The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique Bored Ape NFTs (Non-Fungible Tokens) that serve as a membership card for an exclusive club. The NFTs exploded in popularity in the latter part of 2021, providing owners with access to virtual events, parties, and other benefits. However, the project also became the subject of controversy, particularly regarding allegations of racism.
Bored Ape Yacht Club’s Popularity
Bored Ape Yacht Club became one of the most coveted NFT projects, with prices for individual apes soaring into the hundreds of thousands of dollars, or even more. Celebrities, athletes, and wealthy collectors jumped on board, touting their membership in this virtual club. The popularity of the club has led to several collaborations and merchandising opportunities, making BAYC more than just a collection of digital assets but rather an influential brand in the burgeoning NFT space.
Racist & Nazi Allegations
The racism allegations against BAYC began to surface as the community grew. Critics pointed to certain elements within the artwork and community that they felt propagated racial stereotypes and biases. Some of the illustrations were claimed to perpetuate harmful stereotypes, sparking heated debates both within the BAYC community and outside of it.
In August 2022, some artists even accused backers of the Bored Ape Yacht Club of having ties to neo-Nazis.
Community Response
Reactions to the allegations were mixed within the BAYC community. Some members acknowledged that certain aspects could be interpreted as insensitive or offensive, calling for changes or updates to the art. Others argued that the allegations were a misunderstanding or an overreaction, insisting that the illustrations were not intended to be offensive.
The developers and founders of BAYC were put in a complex position, as making changes to the NFTs would be a difficult proposition given the decentralized and immutable nature of blockchain technology. Altering the content of an NFT after it has been minted is a contentious issue and could potentially lead to legal challenges.
BAYC’s Response
BAYC’s team was relatively slow to respond to the allegations, but they eventually issued statements acknowledging the concerns and outlining their stance. They expressed their commitment to fostering an inclusive community and stated that they would be taking steps to ensure that all members felt welcome and respected.
READ: 2023 Ranking: 4 Best Crypto Projects To Buy
However, some critics felt that the response was inadequate and that more direct action was required to address the underlying issues. The debate over the allegations continued to simmer, with some arguing that the incident was indicative of broader problems within the NFT space related to diversity and inclusion.
Impact and Reflection
The controversy surrounding the Bored Ape Yacht Club serves as a stark reminder of the complexities that can arise when blending art, technology, and community. The situation highlights the challenges of navigating cultural sensitivities in a global and diverse user base, particularly within a new and rapidly evolving field like NFTs.
Despite the allegations, BAYC remains a powerful player in the NFT world, but the episode has left lingering questions about the responsibilities of developers and community leaders. The controversy prompts reflection on how to foster inclusive and respectful spaces within the world of digital assets.
The incident also underscores the need for clearer guidelines and ethical standards in the creation and promotion of NFTs. As the NFT market continues to grow, the lessons learned from the BAYC experience may help shape how future projects approach these complex issues. Whether or not the allegations are found to have merit, they serve as an important reminder that digital art and communities must strive to be conscious of and responsive to diverse perspectives and concerns.
Bitcoin (BTC) appears to be gearing up for a full-fledged bull phase, according to market analyst Cole Garner.
Despite its current price stagnation at around $29,033, many experts believe that this cycle will follow the classic pattern of previous bull runs.
One of the key indicators of optimism is the activity among the largest-volume cohort of Bitcoin investors, known as whales.
Garner considers whale accumulation trends to be the backbone of a bull market.
Analytics team Jarvis Labs also reported an ongoing “multi-month buying frenzy” among whales, as well as smaller investors (referred to as fish) increasing their BTC exposure.
The behavior of whales during this cycle has been notable, with some experts calling them “diamond hands” for holding onto their BTC positions rather than selling aggressively like they did in the previous cycle.
This shift in whale behavior is seen as a positive sign for the market.
Another significant factor in predicting a potential BTC price breakout is the Bitcoin-to-stablecoin ratio on Bitfinex, which has historically preceded major bull runs.
