crypto blog
Worthless JPEGs: Redditor turns NFT criticism into NFTs
A Redditor made it his mission to turn the tides on nonfungible token (NFT) critics by minting a collection using the top anti-NFT comments they found on the internet. In a Reddit post, user busterrulezzz introduced the NFT collection titled Worthless JPEGs! in an attempt to bring entertainment to crypto enthusiasts while critics of the space are rejoicing during the crypto winter. The Redditor collected quotes from Redditors and famous critics like Warren Buffet, Peter Schiff and Dan Olson and minted them as NFTs. One of the NFTs from the collection. Source: stratosnft.io Additionally, the Redditor said that this is a move that documents the sheer hatred that the blockchain space is getting and mock the non-believers. They wrote: “With this collection, my objective is to summar...
Meta enables Instagram NFT integration in over 100 countries
According to a Meta newsroom post updated on Thursday, the Mark Zuckerberg-led company has begun its nonfungible token (NFT) expansion across 100 countries in Africa, the Asia-Pacific, the Middle East and the Americas. This includes adding support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collectibles minted on the Flow blockchain. The initial rollout targets the popular social media app Instagram. One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. Ther...
Swiping left: Tinder pulls back on Metaverse dating plans
Match Group, the parent company of popular dating app Tinder, says it is cutting funding for Web3-related research and development amid disappointing Q2 earnings and the departure of Tinder’s current CEO. In a letter to shareholders on Tuesday, Match Group CEO Bernard Kim revealed that it will be scaling back its metaverse investments as well as scrapping plans to release an in-app digital currency called Tinder Coins. The move also comes alongside the resignation of Tinder CEO Renate Nyborg, the company’s first female CEO, that had initially set out plans to introduce the “Tinderverse” after acquiring a video-AI and augmented reality company called Hyperconnect in 2021. Nyborg had planned for Hyperconnect to further develop its avatar-based “Single Town” experience as a way for Tind...
Major hack on play-to-earn crypto games a ‘matter of time:’ Report
“Unsatisfactory” cybersecurity measures among play-to-earn (P2E) crypto games pose a great risk to GameFi projects and their gamers alike, warns blockchain cybersecurity auditor Hacken. In a Monday report shared with Cointelegraph, Hacken said that data indicates that GameFi projects, the category which P2E games would fall under, often “put profits above security” by releasing products without taking appropriate precautions against hackers: “GameFi projects […] do not follow even the most essential cybersecurity recommendations, leaving malicious actors numerous entry points for attacks.” P2E games often incorporate nonfungible tokens (NFTs) in their ecosystems in addition to crypto. The largest projects, such as Axie Infinity (AXS) and StepN (GMT), use a wide array of products...
Starbucks teases Web3 rewards program to attract new customers
Global coffee store franchise giant Starbucks is looking to launch a new Web3 rewards program to attract and retain customers, according to its interim CEO Howard Schultz. Speaking during the firm’s fiscal Q3 earnings call on Tuesday, Schultz noted that Starbucks will soon reveal a new Web3 “digital initiative” that will expand upon the company’s loyalty program: “This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers.” The CEO kept his cards close to his chest, but briefly mentioned during the call that the firm is looking at “integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collect...
Nansen admits neglecting DeFi plans during the NFT craze
Despite the general downturn in the cryptocurrency markets throughout the year, Ethereum blockchain analytics platform Nansen has continued to report impressive growth numbers. CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered over 130 million addresses and has grown 30% despite the crypto downturn. Svanevik credited much of his success to the value of blockchain platforms, notably those based on Ethereum. Cointelegraph reached out to Nansen’s Andrew Thurman for more insight into the company’s success. Thurman, a Simian psychometric enhancement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized it would be a big area for the company and became its most popular section. He added: “A...
