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Aave devs look set to receive $16.3M via retroactive funding
The DAO behind the decentralized finance (DeFi) platform Aave has accepted a proposal to reward members from Aave Companies with $16.28 million in retroactive funding for their role in the development of Aave Protocol V3. Voting for the proposal began on Sept. 6, and at the time of writing has already passed 667,000 votes in favor of the funding, more than doubling the 320,000 required. The vote is set to end on Sept. 8. According to the initial proposal, which was first pitched on Aug. 10, the Aave Request for Comment (ARC) seeked “retroactive funding” for work in developing the V3 protocol. The $16.28 million consists of $15 million for work performed by the developers over the course of more than one year and $1.28 million for costs paid to third-party auditors. The money will be given ...
Sony Music files trademark application for NFT-authenticated music
American music giant Sony Music Entertainment has signaled intentions to utilize non-fungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo. According to an Aug. 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Sept. 6, the application covers “audio and video recordings featuring live musical performances authenticated by NFTs.” #SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for:▶️ NFT Backed Media▶️ Music + Podcast Production▶️ Artist Management + Music distribution services..and more!#NFTs #Metaverse #Web3 #Columbiarecords #Pop #R...
Ricky Martin Files $20M Lawsuit Against Nephew Who Accused Him of Harassment
Ricky Martin has filed a $20 million lawsuit against his nephew, claiming his younger relative tried to “assassinate” his reputation and integrity when he accused the singer of stalking and harassing him earlier this year. According to legal documents obtained by Billboard, Martin — who filed the complaint in San Juan, Puerto Rico — says he is being “persecuted, besieged, harassed, stalked and extorted by a maladjusted person whose interest is to obtain an economic benefit.” He claims his nephew, Dennis Yadiel Sanchez, has messaged him via Instagram demanding money and also made his phone number public on social media, among other allegations. Martin is asking the court to order Sanchez to “immediately refrain” from communicating with him and his family either in person, by phone or throug...
Bitcoin is pinned below $20K as the macro climate stifles hope for a sustainable BTC bull run
Bitcoin (BTC) crashed below $19,000 on Sept. 6, driving the price to its lowest level in 80 days. The movement not only completely erased the entirety of the 32% gains accrued from July until Aug. 15, it also wiped out $246 million worth of leverage long (buy) futures contracts. Bitcoin price is down for the year but it’s important to compare its price action against other assets. Oil prices are currently down 23.5% since July, Palantir Technologies (PLTR) has dropped 36.4% in 30 days and Moderna (MRNA), a pharmaceutical and biotechnology company, is down 30.4% in the same period. Inflationary pressure and fear of a global recession have driven investors away from riskier assets. By seeking shelter in cash positions, mainly in the dollar itself, this protective movement has caused the U.S....
UK advertising watchdog cites 2 former reality stars for crypto ads on Instagram stories
The United Kingdom’s independent advertising regulator has upheld a complaint involving former reality show Love Island contestants Eve and Jessica Gale for “triviali[zing] investment in cryptocurrency.” In a Wednesday notice, the U.K. Advertising Standards Authority, or ASA, said the reality stars promoted crypto in an Instagram story in June at the request of an influencer named Elizabeth O’Donell and upheld claims the ad was “misleading” and “irresponsible.” According to the regulator, O’Donell was not only providing trading crypto advice — as the Gales’ stories claimed — but promoting investing in cryptocurrencies without illustrating the possible risks. “We therefore considered the ads were addressed to a general audience who were unlikely to have any specialist knowledge ...
US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier
Two United States government financial officials gave speeches on Sept. 7 in which they expressed their positions on crypto regulation. Both had reservations about crypto. Michael Barr, who was recently appointed United States Federal Reserve Board vice chair for supervision, made his first speech in his new capacity at the Brookings Institute. Acting Comptroller of the Currency Michael Hsu, reiterated his feelings about crypto at the annual conference of The Clearing House and Bank Policy Institute. Barr spoke about “some of my near-term goals and how I will approach achieving them.” He mentioned crypto in two contexts. First, he cited historical examples of private money destabilizing the economy and called for action to regulate stablecoin. Barr said: “I believe Congress should work exp...
