PayPal, a leading player in the payments industry, has introduced an innovative feature named Cryptocurrencies Hub in its updated terms and conditions.
This move comes on the heels of the launch of their dollar-backed stablecoin, PayPal USD (PYUSD). The new feature enables users to not only store but also engage with cryptocurrencies like Bitcoin within their PayPal accounts.
The revised terms and conditions provide a comprehensive outline for crypto enthusiasts who wish to utilize PayPal’s platform for crypto-related activities.
The Cryptocurrencies Hub offers a range of services, including buying and selling cryptocurrencies.
Moreover, it offers a seamless method to make purchases via PayPal by utilizing the proceeds from cryptocurrency sales.
Additionally, the Cryptocurrencies Hub plays a pivotal role in the conversion of PYUSD to other crypto assets.
However, PayPal clarifies that the balances within the Cryptocurrencies Hub signify ownership of specific amounts of each Crypto Asset, rather than direct possession of the digital Crypto Assets themselves.
Nonetheless, access to this novel feature isn’t universally available to all PayPal users. Eligibility is determined on a case-by-case basis, contingent upon several factors.
To qualify for the Cryptocurrencies Hub, users must possess a personal PayPal account with a well-maintained Balance Account. Furthermore, users need to furnish essential identification information including name, physical address, date of birth, and taxpayer identification number for verification purposes.
It’s noteworthy that the Cryptocurrencies Hub will be directly integrated into the user’s existing PayPal account, accessible using their current credentials.
The feature’s launch has sparked discussions within the crypto community, generating varying perspectives on its implications.
Some proponents envision the potential of PYUSD to expedite the mainstream adoption of Ethereum (ETH).
However, a countering viewpoint raises concerns about potential ramifications for decentralization and individual asset control.
Critics highlight specific aspects of PYUSD’s smart contract, which contain functions like “freezefunds” and “wipefrozenfunds.”
These functionalities are regarded as susceptible to centralization attack vectors within Solidity contracts, prompting a cautious outlook.
In conclusion, PayPal’s introduction of the Cryptocurrencies Hub as part of its updated terms and conditions signifies a substantial stride towards integrating cryptocurrencies into mainstream financial services.
While this innovation is met with excitement, it also triggers discussions surrounding its implications for decentralization and asset control, underscoring the complex nature of the crypto landscape.
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A motion to hold co-founder Kyle Davies of the defunct crypto hedge fund Three Arrows Capital (3AC) in contempt of court and impose sanctions has been denied by a judge overseeing the bankruptcy case.
The ruling came from Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York in an August 11 filing.
The judge explained that previous rulings on motions related to a subpoena issued to Davies through X, formerly known as Twitter, were made under the assumption that Davies was a U.S. citizen.
However, it was later revealed that Davies is a non-U.S. citizen residing outside the country.
Judge Glenn cited federal laws that govern compelling compliance outside the United States.
He emphasized that his earlier approvals of motions were based on the assumption that Davies held U.S. citizenship.
This assumption was crucial for proper service of the subpoena, which was invalidated due to Davies’ non-U.S. citizenship status.
Davies’ lawyers submitted evidence on August 1 indicating that he had applied to renounce his U.S. citizenship in December 2020 and had become a citizen of Singapore after marrying a Singaporean national.
As Singapore does not permit dual nationality, Davies’ change in citizenship status had significant legal implications.
The judge suggested that foreign representatives could explore the possibility of compelling Davies’ compliance through the Singaporean legal system.
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Consequently, he dismissed the contempt motion, clarifying that the U.S. court lacked jurisdiction over Davies.
Co-founder Su Zhu of 3AC, who is a Singaporean national and resides outside the United States, was also issued a summons via X.
However, he is not subject to the subpoena due to his non-U.S. residency.
The whereabouts of both Zhu and Davies have largely remained unknown since 3AC’s collapse in July 2022.
Nonetheless, Davies’ lawyers confirmed his residence in Singapore in the August 1 filings.
The liquidators overseeing 3AC’s case are endeavoring to recover approximately $1.3 billion in funds from the two co-founders.
The firm is reported to owe creditors a total of $3.5 billion.
