Ripple CEO Brad Garlinghouse recently offered his thoughts on the current legal struggle with the Securities and Exchange Commission (SEC), forecasting a lengthy appeal process. On July 15, 2023, he discussed his findings with Bloomberg. On July 13, a court verdict largely sided with Ripple Labs in a complaint filed by the SEC in 2020.
Bitcoin exchange Coinbase has paused its retail staking service in California, New Jersey, South Carolina, and Wisconsin after those states announced they would require adjustments to those services while its legal procedures against such staking services proceed. Cryptocurrency staked before the orders were issued will be unaffected. The SEC filed a lawsuit against Coinbase last
Haru Invest, the struggling cryptocurrency investing platform, has issued an update on its ongoing attempts to recover assets and rectify concerns related to the B&S Holdings inquiry. The corporation announced in a July 14, 2023 announcement that it is actively contacting with asset managing partners both locally and internationally in order to recover funds under
Former US President Donald Trump has made substantial strides in the NFT sector, according to a recent financial disclosure form given to the Office of Government Ethics. The filing, which reveals an astounding $1 billion in earnings from multiple sources, shows Trump’s ownership of CIC Digital LLC. This corporation receives licencing payments for exploiting Trump’s
A New York-based hedge firm called Fir Tree Partners is launching a brand-new fund that will specialize in distressed crypto assets in an effort to profit from the extreme volatility the sector has seen over the previous several months.According to an email, the Fir Tree Digital Asset Opportunities Fund will debut on August 1. “Fir Tree is at its best when we identify opportunities that are mispriced, dislocated or complex. Rarely do we encounter situations that are all three, but that is precisely what we are seeing in digital assets right now,” Fir Tree wrote. The year 2017 saw a record number of cryptocurrency failures and bankruptcies, including Three Arrows Capital, Voyager Digital, BlockFi, Celsius, FTX, and Genesis’ lending division (which, like CoinDesk, is controlled by the same company that owns Digital Currency Group).Fir Tree has experience in the cryptocurrency space; it has attempted to short Tether’s USDT stablecoin and engaged in legal disputes with bitcoin fund manager Grayscale (another DCG division). In its email, Fir Tree pointed out that it has “no view
A Shopify application developed by Web3 infrastructure company Co:Create will enable millions of businesses to use the platform to establish blockchain-based loyalty and rewards programs.The Web3 Rewards Tools program, which is powered by Ethereum sidechain Polygon, seeks to assist brands in forging closer ties with their customers by utilizing non-fungible tokens (NFT) and gamified experiences.Brands can offer token-gated products with their own NFT collections and running projects like the Bored Ape Yacht Club or CryptoPunks, as well as give token-based prizes. In an interview, Tara Fung, CEO and co-founder of Co:Create, stated that Web3’s technology enables retailers to give their devoted customers digital ownership as a way to engage the community that supports a brand. “We are building an intergrated system that helps the most innovative community centric brands grow, reward and engage their community,” said Fung. “And that is where the Shopify app lives.” In contrast to larger businesses implementing Web3 activations, she also pointed out that commerce aids startups and newer brands in developing their consumers and interacting with their communities. “The future of brand engagement and the most exciting brands that people are actually ecstatic about and want to give their advocacy
Since the wallet is browser-based, it is exempt from any limitations that may be imposed on wallets that are downloaded via Apple or Google’s app stores.The decentralized social media software Damus and other products with a focus on bitcoin are apparently being blocked by Apple.The creator of that app was compelled to take out a bitcoin tipping feature because Apple later deemed it to be an unapproved method of paying for digital content.Later, two of the creators of Mutiny created a workaround for the Damus feature called Zapple Pay, which uses emojis to initiate tips. According to Mutiny CEO Tony Giorgio, the fundamental feature that distinguishes the product from its rivals is the ability for unconstrained innovation provided by a web-based wallet. “Our main difference compared to other Lightning wallets like Phoenix and Muun is that our wallet is a progressive web app (PWA),” Giorgio said in an interview. “So we can ship and push updates that are not restricted to the limitations of the Apple or Google store platforms.” The ability to send and receive money on Lightning, Bitcoin’s second layer payment network, allowing less expensive and quicker transactions, is one example of such innovation. Mutiny refers to these channels as “just-in-time channels,” which are a feature that lessens the effort of managing channel liquidity.Liquidity management is seen by many analysts as Lightning’s weak point.Lightning has significant issues, according to Bitcoin researcher and developer Burak Keceli, who stated it last month. But the inbound liquidity issue is my top concern. The Nostr Wallet Connect (NWC) protocol-based social tipping functionality offered by Mutiny is another noteworthy feature.Because of this, the wallet can quickly and easily interact with Nostr applications like Damus to provide tips, or “zaps.”Beyond tipping, the capability can be expanded to make it easier to pay for subscription-based goods and services.Nostr stands for “notes and other stuff transmitted by relays.”It took some ingenuity to enable zaps via emojis for Mutiny Chief Technology Officer Ben Carman and Chief Product Officer Paul Miller to introduce Zapple Pay last week. As a result of Damus’s ability to allow users to tip one other on information shared in the app—a prohibited action that the tech giant reportedly deems to be comparable to selling digital content—Apple threatened to remove the app from its App Store before it was even officially launched.
