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Nifty news: Sandbox LAND on Polygon, ETH gain a tax loss and more…
Popular Ethereum-based Metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer their virtual NFT LAND and native SAND tokens over to Layer-2 network Polygon (MATIC). While The Sandbox will live on Ethereum for the most part, the platform has emphasized that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and greener interactions on the blockchain. The firm stated via Twitter on June 29 that it is now ready to start deploying LAND on Polygon, and users will be able to receive a 10 mSAND cashback worth roughly ($10.60) on LAND ported over to the Layer 2. We are ready to deploy LAND to @0xPolygon Each LAND bridged grants a 10 mSAND cashback!LAND multipliers on both mSAND staking programs are back!LAND...
After 8 years dumping billions of XRP, Jed McCaleb’s stack runs out in weeks
Former Ripple Labs founder Jed McCaleb is nearing the end of his eight-year XRP dump marathon, with only 81.53 million XRP (worth $26.55 million), remaining in his wallet’s balance. According to Jed Balance, a website tracking his XRP holdings, McCaleb’s wallet name “tacostand” has been shedding an average of 4.06 million XRP over the last month but has ramped up daily transfers to 7.34 million XRP (worth $2.39 million), since Sunday, June 26. At the current rate of selling his wallet may be depleted within the next two to three weeks to the delight of the crypto community. On Wednesday, Mason Versluis, a tik tok influencer and youtuber known as Crypto Mason shared the news to his 115,000 followers on Twitter, highlighting that 22 million of XRP has been released in the past three days. Je...
CoinFlex CEO says withdrawals unlikely to resume on Thursday
Crypto exchange CoinFlex is “unlikely” to resume withdrawals on Thursday, June 30 as it had originally hoped, according to its CEO Mark Lamb, as the company continues to search for buyers of its $47 million bad debt. Speaking to CNBC on Wednesday, Lamb said more time was needed before it could reopen the platform for withdrawals, stating: “We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.” The crypto exchange had been banking on a $47 million token offering launched on Tuesday, June 28 which is known as Recovery Value USD (rvUSD). The token offering was created in an attempt to sell off its bad debt after one of its accounts went into negative equity. In a statement on Tuesday, the company said it hoped withdrawals could restart as previously pla...
Contagion: Genesis faces huge losses, BlockFi’s $1B loan, Celsius’s risky model
It’s been another day of watching the ripples of contagion spread through the crypto market. With Three Arrows Capital being ordered into liquidation by a British court, details have also emerged today of BlockFi liquidating a $1B loan to 3AC, and the fallout from the insolvency was partly to blame for lending firm and market maker Genesis Trading facing losses of “a few hundred million dollars.” Withdrawals remain suspended at the possibly insolvent lending and borrowing platform Celsius, which was revealed to have had a highly risky 19 to 1 assets-to-equity ratio before it ran into liquidity troubles this year. Celsius’ risky business According to documents reviewed and reported on by the Wall Street Journal (WSJ) on June 29, Celsius was operating on very fine and risky margins as ...
Ye Sued Over Sample Used on ‘Donda 2’ Track ‘Flowers’
Ye is facing yet another copyright infringement lawsuit over his unauthorized use of a sample, this time on a track from his most recent album, Donda 2. According to a complaint filed in U.S. District Court in New York on Wednesday (June 29), the rapper (referred to as Kanye West in the suit) sampled Marshall Jefferson’s 1986 house track “Move Your Body” (a.k.a. “The House Music Anthem”) on the song “Flowers” without gaining permission or providing compensation. The suit claims that the sample is “repeated at least 22 times throughout” Ye’s song. Filed by attorneys Christine Lepera and Bradley J. Mullins of the firm Mitchell Silberberg & Knupp, the complaint was brought by Jefferson’s publisher Ultra International Music Publishing. Jefferson both wrote and performed “Move Your Body,” w...
