Autor Cointelegraph By Brian Quarmby

Nifty: M&M'S jump into BAYC mania, a Pudgy Penguin sells for 400 ETH and more…

Nifty: M&M'S jump into BAYC mania, a Pudgy Penguin sells for 400 ETH and more…

Uverejnil používateľ | aug 25, 2022 |

Global confectionery giant Mars has teamed up with virtual metaverse band KINGSHIP to create limited edition boxes of M&M’S featuring content from the Bored Ape Yacht Club (BAYC). KINGSHIP is a group made up of three BAYC NFT hodlers and one Mutant Ape Yacht Club MAYC owner. As part of the deal, the avatars depicted in the NFT art will be printed on the chocolate candies in a select number of boxes. There has been a total of 4,000 boxes created in total, split between two tiers of rarity. The regular tier comes in 3,900 brown celebratory gift boxes, while the 100 “gold” edition boxes are wrapped in gold and white foil, number 1 to 100 and have the Kingship member’s apes printed on the M&M’S. KINGSHIP M&M’S: Mars Additionally 6,000 candy gift jars have been put up for sale from today via the M&M’S website. Hodlers of the KINGSHIP Key Card NFTs were given early access to this promotion, suggesting the gold edition boxes may already be gone. “We’re excited to continue our Mars foray into the metaverse through this partnership with 10:22PM and KINGSHIP, as a way to engage our fans in a new and exciting space,” said Jane Hwang, Global Vice President at Mars Wrigley.The deal marks another interesting utilization of the IP behind Yuga Labs’ NFT projects, with other BAYC hodlers using the content for TV shows and restaurants in the past. 400 ETH Pudgy Penguin Despite the NFT sector going through a lengthy bear market, one Pudgy Penguin NFT has recently sold for a whopping 400 Ether (ETH) on Aug. 22, worth roughly $670,000 at current prices. There are 8888 Pudgy Penguin NFTs in circulation and the project is one of the most popular NFT collections on the market. The NFT sold was Pudgy Penguin #6873, one of the rarest in the collection as nearly all of penguin avatar’s traits are shared by just 0.01% of the other NFTs in the project. According to the transaction history on OpenSea, the seller CoinUnited previously bought the NFT for 225 ETH on Sept. 8 last year, worth roughly $788,000 at the time. As such they banked a major ETH profit, though it would be counted as a $118,000 fiat loss. This Pudgy Penguin just sold for 400 ETH ($630,000) pic.twitter.com/JM1OVkZlSg— nathanhead.eth (@NathanHeadPhoto) August 22, 2022Over the past 30 days Pudgy Penguin NFTs have generated $7.5 million worth of sales, marking a 314% increase within that time frame according to data from CryptoSlam. NFT Rolex meets DeFi loan The 4K Protocol, a Web3 project that bridges real world assets to NFTs, has partnered with DeFi lending platform Arcade to launch decentralized finance loans against physically backed luxury watch NFTs. The 4K protocol enables users to mint NFTs tied to their assets and guarantees a 1-to-1 ownership via storage providers and asset authenticators. Related: NFTs are a ‘natural place’ for digital artists — Gal YosefAs part of the partnership, an NFT minted on 4K linked to a top-of-the-line Rolex Cosmograph Daytona was used to secure a loan from Arcade, marking an interesting, albeit risky, use case for tokenizing real world assets. Party in the virtual USA Former Disney star and widely popular musician Miley Cryus is gearing up for Web3 after filing two Metaverse and NFT trademarks relating to the words “Miley” and “Miley Cryus” with the United States Patent and Trademark Office.According to an Aug. 22 tweet from trademark attorney Mike Kondoudis, Cyrus is planning to launch digital goods such as virtual clothing, footwear, sports gear and also entertainment services. #MileyCyrus has filed trademarks for MILEYand MILEY CYRUS claiming plans for:✅ Clothing + Energy drinks✅ Entertainment services✅ Virtual currency management software✅ Virtual clothing, footwear, sports gear…and more!#Crypto #Web3 #Metaverse @MileyArmy @mileyworld pic.twitter.com/ng1PKxfAbR— Mike Kondoudis (@KondoudisLaw) August 22, 2022

Other Nifty News: Cryptocurrency risk management firm Elliptic has released a report suggesting that scammers have stolen more than $100 million worth of NFTs since in 2021.Decentralized exchange Uniswap is reportedly in talks with multiple NFT lending protocols to build NFT financialization according to a social media post from Uniswap’s head of NFT product Scott Lewis.

