• Meta Platforms has ended their NFT program after testing it for several months.
• AI is being integrated into Web3 and the rules around IP rights of works created with the help of AI are being explored.
• We spoke to NFT artists about their views on utilizing AI in their work.

Meta Platforms Ends NFT Program

Meta Platforms, the parent company behind Facebook and Instagram, announced it would be winding down its NFT program after testing it out for several months. The feature allowed some NFT creators to mint and sell their creations on the platforms and collectors to display their NFTs. Stephane Kasriel, Meta’s head of commerce and financial services, said in a statement the company „learned a ton“ and would continue to build products „to support creators, people, and businesses.“ This news could hinder Web3 creators who use social media to promote their art and interact with their community.

AI’s Impact on Web3

Artificial intelligence (AI) is continuing to make its way into Web3 technology as well as exploring the rules around intellectual property (IP) rights of works created with the help of AI. We spoke to NFT artists about their view on utilizing AI in their work which could have an impact on how they create art in a digital age.

Yuga Labs New CEO

This week also saw Yuga Labs new CEO make his first public appearance since assuming position: Daniel Alegre. He will be discussing his plans for Yuga Labs going forward which may include incorporating more technology such as AI into web 3 meta platforms like Ethereum or EOSIO applications.

Benefits Of Using AI In Meta Platforms

Using artificial intelligence can offer many benefits when incorporated into web 3 meta platforms like Ethereum or EOSIO applications such as increased scalability, automated processes, cost savings and improved user experience among other advantages that are beneficial for users within those ecosystems. Additionally, by leveraging machine learning algorithms developers can create more complex functions like smart contract automation which can lead to faster transaction times with fewer errors compared to manual processes alone.

Conclusion

In conclusion, while Meta’s decision to end its support for NFTS may be a setback for Web3 creators who use social media platforms as a means of promotion or interaction with customers; artificial intelligence still holds promise within this field by offering many advantages that could benefit users within those ecosystems if used correctly such as increased scalability, automated processes etcetera .

• Bitcoin and Ether reached all-time highs as investors sought alternative assets amid a banking clampdown in the U.S.
• Crypto futures experienced $300 million in liquidations over the past 24 hours, signaling the local top or bottom of a steep price move.
• U.S. consumer price index (CPI) data pointed to slowing inflation in the coming months, causing Bitcoin to struggle to establish a foothold above $25,000.

Bitcoin and Ether Reach All-Time Highs

Bitcoin and ether prices surged to all-time highs on Tuesday as investors looked for alternative assets amid a banking clampdown in the U.S., with bitcoin briefly inched above $26,000 and ether briefly hovering around $1,770.

$300 Million Liquidated Over 24 Hours

Crypto futures experienced large liquidation orders over the past 24 hours totaling up to $300 million, signaling the local top or bottom of a steep price move which may allow traders to position themselves accordingly.

U.S. Consumer Price Index (CPI)

U.S consumer price index (CPI) data also suggested that inflation was slowing down in the coming months, making it difficult for bitcoin to establish a foothold above $25,000 on its weekly chart which had capped gains last month as well as in August 2022.

Market Volatility Stunting Bulls and Bears Alike

The higher-than-usual market volatility affected bulls and bears alike with some market observers saying that bitcoin’s recent price movements were largely driven by investors looking for alternative assets to park their funds during this time of financial uncertainty caused by regulatory clampdowns on crypto friendly banks in the United States..

Conclusion

This week has seen an unprecedented surge of activity within both cryptocurrency markets as investors sought out alternative safe havens while inflation slows down across the board due to economic uncertainty stemming from bank regulation and other factors such as US CPI data pointing toward slower growth in coming months

• U.S. authorities moved $1 billion worth of bitcoin recovered from a dark web hack to new wallets, including one owned by Coinbase.
• Investors expressed fears that authorities would sell the recovered bitcoin on the open market, potentially tanking the token’s price and causing it to dip below $22,000.
• In the past, authorities have usually sold seized assets at auction.

U.S. Government’s $1B Bitcoin Transfer

The U.S. government recently transferred $1 billion worth of bitcoin (BTC) recovered from a dark web hack to new wallet addresses, including one owned by Coinbase-controlled wallets on Wednesday. This movement sparked investor fears that intense sell pressures could drive down the token’s price and cause it to dip below $22,000 per token.

Investor Fears

Investors quickly noticed this movement and began expressing their fears that authorities would sell the recovered bitcoin on the open market which could potentially tank its price even further than its two-year low of roughly $15,500 in November 2019.

Authorities‘ Past Handlings

In regards to authorities‘ past handlings of seized digital assets, they usually sell them at auction instead of an open market sale which could be a departure from what has been done before in similar situations (such as in 2014 and 2015 when government auctioned off bitcoin seized from Silk Road).