Garner emphasizes that Bitfinex is considered the “smart money exchange” and that the behavior of its whale traders can strongly influence short-to-medium-term price action in the crypto market.
While Garner expects a bullish breakout in the third quarter, he acknowledges that summer seasonality could potentially cause a shakeout before that.
Nonetheless, he believes that the markets still have several weeks to run before any potential downturn.
To invalidate the bullish outlook, Bitcoin would need to close below its 200-week simple moving average (SMA), which currently stands at $27,235.
As long as BTC remains above this level, the positive momentum is likely to continue.
Overall, analysts like Garner remain optimistic about the future of Bitcoin and the broader crypto market.
With whale accumulation and investor behavior supporting the bullish thesis, many in the crypto community are anticipating significant upside potential for Bitcoin in the coming months.
However, as with any market, unpredictability and potential risks remain, and traders should approach the situation with caution.
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LOS ANGELES, United States, August 8th, 2023, Chainwire
Xsolla, a global video game commerce company, and global cryptocurrency platform Crypto.com have announced a partnership for the integration of Crypto.com’s checkout solution into Xsolla’s Pay Station platform.
This transformative integration of Crypto.com Pay represents a significant advancement in the gaming industry and creates new possibilities for game developers and players, enabling them to accept cryptocurrency payments and streamline transactions in a user-friendly and secure manner for a universally enhanced experience. This pivotal update broadens the horizon for digital payment methods, offering players more diverse and preferred transaction options in digital and metaverse environments. This collaboration also marks a significant step for Crypto.com in building its presence and network across the gaming industry.
“There is significant potential in the convergence of gaming and Web3,” said Eric Anziani, President and Chief Operating Officer of Crypto.com. “By partnering with a global gaming leader like Xsolla and leveraging our respective assets and expertise, we are helping make that potential a reality – giving developers, publishers, and players a seamless way to engage and create value in the crypto economy.”
Xsolla’s Pay Station, which facilitates in-game purchases across 200+ regions and countries using a variety of compliant payment providers, is enhancing its service with the integration of Crypto.com Pay. This forthcoming development promises to expand the reach of developers and publishers, enabling them to engage a more diverse player base and tap into new, dynamic markets and revenue streams.
“We are thrilled about this partnership with Crypto.com and the significant integration of Crypto.com Pay into our Pay Station platform. The gaming industry is rapidly evolving, and we must adapt to meet those changes. The integration of cryptocurrencies as a form of payment offers game developers and players an innovative payment solution that aligns with the global shift towards digital currencies,” said Chris Hewish, CEO of Xsolla. “Our collaboration with Crypto.com marks a pivotal moment for the gaming industry, paving the way for a more inclusive and secure gaming ecosystem.”
“We are tremendously excited to take this first step with Xsolla as part of a broader collaboration initiative in Korea and on a global level,” said Patrick Yoon, General Manager of Crypto.com Korea. “We look forward to continuing to work with Xsolla in developing and advancing payment ecosystems and digital asset adoption.”
For more information about Crypto.com Pay and Pay Station, please visit: xsolla.pro/cryptocom
About Xsolla
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in Berlin, Seoul, Beijing, Kuala Lumpur, Tokyo, and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Ubisoft, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.
For additional information and to learn more, please visit: xsolla.com
About Crypto.com
Founded in 2016, Crypto.com is trusted by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security, and privacy. Our vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.
Learn more at crypto.com
Contact
Global Director of Public Relations
Derrick Stembridge
Xsolla
[email protected]
919-971-7855
Vienna, Austria, August 8th, 2023, Chainwire
TaskChain, a groundbreaking Web3 project, has just announced the launch of its presale today. This new development comes prior to the introduction of TaskChain’s innovative platform which is set to transform the way users earn income online.
For early investors, the news about TaskChain’s presale launch is another exciting opportunity to be part of a new Web3 platform’s journey.
With a vision to empower individuals worldwide, TaskChain combines Web3 technology with GameFi features with the ultimate goal of creating a virtual space where everyone can easily find diverse opportunities for extra income as they collaborate with others.