In April, Zhu and Davies played a role in launching Open Exchange, a platform designed to facilitate the trading of claims against insolvent cryptocurrency companies.
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United States Senator Cynthia Lummis, a well-known advocate for cryptocurrency, has lodged an amicus brief in support of Coinbase’s bid to have the U.S. Securities and Exchange Commission (SEC) lawsuit against the company dismissed.
An amicus brief is a legal document submitted to a court by a third party that isn’t directly involved in the case.
Its purpose is to provide additional arguments and perspectives in favor of one side of the legal dispute, often highlighting the wider implications of the case.
According to the filing on August 11 in the U.S. District Court for the Southern District of New York, Lummis underscored that the SEC’s action against Coinbase is far from an ordinary enforcement case.
She contended that the SEC’s lawsuit, alleging securities violations by Coinbase, seeks to establish significant control over the cryptocurrency sector, precisely when discussions about regulation and related matters are ongoing both in Congress and various governmental bodies.
Lummis emphasized that the authority to legislate in matters of such economic and political importance lies with Congress, not the SEC.
She criticized the SEC’s effort to exert extensive influence over crypto asset markets, particularly at odds with legislative proposals that propose distributing such authority to other agencies.
Lummis accused the SEC of trying to sidestep the political process and seize such power for itself.
Coinbase had filed its motion to dismiss on August 4, asserting that the SEC had acted against due process and deviated from its previous interpretations of securities laws by asserting jurisdiction over the exchange.
Lummis’s court submission further argued that the SEC has exceeded its boundaries by attempting to categorize nearly all crypto assets as securities.
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She questioned the agency’s regulatory approach, likening it to trying to make laws through enforcement actions, which she deemed beyond the SEC’s powers.
Lummis isn’t alone in supporting Coinbase through an amicus brief. Various crypto advocacy groups, such as the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association, filed a collective brief on August 11.
These groups, in line with Lummis, stressed that the SEC’s authority is restricted to what Congress has granted it, expressing concerns over the potential misapplication of regulatory measures.
Marisa Tashman, senior counsel at the Blockchain Association, concurred with Lummis’s stance, highlighting that the SEC’s interpretation risks classifying non-security assets as such, potentially deviating from Congress’s intended scope of the SEC’s regulatory authority.
She refuted the SEC’s claim that most digital assets on the secondary market are investment contracts under securities laws, asserting that these transactions lack ongoing contractual obligations, making the SEC’s position untenable.
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The DeFi landscape is grappling with a series of challenges, as it strives to recover from the aftermath of the Curve Finance hack.
While containment efforts are underway, a fresh wave of vulnerabilities emerged within the past week.
Steadefi, a prominent DeFi protocol, finds itself ensnared in an ongoing exploit, compounding the industry’s woes amid the ongoing recovery from the Curve crisis.
In a bid to mitigate risks associated with the Curve token price, Binance stepped in by injecting $5 million into the Curve token, subsequent to the hacker’s partial fund return.
This move aims to stabilize the ecosystem and shore up confidence.
Meanwhile, Aptos, the driving force behind the layer-1 Aptos Network, has solidified a partnership with tech giant Microsoft.
This collaboration is set to catalyze the adoption of Web3 solutions across financial institutions. The Aptos token witnessed an impressive surge, soaring by double digits on the back of this association.
Breaking new ground, Coinbase has accomplished a significant milestone. It has introduced Base, a decentralized layer-2 platform, marking a historic move as the first publicly listed company to venture into this domain.
This development has piqued substantial interest from the DeFi community.
Binance Labs, the investment arm of Binance exchange, made waves by investing $5 million into Curve Finance (CRV), the token underpinning the decentralized stablecoin trading platform.
The platform boasts the distinction of being the largest stableswap and second-largest DEX, currently holding about $2.4 billion in total locked value.
Aptos Network, empowered by the synergy with Microsoft, is on a growth trajectory, recording an impressive 11.6% surge.
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This collaboration harnesses Microsoft’s AI tools to expedite the adoption of Web3 in the realm of banking and finance.
The integration with Microsoft’s Azure OpenAI service will drive innovation in asset tokenization, on-chain payments, and central bank digital currencies.
