The Hedera Global Governing Council has approved the allocation of 4.86 billion Hedera, the network’s native cryptocurrency, for advancements in decentralized governance and development. The majority of these funds, amounting to 4.248 billion HBAR, will be received by the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation, as per a blog post by the council.

Following the achievement of over 33 billion real-world transactions on the network in 2023, Hedera plans to use the revenues to strengthen its foundation. In addition to supporting the expansion of the ecosystem, 614.06 million HBAR will be used to cover the council’s operating expenses and provide compensation to future token purchasers for early simple agreements.

The council’s Chief Financial Officer, Betsabe Botaitis, stated in the blog post that the awards for the HBAR Foundation and Hashgraph Association are scheduled for delivery in the first quarter of 2024. The DLT Science Foundation will receive grants as it achieves significant milestones throughout the year. Botaitis highlighted the importance of ecosystem partners in accelerating the adoption of Hedera.

Representatives from both organizations revealed that the DeRec Alliance, launched on January 11 by the HBAR Foundation and the Algorand Foundation, aims to develop a decentralized recovery mechanism for digital assets. Security experts have reported that 170 Ether, currently valued at $440,000, was allegedly exploited and given to Wise Lending. This contract includes several tokens, such as 18.51 Wrapped Ether (WETH) ($47.694), USD Coin valued at $9,000, Tether valued at $2,000, Dai valued at $5,000, and various tokens associated with Pendle Finance. A hacker reportedly stole 1,110 Lido Staked Ether (stETH) tokens, valued at $2.9 million, from the Aave lending protocol.

In other news, Phoenix Technology is considering an IPO in the UAE, while Binance has suspended deposits for bridged tokens. The UAE Authority has started accepting license applications for VASPs to ensure user protection. Lastly, the Newton Exchange is reviewed as a safe Canadian crypto exchange.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Middle East
Countries 🇦🇪
Sentiment neutral
Relevance Score 1
People Betsabe Botaitis
Companies HBAR Foundation, Phoenix Technology, Hedera Global Governing Council, Hashgraph Association, DLT Science Foundation, Binance, Newton Exchange, Algorand Foundation, Wise Lending
Currencies US Dollar, Hedera, Bridged Wrapped Ether, Lido Staked Ether, Tether, Dai
Securities None

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