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BREAKING CRYPTO NEWS! Biden Administration Allocates $20M to AI Companies
The first major crypto news of Aug 10 comes from the United States. There, the Joe Biden administration has set aside $20 million to reward AI companies in a bold stride towards enhancing national cybersecurity.
These enterprises are ready to play a pivotal role in enhancing the security of the nation’s critical infrastructure. Moreover, their mission encompasses safeguarding the well-being of the American populace.
This initiative unfolds in a multi-phase approach. During the initial phase, a handpicked selection of up to 20 high-performing teams will be chosen. Their expertise will propel them toward the much-anticipated DEF CON 2024 semi-finals.
A remarkable opportunity awaits, with each team having the chance to seize rewards amounting to a staggering $2 million apiece. Those who triumph will proceed to the grand finale of DEF CON 2025.
An intriguing facet of this endeavor is the necessity for participants to share the intricate mechanics of their AI solutions openly.
By doing so, they facilitate the broader adoption and utilization of their innovative security solutions. The Open Source Security Foundation, a notable division under the aegis of the Linux Foundation, extends its guidance to the participants of this audacious challenge.
Adding another layer of inclusivity to the competition, the Defense Advanced Research Projects Agency (DARPA) pledges up to $1 million in financial backing. This support will benefit seven small-scale enterprises aiming to participate in the competition.
The objective is to foster a diverse and dynamic array of participants, enriching the overall landscape of the challenge.
SEC Challenges the Ripple Case Decision — Another Major Crypto News
The second major crypto news is again from the US. There, the Securities and Exchange Commission (SEC) is orchestrating a strategic maneuver reverberating through the legal realm.
The SEC intends to challenge a court decision from July in its lawsuit against Ripple Labs. The decision ruled that the sale of XRP is not categorized as a security when targeted at retail investors.
On Aug 9, in a letter addressed to Judge Analisa Torres, who presides over the case, the SEC expressed that her decision merits reconsideration by an appellate court.
At the crux of the appeal lies the SEC’s endeavor to secure an official certification of the court’s decision.
This decision pertains to classifying Ripple’s programmatic XRP offerings and sales on various cryptocurrency exchanges. Furthermore, it encompasses individual sales of XRP. The SEC’s stance asserts that these transactions do not fall within the purview of securities.
This appeal follows a distinct turn of events where Ripple gained a partial triumph over the SEC. The crux of the matter revolved around determining XRP’s status as a security. The court’s verdict elucidated that the XRP token does not assume the role of security.
However, the court opined that certain conditions could warrant the classification of XRP token sales as securities. Notably, this would apply to instances where sales are directed at institutional investors. Conversely, sales on exchanges targeting retail traders would not fall under this categorization.
Multichain’s Shockwaves — Impact on Fantom Projects
The recent upheaval from the Multichain protocol’s security breach has sent shockwaves through the Fantom ecosystem.
An unfortunate casualty of this event is SpiritSwap, a prominent Fantom project. The news broke on Aug 9 that SpiritSwap has decided to initiate the gradual winding down of its operations. The timeline for this wind-down process is set to commence on Sept 1.
SpiritSwap, a decentralized exchange (DEX) that thrived within the Fantom realm, disclosed the extent of the damage caused by the Multichain hack.
The breach had a substantial impact on SpiritSwap’s treasury. Consequently, the ability to fund operations, sustain salaries, and support marketing initiatives became severely compromised. In light of these constraints, the DEX finds itself at an impasse, prompting the search for an alternative approach.
The developers of SpiritSwap took to Discord to articulate their course of action. The call has gone out for a capable team to step forward and undertake the responsibility of guiding the DEX forward. Developers are seeking a team to take over the DEX starting next month.
This event mirrors a precedent set by another Fantom-based entity. In the aftermath of the Multichain hack, Geist Finance, a crypto lender operating within the Fantom ecosystem, announced its permanent closure. The profound impact of the security breach drove this decision.
Fantom’s Total Value Locked (TVL) has experienced a marked decline as a consequential outcome of these security-related incidents. This trajectory is apparent in the comparison between May, when the TVL peaked at an impressive $364 million, and August, with figures dwindling to $72 million.