Coinbase’s Base network has transitioned from an exclusive builder phase to a user onboarding phase, signaling a major milestone.
Several Web3 development teams have capitalized on this opportunity, unveiling apps for the Base network.
The launch has been accompanied by a calendar of celebratory events to commemorate this achievement.
The DeFi ecosystem experienced a setback with the exploitation of Steadefi, resulting in a loss of approximately $334,000.
The development team conveyed the gravity of the situation, stating that all funds are presently at risk. The incident has caused a decline in the app’s total locked value, as confirmed by DefiLlama data.
As the DeFi market faced bearish headwinds over the past week, the top 100 DeFi tokens by market capitalization exhibited a mixed performance, with most tokens experiencing losses.
Despite the challenges, the total value locked in DeFi protocols remained below the $50 billion mark, reflecting the sector’s resilience amid adversity.
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Utrecht, Netherlands, August 15th, 2023, Chainwire
AllianceBlock today unveiled Nexera Exchange, an innovative new decentralized exchange platform incorporating an advanced on-chain order book protocol to provide deeper and more accessible liquidity across a diverse range of cryptocurrencies and tokenized assets.
Nexera Exchange builds on last year’s launch of AllianceBlock DEX, which harnesses the power of a cutting-edge Automated Market Maker to minimize the risk of impermanent loss for liquidity providers. Designed to meet the demand for a more streamlined user interface and optimized liquidity mechanisms, Nexera Exchange acts as an intermediary layer, making AllianceBlock DEX more efficient and user-friendly.
DEX platforms have vast potential but struggle with challenges around the user experience and operational fluidity, in contrast to the highly efficient experience of centralized exchanges. By leveraging an innovative on-chain order book protocol, Nexera Exchange bridges this gap, providing a decentralized trading experience that rivals the very best CEX platforms while amplifying the core strengths of AllianceBlock DEX.
Enhanced DEX Liquidity With Uniswap
Nexera Exchange’s integration with the Uniswap protocol allows it to leverage the rich liquidity of Uniswap V3 and execute limit orders seamlessly while ensuring the best possible price. Ultimately, Nexera Exchange intends to become an on-chain limit order book aggregator that facilitates efficient liquidity access from across multiple DEXs to deliver the most optimal decentralized trading experience. The integration with Uniswap allows users to place market orders and gain deeper insight into available liquidity at various price points for trading pairs.
In its next phase, Nexera Exchange will add the ability to execute limit orders. By leveraging its limit,on-chain order book, limit orders will be securely stored on chain, with the protocol determining the optimal match from either the order book itself or Uniswap V3’s liquidity pool. By transitioning from market orders to limit orders, users gain heightened control and deeper price insights, creating a more efficient trading environment.
A key element of this transformation will be the addition of a stability staking pool to incentivize traders to actively participate in the platform. Users will be able to stake their NXRA tokens and earn a portion of the trading fees from Nexera Exchange on a continuous basis, creating a mutually beneficial environment for all participants. The integration of NXRA as an incentivization tool will improve the overall experience for Nexera Exchange users while augmenting the platform’s growth and liquidity, and providing additional utility for the token itself.
Advanced DeFi Primitives
Traders will also gain access to an array of new DeFi primitives in a forthcoming release that combine to deliver an enriched toolkit for advanced DeFi trading strategies.
The new primitives include Staking-Enabled On-Chain Order books, a novel approach wherein users can stake their orders on the blockchain to provide liquidity to the protocol, distinct from the standard liquidity provision model. Other innovations include Order-Triggering Matching to eliminate the continuous hustle of order matching; Yield-Optimized Staked Orders to generate passive yield; and Dynamic Range Order Book Provision to ensure optimal order execution and capital utilization.
Building A Secure & Compliant DEX Experience
Nexera Exchange’s transformation will gradually redefine the DEX trading experience to support the concept of tokenized asset trading, enabling real-world assets (RWAs) to be traded with the same ease as digital tokens. The evolution of Nexera Exchange is designed to establish a fully transparent and compliant platform that’s trusted by traders and investors alike while aligning with regulatory standards.