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'Atozy you've won' — Bitboy drops lawsuit after $200K defense raised

'Atozy you've won' — Bitboy drops lawsuit after $200K defense raised

Uverejnil používateľ | aug 25, 2022 |

Ben Armstrong, the man behind Bitboy Crypto said that he is dropping the defamation suit against fellow Youtube content creator Erling Mengshoel Jr., who goes by the name Atozy.Armstrong officially filed the suit against Mengshoel Jr. on Aug. 12 in response to a Nov 2021 video titled “This YouTuber scams his fans… Bitboy Crypto” which alleged that Armstrong was dishonestly promoting dubious assets to his audience such as PAMP for his own gain. He was seeking $75,000 in damages over the ordeal. However, Armstrong suggested in a Aug. 24 live stream that he is now walking back the complaint after Mengshoel Jr. managed to raise more than $200,000 for his defence. The crypto YouTuber outlined that he initially filed the complaint with the aim to get Mengshoel Jr. to take the video down, and suggested that he didn’t want to actually go through with the court proceedings. However, Armstrong explained that as Atozy now has enough to cover legal costs, and with prominent crypto trader/podcasters such as Cobie (Jordan Fish) donating $100,000 to the cause, the dispute has gone further than he initially intended.“So we are gonna drop the lawsuit, 100% and I’m sorry this became public, I’m sorry that this has been misconstrued, but I just want you guys to understand why I was doing this. This was not about a slapstick lawsuit.” “When someone implies that you could be in trouble from the SEC, that is not frivolous guys, that’s a very serious matter. And so from my perspective, trying to defend my reputation, trying to get him to remove the video that literally has wrong information in it, that was all I wanted,” he added.  At the time of writing, Atozy’s video is still up and has nearly 190,000 views. In the Bitboy livestream, Armstrong pleaded with Mengshoel Jr. to at least edit parts of the video which he has taken umbrage over. Ultimately however, Armstrong noted that Atozy has “won.”From what I’ve heard Bitboy will be pulling the lawsuit. I’m blown away from the support.In less than 24 hours we raised roughly $200,000 USDOnce I have the confirmation it’s officially pulled. I will be refunding everyone who donated. Thank you guys for saving me.— atozy (@atozy) August 24, 2022Commenting on the matter, Atozy states that all is yet to be resolved, as he is still waiting for the official confirmation from his lawyer that the complaint has been dismissed with “prejudice.” “I’m told by my lawyer that if it is not with prejudice he can refile at any time,” he wrote, adding that once the official confirmation has come through, he will refund all the money to everyone that donated to the cause.

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Australia’s Northern Territory mulls landmark crypto gambling regulation

