🚀 Paragraph Rockets with $5M and Mirror Acquisition!

💰 Web3 publishing startup Paragraph has just secured a whopping $5 million in funding, spearheaded by Coinbase Ventures and Union Square Ventures. But that's not all – they've also taken the reins of the popular Mirror blogging platform!

➡️ Mirror Merges with Paragraph
Founded in 2020, Mirror made waves with its crypto-centric publishing tools, empowering writers with decentralized storage, crowdfunding, and NFT capabilities. Now, under Paragraph's guidance, Mirror's product, design system, and brand will reach new heights.

🌐 Onchain Publishing Powerhouse
Launched in 2021, Paragraph has been making waves of its own by enabling creators to monetize through newsletters and on-chain social features. With this latest development, founder Colin Armstrong is eager to accelerate their mission and empower even more creators.

⚡️ Business as Usual for Writers
If you're a writer or publisher on Mirror or Paragraph, fear not! The blog assures that there will be no immediate changes. Your content will remain intact, and you'll still have access to the familiar publishing tools you know and love.

🌍 A Future Where Onchain is the Norm
Armstrong is thrilled to lead his talented team toward a future where onchain technology becomes the standard for content creators worldwide. This partnership marks an exciting step forward in realizing that vision.

🟢 With this stellar investment from Coinbase Ventures and the Base Ecosystem Fund, the future of onchain publishing looks brighter than ever. As Base CEO Jesse Pollak puts it: "Let's bring even more creators onchain!"

🚫 Crypto Excluded from New South Korean Donations Law: A Blow to Charities?

📛 Crypto Exclusion
In a move that disappointed crypto enthusiasts, South Korea's Ministry of the Interior and Safety has decided against allowing citizens to donate cryptocurrencies under an amended donations law.

🔄 Expanding Scope, But Not for Crypto
While the ministry aims to broaden the range of donations, including loyalty points and gift vouchers, it has left out popular digital assets like Bitcoin.

📝 Amendments and Options
The plan is to revise the Enforcement Decree of the Act on Collection and Use of Donations, enabling more cash alternatives for giving. Local stablecoins and blockchain-based e-gift vouchers are also on the table.

⏰ Approval and Rollout
Ministry officials hope for legislative approval before July, paving the way for a new era of giving in South Korea.

❓ No Clear Explanation
Despite the country's crypto craze, no specific reasons were given for excluding digital currencies from the donation landscape.

💔 Charities' Struggles
This decision deals a blow not only to crypto enthusiasts but also to South Korean charities that have been exploring crypto-powered donation drives amid legal hurdles.

⚡️ Exchange Dependency
Past attempts at launching such platforms have faltered, with charities relying heavily on domestic exchanges to convert tokens into cash for their operations.

🔥 Nigeria Strikes Back: Binance Accusations Called Out as Smoke and Mirrors

🚫 Nigeria isn't taking Binance's bribery claims lying down. The country's Ministry of Information has hit back, dismissing the allegations as a diversionary tactic. They're calling for a proper investigation, not a media circus.

💰 Binance CEO Richard Teng pointed fingers at Nigerian officials, claiming they demanded a whopping $150 million in crypto to make their problems disappear. But the ministry's spokesman, Rabiu Ibrahim, says this accusation has zero credibility.

🔍 It seems the Nigerian government is tired of the fictional tales and wants Binance to face the music. No more secret deals or mudslinging – just a fair shake in court.

⛔️ Meanwhile, Binance employees allegedly faced threats and secret offers after a meeting with Nigeria's House Committee on Financial Crimes. The situation is getting murkier by the minute.

⚡️ This all started when two Binance execs got caught up in Nigeria's regulatory storm. Detained without explanation, they now face serious charges. And to add insult to injury, access to Binance has been blocked by order of the government.

🌍 With Nigeria grappling with financial woes, it seems they're pointing fingers at crypto as part of the problem. But will this push against Binance help or hurt their cause? Only time will tell.

🌍 IMF Urges Nigeria to Regulate Crypto Trading Platforms Amidst Binance Executives' Detainment

💼 In a recent staff report, the International Monetary Fund (IMF) has advised Nigeria to regulate its crypto trading platforms. This recommendation comes in the wake of the detainment of two Binance executives by Nigerian authorities.

📝 The IMF report suggests that these platforms should be registered or licensed in Nigeria, subject to the same regulations as traditional financial intermediaries. The principle of same activity, same risk, and same regulation should apply, according to the report.

📉 Nigeria's economy has been grappling with a financial crisis, with projections indicating a drop to fourth place among African nations. However, there is some positive news as the country's currency, the naira, is showing signs of stabilization after a period of sharp depreciation.

