BitBoy Crypto founder, Ben Armstrong, has initiated a lawsuit against Hit Network CEO Timothy ‘TJ’ Shedd Jr. and Timothy Shedd Sr., accusing them of manoeuvring him out of his own company. The lawsuit alleges the defendants restricted Armstrong’s access to company accounts, mismanaged funds, and defrauded the company. Amid the controversy, the value of governance token BEN has decreased.
Search Results for: Hit Network
Shibarium: Puppynet Hits 10M Transactions, Mainnet Launch Heats Competition in Layer 2 Networks
Shibarium network’s native test network, Puppynet, crossed 10 million transactions ahead of the mainnet launch, focusing on metaverse and gaming applications. Shibarium aims to provide an affordable settlement platform for decentralized applications and implement a token burn mechanism for SHIB tokens.
Chia Network’s Staff Reductions: Tackling Challenges in the Blockchain Odyssey
Chia Network’s announcement of workforce reduction despite plans for a US public listing underlines ongoing challenges in the blockchain industry. Despite an unstable market and underwriter issues, Chia remains committed to expanding its teams and operations, and to fostering enterprise adoption of its blockchain technology. Critics question the sustainability of Chia’s US-focused, global growth strategy.
Crypto Security Lessons: Analyzing the $200M Mixin Network Hack & the Importance of Cold Storage
“On September 25, the decentralized cross-chain transfer protocol Mixin Network had approximately $200 million stolen in a cloud server hack. This incident has incited a broader conversation about security in the blockchain and cryptocurrency world. As blockchain technology advances, it’s crucial to maintain impenetrable security measures to counteract its potential risks.”
Bitcoin Network Welcomes Alpha: A Threat to Friend.tech or a New Bitcoin Era?
Alpha, a new decentralised social network protocol, is making its entry into the Bitcoin blockchain, enabling users to benefit from their digital profiles and content creation via social tokens. Unlike its rival, Friend.tech built on Ethereum, Alpha utilises Polygon blockchain for data preservation and Bitcoin for its scaling network, offering added scalability, security, and efficiency for launching decentralized applications. Amidst increasing interest, Alpha’s future looks promising, potentially transforming the rules in the blockchain universe.
Optimism Network’s Major OP Tokens Private Sale: Economic Genius or Price Plunge Catalyst?
“Optimism Network plans to sell 116 million OP tokens via a private sale, expected to generate $160 million. The tokens are drawn from the unreserved portion of the OP token treasury and are subjected to a two-year lock-up period. This strategic approach aims at expanding Optimism’s market reach responsibly without affecting the token’s value.”
Ethereum’s New Holesky Testnet: A Step Towards Optimized Network Scalability and Enhanced Testing
Ethereum is set to unveil a new testnet, Holesky, which promises larger capacity than its existing networks, Sepolia and Goerli. The new testnet aims to address potential scaling issues and accommodate more extensive testing for Ethereum’s growing developer community. Named after a Prague train station, Holesky’s significant size would provide a realistic environment for infrastructure and core protocol upgrade testing, targeting to enhance Ethereum’s resilience against unexpected obstacles.
Manta Network’s Leap Forward: Gains and Regulatory Risks in Layer 2 Solutions
“Manta Network has launched its zero-knowledge proof layer 2 scaling network, an innovative platform for ZK-enabled DApp development. This introduces increased throughput and reduced gas fees, promising future DApps realm expansion. However, challenges and regulatory issues, as highlighted by the Celsius incident, suggest the need for careful navigation in blockchain tech.”
Crypto Market in Slumber: Spot Trading Hits Historic Low VS Evolution of Tokenization & ETFs
“Crypto spot trading hits its lowest point since March 2019, with a 7.78% slump in volume on centralised exchanges. Tokenization in finance is emerging from South Korea, aiming to enhance transaction efficiency and transparency. However, with a decrease in worldwide search queries for “cryptocurrency”, there is a shrinking general interest in digital assets, potentially forecasting a bearish market trend.”
Using Bitcoin’s Lightning Network for Offline Transactions: The Future or a Fallacy?
“LNMesh, a Florida-based startup, proposes the use of Bitcoin’s Lightning Network for transactions without internet. The solution utilizes local mesh networks for devices to connect directly, allowing for off-chain Lightning payments across nodes in an offline manner using Raspberry Pi computers.”
