| Tiger Global’s VC recorded a 20% loss last year; Cosmos released a preliminary proposal on liquidity staking (April 25)

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Tiger Global "apologies" to LP: Its $12.7 billion venture capital fund recorded a 20% loss
In addition, Tiger Global is working with banks to liquidate its stakes in other venture capital funds. (The Information)

Industry news

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Industry news
World Economic Forum Recognizes Economic and Environmental Benefits of Eco-Friendly Bitcoin Miners
Odaily News The World Economic Forum (WEF) has recently begun to support certain aspects of the crypto market and mining after criticizing cryptocurrencies for their high energy consumption, as it recognizes the economic and environmental benefits of bitcoin mining.
In a recent video released by WEF, the organization shared how crypto mining companies such as Crusoe Energy are helping oil and gas companies reduce waste and emissions that impact the environment.
In the video, Crusoe Energy CEO Chase Lochmiller explains how the company uses excess natural gas from energy operations to power data centers and crypto mining operations. Crusoe uses Digital Flare Mitigation technology to eliminate natural gas flaring in oil fields and landfills.

"By doing this, not only can we substantially reduce emissions from this previously wasted energy, but we can also produce ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy," Lochmiller said.

It is understood that Crusoe could relocate their data center to a waste energy location and use the waste methane stream to power the data center. This helps reduce the environmental impact of methane emissions and makes computing more energy efficient. (Coin Gape)
Kucoin: Will fully compensate for the losses caused to users due to Twitter being hacked, and 22 related transactions have been confirmed so far

Odaily news Kucoin official said, "Starting from 00:00 (UTC+2) on April 24, the Kucoin official Twitter account was hacked and lasted for about 45 minutes. The attacker posted a fake activity that resulted in the assets of several users losses. KuCoin will fully compensate all verified asset losses due to social media hacks and fake activities. Only Kucoin’s Twitter account was compromised in this incident. We want to assure you that your Assets are safe."

Kucoin added that as of 2:00 (UTC+2) on April 24, the team had identified 22 transactions, including ETH/BTC related to the fake activity, with a total value of 22,628 USDT. To prevent further users from being compromised, suspicious addresses are currently being checked and blocked. In addition to Twitter’s existing 2FA, the KuCoin team will implement additional security measures to strengthen the protection of social media accounts. Kucoin is also conducting a thorough investigation of this incident together with Twitter to prevent similar incidents from happening in the future.
TRM Labs cut 9% of its workforce last week, with one-third coming from the recruiting team
Odaily News A spokesman for TRM Labs confirmed on Tuesday that the company has laid off 9% of its workforce. It is reported that the company has about 200 employees, and one-third of the layoffs come from the recruitment team.

It is reported that TRM Labs is a company focusing on encryption business risk management and compliance.

A company spokesperson added: "Our recruiting team remains on track to pursue this year's strategic hiring plan across engineering, data science and marketing teams, which are critical to our continued growth." (Blockworks)
Hydrogen Technology, an encryption company suspected of manipulating currency prices, lost a lawsuit and paid a $2.8 million fine to the US SEC
Odaily News A seven-month lawsuit between the U.S. SEC and a company allegedly manipulating cryptocurrency prices has concluded, with the latter paying a $2.8 million fine.
On April 20, a New York district court judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane in a lawsuit filed by the US SEC, ordering it to pay $2.8 million in damages and a civil penalty.

The sum included approximately $1.5 million in "forfeited" profits (gains from illegal conduct) and more than $1 million in fines.

Additionally, Michael Ross Kane agreed to pay a personal penalty of approximately $260,000. The remaining amount consists of prejudged interest.
South Korean Judge Sets May 4th First Court Date for Former Coinone Director Alleged Embezzlement

Odaily news South Korea Seoul Southern District Court judge will be accused of embezzlement of public funds and other charges for the first date of the first hearing of Quan Mou, a former director of Coinone, on May 4th. Tried on the same day.

