Google Cloud has partnered with ZetaChain to support its Universal Blockchain, which aims to foster broader adoption of Web3 technology. The collaboration will allow decentralised apps, known as Universal Apps, to operate across multiple blockchain networks such as Bitcoin and Ethereum. The innovation breaks from traditional blockchains that are isolated and unable to interact with other networks.
As part of the deal, Google Cloud will act as a validator for ZetaChain, helping to secure the blockchain and support its growth. Google Cloud’s infrastructure will verify transactions and maintain a reliable ledger for the platform. ZetaChain is also delegating 1 million tokens to strengthen the network by incentivising validator activities.
Additionally, developers working on ZetaChain will gain access to Google Cloud’s Web3 Startups Program, which includes cloud credits to offset infrastructure costs and a testnet faucet to streamline app development and testing. This collaboration marks another significant move by Google Cloud to support Web3 and decentralised application development.
Revolut has expanded its crypto exchange, Revolut X, to an additional 30 European countries, making advanced trading tools and analytics accessible to more users. The platform, originally launched in May, offers competitive flat fees of 0.00% for makers and 0.09% for takers, appealing to both retail and professional traders.
With features like real-time market data, TradingView charts, and dashboards highlighting top-performing tokens, Revolut X supports informed decision-making. For retail users, the app includes the Crypto Learn tool, which aims to boost understanding of the crypto market. Most funds are stored securely in cold storage, with 24/7 support via encrypted chat.
In August, Revolut partnered with Ledger to enable direct crypto purchases through its app, further integrating users into the digital asset ecosystem. As the fintech giant continues to grow its presence, it is also planning to launch a stablecoin to compete with leading players in the industry.
A Chinese dual citizen, Daren Li, has pleaded guilty to laundering $73 million stolen through cryptocurrency scams. The schemes, active from August 2021 to April 2024, included fraudulent practices such as “pig butchering.” Li admitted using shell companies and US-based bank accounts to disguise and transfer the stolen funds.
Prosecutors revealed that millions were converted into Tether (USDT) and distributed to wallets controlled by Li and his co-conspirators. One of the wallets linked to the scheme reportedly held over $341 million in digital assets. Li’s arrest occurred in April 2024 at Atlanta airport, while his alleged accomplice, Yicheng Zhang, was arrested in May.
Li now faces a maximum sentence of 20 years in prison, a $500,000 fine, and three years of supervised release. Prosecutors also indicated he may need to pay restitution of up to $73 million to the victims. His sentencing hearing is scheduled for March 2025.
Italy’s government is reconsidering its proposed tax increase on cryptocurrency trades, opting to lower the planned rate from 42% to 28%. This adjustment follows concerns from industry leaders who warned that the steep tax could damage the country’s competitiveness in the growing digital asset sector.
Currently, Italy taxes crypto transactions at 26%, but the government had originally proposed the higher rate to bolster public finances. To strike a balance, Prime Minister Giorgia Meloni’s coalition is supporting amendments, including a 28% cap suggested by the League party. Meanwhile, Forza Italia has proposed exempting gains under €2,000 to encourage wider participation in cryptocurrency.
The revised approach could strengthen Italy’s position in the digital asset market, particularly as the European Union prepares to implement the Markets in Crypto-Assets framework later this year. By adjusting its tax policy, Italy seeks to foster industry growth while maintaining a competitive edge.
The US Supreme Court will review a high-stakes securities fraud case involving Nvidia, the chipmaker widely known for its AI hardware. Nvidia faces accusations from shareholders who claim the company misled investors about its exposure to the cryptocurrency market. The case, originating from a 2018 class-action lawsuit led by Swedish investment firm E. Ohman J:or Fonder AB, alleges Nvidia downplayed the extent to which its revenue was driven by crypto mining—a volatile business tied to fluctuating cryptocurrency values. The lawsuit contends that Nvidia’s failure to fully disclose this dependency led to an inflated stock price that plummeted when the crypto market softened in late 2018.
Nvidia’s legal defence argues that the plaintiffs did not meet the rigorous legal standards set by the 1995 Private Securities Litigation Reform Act, which requires concrete evidence of intentional or reckless deception to pursue securities fraud claims. The Ninth Circuit Court of Appeals revived the lawsuit after a federal judge initially dismissed it, ruling that the plaintiffs presented sufficient claims that Nvidia’s CEO, Jensen Huang, knowingly or recklessly misrepresented the company’s crypto-related revenues.
The case is one of two before the Supreme Court this month that could alter the legal landscape for securities fraud litigation. The other case, brought against Meta Platforms’ Facebook, also examines the threshold for holding corporations accountable for alleged deception. With President Biden’s administration backing the shareholders in the Nvidia case, the rulings, expected by mid-2024, could make it significantly harder for private parties to sue companies for alleged fraud, depending on the Court’s decision.