Australia’s Northern Territory mulls landmark crypto gambling regulation

Uverejnil používateľ | aug 24, 2022 |

Australia’s Northern Territory Racing Commission (NTRC) is consulting with its gambling licensees over a tentative proposal to incorporate crypto wagering as part of the regulated gambling industry. For the most part, gambling in Australia is regulated at the state level and not federally. The NTRC oversees all gambling and wagering companies that choose to be licensed in the Northern Territory (NT), including global wagering companies such as Betfair, Entain Group, Draft Kings and Sportsbet. As it stands, the NTRC has sent a private document out to licensees, which seeks input and feedback on what the regulatory landscape could look like to get crypto wagering off the ground in the NT. Julian Hoskins, the principle of one of Australia’s major gambling law and regulatory advisory firms Senet, has been given access to the private document and discussed with Cointelegraph what the NTRC is looking for at this stage: “What it provides for is a licensee, say a sports bookmaker who holds a license in the Northern Territory, who wants to accept cryptocurrency for striking or paying out wages, [is that they] need to apply for consent to be able to do that. And there’s certain conditions that attach to that.”“Now it’s clear from the draft framework that what they’re looking at is wagering using cryptocurrency, and not exchanging into fiat,” he added, noting that punters will most likely need to place fiat and crypto bets separately on the one platform, as the two financial tools won’t be interchangeable with each other for gambling. While the prospect of such a move is hard to quantify at this stage, Hoskins stated that “given the popularity of crypto, I would imagine that this would be very popular as an alternative to fiat. I think it’s got the potential to be quite material.” He added that if this model went according to plan in the Northern Territory, other state gambling regulators would likely follow. Hoskins also noted that stringent identification requirements have also been proposed to keep in line with anti-money laundering (AML) regulations. As such gamblers will most likely need to have their crypto wallet addresses verified, and any winnings will need to be withdrawn “back to the same wallet” that made the initial deposit. “What they’ll require under the draft framework is a verification of the crypto wallet. So it needs to be verified and registered against a customer’s identity. And the customer has got to prove that they control that wallet,” he said. Hoskins also outlined that the NTRC has recommended monthly crypto deposit limits worth $2,000 AUD for the first 12 months, with a max wager of $5,000 AUD per month also. The gambling-industry lawyer also explained that local gambling companies will be legally required to maintain crypto wallets that hold enough funds to fully collateralize customer wager amounts, as per the common practice in fiat-based gambling. In terms of the tax implications of using volatile crypto assets to gamble, Hoskins said he didn’t know “how that would be treated,” suggesting the NTRC is still pondering such issues. The NTRC appears to have changed its tune on crypto significantly, given that it previously ordered gambling firms such as Neds to “cease and desist” Bitcoin (BTC) wagering back in 2018. Related: Australia’s new government finally signals its crypto regulation stanceJamie Nettleton, Partner at Sydney-based commercial law firm Addisons, also spoke to Cointelegraph and emphasized the significance of the move from the NTRC. “The NTRC consultation paper is the first indication by an Australian gambling regulator of a willingness to consider the use of cryptocurrency,” he said, adding that: “To date, any Australian wishing to utilize crypto in gambling must do so overseas with a party likely to do so illegally ( at least from the perspective of Australian gambling law.). This paper is a welcome change!” This comes just a couple of days after the recently elected Australian Labor Party (ALP) finally announced an approach to crypto regulation. Treasurer Jim Chalmers announced a “token mapping” exercise that is expected to help “identify how crypto assets and related services should be regulated.”

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White hat: I returned most of the stolen Nomad funds and all I got was this silly NFT

White hat: I returned most of the stolen Nomad funds and all I got was this silly NFT

Uverejnil používateľ | aug 24, 2022 |

Hackers behind the $190 million Nomad Bridge are now being incentivized with “whitehat” themed non-fungible tokens (NFTs) if they return nearly all of the funds they stole from the protocol at the start of this month. The exclusive NFT, which simply depicts a white wizard’s hat, is being offered by NFT firm Metagame and can be minted by those that return at least 90% of their stolen funds to Nomad.1/ Our friends at @metagame created an earned NFT as a thank you to whitehats who returned funds from the Nomad Bridge Hack. Head over https://t.co/TWwuJwnRXj to claim it! pic.twitter.com/V87rkGhBEE— Nomad (⤭⛓) (@nomadxyz_) August 23, 2022“If you haven’t yet returned funds, you can still do so now! Metagame checks your on-chain tx history automatically,” the Nomad team stated via Twitter on Aug. 23. Speaking with Cointelegraph, Metagame founder Brenner Spear noted that while he has “no idea if it’ll nudge anyone to return funds that wouldn’t have otherwise,” the move is part of a broader attempt to foster and support good behavior in the sector: “I am supportive of people doing the right things for the wrong reasons. More of the right things will happen, and maybe, people will start doing more of the right things for the right reasons too.”The non-fungible token doesn’t have any function, as it essentially serves as a trophy to represent an act of good faith. The first 50 people to return the funds in relation to this promo, will also receive 100 FF tokens ($53) from web3 platform Forefront.We at @Metagame have teamed up with @nomadxyz_ @nomadxyz_, @divine_economy @divine_economy, and @forefront__ @forefront__ to produce a free NFT exclusively mintable by Nomad whitehat hackers.Here’s what happened and why we’re giving status to this elite cohort of whitehats…— brenner.eth (@BrennerSpear) August 23, 2022

