Developers of blockchain chess game Immortal Game are pulling the plug on its play-to-earn (P2E) and nonfungible tokens (NFT) features due to rampant cheating.

According to the December 13 announcement, while developers continue to build Immortal Game as an online chess hub and may incorporate further decentralized technologies in the future, its goal of “giving a real opportunity for people to earn an income through chess” through Immortal Game has ended in failure.

“We found that by offering large amounts of cash with no limit barrier to entry, we encouraged heavy cheating on the platform and degraded the user experience for our legitimate player base who want a fair and safe place to…

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As far as notable dates in bitcoin’s history go, Dec. 13 is an auspicious one, albeit more lowkey than, say, the publication of the white paper (Oct. 31) or the official launch of the network (Jan. 3). 

No, Dec. 13 is notable for the absence created in its wake: Satoshi Nakamoto, bitcoin’s pseudonymous creator, was last active at 4:45 pm ET on Dec. 13, 2010. 

Their final public message, posted Dec. 12, focused on work on denial-of-service prevention. By that point, Nakamoto had already handed off their role as maintainer of bitcoin’s open-source to developer Gavin Andresen. 

On Dec. 11, 2010, Satoshi Nakamoto expressed concerns on the Bitcointalk forum about the…

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Despite its settlement with the US Department of Justice, Binance’s legal team continues to fight the US Securities and Exchange’s case against the crypto exchange.

In a filing from late Tuesday, lawyers representing the exchange argued that the SEC made “misleading” claims. 

They also called the SEC’s prior filing — which asserted that the DOJ’s plea deals with Binance and former CEO Changpeng Zhao proved the two “deliberately” tried to “subvert US law” — “procedurally improper and impermissible.”

In November, the DOJ announced a $4.3 billion settlement with Binance that also ousted Zhao from his role as CEO. Both Zhao and Binance entered plea deals,…

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Open-source blockchain developer Iota has taken another step to meet institutional demand for asset tokenization by integrating its Shimmer EVM-compatible chain with Fireblocks.

Data from VanEck Research shows the total market capitalization for tokenized real-world assets (RWA) reached $342 billion in September, despite the bear market and the crypto industry headwinds. According to Dominik Schiener, co-founder of Iota, the network is building infrastructure and solutions to address the escalating demand for RWA tokenization.

“We can expect many large institutional investors and financial institutions to give their public support for digital assets in 2024. With clear regulations and…

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The Financial Accounting Standards Board published an Accounting Standards Update on crypto on Wednesday.

The long-awaited update requires certain crypto assets to be deemed at fair value. 

“The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions and changes during the reporting period,” FASB wrote.

The amendment will go into effect Dec. 15, 2024.

“The amendments in the ASU improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized…

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Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024.

An announcement shared with Cointelegraph outlines how Coti will shift from a standalone protocol to an Ethereum layer-2 to bring its privacy features to the broader ecosystem. Coti V2’s features a cryptographic approach called garbled circuits, which allows transactions to be processed without exposing sensitive information and data.

Drawing from the field of multi-party computation (MPC), garbling protocols enable two or more parties to jointly compute a function while keeping both their inputs and intermediate variables private.

Related: Near taps…

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