Los Angeles, California, January 17th, 2024, Chainwire
Key Takeaways
- Focus, the revolutionary new decentralized SocialFi app, raised $20 million in less than 24 hours
- Focus rivals subscription platforms like OnlyFans and Patreon, a multi-billion-dollar industry
- The Social Airdrop offers users the chance to earn upwards of $100,000 in $FOCUS tokens
Focus is a brand new SocialFi app from DeSo, the team that raised $200M from Coinbase, Sequoia, a16z, Social Capital, and other top funds. It aims to disrupt the trillion-dollar social media market and creator economy by introducing groundbreaking features rivaling X, Onlyfans, and Patreon.
The TAM for this market is significant, with OnlyFans processing roughly $8 Billion in 2023 and charging 20% per transaction. These high fees significantly reduce creator profits, highlighting the need for a more equitable solution.
Focus combines the best of Onlyfans, Patreon, X, and other billion-dollar social platforms into one app. It’s built on the DeSo blockchain and powered by permissionless crypto-native monetization features that are not possible in web2.
Under the leadership of crypto-veteran Nader Al-Naji, Focus is fully decentralized, with no corporate entity behind it. Just coins and code:
“Decentralized social media is facing the same skepticism Bitcoin did at its inception. Critics believe it can’t challenge major players, won’t scale, and faces a ban if it does. Ask yourself: do you want to be on the side that’s short-sighted and left behind or embrace optimism and innovation? This is your chance to be part of a monumental technological shift.” – Nader Al-Naji, Founder of DeSo
Focus allows new ways for users to make money with anonymous crypto-enabled monetization mechanics that include paid reposts (decentralized ads), paid messages, unlockable content, subscriptions, and Creator Coins, allowing users to invest directly in other creators’ revenue streams.
Thanks to the DeSo blockchain and its Revolution Proof of Stake system, Focus users can transact in a variety of cryptocurrencies, including USDC, Bitcoin, Ethereum, Solana, DeSo, and Focus tokens, all for under 1/10,000th of a cent per transaction, including for cross-chain assets.
DeSo also supports the storage of content directly on-chain for 1/10,000th of a cent per post, which is much less than Solana at ~$1 per post or Ethereum at ~$100+ per post.
This means that Focus can pioneer innovative monetization and content mechanics that are not possible with older high-fee blockchains or slower and heavily censored fiat payment rails.
DeSo Founder Nader Al-Naji continues: “From the beginning, our strategy was clear: lay down a scalable, decentralized groundwork, then roll out applications that truly showcase the unparalleled advantages and power of DeSo.”
Focus allows users to reserve tokens akin to staking, with the flexibility to choose any supported currency via HeroSwap, including BTC, ETH, SOL, USDC, and DESO. Early adopters who reserve tokens during the first week (January 11th to January 18th) will receive a 100% bonus in $FOCUS tokens.
Unlike traditional social networks, Focus democratizes distribution by distributing 100% of all fees directly to the holders of $FOCUS tokens. This contradicts the business model users see with social platforms today, where a small group of venture capitalists and shareholders capture all the value.
To further incentivize user participation, Focus is introducing a viral airdrop model, The Social Airdrop, which rewards users based on their influence on external social networks, distributing $FOCUS tokens commensurate with their reach.
This new airdrop model means someone with a thousand views per post would get a joining bonus of about $100 in $FOCUS tokens. In contrast, someone with millions of views per post, like Elon Musk, would get a bonus of upwards of $100,000 in $FOCUS tokens.
The Social Airdrop also includes a referral program allowing users to refer others to the platform and in return receive 10% of the referee’s joining bonus and 5% of all revenues the referee generates on the platform.
FOCUS plans to support X, Instagram, YouTube, TikTok, Twitch, select email domains, DeSo, and OnlyFans at launch.
To reserve tokens and earn a 100% bonus in $FOCUS, prospective users should visit Focus.xyz and reserve their funds before 11:11 am EST on January 18th. The bonus will drop every week until the app goes live.
About Deso
DeSo is the first and only censorship-resistant Layer-1 blockchain purpose-built to power storage-heavy apps and scale decentralized social networks for mass adoption. Their mission is to decentralize social media like Bitcoin and Ethereum are decentralizing finance. DeSo has gained significant adoption and boasts 2.6M users (wallets) and 93M transactions. With Focus, DeSo aims to usher in a new age in crypto led by cutting-edge consumer apps that scale to billions of users.