Since the beginning of organised trade, centralised financial systems have dominated the market, generally operating as a black box in the sight of its consumers. Aside from a lack of transparency, they have conducted business in a monopolistic manner, amassing empires by just acting as an intermediary. Blockchain technology, which is frequently referred to as
According to two letters made public recently, Congressman Ritchie Torres has requested two separate independent investigations of the U.S. Securities and Exchange Commission (SEC) for its “haphazard and heavy-handed approach to digital assets.” Rep. Torres (D-NY) requested an investigation into the SEC’s unusual decision to grant a special purpose broker-dealer (SPBD) licence to Prometheum, “a
Following the arrest of its CEO, Zhaojun, on May 21, 2023, the Multichain protocol, a cross-chain router protocol, has been left in limbo. The arrest resulted in a number of operational difficulties, including the revocation of operational access keys to the Multichain’s MPC node servers, which were under Zhaojun’s personal control. Because the servers and
According to a recent press release, users who had assets on the bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX). FTX owes consumers up to $8 billion after collapsing in November, precipitating a worldwide crypto market drop. According to the bankruptcy petition, Celsius owes its
Blockchain technology has attracted considerable attention in recent years due to its potential to revolutionise a variety of industries, including finance, healthcare, and supply chain management. However, as blockchain acceptance grows, one important difficulty that must be solved is scalability. Scalability refers to a blockchain’s ability to manage a growing number of transactions without jeopardising
A U.S. District Judge has set bail for Alexander Mashinsky, the founder and former CEO of the insolvent cryptocurrency lender Celsius, at $40 million after his arrest on fraud-related charges on Thursday.Following his Thursday arrest, Mashinsky entered a not guilty plea to seven counts of deceiving investors and manipulating the price of his CEL cryptocurrency, according to the court document.As part of the agreement, Mashinsky will be prohibited from traveling and from opening any new bank or cryptocurrency accounts.According to court documents, his wife will sign the bond while the other co-signer is still to be named.A financial claim on his New York City house and bank account will also serve as collateral for the bond. Federal securities and commodities regulators as well as the Department of Justice jointly announced their plan to take action against Mashinsky and other executives on Thursday.Mashinsky’s attorneys wrote in an email that their client “vehemently denies the allegations brought” and that “he looks forward to vigorously defending himself in court against these baseless charges.”
A digital art non-fungible token (NFT) collection is being released by the 256-year-old auction house Christie’s in collaboration with the upscale clothing company Gucci.The collection, titled “Future Frequencies: Explorations in Generative Art and Fashion,” includes 21 NFTs made by artists working with artificial intelligence (AI), including Claire Silver, Emily Xie, Botto, and others.The Christie’s 3.0 digital art platform will host the auction, which starts accepting bids on July 18 and ends on July 25. The NFT collection is influenced by Gucci’s Bamboo 1947 collection, a legendary line of handbags featuring the company’s distinctive bamboo handle.The collection uses generative systems, such as algorithms and AI, in an effort to foster greater creativity at the nexus of art, fashion, and technology.The partnership motivates both artists and the fashion industry to use Web3 technology, according to Sebastian Sanchez, Manager of Digital Art Sales at Christie’s. “My goal with this auction is to show the intersection – it’s a spectrum right now,” said Sanchez. “There are so many generative artists who are working with studies on textiles, garments, patterns, and then you have people actually doing literal 3D garments and what we’re presenting is everywhere in between those ranges.”
