Russian central bank needs to ease up digital asset projects, governor says.
Elvira Nabiullina is concerned about the Bank of Russia not treating digital asset projects softly enough to attract funding and maintain the economy.
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.
On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.
At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.
As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.
She emphasized that Russia adopted its crypto-related law, “On Digital Financial Assets,” more than a year ago, but it didn’t help the country get many “real projects.” The Russian government is set to pass another legal initiative, the bill “On Digital Currency,” which is designed to clarify regulations around crypto trading and mining.
Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:
“We need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.”
Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a “responsible person” issuing them, in contrast to private cryptocurrencies, which don’t have a responsible party.
She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.
Elvira Nabiullina is concerned about the Bank of Russia not treating digital asset projects softly enough to attract funding and maintain the economy.
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.
On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.
At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.
As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.
She emphasized that Russia adopted its crypto-related law, “On Digital Financial Assets,” more than a year ago, but it didn’t help the country get many “real projects.” The Russian government is set to pass another legal initiative, the bill “On Digital Currency,” which is designed to clarify regulations around crypto trading and mining.
Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:
“We need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.”
Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a “responsible person” issuing them, in contrast to private cryptocurrencies, which don’t have a responsible party.
She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.
Binance recovers $5.8M in funds connected to Ronin bridge exploit.
Unfortunately, a vast majority of the stolen funds still remain in the hands of the hacker.
Via a Twitter post on Friday, Changpeng Zhao, CEO of Binance, said that the cryptocurrency exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. Last month, the North Korean cyber-criminal group allegedly stole 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth over $600 million at the time, belonging to Axie Infinity's Ronin bridge.
As of Friday, the wallet address associated with the Ronin has around $280 million in digital assets remaining. Blockchain forensics company Elliptic recently uncovered that the hackers have been sending the money to centralized exchanges and cryptocurrency trail-mixer decentralized application, or DApp, Tornado Cash. In addition, it appears the hackers also swapped the stolen USDC for Ethereum on decentralized exchanges, or DEXs.
Possibly in response to alleged acts of money laundering, Uniswap DEX announced it was screening addresses that might be associated with moving "hacked or stolen funds" based on intelligence provided by TRM Labs.
Similarly, via Chainalysis, Tornado Cash is blocking wallets linked to illicit activity from accessing its DApp.
However, as told by its founder, Roman Semenov, the new screening process only blocks users from accessing its DApp user interface and does not prevent the movement of funds into its underlying smart contract.
Despite the incident, Axie Infinity creator Sky Mavis recently closed a $150 million funding round led by Binance. The funds will partly be used to reimburse investors who suffered losses in the exploit. In addition, the remaining amounts will be compensated via Sky Mavis' own money. If the stolen funds are not fully recovered within two years, the Axie decentralized autonomous organization will vote on the next steps for the treasury.
Unfortunately, a vast majority of the stolen funds still remain in the hands of the hacker.
Via a Twitter post on Friday, Changpeng Zhao, CEO of Binance, said that the cryptocurrency exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. Last month, the North Korean cyber-criminal group allegedly stole 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth over $600 million at the time, belonging to Axie Infinity's Ronin bridge.
As of Friday, the wallet address associated with the Ronin has around $280 million in digital assets remaining. Blockchain forensics company Elliptic recently uncovered that the hackers have been sending the money to centralized exchanges and cryptocurrency trail-mixer decentralized application, or DApp, Tornado Cash. In addition, it appears the hackers also swapped the stolen USDC for Ethereum on decentralized exchanges, or DEXs.
Possibly in response to alleged acts of money laundering, Uniswap DEX announced it was screening addresses that might be associated with moving "hacked or stolen funds" based on intelligence provided by TRM Labs.
Similarly, via Chainalysis, Tornado Cash is blocking wallets linked to illicit activity from accessing its DApp.
However, as told by its founder, Roman Semenov, the new screening process only blocks users from accessing its DApp user interface and does not prevent the movement of funds into its underlying smart contract.
Despite the incident, Axie Infinity creator Sky Mavis recently closed a $150 million funding round led by Binance. The funds will partly be used to reimburse investors who suffered losses in the exploit. In addition, the remaining amounts will be compensated via Sky Mavis' own money. If the stolen funds are not fully recovered within two years, the Axie decentralized autonomous organization will vote on the next steps for the treasury.
KunciCoin(BSC)🟨⬜️
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
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They are verified on
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Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
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They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
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Twitter
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Gibraltar rolls out new virtual asset regulation to combat market abuse.
The document will require crypto companies to seek and prevent insider trading and market manipulation.
The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading.
On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country's financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory.
The regulation, crafted by a special working group that included both government officials and industry experts, sets operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant virtual asset holdings and the publication of information that could be aimed at generating false or misleading market signals and to investigate whether algorithmic-based systems are being used to generate deceptive data around transaction volumes.