Collapsed cryptocurrency company FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao, alleging that $1.8 billion was fraudulently transferred to Binance and its executives. The case centres on a 2021 transaction in which Binance sold its stake in FTX, which it initially acquired in 2019, back to FTX for $1.76 billion. The funds for the buyout reportedly came from FTX’s Alameda Research division, which was insolvent at the time, according to the lawsuit.
FTX’s administrators claim that Alameda’s use of tokens to finance the share repurchase was improper, as the division did not have the resources to cover the transaction. The lawsuit, filed in Delaware, seeks to recover the $1.76 billion for FTX‘s creditors and demands compensatory and punitive damages. Binance has dismissed the lawsuit as ‘meritless’, pledging to defend itself vigorously. Changpeng Zhao, also known as ‘CZ’, has not yet commented.
The legal battle adds to ongoing tensions between the two former crypto giants. FTX, once a dominant player in the cryptocurrency industry, collapsed in late 2022 after Binance withdrew a rescue offer. FTX’s founder, Sam Bankman-Fried, was sentenced to 25 years in prison earlier this year for embezzling $8 billion. Meanwhile, Zhao was given a four-month sentence for breaching US anti-money laundering laws.
Bitcoin has overtaken silver in market capitalisation, reaching $1.75 trillion after briefly crossing $89,000 before retracing slightly. The achievement positions Bitcoin as the eighth-largest global asset, surpassing silver, which fell to $1.732 trillion. The cryptocurrency has risen by 30% over the past week, while silver declined by over 6%.
This marks the second time Bitcoin has flipped silver in 2023, signalling a growing shift in perception among traditional investors. Increasing institutional demand and enthusiasm for spot Bitcoin ETFs have driven its rise, while silver, often viewed as a stable store of value, has struggled.
Broader market optimism, spurred by recent political shifts in the US elections, has played a role in Bitcoin’s surge. Pro-crypto lawmakers gaining power have boosted investor sentiment, with the “Bitcoin Industrial Complex” index seeing record trading volumes. Stocks like Coinbase and MicroStrategy hit multi-year highs, reflecting the growing adoption of Bitcoin as a hedge against market uncertainties.
German telecom leader Deutsche Telekom has entered the blockchain space as the first telecommunications company to operate a validator on the NEAR Protocol. The move marks its participation in NEAR’s Enterprise Node Operators programme, aimed at enhancing network decentralisation and security.
Deutsche Telekom sees this partnership as part of its commitment to greater data sovereignty and user control. Oliver Nyderle, head of digital trust and web3 infrastructure, described the collaboration as “promising and innovative,” highlighting its alignment with the company’s values. The initiative also broadens the firm’s staking portfolio, including networks focused on decentralised AI and scalability.
Following the announcement, NEAR Protocol’s price climbed 9.5% to $5.6, reflecting market optimism. This development comes on the heels of a Deutsche Telekom subsidiary launching a project to study Bitcoin mining using surplus renewable energy, showcasing its broader interest in blockchain applications.
A prominent Gigachad (GIGA) investor lost $6.09 million in a sophisticated phishing attack after clicking on a fake Zoom meeting link. The link redirected them to a malicious website that installed malware, enabling the hacker to drain three crypto wallets and steal 95.3 million GIGA tokens.
The hacker swiftly exchanged the stolen tokens for Solana and stablecoins like Tether and USD Coin, later transferring some funds to the KuCoin exchange. Crypto investigation firm Scam Sniffer revealed the method, and law enforcement, including the FBI, has been involved in the case.
Despite the significant loss, the investor remains optimistic, declaring confidence in recouping their funds during the ongoing crypto bull market. “I’m going to make it all back and more. Just watch me,” they said.
Bitcoin reached a new all-time high of $89,604 on Tuesday, pushing its market value to $1.77 trillion before experiencing a slight dip as long-term holders began to move their assets. At the time of writing, Bitcoin is trading at $88,400, with daily trading volume hitting $133 billion. The surge in price has prompted a notable increase in the circulation of dormant Bitcoin, with two-year and three-year-old coins seeing significant movements, signalling that long-term holders are taking profits.
The rally has also positively impacted the broader crypto market, which saw the total market cap climb to an all-time high of $3.11 trillion, marking a 4.7% increase over the past 24 hours. In addition, the market saw a $765 billion surge over the past week, with institutional investors contributing to the increased momentum. Bitcoin’s Market Value to Realized Value (MVRV) ratio is now at 178%, indicating that the average Bitcoin holder is currently experiencing a 178% profit.
The surge in Bitcoin’s price and overall market activity has sparked renewed interest in the sector. Crypto-related investment products have seen their highest inflows of the year, with $31.3 billion invested, bringing the total assets under management to $116 billion. The post-election market optimism, especially following Donald Trump‘s win, has led to a green market and increased institutional involvement in the crypto space.
