Coinbase Unveils "Based Agent" for Quick AI Agent Creation with Crypto Integration

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Table of Content

In today edition we talk about

• FTX Settles Bybit Lawsuit for $228 Million to Recoup Customer Funds

• Tether CEO Defends USDT Reserves Amid U.S. Investigation Rumors

• Vitalik Buterin’s ‘Purge’ Proposal Aims to Tackle Ethereum’s Bloat and Scalability

• Coinbase Unveils "Based Agent" for Quick AI Agent Creation with Crypto Integration

FTX Settles Bybit Lawsuit for $228 Million to Recoup Customer Funds

FTX’s bankruptcy estate has reached a $228 million settlement with Bybit, an agreement filed on October 24, aimed at recovering funds to repay FTX's former customers and creditors. This resolution, stemming from a 2023 lawsuit, allows FTX to withdraw $175 million in digital assets from Bybit and sell $53 million in BIT tokens to Mirana Corp, Bybit’s investment arm. FTX’s attorneys noted that while their claims have merit, further litigation would be lengthy and costly.

The court will review the settlement on November 20, 2024.

FTX’s $1 Billion Lawsuit Origins and Allegations Against Bybit

The original lawsuit filed in November 2023 accused Bybit and Mirana of using "VIP" access to withdraw $327 million in assets right before FTX’s collapse, with alleged priority withdrawals documented in FTX’s records.

FTX Nearing Resolution of Legal Hurdles

This settlement is among many FTX’s estate has pursued in its complex bankruptcy proceedings. Recently, following the approval of FTX’s reorganization plan, creditors withdrew a lawsuit against Sullivan & Cromwell, FTX’s former legal advisors, alleging complicity in FTX’s mismanagement.

Tether CEO Defends USDT Reserves Amid U.S. Investigation Rumors

At the PlanB event in Switzerland, Tether CEO Paolo Ardoino addressed claims that the U.S. Department of Justice and Treasury are investigating Tether. Ardoino broke down Tether’s reserves, noting they include around $100 billion in U.S. Treasuries, 82,000 Bitcoin (worth about $5.5 billion), and 48 tons of gold.

Ardoino firmly denied allegations from a recent Wall Street Journal article, calling it "old noise" and stating, “There is no indication that Tether is under investigation." He emphasized Tether’s history of collaborating with law enforcement to prevent misuse of USDT and has reportedly helped recover $109 million tied to criminal activities since 2014.

Tether and U.S. Crypto Policy: Critical of Regulatory Lag

Ardoino also criticized U.S. crypto regulations, which he says are driving innovation overseas. He expressed optimism for potential shifts in U.S. policy following the 2024 Presidential election. In October 2024, Tether’s USDT reached a $120 billion market cap, signaling strong investor confidence and potential growth in the crypto sector.

Vitalik Buterin’s ‘Purge’ Proposal Aims to Tackle Ethereum’s Bloat and Scalability

Ethereum co-founder Vitalik Buterin has introduced "The Purge" roadmap to reduce Ethereum’s complexity and data storage needs. In an October 26 post, Buterin outlined a plan to limit the requirement for every Ethereum node to permanently store all historical data and unnecessary protocol features, which would cut down Ethereum's data bloat and improve efficiency.

Running an Ethereum node now requires over a terabyte of disk space for the execution client alone, plus additional storage for the consensus client. Buterin suggested that if each of Ethereum's future 100,000 nodes stored only 10% of the history, each piece of data would still be highly replicated without burdening individual nodes. Additionally, he proposed a system to "expire" portions of Ethereum’s state (such as balances and contract data) to manage growing storage needs.

Ethereum's Future Upgrades for Scalability

"The Purge" is part of Buterin's broader vision for Ethereum's future, with past proposals like "The Scourge" to decentralize proof-of-stake and "The Verge" to simplify node operations so even low-power devices can support Ethereum. These upgrades aim to achieve Ethereum’s long-term goals of scalability, technical sustainability, and security

Coinbase Unveils "Based Agent" for Quick AI Agent Creation with Crypto Integration

Coinbase has launched “Based Agent,” a new tool allowing users to create AI agents with a crypto wallet in under three minutes. Once set up, these agents can handle on-chain tasks like trades, swaps, and staking.

“Our goal is to make it easy to build your own AI agent,” said Coinbase developer Lincoln Murr in an October 26 video. Based Agent is a template that gives users access to smart contract functions and enables the AI to integrate with trades, swaps, and staking tasks.

Built using Coinbase’s SDK, this tool was developed in collaboration with OpenAI and Replit.

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