The regulation also requires crypto companies to seek and prevent any insider trading activities and inform the public of any relevant information “as soon as possible.” Proposed trading standards also include putting in place measures to reduce the liquidity providers' and market makers' capacity to significantly alter asset prices.
Albert Isola, Gibraltar's minister for Digital and Financial Services, expressed his confidence that the introduced measures will help the jurisdiction maintain its already strong relationship with the crypto sector. Isola commented to Cointelegraph:
"The introduction of the 10th Principle, with a significant input from industry, will develop further our regulatory framework. It provides permissioned firms with clear guidance on the standards that are required of them as well as providing consumer and jurisdictional protection."
The document will require crypto companies to seek and prevent insider trading and market manipulation.
The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading.
On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country's financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory.
The regulation, crafted by a special working group that included both government officials and industry experts, sets operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant virtual asset holdings and the publication of information that could be aimed at generating false or misleading market signals and to investigate whether algorithmic-based systems are being used to generate deceptive data around transaction volumes.
The regulation also requires crypto companies to seek and prevent any insider trading activities and inform the public of any relevant information “as soon as possible.” Proposed trading standards also include putting in place measures to reduce the liquidity providers' and market makers' capacity to significantly alter asset prices.
Albert Isola, Gibraltar's minister for Digital and Financial Services, expressed his confidence that the introduced measures will help the jurisdiction maintain its already strong relationship with the crypto sector. Isola commented to Cointelegraph:
"The introduction of the 10th Principle, with a significant input from industry, will develop further our regulatory framework. It provides permissioned firms with clear guidance on the standards that are required of them as well as providing consumer and jurisdictional protection."
NFT DROP COMPETITION for first skill-based racing game on Solana IS ON🔥
🚀Road2Moon - is launching its first utility NFTs! Game Alpha already developed, Doxxed team, deflationary tokenomics, guilds & scholarships coming soon! Check out their sick gameplay & Litepaper on https://road2moon.io/
Road2Moon Game NFT Holders get:
✅ Early game access to the Play2Earn game launching In May 2022
✅ Passive income from using NFTs to farm native game token ISRM
✅ Level up system to boost farming income
NFTs will be released in 4 waves. First wave of ONLY 100 NFTs at 0.5 SOL starting April 2022 (Whitelist spots disappearing FAST!)‼️
🔥DROP COMPETITION🔥
Win 3 Whitelist spots for NFT Drops starting April 2022. Whitelist spots are released as NFTs and can be traded on Magic Eden Marketplace https://magiceden.io/marketplace/road_2_moon
Competition ending: 02/05/2022 at midnight CET
⚠️ How to WIN?
Enter Givelab competition HERE https://giv.gg/cryptoj
It is only required to join a telegram.
The rest are optional. Complete more steps for higher chances of the drop. Good luck.
🚀Road2Moon - is launching its first utility NFTs! Game Alpha already developed, Doxxed team, deflationary tokenomics, guilds & scholarships coming soon! Check out their sick gameplay & Litepaper on https://road2moon.io/
Road2Moon Game NFT Holders get:
✅ Early game access to the Play2Earn game launching In May 2022
✅ Passive income from using NFTs to farm native game token ISRM
✅ Level up system to boost farming income
NFTs will be released in 4 waves. First wave of ONLY 100 NFTs at 0.5 SOL starting April 2022 (Whitelist spots disappearing FAST!)‼️
🔥DROP COMPETITION🔥
Win 3 Whitelist spots for NFT Drops starting April 2022. Whitelist spots are released as NFTs and can be traded on Magic Eden Marketplace https://magiceden.io/marketplace/road_2_moon
Competition ending: 02/05/2022 at midnight CET
⚠️ How to WIN?
Enter Givelab competition HERE https://giv.gg/cryptoj
It is only required to join a telegram.
The rest are optional. Complete more steps for higher chances of the drop. Good luck.
4-digit ENS domains spike in demand this week and continue soaring.
Ethereum users rushing to purchase scarce three- and four-digit names have been driving NFT market sales activity.
Ethereum Name Service, or ENS, .eth domains ranging from 0000 to 9999 have recently been causing a stir among nonfungible token (NFT) investors, speculators and enthusiasts alike. Even though three- and four-digit names have been around for years, the number of people registering for ENS domains and purchasing these digit number names on secondary markets over the past week has significantly affected the market’s trading volume.
According to a Dune Analytics dashboard for ENS, the spike in sales began on April 21, and the number of eth. name registrations have since jumped from 2,721 to 21,188 by Thursday. Over the last seven-day period, ENS domains’ trading volume on OpenSea climbed by 3,333% to 2,613 Ether (ETH), or $7.3 million at the time of writing. The last 48 hours have seen the most ENS NFT trading in the secondary market, with the most expensive domain so far, “555.eth,” selling for 55.5 ETH, or $156,821.91 on Thursday.
