DeFI News by Thebittimes.Com

"GS Partners promoted the products through a multilevel marketing scheme paying lavish commissions," regulators say. The Texas State Securities Board has accused a network of companies under the "GS" brand and operating from Germany of fraudulent activities "tied to digital assets, investments in a staking pool in a proprietary metaverse." The network of companies is controlled by Josip Dortmund Heit. As described by regulators on November 16, respondents GS Partners, GS Smart Finance and GS Wealth allegedly held three rounds of metaverse property sales beginning September 2021. At the time, investors were informed that could purchase XLT Vouchers, or BNB Chain token s that represented ownership of one square inch of a unit in the company's G999 Tower metaverse, at 9.63 Tether (USDT) per voucher. However, the token rapidly lost its value, to less than 0.0000049 USDT apiece on decentralized exchange PancakeSwap, after the respondents failed to reach...

Polygon co-founder Sandeep Nailwal and Stani Kulechov, founder of Aave, were among investors in a fundraise for Llama, a protocol aiming to provide easy-to-use tools for on-chain organizations. Llama, an access control and governance platform for smart contracts, raised $6 million during a seed funding round led by Founders Fund and Electric Capital. The capital raise is earmarked for further development of Llama’s platform which co-founders Shreyas Hariharan and Austin Greene say would allow developers to focus on their core products.  Llama is excited to announce our $6 million seed round led by @foundersfund and @ElectricCapital to streamline access management for smart contracts. pic.twitter.com/11UmcKcfy4 — Llama (@llama) November 6, 2023 Hariharan’s statement regarding the announcement noted that builders could leverage Llama to scale their on-chain entities by defining roles and permission for critical actions such as protocol upgrades, moving treasury funds, edi...