Contact
Ed Moss
[email protected]
Wise Lending, a Web3 lending app and yield aggregator, experienced a significant breach on January 12, resulting in the theft of 170 Ether (ETH), currently valued at $440,000.
This incident has been confirmed by multiple security experts, who suspect that the attacker may have exploited an oracle price using a flash loan.
The attack was recorded on the blockchain at 7:29 pm UTC, with the perpetrator utilizing an unverified contract featuring an address ending in “d82c” to siphon off the funds.
The attacker also moved various tokens into this contract, including $9,000 in USD Coin (USDC), $2,000 in Tether (USDT), $5,000 in Dai (DAI), 18.51 Wrapped Ether (WETH), valued at $47,694, and various tokens linked to Pendle Finance.
As part of the exploit, the attacker borrowed 1,110 Lido Staked Ether (stETH) tokens, which amounted to $2.9 million, from the Aave lending protocol.
Flash loans, commonly employed by exploiters, are used to manipulate oracle prices, enabling such attacks.
A pseudonymous blockchain security researcher known as Spreek first alerted the crypto community to the Wise Lending attack, posting on X (formerly Twitter), stating, “Looks like Wise Lending exploited for ~170 ETH.”
READ MORE: DeRec Alliance Unveils Ambitious Plan for Decentralized Digital Asset Recovery System
Spreek also speculated in a follow-up post that the vulnerability might be connected to a new Pendle Finance derivative token.
Another security researcher, Officer’s Notes, commented on the situation, remarking, “Another day, another exploit.”
Officer’s Notes suggested that the vulnerability may have been triggered by a 7% price swing between stETH and ETH within a particular pool, possibly due to an AAVE v2 stETH flash loan.
Although 2024 has just begun, the decentralized finance (DeFi) sector has already suffered losses of at least $5 million due to various exploits.
On January 3, Radiant Capital incurred losses exceeding $4.5 million, followed by liquidity manager Gamma Protocol losing over $400,000 to an exploit the next day.
In the previous year, 2023, the crypto industry witnessed losses totaling over $1.8 billion as a result of hacks, scams, and exploits, as reported by blockchain security platform Certik.
These incidents underscore the ongoing challenges and security concerns within the crypto space.
BlackRock CEO Larry Fink expressed skepticism regarding the practicality of using Bitcoin for everyday transactions, emphasizing that it should be recognized primarily as an asset class rather than a currency.
During an interview with CNBC on January 11, Fink reiterated his belief in Bitcoin as an alternative form of wealth storage, downplaying its potential to replace national currencies.
Fink stated, “I don’t believe it’s ever going to be a currency. I believe it’s an asset class.” He firmly believes that Bitcoin’s primary role is as a store of value.
However, Fink is more optimistic about the emergence of central bank digital currencies (CBDCs) in the near future.
He foresees the development of digital currencies that leverage blockchain technology, saying, “I think we’re going to create digital currencies, we’re going to use technology for it. We’re going to use a blockchain.”
Recent data from Cointelegraph reveals that over 100 countries are exploring the development of CBDCs, with 39 countries already piloting, testing, or launching CBDC initiatives.
READ MORE: Turkey Gears Up for Cryptocurrency Regulation Overhaul
When asked about ARK Invest CEO Cathie Wood’s Bitcoin valuation predictions, ranging from $600,000 to $1 million, Fink indicated that price speculation wasn’t his primary focus at the moment.
He emphasized his current priority, which is the launch of BlackRock’s newly approved spot Bitcoin exchange-traded fund (ETF), aimed at providing an instrument for storing wealth.
Fink added, “I think if it gets even close to that high, gold will represent even a bigger value. And let’s be clear, if you think it’s digital gold, there’s going to be a reference point between gold and Bitcoin.”
In a separate interview with Fox Business on the same day, Fink highlighted that the approval of the Bitcoin ETF by the United States Securities and Exchange Commission (SEC) signifies the legitimization of the cryptocurrency industry and will enhance safety for investors.
BlackRock’s ETF approval came alongside approvals for 10 other similar products.