EOS Network’s Dramatic Turnaround: Nod from JVCEA & Promises of the Japanese Market
EOS Network, a blockchain that garnered $4 billion in its initial coin offering, has been granted white-list approval by Japan’s regulatory body for crypto exchanges. This allows EOS to compete with major cryptocurrencies like Bitcoin and Ethereum on Japan’s regulated crypto exchanges. The approval signifies EOS’s compliance commitment and opens new opportunities for the network in the Japanese market.
Ethereum’s Lower Network Activity: A Sign of Successful Scaling Solutions?
Ethereum’s gas fees have hit an 8-month low due to low network activity, yet layer-2 scaling solution popularity is on the rise. This indicates the vital role of scaling solutions in maintaining low fees even amidst growing decentralization. Notably, Ethereum 2.0 and layer-2 solutions seem to alleviate the issue of high adoption against expensive gas fees and slow transaction times. Ethereum’s evolving technology is making it increasingly invincible, even against rival blockchain platforms.
Shibarium Stumbles: The Trials, Triumphs, and Tough Lessons in Launching a Blockchain Network
“The Shibarium network of Shiba Inu recently faced a significant setback when an unforeseen user transaction surge led to transactions stalling for 11 hours post-launch. Despite initial hiccups, developers hope for successful reopening, utilizing new monitoring systems, auto server resets, and rate limiting to manage future traffic surges.”
Decentralized Social Network Friend.tech: Astounding Success or Potential Disaster?
“Decentralized social network Friend.tech quickly earned over $1 million in fees, outperforming giants like Uniswap and Bitcoin. However, concerns loom around its business model, potential exploitation, and data privacy, raising questions about its future sustainability and growth.”
Shibarium Network’s Rocky Launch – A Setback for Shiba Inu’s Blockchain Ambitions
“The Shibarium network, highly anticipated by Shiba Inu token holders, faced significant technical issues upon launch, causing a halt in transactions and a dip in SHIB’s value. This has raised concerns about blockchain vulnerabilities, particularly as Shibarium was part of a larger strategy to elevate Shiba Inu from a “meme coin” to a serious blockchain contender.”
Binance Preparing to List SEI Network’s Native Token: A Glimpse into Pre-Listing Futures Market
“Binance is preparing to list SEI Network’s native token, SEI, on Aug. 15. Implementing pre-listing futures alongside this, according to Aevo’s CEO, will enhance price discovery. SEI’s early valuation is set at 26 cents per token, leading to a market cap close to $486 million, pushing it into the top 100 cryptocurrencies.”
Forta Network Amplifies Scam Detection: A Leap Forward or a Perpetual Tightrope Walk?
“Forta Network has enhanced its scam detection services by expanding its threat focus and incorporating malicious URL data. The service employs real-time threat detection across seven Ethereum Virtual Machine chains, and uses predictive techniques and new smart contract scanners to identify potential crypto threats.”
Sui Network’s Struggle and Rise of $EVILPEPE: Analyzing Crypto Market Dynamics
“Sui Network, a rising contender to Solana, faces repeated downward price shifts, the most recent a -2.1% drop. Despite hints at possible positive movement, the bearish trend gives it a precarious risk-reward profile. In contrast, $EVILPEPE Coin, from creators of Thug Life Token and SpongeBob, shows promising growth prospects, ignited by social media and influencer promotion. However, the volatile crypto market calls for informed caution.”
Analyzing XRP’s Future: Court Rulings, Network Adoption, and Price Volatility
“The future of XRP is driven by market speculation and network adoption. With a mix of positive regulatory development, technical progress, and increased retail user base, XRP’s downward trend could potentially end. However, near-term future volatility is expected.”
Ethereum-Based Ethscriptions Protocol Hit Hard by Exploit: A Lesson in Blockchain Vulnerability
The newly launched protocol Ethscriptions experienced a major setback with significant losses due to an exploit in its main marketplace, leading to a loss of 202 Ethereum assets across 123 addresses, according to its inventor Tom Lehman. The issue came from a poorly written code, allowing unauthorized withdrawal of Ethscriptions from the marketplace.
Navigating the Storm: The Celsius Network Scandal and its Impact on Blockchain Trustworthiness
Former CEO of Celsius Network, Alex Mashinsky, faces lawsuits from the SEC, CFTC, and FTC over allegations of fraud and artificially inflating the CEL token value. This event underscores the need for strict regulations and due diligence in blockchain and cryptocurrency platforms, highlighting the risks for investors.
