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Here’s what happened in crypto today

  • August 10, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

The Biden administration allotted $20 million in rewards for AI companies to help secure the country’s critical infrastructure and “protect Americans”. The United States Securities and Exchange Commission is seeking to appeal a July decision in its case against Ripple regarding programmatic sales of XRP (XRP). Meanwhile, the $100 million-plus hack of Multichain has caused another Fantom project to shutter its doors.

Biden administration launches AI cybersecurity challenge to ‘protect Americans’

The Biden administration allotted $20 million in rewards for AI companies to help secure the country’s critical infrastructure. A preliminary phase will select up to 20 high-performing teams to progress to the semifinals of DEF CON 2024, all eligible to win upto $2 million each and move on to the DEF CON 2025 finals.

Screenshot of the press release announcing the challenge. Source: The White House

Participants will be required to publicly share the inner workings of their systems, enabling broader utilization of their solutions. Additionally, guidance for the challenge is provided by the Open Source Security Foundation, a division of the Linux Foundation.

The organizing body of the competition — the Defense Advanced Research Projects Agency (DARPA) — has committed up to $1 million in financial support to seven small enterprises aiming to join the competition in an effort to ensure a diverse range of participants.

SEC to seek interlocutory appeal in Ripple case

The United States Securities and Exchange Commission is planning to appeal a July court decision from its lawsuit against Ripple Labs, which had ruled the sale of XRP is not a security when sold to retail investors.

In an Aug. 9 letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court.

The SEC seeks to certify the court’s decision that Ripple’s programmatic XRP offers and sales on crypto exchanges and individual sales were not securities.

The SEC’s letter comes nearly a month after Ripple scored a partial victory over the SEC in regard to the securities status of XRP.

Torres ruled that the XRP token was not, in itself a security. She however said sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.

Multichain exploit claims another Fantom project

The recent exploit of cross-chain protocol Multichain has left another Fantom project dead in its wake — SpiritSwap confirmed on Aug. 9 that it would begin winding down operations on Sept. 1.

SpiritSwap, a decentralized exchange (DEX) built on Fantom, revealed on Discord that the Multichain hack drained its treasury, leaving it unable to finance its operations. Without treasury funds, the DEX can no longer maintain operations, salaries or marketing. Developers wrote on Discord that SpiritSwap is looking for “a team to take over” the DEX beginning next month.

In July, Fantom-based crypto lender Geist Finance said it would be shutting down permanently following the Multichain hack.

Fantom’s total value locked, or TVL, has plunged from $364 million in May to $72 million in August.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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