🟢 The crackdown on digital assets in Nigeria continues, with plans to ban peer-to-peer payment systems. Some officials have pointed fingers at cryptocurrencies for the weakening naira, alleging significant illicit flows through platforms like Binance.

🔒 The arrest of Binance executives on charges of money laundering and tax evasion has raised concerns about the legality of their detention. Binance CEO Richard Teng revealed that secret settlement proposals were made but declined by the exchange.

📈 Despite these challenges, the IMF report may indicate a potential future for increased participation by foreign crypto exchanges in Nigeria's market. Regulation could pave the way for a more secure and transparent ecosystem.

🔒 Sonne Finance Suffers $20M Exploit, Hacker Flees

💥 Hack Attack! Lending protocol Sonne Finance is reeling after a $20 million cryptocurrency heist, leaving them counting their losses in WETH and USDC.

🚨 Late to the Game: Sonne Finance's security team, Cyvers, spotted the breach when it was just a measly $3, but it took the company 25 minutes to catch on. By then, the damage was done.

📢 Cryptic Announcement: In the dead of night, Sonne Finance broke the news on X, revealing that they had paused operations on Optimism but assured users that their Base markets were safe. More details were promised "with time."

🔍 The How and Why: Sonne Finance later disclosed that this exploit was no accident. It was a well-known trick called a "donation attack" on Compound v2 forks. A recent integration with VELO markets played right into the hacker's hands.

💰 A Silver Lining? Amidst the chaos, Sonne managed to salvage around $6.5 million by injecting some quick cash into the markets. They're even considering offering a bug bounty to entice the hacker into returning the funds.

⏳ On the Run: Unfortunately, it seems our elusive hacker isn't one for second chances. With nearly $8 million already making its way to a new wallet address, catching this digital bandit won't be easy.

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🌐 Turkey Takes a Leap Towards Global Crypto Compliance

💼 In a groundbreaking move, Turkey is stepping up its game in the crypto industry. The ruling party has introduced a draft bill to bring the nation's regulations in line with international standards.

👌 The proposed legislation covers all the bases, from trading platforms to asset storage. It's a comprehensive effort to ensure that Turkish residents can engage in crypto transactions with confidence.

🔒 With an eye on consumer protection, the bill requires licensing and registration for all crypto service providers. The goal? To create a safe and transparent environment under the watchful eye of the Capital Markets Board.

💪 The government isn't stopping there. They're giving the CMB more power to safeguard user assets, recognizing Turkey's growing importance in the global crypto landscape.

🚫 But it's not just about local control. Turkey wants to play by the rules of the game, and that means keeping up with the Financial Action Task Force (FATF). Their "Travel Rule" is making its way into Turkish law, ensuring that information about transactions flows freely.

🌍 By aligning their regulations with international norms, Turkey is sending a clear message: they're ready to be a player on the global stage of digital finance.

🔒 Gala Games' $23M Token Breach Exposes Internal Control Woes

💥 Blockchain gaming giant Gala Games has been hit by yet another security breach, this time resulting in the unauthorized sale of 600 million GALA tokens worth a staggering $23 million. CEO Eric Schiermeyer admitted that the incident was a result of internal control failures.

⏰ The exploit took place on May 20th at 7:32 pm UTC, when a hacker managed to gain access to a Gala Games admin address. This allowed them to mint an astonishing 5 billion new GALA tokens, valued at around $200 million. They wasted no time, selling off 600 million on Uniswap.

🚨 Sadly, this isn't Gala Games' first rodeo with security woes. Earlier this year, they suffered a similar attack that cost them a whopping $130 million.

🔍 The breach was initially flagged by blockchain analyst devops199fan, who noticed the sudden influx of GALA tokens. Gala Games acted swiftly, freezing the compromised wallet and securing their Ethereum contract.

🔐 To prevent further damage, Gala Games made sure that the remaining 4.4 billion tokens were rendered unsellable and burned. They're also teaming up with law enforcement agencies like the FBI to bring the culprits to justice.

📉 The immediate aftermath saw GALA's price take a hit, dropping by 20% to a low of $0.038. However, it has since shown signs of recovery, climbing back up to $0.041 according to CoinGecko.

💪 Despite these setbacks, Gala Games is determined to learn from its mistakes and bolster its internal controls. With ongoing legal battles adding to the turmoil, the company remains committed to providing a secure platform for blockchain gaming enthusiasts.

👀 Joe Lubin Teases Plan To Take ConsenSys Mainstream, What’s Next❓

👉 Read more

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