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Krafton files new papers as it fights to convince the court to compel a forensic examination of former Unknown Worlds' founders' devices
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Krafton files new papers as it fights to convince the court to compel a forensic examination of former Unknown Worlds’ founders’ devices

by admin September 25, 2025


Krafton has filed two further legal documents after the founders and former leadership team of Subnautica 2 developer Unknown Worlds successfully blocked Krafton’s request for a court-ordered protective order to force the founders to turn over their devices for a forensic inspection.

New court papers sent to GamesIndustry.biz show that following the hearing on September 12, Krafton filed a combined motion seeking relief and opposition to the founders’ motion to compel. The company also shared an affidavit from the MD of Alvarez & Marsal’s Forensic Technology Services practice who was retained by Krafton to “identify, collect, and analyze electronically stored information (ESI) and perform forensic analysis in connection with the case.”

Details of the legal complaint against Krafton, Inc. by the former leadership of Subnautica 2 developer Unknown Worlds became public in July. The complaint concerns a $250 million bonus payout tied to revenue targets for the 2025 Early Access release of Subnautica 2, which the former shareholders of Unknown Worlds Entertainment, represented by Fortis Advisors LLC, allege owners Krafton, Inc. sought to avoid paying out by delaying the game using “pressure tactics.”

In its defense, Krafton accused the three former leaders of then threatening to self-publish Subnautica 2, “releasing it without Krafton’s backing, marketing, promotion, or distribution.” This, Krafton claims, left it with “no choice but to terminate their employment,” along with allegations that Max McGuire, Ted Gill, and Charlie Cleveland downloaded tens of thousands of “company files” and emails in the lead up to these terminations. The founders strenuously deny this, and claim the publisher “chang[ed] its story mid-litigation about why it fired the founders and seized control over Unknown Worlds.”

Now, the affidavit from A&M said it “observed numerous downloads within a short period of time occurring in June and July 2025,” indicative of a “mass download of complete folders and their contents from Google Drive.”

However, in its most recent filing, the founders’ deny wrongdoing, claiming they had an “absolute right” to “copy” the files as directors of the company.

In these latest papers, Krafton also stressed it “even offered to extend the earnout period if the Key Employees would come back to work. The Key Employees refused, threatened to self-publish Subnautica 2, and – anticipating their termination – stole hundreds of thousands of Unknown Worlds and Krafton confidential documents before they were fired, presumably in furtherance of their plan to unilaterally self-publish Subnautica 2 and capitalize on the earnout.”

In a statement to GamesIndustry.biz, a Krafton spokesperson said: “Krafton’s latest filings continue to highlight the former executives’ misconduct. Despite offering to extend the former executives’ earnout period if they returned to their positions, the former leaders refused to return to work, threatened to prematurely self-publish Subnautica 2, and stole hundreds of thousands of Unknown Worlds and Krafton confidential documents on their way out the door.

“Krafton will continue to present the evidence showing how the former executives violated their obligations and misused company resources, as the legal proceedings move forward. As Krafton has continued to make clear, at the heart of every decision Krafton makes are the fans, who deserve the best possible experience. Through this process, Krafton remains focused on what matters: delivering the best possible game to Subnautica’s fans.”

Read our timeline of the former Subnautica 2 leads versus Krafton here.



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September 25, 2025 0 comments
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Gaming Gear

Huge theft reportedly sees 2TB of private data stolen – police files hit in major breach

by admin September 23, 2025



  • Maida.health allegedly leaks 2.3TB of Brazilian military police medical and personal data
  • Cybercriminals advertised stolen records including diagnostics, ID cards, and healthcare contracts online
  • Healthcare remains a top target due to sensitive data and risk of identity theft or fraud

Maida.health, a Brazilian health technology company, allegedly suffered a data breach in which it lost more than 2TB of data concerning the country’s military police.

A threat actor recently posted a new thread on an underground forum advertising 2.3 terabytes of data sourced from maida.health, including the health records of Brazilian military police, identification cards and other details, as well as medical reports.

“This data includes all medical services and management of healthcare contracts in the Brazilian health system, particularly the Brazilian military police,” the post reads. “It specifically covers diagnostic and treatment services such as cardiology, neurology, gynecology, and more, including patient details, identification cards, and medical records for both personnel and their families.”