In the coming months, Nexera Exchange will introduce critical functionality including decentralized KYC/AML procedures and gated liquidity pools to verify users and enhance security, together with zero-knowledge proofs for users to comply with KYC without revealing their personal information. The platform will also introduce Fractionalized NFT Representation technology to support the tokenization of RWAs, followed by unique yield-generating DeFi strategies for users to provide liquidity for RWA fractions. Finally, Nexera Exchange will implement high-level security mechanisms such as multi-factor authentication, advanced cold storage and consistent security audits.
With Nexera Exchange, AllianceBlock’s goal is to entice financial institutions and institutional traders to enter the DeFi industry with measures that minimize risk and achieve the highest standards of compliance for the safe and secure trading of tokenized assets.
About AllianceBlock
AllianceBlock is an infrastructure provider for decentralized tokenized markets. It empowers businesses with liquidity provisioning, and allows them to compliantly issue, manage, and trade tokenized, digital assets including real world assets (RWAs).
The AllianceBlock ecosystem of partners, clients, and ventures consists of top stakeholders from the financial industry, as well as the decentralized finance (DeFi) sector. Their unique product suite complies with global regulations and seamlessly integrates with legacy systems.
Contact
Avishay Litani
[email protected]
Coinbase CEO Brian Armstrong has acknowledged the shortcomings of the Coinbase app’s user experience (UX) after the surge of on-chain activities on its new layer-2 network, Base. Armstrong has pledged to address these issues and enhance the app’s functionality.
In a recent Twitter post on August 13th, Armstrong highlighted the challenges that have come to light during the “Onchain Summer” event.
This event, running from August 9th to August 31st, involves a series of product launches, brand activations, and non-fungible token (NFT) reveals on the Base platform.
Armstrong candidly admitted, “One thing #OnchainSummer is exposing is just how broken our UX is in the main Coinbase app for NFTs, Dapps, and L2s today.
Sorry to say, but true.” He emphasized the importance of acknowledging these issues as a stepping stone towards improvement and innovation.
The CEO stressed that experiences related to NFTs, decentralized applications, and layer 2 solutions should be of the highest quality, and the Onchain Summer event serves as a driving force for such advancements.
Armstrong encouraged users to provide feedback in response to his post, enabling Coinbase to address the most pressing concerns promptly.
He also revealed that rapid updates would be implemented over the next two weeks to tackle major pain points.
Among the user feedback, a significant request came from Friendtech developer Racer.
Racer proposed the integration of a swift settlement credit card on-ramp to Coinbase that eliminates the need for a separate account.
Additionally, a request was made to rectify an ongoing bug that was causing disruptions when connecting Coinbase’s mobile wallet to Google Chrome.
Armstrong acknowledged the persistent nature of this bug and assured users that it would be addressed.
The cryptocurrency industry has long grappled with UX challenges.
An anonymous Web3 UI/UX designer known as 0xDesigner attributed many of these issues to the nature of blockchain-based applications, which are often owner-centric and irreversible.
In light of these challenges, Kirthana Devaser, the content manager of XGo, emphasized the importance of focusing on intuitive user interfaces and making the complexities of blockchain technology less conspicuous in everyday interactions.
This approach, Devaser believes, will be pivotal in driving the next wave of widespread adoption.
As Coinbase acknowledges and addresses the deficiencies in its app’s UX, the company aims to harness user feedback and technological innovation to create a more seamless and user-friendly experience for cryptocurrency enthusiasts and newcomers alike.
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On August 10th, the United States Federal Election Commission (FEC) voted unanimously to propel forward a petition aimed at potentially imposing regulations on deep fake content within AI-generated political advertisements.
The focus of this petition is to combat the spread of ads that utilize artificial intelligence to depict political candidates engaging in actions or making statements they never actually did, particularly in the lead-up to the 2024 elections.
Public Citizen, an advocacy organization spearheading this petition, is led by Robert Weissman, who considers deep fakes a substantial threat to the democratic process.
Weissman emphasizes that the FEC must wield its authority to curb the usage of deep fakes, as failure to do so could imply endorsement of an AI-propelled surge of misleading information, which could erode fundamental concepts of truth and falsehood.