Since receiving approval for its Bitcoin ETF, BlackRock has garnered an impressive record of 576 ETF approvals with only one rejection, underscoring its growing influence and prominence in the world of exchange-traded funds.
Terraform Labs co-founder, Do Kwon, has formally petitioned the United States District Court for the Southern District of New York to delay his impending trial until March.
The grounds for this request are based on the complexities surrounding his extradition proceedings in Montenegro, which have not progressed as swiftly as initially anticipated.
In a letter submitted on January 11 and addressed to Judge Jed Rakoff, Kwon’s legal representatives stressed his strong desire to be present at the trial, which is currently slated for January 29.
Unfortunately, they had previously expected Kwon to have returned to the United States by this time, stating, “Mr. Kwon wishes to attend his trial.
Counsel had hoped the extradition proceedings in Montenegro would proceed more quickly than they have.”
The Securities and Exchange Commission (SEC) had filed charges against Kwon in February 2023, accusing him of involvement in a massive cryptocurrency securities fraud scheme worth billions of dollars.
These allegations were closely linked to the collapse of Terraform Labs’ stablecoin, TerraUSD (USTC), and its associated Terra (LUNA) token.
Kwon’s legal team acknowledged the urgency of the trial but indicated that the January trial date would be unfeasible for him to attend.
READ MORE: U.S. SEC Approval of Bitcoin ETF Sparks Global Crypto Market Frenzy
They proposed, “We understand the Court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” in their letter.
Notably, in December 2023, the Appellate Court of Montenegro took a significant step by annulling the decision of the High Court of Podgorica, which had initially approved Kwon’s extradition to either the United States or South Korea.
Only a week earlier, reports had emerged that both U.S. and South Korean authorities were requesting Kwon’s continued detention for an additional two months after the completion of his current sentence.
There is growing speculation regarding the possibility of Kwon facing multiple sentences in both countries.
Kwon’s legal troubles began in March 2023 when he was apprehended in Montenegro while attempting to leave the country using falsified travel documents.
His legal team’s request for a trial delay until March is underpinned by the intricate and evolving extradition challenges he faces, further underscoring the complexity of his legal predicament.
Cryptocurrency firm Genesis Global Trading has reached an agreement with the New York Department of Financial Services (NYDFS), resulting in the cessation of its operations within the state.
This development, disclosed on January 12, involves Genesis agreeing to pay an $8-million penalty to the NYDFS and the surrender of its BitLicense, a license the company had held since 2018.
The settlement stems from an investigation conducted by New York authorities, which unveiled significant deficiencies in Genesis’ Anti-Money Laundering (AML) and cybersecurity programs.
NYDFS Superintendent Adrienne Harris expressed concern over Genesis Global Trading’s lack of a functional compliance program, asserting that it demonstrated a disregard for regulatory requirements and potentially exposed both the company and its customers to security threats.
It’s important to note that this settlement exclusively pertains to Genesis Global Trading, and it is not associated with Genesis Global Capital.
In a separate legal matter, New York’s attorney general had filed a lawsuit against Genesis Global Capital, Gemini, and Digital Currency Group in October.
READ MORE: Bitcoin Surges as U.S. Inflation Data Sparks Crypto Market Anticipation
This lawsuit alleged that the companies had engaged in fraudulent activities through the Gemini Earn program, targeting investors.
Genesis Global Trading, however, did not follow its parent company’s path of filing for Chapter 11 bankruptcy protection in January 2023.
A spokesperson for the firm confirmed that Genesis Global Trading had ceased its operations in September 2023 and had taken substantial corrective measures to address the concerns raised by the NYDFS.
This settlement is part of a broader context in which concerns have been raised regarding the oversight of BitLicense applicants by the NYDFS. Since 2015, cryptocurrency firms operating within New York have been required to obtain a BitLicense from the regulatory authority.
The Genesis Global Trading case underscores the NYDFS’s commitment to enforcing regulatory compliance and maintaining the integrity of the cryptocurrency market in the state of New York.
In a jaw-dropping turn of events within the Solana ecosystem, a maximum extractable value (MEV) bot, under the management of an entity known as 2fast, astoundingly amassed a staggering $1.7 million in profits from a single, eyebrow-raising trade involving the memecoin Dogwifhat (WIF).
