Scroll’s zkEVM Launches on Ethereum Mainnet

3AC Founder Secures Restraining Order in SingaporeSu Zhu, the Co-Founder of the defunct crypto hedge fund Three Arrows Capital (3AC) has successfully obtained a restraining order against BitMEX Co-Founder and former CEO, Arthur Hayes, in a Singaporean court.Photo by Monstera on PexelsNo communication “by any means”Crypto publication CoinDesk stated on Wednesday that it had seen a copy of the court order, which was originally issued on May 5. According to the details of the order, Hayes is prohibited from “making any threatening, abusive or insulting communication that would cause the Applicant harassment, alarm or distress.”Additionally, the former CEO of crypto trading platform BitMEX is forbidden from using “threatening, abusive or insulting words” in relation to Su Zhu. The order, which was issued by Judge Sandra Looi Ai Lin, clarifies that the BitMEX Co-Founder is not permitted to publish “any identity information” relative to Zhu or to communicate with him “by any means.”$6 million owedIt’s an understatement to say that Zhu, alongside fellow 3AC founder Kyle Davies, are not on Hayes’ list of favorite people in recent times. Following the 3AC collapse, Hayes has maintained that he is owed $6 million by the duo. Since the collapse of the hedge fund, Hayes has been tweeting out at the pair, calling them out relative to his claim that the duo have a debt obligation to him to the tune of $6 million.While both Hayes and Zhu have blemishes on their records, Hayes is much better regarded within the crypto community than Zhu. The BitMEX Co-Founder narrowly avoided a prison sentence in 2022 with the much lesser sanction of six months home detention being applied. That arose due to federal charges brought against him on the basis that he didn’t implement anti money laundering (AML) compliance procedures and checks at BitMEX while he was CEO of the firm.Despite this failure, Hayes remains popular within the crypto space, with his insightful commentary being lauded given that since he left BitMEX he has taken to writing blog articles relative to crypto and the broader economic situation. However, blog site Medium has taken to disabling access to his most recent blog article. The blog page states that the post “is under investigation or was found in violation of the Medium Rules.”Lacking a welcomeIn contrast with Hayes, commentary relative to the 3AC duo of Zhu and Davies has lacked warmth. Neither of the duo had jumped on social media for a number of months following the collapse of 3AC. More recently they have both tried to rehabilitate themselves, with many commentators within the space seeing it as a cynical move.In February the duo launched Open Exchange, more commonly known as OPNX, a trading platform for crypto-related bankruptcy claims. At that time, Hayes tweeted out that he interpreted the news as the return of the crypto bull market.Earlier this month, OPNX claimed that it had the backing of several credible entities in the crypto space. However, immediately afterwards, a number of those firms clarified that they had nothing to do with the startup.Meanwhile, crypto-focused venture capital investor Michael Arrington tweeted out his disdain in relation to the 3AC founder’s successful fund raise:“Three f***ing arrows dip****s successfully raising a new fund is the saddest bulls**t I’ve heard in a long time.”The regulator in Dubai has also failed to roll out the red carpet for the duo’s new venture. In April, it issued an investor alert in relation to OPNX. Subsequently, it has followed up with a formal written reprimand issued to Zhu and Davies, given that the business is not registered with the regulator although operating out of Dubai.