Jeon was suspected of collecting 2 billion won in fees from two brokers, including Gao, for requesting the listing of cryptocurrency while he was the head of currency listing at cryptocurrency exchange Coinone from 2020. He also allegedly listed certain coins knowingly that they had market manipulation (commercial interference) purposes. Gao, who faces embezzlement charges, was involved in the launch of more than 29 cryptocurrencies.
Odaily News The Cosmos community released a temperature check proposal aimed at introducing ATOM liquidity staking, and voting is currently open. The proposal proposes to replace Cosmos Hub's current staking, distribution, and penalty modules with LSM (liquid staking module), and mitigate liquidity staking risk by limiting the total amount of liquid staking ATOMs to 25% of the total amount of ATOMs staking. In addition, LSM also introduces a validator binding mechanism, which requires validators to self-bond 1 ATOM in order to be eligible to obtain 250 ATOMs in the liquidity staking delegation and to be eligible to mint LSM Token.

Project News

Cosmos Community Releases Temperature Check Proposal to Introduce ATOM Liquidity Staking

Odaily News The Cosmos community released a temperature check proposal aimed at introducing ATOM liquidity staking, and voting is currently open. The proposal proposes to replace Cosmos Hub's current staking, distribution, and penalty modules with LSM (liquid staking module), and mitigate liquidity staking risk by limiting the total amount of liquid staking ATOMs to 25% of the total amount of ATOMs staking. In addition, LSM also introduces a validator binding mechanism, which requires validators to self-bond 1 ATOM in order to be eligible to obtain 250 ATOMs in the liquidity staking delegation and to be eligible to mint LSM Token.

ZetaChain will launch an incentive test network and open node applications on CoinList

Odaily News CoinList announced that ZetaChain, a cross-chain smart contract platform, will launch an incentive testnet and open node applications on CoinList, and testnet participants will have the opportunity to receive corresponding rewards.
ZetaChain will launch an incentive test network and open node applications on CoinList

Odaily News CoinList announced that ZetaChain, a cross-chain smart contract platform, will launch an incentive testnet and open node applications on CoinList, and testnet participants will have the opportunity to receive corresponding rewards.

The page shows that the application will close on April 30, and the testnet will allow a total of 150 nodes to participate. The total reward pool contains 4.2 million ZETA (0.2% of the total supply), and the lock-up period is 1 year.
Previously, Considered Finance published a paper on the impact of existing funding rate limits on the dYdX market. The study identified several instances where the peak interest rate was insufficient to incentivize the convergence of the dYdX market price with the underlying index price. This results in inefficiencies in the dYdX marketplace and trading experience.

The dYdX community passed a new proposal: it is proposed to increase the maximum 8-hour funding rate to 4%, and to fix the data error in the V3 perpetual contract

Odaily News The dYdX community has passed the on-chain vote of "DIP 22 - Increase the maximum funding rate (8 h) to 4% and fix the data error in the V3 perpetual contract".
The proposal proposes to increase the maximum 8-hour funding rate for all markets from 0.75% to 4%, and deploy a fix to the associated dYdX V3 perpetual contracts to address data availability issues.
Previously, Considered Finance published a paper on the impact of existing funding rate limits on the dYdX market. The study identified several instances where the peak interest rate was insufficient to incentivize the convergence of the dYdX market price with the underlying index price. This results in inefficiencies in the dYdX marketplace and trading experience.
To address this, Considered Finance recommends increasing the maximum 8-hour rate from -0.75% and 0.75% to between -4% and 4%. This change will improve the trading experience and reduce the need for manual intervention through margin adjustments.
At the same time, a bug was found in the current version of the dYdX StarkEx Cairo code, which only occurs in the specific case of a transaction that results in a collateral balance (i.e. value) of exactly 0 (after paying all fees), and for account will be triggered. This could make it impossible to retrieve funds once the exchange is frozen, and neither dYdX nor StarkWare can help users.

To address this, Considered Finance recommends increasing the maximum 8-hour rate from -0.75% and 0.75% to between -4% and 4%. This change will improve the trading experience and reduce the need for manual intervention through margin adjustments.

At the same time, a bug was found in the current version of the dYdX StarkEx Cairo code, which only occurs in the specific case of a transaction that results in a collateral balance (i.e. value) of exactly 0 (after paying all fees), and for account will be triggered. This could make it impossible to retrieve funds once the exchange is frozen, and neither dYdX nor StarkWare can help users.