What is TaskChain’s Mission
At its core, TaskChain champions the financial inclusion of the masses through fun and user-friendly Web3 features. The platform has the potential to level the playing field, especially for low-income regions, thanks to the Quests, digital jobs, or one-time gigs that users can take on to earn cryptocurrency rewards on the platform.
Each “Quest” fulfillment is supported by video game mechanics with plans to introduce VR/AR features into the platform for a more immersive experience for users in the future.
Simply put, each “Quest” on TaskChain’s “Quest2Earn” feature breaks down everyday tasks into a game-like experience where users who fulfill these tasks get to earn XP points as they level up and collect rewards.
The rewards are paid in TaskChain’s native token called $TASKC.
In contrast to other similar platforms, TaskChain stands out as a true pioneer in the Web3 space.
Unlike traditional microtask platforms, TaskChain’s Quest2Earn feature brings the thrill of gaming to real-life tasks, making the earning process enjoyable. By providing a wide range of Quests and Quest2Earn functions tailored to individual preferences, TaskChain ensures that everyone, regardless of their background or location, can participate and earn rewards.
This inclusive approach empowers users from all walks of life to access valuable income opportunities and take charge of their financial futures.
How TaskChain works
As mentioned earlier, Quest2Earn is at the heart of TaskChain’s platform. Inspired by popular video game quests, Quest2Earn offers a dynamic and engaging earning experience, allowing users to boost their income, regardless of their location or skills.
Quest2Earn presents a wide array of exciting quests, each tailored to individual interests and categorized into various themes such as shopping, traveling, learning, trading, events, etc. By completing these and many other tasks within these quests, users not only earn cryptocurrency rewards but also gain experience (XP) points to level up and unlock milestone rewards, making the earning process enjoyable and rewarding.
Tom Klein, CEO of TaskChain, said;
“TaskChain’s Quest2Earn is a game-changer, transforming mundane tasks into exciting opportunities to earn income while having fun. We believe in providing diverse earning opportunities for our users and creating a vibrant community where collaboration and support thrive.”
TaskChain Presale
TaskChain is set for kick-off with a listing price of $0.011 per TASKC token. With a current beta-stage price set at $0.004 per token, the 175% price difference marks the first phase of the presale. Early investors can participate in funding the project in an earlier price tranche.
TaskChain has confirmed it has successfully passed a full security audit and KYC, providing extra security for investors.
There is also a massive giveaway of $120,000 in rewards for presale participants to spice up involvement in the presale.
$TASKC Token
$TASKC ERC20 token, the lifeblood of TaskChain, is built on the most popular Ethereum Blockchain, which will provide transparency, security, and fast payouts with valuable rewards.
With a total supply of 4 billion $TASKC tokens, scarcity, and value are baked into $TASKC’s design, the presale will give investors a chance to grab a share of 2.8 billion tokens spread across all the 11 exclusive stages.
About TaskChain:
TaskChain is set to build the world’s first unique Web3 earning platform. By combining a fun experience with crypto earnings and financial inclusion, TaskChain’s Quest2Earn feature will revolutionize the way individuals earn income and interact with blockchain technology. To get involved with TaskChain, visit the official website at taskchain.co and join the growing community.
Website | Whitepaper | Socials
Contact
Tom Klein
TaskChain
[email protected]
Curve Finance, a prominent decentralized finance (DeFi) protocol, is offering a bug bounty reward to anyone who can help identify the exploiter behind a significant incident that drained more than $61 million from its pools on July 30.
Several other protocols affected by the attack have also contributed to the bounty, amounting to over $6 million, in the hopes of encouraging the hacker to come forward.
Recently, the attacker responded to the bug bounty offer on August 3 by returning some of the stolen assets to Alchemix and JPEGd.
However, the hacker did not complete refunds to other affected pools. With the deadline for voluntary returns passed, Curve Finance is now extending the bounty to the public.
The reward stands at 10% of the remaining exploited funds, which currently amounts to $1.85 million USD.
The bounty will be awarded to anyone who can identify the exploiter in a way that leads to their conviction in the courts.
