. However, this could also minimize the role of banks in the new digital economy. On this, JC Bombardelli, CTO of ed-tech startup Gama Academy, stated:
I don’t think it’s a total nod to the defi world because that would mean giving up a lot of controls that the central bank would never want to have.
Another reason for choosing Hyperledger Besu would be its open-source origins, which would allow the government to use it without having to pay for licenses.
Brazil continues to move forward with its plan of delivering a working version of its own central bank digital currency (CBDC), the digital real, for the end of 2024. According to reports, the central bank of the country chose Hyperledger Besu, an open-source, Ethereum-compatible blockchain platform, as the base upon which to run the tokenized version of the digital real.
Local analysts believe the compatibility with Ethereum might bring a slew of third parties to develop applications and services using the tokenized digital real, opening the economic playing field to more competition. However, this could also minimize the role of banks in the new digital economy. On this, JC Bombardelli, CTO of ed-tech startup Gama Academy, stated:
I don’t think it’s a total nod to the defi world because that would mean giving up a lot of controls that the central bank would never want to have.
Another reason for choosing Hyperledger Besu would be its open-source origins, which would allow the government to use it without having to pay for licenses.
DeFi Oversight: Consensys Advocates for Nuanced Approach Following IOSCO’s Report
MetaMask’s parent firm, Consensys, has commented on IOSCO’s proposal to identify “responsible persons” in DeFi projects. The International Organization of Securities Commissions (IOSCO) had recently weighed in on the matter and recommended that governments should identify the “Responsible Person” behind ostensibly decentralized finance applications and subject them to regulatory oversight similar to conventional financial market participants. Consensys – has encouraged the global standard setter to clarify that some DeFi arrangements may have no “Responsible Person.”
Consensys argued that IOSCO’s recommendation seems to presume that, in any given DeFi arrangement or activity, it is always possible to identify a Responsible Person who could be subject to regulatory obligations. It implies that decentralized systems either don’t exist or shouldn’t. Consensys admitted that the line between centralized and decentralized finance is more of a spectrum than a strict boundary but said that IOSCO’s recommendation oversimplifies this distinction. As such, taking a binary approach to identifying Responsible Persons “seems to encourage regulators to find such a party “at any cost.” Consensys advocated the need for a nuanced approach in determining Responsible Persons in DeFi. The firm added that regulatory obligations should align with the level of control, primarily targeting the centralized end of the spectrum.
MetaMask’s parent firm, Consensys, has commented on IOSCO’s proposal to identify “responsible persons” in DeFi projects. The International Organization of Securities Commissions (IOSCO) had recently weighed in on the matter and recommended that governments should identify the “Responsible Person” behind ostensibly decentralized finance applications and subject them to regulatory oversight similar to conventional financial market participants. Consensys – has encouraged the global standard setter to clarify that some DeFi arrangements may have no “Responsible Person.”
Consensys argued that IOSCO’s recommendation seems to presume that, in any given DeFi arrangement or activity, it is always possible to identify a Responsible Person who could be subject to regulatory obligations. It implies that decentralized systems either don’t exist or shouldn’t. Consensys admitted that the line between centralized and decentralized finance is more of a spectrum than a strict boundary but said that IOSCO’s recommendation oversimplifies this distinction. As such, taking a binary approach to identifying Responsible Persons “seems to encourage regulators to find such a party “at any cost.” Consensys advocated the need for a nuanced approach in determining Responsible Persons in DeFi. The firm added that regulatory obligations should align with the level of control, primarily targeting the centralized end of the spectrum.
Big market makers are in talks with BlackRock to provide liquidity for its proposed spot bitcoin ETF: CoinDesk
Big trading firms are in talks to provide liquidity for BlackRock's proposed spot bitcoin exchange-traded fund if it obtains regulatory approval, according to reporting from CoinDesk. Jane Street, Virtu Financial, Jump Trading and Hudson River Trading have reportedly been in talks with BlackRock about a market-making role to provide that liquidity, according to a BlackRock slide deck reviewed by someone familiar with the matter, according to CoinDesk.
Market makers are necessary for ETFs in providing liquidity, matching buyers and sellers, and aiding in creating and redeeming those ETF shares. BlackRock and Jane Street declined to comment. Virtu Financial, Jump Trading and Hudson River Trading did not immediately respond to a request for comment. Virtu and Jane Street wrote in support of a separate proposal for a spot bitcoin ETF this past summer. "The bitcoin ecosystem is sufficiently robust to support a US-listed ETP," Jane Street wrote in a comment letter on Grayscale's proposal for its product. Bitcoin's value swiftly rose over the last few weeks following speculation around BlackRock's highly anticipated spot bitcoin ETF, which is still under review by the SEC.
