Autor Cointelegraph By Brian Quarmby

dYdX ends contentious promo claiming 'overwhelming demand'

dYdX ends contentious promo claiming 'overwhelming demand'

Uverejnil používateľ | sep 2, 2022 |

Decentralized crypto derivatives exchange dYdX says it has ended its short-lived and contentious $25 first deposit bonus promo, amid a wave of backlash over its facial recognition requirements for new users. The exchange however simply cited “overwhelming demand” as the reason for its short-lived promotional campaign, which ended on Sept. 1 “effective immediately.”Due to extremely overwhelming demand of the $25 deposit bonus promotion, we are ending the campaign, effective immediately. Thank you to the many thousands of new users that onboarded to dYdX today. We truly underestimated the amount of interest the campaign garnered.— dYdX (@dYdX) September 1, 2022The promo in question launched on Aug. 31 and it offered new users a $25 bonus if they deposited $500 or more into the platform. The only catch was that they had to agree to do a “liveness check” via webcam to verify their identity, which didn’t go down well with certain sections of the community. Around 24 hours later, dYdX tweeted that it would end the campaign “due to extremely overwhelming demand” after purportedly onboarding thousands of new users.Give me my $25 dollars pic.twitter.com/5n4r5GA6os— King Ethan (@Kr3py) September 2, 2022

The team behind the DEX didn’t outline how long the promo campaign would last during the initial announcement, but stated that it “truly underestimated the amount of interest the campaign garnered.” Related: Are non-KYC crypto exchanges as safe as their KYC-compliant peers?dYdX notably made no mention of the community pushback in the most recent tweet, but doubled down on its use of the facial recognition software in an earlier post, stating that it was only used to make sure users weren’t doubling up on accounts to claim the bonus.Some in the community aren’t buying it, with some believing the cancellation was largely a result of the contention, while others have expressed concerns with the platform using such tools in the first place. or the pushback from biometric data— 0xBandito (@0xBandito) September 2, 2022

Yearn Finance contributor Adam Cochran tweeted to his 153,100 followers that despite being a major advocate for dYdX in the past, he will be moving off of the platform and selling his DYDX tokens until he sees “meaningful changes there.”“dYdX doubles down on claiming that this is ok by saying it’s just if you want the reward program. In their eyes your data privacy is a commodity and an acceptable risk if they get growth.”“I’m hopeful for a decentralized perps market but I am worried about this behavior and think a company culture that prioritizes growth over users is dangerous,” he added.

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Hackers try to sell NFT of Belarusian leader's supposed stolen passport

Hackers try to sell NFT of Belarusian leader's supposed stolen passport

Uverejnil používateľ | sep 1, 2022 |

A group of hacktivists called the Belarusian Cyber Partisans have been attempting to sell a nonfungible token (NFT) featuring the purported passport info of Belarus president Alexander Lukashenko.The Belarusian Cyber Partisans say the move is part of a grassroots fundraising campaign to fight “bloody regimes in Minsk and Moscow.” The members claim to have hacked into a government database that has the passport info of every Belarusian citizen, allowing them to launch an NFT collection called “Belarisuan Passports,” which includes a digital passport that supposedly features Lukashenko’s actual information. 1/3For the 1st time in human history a #hacktivist collective obtained passport info of the ALL country’s citizens. Now we’re offering you an opportunity to become a part of this history . Get a unique digital version of #lukashenka passport as #NFT https://t.co/gOlWdoUehi pic.twitter.com/RxdWpBqA8f— Belarusian Cyber-Partisans (@cpartisans) August 30, 2022Some observers have accused the info on the digital passport of being fake, due to a typo on the front page f the world “Republic” and a misspelling of “Aleksandr.”The hackers on Twitter said they attempted to sell the NFT collection on Lukashenko’s birthday on Aug. 30 via the OpenSea marketplace, however, stated that the sale was promptly shut down, and is now looking at other options. “The dictator has a birthday today — help us ruin it for him! Get our work of art today. A special offer— a New Belarus passport for Lukashenko where he’s behind the bars.”An OpenSea spokesperson told Gizmodo that the project broke company rules relating to “doxxing and revealing personal identifying information about another person without their consent.” The Belarusian Cyber Partisans also revealed that they are looking to sell NFTs featuring the passport info of other government officials that are closely connected with Lukashenko. “We also offer passports of his closest allies and traitors of the people of #Belarus and #Ukraine. All the funds will go to support our work in hitting bloody regimes in #minsk & #moscow,” the group wrote. Lukashenko is quite the controversial figure, and has been at the helm in Belarus since the nation’s inception in 1994. Despite being elected on the premise of stamping out corruption, he has been described by the likes of the Organize Crime and Corruption Reporting Project as having “rigging elections, torturing critics, and arresting and beating protesters” in the past. The hacktivists state that they are vehemently opposed to what they feel is a corrupt regime under Lukashenko, who has also irked the group via his support of Russia’s invasion of Ukraine.Related: Aid for Ukraine’s $54M crypto fund buys vests, scopes and UAVsIn February, The Belarusian Cyber Partisans launched a broader fundraising campaign called the “Resistance Movement of Belarus,” which is aiming to ultimately usurp power from Lukashenko via its own self defence forces. The campaign primarily takes donations through crypto assets such as Bitcoin (BTC). “We, the free citizens of Belarus, refuse to submit to this state and form the self-defence, as a people’ response to the unleashed terror. Our ultimate goal is the elimination of the dictatorial regime,” the group wrote.