Nevertheless, if the exploiter chooses to return the funds in full, the matter will not be pursued further.
Prior to returning the funds, the attacker left a message seemingly directed at the Alchemix and Curve teams.
In the message, the exploiter claimed to be refunding not out of fear of being caught, but rather to avoid damaging the projects involved.
The attack took place on July 30 and involved the exploitation of vulnerabilities in vulnerable versions of the Vyper programming language through reentrancy attacks.
This led to the drainage of substantial amounts of cryptocurrencies from Curve’s pools, including $13.6 million from Alchemix’s alETH-ETH, $11.4 million from JPEGd’s pETH-ETH, and $1.6 million from Metronome’s sETH-ETH.
The incident exposed weaknesses in various DeFi projects and triggered widespread efforts to recover the stolen funds throughout the DeFi ecosystem over the past week.
In conclusion, Curve Finance is actively seeking to identify the responsible party behind the significant exploit that resulted in substantial losses from its pools.
They are offering a substantial bug bounty reward to incentivize anyone with pertinent information to come forward and help bring the attacker to justice.
The incident has raised awareness of the vulnerabilities present in DeFi projects and spurred efforts to enhance security measures across the ecosystem.
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Crypto asset manager Grayscale has expressed the belief that the next U.S. President will be supportive of central bank digital currencies (CBDCs), as stated in a recent blog post.
Grayscale highlights that the current frontrunners of both major political parties, Joe Biden and Donald Trump, have shown a willingness to explore CBDCs, though they are less enthusiastic about Bitcoin.
Trump has publicly called Bitcoin a “scam,” once tweeting his discontent with the cryptocurrency, criticizing its volatile value.
Similarly, Biden’s stance towards Bitcoin can be deduced from his support for a 30% tax on Bitcoin mining, a move that could negatively impact the U.S. mining industry.
Grayscale also pointed out Trump’s favorability towards non-fungible tokens (NFTs), with Trump having launched and sold two NFT collections.
Biden’s support for digital assets can be inferred from his “Executive Order on Ensuring Responsible Development of Digital Assets,” although the 2023 Economic Report of the President did not share the same enthusiasm for cryptocurrencies.
Other crypto-friendly candidates include Robert Kennedy Jr. and Ron DeSantis, both of whom rank second in their respective party’s polls.
READ MORE: JPEG’d DeFi Protocol Recovers $10 Million in Stolen Crypto After Hacker Returns Funds
Kennedy recently bought two Bitcoins for each of his seven children and endorsed Bitcoin as a “bulwark” against government intrusion at the Miami Bitcoin Conference.
He promised, if elected, to preserve the right to hold and use Bitcoin.
In contrast, both Kennedy and DeSantis have expressed opposition to CBDCs. DeSantis even signed a bill prohibiting the use of CBDCs in his state and encouraged other states to follow suit.
Among the Republican contenders, more pro-crypto candidates are emerging. Vivek Ramaswamy, with a 7% support level compared to Trump’s 63%, is viewed as pro-Bitcoin and anti-CBDC.
Republican Miami Mayor Francis Suarez, a vocal supporter of crypto technology, has been labeled the most ardent crypto advocate among all candidates.
In summary, Grayscale’s analysis indicates a complex and varied landscape in the 2024 presidential race regarding digital currencies.
While there is a consensus among leading candidates on the exploration of CBDCs, their stance on cryptocurrencies like Bitcoin varies widely.
The emergence of more crypto-friendly candidates further adds to this multifaceted picture.
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On August 1, the Chamber of Digital Commerce (CDC), a prominent blockchain and digital assets advocacy organization in the United States, released a detailed report focusing on the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
The report, titled “SEC v. Ripple Ruling: Impact and Analysis,” thoroughly analyzes the case’s outcome and highlights its significant implications for the future of the cryptocurrency industry.
One crucial aspect of Judge Analisa Torres’s ruling, as outlined in the report, is the establishment of a crucial precedent that distinguishes between an investment contract and the underlying asset.