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Identity theft and medical fraud

So far, there has been no confirmation on the authenticity of the claims. The attacker posted a sample that is yet to be analyzed by security researchers, which allegedly includes invoices for medical care, administrative protocols, regulatory certificates, and clinical patient data.

In its writeup, Cybernews explained how the data might be abused: “When this kind of data is leaked, it could often lead to identity theft or medical fraud. For example, criminals may try to impersonate the victim to receive medical care or try to get prescription drugs in the victim’s name,” the researchers said.

This is not the first time the citizens of Brazil had their sensitive data leaked. In fact, at one point in early 2024, the entire Brazilian population was potentially put at risk, when researchers found an unprotected database that held personal information on approximately 223 million Brazilians.

Given that by 2021 data, Brazil has 214 million people, it could be that information on the entire population of Brazil was contained in that database.

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Due to the sensitivity of the information generated, the healthcare industry is widely considered as among the most targeted ones.

Via Cybernews

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September 23, 2025 0 comments
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Grayscale Files Amended S-1 To Launch Dogecoin Etf
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Grayscale Files Amended S-1 to Launch Dogecoin ETF

by admin September 21, 2025



The US digital currency asset management company, Grayscale, has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Dogecoin Trust into exchange-traded fund (ETF).

The move leverages recently approved, more lenient listing standards for crypto funds, potentially accelerating the regulatory path for the product. 

According to the filing, the proposed Dogecoin ETF would be listed on NYSE Arca under the ticker ‘GDOG.’ Grayscale has chosen Coinbase to be the fund’s prime broker and custodian for the fund, which aims to provide investors with a regulated vehicle for exposure to the popular meme coin.

NYSE Arca has also filed to change the classification of Grayscale’s Ethereum Trust ETF to meet the new listing standards. Grayscale’s attempt to reposition the Ethereum fund shows that the company has a bigger plan to make all of its products comply with the new rules. This might make their operations more efficient and attract more investors.

Grayscale’s filings highlight its argument that the Investment business Act of 1940 should not consider the Dogecoin trust to be a registered investment business. The company’s case is bolstered by the new SEC standards, which require a digital asset to have a futures market on a regulated exchange for a minimum of six months. Grayscale says that Dogecoin has already met this requirement.

The updated S-1 was signed by Barry Silbert, Chairman of the Board of Directors, along with other board members and Grayscale Chief Financial Officer Edward McGee, in accordance with the Securities Act of 1933, a regulation that pertains to securities issuances. 

An S-1 is a registration statement that a company files with the SEC in order to provide information about a fund’s structure, management, and investment strategy in order to initiate an ETF.

This latest action follows the recent launch of Grayscale’s multi-asset crypto index fund, which tracks a group of well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).

Earlier this year, Eric Balchunas, a senior analyst at Bloomberg, also stated in his X post that there is a 75% chance that Doge ETFs will be approved. The SEC’s getting friendlier, but it’s still a waiting game in the fast-moving crypto world.

Also Read: Grayscale to Convert BCH Trust Into ETF and List on NYSE Arca



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September 21, 2025 0 comments
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Crypto Trends

BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in Crypto on Platform

by admin September 20, 2025



Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list Class A common stock on the New York Stock Exchange under the ticker BTGO.

The filing provides a rare look at the company’s business scale. BitGo generated $4.19 billion in revenue in the first six months of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier.

Profitability, however, tightened: net income for the half-year fell to $12.6 million, down from $30.9 million in the first half of 2024, as rising operating costs weighed on margins.

In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.

Based in Palo Alto, BitGo was founded in 2013 and built its reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks. The firm now manages over $90 billion in cryptocurrency on its platform, from 1.14 million users.

These figures, however, remain concentrated in mostly five cryptocurrencies.

Per the filing: “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”

The S-1 also outlines a dual-class share structure, giving Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared with one vote for Class A stock. That setup ensures Belshe will retain control after the offering, with BitGo qualifying as a “controlled company” under NYSE rules.

BitGo said IPO proceeds would fund technology development, acquisitions, and stock-based compensation while boosting visibility and financial flexibility.

The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle, Gemini, and CoinDesk’s parent company Bullish.



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September 20, 2025 0 comments
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Trump Files a $15 Billion Lawsuit Against New York Times
NFT Gaming

Trump Files a $15 Billion Lawsuit Against New York Times

by admin September 19, 2025



Donald Trump filed a $15 billion defamation lawsuit against the New York Times magazine and Penguin Random House. According to the lawsuit, the NYT’s alleged smear campaign was intended to harm his reputation and business. The token is 70% down after its peak on the second day after the launch in January 2025. Did NYT harm it?