FCC Commissioner Calls on Apple, Alphabet to Ban TikTok
A Federal Communications commissioner is urging Apple and Alphabet to remove TikTok from the companies’ app stores. According to a letter addressed to the chief executives of the companies, FCC commissioner Brendan Carr said TikTok poses an “unacceptable security risk” because it mines extensive user data, which is being accessed by employees in China. Explore Explore See latest videos, charts and news See latest videos, charts and news “TikTok is owned by Beijing-based ByteDance — an organization that is beholden to the Communist Party of China and required by the Chinese law to comply with PRC’s surveillance demands,” reads the letter sent on Tuesday. TikTok has run into problems with the government over its parent company’s ties to China. In 2020, former Preside...
SXSW Expands Into Australia
Austin’s famed South by Southwest conference and festival is headed to Australia. The Texas-born event bring its famed celebration of the technology, film and music industries to Sydney, Australia across seven days and nights from Oct. 15-22, 2023. SXSW Sydney will bring together the industries of music, gaming, film, television, technology and innovation much like the American version that launched in 1987. “Every day of the year we connect people to each other, developing events and content that celebrate the inter-relatedness of current and emerging topics. We continue to push our own boundaries by evolving and expanding as we strive to deliver an experience of unexpected discovery and inspiration,” said SXSW CEO Roland Swenson in a release. “We believe that Sydney’s similar future-focu...
NYDIG study calculates the value of regulation worldwide in terms of BTC price gains
The need for regulation is a common theme in discussions about cryptocurrency, and the claim is often taken to be self-evident. Now, financial services company New York Digital Investment Group (NYDIG) has done some number crunching to prove the point. In a new study, NYDIG quantifies the effect of regulation on the price of Bitcoin (BTC) worldwide. NYDIG studied Bitcoin prices at regular intervals following regulatory events affecting digital asset taxation, accounting and payments, as well as decisions on the legality of service providers and the digital assets themselves. The research looked at the Americas, Europe, China and Asia except for China, and confined itself to the period between September 30, 2011, and March 31, 2022. The number of regulatory events considered in the study va...
Stratis (STRAX) gains 200%+ after Sky Dream Mall metaverse and stablecoin announcement
Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle. One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume. STRAX/USDT 1-day chart. Source: TradingView Here are three reasons why the price of STRAX is rallying this week as the wi...
US govt delays enforcement of crypto broker reporting requirements: Report
The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed. According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions starting in January 2023, citing people familiar with the matter. The potential delay could reportedly affect billions of dollars related to capital gains taxes — the Biden administration’s budget for the government for the 2023 fiscal year previously estimated modifying the crypto tax rules could reduce the deficit by roughly $11 billion. Under the current infrastructure bill, Sectio...
EU officials reach agreement on AML authority for supervising crypto firms
The European Council has reached an agreement to form an anti-money laundering body that will have the authority to supervise certain crypto asset service providers, or CASPs. In a Wednesday announcement, the council said it had agreed on a partial position of a proposal to launch a dedicated Anti-Money Laundering Authority, or AMLA. According to the regulatory body, the AML body will have the authority to supervise “high-risk and cross-border financial entities” including crypto firms — “if they are considered risky.” European Parliament member Ondřej Kovařík said EU officials had also reached a “provisional political agreement” on the government body’s Transfer of Funds Regulation. Not all the details of the revision are clear at the time of publication, but Cointelegraph reported that a...
Who Will Lead Warner Music Next? The 12 Top Candidates to Fill Stephen Cooper’s Role
With the announcement last week that Stephen Cooper would be stepping down from his role as CEO of the Warner Music Group by the end of 2023, industry speculation has ramped up around who might replace him. Cooper took over WMG in the summer of 2011 at a time when the company and the music business at large were in very different places than they are now: industry revenues had been tanking for a decade with no end in sight; Spotify had launched in the United States just a month prior, with streaming still a speculative format; Warner was a newly private company under the umbrella of its then-new owner, Len Blavatnik’s Access Industries; and the music group, as with much of the recorded-music sector at the time, was struggling. Cooper at the time was chairman of the company’s board and had ...
