Shapella Upgrade to Have limited Impact on ETH’s Selling Pressure

Ministry of Science and ICT to hold conference to explore future of Web3The Korean Ministry of Science and ICT is set to host the Next-Generation Web Conference next Monday (local time) at the Science and Technology Convention Center in Seoul. Jointly organized by the Korea Internet and Security Agency (KISA), the Web 3.0 Convergence Technology Forum and the World Wide Web Consortium’s (W3C) Korean office, the event aims to explore Web3’s role in heralding a new era. Experts and attendees will gather to share insights on current Web3 technology trends and industry developments as well as future prospects.Photo by Shubham Dhage on UnsplashWeb3’s promising opportunitiesTouted as the future of the internet, Web3 is recognized for its ability to address current issues with the internet such as platform monopolies and data concentration. As one of the most anticipated emerging industries, it is expected to lead economic and societal transformation through convergence between technologies like blockchain, artificial intelligence and big data.“The growth of new technologies such as big data and blockchain, coupled with the integration of intelligent web technologies, is accelerating the transition to the new Web3 era,” said President Lee Won-tae of the KISA. Regarding the KISA’s role in facilitating this transition, he added, “The KISA will strive to foster a secure and convenient internet environment based on Web3 technologies, promoting the discovery of new services.”Event detailsThe conference will feature two keynote speeches, titled “The Current State of Web3 and Our Readiness” and “Web 3.0 from W3C perspective, and the future of Web.” This will be followed by four sessions, which will delve into various topics such as blockchain business strategies, tokenized securities and Web3 service development.Pre-registration for the conference is open until Sunday, with a chance to win various prizes available for those who register to attend in person. The event will also be livestreamed on YouTube.

Bitmain Planning Mining Equipment Support For Aleo BlockchainBitmain, the leading Beijing-headquartered crypto mining rig manufacturer, is set to bolster the proof-of-work (PoW) blockchain network of Aleo with its upcoming Antminer release.The firm announced its intentions via a social media post which was published on WeChat on Monday. The move follows Bitmain’s recent introductions of Filecoin and Kaspa mining machines and its latest series of Bitcoin miners.Photo by RDNE Stock project on PexelsEnhanced privacy through zk proofsBitmain plans to unveil a miner compatible with the forthcoming Aleo blockchain network which is currently in testnet mode. Aleo’s PoW blockchain promises to bring enhanced privacy through zero-knowledge (zk) proofs while retaining programmability. Zk proofs represent a cryptographic advancement insofar as they can verify data while it remains encrypted and undisclosed to the verifying party. The blockchain network adopts a statically typed programming language inspired by Rust, known as Leo.Aleo has been gaining significant attention in the crypto space, much like other venture capital-backed layer 1 blockchains, including Solana, Aptos, and NEAR, before their respective debuts. In April 2021, Aleo’s team successfully secured $28 million in a Series A funding round, with Andreessen Horowitz (a16z) leading the way.Aleo’s journey reached new heights in February 2022 when its Series B funding round raised a substantial $200 million, pushing the project into unicorn status. This funding round was jointly led by Softbank Vision Fund 2 and Kora Management LP, with participation from a16z, Tiger Global, Sea Capital, Slow Ventures, and Samsung Next.Latest in series of product launchesBitmain’s announcement is part of a series of product launches in recent months. In July, the company unveiled a mining rig designed for Filecoin (FIL). The following month marked the shipment of Bitmain’s Kaspa (KAS) mining machines. Shortly after the Kaspa deliveries, Bitmain revealed plans for an August release of a Monero (XMR) mining rig. Most recently, Bitmain introduced two next-generation Bitcoin (BTC) miners from the S21 series.The Chinese crypto mining equipment manufacturer has faced financial challenges in recent times. In April, it emerged that the company had been fined by the Chinese authorities for tax irregularities.Earlier this month, reports suggested that the company was experiencing liquidity issues. It failed to pay some of its employees although it later resolved the matter. Reports of staff payment difficulties surfaced two weeks ago. Arising out of that episode, the company subsequently fired three employees for posting information about salary payment issues on social media.Nevertheless, the firm managed to secure two contracts with US-based mining operations following those reports. In these contracts, Bitmain sold a combined 5.8 exahash per second (EH/s) of its new S21 Antminers to Iris Energy and Cleanspark. In September, Bitmain finalized a deal with troubled crypto miner Core Scientific that will see the firm supply the restructured company with 27,000 Bitcoin miners.The company has been blighted by internal conflicts going back a number of years between co-founders Jihan Wu and Zhan Ketuan. Subsequently Wu went on to found Singapore-headquartered crypto cloud mining platform Bitdeer.