Summary

  • The NYT has been criticizing Donald Trump for years. It endorsed Kamala Harris in the fall of 2024. 
  • Trump believes the magazine breached journalistic ethics to pursue the interests of the Democratic Party.
  • Trump filed a $15 billion defamation lawsuit against the Times and Penguin Random House that published a critical book on Trump, “Lucky Loser.” The book was written by the NYT journalists.
  • Trump believes the book and three NYT articles are full of distorted facts that harmed his reputation and business.

What’s in the lawsuit?

Trump took to Truth Social to announce he is suing The NYT for alleged intended defamation during the 2024 presidential race. The Penguin Random House publisher is another target in the president’s $15 billion lawsuit. The trial is set to take place in a Florida federal court.

The lawsuit is focused on the book published by Penguin and three NYT articles. The book is titled “The Luckiest Loser: How Donald Trump Squandered His Father’s Fortune and Created the Illusion of Success.” It was written by Pulitzer-winning NYT reporters Russ Buettner and Susanne Craig. The articles are:

  1. “The Star-Making Machine That Created ‘Donald Trump, written by the authors of ‘Lucky Loser.’ It outlines how the public image of Trump was enhanced by the producers of ‘The Apprentice’ show. The article was released on Sep. 14, 2024.
  2. “For Trump, a Lifetime of Scandals Heads Toward a Moment of Judgment,” released on Oct. 20, 2024. 
  3. “As Election Nears, Kelly Warns Trump Would Rule Like a Dictator,” released on Oct. 24, 2024. 

Critics have called Lucky Loser – my book with @russbuettner – a gripping page-turner, a multi-generational saga that brings perspective to how we got to this moment. It’s out next week in paperback. 🎉https://t.co/ZmZ1Nui5Pt

— Susanne Craig (@susannecraig) September 17, 2025

According to the lawsuit, The Times betrayed journalist ideals of honesty, objectivity, and accuracy. 

The lawsuit reads:

“The First Amendment has never furnished the Times — or Penguin, or anyone else — with an unqualified privilege to make false, malicious, and defamatory statements about its opponents in order to try and ruin their lives and livelihoods.”

According to the lawsuit, the actions of the publisher and NYT were aimed at harming Trump’s business reputation, sabotaging his candidacy for President, and prejudicing juries and judges in the “unlawful cases brought against President Trump, his family, and his businesses by his political opponents for purposes of election interference.”

The lawsuit suggests that the Harris endorsement article opens with a “hyperbolic line” claiming that Trump is the least fit to serve as the President of the United States. It provides a quotation saying that in the event that Trump gets elected, he will “defy the norms and dismantle the institutions that have made our country strong.” According to the text of the lawsuit, this statement is hypocritical. The text provides several extracts from other NYT articles. One of the articles urges the U.S. people to reject the filibuster tool as anti-democratic. The other one suggests that the U.S. Constitution is “broken” and “dangerous” and calls Americans to “reclaim from constitutionalism.”

The text of the lawsuit reads that repugnant distortions and fabrications about Trump were spread through the NYT and “Lucky Loser” to further the goals of the Times and its Democrat Party backers. 

A substantial portion of the lawsuit is dedicated to listing Donald Trump’s achievements. This segment suggests it was his charisma and “unique business acumen” that propelled him to success in show business and politics. Also, it disputes certain narratives from the book and articles in question. These include depicting Trump as a liar, a weak businessman and unreliable business partner, questioning the quality of his real estate, suggesting Trump has ties with the mafia, accusing Trump’s father of multi-million dollar tax evasion, etc. 

Did NYT and “Lucky Loser” harm Trump’s cryptocurrency business?

While the lawsuit itself contradicts the damage done to Trump’s reputation by stressing his sweeping victory in the 2024 election, it mentions financial damages caused by the journalists in question.

For instance, it associates the articles and the book with the decline of Trump Media’s stock price, which impacted Trump’s stake in the company. According to the lawsuit, Trump’s one-of-a-kind personal brand is worth $100 billion. It means that any damage to his personal brand is evaluated in billions of dollars.

The lawsuit barely mentions the cryptocurrency ventures of Trump and his family. And it’s not surprising, considering the fact that it is focused on the pre-election material. Actually, the lawsuit doesn’t contain any mention of harm caused by the Times to Trump’s crypto business. 

