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GameFi developers could be facing big fines and hard time
Are cryptocurrency games innocent fun? Or are they Ponzi schemes facing an imminent crackdown by regulators in the United States? Tokens related to cryptocurrency games — known colloquially as “GameFi” — were worth a cumulative total of nearly $10 billion as of mid-August, give or take a few billion. (The number may vary depending on whether you want to include partially finished projects, how you count the number of tokens that projects technically have in circulation, and so on.) In that sense, whether the games are legal is a $10 billion question that few investors have considered. And that’s an oversight they may soon regret. That’s because a bipartisan consensus appears to be forming among legislators in the U.S. that the industry needs to be shut down. They haven’t addressed the issu...
It’s a go! Uniswap Foundation becomes reality after 86M votes in favor
The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become reality after their proposal received over 99% of the votes from UNI token holders. According to the initial proposal, the foundation aims to streamline Uniswap’s Grant Program (UPG) and reduce friction in the protocol’s governance system. Former Uniswap Labs executive Devin Walsh, now serving as executive director of UF shared the results in a tweet on Aug. 24, noting that the proposal to create the foundation “passed its final vote!” Last night our proposal to create the Uniswap Foundation passed its final vote! https://t.co/B2VOAeg5is — Devin Walsh (@devinawalsh) August 24, 2022 According to the Uniswap website, the foundation saw more than 86 million, or 99% of total votes...
Deezer Lost Subscribers, Added Revenue in First Half of 2022
With a newfound focus on a small number of lucrative, established markets, music streaming company Deezer reported revenue of 219 million euros ($218 million) in the first half of 2022, up 12.1% as reported (+9.9% at constant currency) versus the prior-year period. The Paris-based company received 132.4 million euros ($131.9 million), or 60.3% of its revenue, in its home country of France, up 11.1% year-over-year. Revenue from the rest of the world improved to 87 million euros ($86.7 million), up 13.6% from the prior-year period, and accounted for 39.7% of revenue, up from 39.1% a year ago. In Brazil, Deezer’s second-largest market, revenues improved 25% at constant currency. Other revenue — advertising and ancillary revenue — grew 58.3% (50.3% at constant currency) to 6.8 million euros ($...
Bug bounty quadruples for Ethereum network — Up to $1M payouts ahead of Merge
The Ethereum Foundation has announced it will be increasing the network’s bug bounty payouts fourfold ahead of the blockchain’s transition to proof-of-stake. In a Wednesday blog post, the Ethereum Foundation said between Aug. 24 and Sept. 8, all “Merge-related bounties for vulnerabilities” will be quadrupled for white hats testing the network. According to the foundation, identifying “critical bugs” — those that have a high impact or likelihood of a high impact on the blockchain — will be worth up to $1 million. The bounty program also allows submissions for low, medium and high-risk bugs. • Merge Bug Bounty Bonus: There is a 4X MULTIPLIER between now and 08 September on all bounties and vulnerabilities, with critical bugs worth up to $1mm USD • See full post for updated Execution Layer (E...
Price analysis 8/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, MATIC
Bitcoin (BTC) and several major cryptocurrencies have been trading sideways as traders avoid taking large bets before the United States Federal Reserve’s Jackson Hole Economic Symposium, which begins on Aug. 25. The volatility is likely to soar as investors get some clarity on the Fed’s stance in the next few days. On Aug. 23, a team led by Goldman Sachs chief economist Jan Hatzius said that Fed chair Jerome Powell could sound dovish when he speaks on Aug. 26, reiterating that the central bank may move at a slower pace in future meetings. The analysts expect the Fed to raise rates by 50 basis points in the September meeting, which would be less than the 75 bps hike done in June and July. Daily cryptocurrency market performance. Source: Coin360 Although the short-term price...
MTV adds Metaverse award category: Nifty Newsletter, Aug 17–23
In this week’s newsletter, read about how the Metaverse is a catalyst for nonfungible token (NFT) adoption. Check out how GameStop’s NFT marketplace revenue dropped and how MTV added a metaverse award at the VMAs. In other news, learn about how Telegram’s founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And don’t forget about this week’s Nifty News roundup featuring Decentraland’s Metaverse Art Week. Metaverse is a key factor in long-term NFT success, says new research A report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT market may grow from 24 million to about 40 million. According to the report, Metaverse developments will be one of the primary catalysts to the broader adoption of ...