Each ENS web name is an NFT that is minted and sold like any other nonfungible token. These decentralized domains that end in .eth can act like Ethereum wallet addresses, cryptographic hashes and website URLs. Since decentralized applications (DApps), wallets, exchanges and marketplaces increasingly support NFT usernames, whether from ENS or from competitors like Unstoppable Domains, Web3 users are embracing the value that can be tied to a digital identity.
Holders who have scooped up ENS names from 0-9999 have formed an exclusive Discord channel called the 10kClub. At the time of writing, nearly 4,000 ENS holders had joined this social club. Members even created a refrain that was continuously posted throughout the Discord chat stating, “I AM MY NUMBERS AND MY NUMBERS ARE ME.” According to the 10kClub Twitter page, there is no roadmap.
Consequentially, the appensdomains website has been crashing this past week and leading users to a 404 error page because the website couldn’t be found on the server. On Thursday, the ENS team tweeted multiple times that they are working to resolve the issue.
Ethereum users rushing to purchase scarce three- and four-digit names have been driving NFT market sales activity.
Ethereum Name Service, or ENS, .eth domains ranging from 0000 to 9999 have recently been causing a stir among nonfungible token (NFT) investors, speculators and enthusiasts alike. Even though three- and four-digit names have been around for years, the number of people registering for ENS domains and purchasing these digit number names on secondary markets over the past week has significantly affected the market’s trading volume.
According to a Dune Analytics dashboard for ENS, the spike in sales began on April 21, and the number of eth. name registrations have since jumped from 2,721 to 21,188 by Thursday. Over the last seven-day period, ENS domains’ trading volume on OpenSea climbed by 3,333% to 2,613 Ether (ETH), or $7.3 million at the time of writing. The last 48 hours have seen the most ENS NFT trading in the secondary market, with the most expensive domain so far, “555.eth,” selling for 55.5 ETH, or $156,821.91 on Thursday.
Each ENS web name is an NFT that is minted and sold like any other nonfungible token. These decentralized domains that end in .eth can act like Ethereum wallet addresses, cryptographic hashes and website URLs. Since decentralized applications (DApps), wallets, exchanges and marketplaces increasingly support NFT usernames, whether from ENS or from competitors like Unstoppable Domains, Web3 users are embracing the value that can be tied to a digital identity.
Holders who have scooped up ENS names from 0-9999 have formed an exclusive Discord channel called the 10kClub. At the time of writing, nearly 4,000 ENS holders had joined this social club. Members even created a refrain that was continuously posted throughout the Discord chat stating, “I AM MY NUMBERS AND MY NUMBERS ARE ME.” According to the 10kClub Twitter page, there is no roadmap.
Consequentially, the appensdomains website has been crashing this past week and leading users to a 404 error page because the website couldn’t be found on the server. On Thursday, the ENS team tweeted multiple times that they are working to resolve the issue.
Global private bank LGT opens Bitcoin and Ether trading.
LGT Bank has partnered with the Swiss crypto bank Seba to offer custody and trading services for Bitcoin and Ether.
LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
Managing over $292 billion of assets, LGT Bank has debuted digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,” Seba Bank’s chief marketing officer Sandra Frank told Cointelegraph.
LGT Bank will initially offer custody and trading services for BTC and ETH. Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, enabling clients to easily exchange assets in their existing portfolios. The new offering will be initially available to selected client groups of LGT Bank. In order to access the new services, clients must be based in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager.
Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest wealth managers and investment companies. The banking giant traces its history back to 1920 and has a key presence in Switzerland in addition to more than 20 offices around the globe.
LGT Bank’s entrance into crypto aligns with the firm’s commitment to meet the increasing demand for investment opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:
“The demand for cryptocurrencies has also increased among our clients in recent years. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central for dealing with this dynamic and still quite young asset class.”
LGT Bank has partnered with the Swiss crypto bank Seba to offer custody and trading services for Bitcoin and Ether.
LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
Managing over $292 billion of assets, LGT Bank has debuted digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,” Seba Bank’s chief marketing officer Sandra Frank told Cointelegraph.
LGT Bank will initially offer custody and trading services for BTC and ETH. Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, enabling clients to easily exchange assets in their existing portfolios. The new offering will be initially available to selected client groups of LGT Bank. In order to access the new services, clients must be based in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager.
Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest wealth managers and investment companies. The banking giant traces its history back to 1920 and has a key presence in Switzerland in addition to more than 20 offices around the globe.
