GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Return Entertainment Partners with Aethir for Smart TV Gaming

- Terraform Labs' Bankruptcy Hearing Scheduled for September

- El Salvador Launches Bitcoin Certification for Civil Servants

- GAMEE Secures Funding from Pantera Capital

- Whale Loses $55M in DAI to Phishing Attack

- Nexus Interactive Raises $2M to Expand Web3 Gaming Ecosystem 

Return Entertainment Leverages Aethir’s Decentralized GPU Infrastructure to Expand Smart TV Gaming, Aligning with Samsung's Web3 Push

Return Entertainment, a cloud-native gaming company, has partnered with Aethir, a decentralized physical infrastructure (DePIN) provider, to enhance gaming experiences on smart TVs. The collaboration will use Aethir's GPU-as-a-service to power Return Entertainment's games, enabling high-quality gaming with just a stable internet connection.

This move opens up a vast, untapped audience, with nearly one billion smart TVs worldwide. The partnership follows the debut of Return Entertainment’s game, Rivals Arena, on Samsung TVs in the U.S. This aligns with Samsung’s broader web3 initiatives, including its GEN3GATE web3 TV bundle and partnerships with Illuvium and Ledger.

Terraform Labs Faces Pivotal September Hearing to Determine Restructuring or Liquidation Amidst Ongoing Bankruptcy

Terraform Labs, the bankrupt crypto firm behind the collapsed Terra ecosystem, will have its Chapter 11 bankruptcy reorganization hearing on September 19. This crucial hearing will decide whether the company can restructure and continue operations or be forced to liquidate its remaining assets.

Terraform's troubles began in May 2022 when its TerraUSD (UST) stablecoin lost its dollar peg, leading to a catastrophic collapse and significant legal challenges, including a $4.5 billion settlement with the SEC. As part of its bankruptcy proceedings, Terraform is exploring the sale of key assets like Pulsar Finance and Station, while winding down operations. The court’s decision will play a decisive role in the company's future.

El Salvador to Train 80,000 Civil Servants with Comprehensive Bitcoin Certification Program

El Salvador's National Bitcoin Office (ONBTC) has introduced a Bitcoin certification program aimed at educating 80,000 government employees on strategic management and public policy regarding Bitcoin. The 160-hour virtual training, divided into seven modules, will cover the legal and administrative aspects of Bitcoin, reinforcing the nation’s commitment to its Bitcoin-driven economy.

Stacy Herbert, ONBTC’s director, expects this initiative to have a long-term positive impact on the country's economic landscape. Launched by the Higher School of Innovation in Public Administration (ESIAP), the program reflects El Salvador's ongoing efforts to enhance its workforce's understanding of Bitcoin.

Animoca Brands’ GAMEE Platform Receives Investment from Pantera Capital to Expand on The Open Network 

GAMEE, the mobile gaming platform under Animoca Brands, has secured an investment from Pantera Capital to enhance its presence on The Open Network (TON), particularly through its Telegram-based app, WatBird. This investment signifies a strategic push for GAMEE to solidify its role in leveraging TON's blockchain infrastructure. 

While the funding amount was not disclosed, GAMEE co-founder Bozena Rezab emphasized that the investment is a strong endorsement of their vision to integrate web3 mechanics into gaming for their community of 90 million users. This move comes after GAMEE received backing from TON Ventures and aligns with Pantera Capital’s broader strategy to invest in the TON ecosystem.

Whale Loses Over $55 Million in DAI Stablecoin to Phishing Attack, Hacker Converts Funds to Ethereum

A whale address lost $55.47 million in DAI stablecoin to a phishing attack after mistakenly signing a fraudulent transaction. The attack altered the ownership of the funds, allowing the hacker to transfer the DAI to a new address. The stolen funds were swiftly converted to Ethereum, with the majority moved to the CoW trading protocol.

This incident adds to the growing list of phishing scams in the crypto space, with recent data showing that such attacks have resulted in billions of dollars in losses since 2021.The rapid conversion of stolen funds to Ethereum and their movement through decentralized platforms like CoW also underscore the challenges of tracking and recovering assets in the DeFi ecosystem.

Nexus Interactive Secures $2M Seed Funding to Innovate Web3 Gaming, AI-Driven UGC, and Community Collaboration 

Nexus Interactive, a cutting-edge platform integrating Web3 gaming, AI-powered user-generated content (UGC), and community-driven programs, has raised $2 million in a Seed funding round. The round was led by Animoca Brands, Jump, and Maven Capital, with participation from several prominent investors including GameFi Ventures and SkyVision Capital.

Powered by the $NXI token, Nexus enables users, developers, and creators to build virtual worlds, publish games, and share value in a unified Web3 ecosystem. The funding will support Nexus’s mission to foster collaboration and innovation within its growing community.

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