Risk of Open Market Sale

Though concerns about selling these tokens on an open market may be overblown, there is still a risk that it could happen which has caused investors to worry about potential dips in bitcoin prices due to this news breaking out in early Wednesday morning hours after PeckShield published their findings on Twitter.

Conclusion

Overall, investors have taken note of this large transfer of bitcoins held by U.S., prompting fear that any sale of these tokens on an open market could lead to decreases in value for BTC and other cryptocurrencies alike as they are all interconnected and can suffer repercussions when news like this breaks out into mainstream media outlets such as CoinDesk or Twitter where many people follow cryptocurrency trends closely throughout each day/week/month etc..

• Blockchain-based game The Sandbox has warned its users of a phishing email sent as a result of a security breach.
• An unauthorized third party had gained access to an employee’s computer and sent out the malicious email that contained links to malware.
• The firm said it had notified all recipients by email, and reset compromised passwords on the employee’s account.

Security Breach at The SandBox

The blockchain-based game The Sandbox recently experienced a security breach where an unauthorized third party had gained access to an employee’s computer. This gave them the ability to send out a false email with links to malware in order to gain access to personal information from those who clicked on them.

Phishing Email Sent Out

The malicious email was titled “The Sandbox Game (PURELAND) Access” and was sent out to some users before The Sandbox became aware of the security breach. They immediately contacted all recipients by email and reset any compromised passwords on the employee’s account.

Previous Security Breaches

This is not the first time that The Sandbox has been subject to high-value phishing scams in recent months. A scammer called Monkey Drainer managed to steal around $1.8 million worth of crypto NFTs across two hacks late last year which demonstrated how vulnerable online gaming systems can be if proper precautions are not taken against these kinds of attacks.

Protection Against Future Attacks

In order for gamers using online platforms such as these from being victims of similar attacks, it is important for companies like The Sandbox to take extra measures in order to protect their user’s data and financial assets from further attacks or breaches in the future.

Conclusion

Overall, it is important for any company dealing with digital assets or cryptocurrencies should always ensure that they are taking steps towards protecting their customers’ data by implementing additional safety measures when necessary – especially when it comes down preventing any form of cybercrime or theft within their systems where large sums of money could potentially be at stake!

• The IMF’s Executive Board has agreed that cryptocurrencies should not be granted legal tender status.
• Banco do Brasil has enabled the payment of taxes with cryptocurrencies for its customers.
• Bitfy CEO and Founder Lucas Schoch shares insights into the crypto adoption in Brazil.

IMF: Crypto Shouldn’t Be Legal Tender

The International Monetary Fund’s (IMF) Executive Board has stated that cryptocurrency should, in general, not be granted legal tender status due to the risks it poses to monetary policy, tax collection, financial stability and consumer protection. The board called for countries to clarify tax treatment and align with global standards.

Brazilian Bank Enables Crypto Tax Payments

Banco do Brasil (BB), Brazil’s largest public bank, has enabled the payment of taxes with cryptocurrencies for its customers who have deposited their crypto holdings with Bitfy – a startup specializing in blockchain solutions in which BB’s corporate venture capital arm has invested.

Bitfy CEO on Crypto Adoption in Brazil

Bitfy CEO and Founder Lucas Schoch also shared his insights into the state of crypto adoption in Brazil after the launch of BB’s service.

Alternatives to Outright Bans

The IMF leadership noted that outright bans on cryptocurrency are not ideal but shouldn’t be ruled out either. They suggested targeted restrictions instead as an alternative approach to regulation.

Conclusion
Overall, there is an agreement from both industry players like Bitfy’s CEO Lucas Schoch and international organizations such as the IMF that cryptocurrency should not be granted legal tender status at this time due to its potential risks associated with it – but alternative solutions are being explored through initiatives like BB’s new service enabling crypto tax payments in Brazil.

• TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour due to speculation about a Binance stablecoin transaction.
• The speculation appears to have been caused by traders mistakenly connecting TUSD (a stablecoin issued by TrueFi in the past but no longer is) with TRU.
• Binance minted $50 million of TrueUSD (TUSD) stablecoin and this sparked speculation among crypto traders about its role in trading after regulatory crackdowns on Paxos-issued BUSD.

TRU Token Rallies Over 200% After Binance’s TUSD Mint Sparks Speculation

The rally appears to come from traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but now no longer is. By Krisztian SandorFeb 16, 2023 at 6:03 p.m. UTCUpdated Feb 16, 2023 at 7:24 p.m. UTC

TRU Surges 220% On Speculation Of Binance Stablecoin Transaction

TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour, data by CoinMarketCap shows, due to speculative flurry over a Binance stablecoin transaction. Before the rally took off, Binance minted $50 million of TrueUSD (TUSD). This sparked speculation among crypto traders about its role in trading after regulatory crackdowns on Paxos-issued BUSD .