Vermont’s financial regulator alleges Celsius and its CEO made ‘false and misleading claims’
The Vermont Department of Financial Regulation, or DFR, alleged crypto lending platform Celsius Network and CEO Alex Mashinsky misled state regulators about the firm’s financial health and its compliance with securities laws. In a Wednesday filing with the U.S. Bankruptcy Court in the Southern District of New York, Vermont’s financial regulator said Celsius and Mashinsky “made false and misleading claims to investors” which allegedly downplayed concerns about volatility in the crypto market, encouraging retail investors to leave their funds on the platform or make new investments. According to the state regulator, Celsius and its CEO “lacked sufficient assets to repay its obligations” despite claiming the firm had enough funds in its reserves to mitigate the risk of insolvency. The DFR c...
At IFA Panel, Qualcomm Talks Snapdragon Sound
At a panel presented with Billboard after the first day of the IFA consumer electronics trade show, Qualcomm general manager James Chapman and musicians Ryan Marrone and Adam Hanson spoke with Billboard deputy editorial director Robert Levine about what the company’s Snapdragon Music technology means for the future of digital sound. For years, Chapman said to an audience of about 60 Qualcomm partners and technology journalists, the goal was getting as much music as possible available at the click of a button – and, more recently, on wireless headphones. Sound was secondary. Now, though, advances in bandwidth and other technologies have made it possible to deliver this music with the kind of sound quality consumers enjoy at home. Snapdragon Sound isn’t a product, Chapman explained, but a te...
How high transaction fees are being tackled in the blockchain ecosystem
High transaction fees have been a long recurring issue for users on popular blockchain networks like Ethereum and Bitcoin during periods of increased demand. However, there are protocols, platforms and methods that help users to reduce costs. What are transaction fees? Transaction fees are fees that users pay to send a transaction or interact with a smart contract on a blockchain network. While gas fees can refer to transaction fees on any blockchain, the term is mainly used to describe the Ethereum network transaction fees. Transaction fees are paid in small fractions of the network’s native cryptocurrency. For example, with Bitcoin (BTC), users will pay in Satoshi’s (very small fractions of BTC), and with Ether (ETH), they will pay in gwei. There are two main reasons users need to pay fe...
Bitcoin price hits 10-week low amid ‘painful’ US dollar rally warning
Bitcoin (BTC) provided a long awaited breakout into Sept. 7 as BTC price action dashed bulls’ hopes of a recovery. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $23,000 relief bounce “still likely” says trader Data from Cointelegraph Markets Pro and TradingView captured snap losses for BTC/USD later on Sept. 6, with overnight lows coming in at $18,540 on Bitstamp. The pair put in its lowest levels since June 30, taking liquidity from the July floor and only marginally recovering on the day. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Downside price action followed almost a week of sideways movements and volatility was nowhere to be seen as market participants gritted their teeth hoping for an exit to the upside. In the event, they were left disappoi...
Number of unique BAYC buyers plunged in August to second-lowest on record
According to data from cryptoslam.io, the number of unique buyers for the nonfungible tokens (NFT) collection Bored Ape Yacht Club (BAYC) has fallen to 263 for the month of August, with 438 total transactions. These metrics were the second-lowest on record since the collection’s launch in April 2021. Since crypto winter began earlier this year, the average transaction value of BAYC NFTs has fallen to $106,456, compared to a peak price of $312,101 per ape collectible in April 2022. In May 2021, the collection saw the peak number of buyers and transactions, at 3,550 and 9,255, respectively. An estimated $55 million worth of BAYC and CryptoPunks NFTs are at risk of liquidation due to users pledging them as collateral to take out loans denominated in Ethereum — the price of which h...
Why Prince Philip of Serbia is bullish on Bitcoin (not crypto)
Philip Karageorgevitch, Hereditary Prince of Serbia and Yugoslavia, is a strong proponent of Bitcoin while he criticizes altcoins for being mere attempts to copy the original cryptocurrency. “People want to make fiat. They want to make money. And so they’re going to use Bitcoin’s technology, Bitcoin’s ideas and try to make them their own and try to ride that fad,”, he said in an exclusive interview with Cointelegraph. Philip is convinced that Bitcoin is the only cryptocurrency that has the potential to fix one of the biggest problems affecting the world: the problem of money. “The reason why the world’s in such a terrible shape is because of the money. People think, “Yeah, money corrupts,” but actually, no, money is corrupted itself and that needs ...