Big trading firms are in talks to provide liquidity for BlackRock's proposed spot bitcoin exchange-traded fund if it obtains regulatory approval, according to reporting from CoinDesk. Jane Street, Virtu Financial, Jump Trading and Hudson River Trading have reportedly been in talks with BlackRock about a market-making role to provide that liquidity, according to a BlackRock slide deck reviewed by someone familiar with the matter, according to CoinDesk.
Market makers are necessary for ETFs in providing liquidity, matching buyers and sellers, and aiding in creating and redeeming those ETF shares. BlackRock and Jane Street declined to comment. Virtu Financial, Jump Trading and Hudson River Trading did not immediately respond to a request for comment. Virtu and Jane Street wrote in support of a separate proposal for a spot bitcoin ETF this past summer. "The bitcoin ecosystem is sufficiently robust to support a US-listed ETP," Jane Street wrote in a comment letter on Grayscale's proposal for its product. Bitcoin's value swiftly rose over the last few weeks following speculation around BlackRock's highly anticipated spot bitcoin ETF, which is still under review by the SEC.
Binance Seeks License to Reenter Japanese Crypto Market After Exiting 4 Years Ago
Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Stablecoin Activity Takes Crown From DeFi in Q3: Report
Tether’s performance in the third quarter has reaffirmed its position as the go-to stablecoin for investors Stablecoins are often viewed as assets that pose systematic risks to the financial market. However, these pegged tokens have become the most popular category among investors amid adverse market conditions. Stablecoins saw a 45% growth in active addresses and a 41% increase in transactions between the first and third quarters. Contrastingly, DeFi experienced significant drops in daily active addresses and transactions.
It wasn’t until July that stablecoins solidified dominance in the market with transactions surpassing those of DeFi protocols on various blockchain networks, including Ethereum, Arbitrum, Polygon, Optimism, and more. In Q3 2023, stablecoins eclipsed other categories, boasting over 400,000 daily active addresses, making it the sole category to exhibit growth. USDT continues to lead the stablecoin space in terms of market capitalization, active addresses, and transaction activity. It concluded Q3 with an average of 337,000 daily active addresses while its transactions averaged at 680,000 daily. Even as USDC maintains a lead over USDT in terms of volume for the third quarter, the analysis suggests that the gap has notably shrunk since Q1.
Tether’s performance in the third quarter has reaffirmed its position as the go-to stablecoin for investors Stablecoins are often viewed as assets that pose systematic risks to the financial market. However, these pegged tokens have become the most popular category among investors amid adverse market conditions. Stablecoins saw a 45% growth in active addresses and a 41% increase in transactions between the first and third quarters. Contrastingly, DeFi experienced significant drops in daily active addresses and transactions.
It wasn’t until July that stablecoins solidified dominance in the market with transactions surpassing those of DeFi protocols on various blockchain networks, including Ethereum, Arbitrum, Polygon, Optimism, and more. In Q3 2023, stablecoins eclipsed other categories, boasting over 400,000 daily active addresses, making it the sole category to exhibit growth. USDT continues to lead the stablecoin space in terms of market capitalization, active addresses, and transaction activity. It concluded Q3 with an average of 337,000 daily active addresses while its transactions averaged at 680,000 daily. Even as USDC maintains a lead over USDT in terms of volume for the third quarter, the analysis suggests that the gap has notably shrunk since Q1.
Ether is now slightly outperforming bitcoin, whose dominance is declining
Ether has made a small advancement over the last week in terms of its performance relative to bitcoin, according to data from CoinShares. "Over the last week, ether has outperformed bitcoin by about 4.55%," CoinShares Research Associate Luke Nolan told The Block. However, Nolan added that a closer look at the ETH/BTC trading pair shows ether's recent gains are more of a technical bounce than an indication of a pickup of interest in Ethereum itself.
Nolan shared ETH/BTC ratio data with The Block that showed that ether had recently dipped into technical lows against bitcoin that were last seen in June 2022. However, the data revealed ether has bounced back above these lows over the past few days. zkLink Co-Founder Vince Yang put forward some possible reasons for the recent ether uptick. "The upcoming Cancun upgrade has resulted in increasing interest and demand. We believe the driving factor of ETH is the development of the technology and ecosystem. The demand and the price of ETH will continue to rise, at some point, likely to overturn bitcoin which has no real business use case other than value storage and transaction," Yang told The Block.