LGT Bank’s entrance into crypto aligns with the firm’s commitment to meet the increasing demand for investment opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:
“The demand for cryptocurrencies has also increased among our clients in recent years. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central for dealing with this dynamic and still quite young asset class.”
Nvidia to pay $5.5M as part of SEC case concerning 'inadequate disclosures' around crypto mining.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
Analyst claims that exchanges sell your Bitcoin, crypto trading platforms respond.
A crypto analyst claimed that staking Bitcoin through exchanges allows them to sell it to someone else. Cointelegraph reached out to exchanges for their response.
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst has even claimed that keeping BTC on exchanges is also a factor for price dips.
Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on why keeping BTC on an exchange lowers the coin’s price. Kamau believes that buying BTC on exchanges only amounts to buying an “I owe you,” or IOU, which he describes as “paper Bitcoin.”
The analyst also pointed out that exchanges create many ways to discourage withdrawing BTC, such as high withdrawal fees. On the other hand, exchanges encourage keeping BTC on the exchanges by providing staking services.
According to Kamau, this is done because the exchanges sell the Bitcoin they custody to other buyers while the owner of the IOU stays happy earning an annual percentage yield on their BTC.
Kamau claimed that because of this process, investors who keep BTC on exchanges suffer a deficit, as it enables exchanges to “print” Bitcoin — and as the supply goes up, the price goes down. He also urged users to keep their holdings off of exchanges, calling it the “logical thing to do if you want to change the world with Bitcoin.“
While many accounts liked and retweeted Kamau’s thread on Twitter, not everyone agreed with his remarks. Twitter user KoningMarc responded, calling the allegations “wild speculation at best.” Additionally, Twitter user Felipe Encinas replied that if this were the case, exchanges would be able to short BTC without having it, which “can’t happen.”
Crypto exchanges did not deny that this may be happening at some exchanges. However, LBank chairman Eric He told Cointelegraph that exchanges that do this will be taught a lesson. He explained:
“The market will teach exchanges that sell users’ Bitcoin a lesson because they will not be able to buy back the Bitcoin they sold. Exchanges like this will surely fail."
A crypto analyst claimed that staking Bitcoin through exchanges allows them to sell it to someone else. Cointelegraph reached out to exchanges for their response.
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst has even claimed that keeping BTC on exchanges is also a factor for price dips.
Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on why keeping BTC on an exchange lowers the coin’s price. Kamau believes that buying BTC on exchanges only amounts to buying an “I owe you,” or IOU, which he describes as “paper Bitcoin.”
The analyst also pointed out that exchanges create many ways to discourage withdrawing BTC, such as high withdrawal fees. On the other hand, exchanges encourage keeping BTC on the exchanges by providing staking services.
According to Kamau, this is done because the exchanges sell the Bitcoin they custody to other buyers while the owner of the IOU stays happy earning an annual percentage yield on their BTC.
Kamau claimed that because of this process, investors who keep BTC on exchanges suffer a deficit, as it enables exchanges to “print” Bitcoin — and as the supply goes up, the price goes down. He also urged users to keep their holdings off of exchanges, calling it the “logical thing to do if you want to change the world with Bitcoin.“
While many accounts liked and retweeted Kamau’s thread on Twitter, not everyone agreed with his remarks. Twitter user KoningMarc responded, calling the allegations “wild speculation at best.” Additionally, Twitter user Felipe Encinas replied that if this were the case, exchanges would be able to short BTC without having it, which “can’t happen.”
Crypto exchanges did not deny that this may be happening at some exchanges. However, LBank chairman Eric He told Cointelegraph that exchanges that do this will be taught a lesson. He explained:
“The market will teach exchanges that sell users’ Bitcoin a lesson because they will not be able to buy back the Bitcoin they sold. Exchanges like this will surely fail."
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BattleVerse Open Beta Launch
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
▫️Their main goal is to give everyone the opportunity to earn through fun gameplay, even if you are not an experienced player in the world of Play-to-Earn (P2E) games.
To celebrate this significant event the team launches another raffle in which 10 of the luckiest can win a cool Battle Shroom NFT🍄 and get to the battle arena among the first!
👉Link to participate: https://battleverse.io/gleam4/sltg1205
⏰Deadline: May 17
🤩More entries – more chances to win! All winners' entries will be checked by us manually! So don't miss your chance to earn!
💰Also this project offers an interesting and profitable staking system! You can stake $BVC (project token) and get tokens of four projects with income level up to 250% APY!
⚔️Let's blow up the Arena!⚔️
🌐BattleVerse Universal link
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
▫️Their main goal is to give everyone the opportunity to earn through fun gameplay, even if you are not an experienced player in the world of Play-to-Earn (P2E) games.
To celebrate this significant event the team launches another raffle in which 10 of the luckiest can win a cool Battle Shroom NFT🍄 and get to the battle arena among the first!
