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Multichain recovers $2.6M stolen funds, to reimburse losses on condition
After a month-long fight against an ongoing exploit, cross-chain router protocol Multichain announced the recovery of nearly 50% of the total stolen funds, worth nearly $2.6 million of cryptocurrencies. The team has also released a compensation plan to reimburse the users’ losses. On Jan. 10, blockchain security expert Dedaub alerted Multichain about two vulnerabilities in its liquidity pool and router contracts — affecting eight cryptocurrencies including wrapped ETH (WETH), wrapped BNB (WBNB), Polygon (MATIC) and Avalanche (AVAX). 1/3 We recently identified the “phantom functions” code pattern, which would have led to likely the largest crypto hack ever. Your code may be vulnerable! You need to check for the pattern in your Solidity/EVM code! https://t.co/pxRqCQFbnS — Dedaub ...
Exec at Composable Finance allegedly doxed as convicted fraudster Omar Zaki
Late Friday afternoon, decentralized finance, or DeFi, investigator @zachxbt published a series of tweets accusing fraudster Omar Zaki of hiding behind the facade of 0xbrainjar, the anonymous head of product at Composable Finance. From last November to this February, Composable Finance raised over $167 million through seed funding, as well as crowdloan auctions on the Polkadot (DOT) and Kusama (KSM) parachains. Over 9,000 participants contributed to the DOT crowdloan alone. As told by zachxbt, who cited documents from the U.S. Securities and Exchange Commission, or SEC, Omar Zaki, then a 21-year-old New York resident and graduate of Yale University with a bachelor degree in physics and economics, was charged with fraud after misleading investors while operating an unregistered hedge ...
Analyst say Ethereum price could fall to $1,700 if the current climate prevails
Bitcoin (BTC) and Ether (ETH) price are still being hard hit by the current wave of volatility and this is leading traders to go back to the drawing board and readjust their short-term expectations. On Feb.17, Bitcoin price briefly dipped below $40,000 and Ether failed to hold support at $2,900, raises the chance of a drop to $2,500. Data from Cointelegraph Markets Pro and TradingView shows that after hovering near the $2,900 support level through the morning trading hours, Ether was hit with a wave of selling that dropped it to an intraday low of $2,752. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what analysts are saying about the price drop for Ether and whether or not more downside is expected as global tensions continue to rise. Ethereum’s nex...
Decentralization revolutionizes the creator’s economy, but what will it bring?
From video game enthusiasts monetizing their passions as shout casters to fashion influencers supercharging their careers into livestreamers on e-commerce platforms, the creator economy flourished, evolved and matured in the past year. Largely catalyzed by the ongoing COVID-19 pandemic, contemporary creators benefited from the gradual shift in consumer behaviors as more people came online across the globe. Now valued at over $100 billion, the creator economy is witnessing staggering growth as the worlds of e-commerce, social media and online communities converge. With opportunities mounting in social tokens and corresponding virtual playgrounds such as the Metaverse, the year ahead seems to be filled with a great deal of promise. What lies ahead for creators in an increasingly digital and ...
OpenSea smart contract upgrade to delist inactive NFTs on Ethereum
OpenSea, one of the most popular nonfungible token (NFT) marketplace, has rolled out an upgrade to its smart contract, a proactive measure to weed out inactive listings on the platform. As a part of the planned upgrade, all OpenSea users will need to migrate their NFT listings — currently hosted over the Ethereum (ETH) blockchain — to the new smart contract. The new contract is live! Start migrating your listings now: https://t.co/W1w9ciCK2D — OpenSea (@opensea) February 18, 2022 According to the OpenSea announcement, the NFT listings created before Feb. 18 will automatically expire within a week by Feb. 25 by 2 PM ET: “This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future.” Upon successful migration, the NFT...
Inside the Sale of Coachella’s Lifetime Passes and $1.4 Million NFT Collection
Coachella, one of the world’s most illustrious and profitable music festivals, recently announced the launch of three NFT collections: Sights and Sounds, Desert Reflections, and Coachella Keys. NFTs (non-fungible tokens) are digital assets—such as photos, visual artwork, or audio—stored on a blockchain. The tokens are immutable and they are purchased, sold, and traded using cryptocurrency. Coachella launched its own native NFT marketplace, which was built by FTX for the Solana blockchain. The festival’s three collections offer a range of digital photos, soundscapes, and posters that can be redeemed for real-world experiences. Perhaps the most significant, however, is the Coachella Keys collection. Each of its 10 collectibles grant their owners lifetime passes to Coachella. Afte...
Crypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10–16
Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the Metaverse a $1 trillion a year opportunity. In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NFTs) and the Metaverse are part of its long-term plans. On the regulatory front, the Republic of the Marshall Islands took a bold step in becoming a leader in the blockchain arena. The latest Crypto Biz newsletter explores these stories in greater depth. For a full breakdown of the top business stories in crypto, register for the full newslet...
Here’s why AI-equipped NFTs could be the real gateway to the Metaverse
Nonfungible tokens (NFTs) have been largely acquired as proof-of-profile pictures (PFPs) that represent a brand, embody culture or ultimately, reflect as a static status symbol. Blue-chip NFTs like the Bored Ape Yacht Club or Cool Cats were not originally backed by any tangible utility other than speculative value and hype, along with the promise of an illustrative roadmap, but in 2022, investors are looking for a little bit “more.” However, nonfungible tokens are finding their use beyond branding and status symbols by attempting to build out an existence in the Metaverse and some are ambitious enough to start within it. The Altered State Machine (ASM) Artificial Intelligence Football Association (AIFA) has introduced a novel concept to NFTs called nonfungible intelligence or NFI. By...
Finance Redefined: Axelar becomes a unicorn, new ETH addresses hit 1.5M per month, Feb. 11–18
Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. This week has been full of funding raises, innovations, service deployments and a bit of volatile technical price action — for a change. Axelar Network attains $1B valuation following secondary raise The Axelar Network announced the completion of a $35-million Series B funding round this week, elevating its total market valuation to over $1 billion and establishing its status as a unicorn corporation. Major participants of the round include Dragonfly Capital, Polychain Capital and North Island Ventures, among others. The network has implemented partnership integrations with a suite of validators, as well as leading blockchain platforms such as Ethereum, Avalanche, Polygon and Polkadot. Cointelegraph spoke ex...
Fed’s Lael Brainard hints at US playing a lead role in development of CBDCs
Lael Brainard, a member of the Federal Reserve’s Board of Governors, encouraged the United States to be a leader in research and policy regarding central bank digital currencies, or CBDCs, due to potential international developments. In remarks prepared for the U.S Monetary Policy Forum in New York on Friday, Brainard said the People’s Bank of China’s pilot program for its digital yuan could have implications on the dollar’s dominance in cross-border payments and payment systems. However, a digital dollar could allow people around the world to continue to rely on its fiat counterpart. “It is prudent to consider how the potential absence or issuance of a U.S. CBDC could affect the use of the dollar in payments globally in future states where one or more major foreign currencies are is...
Solana ecosystem tokens that are worth your consideration on February 18 of 2022: AUDIO, WAVES and GRT
Solana has an ecosystem of hundreds of decentralized applications (dApps). Due to its scalability and throughout, it is the blockchain of choice for many developers. Audius (AUDIO), Waves (WAVES), and The Graph (GRT) are some of the best projects which have the potential for growth. The Solana ecosystem has seen a huge level of growth, both in native decentralized applications (dApps) as well as many other integrations due to its high scalability and throughput. Audius (AUDIO), Waves (WAVES), and The Graph (GRT) are all a part of the Solana ecosystem, and each of them has potential for growth. Should you buy Audius (AUDIO)? On February 18, 2022, Audius (AUDIO) had a value of $1. When we go over the all-time high value of Audius (AUDIO), it occurred on March 27, 2021, when the token reached...
‘Off the charts’: Zynga blockchain exec praises P2E gaming talent
Hot off the news that the FarmVille and Words With Friends developer Zynga will release the first nonfungible token game this year, Zynga’s blockchain gaming aspirations are taking shape. Matt Wolf, marketing veteran with experience at Electronic Arts and Sega, is the new vice president of blockchain gaming for Zynga. He’s setting up a new team, bringing a wealth of “traditional gaming” experience to play-to-earn (P2E). In an interview with Cointelegraph, he said the talent pool in P2E gaming is: “Off the charts in terms of economics and traditional finance firepower — incredible people. Also, on the innovation side and on the technology side, it’s off the charts.” However, he surmised many gamers’ thoughts when commenting on the gamification elements of nonfungible tokens (NFT)...