Ether has made a small advancement over the last week in terms of its performance relative to bitcoin, according to data from CoinShares. "Over the last week, ether has outperformed bitcoin by about 4.55%," CoinShares Research Associate Luke Nolan told The Block. However, Nolan added that a closer look at the ETH/BTC trading pair shows ether's recent gains are more of a technical bounce than an indication of a pickup of interest in Ethereum itself.
Nolan shared ETH/BTC ratio data with The Block that showed that ether had recently dipped into technical lows against bitcoin that were last seen in June 2022. However, the data revealed ether has bounced back above these lows over the past few days. zkLink Co-Founder Vince Yang put forward some possible reasons for the recent ether uptick. "The upcoming Cancun upgrade has resulted in increasing interest and demand. We believe the driving factor of ETH is the development of the technology and ecosystem. The demand and the price of ETH will continue to rise, at some point, likely to overturn bitcoin which has no real business use case other than value storage and transaction," Yang told The Block.
Marathon Digital's Q3 revenues rise as Bitcoin mining production expands
Marathon Digital Holdings, Inc. reported a net income of $64.1 million in its Q3 financial results — a significant turnaround from the $72.5 million net loss the bitcoin mining company witnessed in the same period last year. Marathon’s revenues were also up significantly year-over-year, posting $97.8 million during Q3 this year compared to $12.7 million in Q3 2022. The company attributed this recovery to a 467% surge in bitcoin production coupled with a 32% increase in average bitcoin prices during the period.
Marathon sold 66% of the bitcoin it produced in Q3 to cover operational costs, realizing gains of $31.7 million, partially offset by impairment costs of $11.9 million. “This quarter also uniquely benefited from a $82.6 million gain from the extinguishment of debt while the year-ago period included a $29.8 million gain on sale of equipment, a $25 million legal reserve and a $39 million impairment due to vendor bankruptcy, all of which did not reoccur in 2023, “ the company noted. Thiel said Marathon took proactive measures to strengthen its financial position during the quarter, achieving a significant debt reduction and cash savings for shareholders in preparation for next year's bitcoin halving event — expected in April.
Marathon Digital Holdings, Inc. reported a net income of $64.1 million in its Q3 financial results — a significant turnaround from the $72.5 million net loss the bitcoin mining company witnessed in the same period last year. Marathon’s revenues were also up significantly year-over-year, posting $97.8 million during Q3 this year compared to $12.7 million in Q3 2022. The company attributed this recovery to a 467% surge in bitcoin production coupled with a 32% increase in average bitcoin prices during the period.
Marathon sold 66% of the bitcoin it produced in Q3 to cover operational costs, realizing gains of $31.7 million, partially offset by impairment costs of $11.9 million. “This quarter also uniquely benefited from a $82.6 million gain from the extinguishment of debt while the year-ago period included a $29.8 million gain on sale of equipment, a $25 million legal reserve and a $39 million impairment due to vendor bankruptcy, all of which did not reoccur in 2023, “ the company noted. Thiel said Marathon took proactive measures to strengthen its financial position during the quarter, achieving a significant debt reduction and cash savings for shareholders in preparation for next year's bitcoin halving event — expected in April.
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Spot bitcoin (BTC) exchange-traded-funds (ETFs), if approved in the U.S., will open cryptocurrency markets to new classes of investors, Coinbase (COIN) said in a report on Monday. "The opportunity is potentially much greater than just enabling new capital to access the crypto market," as ETFs "will ease the restrictions for large money managers and institutions to buy and hold bitcoin, which will improve liquidity and price discovery for all market participants," wrote David Duong, head of institutional research at Coinbase.
Additionally, having an investment vehicle that meets "key regulatory and compliance requirements may also open the door to new products," which could multiply the existing crypto offerings for accredited investors and expand adoption, the note said. Over the longer term this could add billions to the total crypto market cap, the report said, adding that ETFs are expected to lay the foundation for a "more regulated environment, greater inclusion and a material growth in demand.". Coinbase says the ETF story is bringing more focus to bitcoin at an opportune time, "as the world has fewer safe haven alternatives amid a backdrop of rising geopolitical tensions and increasing economic dysfunction."
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In September, mainstream media outlets proclaimed NFTs to be worthless. Non-fungible tokens have surged ever since, with trading volumes hitting a four-month high on Nov. 10. Most popular collections have posted double-digit percentage gains over the past month, with Cryptopunks seeing an influx of buyers after Yuga Labs co-founder Wylie Aronow shelled out $1.1M for a rare punk. The NFT community appears to have taken matters into their own hands after a recently aired episode of The Simpsons took aim at NFTs.
