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Crypto Highlights of the Day

Biden administration has set aside $20 million in rewards for AI companies

by coinbrit
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The Biden administration has set aside $20 million in rewards for AI companies aimed at bolstering the security of the nation’s critical infrastructure. Under DEF CON 2024, promising teams stand a chance to secure up to $2 million each, advancing to the finals in DEF CON 2025. To encourage wider utilization, participants must publicly share their system details, supported by the Open Source Security Foundation.

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

DARPA, the organizing body of the competition, is providing up to $1 million to back seven small enterprises joining DEF CON. This commitment aims to ensure a diverse array of participants in the event.

SEC Appeals Ripple Case Decision

The United States Securities and Exchange Commission (SEC) is pursuing an interlocutory appeal after a July court ruling favored Ripple Labs. The SEC aims to revisit the decision that determined XRP sales were not securities when sold to retail investors. While the court acknowledged XRP itself is not a security, it can be classified as such under certain conditions.

Another Fantom Project Succumbs to Multichain Exploit

SpiritSwap, a Fantom-based decentralized exchange (DEX), will cease operations on September 1st due to the aftermath of the Multichain hack. The exploit drained the DEX’s treasury, leaving it unable to sustain operations, salaries, or marketing efforts. This follows a similar shutdown by Geist Finance, highlighting the consequences of the Multichain exploit.

Fantom’s TVL Plunge

Fantom’s total value locked (TVL) has plummeted from $364 million in May to $72 million in August, indicating a significant decrease in activity and investment within the Fantom ecosystem.

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