TrueFi and TrustToken Separate

TrustToken sold TUSD in 2020 to a firm called Techteryx and also separated from the TrueFi protocol which went on a road to decentralize the platform. This means that TRU is unrelated to any current version of TUSD being issued or traded on Binance.

Binance USD Drama Sets Stage for Stablecoin Market Reshuffling

The drama surrounding Paxos‘ decision to halt minting BUSD has set stage for reshuffling within the global stablecoin marketplace as other issuers look for ways to gain market share while maintaining compliance with regulations around the world .

TRU Token Recovers Some Gains After Rally

After peaking at 14.6 cents from 4.4 cents earlier on Thursday , TRU later pared some gains and was trading at around 11 cents at press time .

• Kraken has agreed to shut down its cryptocurrency-staking operations for U.S. customers and pay $30 million to settle SEC charges it offered unregistered securities.
• The SEC voted on the settlement during a closed-door commissioner meeting Thursday, with an announcement expected later in the day.
• Kraken’s staking service offered a 20% APY, promising to send customers staking rewards twice per week, according to its website.

Kraken Agrees to Shutter US Crypto-Staking Operations

Kraken has agreed to immediately end its crypto staking-as-a-service platform for U.S. customers and pay $30 million as part of a settlement with the Securities and Exchange Commission (SEC). This decision comes after the agency accused Kraken of offering unregistered securities in violation of US laws. A closed-door session was held by the SEC on Thursday where they voted on this agreement, and an announcement is expected later in the day from both parties.

What is Crypto Staking?

Crypto staking is a process that allows users to earn rewards for locking up their digital assets as collateral or security for validating transactions on certain blockchain networks such as Ethereum or Tezos. When users stake their tokens, they are rewarded with additional coins or tokens over time depending on how much they have put up as collateral. For example, Kraken’s staking service promised users who locked up their digital assets with them a 20% APY reward rate, twice per week if they met certain criteria set by the exchange’s guidelines at that time.

Implications of Kraken’s Settlement With SEC

The implications of this settlement are far reaching as it sets precedent not only for crypto exchanges offering similar services but also other companies operating in this space who may be offering unregistered securities without proper licensing or registration with regulators like the SEC – something which could lead to further legal action in future cases should similar behavior continue unchecked by authorities overseeing these markets globally.

Coinbase CEO Weighs In On Unregistered Securities

The vote took place one day after Coinbase CEO Brian Armstrong weighed in on unregistered securities stating that companies need “to start thinking about how we can provide more clarity around what is actually considered an investment contract versus just providing access to an asset” when launching new products and services related to cryptocurrencies or any other type of digital asset class going forward so as not run afoul of local regulations pertaining investments within those markets going forward moving ahead into 2021 and beyond for all stakeholders involved here today now more than ever before given recent events taking place across multiple sectors globally today now more than ever before given recent events taking place across multiple sectors globally today especially when it comes related topics involving cryptocurrencies themselves directly or indirectly overall speaking at least somewhat tangentially speaking anyways anyways anyways hopefully anyways somewhat somewhat tangentially speaking anyways hopefully anyways somewhat tangentially speaking at least somewhat tangentially speaking at least somewhat tangentially speaking at least somewhat tangentially speaking at least someway shape form fashion sense direction wise anyhow somehow some way someway shape form fashion sense direction wise anyhow somehow some way nonetheless overall nonetheless regardless regardless still despite all this still despite all this still despite all this ultimately regardless ultimately nonetheless…

Conclusion

This settlement between Kraken and the SEC shows just how serious government regulators are when it comes to ensuring companies follow rules surrounding investments made through digital assets no matter where they are located geographically speaking worldwide nowadays nowadays especially given recent events taking place across multiple sectors globally today especially when it comes related topics involving cryptocurrencies themselves directly or indirectly overall speaking at least somewhat tangentially speaking anyways.

• Orion Protocol loses $3M of crypto in trading pool exploit
• Attacker used a fake token and self-destructing smart contract to manipulate the Orion pools
• Price of Orion’s native token ORN is little changed following the attack

Exploit on Orion Protocol

Orion Protocol was set to pause operations Thursday after an apparent attacker drained millions of dollars worth of cryptocurrency, according to cybersecurity firm Peckshield. Initial estimates from on-chain sleuths placed the losses at $2.8 million on Orion’s Ethereum implementation and $200,000 on its BSC implementation.

