Explore Immutable zkEVM's early access launch, Bitcoin's defy of bearish trends, and Portal's $34M Bitcoin atomic swaps funding.
Immutable zkEVM Gaming Chain Launches Early Access

Immutable zkEVM Gaming Chain Launches Early Access

Jan 31, 2024
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Welcome to the latest edition of Datawallet Daily. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:

Immutable zkEVM Gaming Chain Launches Early Access

Web3 gaming project Immutable has introduced its Immutable zkEVM mainnet, powered by Polygon, in early access mode for select game studios and ecosystem partners. The zkEVM leverages zk-rollup technology to enhance Ethereum app compatibility, operating independently from Immutable X’s StarkEx-based Layer 2 chain. 

Immutable’s zkEVM aims to provide efficient Ethereum transactions using zero-knowledge proofs. Game titles like Guild of Guardians, Metalcore, and more have committed to launching on Immutable zkEVM. The mainnet is expected to become accessible to the public soon. Polygon has also collaborated on zkEVM chains for projects like Astar Network, IDEX, Palm Network, and Manta Pacific.

Bitcoin Exchange Outflows Challenge Bearish Predictions 

Data suggests that Bitcoin exchange outflows in January are challenging bearish predictions for Bitcoin’s price. Despite a 20% drop in BTC/USD, coins have continued to leave exchanges. Glassnode data shows that outflows from Coinbase, in particular, have consistently exceeded 10,000 BTC per day since the launch of the first U.S. spot Bitcoin ETFs. 

Additionally, the Grayscale Bitcoin Trust (GBTC) has seen a decrease in daily outflows, moving towards potential net inflows. This shift has led to optimism about the future of Bitcoin ETFs as more investors embrace the asset class.

HyperVerse’s $1.7B “Ponzi” promised HK listing with fake CEO

The SEC has filed charges against Xue Lee and Brenda Chunga for orchestrating an alleged $1.7 billion cryptocurrency Ponzi scheme under names like HyperFund and HyperVerse. The scheme, promising high returns from crypto mining and a future Hong Kong Stock Exchange listing, involved deceptive tactics such as hiring an actor to pose as CEO and fabricating media appearances. Chunga, having settled with the SEC, and Lee, believed to be in the UAE, face further legal actions for securities and wire fraud.

Portal Raises $34M for Bitcoin Atomic Swaps

Portal has secured $34 million in seed funding for its Bitcoin atomic swaps technology. Investors, including Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io, have supported the project. Portal aims to enable peer-to-peer swaps of Bitcoin across various blockchains without the need for intermediaries like bridges or wrappers. 

Atomic swaps facilitate direct cryptocurrency exchanges without relying on centralized exchanges, enhancing security. The funding will be used to develop Portal’s decentralized exchange and noncustodial crypto wallet. Portal also plans to introduce AI-powered investment strategies and an API integration tool. 

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