In today’s crypto news update, XProtocol has decided to introduce its first DePIN-enabled smartphone in the world. At the same time, Binance continues to serve users from Russia. These and other relevant topics are covered in the new cryptocurrency news digest.
The Truflation Blockchain Platform has Come Under a Hacker Attack
On 25 September, the inflation data blockchain platform Truflation confirmed on its X account that it had suffered a malware attack. The company said it has launched an investigation into the incident and has taken steps to protect the funds. The post says that Truflation has engaged partners and law enforcement agencies to do so. They also promised to reward ‘white hackers’ who helped solve the case.
Crypto detective ZachXBT found out that more than $5 million was stolen from wallets and addresses with multiple signatures. For their part, security experts from Cyvers reported that the Truflation platform lost about $4.6 million. At the same time, the project representatives claim that the hack did not affect client funds or assets placed in the staking.
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Binance Continues to Serve Users from Russia
The cryptocurrency exchange Binance continues to serve a ‘limited number of users’ from Russia, even after its withdrawal from the market. This is reported by Cointelegraph, citing its sources.
“We continue to serve a limited number of existing Russian users to ensure their digital assets remain safe and secure,” the source said.
A Binance spokesperson stressed that the crypto exchange remains its highest priority,”’ and its goal is to establish “industry-leading compliance programs that cooperate effectively with law enforcement worldwide.”
It is worth noting that this statement coincided with a year since Binance’s complete withdrawal from the Russian market. While some crypto exchanges, such as Bithumb, WhiteBIT, Korbit, and others, have blocked the accounts of Russian users since the beginning of the full-scale invasion, Binance continued to work with Russians for two years.
After that, in September 2023, they announced their withdrawal from the market, transferring their rights to the newly created CommEx exchange. However, in March 2024, CommEX announced its closure. The exchange ceased operations in the following weeks.
Visa Launches New Platform for Issuing Tokenized Assets
According to CoinDesk, Visa has introduced the VTAP platform, which aims to help banks issue and test fiat-backed tokens. As stated in the release, the platform will allow counterparties to issue fiat-backed tokens based on smart contracts on the Ethereum network. Nevertheless, its capabilities are not limited to this.
According to Visa, the global goal of the platform is to enable banks to interact with capital markets on the blockchain. The tokens created on it will act as a means of mutual settlements and collateral for trading in tokenized real-world assets (RWAs). The bank is expected to use VTAP to purchase RWAs, such as commodities or bonds, with tokenized settlements in near real-time, the press release said.
The project is currently in the testing phase. It is being conducted by the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA). The trial is expected to be launched on the Ethereum network in 2025.
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PayPal Launches Crypto Services for US Merchants
On 25 September, PayPal announced that US merchants will now be able to buy, store, and sell cryptocurrencies directly from their business accounts. As stated in the press release, this service will not be available for businesses in New York at the initial stage. This initiative reflects PayPal’s efforts to integrate digital assets into everyday business operations.
Additionally, PayPal will enable US merchants to make external cryptocurrency transfers through the chain to third-party wallets that meet the requirements. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
In August 2023, PayPal launched its stablecoin PayPal USD, becoming the first major financial company to do so. PayPal USD made its debut on the Ethereum blockchain and is backed by US dollar deposits and short-term treasury bills.
XProtocol Presents an Ethereum smartphone
XProtocol, an entertainment-focused blockchain project, has announced the ‘world’s first DePIN smartphone with a control node’. According to the team, the new Android device works as a full-fledged blockchain node. Users can participate in the DePIN network directly from their smartphone, and receive rewards and airtime.
The smartphone will cost $299 and is equipped with 256GB of storage, 12GB of RAM, and a Snapdragon 8 Gen 2 processor. XProtocol is a third-level (L3) solution based on the second-level (L2) solution for the Ethereum Base. A test network is currently in operation, and the main network is expected to launch in the fourth quarter. XForge will initially run on the L3 blockchain, but will later move to the first level to ‘achieve greater autonomy and scalability’.
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