Instances have arisen wherein candidates have incorporated fabricated AI-generated images as part of their campaign strategies.
For instance, Florida Governor Ron DeSantis, a contender for the Republican Party’s nomination, disseminated three fabricated images of former President Donald Trump embracing Dr. Anthony Fauci.
During the FEC session, Public Citizen sought to clarify whether existing laws encompass “fraudulent misrepresentation” in political campaigns and whether deep fakes generated by AI fall under this category.
Lisa Gilbert, Executive Vice President of Public Citizen, highlighted the urgency of regulating deep fakes and deceptive AI usage in election-related advertisements, emphasizing that each day that passes heightens the necessity for such regulation.
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The FEC’s decision to progress the petition initiates a 60-day period for public comments. Gilbert views this as an encouraging indicator that regulatory bodies are taking the threat of AI-generated misinformation seriously.
This move is commended by Craig Holman, a government affairs lobbyist associated with Public Citizen, who regards the public comment phase as a crucial platform for policy experts, advocates, and citizens to voice their apprehensions regarding the potential inundation of deep fake advertisements in the upcoming election cycle.
This development builds upon Public Citizen’s initial submission of the petition in July.
The document underscores similar concerns, stressing that the impact of deep fakes could extend to even swaying election outcomes.
In response to the first petition, support letters were received from members of both the U.S. Congress chambers.
Cointelegraph reached out to Public Citizen for additional commentary on their endeavors.
The FEC’s unanimous decision signals a proactive step toward addressing the intricate challenges posed by AI-generated deep fakes within the realm of political advertising.
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In the rapidly evolving world of online gambling, Bitcoin and other crypto casinos are making waves. Crypto Lists found that over 35% of all new online casinos from 2023 now accept cryptocurrencies. Offering an array of advantages such as privacy, new design, fun crash games, quick transactions, and enhanced security, they’re becoming the go-to choice for many players.
However, the struggle to find brand new crypto casinos and upcoming ones can often be a challenging task, before stumbling upon the fast growing website with their own list of more than 70 recently launched brands – https://www.cryptolists.com/casinos/new/.
This article explores why finding these newly launched brands is so interesting and offers tips on how to navigate the process successfully.
The Allure of New Crypto Casinos
The integration of blockchain technology and cryptocurrency use in new online crypto casinos has revolutionized the way we perceive and engage in online gambling. Crypto casinos, as the name suggests, are online betting platforms that accept cryptocurrencies such as Bitcoin, Ethereum, and Litecoin among others as a form of payment. These casinos are a product of the union between leading-edge tech and traditional online gambling.
New crypto casino sites released in 2023 often bring fresh and exciting features, state-of-the-art graphics, and exceptional playability. They tend to entice players with exciting promotions and welcome bonuses, providing an incentive to try something new. These bonuses, which can range from free spins to deposit matches, give players the opportunity to increase their chances to win.
Moreover, these platforms might offer various cryptocurrencies, expanding the options for players who use different digital coins. In addition to the Bitcoins and Ethers of the world, they might present players with the opportunity to bank with Cardano or Solana, for example.
Upcoming Bitcoin Casinos
The latest innovation in the space is called upcoming crypto casinos, where reviews of sites about to launch are shown. Some of the leading sites, such as Crypto Lists, are quick to find out about the newest brands and therefore show upcoming casinos in a separate list. Usually, the launch date is in the coming days or weeks, but in some cases it can be even one month away.
Innovation and User Experience
One of the defining characteristics of new crypto casinos is their emphasis on innovation and user experience. These platforms – particularly when they’re decentralized – often leverage the unique capabilities of blockchain technology to introduce features like provably fair gaming, where players can independently verify the fairness of each game’s outcome.
Additionally, some new crypto casinos are experimenting with decentralized applications (DApps) that allow players to participate directly in the casino’s governance and decision-making processes. Furthermore, the use of smart contracts on blockchain platforms enables automated and transparent transactions, minimizing the need for intermediaries. This can lead to faster payouts, improved security, and reduced operational costs.