This peculiar transaction unfolded when a trader decided to acquire $9 million worth of WIF in the “most inefficient way possible.”
The MEV bot’s ingenious maneuver commenced by exchanging 703 Solana (SOL) tokens for a substantial 490,000 WIF tokens.
In a twist of fate, it further transformed this identical amount of WIF into a remarkable 19,035 SOL tokens within the same transaction bundle. As per Solscan data, this strategic move culminated in a jaw-dropping profit of $1.73 million.
MEV bots, automated algorithms programmed to scour blockchain networks for lucrative trading opportunities, executed this awe-inspiring feat. They identify promising opportunities and execute orders automatically to maximize gains.
The MEV bot harnessed a cutting-edge tool developed by Jito Labs, the developmental wing of Solana’s liquid staking protocol, Jito.
Functioning much like flashbots on Ethereum, this tool empowers bots to seek out maximum extractable value and submit bids for inclusion in transaction bundles.
READ MORE: CFTC Issues Recommendations to Mitigate DeFi Risks in U.S. Financial Markets
This remarkable arbitrage opportunity unfolded after a monumental $8.9 million purchase of WIF by a lone trader known as zeroxtrading.sol.
The colossal bid was placed in a low-liquidity pool, resulting in the order being fulfilled at an astonishing rate of approximately $3 per WIF token – a whopping 1,400% higher than its prevailing market value at the time.
Regrettably, the immediate aftermath of this transaction witnessed the trader’s funds plummeting by a staggering 92%.
On January 11, a pseudonymous developer going by the name Pland disclosed on X (formerly Twitter) that the MEV bot implemented a relatively straightforward backrunning strategy.
This tactic enabled the bot to capitalize on the trader’s inefficient execution of the WIF order without disrupting the initial trade.
It’s important to note that backrunning is generally perceived as less harmful to blockchain networks compared to the more malicious “sandwich” attacks, which manipulate order pricing to the detriment of users.
In the wake of this extraordinary transaction, the price of WIF briefly soared to as high as $4. While the trader experienced substantial losses due to the misguided order, this eye-catching event prompted enthusiastic traders to once again invest in WIF.
Consequently, the memecoin surged by an impressive 50% from the point immediately following the dramatic drop.
OpenAI, the artificial intelligence (AI) developer, is currently in negotiations with prominent corporate giants such as CNN, Fox Corp., and Time, as reported by Bloomberg.
The aim of these discussions is to secure licensing agreements for their news content, with the ultimate goal of enhancing the accuracy and timeliness of OpenAI’s AI chatbots.
OpenAI is actively exploring partnerships with these media powerhouses to leverage their extensive repertoire of news, video, and digital media content.
For instance, OpenAI is in talks with CNN to obtain licenses for articles that will be used to train ChatGPT and potentially feature CNN’s content in OpenAI products. Both CNN and Fox are exploring licensing options for text, video, and imagery.
In a significant move, Fox Corp. announced on January 9th the launch of a blockchain platform based on Polygon.
This platform is designed to validate the usage of its content by AI companies, reinforcing the protection of its intellectual property.
Jessica Sibley, Time’s CEO, expressed optimism about reaching an agreement with OpenAI, emphasizing the importance of a fair valuation for their content.
As of now, OpenAI’s ChatGPT-3.5, which is freely accessible to the public, relies on training data only up until January 2022.
However, in September 2023, OpenAI introduced a pivotal development, allowing its premium and enterprise models running ChatGPT-4 to access the internet and operate without the constraints of a specific training timeline.
READ MORE: Bitcoin Acceptance Surges: Number of Merchants Tripled Globally in 2023
This forward-looking initiative aims to preemptively address potential copyright infringement issues for OpenAI.
These efforts come amidst a backdrop of mounting legal challenges against OpenAI, with allegations of copyright violations stemming from the use of content in AI training.
The New York Times filed a significant lawsuit on December 27th, asserting that OpenAI’s utilization of their content did not constitute “fair use” and posed a threat to their journalistic endeavors.
Subsequently, on January 9th, OpenAI responded officially to The New York Times’ lawsuit, dismissing it as “without merit.”