The non-fungible token (NFT) business Legitimate is collaborating with the world’s largest shoe manufacturer PUMA and the entertainment company Roc Nation to launch a sneaker line.The collection, dubbed “Evolution of the Mixtape,” honors the 50th anniversary of hip-hop and gives customers access to exclusive musical content chosen by Roc Nation.The three shoe styles, “Cassette Tape,” “Playlist,” and “Disc,” each have a “LGT Tag” placed in the tongue of the shoe, which is Legitimate’s near-field communication (NFC) chip.Owners can access a digital site with weekly mixtapes, exclusive artist content, and unheard songs from Roc Nation artists by scanning the NFC chip. According to Calvin Chan, the founder and CEO of Legitimate, working with PUMA and Roc Nation allows fans have more access to the music of their favorite musicians while also telling the narrative of a cultural movement. “The vision here was to pay homage to and innovate on the concept of a mixtape bringing talent and people together, but also exploring how mixtape and hip hop culture has evolved and grown over time, especially with the inclusion of tech,” said Chan. “PUMA, Roc Nation and Legitimate are working together to
The MATIC token of the network would be replaced with POL in a token upgrade proposed by a group of Polygon founders and researchers, enabling POL to serve as a single token for all Polygon-based networks.The primary Polygon blockchain, the Polygon zkEVM network, and numerous supernets—application-specific blockchains that sit atop the primary Polygon network—are among these networks.In the first three minutes following the announcement, MATIC increased by as much as 2.6% to $0.747 thanks to the proposal. Network validators will be able to allow the functioning of several chains using a single token if the proposal is approved.Sending MATIC to the upgrade smart contract, which will instantly return the corresponding amount of POL, is the only technical activity needed to upgrade from MATIC to POL.If the community is in favor of the change, token holders would be given plenty of time to upgrade—a suggested four years or more. Community members on each Polygon chain will ultimately determine which token will be used for gas fees, some may choose for POL.Decentralized applications developed on Polygon will allow holders to vote on governance ideas using POL, and POL will be used to distribute all rewards.
The upper house of Parliament decided on Wednesday to include the metaverse in a U.K. bill on online safety that includes safeguards against minors being harmed online.The March 17-introduced Online Safety Bill is very close to being approved and becoming law.The superset of virtual worlds known as the metaverse has gained a lot of popularity in recent years. Social media giant Facebook even changed its name to Meta to demonstrate its dedication to the growth of the industry.Some officials have claimed that the safety of children is also at stake from these virtual worlds. “These virtual reality experiences are very immersive and the degree of harm that can be created and indeed the degree of enjoyment can be that much more intense,” Melanie Dawes, CEO at Ofcom, the U.K.’s communications regulator said during an event in October. The Centre for Countering Digital Hate discovered that children are frequently harassed by photographing and examining 100 visits to the most well-liked worlds in Meta’s flagship platform, Horizon Worlds.Lawmakers in the UK’s House of Lords stated that it was important to make sure that the Online Safety Bill applied to the metaverse given the potential harm children could encounter in these virtual reality activities. “The metaverse is in scope of the bill, which, as noble
According to a tweet from on-chain analytics service Lookonchain on Thursday, an early Shiba Inu (SHIB) investor who owns 10% of the token’s entire supply today transferred $30 million worth of their holdings to eight wallets.According to Lookonchain, a gigantic whale that has 101.47 trillion SHIB—more than $756 million at today’s prices—transferred 4 trillion SHIB, or $30 million, to eight new locations today.According to the company, this wallet is thought to be the single-largest holder of SHIB tokens.In the early days after issuance, it initially bought $14,000 worth of SHIB tokens and later sold slightly under $20 million worth in 2021. Accordingly, research indicates that most SHIB market depth is under $1 million on several cryptocurrency exchanges, and a sell order of that magnitude might rapidly shift token values by 2%. The wallet was probably related to the project’s developers, tweeted analytics tool Bubblemaps.The company cited a report from January that showed certain wallets bought 10% of the shiba inu supply soon after it was released, but overall they have kept the tokens instead of selling them to unsuspecting market players.Prices for SHIB haven’t changed all that much in the last day.The market value of the tokens is at slightly over $4.4 billion, down 91% from its peak in October 2021.
