XProtocol has launched the world’s first DePIN-enabled smartphone, while Binance remains active in Russia. Other key developments include a hack on the Truflation platform and new initiatives from Visa and PayPal.
Truflation Blockchain Hacked
On September 25, Truflation, a blockchain-based inflation data platform, reported a malware attack. The company has launched an investigation and involved law enforcement to protect funds. Crypto detective ZachXBT reported a loss of over $5 million, although Truflation claims no client funds were affected. They have also promised rewards for “white hat” hackers assisting in the investigation.
Binance Still Serving Russian Users
Despite exiting the Russian market, Binance continues to serve a limited number of users in Russia. The company insists this is to ensure the safety of their assets, and it emphasizes its commitment to compliance with global regulations. In contrast, other exchanges like Bithumb, WhiteBIT, and Korbit have blocked accounts of Russian users since the onset of the full-scale invasion. Following its formal withdrawal, Binance transferred operations to CommEX, which later closed in March 2024.
Visa Launches Tokenized Asset Platform
Visa has introduced the VTAP platform to assist banks in issuing fiat-backed tokens. These tokens, built on Ethereum, are intended for settlements in tokenized real-world assets such as commodities or bonds. The platform is currently in a trial phase with BBVA, with an official launch expected in 2025.
PayPal Expands Crypto Services for US Merchants
PayPal has enabled US merchants to buy, sell, and store cryptocurrencies through business accounts. While the service is not yet available in New York, it allows external crypto transfers to third-party wallets. This move builds on PayPal’s 2023 launch of its stablecoin, PayPal USD.
XProtocol Launches Ethereum-Based Smartphone
XProtocol has unveiled a $299 smartphone that functions as a DePIN network node. The device, which includes 256GB storage, 12GB RAM, and a Snapdragon 8 Gen 2 processor, allows users to earn rewards by participating in the network. The main network is expected to launch in Q4 2024.
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