AI Platforms Eye Token Merger, Munchables Suffers $63M Hack, KuCoin Faces U.S. Charges
Summary:
In a potential major move, artificial intelligence platforms SingularityNet, Fetch.ai, and Ocean Protocol are reportedly discussing a token merger. Separately, blockchain game Munchables suffered a $63 million Ether hack, with allegations pointing to an insider. Meanwhile, the U.S. Justice Department charged crypto-exchange operators KuCoin with running an unlicensed money transmitting business and violating the Bank Secrecy Act, while allegations include the platform's use for money laundering and terrorism financing.
Reports have emerged indicating a potential amalgamation of tokens from three artificial intelligence (AI) platforms - SingularityNet, Fetch.ai, and Ocean Protocol. In other news, Ethereum-layer 2 blockchain game Munchables underwent a $63 million ETH exploit, and the U.S accused crypto-exchange platform, KuCoin, of operating a money transmitting business without a license.
SingularityNet, Fetch.AI, and Ocean Protocol, three distinguished AI platforms, are reportedly discussing a token merger into an AltSignals (ASI) token with a full-dilution value of $7.5 billion. The deal might be revealed as soon as Wednesday, subject to community consent according to sources in the know. Despite the merger, the three platforms are expected to continue independent operations. However, the merger would orchestrate their collaboration under the freshly minted Superintelligence Collective. SingularityNet's founder and CEO, Ben Goertzel, is set to run the collective with Fetch.ai CEO, Humayun Sheikh, as its chairman.
Ethereum layer 2 blockchain game Munchables lost $63 million worth of Ether (ETH) due to an exploit allegedly by one of the developers. Following the attack, Munchables posted on March 26 that it was infiltrated and was trailing the offender's actions in an effort to halt the transactions. Blockchain analyst ZachXBT showed the supposed attacker's wallet with an estimated value of $62.45 million in Ether. According to ZachXBT, the exploit was traced back to the Munchables team employing a North Korean developer known as "Werewolves0943". Solidity developer 0xQuit deduced that the Munchables attack had been pre-arranged since the Lock contract was replaced by a fresh one ahead of the game's launch by one of the developers.
KuCoin and its two creating members have been accused by the U.S. Justice Department of operating an unlicensed money transmitting business, and violating the Bank Secrecy Act. A DOJ indictment implicated the founders, Chun Gan and Ke Tang, of neglecting to maintain Anti-Money Laundering requirements and using the platform for money laundering and financing terrorism. Besides the indictment, KuCoin reassured customers that their assets were secure and not impacted by the investigation.
Investments are always susceptible to risk. Readers are advised to conduct their own research before making any investment decisions. Geraint Price, Sam Bourgi, and Felix Ng contributed to this article.
Published At
3/27/2024 4:07:26 PM
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