The US Federal Trade Commission (FTC) has launched an investigation into OpenAI, the San Francisco-based business that built the well-known AI chatbot, ChatGPT. The Washington Post stated on July 13, 2023, that this review is to examine if OpenAI has violated regulations designed to keep users secure, potentially jeopardising their personal reputations and data. The
Barclays (BCS) is lowering its Coinbase (COIN) projections ahead of earnings and reducing the company to underweight from equal weight, according to a recent research note. Nonetheless, the bank increased its price estimate for the crypto exchange’s stock to $70 from $61. Coinbase shares were trading 1.4% down at $84.79 in premarket trading at the
Telegram merchants may now accept bitcoin payments as services provider Wallet moves outside its chat-centric payment method. The wallet, which is based on the The Open Network (TONNE) blockchain, already supports crypto transfers between users via chats. It is now allowing retailers to integrate cryptocurrencies into the payment systems they employ, according to an emailed
South Korea will compel corporations that possess or issue cryptocurrency to disclose their holdings in financial statements beginning in 2024, according to draught guidelines announced recently by the country’s financial authority. Companies will be required to publish information about the number, characteristics, business methods, and accounting procedures pertaining to the sale of virtual currencies, as
Ryan Salame, the former co-CEO of FTX Digital Markets, is apparently being investigated by US authorities for possible campaign funding violations. Salame and his fiancée Michelle Bond, who ran for New York’s 1st congressional district as a Republican in 2022, are at the centre of this probe. Authorities are particularly interested in Salame and Bond’s
The United States Senate Committee on Finance solicited the cryptocurrency industry’s assistance in better understanding how Congress might address the tax difficulties and opportunities posed by digital assets. Chairman Ron Wyden and Ranking Member Mike Crapo posed a series of questions about nine topics in a letter made public on Tuesday, including digital asset loans,
A mid-year report from Chainalysis, which monitors rogue wallet addresses, claims that cryptocurrency offenders are making much less money this year as a result of a decline in hacks and frauds.According to Chainalysis, the industry’s overall losses to illicit actors until the end of June were in the neighborhood of $2.5 billion and had decreased by 65% from mid-2022, while legitimate actors had seen a “much less severe” decline in inflows during the sluggish bear market. Particularly scammers are making billions of dollars less this year.According to Chainalysis, two of the largest operations—VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management—both of which promised investors high profits and then conned them out of their money—vanished.Despite bitcoin’s 83% increase in value year to date, a price spike that often encourages shady schemers, they haven’t been replaced.However, impersonation scams defy the trend, defrauding over 50% more victims this year than previous.As a result, whereas all other frauds have decreased by 70%, the number of people falling for con artists posing as authorities has decreased by only 23%. Unfortunately, the evil guys are not completely out of luck.With approximately $450 million already extorted, ransomware perpetrators, according to Chainalysis, are far surpassing projected 2022 haul.Attackers are having success infecting both large and small businesses with targeted ransomware and less advanced “spray and pray” malware.
Users of Coinbase’s crypto wallet now have a communication channel.The crypto business, which is publicly traded, announced on Wednesday that its wallet product will feature encrypted texting.Any two Ethereum addresses can now speak with one other as long as they connect to the same messaging network using the XMTP communication protocol.Although not the first cryptocurrency wallet provider to experiment with Web3 messaging, Coinbase’s integration is unquestionably the most extensive.1.3 million users with usernames are included in its wallet.Even more people on Web3 social network Lens are included in the pool of messageable Ethereum addresses. “Coinbase is enabling users to easily port their conversations from any of the ~450 applications built on XMTP to Coinbase Wallet,” said Director of Product Management Siddharth Coelho-Prabhu. “Its infrastructure allows Coinbase Wallet messages to be fully permissionless and interoperable while giving users the freedom to fully own their messages and transactions through their
A kid-friendly artificial intelligence (AI) chatbot will be incorporated into OnChain Studios’ character-based digital collectibles, the non-fungible token (NFT) startup Cryptoys’ Web3 counterpart.To guarantee that their children have acceptable, safe chats with their NFT avatars, parents can modify the chat filter in the AI program called ChatGuardian.Parents will have access to the Cryptoys Guardian Control Center where they can, at their discretion, forbid certain words and subjects. Cryptoys anticipates that the addition of ChatGuardian will enhance youngsters’ interactions with their NFTs as they converse with their digital toys more interesting and enjoyable.The corporation is aware of the ambiguities and concerns that the adoption of AI raises, but there is no danger of an M3GAN-style doll gone awry in this situation.Kids born in the blockchain and AI era should be able to engage with their favorite characters from intellectual property (IP) franchises rather than “faceless robotic companions,” like Google Home, according to Will Weinraub, CEO and co-founder of OnChain Studio and Cryptoys. “You get the same kind of AI functionality that [kids] are so used to, and it’s so natural for them these days – but with their favorite characters,” said Weinraub. “That’s a big focus with this, and doing it in a safe way, which is why ChatGuardian was built.” ChatGuardian will develop together with AI to become smarter and more sophisticated.In a press statement, Alfonso Martinez, Chief Experience Officer at Cryptoys, stated that the company’s first aim is to uphold its safety standards and offer the technology to assuage parents’ concerns. “We have faith
Traditionally, non-fungible tokens (NFTs) are blockchain-secured tokens that represent something specific, whether it’s a wholly digital asset or a real-world item represented digitally via an NFT. When an NFT is minted and put to the blockchain, the metadata determining what the NFT represents is fixed and cannot be changed afterwards. However, a s NFT technology
Although China has prohibited the use of cryptocurrencies, stablecoins may play a role in the expansion of its national currency.Despite China’s ban on decentralised cryptocurrencies, Circle CEO Jeremy Allaire believes stablecoins can help China’s digital yuan spread. Allaire, the CEO of the company behind the USD-backed stablecoin In a recent interview with the South China
According to the most recent CoinShares update, digital asset investment products have received a strong inflow of $136 million in the last week. This spike marks the third consecutive week of inflows totaling $470 million, effectively balancing the outflows witnessed in the previous nine weeks. Bitcoin remains the primary focus for investors, with inflows topping