OpenAI further affirmed its ongoing discussions with media organizations regarding collaborations and content licensing, emphasizing its commitment to forging partnerships that integrate AI seamlessly into the media landscape.
Additionally, another lawsuit was filed by authors Nicholas Basbanes and Nicholas Gage, advocating for compensation to copyright owners for their work used in AI training.
OpenAI’s strategic pursuit of licensing agreements with media entities is poised to mitigate future copyright-related challenges, fostering a collaborative ecosystem in the AI and media industries.
Asset management firm Vanguard may not be directly offering Bitcoin exchange-traded funds (ETFs) on its platform, but it has a notable connection to the cryptocurrency space through its ownership of a substantial stake in MicroStrategy (MSTR).
As of September 2023, Vanguard Group was found to hold a significant 8.24% ownership stake in MicroStrategy, making it the second-largest institutional shareholder in the company, with a whopping 1,126 million MSTR shares in its portfolio, according to data from Yahoo Finance.
Moreover, MicroStrategy’s stock also features in the holdings of several of Vanguard’s mutual funds, including the Vanguard Total Stock Market Index Fund, Vanguard Small-Cap Index Fund, Vanguard Extended Market Index Fund, and Vanguard Small-Cap Growth Index Fund.
MicroStrategy itself has established a robust connection with Bitcoin, with its balance sheet carrying a substantial exposure to the cryptocurrency.
Over the past years, MicroStrategy and its subsidiaries have accumulated a total of 189,150 BTC, with a collective purchase price of approximately $5.9 billion.
READ MORE: U.S. SEC Approval of Bitcoin ETF Sparks Global Crypto Market Frenzy
This has led some analysts to characterize MicroStrategy as essentially functioning as a leveraged Bitcoin ETF, given the significant impact of Bitcoin on its stock price in 2023.
In contrast, Vanguard has maintained a somewhat distant stance from the cryptocurrency market.
Despite the debut of spot Bitcoin ETFs by several asset managers on major Wall Street exchanges on January 11, Vanguard chose to block the purchase of such products.
They cited a misalignment with their vision and emphasized their focus on traditional asset classes like equities, bonds, and cash, which they consider the foundational components of a well-balanced, long-term investment portfolio.
Nonetheless, Vanguard’s indirect yet substantial exposure to Bitcoin through its MicroStrategy holdings implies that fluctuations in Bitcoin’s price can affect the performance of its mutual funds and the value of its MSTR shares.
For Vanguard clients, this represents an indirect means of gaining exposure to the cryptocurrency through the firm’s investment platform.
In the rapidly evolving crypto landscape, various firms anticipate a surge in Bitcoin-related products in the coming months, including leveraged and short Bitcoin ETFs, as well as crypto loans collateralized by Bitcoin.
London, United Kingdom, January 17th, 2024, Chainwire
Kabuni’s Steamboat Willie-inspired non-fungible tokens (NFTs) go beyond digital assets, they are integral to Kabuni’s mission of unlocking human potential through technology and driving positive change.
Holders of these NFTs gain an exclusive path to the chance of earning Kabuni COIN (KBC), embodying the spirit of innovation, these NFTs also grant holders voting rights to influence Kabuni’s future direction, symbolizing the team commitment to integrating community participation and technological advancement. The Kabuni ChangeMaker NFT transcends traditional digital asset boundaries, seamlessly merging value from the digital realm to the physical and back again, as we grow and Stake a Future across the globe.
What is “Stake a Future”?
Kabuni is redefining crowdfunding in the Web3 era with an innovative approach that concentrates on projects with significant impacts in key sectors. The Kabuni model uniquely intertwines contribution with reward, supporting promising ventures while offering tangible benefits to those who invest in these impactful projects.
A tribute to innovation: The Steamboat Willie-Inspired ChangeMaker NFT
“Our journey began six years ago with a vision to unlock the design potential in every human being and elevate life. The ChangeMaker NFT program draws inspiration from Steamboat Willie, from humble roots to global icon changing the world,” states Nimesh Patel, CEO of Kabuni.
The launch today signifies a pivotal evolution in digital asset innovation and marks Kabuni’s expansion beyond revolutionising K-12 education sector into venture building, cryptocurrency exchange, and finance applications. These new ventures are in alignment with Kabuni’s mission, demonstrating the company’s commitment to broadening its impact across various sectors.