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Solved! Mystery owner of the huge Axie Infinity SLP wallet is revealed

Solved! Mystery owner of the huge Axie Infinity SLP wallet is revealed

Uverejnil používateľ | sep 1, 2022 |

After much speculation, the wallet hodling more than 22 billion of Axie Infinity’s total supply of in-game token Smooth Love Potion (SLP) has been identified as an address belonging to Binance. The wallet was first highlighted by Axie Infinity player and tech co-founder Michael Benko, who raised concerns about it having over 50% of SLP’s total circulating supply, which could potentially have an impact on the game’s ecosystem. Following a Cointelegraph report on the matter, Axie Infinity co-founder Jeff Zirlin confirmed on Twitter that the address is a “Binance Ronin gateway contract.” A previous statement to Cointelegraph from Sky Mavis co-founder and chief operating officer Aleksander Larson had only shared that the wallet did not belong to Sky Mavis nor Axie Infinity. Ultimately it was Zirlin who put the matter to bed, as he noted that “let’s move on — thank you guys for helping to clear up the information around this. It is indeed the Binance Ronin gateway contract.”Speaking to Cointelegraph, Benko said he was ultimately happy with the result, as he got the answers he was looking for, while also receiving a direct line of communication with Zirlin: “There were some pretty aggressive key opinion leaders […] who went after me on Twitter today, but I’m really proud of my initial story […]. I also think having Sky Mavis officially comment to explain to the community what this wallet is, is valuable. Now they have.”Benko noted on a Twitter thread that he had previously reached out to Sky Mavis and others for an explanation without any luck, before bringing the wallet to the attention of the media. Related: New free-to-own GameFi model is ‘high risk,’ according to CZBinance has provided various bridges to the Axie Infinity ecosystem, and the exchange allows users to withdraw assets from the game to the exchange and vice versa. The firm has a long-running partnership with Axie and previously helped the project by providing a bridge for users to withdraw assets from the game after the Ronin Bridge went down following the $600 million hack in March.

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‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money

‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money

Uverejnil používateľ | aug 31, 2022 |

Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is looking to raise a crypto investment fund worth $177.6 million, while current and former executives from Galaxy Digital and Genesis are raising a $500 million fund of their own. 776’s crypto play According to an Aug. 29 report from The Information, 776’s fund “Kryptos” will launch in October to capitalize on the current bear market. It emphasized there are currently some bargain bin token discounts on the market that are ripe for the taking. “This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale,” said Katelin Holloway, Founding Partner at Seven Seven Six.The firm registered with the Securities and Exchange Commission (SEC) to become an investment advisor in April, enabling the firm to invest in crypto and manage crypto investment funds. While 776 has invested in a host of crypto/blockchain projects, it will be the VC firm’s first fund that is solely focused on crypto assets. It will charge investors a relatively hefty management fee of 2.5% and offer a universal profit-sharing plan of 25%. According to 776’s website, its investment portfolio has exposure to Bored Ape Yacht Club creators Yuga Labs, the Doodles NFT project, Web3 fantasy franchise the Forgotten Runes Wizard’s Cult, and blockchain API and node infrastructure startup, QuickNode to name a few. Galaxy and GenesisAccording to an Aug. 26 Form D filing with the SEC, a $500 million fund headed up by current and former Galaxy and Genesis execs is called the DBA Crypto Fund I, LP. Details on the fund are sparse at this stage, other than the group indicating that it will be a pooled investment fund and private equity fund. In terms of securities offered, the only indications so far are “pooled investment fund “interests” and “other.”Related: Crypto Biz: Crypto VC is back with a vengeanceThe group of execs behind the fund consists of Galaxy Digital’s vice-president of investments Michael Jordan, Genesis’s head of derivatives Joshua Lim and former Genesis vice president of trading Roshun Patel. Alongside them, the CEO and founder of trading firm Convex Optimization Group, Shane Barratt rounds off the list of the managing members. These crypto funds are not the only ones with big names behind them grabbing headlines over the past week, with Cointelegraph reporting on Aug. 25 that Polygon founder Sandeep Nailwal had raised $50 million for a new startup fund dedicated to Web3 firms. A week prior to that, CoinFund also launched a $300 million early stage Web3 venture fund to invest in crypto and other blockchain sub-sectors.

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Binance Aus ramping up measures to protect vulnerable users, says CEO

Binance Aus ramping up measures to protect vulnerable users, says CEO

Uverejnil používateľ | aug 30, 2022 |

Binance Australia is tightening up its onboarding process for new users as part of a push to protect users it’s flagged as most vulnerable to financial crypto crime. The new measures were mentioned in Binance Australia’s June quarter Economic, Social, and Governance (ESG) report on Aug. 29, which noted that the exchange was working on a “stringent and user-focused onboarding experience” aimed at groups with a higher occurrence of financial crime. Speaking with Cointelegraph, Binance Aus CEO Leigh Travers and Zachary Lu from the exchange’s Financial Crime, Risk and Compliance unit, noted the company has been actively working on ways to protect “vulnerable users” — which starts from the onboarding process. “From the whole financial management perspective, we are really looking at it from end to end and also from a whole life circle’s perspective,” said Lu. “We are looking at three main areas: onboarding, ongoing and at the end of the life cycle [the point of time in which someone is scammed].”Lu outlined that the general type of people Binance has flagged as vulnerable users are the elderly, people that live in remote areas, or those with disabilities. Such conclusions were the result of working with various government and research agencies focused on financial crime, he added. The duo emphasized that the company is paying a particular focus to investment scams, in which criminals promise inordinate returns on investments to dupe people into sending them money. This type of scam has cost Australians millions worth of crypto, with a recent report from Scamwatch estimating that $25 million was lost in the first half of 2021 due to bogus investment schemes.“There are 500 different scams, but investment scams are always on the top of it. So this is not exclusive to crypto scams to be honest, but investment scams overall ranked number one for a long, long time,” Lu noted. To determine the scope of a new user’s crypto knowledge, and to ascertain whether they have been guided by a bad actor to sign up under false pretenses, the firm recently rolled out a know-yourcustomer (KYC) focused quiz that enables them to flag any potentially suspicious activity. “So in terms of the data there, it’s only recently been implemented. So we don’t have sort of the analysis of how that’s how much that is going to stop. But, this user group was multiple times more likely to fall victim to these types of scams.”Adding to his point, Travers suggested that a high number of “vulnerable” users generally fall victim to scams within the “first seven-day window” of being onboarded. Related: Binance froze $1M corporate account due to law enforcement requestAs of Sept. 1, Binance Aus will incorporate more stringent identification requirements as part of the user onboarding process. As such the firm will require new users to provide a photo of their driver’s license and its number at the time of signing up, as opposed to allowing it to be submitted at a later date. This will be introduced to enable Binance to promptly verify the legitimacy of ID documents as part of the on-boarding process, identify a vulnerable user and also help flag whether someone might be signing up under a stolen ID.

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