While the bounce comes as a welcome relief for NFT holders, it’s worth noting that a lot of the increased activity is driven by airdrop farmers rather than an influx of new buyers. Blur, the leading NFT marketplace by volume, has been running an airdrop campaign slated to end on November 20, with BLUR tokens distributed to active traders and lenders. BLUR has more than doubled in price over the past month, leading many airdrop farmers who had stopped participating in the program to return. This is evidenced by a spike in daily users of Blur, while OpenSea users have remained relatively steady.
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Shanghai has been recognized as a top global metaverse city, with smart applications in the areas of tourism, urban development and medical services. This aspect was highlighted at the first World Metaverse Developer Conference (WMDC2023) in downtown Huangpu District on Wednesday, where the "2023 Metaverse City White Paper" was released. The white paper predicts that by 2025, the metaverse city industry will surpass the milestone of 100 billion yuan (US$14 billion).
Shanghai, along with other leading cities like Seoul, Dubai, London, Singapore, New York, Tokyo, Riyadh, Paris and Santa Monica, is at the forefront of this growth. In 2022, China's metaverse city industry was valued at 26.8 billion yuan, with an expected increase to 104 billion yuan by 2025, marking a 50 percent annual growth rate. By 2028, the industry is projected to exceed 300 billion yuan. Shanghai has launched several initiatives to boost its metaverse sector. Huangpu District exemplifies Shanghai's metaverse development, showcasing digital projects like the Yuyuan Garden Metaverse Lantern Fair and the construction of a digital twin for Ruijin Hospital, according to the white paper.
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The anti-crypto President successfully turned her son against digital assets after he lost 60% of his crypto investment. Christine Lagarde – president of the European Central Bank (ECB) said her son lost “almost all” of his investment in crypto despite her repeated warnings not to touch the asset class. The president has long railed against cryptocurrencies, insisting that Bitcoin is not money, but rather a “highly speculative asset” that is popular among criminals for money laundering.
While open to letting investors buy what they like, she advocates for strong regulations encouraging consumer protection in crypto while mitigating its use in terrorist financing. When it comes to central banks possibly owning Bitcoin, she’s called it “out of the question.” Yet in May 2022, Lagarde revealed that one of her two sons was diversified into crypto, while still maintaining that crypto assets were “worth nothing” and “based on nothing.” Bitcoin traded for $29,100 at the time, shortly following the collapse of algorithmic stablecoin protocol Terra which tanked crypto markets across the board. The president has two sons, both of whom are in their mid-30s, though she didn’t reveal which one was the crypto investor.
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Crypto startup Econia Labs rolled out its on-chain order book on Aptos mainnet, the company said in a statement. Econia Labs, which earlier this year raised $6.5 million in a seed round led by crypto venture fund Dragonfly, launched on the mainnet after an initial testnet competition. During the testnet phase more than 1000 traders from 68 countries participated, per the company's website.
Econia implements an atomic matching engine that leverages Aptos’ sub-second finality, clearing trades the moment they are made, according to the firm. The team said its aim is to cater to traders keen on avoiding centralized exchanges such as Binance and Coinbase by offering a similar experience in a non-custodial manner using the blockchain. "By leveraging Aptos' optimistic concurrency model, Econia is built to process transactions across multiple markets in parallel with sub-second finality," the company said in a blog post. Aptos is a Layer 1 blockchain created by former Meta employees. Aptos Labs, the main developer of the blockchain, also invested in Econia Labs’ seed round.
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The amount of circulating bitcoin that is in profit hit a high of over 83% this week, the highest level since November 2021 when the world's largest cryptocurrency by market capitalization reached its all-time high, according to Monday's Bitfinex Alpha report. "The current percentage of bitcoin held in profit is substantially higher than the all-time average of 74%," Bitfinex analysts said. The report added that this indicates the market is in a relatively strong position, "with a large majority of bitcoin holders seeing positive returns on their investment."
"With bitcoin trading at yearly highs above $37,000 last week, over 83% of the coin supply was driven back into profitable territory," Glassnode posted on X.com. However, the blockchain analysis firm added that "the magnitude of unrealized profit remains modest, and is not yet sufficient for long-term investors to divest." Recent data from The Block's dashboard also signaled the increased strength of the bitcoin market. For three days last week, the 7-day moving average of total transactions fees on the Ethereum and Bitcoin networks flipped in favor of for the first time since November 2020. "This is providing a source of upward pressure as increasing demand chases limited supply," the analysts added.
