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Skyward finance exploit allegedly results in $3 million loss
Skyward finance, an IDO platform enabling fair token distribution for projects on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, worth an estimated $3 million USD at time of publication. The news was shared on Twitter by Aurora Lab’s community moderator Sanket Naikwadi, who stated that the exploit was first noticed by a member of the NEAR protocol community, who goes by the handle @Nearscout. The @skywardfinance was just exploited for ~1.1M $NEAR Tokens (Worth ~3M) . Thnx to @NearScout for noticing the treasury drain, he pinged me asking if something is wrong with skyward… then we looked into contract txns and found out about the exploit and sus txns. smol — SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 202...
Saying ‘not financial advice’ won’t keep you out of jail: Crypto lawyers
Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips. According to several digital asset lawyers, the popular disclaimer “this is not financial advice” — may not actually protect them in the eyes of the law. United-States-based securities lawyer Matthew Nielsen from Bracewell LLP told Cointelegraph that while its “best practice” for influencers to disclose that “this is not financial advice,” simply saying the term will not protect them from the law as the “federal and state securities laws heavily regulate who can offer investment advice.” Australian financial regulatory lawyer Liam Hennessy, a partner at Gadens, explained that “advice warnings” are “by and large pretty useless,” while Australian digital lawyer Mic...
JP Morgan executes first DeFi trade on public blockchain
Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases. Singapore’s largest bank — DBS Bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also took part in the pilot program. The...
Come one, come all! Meta to bring NFT minting and trading to Instagram
Social media platform Instagram is set to introduce a number of nonfungible token (NFT)-related tools that will allow creators to mint, show and sel NFTs. Instagram parent company Meta said on Nov. 2 during its Creator Week 2022 event that the platform would allow its creators to make “digital collectibles” and sell them “both on and off Instagram.” Meta says creators will have an “end-to-end toolkit” from creating, showing, then selling NFTs within the platform and has chosen the Polygon (MATIC) blockchain as an initial partner for this functionality. Concept images of Meta’s NFT interface for Instagram. Image: Meta It says a “small group” of United States-based creators will be eligible to test the new features and expansion to other countries will follow, but provided no information on ...
The oil and gas paradox threatening Biden’s party at the polls
The dynamic offers yet another reminder of how little power any president has to shape the gyrations of the energy markets. Democrats have blamed the gasoline price spike on Russia’s invasion of Ukraine, production cuts by OPEC, lingering economic supply chain effects of the pandemic and price-gouging by oil companies — some of which reported record quarterly profits last week. On Monday, Biden accused the oil industry of “war profiteering” and threatened to push for stiffer taxes on the companies’ earnings. But Republicans have hammered one consistent message this year: Biden caused motorists’ pain at the pump by shutting down U.S. oil and gas production. “Joe Biden’s anti-energy agenda has destroyed American energy independence,” House Republicans tweeted last week as part of a cascade o...
Bitcoin price hits $20.8K as volatility ensues over Fed 75-point rate hike
Bitcoin (BTC) saw instant volatility on Nov. 2 as the United States Federal Reserve enacted a fourth consecutive 0.75% interest rate hike. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Fed hints more hikes to com Data from Cointelegraph Markets Pro and TradingView showed BTC/USD initially dropping to $20,200 before momentarily rebounding to $20,800. The Fed confirmed the 0.75% hike, which marks its most intensive hiking schedule in forty years, in a statement. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent,” it stated. “The Committee anticipates that ongoing increases in the target range wil...
CZ explains why it’s so important to be building during the bear market
During a live panel at the Web Summit in Lisbon, Changpeng Zhao (colloquially styled as CZ), CEO of cryptocurrency exchange Binance, shared his viewpoint on why it’s so important for crypto projects to continue their development in the bear market. As told by CZ: “It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels.” “Now it’s easy to hire people and grow,” he said, while also pointing to the declines in project valuations: “A year ago, every project with a test product or six-page whitepapers was worth $100 million. Currently, the valuation is ...
Steph Curry files trademark for the Curryverse: Nifty Newsletter, Oct. 26–Nov.1
In this week’s newsletter, read about how NBA superstar Stephen Curry filed a trademark application for his own metaverse, the Curryverse, where users play-to-earn nonfungible tokens (NFTs). Check out why TV streaming providers should start to incorporate NFTs into their programming. In other news, find out how an NFT vending machine made digital art more accessible at a London event. Last but not least, Nifty News highlighted NFT markets that are scrapping royalties and the launch of GameStop’s new NFT marketplace. Steph Curry files trademark for the Curryverse, where players earn NFTs National Basketball League (NBA) megastar Stephen Curry filed an application for a trademark on Oct. 26 to create his own version of the Metaverse. The “Curryverse” will cater to the NBA star’s large ...
Bitcoin mining firm Bitdeer could delay public offering to 2023
Bitdeer, a crypto mining firm spun off from China-based mining manufacturer Bitmain, may see its public offering on the Nasdaq delayed a year depending on a vote from shareholders of the Blue Safari Group Acquisition Corp. In a Nov. 2 Securities and Exchange Commission filing, Blue Safari said it will be holding a shareholding meeting before the end of 2022 to vote on whether to extend the deadline of its deal with Bitdeer. The mining firm announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari in order to go public through a special purpose acquisition company in the United States. The SEC filing stated the shareholders could give the company the option to extend the deadline up to four times until December 2023, as well as move the meeting...
Music Companies Must Now Include Salary Ranges on New York Job Postings
A new New York City law requiring employers to disclose salary ranges in job postings has officially gone into effect this week, with music companies hiring in the city mandated to comply. On the first day of the law, a picture of at least one of the major music companies’ salary ranges has come into focus. The day the law went into effect, several companies were criticized for overly-broad salary ranges that effectively subverted the point of the regulation, which was designed to give prospective employees insight into what they could be expected to earn at different companies in the city and address salary discrepancies between men and women and for people of color. The Wall Street Journal, for instance, posted reporting and producing jobs with ranges between $40,000 to $160,000; te...
Fed jacks up rates again but hints it might slow down
“In determining the pace of future increases … the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” Fed policymakers said in their statement after meetings this week. Inflation has cooled only slightly and job growth remains strong, but some sectors of the economy are already showing signs of strain from the Fed’s policy moves. Manufacturing barely grew in October, according to a survey from the Institute for Supply Management that’s considered a benchmark indicator. And the housing market has been hammered by the highest mortgage rates in two decades, leading home sales to decline rapidly and prices to drop in some areas. Still, the Fed...
Fed jacks up rates again but Powell hints it might slow down
Some investors and U.S. lawmakers like Sen. Elizabeth Warren have warned that the central bank is raising rates too quickly, running the risk of going too far before they realize it. But Fed Chair Jerome Powell emphasized in a press conference that even if the central bank decides to slow down, that doesn’t mean the fight against inflation would be over. How quickly the Fed raises rates “is now much less important than the question of how high to raise rates,” he said. Inflation has cooled only slightly and job growth remains strong, but some parts of the economy are already showing signs of strain from the Fed’s rate increases. Manufacturing barely grew in October and the housing market has been hammered by the highest mortgage rates in two decades, leading home sales to decline rapidly a...