The report delves into Torres’s classification of Ripple’s XRP token distributions into three distinct categories: institutional sales, programmatic sales, and other distributions.
By applying the Howey test, the judge sought to determine whether these distributions constituted an offer and sale of investment contracts.
The CDC expressed its contentment with the ruling, which was in line with their amicus brief supporting Ripple. Perianne Boring, the CEO, and founder of the CDC emphasized the ruling’s importance in setting a precedent for future legal encounters within the crypto industry.
She underscored the significance of establishing a balanced playing field in the digital asset sector and the organization’s dedication to advocating for policies that support the United States’ leadership in the digital economy.
READ MORE: Chamber of Digital Commerce Publishes Impactful Analysis on SEC’s Ripple Lawsuit
However, while the ruling was seen as a positive step towards logical crypto regulations, the CDC firmly believes that definitive regulatory clarity can only be achieved through effective legislation enacted by Congress.
The CDC acknowledged the introduction of several blockchain and digital asset regulatory bills in both the U.S. House and Senate.
However, the report also expressed uncertainty about the potential enactment of these bills, mainly due to constraints posed by the legislative calendar.
Despite the challenges, the CDC remains committed to advocating for a comprehensive legal framework for digital assets.
Such a framework would create a conducive environment for digital asset product launches and foster innovation in the crypto industry.
In a previous instance, the CDC accused the SEC of overstepping its authority and unfairly labeling crypto assets as securities in its insider trading case against former Coinbase employees.
In conclusion, the CDC’s report on the SEC’s lawsuit against Ripple sheds light on the significance of the ruling’s impact on the cryptocurrency industry.
The report emphasizes the need for a balanced regulatory environment and effective legislation to bring about clarity in the digital asset sector.
The CDC continues to play a vital role in advocating for a comprehensive legal framework that supports innovation and growth in the burgeoning world of digital assets.
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Digital Currency Group (DCG) is facing scrutiny over financial transactions involving its subsidiary, Genesis Global Capital.
According to Bloomberg, New York Attorney General Letitia James is conducting an investigation into the matter, with federal prosecutors and the U.S. Securities and Exchange Commission also seeking interviews with potential witnesses related to Genesis and DCG.
The investigation centers on loans and other transactions carried out between the two companies. DCG disclosed that it received approximately $575 million in loans from Genesis last year.
Authorities are also examining a letter from DCG’s founder and CEO, Barry Silbert, in which he mentioned a $1.1 billion promissory note resulting from DCG assuming liabilities connected to the collapse of the hedge fund Three Arrows Capital (3AC).
The disclosure of the promissory note to investors has become a significant point of interest for investigators. DCG is being represented in the case by former acting U.S. Attorney Seth DuCharme.
READ MORE: JPEG’d DeFi Protocol Recovers $10 Million in Stolen Crypto After Hacker Returns Funds
It is uncertain whether the investigations will lead to formal complaints. DCG stated that it is cooperating with regulatory bodies and investigative agencies as required.
The company emphasized that transactions between Genesis and DCG were conducted on an arm’s length basis and priced at prevailing market interest rates.
In January, Genesis filed for Chapter 11 bankruptcy due to liquidity issues amid the bear market and the collapse of other prominent crypto firms, including 3AC and FTX, a crypto exchange.
The filing estimated liabilities ranging from $1 billion to $10 billion, with corresponding assets.
Genesis is the largest unsecured creditor of FTX and its affiliates, with $226 million owed. However, the companies recently reached an agreement to settle the dispute.
DCG’s venture capital portfolio encompasses Grayscale, Genesis, CoinDesk, and around 200 other crypto-related companies.
Additionally, the company holds equity in other firms such as the crypto exchange Luno and advisory firm Foundry.
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Lending platform Alchemix recently made a significant announcement, reporting the successful return of all the funds stolen during the Curve Finance hacker attack on July 30.
The attack had resulted in a massive loss of over $61 million in cryptocurrencies, with $13.6 million drained from Alchemix’s alETH-ETH pool.