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According to a new analysis by Coingecko, between 2018 and 2023, 2,127 out of 2,817 Web3 games launched have either failed or are now inactive. This means that for every four games launched, three have disappeared. Coingecko’s analysis also shows that during this period, the number of Web3 games that failed averaged 80.8% each year. As per Coingecko’s data, the failure rate during the five years was the highest in 2019 (94.3%) and 2020 (94.4%). However, in 2021, the year of the last crypto bull run, 339 out of 738 games failed.
Between 2018 and 2023, 2,127 out of 2,817 Web3 games launched have either failed or are now inactive, an analysis by Coingecko has shown. Meanwhile, the analysis shows that 2023 has the second-highest number of games launched (720), while 2020’s 86 game launches are the least in each of the five years reviewed. The year 2020 recorded the lowest number of dead games in any of the five years with 81. In terms of the actual number of failed games, Coingecko’s analysis identifies 2022 as the year with the highest number of dead games with 742. The failure rate in that year stood at 107.1%, meaning it was the only year when the number of failed games was higher than those launched (693).
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Worldcoin WLD +1.65% , the crypto project co-created by OpenAI CEO Sam Altman, today launched a new grants program for developers while outlining plans to decentralize the network. Worldcoin Foundation, a non-profit that aims to steer the network’s future development, unveiled a grants program, a “Worldcoin Tech Tree” and a whitepaper on decentralization. “To become part of the global digital infrastructure Worldcoin must be as robust.
The news comes just a few weeks after Altman was ousted from his role at ChatGPT-creator OpenAI before being reinstated. OpenAI’s status as a non-profit was reportedly a key sticking point in the dispute. Worldcoin’s CEO Alex Blania said in an interview with The Block that the timing of the foundation’s announcement today was purely coincidental. In its blog posts, Worldcoin said it hopes to achieve “distributed robustness” — in the way that TCP/IP, WiFi or the English language have. Three areas it will focus on for achieving that are the decentralization of orb production, meaning independent teams will begin manufacturing them; new forms of distributed governance; and balancing its emphasis on robustness with the need for privacy.
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The OPC Foundation reported Nov. 14 that it’s published its concept for a common metaverse solution for use cases, such as remote condition monitoring and maintenance, production process training and manufacturing logistics planning and execution. Its working group was able to publish in less than a year thanks to standardized solutions for requirements like information modeling, information exchange, cloud connectivity and asset identification.
After the need for a standardized metaverse solution was identified by Dr. Holger Kenn of Microsoft in October 2022, the foundation’s board of directors decided to establish a working group, chaired by Erich Barnstedt of Microsoft, to make sure that OPC UA is well-suited for metaverse applications. With its base of standardized solutions, the working group reports it main task was assembling components for the use cases. In addition, the OPC Foundation’s YouTube channel provides an instructive recording detailing the standardized solutions for public access. It features condition monitoring overlayed over wind farm assets.
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Coinbase's (COIN) asset management arm is joining the race to bring traditional financial (TradFi) assets to the blockchain with a new platform that lets institutional investors issue and trade digitally native debt instruments using Base, the exchange’s Ethereum scaling network. Project Diamond, developed by Coinbase Asset Management, combines Coinbase Prime’s custody service, the exchange’s Web3 crypto wallet, Circle’s USDC stablecoin.
The platform has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) and will enter the agency’s RegLab sandbox, the company said. It already issued and distributed its first debt instrument, a short-term discount note denominated in USDC stablecoin, on Base as a demonstration to regulators in Abu Dhabi. Coinbase's release arrived at a time when there's a fierce competition with global banks and crypto-native companies to bring more traditional financial assets such as bonds and credit onto blockchain rails. Asset management firm 21.co forecasted that the market of tokenized RWAs may grow to $10 trillion by the end of the decade.
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In response to the recent KyberSwap Elastic exploit that led to a $47 million loss, Kyber Network has taken decisive steps to address the issue and provide relief for affected users. Kyber Network has announced that it will offer financial compensation to every user impacted by the KyberSwap Elastic exploit. The specifics of this compensation are currently in the finalization stage and will be disclosed at 2:00 PM UTC on December 20.
To facilitate transparency, a snapshot page has been created, allowing affected users to review the USD value of their compromised positions, inclusive of fees. This information is recorded in a block preceding the occurrence of the vulnerability. The individual responsible for the KyberSwap Elastic exploit, now identifying as “Kyber Director,” has outlined conditions for returning the stolen funds. Notably, these conditions include demanding “complete executive control” over the Kyber company. In an open, on-chain letter sent via an Ethereum transaction, the Kyber Director specifically requested the transfer of keys to the 100-plus-person company.
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