The Web3 space is still attracting the focus of media and media discussions but lately, the issues of securing funding for startups in this new sector are being emphasized through the developments in this Web3 space. Although Purple Pay and Striker are gone, experts still believe that Web3 will be successful shortly. They therefore stress the importance of the adaptive and resilient attitude of the founders.
The coming of AI-based investments from venture capitalists has induced the discussion about the viability of Web3 projects. Nonetheless, industry specialists like Rohit Jain of CoinDCX Ventures say that this change is caused by the general market trends and not a web extract of faith in the potential of Web3. The cryptocurrency markets indicate that they are on their way to recovery and Bitcoin ETFs have been approved to be traded on stock markets, thus, the optimism for a bullish cycle becomes stronger.
The latest data from Crunchbase shows a comeback of the funding for the Web3 ventures, and examples of this revival are projects like Avail and Zbyte, which have got a lot of money from investors. Yet, some startups are struggling with the lack of funds, but the Web3 adoption in India has been growing and now, the country has a big part of the global developer community.
Nevertheless, the collapse of several Web3 actors raises the issue of the state of the sector. Roshan Dharia of Paxful warns the investors about the unrealistic valuations and underlines the necessity of creating business models that will be able to survive. Although, at the same time, experts like Shounak Shetty of Brinc Startup Accelerator are stressing the challenges, they are at the same time pointing out the opportunities for startups with innovative revenue streams and resilient team cultures.
The foremost strategy that the founders should adopt while treading the path of the funding is to avail the open-source tools and to be part of the community where they can engage and interface. Nischal Shetty of WazirX puts the stress on the grassroots activities which are very important to the beginning of the Web3 startup journey.
Besides the standard VC funds, founders can look for the options of accelerators such as Graviton Web3 Accelerator and Outlier Ventures. The Web3 global market is expected to be a big boost shortly, hence the need for startups to adapt their strategies and work together to succeed in this new business environment.
Is Rain Safe? Investigator Claims $14.8 Million Disappeared from Crypto Exchange
As a crypto investigator, ZachXBT claimed that the Millenium exchange “Rain” could be a victim of the exploitation, which totaled $14.8 million. The incident was said to have happened on April 29, 2024, after some suspicious outflows were observed from the wallets of Rain’s Bitcoin, Ethereum, Solana, and Ripple Bitcoins. ZachRhysXBT asserted that the cash was immediately, and suddenly transferred to the instant exchanges and turned into Bitcoin and Ethereum.
In the short time after ZachXBT’s discovery, Rain issued a statement stating that the incident had already been dealt with and the problem was fixed thus customers were reassured. The exchange said that they fastened their customers’ money and took all the necessary steps to protect them from harm when they found out that there was a hacker who had gotten into the system.
At the end of last year, Rain got the approval of Abu Dhabi’s financial regulator to become the virtual asset brokerage and custody service provider. A great example of this is the vulnerable state of the exchange even though it was in the hands of the regulators.
In the separate investigations, ZachXBT also provided significant crypto-related activities which were the quota of North Korea’s Lazarus Group laundering $200 million in crypto over four years and an individual who lost three rare NFTs from the Bored Ape Yacht Club to a phishing attack.
These occurrences show the significance of strong security in the crypto industry and they also show the ongoing risks that crypto investors and exchanges have to face. In the process of the crypto evolution, keeping the watch on the possible threats and introducing of the security measures that will be taken in advance will be important for the protection of the assets and the trust within the community.
Can’t Buy Crypto Anymore? Notcoin Suspends Deposits – Should You Be Worried?
The Notcoin project has decided to put a halt on the depositing of NOT tokens to crypto exchanges, from May 14. This is followed by the list of the coins on the 16th of May. Users are recommended to finish the transactions to the exchanges if they want to start trading right away at the time of listing.
Notcoin, launched on January 1 as a part of the Open Network (TON) ecosystem, is a web3 gaming project that can be accessed via Telegram messenger. It gives the users the chance to earn coins through simple interactions within the app, thereby, promoting engagement via various activities.
In a previous message, the Notcoin team announced the plan to hand over 5% of the total supply of the token to the community members and exchange clients. The one billion NOT tokens have been reserved for the Telegram wallet bot users, and the campaign is to be completed on May 25.
On May 16, Notcoin will be accessible to all users, which means they will be able to trade it on the P2P market or exchange it for TON, USDT, or Bitcoin (BTC). Moreover, NOT tokens can be sent to Telegram contacts and used for payments, thus making it more useful in the network.
Notcoin‘s listing was recently declared on the OKX crypto exchange that it will be put on the Jumpstart marketplace’s launchpad. Traders can obtain Notcoin by staking TON from May 13 to May 16. Thus, Notcoin becomes more available and the market for it grows.
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