New casinos are actively exploring ways to enhance these advantages, striving to set new industry standards for seamless transactions and player interaction. These are just some of the additional reasons why finding these new casinos is so crucial to players with their fingers on the pulse of this new iGaming niche. Markus Jalmerot from Crypto Lists expects that regulation and state policy in the U.S will continue to change over the coming two years and eventually a wider range of cryptocurrencies will be accepted like in Europe with their MICA regulation coming into effect in mid 2024.
The Importance of Accurate Launch Dates
The launch date of a crypto casino plays a crucial role in its evaluation. Some review sites might inaccurately portray a casino as newer than it is, misleading potential players. The reasons this occurs can be rather benign, such as simply not having the knowledge on how to identify launch dates, or perhaps assuming it’s not important information to get right. Sometimes, the reasons can be more malign, such as review sites wanting to promote a casino as newer than it really is to make their own site appear more on the pulse.
However, the best review sites use in-depth research methods like the Wayback Machine digital archive – that highlights when a site has been crawled by search engines – to provide accurate launch dates, ensuring transparency and trustworthiness in their reviews. In addition, they will speak to representatives of the casino to ensure the information is all accurate before publishing their review. For example, if one site says they have reviews of brand new casinos launched 2023 but half of those were really launched several years prior, then they’re providing false information and not giving their readers the unique features and fresh bonuses they’re searching for.
The Struggle to Find Genuine Crypto Casinos
Finding new crypto casinos can be a daunting task. It requires sifting through numerous review sites, many of which only offer summaries rather than detailed analysis. Players are often left wanting more comprehensive information, such as the specific cryptocurrencies accepted by the casino and the intricacies of how the platform operates. Not to mention first-person opinion from reviewers who understand the gambling niche and comment on how a site feels to use and navigate.
The last thing a keen crypto gambler wants is to be presented with a casino that’s been flagged as a crypto-accepting one, only to be left wanting after they’ve completed KYC procedures, presented with only fiat options. That’s why the trusted review sites will sign up and go through this process themselves, so that potential players have authentic information.
Better Safe than Sorry
As the crypto casino landscape evolves, regulators around the world are grappling with how to address this emerging sector. It’s yet another reason why having up-to-date and accurate information is so crucial when looking for the best and most brand new crypto casino sites. Top reviewers will assess the licensing information on a casino’s website, analyze the terms and conditions, and make sure things are safe and sound before recommending a platform. Alternatively, they’ll highlight when a casino’s licensing information is vague or absent entirely.
Players seeking to explore new crypto casinos must be mindful of the regulatory landscape in their region. While some platforms prioritize regulatory compliance and work towards obtaining licenses, others may operate in less regulated environments. It’s crucial for players to conduct their due diligence and choose casinos that prioritize transparency, security, and responsible gaming practices. And, to make sure that if they’re relying on review sites with toplists, that those sites present licensing information about the casino’s operators and include information about the license itself. There are also some well known people and organisations that is less trusted and the top review sites make sure that people find out about both the good and bad actors in this sector.
In conclusion, while the search for new crypto casinos from 2023 can be a struggle, it’s a worthwhile endeavor. The benefits of engaging with these platforms are vast, from the potential for welcome bonuses to the opportunity to experience cutting-edge gaming features and modern and innovative design. It’s essential to look to trustworthy review sites that offer accurate launch date information and detailed insights into the casinos’ operations. Armed with the right information, players can confidently explore the innovative world of new crypto casinos.
The potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has been shrouded in suspense due to the Securities and Exchange Commission’s (SEC) ongoing delay in reaching a decision.
This delay is now raising speculations that the verdict might encompass influential players in the financial sector, including giants like BlackRock and Fidelity.
Dave Weisberger, co-founder of CoinRoutes and an experienced figure in the markets, emphasized the mounting pressure on the SEC to grant approval for several ETFs.
The performance of approved futures-backed products has fallen significantly behind the actual spot performance, adversely affecting investors.
He believes that the culmination of this decision will likely encompass all pending applications.
The SEC is currently evaluating eight applications for a spot Bitcoin ETF, reflecting a series of past rejections and postponements for such cryptocurrency-related products.