The Nomad Bridge was initially hacked on Aug. 2, after bad actors discovered a security loophole in Nomad’s smart contracts which allowed them to extract funds that didn’t belong to them via dubious transactions. According to a post-mortem analysis earlier this month from Coinbase’s principal blockchain threat intelligence researcher Peter Kacherginsky, and Heidi Wilder, a senior associate of the special investigations team, hundreds of copycats then joined in on the fun by copying the same code used to start the hack but slightly modified the target token, token amount and recipient addresses. Related: Ethereum advances with standards for smart contract security auditsThe concept doesn’t appear to have gone down well on Twitter, however, with many users taking the time to clown on the idea. @Huzmond wrote “Incentive go brrrrr” while @aldy_argr questioned whether this was a “comedian account?” “That’s what the team comes up with to solve the problem? Rewarding a hacker with worthless NFT?” @hinzpak chimed, with the Metagame team responding that “It was Metagame’s idea, and built by Metagame – we just brought it, Nomad. They have much more important things to focus on!.”As of Aug. 8, Cointelegraph reported that white hat hackers had returned around $32.6 million of the total $190 million that was stolen.

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Paypal adds to list of crypto heavy hitters on the TRUST network

Paypal adds to list of crypto heavy hitters on the TRUST network

Uverejnil používateľ | aug 23, 2022 |

Crypto-friendly digital payments giant Paypal has been added to the Travel Rule Universal Solution Technology (TRUST) network, joining a host of big names in crypto that have moved to comply with digital asset travel rules. The announcement comes two months after the payments giant rolled out infrastructure enabling users to transfer, send and receive digital assets between PayPal and other wallets and exchanges in June this year. Prior to that, users were only able to buy and sell crypto within Paypal following the firm’s initial jump into the sector in October 2020. Now you can easily use your crypto with PayPal. Bring it into PayPal and send some to friends and family—all in one place. https://t.co/k24TVHoSYh pic.twitter.com/v0CeV9dNXa— PayPal (@PayPal) August 15, 2022TRUST was launched by a group of 18 U.S. virtual asset service providers (VASPs) in February, with heavy hitters such as Coinbase, Paxos, Circle, Kraken, and Robinhood participating from the get-go. The number has since expanded to 38 now that Paypal has joined the ranks. “The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance,” Coinbase noted in an Aug. 23 announcement. Under the Bank Secrecy Act (BSA) rule 31, more commonly known as the “Travel rule”, U.S. VASPs are legally required to pass on specific information relating to customer fund transfers from one financial institution to another. The threshold for identifying fund transfers, and the people behind them, start at $1,000. Big day for the Travel Rule Universal Solution Technology (TRUST) network as we welcome digital payment leader @PayPal. Our industry-driven solution to balancing Travel Rule compliance with protecting customer privacy & security is now 38 members strong. https://t.co/OybFRjbmwU pic.twitter.com/eKmAYHBoLQ— Circle (@circlepay) August 22, 2022

As such, the group of U.S. VASPs launched TRUST to streamline reporting and make the sharing of information between them easier and more transparent. TRUST utilizes a solution which is composed of two main features; a centralized bulletin board to identify each VASP party on both ends of a transaction and encrypted point to point (P2P) channel to securely exchange data. Related: Self-regulatory orgs for crypto keep ecosystem afloat pending clear regulationsThe group was formed in response to a recommendation from the Financial Action Task Force (FATF) in June 2021 for VASPs across the globe to adopt specific principles in order to maintain compliance with anti-money laundering (AML) and anti-terrorist financing (ATF) policies.

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