Unite The Clans: AI Crypto Merger On June 13

AI token mergers, Illuvium's Epic Games Store debut, Sandbox's NFT airdrop, SEC closing shop

OVERVIEW

Three AI Giants Become One Titan On June 13 🦿 

The crypto market is mean and green today, close to breaking out above the $2.5 trillion market cap, and altcoins are swaggering their way up to $1.17 trillion. 💪 

In today's Litepaper, we're looking at three of the biggest, major AI crypto tokens merging in just one week.

Also on deck: Illuvium's open beta has landed on the Epic Games Store, and the Sandbox is flaunting a new monthly NFT airdrop program.

Last but not least, the SEC is shutting down one of its regional offices - the same one responsible for the Debt Box foul-up. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
One Week Until AI Titans Unite 🦾

Centralized AI has a new and powerful counter-punch coming in the form of Decentralized AI development. Fetch.ai ($FET), SingularityNET ($AGIX), and Ocean Protocol ($OCEAN) are merging their tokens to form the Artificial Superintelligence Alliance (ASI). 🤖 

The Big Merge: Key Info

Fetch.ai's FET token gets a makeover first, rebranding as ASI on June 11. Two days later, SingularityNET's AGIX and Ocean Protocol's OCEAN tokens join the fray. The conversion rates are locked in, so get ready to swap:

  • FET to ASI: 1:1 ratio

  • AGIX to ASI: 0.433226:1 ratio

  • OCEAN to ASI: 0.433226:1 ratio

Token holders can start swapping their old tokens for shiny new ASI tokens via a secure migration contract starting June 11 for FET and June 13 for AGIX and OCEAN. 👍️

Why Merge? Why Now?

The tech giants like Microsoft ($MSFT), Alphabet ($GOOG), and Meta ($META) are trying to monopolize the sector. Fetch.ai, SingularityNET, and Ocean Protocol are not having it. This merger is all about decentralizing AI and building infrastructure where data is transparent and shared openly. No more walled gardens.

What's Next for Token Holders?

Bruce Pon, Ocean Protocol Founder, and ASI Council Board Director called the ASI Alliance a "gamechanger for web3 adoption for AI and data."

Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, added, "With our newfound economies of scale, the Alliance can make real inroads to change the way Big Tech controls the narrative and direction of AI." 🚨

GAMEFI
Illuvium's Open Beta And Sandbox NFT Rewards 🎮️ 

Illuvium: Open Beta Testnet and Airdrops 💧 

Illuvium has officially launched its Open Beta Testnet, inviting players to dive into its universe. The beta offers players the chance to earn a share of 20,000 $ILV, worth around $1.7 million. 🤑 

Points are earned through gameplay, with bonuses for capturing or fusing Illuvials. Every hour of playtime nets you 100 points, and completing sets of Illuvials gets you even more.

They’ve added a points dashboard so you can track your progress in real time. AFK filtering ensures only active playtime counts, keeping things fair. Future updates promise even more ways to earn points, including collecting weapons, suits, and drone attachments.

Join the beta by downloading Illuvium from the Epic Games Store and start racking up those ILV tokens.

The full launch is currently slated for July 25th. ⚔️

The Sandbox: New Monthly NFT Rewards 🪙

The Sandbox ($SAND) just upped the ante with the Avatar Owner Monthly Reward program. Starting this June, avatar owners can claim unique NFTs every month. 🗓️ 

They're rare, limited, and exclusive. This month, it’s all about the Origin Dragon Armor Set, inspired by the Alpha Dragon from Alpha Seasons One and Two. Here’s what’s up for grabs:

  • Origin Dragon Crest Helm

  • Origin Fang-Embossed Gauntlets

  • Scales of the Origin Dragon

  • Origin Clawed Stride Boots

Just own an avatar from The Sandbox Collections, head to the Claim Page, and grab your NFT before it’s too late. Miss it, and you’re out of luck, well, until next month that is. 📆 

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NEWS
SEC to Close Salt Lake City Office After DEBT Box Fiasco 🤣 

In a classic case of “oops,” the SEC is shutting down its Salt Lake Regional Office (SLRO) following the DEBT Box ($DEBT) sanctions debacle. 🤦‍♀️ 

The DEBT Box Drama

The backstory here is juicy. Last July, the SEC accused DEBT Box of running a $50 million crypto scam, claiming the company defrauded investors. But things took a wild turn when a federal judge tossed the case, citing “bad faith conduct” by SEC attorneys.

The agency was slapped with a $1.80 million fee for their troubles. The fallout didn’t stop there—SEC attorneys Michael Welsh and Joseph Watkins, the brains behind the botched asset seizure, resigned in disgrace. 😠 

Shutting Down and Moving On

Now, in what some might call a strategic retreat, the SEC is closing up shop in Salt Lake City. Officially, they’re blaming “significant attrition” and a need to “improve budget and organizational efficiency.”

Coinbase’s ($COIN) chief legal officer Paul Grewal called them out, suggesting “attrition” is just a polite way of saying the SEC messed up big time. “Attrition”—is that what we are calling unprecedented misrepresentations and bad faith warranting unprecedented sanctions by a federal judge? he posted on X, adding some well-deserved shade.

You can read the full nitty gritty of the Debt Box vs. SEC fight in the May 29, 2024 Litepaper. 📰 

NEWS
Crypto News In Three Sentences 📰

🕵️‍♂️ Epoch Times CFO Indicted for Crypto Money Laundering 

Bill Guan, CFO of Epoch Times, got slapped with a $67 million crypto money laundering indictment. He’s accused of a transnational scheme, laundering funds through fake unemployment benefits and other shady activities. Guan could be looking at decades behind bars. Bitcoinist has more.

📈 Bitwise CIO Says Market Missing the Crypto Shift 

Matt Hougan from Bitwise thinks the market is sleeping on Washington's recent pro-crypto vibes. He believes this political shift could unlock serious gains. According to Hougan, savvy investors should get in before the market catches up. From CryptoSlate.

🎻 Novogratz Tokenizes 316-Year-Old Violin 

Galaxy Digital’s Mike Novogratz turned a 316-year-old violin into a digital asset, using it as collateral for a multi-million-dollar loan. This move boosts liquidity and shows how real-world assets can be tokenized. Welcome to the future of asset management. More at Cryptopolitan.

💰 Bitcoin Miner Reserves Drop to Yearly Low 

Bitcoin miner reserves have hit a year-to-date low of 1.81 million $BTC, signaling a sell-off. Miners are offloading coins to cover costs or cash in on profits. The market is watching closely for the next move. AMBcrypto has more.

🔒 Polygon Snaps Up Toposware for ZK Team 

Polygon ($MATIC) Labs just acquired ZK research firm Toposware to beef up its zero-knowledge tech team. This move strengthens Polygon’s mission to scale Ethereum ($ETH). Expect big things in the ZK space from this powerhouse team-up. From DailyCoin.

⛏️ CleanSpark Mines 417 BTC in May 

CleanSpark ($CLSK) mined 417 Bitcoin in May, boosting its holdings to 6,154 $BTC. They’re expanding and improving efficiency, now hitting 23.05 J/Th. CleanSpark is gearing up for more growth and acquisitions. More at CryptoBriefing.

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