3 key Ether derivatives metrics suggest $1,600 ETH support lacks strength
Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened. Moreover, ETH derivatives show increasing sell pressure from margin traders. The positive price move was primarily driven by growing certainty of the Merge, which is Ethereum’s transition to a proof-of-stake (PoS) consensus network. During the Ethereum core developers conference call on July 14, developer Tim Beiko proposed Sept. 19 as the tentative target date for the Merge. In addition, analysts expect the new supply of ETH to be reduced by up to 90% after the network’s monetary policy change, thus creating a bullish catalyst. Ethe...
Victorian police to get ‘greater power’ to seize crypto assets from criminals
Victorian Police in Australia will soon be granted new powers to seize cryptocurrency and digital assets from criminals, as well as compel platforms to hand over information about suspects. According to a statement released by Victorian premier Daniel Andrews on Aug. 2, new laws were introduced to parliament on Tuesday under the Major Crime and Community Safety Legislation Amendment Bill 2022, with the aim of cracking down on organized crime in the state. The new bill is expected to give authorities “greater power” to identify and seize digital assets, in response to the growing use of digital cryptocurrencies by organized crime. The laws will uphold also require crypto exchanges disclose information to assist with criminal investigations in the same way that banks would. “They will be abl...
Slope wallets blamed for Solana-based wallet attack
As the dust settles from yesterday’s Solana ecosystem mayhem, data is surfacing that wallet provider Slope is largely responsible for the security exploit that stole crypto from thousands of Solana users. Slope is a Web3 wallet provider for the Solana layer-1 (L1) blockchain. Through the Solana Status Twitter account on Aug. 3, the Solana Foundation pointed the finger at Slope stating that “it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.” After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications. 1/2 — Solana Status (@SolanaStatus) August 3, 2022 Solana co-founder Anatoly Yakovenko also linked Slop...
Winnipeg police get provincial funding to beef blockchain forensics unit
Police in Winnipeg, the capital of the Canadian province of Manitoba, will be better prepared to deal with the use of cryptocurrency in cybercrime, thanks to $100,000 Canadian Dollars (CAD) in funding provided by the provincial government. Provincial Justice Minister Kevin Goertzen on Aug. 3 said the money from the Criminal Property Forfeiture Fund will be used to put five additional members of the police service through a Cryptocurrency Tracing Certified Examiner training program, as well as to purchase specialized software to trace cybercrime activities such as CipherTrace and Blockchain Forensics. According to the Manitoba government, cybercrimes have increased by more than 370% between 2016 and 2020. Sgt. Trevor Thompson of the Winnipeg police financial crime unit said in a statement: ...
Riot Blockchain’s Bitcoin mining productivity dropped 28% YOY amid record Texas heat
Crypto mining firm Riot Blockchain reported it produced fewer Bitcoin (BTC) in July 2022 than that in July 2021 after scaling down operations at its Texas facility. In a Wednesday announcement, Riot said its miners had produced 318 Bitcoin in July, more than 28% less than the 443 BTC the firm reported generating in July 2021. According to Riot CEO Jason Les, the firm curtailed operations by 11,717 megawatt-hours in July in response to increasing demand on Texas’ energy grid. Many parts of the Lone Star State experienced several days with temperatures over 100 degrees Fahrenheit, requiring additional power for air conditioners. “As energy demand in [Electric Reliability Council of Texas, or ERCOT] reached all-time highs this past month, the company voluntarily curtailed its energy...
MicroStrategy stock MSTR hits 3-month high after CEO’s exit
MicroStrategy (MSTR) stock opened higher on Aug. 3 as investors digested the news of its CEO Michael Saylor’s exit after a depressive quarterly earnings report. Microstrategy stock up 142% since May lows On the daily chart, MSTR’s price surged by nearly 14.5% to $324.55 per share, the highest level since May 6. The stock’s intraday gains came as a part of a broader recovery that started on May 12 at $134. Since then, MSTR has grown by 142% versus Nasdaq’s 26.81% gains in the same period. MSTR daily price chart. Source: TradingView Bad Q2, Saylor’s resignation The Aug. 3 MSTR rally came a day after MicroStrategy reported a billion dollar loss in its second quarter (Q2) earnings call. Interestingly, the company’s major Bitcoin exposure was a large re...