In the ongoing legal tussle over cryptocurrency assets, the High Court of Singapore has rejected a plea by the bankrupt crypto hedge fund Three Arrows Capital (3AC) to dismiss a lawsuit filed by Arthur Cheong, the founder of Web3 investment firm DeFiance Capital. This ruling represents a pivotal moment in the $140 million dispute, shedding light on the ownership and control of assets, while building upon DeFiance Capital’s previous success back in August of last year in having its preference for jurisdiction in Singapore endorsed.Photo by Tingey Injury Law Firm on UnsplashRecognizing assets held in trustOn Jan. 26, a Singapore judge ruled against 3AC's request to have Cheong’s claim thrown out, stating that DeFiance Capital has adequately demonstrated the existence of a Singapore-based trust safeguarding its assets. This revelation could potentially shield DeFiance Capital from 3AC's liquidators, marking a crucial juncture in the legal battle. The dispute traces back to an agreement where Cheong was set to launch an independent fund on the 3AC Group platform, with ownership and control vested in DeFiance Capital. This fund, leveraging 3AC's infrastructure, faced disagreements over the transfer of certain assets, whose undisclosed value became a point of contention in court documents. The downfall of the $10 billion 3AC hedge fund, responsible for the "Super Cycle" thesis predicting perpetual crypto price increases, had widespread repercussions in the crypto industry. DeFiance Capital bore the brunt of this collapse and the recent court ruling brings the firm closer to resolving the aftermath favorably. The ongoing argument holds strategic importance for DeFiance Capital, as the investment firm challenges any legal obligation for its shareholders to compensate 3AC creditors. "Wassielawyer," a pseudonymous restructuring attorney advising DeFiance Capital's founder Arthur Cheong, highlighted the significance of this stance on social media. Positive signThe judge's acknowledgment of the trust, while not conclusive, is viewed as a positive sign for DeFiance Capital. In a series of posts on the X social media platform, Wassielawyer outlined on Thursday that he sees this as "much-needed vindication" for Cheong, signaling a potential turn in favor of the investment firm. Wassielawyer emphasized that DeFiance Capital merely utilized 3AC's legal structure, without commingling operations. This distinction becomes crucial as carefully drafted legal documents form the basis for 3AC creditors attempting to seize DeFiance Capital funds. The restructuring professional added:”[DeFiance Capital] have on the basis of the substantive facts, ran an argument that the assets of DCs should not be used to pay back 3AC creditors. This eventuality would be manifestly unjust, enriching the creditors of 3AC at the expense of innocent DC investors.” Once a major player in the crypto hedge fund arena, 3AC's demise resulted from exposure to Terra, staked Ethereum and Grayscale's Bitcoin Trust. The bankruptcy filing on June 30, 2022, marked the end of an era for the once-mighty fund. Established in 2020, DeFiance Capital specializes in crypto investments, focusing on decentralized finance and GameFi. It has supported projects such as dYdX, Aave and Lido. This decision establishes a precedent for similar cases, particularly in jurisdictions like Singapore, emerging as pivotal hubs for cryptocurrency and blockchain-related activities. The outcome holds implications for how such legal disputes will be handled in the future, shaping the landscape of crypto-related legal proceedings.