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Dubai-based Web3 Unleashed hackathon announces finalists, reveals prize pool

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The Dubai-based Web3 Unleashed Hackathon has announced its finalists and revealed the prize pool for the competition, which is designed to foster innovation in the Web3 and blockchain space. The hackathon, which attracted a diverse range of participants from around the world, aims to identify and support promising blockchain projects with the potential to shape the future of decentralized technologies. The finalists were selected based on their innovative solutions and the technical feasibility of their projects, addressing key challenges in Web3, finance, and decentralized applications (dApps).

The hackathon’s prize pool totals over $100,000, with the winners set to receive significant financial rewards as well as opportunities for further development and collaboration with industry leaders. In addition to the cash prizes, the finalists will gain access to mentorship from top Web3 experts, networking opportunities with potential investors, and the chance to showcase their projects to a global audience. The competition is part of Dubai’s broader efforts to position itself as a global hub for blockchain and Web3 innovation, with initiatives designed to support the growth of the decentralized economy.

The Web3 Unleashed Hackathon attracted a wide array of participants, including developers, entrepreneurs, and blockchain enthusiasts, all working to solve real-world problems through decentralized technologies. The finalists’ projects span various sectors, including decentralized finance (DeFi), gaming, digital identity, and NFTs, highlighting the versatility and broad applicability of Web3 solutions. The hackathon has received strong support from the Dubai government and leading players in the blockchain space, underscoring the region’s commitment to fostering cutting-edge innovation.

As the Web3 space continues to evolve, events like the Web3 Unleashed Hackathon are playing a key role in advancing the development of decentralized technologies and driving the adoption of blockchain solutions. The finalists’ projects will not only have the chance to receive funding and mentorship but also contribute to shaping the future of the Web3 ecosystem. With the competition now in its final stages, all eyes will be on the winners, whose solutions could have a lasting impact on the blockchain and digital economy.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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