Nevertheless, the legal fight that may cost NYT too much if Trump wins targets the ongoing criticism of the Trump family’s crypto business. The Times has been covering Trump’s controversial crypto business before Trump’s second inauguration. It includes critical coverage of Official Trump memecoin and the entire crypto empire of the Trump family.

The NYT’s point of view often echoes the Democratic Party’s urges to ban crypto business for presidents, vice presidents, and their families. The New York Times continued to publish revelatory and investigative articles on the crypto business of the POTUS after the lawsuit was filed. 

The NYT spokesperson published an answer to Trump’s lawsuit:

“This lawsuit has no merit. It lacks any legitimate legal claims and instead is an attempt to stifle and discourage independent reporting. The New York Times will not be deterred by intimidation tactics. We will continue to pursue the facts without fear or favor and stand up for journalists’ First Amendment right to ask questions on behalf of the American people.”

The NYT publisher, A.G. Sulzberger, sent a note to staff calling the lawsuit “frivolous” and saying that “everyone, regardless of their politics, should be troubled by the growing anti-press campaign led by President Trump and his administration.”

Despite the NYT’s questioning of the legitimacy of Trump’s crypto business, there is no visible correlation between the Trump token market performance and the critical articles. Conflict of interests associated with the Trump memecoin is often mentioned in various publications, including Cointelegraph, or is addressed in the X posts of prominent crypto influencers.

Can Trump win this legal battle?

The legal battle with the NYT and Penguin isn’t the first time the 47th President has sued “biased media.” Some of the sued companies had to pay Trump millions in damages. The lawsuit mentions the battles with ABC, CBS, and The Wall Street Journal.

Trump and his influential supporters successfully ostracized a few of his critics from the media. One of the most recent examples is the indefinite suspension of Jimmy Kimmel’s show by ABC on Sep. 18, 2025. It happened hours after Trump condemned Kimmel’s remarks on the assassination of Charles Kirk, who was a public speaker and high-profile Trump supporter. Earlier, Trump expressed pleasure over the closing of Stephan Colbert’s late-night show. In the message posted on Truth Social, he added that he hopes Kimmel will be next. Both Colbert and Kimmel have been critical of the President. 

Given all that, it is safe to say that the Times and Penguin will have a tough fight. As of the press time, the NYT continues to publish opinion articles criticizing Trump frequently.





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September 19, 2025 0 comments
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Tuttle Capital Files Bonk Income Blast Etf With Sui And Litecoin
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Tuttle Capital Files Bonk Income Blast ETF with Sui and Litecoin

by admin September 17, 2025



Tuttle Capital, which oversees more than $3.6 billion in assets, has filed with the U.S. SEC for approval to start a few crypto Exchange Traded Funds (ETFs) that aim to make money for investors. The applications, submitted on September 16, 2025, include a Bonk Income Blast ETF and similar funds for Sui (SUI) and Litecoin (LTC).

How These ETFs Work?

The main idea behind these ETFs is to help investors earn a steady income while still being linked to the daily price movements of the cryptocurrencies. At the same time, they will give exposure to the daily price movements of the chosen cryptocurrencies, though the funds are designed to limit how much investors can gain from price swings.

To achieve this, the ETFs will use a strategy called a put credit spread with FLEX options. FLEX options are exchange-traded contracts that allow investors to adjust key details, like the strike price, expiration date, and contract type. This method helps investors better gauge prices while avoiding the risks that come with over-the-counter options.

Why Bonk?

The filing shows Tuttle Capital sees strong demand for Bonk (BONK) among institutional investors. The Solana-based memecoin has a market cap of over $1.87 billion and a 24-hour trading volume of around $348 million. 

BONK is now the second-biggest memecoin, just behind Pudgy Penguins (PENG). Its price went up about 4% in the last 24 hours and is trading at roughly $0.00002426. 

Litecoin and Sui Prices

The ETFs also target Litecoin and Sui. Litecoin is barely moving, up 0.21% at around $115, while Sui is up 0.93%, currently trading at $3.59. These coins are included in the income blast strategy alongside Bonk.

Context and Industry Response

Tuttle Capital is the second U.S. firm to file for a spot in a Bonk ETF, after Rex Shares and Osprey Funds. The company previously filed for 2x Bonk and 2x Litecoin ETFs in January 2025.