👉Link to participate: https://battleverse.io/gleam4/sltg1205
⏰Deadline: May 17
🤩More entries – more chances to win! All winners' entries will be checked by us manually! So don't miss your chance to earn!
💰Also this project offers an interesting and profitable staking system! You can stake $BVC (project token) and get tokens of four projects with income level up to 250% APY!
⚔️Let's blow up the Arena!⚔️
🌐BattleVerse Universal link
No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks.
GAM Investments has called fake news on a fabricated announcement claiming it would invest $3 billion to help Luna/UST recovery efforts.
GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.
An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.
Cointelegraph has confirmed with GAM Investments that the press release was fabricated, even including fake quotes from GAM CEO Peter Sanderson. GAM’s head of communications and investor relations, Charles Naylor, categorically labeled the release as fake news.
The ongoing LUNA/UST debacle has been the focal point of the cryptocurrency space this week, with the collapse of the Terra ecosystem reverberating through the markets. DeFi protocols that were tied to UST saw losses of up to 80%, while Bitcoin (BTC) holdings backed by UST were also forced into a sell-off that saw the price of BTC go as low as $24,000 before recovering.
Terra founder Do Kwon and his team released a proposed recovery strategy for the LUNA ecosystem midweek that involved burning $1.4 billion UST while staking 240 million LUNA tokens in an effort to stem the devaluation of the UST dollar peg.
A day later, LUNA validators made the decision to take the network offline as the volatility of the LUNA/UST pair provided the potential for further governance attacks. Cryptocurrency exchange Binance decided to suspend LUNA/BUSD and UST/BUSD on its spot trading platform following the halting of the Terra blockchain.
GAM Investments has called fake news on a fabricated announcement claiming it would invest $3 billion to help Luna/UST recovery efforts.
GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.
An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.
Cointelegraph has confirmed with GAM Investments that the press release was fabricated, even including fake quotes from GAM CEO Peter Sanderson. GAM’s head of communications and investor relations, Charles Naylor, categorically labeled the release as fake news.
The ongoing LUNA/UST debacle has been the focal point of the cryptocurrency space this week, with the collapse of the Terra ecosystem reverberating through the markets. DeFi protocols that were tied to UST saw losses of up to 80%, while Bitcoin (BTC) holdings backed by UST were also forced into a sell-off that saw the price of BTC go as low as $24,000 before recovering.
Terra founder Do Kwon and his team released a proposed recovery strategy for the LUNA ecosystem midweek that involved burning $1.4 billion UST while staking 240 million LUNA tokens in an effort to stem the devaluation of the UST dollar peg.
A day later, LUNA validators made the decision to take the network offline as the volatility of the LUNA/UST pair provided the potential for further governance attacks. Cryptocurrency exchange Binance decided to suspend LUNA/BUSD and UST/BUSD on its spot trading platform following the halting of the Terra blockchain.
80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
Swiss asset manager Julius Baer eyes crypto and DeFi potential.
Swiss asset manager Julius Baer is set to offer cryptocurrency exposure to its high-net-worth clientele.
The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients.
The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.
Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.
“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”
Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use.
“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it's exactly the right moment to invest in the long-term potential of digital asset technology.”
The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance.
Rickenbacher was particularly enamored with the potential of the DeFi sector — which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem.
The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance:
“On the other hand, it's also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.”
Swiss asset manager Julius Baer is set to offer cryptocurrency exposure to its high-net-worth clientele.
The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients.
The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.
Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.
“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”
Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use.
“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it's exactly the right moment to invest in the long-term potential of digital asset technology.”
The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance.
Rickenbacher was particularly enamored with the potential of the DeFi sector — which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem.
The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance:
“On the other hand, it's also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.”
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LUNA Jumps as 273M Tokens Burned Despite Do Kwon Opposing the Idea.
Terra (LUNA) holders have sent over LUNA 273m to the burn address provided by the Terraform Labs founder and CEO Do Kwon in a bid to reduce the token supply - an idea that Do Kwon is not in support of.
Upon request from some community members, the CEO shared a burn address over the weekend. Subsequently, a token holder shared the address on Terra’s Research Forum, a space where developers and users discuss Terra protocols, asking the community to burn a portion of their tokens.
"Let’s go vultures, show that you really care about Luna and take the initiative and burn some of your coins, aren’t you guys true supporters," the user said.
Many in the community showed support for the plan, with some claiming that they have already sent some tokens to the address. "Great. Burned a few K just for the culture," one user said.
As of Monday morning (7:15 UTC), the burn address has received 273.35m tokens (USD 52,000), according to Bitquery.io. Considering that LUNA’s current supply is over 6.5trn, the burned amount is trivial. Still, it seems to have positively impacted the coin's price.