The contenders awaiting a decision comprise prominent entities like ARK Invest, Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy Digital, Fidelity, and Valkyrie. Together, these firms oversee a staggering $15 trillion in global assets.
Recently, the SEC initiated a 21-day commentary period for the ARK 21Shares Bitcoin ETF.
The regulator’s inquiries revolve around the proposal’s potential to counter fraudulent and manipulative actions and its assessment of the susceptibility of the Bitcoin market to manipulation.
A particular focus was directed towards Coinbase’s surveillance-sharing agreement, with the SEC requesting input on whether this involvement could effectively identify, investigate, and discourage manipulation and fraud in Bitcoin’s valuation.
Ruslan Lienkha, Chief of Markets at YouHodler, offered insight into the SEC’s concerns about market manipulation by major entities.
He elaborated that if the SEC were to greenlight multiple ETFs, the risk of manipulation would substantially diminish, as these firms could engage in frequent trading against each other.
Despite the SEC’s extended contemplation, Bitcoin’s valuation experienced a modest impact, hovering around $30,000.
Market players, including Mauricio Di Bartolomeo, co-founder of Ledn, a crypto lending platform, seemed prepared for the SEC’s prolonged deliberation, asserting that today’s decision bears minimal influence on market expectations.
Notably, the SEC has a couple of deadlines to meet before reaching a final conclusion. The next deadline for the ARK 21Shares application is scheduled for January 2024.
Valkyrie’s application, the most recent addition to the lineup, faces deadlines in January and March of the following year.
The outcome of the BTC ETF ruling has the potential to reshape the landscape of cryptocurrency investments.
If approved, this could infuse the Bitcoin market with a substantial $70 billion in liquidity.
Lienkha highlighted the enhanced confidence regular investors would gain through ETFs, as professional guidance would alleviate the need for them to delve into intricate technicalities and risk assessments independently.
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A team of researchers hailing from San Diego State University in California has developed a cutting-edge artificial intelligence (AI) system designed to combat and expose cryptocurrency giveaway scams proliferating on the X platform (formerly known as Twitter).
This innovative system, dubbed GiveawayScamHunter, was meticulously crafted to detect, monitor, and reveal the operations of these fraudulent schemes that promise free cryptocurrencies.
In the span between June 2022 and June 2023, the automated GiveawayScamHunter detected a staggering 95,111 instances of scam lists.
These fraudulent lists had originated from 87,617 distinct accounts on the X social media platform.
GiveawayScamHunter’s operational prowess extends beyond mere identification, as it was adeptly utilized by the researchers to automatically extract the pertinent website and wallet addresses connected to these scams.
Consequently, this strategy resulted in the unearthing of a total of 327 scam-related internet domains and the discovery of 121 previously unreported cryptocurrency wallet addresses linked to scams.
The research team’s approach began with an exploration of a novel avenue for cryptocurrency giveaway scams: Twitter Lists.
Leveraging the feature’s open access nature, scammers effortlessly exploited it as a networking tool.
Employing the data garnered from previously identified giveaway scams, the team trained a natural language processing tool to pinpoint lists associated with giveaway scams.
Harnessing this methodology, the researchers successfully identified an astonishing count of almost 100,000 instances of giveaway scam lists.
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This breakthrough permitted them to compile crucial data concerning previously uncharted scam websites and wallets.
From the insights derived from this dataset, the team gained valuable understanding into the mechanics of these scams.
They delved into the modus operandi of scammers, their methods of targeting victims, and even managed to approximate the number of victims ensnared during the year-long study.
As the research paper highlights, meticulous tracking of transactions involving scam cryptocurrency addresses revealed a shocking statistic.
Over the course of the study, these scams targeted more than 365 individuals, resulting in a collective financial loss of approximately $872,000 USD.
Acknowledging the significance of their findings, the researchers responsibly disseminated their results, encompassing associated accounts, domains, and wallet addresses, to both X and the wider cryptocurrency and blockchain community.
Regrettably, as of the publication date of August 10, the paper mentions that 43.9% of these linked accounts remain active.
However, the research team clarifies that the majority of these accounts are likely inactive spam profiles.
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