ETF analysts Eric Balchunas and James Seyffart noted the new income-focused strategy and the volatility of Solana-based BONK. Seyffart suggested brokerages should include warnings for these high-risk products, but said experimentation is part of the market.

Tuttle just filed for a Bonk Income Blast ETF, which will invest in the meme boin Bonk (or an ETF tracking it) then employ a put credit spread using FLEX options to generate income. Also SUI and Litecoin getting the ‘Blast’ treatment.. pic.twitter.com/MW7iAB6AJg

— Eric Balchunas (@EricBalchunas) September 16, 2025

The SEC has yet to approve spot ETFs for altcoins, including Bonk, SUI, and Litecoin. Decisions continue to be delayed as the regulator works with major exchanges on broader listing standards for crypto ETFs.

Also Read: Canary Seeks SEC Nod for Spot Litecoin ETF With 0.95% Fee





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September 17, 2025 0 comments
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Crypto Trends

Bitwise Files for Avalanche ETF Ahead of US XRP, Dogecoin Fund Debuts

by admin September 16, 2025



In brief

  • Bitwise has filed to debut an ETF giving investors exposure to AVAX, the 19th-biggest digital coin by market cap.
  • The S-1 filing comes as Dogecoin and XRP ETFs are expected to hit the market this week.
  • Asset managers are hoping to get the green light for a number of altcoin ETFs.

Crypto asset manager Bitwise has filed the paperwork to debut an Avalanche exchange-traded fund just as new altcoin investment vehicles are expected to hit the U.S. market. 

A Monday S-1 filing with the Securities and Exchange Commission shows that the “Bitwise Avalanche ETF” would use America’s biggest exchange, Coinbase, to custody the digital assets. 

Avalanche is the crypto network behind AVAX, the 19th-largest digital asset by market cap. Avalanche rivals Ethereum by offering a cheaper and faster blockchain that developers can use to build applications upon.

AVAX was recently trading for over $30 per coin after rising by more than 6% over a 24-hour period, CoinGecko data shows. VanEck and Grayscale have also filed with the SEC to launch AVAX ETFs.

Bitwise’s filing comes as other altcoin ETFs are nearing their U.S. market debut. ETFs giving investors exposure to XRP and Dogecoin are expected to list this week, courtesy of REX Shares and Osprey Funds. 



Unlike the Bitcoin and Ethereum ETFs that hit the market last year in the U.S., or the fund Bitwise wants to debut, these altcoin ETFs will offer investors exposure to Dogecoin and XRP via a subsidiary registered in the Cayman Islands that is wholly owned and controlled by the fund.

The Rex-Osprey funds were registered via the Investment Company Act of 1940, unlike the current crop of Bitcoin and Ethereum ETFs, which were registered like commodity trusts under the Securities Act of 1933.

The Bitcoin and Ethereum ETFs give investors exposure to the two largest digital coins by market cap via the fund managers who hold the cryptocurrencies.

The SEC last year approved Bitcoin ETFs after a decade of denials. The funds had the most successful debut in the history of ETFs. The 12 funds now manage combined assets worth nearly $152 billion, according to SoSoValue data. 

Later in 2024, it gave the green light to fund managers wanting to release Ethereum ETFs. 

Now, the regulator has a long list of altcoin funds to approve from asset managers wanting to debut smaller cryptocurrencies.

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September 16, 2025 0 comments
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Nasdaq files with SEC to enable trading of tokenized securities
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Nasdaq files with SEC to enable trading of tokenized securities

by admin September 9, 2025



The premier tech stock exchanges in the U.S. is preparing to start offering tokenized assets to its traders.

Summary

  • Nasdaq filed with the SEC to enable it to trade tokenized securities
  • These tokenized assets will retain all investor rights and protections
  • The total value of tokenized assets has doubled in 2025

Asset tokenization has gotten its biggest endorsement yet. On Monday, September 8, the Nasdaq stock exchange announced a filing with the U.S. Securities and Exchange Commission seeking approval to trade tokenized securities.

According to Tal Cohen, president of Nasdaq, the move aims to leverage blockchain’s speed and efficiency while embedding it directly into U.S. equity infrastructure. What is more, these tokenized assets will retain all investor rights and protections, including dividends.

“The integration of tokenization and blockchain technology alongside traditional market infrastructure presents an extraordinary opportunity for the global financial system,” said Tal Cohen, Nasdaq CEO. I am excited to share that we have submitted a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of tokenized securities on the Nasdaq Stock Market.”