At the time of writing, LUNA is trading over USD 0.00019, up by more than 19% over the past 24 hours. It almost doubled since Saturday. In either case, the price is down almost 100% this month.
In cryptocurrency, burning is the process of taking a certain amount of tokens out of circulation to increase the value of the existing tokens. This is done by sending the desired amount of tokens to a wallet address that can only receive tokens but not transfer them.
Major crypto exchange Binance CEO Changpeng Zhao (CZ) is among the more notable crypto players that have supported the burning idea, arguing that “forking does not give the new fork any value. That's wishful thinking” - referring to an idea to hardfork Terra to Terra2.
"Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin," he has previously said.
Terra (LUNA) holders have sent over LUNA 273m to the burn address provided by the Terraform Labs founder and CEO Do Kwon in a bid to reduce the token supply - an idea that Do Kwon is not in support of.
Upon request from some community members, the CEO shared a burn address over the weekend. Subsequently, a token holder shared the address on Terra’s Research Forum, a space where developers and users discuss Terra protocols, asking the community to burn a portion of their tokens.
"Let’s go vultures, show that you really care about Luna and take the initiative and burn some of your coins, aren’t you guys true supporters," the user said.
Many in the community showed support for the plan, with some claiming that they have already sent some tokens to the address. "Great. Burned a few K just for the culture," one user said.
As of Monday morning (7:15 UTC), the burn address has received 273.35m tokens (USD 52,000), according to Bitquery.io. Considering that LUNA’s current supply is over 6.5trn, the burned amount is trivial. Still, it seems to have positively impacted the coin's price.
At the time of writing, LUNA is trading over USD 0.00019, up by more than 19% over the past 24 hours. It almost doubled since Saturday. In either case, the price is down almost 100% this month.
In cryptocurrency, burning is the process of taking a certain amount of tokens out of circulation to increase the value of the existing tokens. This is done by sending the desired amount of tokens to a wallet address that can only receive tokens but not transfer them.
Major crypto exchange Binance CEO Changpeng Zhao (CZ) is among the more notable crypto players that have supported the burning idea, arguing that “forking does not give the new fork any value. That's wishful thinking” - referring to an idea to hardfork Terra to Terra2.
"Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin," he has previously said.
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Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account.
Links posted to a fake Louis Vuitton NFT raffle were made to capitalize on a recent real collaboration between Beeple and the luxury fashion brand.
Digital artist and popular nonfungible token (NFT) creator Mike Winkelmann, more commonly known as Beeple, had his Twitter account hacked on Sunday as part of a phishing scam.
Harry Denley, security analyst of MetaMask, alerted users that Beeple’s tweets at the time containing a link to a raffle of a Louis Vuitton NFT collaboration were, in fact, a phishing scam that would drain the crypto out of users’ wallets if clicked.
The scammers were likely looking to capitalize on a real recent collaboration between Beeple and Louis Vuitton. Earlier in May, Beeple designed 30 NFTs for the luxury fashion brand’s Louis The Game mobile game, which were embedded as rewards to players.
The scammer continued to post phishing links from Beeple’s Twitter account, leading to fake Beeple collections that lured in unsuspecting users with the promise of a free mint for unique NFTs.
The phishing links were up on Beeple’s Twitter for around five hours, and an on-chain analysis of one of the scammers’ wallets shows the first phishing link scored them 36 Ether (ETH), worth roughly $73,000 at the time.
The second link netted the scammers around $365,000 worth of ETH and many NFTs from high-value collections such as the Mutant Ape Yacht Club, VeeFriends and Otherdeeds, among others, bringing the grand total value stolen from the scam to around $438,000.
On-chain data shows the scammer selling the NFTs on OpenSea and putting their stolen ETH into a crypto mixer in an attempt to launder the gains.
Beeple later tweeted that he had regained control of his account and added to remind his followers that “anything too good to be true IS A FCKING SCAM.”
Beeple has created three of the top ten most expensive NFTs sold to date including one which sold for $69.3 million, the most expensive ever sold to a sole owner. This attention has made him a target for hacks.
In November 2021, an admin account on Beeple’s Discord was hacked with scammers there also promoting a similarly fake NFT drop which resulted in users losing around 38 ETH.
Links posted to a fake Louis Vuitton NFT raffle were made to capitalize on a recent real collaboration between Beeple and the luxury fashion brand.
Digital artist and popular nonfungible token (NFT) creator Mike Winkelmann, more commonly known as Beeple, had his Twitter account hacked on Sunday as part of a phishing scam.
Harry Denley, security analyst of MetaMask, alerted users that Beeple’s tweets at the time containing a link to a raffle of a Louis Vuitton NFT collaboration were, in fact, a phishing scam that would drain the crypto out of users’ wallets if clicked.