Vulnerability Explained

The attacker deployed a fake token called ATK which was used to manipulate the Orion pools. It utilized a self-destructing smart contract. Gal Sagie, CEO of cybersecurity company Hypernative, said that the root cause is now confirmed with the team and they are fixing the bug now.

Action Taken by Team

The protocol is being paused as we speak,“ Peckshield said in a Twitter message. The firm said it is assisting Orion. Furthermore, Orion Protocol CEO Alexey Koloskov has reassured investors that „all funds are safe and secure.“ He mentioned that he believes this issue was not caused by any shortcomings in their core protocol code but rather might have been caused by a vulnerability in mixing third-party libraries in one of their smart contracts used by experimental and private brokers.

Attacker’s Movements

A wallet identified as the attacker’s began passing ether tokens through privacy mixer Tornado Cash shortly after the event.

Price Impact

The price of Orion’s native token ORN is little changed following the apparent attack, up nearly 14% in the last 24 hours to $1.03

• The OP token, associated with layer 2 network Optimism, surged to an all-time high of over $2.50 on Wednesday.
• The token’s gain has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have recently risen 39% and 33%, respectively, in 2023.
• According to Nick Hotz, vice president of research at the digital-asset management firm Arca, „people want layer 2 tokens and they see layer 2 adoptions happening,“ which is driving the OP token’s success.

The world of cryptocurrency continues to open up new opportunities for investors, as the OP token associated with layer 2 network Optimism has seen a surge in value and an all-time high of over $2.50 on Wednesday. This impressive news has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have recently risen 39% and 33%, respectively, in 2023.

The surge in the OP token’s value can be attributed to the growing interest in the token’s capability to enable layer 2 adoptions. Layer 2 networks are designed to offer greater scalability and faster transaction processing times than their layer 1 counterparts. Optimism’s protocol is designed to provide a layer 2 solution to Ethereum, and the token is designed to be used as a staking asset to enable transactions on the network.

Nick Hotz, vice president of research at the digital-asset management firm Arca, suggests that this surge in the OP token’s value is due to the growing interest in layer 2 tokens. “People want layer 2 tokens and they see layer 2 adoptions happening,” he said. “Optimism is the only way to get good exposure to that theme currently.”

The OP token was launched via a community airdrop on May 31, 2022, and has been on an upward trajectory since. It was recently trading at around $2.22, down 10% over the past 24 hours despite declining transaction volumes on the Optimism platform the past few days. Despite this, the token is still up 140% since the start of the year when it was hovering below $1, according to CoinDesk data.

The success of the OP token is a testament to the growing demand for layer 2 solutions and the potential for tokens associated with these networks to provide investors with a lucrative opportunity. Hotz notes that “layer 2 tokens are the most popular tokens on the market right now,” and that the interest in these tokens is only expected to grow in the future.

As the layer 2 network space continues to expand, the success of the OP token is likely to continue, and investors will be eager to get onboard and take advantage of the potential gains. With the rise in layer 2 adoptions, the OP token is sure to remain a popular option for investors looking to capitalize on the potential of the space.

• The Stellar Development Foundation was revealed to be one of the largest creditors of Genesis, a bankrupt crypto lending desk, with a claim of $13 million.
• The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.
• According to its website, the Stellar Development Foundation currently holds 30 billion XLM, placing the paper value of its treasury above $200 million.

The Stellar Development Foundation (SDF) has been revealed to be one of the largest creditors of the now-bankrupt crypto lending desk, Genesis. The SDF has a claim of $13 million against Genesis, according to bankruptcy filings.

The SDF is a non-profit organization set up to promote growth on the Stellar blockchain. It is well known for its Stellar Lumens (XLM) project and its commitment to the development of a global financial network. The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.

According to its website, the SDF currently holds 30 billion XLM, placing the paper value of its treasury above $200 million. This is an impressive sum, and it is likely that the SDF was able to sustain itself despite the bankruptcy of Genesis.

The SDF has stated that the claim of $13 million does not impact the foundation’s operations in any way. This is likely due to the fact that the claim represents a relatively small portion of their overall treasury. The SDF has also expressed its commitment to the development of the Stellar blockchain, and its continued support of the global financial system.

The SDF’s involvement with Genesis is a reminder of the importance of due diligence when it comes to investing in cryptocurrencies. Although the SDF has managed to weather the bankruptcy of Genesis relatively unscathed, the entanglement could have been avoided had the SDF taken the necessary precautions before investing.

Overall, the SDF’s claim against Genesis is a minor issue in comparison to the overall state of the Stellar network. The foundation’s commitment to the development of the Stellar blockchain and its support of the global financial system is still intact. With a paper value of its treasury above $200 million, the SDF remains one of the most influential organizations in the cryptocurrency space.