The hacker had also targeted JPEGd’s pETH-ETH pool, causing an outflow of $11.4 million, and Metronome’s sETH-ETH pool, which lost over $1.6 million.
The hacker exploited vulnerabilities in the Vyper programming language through reentrancy attacks to execute the heist.
To reclaim the stolen funds, the hacker agreed to a bug bounty offer. On August 3, Curve, Metronome, and Alchemix jointly launched an initiative, promising a 10% bounty reward to anyone who returned the seized funds.
They urged the perpetrator to give back the remaining 90%, potentially amounting to around $7 million.
Surprisingly, less than 24 hours after the offer was announced, the original attacker began returning the stolen funds.
The process started with the hacker sending back 4,820.55
Alchemix ETH (alETH) to the Alchemix Finance team. Eventually, on August 5, the transaction was fully completed.
READ MORE: JPEG’d DeFi Protocol Recovers $10 Million in Stolen Crypto After Hacker Returns Funds
In an on-chain message that appeared to be directed at the Alchemix and Curve teams, the attacker stated the reason for the return.
The individual claimed to be refunding not because they feared being identified but rather because they did not wish to “ruin” the projects involved.
JPEG’d, the nonfungible token protocol affected by the attack, also received a refund from the hacker. The hacker returned 5,495 Ether to the protocol.
As part of the bounty offer, JPEG’d decided not to pursue legal action against the perpetrators, considering the event as a white-hat rescue.
With the return of the stolen funds, Alchemix, Curve Finance, and JPEG’d can now focus on rebuilding and securing their platforms.
This outcome highlights the importance of bug bounty programs and collaborative efforts among crypto projects to address security breaches and protect their users from potential risks.
While the incident caused significant damage, the swift response from the involved parties and the hacker’s willingness to return the funds offer a glimmer of hope for the DeFi community, emphasizing the need for continued vigilance and security measures in the rapidly evolving world of cryptocurrencies.
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The FBI has issued a warning about the growing threat of criminal actors exploiting social media platforms to deceive users in the nonfungible token (NFT) and cryptocurrency space.
The scams involve hijacking legitimate NFT developer accounts or creating fake accounts that closely resemble authentic ones to promote fraudulent NFT releases.
The fraudulent posts often utilize phrases like “limited supply” and present promotions as “surprise” or unannounced mint events, aiming to create a sense of urgency among potential victims.
The scammers include phishing links in these announcements, directing unsuspecting users to spoofed websites that appear to be genuine extensions of particular NFT projects.
Upon visiting these scam websites, victims are prompted to connect their wallets to claim or purchase NFTs.
However, the wallets are connected to drainer smart contracts, leading to a loss of funds or assets for the individuals.
While this is one common method of scamming, there are other ways in which people can fall victim to such attacks even without directly connecting their wallets to suspicious websites.
In one incident, a user mistakenly clicked on a spoof LooksRare NFT marketplace website and did not connect their hot wallet, yet they lost over $300,000 worth of NFTs.
READ MORE: Bitcoin’s Hodl Strategy Outperforms Crypto Funds by 68.8% in H1 2023
The fake website was even promoted as a paid ad at the top of Google’s search results, highlighting the ongoing issue with such scams on the search engine.
There have been reports of other significant losses, including someone losing $446,000 worth of Bitcoin, Ether, and Pepe tokens to a phishing link.
The scams appear to be orchestrated through a Pink drainer address, and two fake airdrop links promoted by hijacked accounts on Avalanche and QwQiao.
To protect themselves from these scams, the FBI has outlined several tips for individuals in the NFT and crypto community.
It advises users to thoroughly research and vet any opportunities, especially surprise NFT drops or giveaways, before clicking on links.
Additionally, people should double-check website URLs and account names for any discrepancies to avoid falling prey to impersonators.
In conclusion, the FBI has issued a cautionary statement to raise awareness of the growing threat posed by criminals exploiting social media to deceive NFT and cryptocurrency users.
By staying vigilant and following the recommended precautions, individuals can protect themselves from falling victim to these sophisticated scams.
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