Exclusive benefits for ChangeMaker NFT holders
- Monthly Draws: Chance to win $1000 in KBC every month for a year.
- Governance Participation: As Kabuni grows, NFT holders can vote on the company’s direction, playing a pivotal role in its development.
- Exclusive Access and Opportunities: Owning an NFT opens doors to unique experiences and advantages within the Kabuni ecosystem.
- Stake A Future: Holders will be part of Kabuni’s “Stake A Future” initiatives from the outset, experiencing these ventures before others.
- A Journey of Growth: The holder’s progression from Affiliate to Ambassador within Kabuni reflects the transformative journey akin to that of Steamboat Willie, symbolizing growth and evolution.
Joining the ChangeMaker NFT Movement: The Process of Minting Event Tickets
- Stake and Save: Interested parties should visit Coinstore and stake KBC and participate in the inaugural “Stake A Future” program by staking KBC tokens.
- Mint NFT Ticket: After completing the required quests, users need to add their Coinstore UID to the Kabuni Airlyft campaign. This will allow them to mint their unique Backpack NFT ticket.
- Engage with the Community: Users can connect with Kabuni on Discord, Twitter, and other platforms for the latest updates and community interaction.
“Transforming asset exchange and redefining finance, we’re creating a transparent, ethical, and accessible ecosystem. We are pleased to be part of reshaping the future of digital finance with Kabuni.” says Shawn Koh, Regional Manager of Coinstore.
Users can join Kabuni on this exhilarating journey as it strides towards a future where technology and humanity unite for the greater good.
In anticipation of Kabuni’s ChangeMaker NFT launch on February 14th, users today have the opportunity to mint one of the 10,000 available tickets. These tickets not only secure a place for users at the launch but also determine the price they will pay for the ChangeMaker NFT – the smaller the ticket number, the less the user pays.
About Kabuni
At Kabuni, our focus is on cultivating four key pillars: education, venture building, cryptocurrency exchange, and finance applications. Each of these sectors plays a crucial role in delivering our ‘why’ — to unlock the design potential in every human being and elevate life. Our approach is to create a scalable framework that balances conscientious profit with the elevation of people and the betterment of our planet. This vision is driven by a unique blend of emerging technology and a commitment to safety by design, ensuring that as we grow, we do so responsibly and with a positive impact on the world.
Contact
CEO
Nimesh Patel
Kabuni
[email protected]
In Rosario, the third-largest city in Argentina, a unique rental agreement has been struck between a local landlord and a tenant.
This groundbreaking contract marks the first instance in Argentina where monthly rent will be paid in Bitcoin.
This innovative arrangement was made possible by recent legislative changes implemented by the country’s new presidential administration.
Under the terms of this historic contract, the tenant will be responsible for making monthly payments equivalent to $100 in Bitcoin.
These transactions will be facilitated through Fiwind, a local cryptocurrency platform.
Notably, both parties involved in this contract are experienced cryptocurrency users, signaling a growing acceptance of digital currencies in the region.
The shift towards embracing cryptocurrencies in Argentina can be attributed to the reforms introduced by President Javier Milei, who assumed office after winning the general election in November 2023.
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The nation was grappling with soaring inflation rates, prompting the need for significant changes in vario
us aspects of the legal system, including rental laws.
In December 2023, Diana Mondino, the Minister of Foreign Affairs, International Trade, and Worship, announced a pivotal decree aimed at promoting economic reform and deregulation.
This decree opened the door for the utilization of Bitcoin and other cryptocurrencies within the country, albeit with certain conditions.
One of the notable changes in the regulatory landscape was the government’s efforts to facilitate the legalization of cryptocurrency holdings, even for individuals who were behind on their tax declarations.
A regularization scheme was introduced, allowing taxpayers to declare their cryptocurrency assets with a flat tax rate of 5% if done by the end of March 2024.
This rate would then increase to 10% from April and further to 15% from July until the end of September.
These recent developments signify Argentina’s growing recognition of the potential of cryptocurrencies as a viable means of conducting financial transactions and fostering economic growth.
With this groundbreaking rental agreement in Rosario, the country takes another step towards embracing the digital currency revolution, potentially setting a precedent for similar arrangements in the future.