Navigating Regulatory Storm: Celsius Network’s Rise from Bankruptcy Amid Crypto Tensions
“Celsius Network’s bankruptcy and $4.7 billion settlement amid fraud allegations puts a spotlight on the role of regulations in the crypto sector. The company’s commitment to a Chapter 11 Plan indicates a pledge to survive amidst the regulatory storm. The situation raises questions about whether regulations are a catalyst or a barrier in this rapidly-evolving market, and underscores the importance of striking a balance between fostering innovation and ensuring regulatory compliance.”
Surging Wall Street Memes Coin Hits $10M: Next Meme Coin King or Risky Bet?
Wall Street Memes ($WSM) surpasses $10 million in presale investment, swiftly gaining popularity among early-stage investors as the next potential king of meme coins. With a strong community of 1 million members, including high-profile supporters like Elon Musk, Wall Street Memes has expanded into the NFT realm, showcasing its adaptability and growth potential. However, balancing optimism and skepticism is crucial in such volatile markets.
Abra Hit with Emergency Cease and Desist Order: Examining the Accusations and Impact on Crypto
Cryptocurrency investment company Abra faces an emergency cease and desist order from Texas securities regulators, alleging securities fraud and offering investment products to unaccredited investors. With a partially insolvent status, Abra’s future and the wider cryptocurrency industry may face further regulatory scrutiny.
AI-Based Coins Hit Hard by Regulatory Crackdown: Analyzing the Impact on Top Tokens
AI-based coins face a downturn amid ongoing regulatory turmoil in the crypto market. Top AI token, The Graph, experiences a 17% drop, while Render Token trades down 7%. Altcoins see severe impact, highlighting the need for comprehensive market research before investing in cryptocurrencies.
Bridging Solana and Ethereum: Key App Innovates and Cross-Network Transfers Simplified
Key App introduces a bridge for Solana and Ethereum users, simplifying token transfers between networks using Wormhole’s technology. The European Central Bank moves closer to a digital euro with finalized prototypes, while Hong Kong’s CoinEx launches BitHK, a regionally-focused crypto trading platform.
NVIDIA Hits $1 Trillion Market Cap: AI Boom Boosts Growth, But What About Data Security Risks?
NVIDIA reaches a $1 trillion market cap, with a strong focus on AI products and services driving its growth. As companies like Microsoft, Google, and Meta are anticipated to use NVIDIA’s AI technology, investors and crypto enthusiasts should remain vigilant about potential risks, data security, and ethical concerns in this ever-changing landscape.
Ethereum Exchange Reserves Hit 5-Year Low: Bullish Momentum or Decreased Interest?
Ethereum balance on crypto exchanges hits five-year low as investors anticipate price increase. Low exchange reserves indicate bullish momentum, but decreased volatility and trading volumes post-Shanghai upgrade warrant cautious approach in investment decisions.
Bitcoin NFTs and Meme Tokens: Boon for Adoption or Network Congestion Nightmare?
Bitcoin-based NFTs and meme tokens experience soaring popularity as Ordinals inscriptions reach 9 million. The Bitcoin Ordinals protocol enables inscribing digital artifacts, drawing criticism for misuse and increasing network congestion. Despite concerns, it serves as a catalyst for Bitcoin adoption and expansion into other cryptocurrencies.
Ethereum Price Gains as Staking Trend Grows: Will ETH Hit $3,000 by Year-End?
Ethereum’s price gains follow the enabling of ETH staking withdrawals on the Lido platform. Despite net outflows, a massive sell-off hasn’t occurred, and staking trends put ETH in a favorable future position. EcoTerra and AiDoge, alongside Ethereum, are promising altcoins with market-shaping potential.
Crypto Hacks Decrease by 70%: Hackers Return Stolen Funds for White Hat Rewards
Crypto hacker exploits have declined by 70% in Q1 2023, with hackers increasingly returning stolen funds for “white hat” rewards, says a TRM Labs report. Increased regulatory attention, robust KYC/AML policies, and successful enforcement cases are contributing factors to this shift.
Ordinals Protocol Shifts to Litecoin & Dogecoin: Impact on Network Activity and Future Challenges
The Ordinals protocol, initially aimed for the Bitcoin network, has shifted to Litecoin and Dogecoin, resulting in a significant increase in transaction volume on both networks. The introduction of LRC-20 and DRC-20 token standards allowed users to create new memecoins, driving network activity. Balancing benefits and drawbacks is essential for understanding this technology’s impact on the blockchain ecosystem.