Odaily News An over-the-counter (OTC) scam involving multiple cryptocurrencies such as SUI, NEAR, Axelar, and SEI was exposed, with a fraud amount of more than 50 million US dollars, affecting venture capitalists, opinion leaders, and large investors. The scam was operated through a Telegram group and lasted for several months. In the early stage, trust was established by fulfilling promises, and then it turned into a Ponzi scheme and eventually collapsed. The leading party Aza Ventures claimed that its core trader "Source 1" was the founder of a Binance-listed project and may be of Indian nationality. (Pluid)

Odaily News Self Chain founder Ravindra Kumar was recently accused of being involved in a $50 million over-the-counter crypto scam that defrauded investors through fake token transactions. Kumar issued a statement on the X platform and firmly denied the allegations, calling them "completely false" and saying that the legal team was preparing to write a response statement. The scam involved over-the-counter transactions of tokens from several well-known projects, including Sui, Near, Axelar and Sei. Mohammed Waseem, CEO of Indian over-the-counter broker Aza Ventures, revealed that his company has inadvertently facilitated dozens of fraudulent transactions over the past few months. Although the initial transactions were real, they later evolved into a Ponzi scheme, with the seller using the code name "Source 1" to commit fraud by delaying the delivery of tokens. Waseem claimed that he had contacted the Indian authorities and promised to refund the deceived investors, but his personal funds had been exhausted due to advance payments. Currently, "Source 1" has promised to start returning funds by the end of June. It is worth noting that before the scam was exposed, many industry figures, including Mysten Labs co-founder Adeniyi Abiodun and MultiversX co-founder Lucian Mincu, have repeatedly warned of the existence of false over-the-counter transactions. (DL News)

Odaily News The Axelar Foundation disclosed that it had completed a token sale worth $30 million, with several investors including Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures participating in the purchase. It is reported that the Axelar Foundation plans to expand the use of the US dollar through stablecoins and support the institutional tokenization of real-world assets (RWA) through its interoperability protocol. (Theblock)

Odaily News According to official news, the Axelar Foundation announced today that it has appointed Brian Brooks to its newly formed Institutional Advisory Board. Brian Brooks is the former Acting Comptroller of the Currency and a leader in promoting regulatory clarity and institutional adoption of blockchain technology. The Axelar Foundation is a non-profit organization established to support the development and adoption of the Axelar Network, a decentralized blockchain interoperability platform.

Odaily News Arkham monitoring shows that the DWF Labs address transferred 2.5 million AXL, equivalent to approximately US$1.11 million, to the address marked by Arkham as "suspected Axelar Network" two days ago. Based on the transfer records, it is speculated that the two parties may have ended the market-making cooperation plan. The actual situation needs to wait for updates from the DWF Labs and Axelar Network teams.

Odaily News The Axelar token destruction page is online. Since the network upgrade was completed on February 21, more than 90,000 AXL tokens have been destroyed in the past five days. The current inflation rate is 4.8%. The Axelar Cobalt upgrade strengthens the AXL token economic model, ensuring that 98% of AXL transaction fees for new cross-chain interoperable connections are destroyed, and the remaining 2% is transferred to the community fund pool. New blockchains are connected through the Interchain Amplifier, which is part of Axelar's Mobius Development Stack (MDS), and security is provided by AXL staking in the validator reward pool. The reward pool supports new connections without inflation incentives.

Odaily News FOX Business reporter Eleanor Terrett shared in a post that Canary Capital launched the AXL (Axelar) Trust Fund, Canary AXL Trust, which will include the native token of the Axelar network and is the first investment trust to provide universal blockchain interoperability protocol investment. - Axelar Protocol has become a leading cross-chain protocol and is working closely with Ripple to support interoperability of its stablecoin RLUSD. - Axelar acts as a bridge between the XRP Ledger and the XRP Ledger EVM (Ethereum-compatible network). - The Trust will provide institutional investors with exposure to blockchain interconnected technologies, connecting the Web3 ecosystem such as XRP Ledger, Hedera, Stellar, TON, Sui, Solana and Bitcoin.

Odaily News Secured Finance announced a strategic partnership with Axelar, a cross-chain interoperability platform, and Squid, a cross-chain exchange protocol, to jointly enhance the liquidity of the Filecoin ecosystem and welcome the FIL-collateralized stablecoin USDFC, which is scheduled to be launched on the mainnet in March 2025. The partnership aims to enhance the cross-chain exchange capabilities of the Filecoin Virtual Machine (FVM) and enable seamless transfer of assets between FVM and other mainstream blockchains such as Ethereum, Cosmos, and Avalanche. Axelar provides secure cross-chain interoperability support, while Squid is based on Axelar infrastructure to provide users with a "one-step" cross-chain exchange experience. By integrating these technologies, Secured Finance will lower the threshold for users to enter and exit FVM, improve liquidity and accelerate the popularity of USDFC. The launch of USDFC will provide a stable and secure on-chain transaction medium for the Filecoin ecosystem, further promoting the growth of FVM's DeFi ecosystem. In addition, Secured Finance will launch a task-based reward activity on the Galxe platform to encourage users to participate in cross-chain bridging. In the future, Secured Finance also plans to deploy liquidity pools on platforms such as Sushiswap and Uniswap, continue to expand cross-chain functions, and help the development of the Filecoin ecosystem.

Odaily星球日报讯 稳定币发行协议 usdx.money 宣布集成 Axelar 的跨链代币服务（ITS），USDX 及其收益型代币 sUSDX 已原生部署在 3 条链上： Arbitrum、BNB Chain 和以太坊。USDX 是与 1 美元挂钩的 delta 中性稳定币，sUSDX 是一种收益型代币，通过将 USDX 质押到智能合约中以赚取来自 CEX 的基础交易收益而生成。 Axelar 的跨链代币服务（ITS）使 USDX 和 sUSDX 等代币能够存在于更多个区块链上。现有 6 亿美元的 TVL， USDX 有望使用 Axelar 的技术在多条链上实现更进一步的增长。

Odaily News Layer 1 network developer Pod has completed a $10 million seed round of financing, which was co-led by A16z Crypto Startup Accelerator (a16z CSX) and 1kx, with participation from Flashbots, Blockchain Builders Fund and Protagonist. Angel investors include Nick White of Celestia, David Tse of Babylon, Sergey Gorbunov of Axelar, Waikit Lau of Lau Ventures and Apostolos Apostolaki of VentureFriends. It is reported that the new funds will be used to build a "consensus-free" Layer 1 network with the goal of achieving transaction speeds as fast as Google searches.