Cohen said tokenized assets can shorten settlement times and modernize proxy voting, among other benefits. He also emphasized that Nasdaq would always prioritize investor protections and market stability while looking for new ways to leverage the technology.

Tokenized assets become increasingly mainstream

Asset tokenization is becoming one of the strongest trends in crypto markets and is now entering the mainstream. As of August, the total value of tokenized assets doubled year over year, going from $12.4 billion to $26.3 billion.

An increasing number of traditional companies have started to join this market. For instance, on September 8, investment giant Fidelity launched a $200 million tokenized Treasury fund on Ethereum (FDIT).

Treasuries and private credit dominate asset tokenization. Tokenized equities, however, are also increasing in popularity.



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September 9, 2025 0 comments
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Crypto Trends

Upbit Parent Files ‘GIWA’ Trademarks Amid Rumors of New Blockchain Launch

by admin September 8, 2025



The parent company of South Korean cryptocurrency exchange Upbit, Dunamu, has filed several trademark applications for what is rumored to be a new blockchain project under the name “GIWA.”

The trademark applications, which have been circulating on social media, including stylized letters next to what could be the logo of the project.

The rumors seem to have originated on microblogging platform X, where one user commented that a friend attending the Upbit Developer Conference (UDC) heard the blockchain is going to be its own blockchain network.

Since then, several posts have amplified the rumors, yet no official confirmation has come from Upbit or its parent company Dunamu.

A website tied to the name of the rumored blockchain, GIWA, is already live and currently features a countdown suggesting that the network could be announced within the next few hours. The countdown appears below text that reads “Coming soon.” The countdown coincides with UDC going live, as the event is scheduled for Sept. 9 in Seoul, South Korea.

Several other cryptocurrency exchanges have backed their own blockchain networks. These include Coinbase’s layer-2 Base, OKX’s OKChain, Binance’s initial support for the BSC Chain, which later rebranded to BNB Chain, and others.

More recently, Stripe and Paradigm unveiled Tempo, a blockchain for high-speed stablecoin payments. The project is backed by a list of heavyweight partners, which include Anthropic, OpenAI, Revolut, and Deutsche Bank.

CoinDesk has reached out to Upbit and Dunamu for comment but hasn’t heard back at the time of writing.



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September 8, 2025 0 comments
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Mega Matrix (MPU) Files $2B Shelf to Fund Ethena (ENA) Bet
NFT Gaming

Mega Matrix (MPU) Files $2B Shelf to Fund Ethena (ENA) Bet

by admin September 4, 2025



NYSE-listed firm Mega Matrix (MPU) filed a $2 billion shelf registration on Thursday to establish a digital asset treasury focused on ENA (ENA), the governance token of stablecoin protocol Ethena.

According to the filing with the Securities and Exchange Commission (SEC), the firm could sell up to $2 billion of securities, with plans to use proceeds from future offerings to accumulate crypto assets.

The company’s stock declined as much as 6% before recovering following the news. It’s still down nearly 30% since the firm disclosed its crypto pivot on August 25.

With the move, Mega Matrix said it aims to be the first publicly traded company to anchor its digital asset treasury in stablecoin governance by stashing Ethena’s ENA token.

Ethena is the decentralized finance (DeFi) protocol behind the $12 billion USDe “digital dollar,” a token designed to keep a steady $1 price and generate yield by holding spot cryptocurrencies like bitcoin BTC$110,890.28, ether (ETH) selling (shorting) equal amount of derivatives. The protocol’s governance token ENA could benefit from protocol revenues once the mechanism is activated.

In July, a newly-formed company called StablecoinX announced similar plans to go public through a SPAC merger and establish an ENA treasury, targeting to close the deal by the end of the year.

Digital asset treasury firms, or DATs, took Wall Street over by storm, with listed firms pivoting to amass cryptocurrencies by raising funds on traditional capital markets. Strategy (MSTR) pioneered this playbook to eventually become the largest corporate owner of bitcoin, while recent entrants increasingly turned their focus to smaller tokens.

However, the trend may have already burst with several names plunging 70%-80% in the past months and some already trading below the net asset value of their holdings.

Read more: Crypto Treasury Names Hammered Further as Nasdaq Reportedly Ups Scrutiny



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September 4, 2025 0 comments
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