Crypto news
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 ...
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...
MetaMask rolls out NFT portfolio value tracker with new partnership
MetaMask users will now have the ability to track the value of their nonfungible token (NFT) portfolio through its latest product. The wallet provider announced a new feature on Nov. 2, which will bring updated pricing information for the over 5,000 NFT collections held by MetaMask users. The new utility comes as a result of a partnership with NFTBank, an NFT portfolio management tool and valuation engine. To create its predictions, NFTBank uses machine learning algorithms which update users with price estimates for individual NFTs within a collection. According to the announcement the algorithm takes into consideration parameters such as floor price, rarity, and bid/ask distribution when calculating a price value. The tool allegedly offers around 90+% accuracy price predictions. Daniel Ki...
Bitcoin price bottom takes shape as ‘old coins’ hit a record 78% of supply
Bitcoin (BTC) and the rest of the crypto market have been in a bear market for almost a year. The top cryptocurrency has seen its market valuation plummet by more than $900 billion in the said period, with macro fundamentals suggesting more pain ahead. Another bear cycle produces more BTC hodlers But the duration of Bitcoin’s bear market has coincided with a substantial rise in the percentage of BTC’s total supply held by investors for at least six months to one year. Notably, the percentage of coins held for at least a year has risen from nearly 54% on Oct. 28, 2021, to a record high of 66% on Oct. 28, 2022, data shows. Bitcoin hodl waves. Source: Glassnode This evidence suggests that long-term investors are increasingly looking at Bitcoin as a store of value, asserts Charles Edward...
Web Summit Lisbon, Nov. 2: Latest updates from Cointelegraph ground team
Disclaimer: This article is updated all day long. All time codes are in the UTC time zone, and updates are in reverse order (the latest update is placed at the top). Web Summit, one of the premier world tech conferences, is back live in Lisbon. The event brings together the founders and CEOs of technology companies, fast-growing startups, policymakers, and heads of state to discuss the future of the tech industry. In 2022, Web3 is one of the biggest topics of tech discussion, and Web Summit 2022 is no different. Cointelegraph has set up a team for the event to present the latest updates in a real-time fashion. The opening event of Web Summit saw the Mayor of Lisbon, the minister of the economy of Portugal and Binance CEO Changpang Zhao as keynote speakers. Carlos Moedas, mayor of Lisbon, s...
‘DeFi will replace institutions entirely,’ says BitGo CEO Mike Belshe
The global decentralized finance (DeFi) market size was valued at $11.78 billion in 2021. This number is expected to increase as DeFi advances, yet it is still in its infancy. Therefore, a number of banks and traditional financial institutions still tend to be unaware of DeFi’s potential. While this may be, industry experts within the crypto sector are predicting that decentralized finance will overtake traditional financial institutions in the coming years. For instance, Mike Belshe, CEO and co-founder of BitGo — a digital asset custody provider — told Cointelegraph that he believes DeFi will replace institutions in the next three to four years. Belshe elaborated on this point during an exclusive interview conducted at Activate, which was BitGo’s developer conference that took place...