The scammers were likely looking to capitalize on a real recent collaboration between Beeple and Louis Vuitton. Earlier in May, Beeple designed 30 NFTs for the luxury fashion brand’s Louis The Game mobile game, which were embedded as rewards to players.
The scammer continued to post phishing links from Beeple’s Twitter account, leading to fake Beeple collections that lured in unsuspecting users with the promise of a free mint for unique NFTs.
The phishing links were up on Beeple’s Twitter for around five hours, and an on-chain analysis of one of the scammers’ wallets shows the first phishing link scored them 36 Ether (ETH), worth roughly $73,000 at the time.
The second link netted the scammers around $365,000 worth of ETH and many NFTs from high-value collections such as the Mutant Ape Yacht Club, VeeFriends and Otherdeeds, among others, bringing the grand total value stolen from the scam to around $438,000.
On-chain data shows the scammer selling the NFTs on OpenSea and putting their stolen ETH into a crypto mixer in an attempt to launder the gains.
Beeple later tweeted that he had regained control of his account and added to remind his followers that “anything too good to be true IS A FCKING SCAM.”
Beeple has created three of the top ten most expensive NFTs sold to date including one which sold for $69.3 million, the most expensive ever sold to a sole owner. This attention has made him a target for hacks.
In November 2021, an admin account on Beeple’s Discord was hacked with scammers there also promoting a similarly fake NFT drop which resulted in users losing around 38 ETH.
MetaMask Aims to Help Crypto Scam & Phishing Victims Take Legal Action Against Fraudsters.
The browser-based crypto wallet provider MetaMask has announced that it will attempt to aid users who fall prey to crypto-related scams and phishing attacks in their quests to recoup lost or stolen assets.
In a press release, the wallet provider explained that it has teamed up with the UK-based firm Asset Reality, which specializes in investigating cases of stolen cryptoassets. The deal will see the latter handle individual cases, and the companies said their partnership represented “an industry-first approach in improving digital asset recovery.”
MetaMask claims to have 30 million monthly active users, and added that the arrangement would see Asset Reality provide MetaMask users support “globally.”
The firms explained that “traditional recovery uses civil litigation, and usually involves instructing a lawyer,” which was problematic in the absence of “special crypto processes,” with costs that “can be in excess of USD 75,000” and take long periods of time to complete.
But Asset Reality’s “offering,” it explained, “allows multiple victims of a scam operation to join forces and build a larger forensic investigation against a scam operation” – with the firm handling cases “free” of charge to MetaMask users.
However, the companies warned, “users may need to cover legal costs should they decide that the route of recovery makes economic sense.”
However, the firms claimed that in cases where “legal costs are too high,” they would “help them join forces with other victims as a group.”
The arrangement will also involve the blockchain analytics firm ConsenSys, which will be called upon to “pursue larger scale scam operations.”
The wallet provider will provide an interface whereby users can report on the nature of their losses, whereupon Asset Reality “will take over communication with the users, and will proactively keep users updated on the status of their cases.”
Dan Finlay, the co-founder of MetaMask, was quoted as stating:
“It’s really important that victims of hacks come forward, no matter how small. They could reveal or be the starting point of a wider investigation and create the opportunity to aggregate claims to commence potential legal action.”
Aidan Larkin, the CEO of Asset Reality, added that scam victims suffer both “emotionally and financially, and said:
“We see losses across the entire crypto ecosystem ranging from hundreds to millions of dollars in value.”
The browser-based crypto wallet provider MetaMask has announced that it will attempt to aid users who fall prey to crypto-related scams and phishing attacks in their quests to recoup lost or stolen assets.
In a press release, the wallet provider explained that it has teamed up with the UK-based firm Asset Reality, which specializes in investigating cases of stolen cryptoassets. The deal will see the latter handle individual cases, and the companies said their partnership represented “an industry-first approach in improving digital asset recovery.”
MetaMask claims to have 30 million monthly active users, and added that the arrangement would see Asset Reality provide MetaMask users support “globally.”
The firms explained that “traditional recovery uses civil litigation, and usually involves instructing a lawyer,” which was problematic in the absence of “special crypto processes,” with costs that “can be in excess of USD 75,000” and take long periods of time to complete.
But Asset Reality’s “offering,” it explained, “allows multiple victims of a scam operation to join forces and build a larger forensic investigation against a scam operation” – with the firm handling cases “free” of charge to MetaMask users.
However, the companies warned, “users may need to cover legal costs should they decide that the route of recovery makes economic sense.”
However, the firms claimed that in cases where “legal costs are too high,” they would “help them join forces with other victims as a group.”
The arrangement will also involve the blockchain analytics firm ConsenSys, which will be called upon to “pursue larger scale scam operations.”
