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first_img VeChain CEO Sunny Lu: Blockchain is the perfect solution for AI agent trust

According to Cointelegraph, VeChain co-founder and CEO Sunny Lu recently stated in Cointelegraph's Chain Reaction program that autonomous AI agents operating around the clock require a "new accountability system" to establish public trust, and that "the perfect solution is blockchain."He made this statement while introducing the AI agent platform VeWorld.ai built on the VeChain blockchain. According to his vision, AI agents will have digital "passports" and operate within a "decentralized reputation system" that tracks the reputation of agents and their creators, while smart contracts can help settle transactions between agents or between agents and people. VeChain has previously advanced blockchain applications through supply chain tracking, including food traceability projects.Lu believes that AI agents can also help individuals convert their expertise into businesses or services, expanding software development opportunities to non-developer groups. He likened this opportunity to mobile app stores, which allow individual developers to distribute and monetize their creations, while agent-building tools can open this market to people beyond programming skills, including those with professional experience, local knowledge, or hobbies.He himself has undertaken several initiatives, including creating an educational agent for his daughter, an agent to support his mother's daily routine and rehabilitation, and a virtual employee to manage procurement, inventory, sales, and operations for a shop owned by an acquaintance in Milan.Meanwhile, other industry participants have pointed out the risks of relying on agent service providers. Animoca Brands Chairman Yat Siu stated in an October interview with Cointelegraph that while crypto traders can have AI agents work around the clock, he warned users that they might build trading strategies around services they cannot control.

first_img Samsung Wallet launches stablecoin accounts, supporting USDC on the Solana blockchain

Samsung Wallet has launched a stablecoin account for eligible Galaxy users in the United States, allowing them to buy, hold, send, and receive USDC issued by Circle on the Solana blockchain without the need to download a separate crypto app or manage private keys. This feature covers approximately 82 million compatible Galaxy devices in the U.S.The service is built in collaboration with licensed stablecoin custodian and infrastructure provider Bastion and Coinbase, with Coinbase acting as a sub-custodian for Bastion to hold USDC through Coinbase Prime Vault. Samsung emphasizes that this account is a crypto wallet and not a bank account. Users can transfer funds to other Samsung Wallet users within the U.S. and compatible external crypto wallets without incurring Samsung fees, and they can also remit to qualified bank accounts in over 60 countries, with the recipient possibly receiving funds in local currency, and fees varying by destination. A 4% fee is charged for credit card top-ups, and withdrawals to bank accounts or debit cards incur the same charge. New users who top up $50 for the first time can receive $25 in USDC. The service requires Android 13 or higher and is available to U.S. residents aged 18 and over, excluding New York State.Lily Liu, Chair of the Solana Foundation, stated that stablecoins have proven the technology viable over the past decade, but what is lacking is a way to reach mainstream users. Woncheol Chai, head of Samsung's mobile business digital wallet team, mentioned that stablecoins are expected to make global fund transfers faster and more convenient, with Solana helping Samsung expand this experience to its scale. Samsung first announced this feature on October 7 and indicated plans to explore online and offline stablecoin payments while expanding to more markets in compliance with local regulations.

The legal team of Sun Yuchen filed a sanctions application against WLFI, stating that it only disclosed the shareholder's UAE citizenship months after the lawsuit

Sun Yuchen posted on platform X that his lawyer has applied for sanctions against World Liberty Financial (WLFI) because the company disclosed the UAE citizenship of its shareholders months after he filed the lawsuit.Sun Yuchen stated that he signed a token purchase agreement to buy $30 million of WLFI in November 2024, later increasing the total investment to $45 million, and filed a lawsuit against WLFI in April this year, accusing it of fraudulently inducing investment and illegally freezing his tokens. According to his token purchase agreement, the case can be filed in federal or state court in California, and he chose federal court.Sun Yuchen claimed that the disclosure documents submitted by WLFI at the beginning of the case only listed one entity of WLFI, registered in Florida, and then filed a motion for mandatory arbitration; during the August hearing, the court hinted that it did not recognize the arbitration claim and ruled that some demands would remain for public trial. Less than a week later, WLFI suddenly "corrected" the disclosure documents, increasing the number of members in the ownership chain from 1 to 22, and claimed to have citizenship in Florida, Delaware, Puerto Rico, and the UAE, thereby arguing that the federal court has no jurisdiction because both parties have foreign entities.Sun Yuchen pointed out that WLFI claims it "is not an offshore organization," is "a company that pays taxes in the United States," and "when selling tokens, it poses as a U.S. company, only to discover its UAE identity when trying to escape the U.S. federal court." He stated that after the sanctions motion is ruled on in federal court, he will refile the lawsuit in California state court.

first_img Binance: The compensation ratio for stolen assets has increased to 90%, and withdrawals are still planned to resume on Sunday

Binance released a security incident update stating that the company had previously reserved over $6.34 billion of company funds to cover the stolen losses, with the coverage ratio at that time being approximately 80%, which has now increased to 90%. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC have achieved 100% coverage, while the remaining related tokens will continue to be purchased through market and over-the-counter channels until the coverage ratio for all tokens reaches 100%. Binance stated that the financial impact of the stolen funds will be borne by the platform, not the users.The replenished funds come from a partial drawdown of the user security asset fund SAFU, a portion of the contract insurance fund, and Binance's company funds. The partial drawdown of SAFU is expected to occur within the next 24 hours. The remaining 10% consists of assets outside the aforementioned ten tokens with lower liquidity, and the time required for purchase may be longer.Binance completed a new reserve proof snapshot on October 31 at 00:00 (UTC) and updated it on the reserve proof page. The complete zero-knowledge proof is expected to take 40 to 50 hours to generate, approximately by November 3 (UTC). Withdrawal services will continue to progress according to the previous schedule, with plans to reopen on Sunday, November 1.Binance introduced that SAFU was established in July 2018 and is held and managed by Nest Clearing and Custody Limited, regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority. The company commits to replenishing the scale of SAFU to approximately $1 billion and clarifies that the partial drawdown of SAFU is for purchasing the remaining 10% of assets. After withdrawing the balance exceeding the stipulated level, the contract insurance fund remains above the coverage level required by the existing risk management framework; if the balance falls below the requirement, Binance will make up the difference with company funds.
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