Reflexer Finance Announces Decentralized Stablecoin HAI on Optimism

Odaily news zkSync ecological decentralized perpetual contract protocol Phezzan Protocol tweeted that after many discussions, the team decided to close Phezzan. The Phezzan Twitter account will never be updated again and the Phezzan Discord will be closed within 24 hours. Additionally, the Phezzan code will be open-sourced on GitHub.

Investment and Financing

Cosmose AI received a strategic investment from Near Foundation at a valuation of US$500 million and partnered with Near to create a payment system

Cosmose AI received a strategic investment from Near Foundation at a valuation of US$500 million and partnered with Near to create a payment system
As part of the partnership, the Near Foundation, a nonprofit that supports the development of the Near Protocol ecosystem, has made a strategic investment in Cosmose AI. The round, for an undisclosed amount, raised the company’s valuation to $500 million from $100 million in its Series A round in 2020.
Odaily News Cosmose AI, a consumer shopping data analysis platform, announced that it is cooperating with Near Protocol. The two parties are building a payment system that allows users to shop with cryptocurrencies at low transaction fees, saving money for both buyers and sellers.
Cosmose AI's suite of retail solutions, including the KaiKai app and the online location platform, which let customers discover retail stores near them, have both been given a blockchain makeover with the help of Near.

Metaverse Office Platform Katmai Closes $22M Funding Led by Starr Insurance Companies

Metaverse Office Platform Katmai Closes $22M Funding Led by Starr Insurance Companies

Thetanuts Finance Closes $17M Funding Led by Polychain Capital

Odaily’s office platform Katmai completed a $22 million round of financing, led by Starr Insurance Companies and participated by NFL Super Bowl champion Sidney Rice. Katmai aims to revolutionize the remote working environment with a new online workplace that uses a combination of 3D virtual offices, video cameras and avatars. The company combines its video conferencing with a real-time 3D engine to bring people together in immersive, customized, lifelike environments all accessible through a browser, no VR headset required. (venturebeat)

Thetanuts Finance Closes $17M Funding Led by Polychain Capital

Odaily news Thetanuts Finance, a multi-chain structured product agreement, completed a financing of 17 million US dollars, led by Polychain Capital, Hyperchain Capital and Magnus Capital. Funding from this round will be used to form new partnerships with Layer 1, Layer 2 network liquidity providers, blockchain foundations, market makers, and exchanges. (CoinDesk)
Hong Kong Stargate Universe game company received US$2.68 million in financing, ecological governance tokens and NFT will be issued soon
Odaily News Hong Kong Stargate Universe game company has successfully obtained US$2.68 million in financing from Alori Marketing Media Company to accelerate the development of its blockchain game ecosystem. This financing will help Stargate Universe continue to launch innovative game products and services, attracting more players to participate.

In addition, Stargate Universe will open the IDO of the ecological governance token SGU on April 26 to accelerate the ecological construction and development of the project.

Odaily News NFT market Colecti received 470,000 euros in equity investment from Lisk and will launch an NFT market on Lisk. The financing was part of a Colecti Pre-Seed round. Previously, Web3 platform Lisk launched an accelerator program aimed at providing grants of up to 250,000 Swiss francs ($270,000) to developers who want to develop applications in its ecosystem, and said it would pay special attention to developing projects in specific areas. Startups for blockchain solutions.

global policy

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Shanghai: Continue to clean up and rectify virtual currency "mining" activities

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Odaily News According to the Shanghai Municipal Development and Reform Commission on April 24, "Shanghai's 2023 Carbon Peak Carbon Neutrality and Key Work Arrangements for Energy Conservation and Emission Reduction" was recently issued. Among them, it is proposed to carry out the mid-term evaluation of the "14th Five-Year Development Plan of Shanghai Resource Conservation and Circular Economy", strengthen the inspection of energy conservation and carbon reduction law enforcement, resolutely curb the blind development of high energy consumption, high emission, and low level projects, and continue to clean up and rectify virtual currency "Mining" activities.

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Skybridge founder: It is impossible for FTX to restart, it is more likely to open with a new brand
Odaily News Skybridge founder Anthony Scaramucci said in an interview that it is impossible for FTX to restart, and any exchange restart process requires the support of creditors and bankruptcy judges. A more plausible scenario is that FTX would sell its software and licenses and open up under a new brand.