Japanese Crypto Firm Pafin to Introduce DeFi Asset Management PlatformA Japanese company specializing in cryptocurrency services is preparing to launch a DeFi asset management platform.Photo by Shubham Dhage on UnsplashDeFi asset managementPafin, the company behind Cryptact, a service that automates cryptocurrency profit and loss (P&L) calculations, is set to introduce Defitact on June 5. Defitact is a platform designed to consolidate transactions involving decentralized finance (DeFi) assets and NFTs, complemented by illustrative charts. Pafin claims that it is the first provider of crypto P&L calculations to offer blockchain asset management in the Japanese language.The company envisions a broad array of services through Cryptact, from asset management to P&L calculations, to support all Web3 activities in today’s digital landscape.Beta test for subscribersStarting from May 29, Pafin will roll out a beta test for Defitact, exclusive to Cryptact newsletter subscribers. Subscribers will be able to access the service by entering their wallet addresses in the URL provided with the newsletter, which will be sent on the beta test launch date. The newsletter will be sent to those who sign up by May 28, and registration for a Cryptact account is free.This service emerges amidst the growing prominence of Web3, with DeFi — a financial service leveraging blockchain technology — standing out as one of its most rapidly evolving sectors. As of the close of 2021, the DeFi market had a near $100 billion valuation, according to a report by the Japan Research Institute.The nature of DeFi, lacking a centralized administrator, places the onus of crypto wallet management on individuals. The Defitact service seeks to resolve the inconvenience of monitoring and managing real-time transactions on DeFi platforms, typically operating outside crypto exchanges.Available in Japanese and EnglishAs a free, bilingual (Japanese and English) service, Defitact provides a transaction history and displays crypto market capitalization in three fiat currencies: the Japanese yen, the US dollar, and the euro.Pafin’s future plans include integrating Defitact with Cryptact, adding an NFT management service, and enabling the aggregation of multiple wallets for efficient digital asset portfolio management.

Bitget Introduces Innovative MPC Wallet for Enhanced SecurityBitget, the Seychelles-registered crypto derivatives platform, has unveiled a cutting-edge security and key management feature that could potentially be a game changer in terms of the way users safeguard their assets.Photo by Shubham’s Web3 on UnsplashIntroducing Multi-Party Computation (MPC)As confirmed via a press release on Tuesday, the Bitget team has introduced the Multi-Party Computation (MPC) wallet service to its Bitget Wallet, a relatively new solution in the realm of cryptocurrency security. This development comes on the heels of the launch of the account abstraction wallet service powered by the Ethereum scaling protocol Starknet in July.The introduction of the MPC wallet could well be a paradigm shift relative to crypto security as it leverages a distributed key generation mechanism, distributing multiple key shares to various locations under the control of different parties. This approach introduces a robust process, demanding that the owners of these distributed private key shares collectively sign and authorize transactions.Notably, the MPC wallet shatters the conventional industry practice of relying on users to store or memorize mnemonic phrases and private keys. In a departure from the current norm, this wallet streamlines the user experience by eliminating the need for mnemonics and instead implementing a password-based authentication method provided by Bitget, effectively eliminating the reliance on a single-point private key.Unlocking MPC technologyBitget’s vision with the MPC wallet is to deliver a user experience reminiscent of traditional Web2 products and services. From a technical standpoint, the MPC wallet is rooted in a threshold signature scheme, employing secure large prime numbers to underpin its security architecture.This consumer-oriented development mandates a minimum number for signature authorization, requiring two-thirds of the total key shares to complete the signature necessary for authorizing a transaction. Notably, the final key share finds secure refuge on a backup cloud server, contributing to a highly decentralized and secure ecosystem.Moreover, the MPC wallet offers a robust sharing mechanism that automatically invalidates key shares on older devices when new devices are integrated. This innovative feature substantially mitigates the risk of key shares being compromised on outdated or forgotten devices, reinforcing user confidence and security.Trending towards crypto self-custodyBitget’s introduction of the MPC wallet underscores the growing significance of self-custody in the cryptocurrency space. In the wake of high-profile failures and security breaches on centralized exchanges, such as FTX, self-custody has emerged as a paramount consideration for cryptocurrency enthusiasts and investors.As a testament to this trend, in March 2023, Ledger, a prominent hardware wallet manufacturer, secured $109 million in funding to bolster hardware production and develop novel products, underlining the increasing demand for secure and user-centric solutions in the crypto world.Bitget Wallet is a rebrand of the wallet produced by BitKeep, a Singapore-based project which Bitget acquired earlier this year. The crypto platform has been working on various initiatives that go some way towards reassuring customers. It had previously introduced proof of reserves reporting. While this system doesn’t provide the whole picture, proof of reserves does go some way in reassuring customers that their funds are still held by the platform and not loaned out or otherwise removed from the platform.