Tether says it would not freeze sanctioned Tornado Cash addresses unless instructed by law enforcement
On Wednesday, U.S. dollar stablecoin issuer Tether (USDT) said that it would not freeze smart contract addresses sanctioned by the U.S. Office of Foreign Assets (OFAC) Control’s Specially Designated Nationals and Blocked Persons (SDN) list for cryptocurrency trail-mixer Tornado Cash. In explaining the decision, Tether said: “So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no U.S. law enforcement agency or regulator has made such a request despite our near-daily contact with U.S. law enforcement whose requests always provide precise details.” Tether pointed out that unilaterally f...
Watchdog: Trump Interior Secretary Zinke lied during casino investigation
The agency noted that Zinke, who served in Congress before joining the Trump administration and narrowly won the Republican primary in June, asked the IG to keep its findings under wraps until after the November election, a request the agency said was not in keeping with its practices. “In his comments, Secretary Zinke cited DOJ guidelines and contended that we should postpone release of this report until after the conclusion of the November 2022 election in which he is seeking public office,” the report states. A lawyer for Zinke blasted the report and its timing. “On the eve of an election, the IG has released a misleading and inaccurate report that suggested Secretary Zinke lacked candor in his interview with IG agents,” Zinke’s attorney, Danny C. Onorato, said in an emailed statement. ...
Blockdaemon Empowers Web3 Developers and Institutions to Run Their Own Collator Nodes on Astar Network
Los Angeles, United States, 24th August, 2022, Chainwire Astar Network, the innovation hub on Polkadot, is thrilled to announce that it has integrated Blockdaemon, the world’s largest institutional-grade blockchain infrastructure company for node management and staking, as a collator. The partnership will enable Blockdaemon’s institutional and individual users to start their own collator nodes with Astar Network. Though Astar supports users who maintain their own collator nodes, it’s still technically out of reach for many individuals and institutions joining its network. Blockdaemon’s suite of products and tools comprise a total ‘node stack’ of blockchain technology empowering any eligible project to access the Astar Network. As a node infrastructure provider, Blockdaemon will provide Web...
BitBoy Crypto sues fellow YouTuber Atozy for defamation over shilling claims
Two prominent YouTube content creators are set to lock horns in a legal battle over a cryptocurrency video allegedly promoting a project that ended up being a scam. Bitboy Crypto, a YouTube channel founded by Ben Armstrong, produces a variety of content focused on cryptocurrency news, projects and tokens and trading advice. The channel has been active since February 2018 and has over 1.4 million subscribers. The channel is known for its news pieces and trading-focused videos with headlines like Top 3 Coins To Outperform Ethereum! (Strong Short Term Play)typifying the type of content disseminated to viewers. While these videos purport to offer trading advice, the channel has a disclaimer clearly stating that Armstrong is not “a professional advisor in business areas involving finance, crypt...
Hodl until mega yacht: Mintable founder shares crypto journey
While other traders may be quick to take profits once they see gains, some are willing to hold on to their digital assets until they can pursue bigger goals, like a “mega yacht.” In a Twitter thread, Mintable founder Zach Burks shared how he found Web3 and went from being broke and jobless to founding a nonfungible token (NFT) marketplace. According to Burks, he found Bitcoin (BTC) when it was just trading at $5.50 at the now defunct crypto exchange Mt. Gox in 2012. Since then, Burks went on to keep on buying and trading crypto. At some point, the Mintable founder shared that he switched from trading BTC to accumulating Ether (ETH). “My goal was only to collect ETH and never sell until I can buy a mega yacht. I still haven’t cashed out,” he wrote. Eventually, Burks said that he...
Beijing announces two-year Metaverse innovation and development plan
The Beijing municipal government on Aug. 23 announced a two-year (2022-2024) metaverse innovation and development plan that would require all districts to adhere to the newly released Web3 innovation plan. The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that would drive the growth of the internet towards Web3. The innovation plan focuses on promoting the development of metaverse-related industries and helping Beijing build a benchmark city for the digital economy. The action plan demands that various districts build technological infrastructure at a city level and promote its use in various fields, including education and tourism. The development program would see the Integration of technical means such as 3D...