The wallet provider will provide an interface whereby users can report on the nature of their losses, whereupon Asset Reality “will take over communication with the users, and will proactively keep users updated on the status of their cases.”
Dan Finlay, the co-founder of MetaMask, was quoted as stating:
“It’s really important that victims of hacks come forward, no matter how small. They could reveal or be the starting point of a wider investigation and create the opportunity to aggregate claims to commence potential legal action.”
Aidan Larkin, the CEO of Asset Reality, added that scam victims suffer both “emotionally and financially, and said:
“We see losses across the entire crypto ecosystem ranging from hundreds to millions of dollars in value.”
Brazilian university USP will conduct academic research in the metaverse.
The university wants to explore important research questions around psychology, human behavior and augmented reality inside the metaverse.
As reported by the University of Sao Paulo (USP), the metaverse-centric research will be carried out by research groups interested in 3D modeling, psychology and human behavior, and the effectiveness of virtual and augmented reality devices. These research domains will be evaluated within the context of the metaverse to understand how the new virtual world impacts user interactions.
USP professor Marcos A. Simplicio Jr. highlighted that this is the first time USP had received a nonfungible token (NFT) via partnership. The token in question is a rare piece of land in the United States of Mars (USM) metaverse, which is being built in collaboration with other universities.
"USP is the first university in Latin America to have a partnership with USM to support the construction of its metaverse," said Simplicio.
The partnership will initially feature a collaboration with researchers stemming from an existing agreement called the University Blockchain Research Initiative (UBRI), which is sponsored by Ripple.
As Cointelegraph reported, opportunities involving the metaverse were discussed at the World Economic Forum’s Annual Meeting, which concluded on Thursday. Specifically, the panel titled “The Possibilities of the Metaverse” explored how metaverse technologies can be used to enhance children’s learning. The panel featured Philip Rosedale, co-founder of High Fidelity; Pascal Kaufmann, founder of Mindfire Foundation; Peggy Johnson, CEO of Magic Leap; Hoda AlKhzaimi, assistant research professor at New York University, Abu Dhabi and Edward Lewin, vice president of Lego Group.
“One in three people using the internet are young adults and children, so I would really focus on building from kids’ perspective, given they are the future users,” Lewin said during the panel discussion.
The University of Sao Paulo and United States of Mars (USM), which recently rebranded from Radio Caca, have announced an agreement that aims to promote research around the technical, economic and legal aspects of the Metaverse.
The university wants to explore important research questions around psychology, human behavior and augmented reality inside the metaverse.
As reported by the University of Sao Paulo (USP), the metaverse-centric research will be carried out by research groups interested in 3D modeling, psychology and human behavior, and the effectiveness of virtual and augmented reality devices. These research domains will be evaluated within the context of the metaverse to understand how the new virtual world impacts user interactions.
USP professor Marcos A. Simplicio Jr. highlighted that this is the first time USP had received a nonfungible token (NFT) via partnership. The token in question is a rare piece of land in the United States of Mars (USM) metaverse, which is being built in collaboration with other universities.
"USP is the first university in Latin America to have a partnership with USM to support the construction of its metaverse," said Simplicio.
The partnership will initially feature a collaboration with researchers stemming from an existing agreement called the University Blockchain Research Initiative (UBRI), which is sponsored by Ripple.
As Cointelegraph reported, opportunities involving the metaverse were discussed at the World Economic Forum’s Annual Meeting, which concluded on Thursday. Specifically, the panel titled “The Possibilities of the Metaverse” explored how metaverse technologies can be used to enhance children’s learning. The panel featured Philip Rosedale, co-founder of High Fidelity; Pascal Kaufmann, founder of Mindfire Foundation; Peggy Johnson, CEO of Magic Leap; Hoda AlKhzaimi, assistant research professor at New York University, Abu Dhabi and Edward Lewin, vice president of Lego Group.
“One in three people using the internet are young adults and children, so I would really focus on building from kids’ perspective, given they are the future users,” Lewin said during the panel discussion.
The University of Sao Paulo and United States of Mars (USM), which recently rebranded from Radio Caca, have announced an agreement that aims to promote research around the technical, economic and legal aspects of the Metaverse.
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Sports NFTs are going to generate over $2B in 2022 and over 5 million sports NFTs will be minted this year!
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⚾️ Meet real baseball legends at our parties & events
💰 Discounts on Dinger Squad merch & collectibles
✔️ Whitelisting for presale legends NFT mint and token pre-sale
💲 NFT staking rewards
and more!
❗️Join the Dinger Squad Discord to get whitelisted for the pre-sale!
👉 DINGER SQUAD DISCORD
Discord
Discord - A New Way to Chat with Friends & Communities
Discord is the easiest way to communicate over voice, video, and text. Chat, hang out, and stay close with your friends and communities.