Autor Cointelegraph By Ezra Reguerra

Claims and rumors fuel crypto market turmoil amid FTX collapse

Claims and rumors fuel crypto market turmoil amid FTX collapse

Uverejnil používateľ | nov 10, 2022 |

While information leaks and unconfirmed reports can be a way for the truth to reach the public, they can also be a tool that fans the flames to grow even further in an already burnt-out crypto market. In a recent article, Reuters claimed that FTX used some of its customer deposits to support Alameda Research from its financial difficulties. Apart from this, the mainstream media outlet also described Binance pulling out of the FTX acquisition as a “failed bid to save crypto.”Apart from this, a message from FTX CEO Sam Bankman-Fried (SBF) was also leaked to crypto podcaster Cobie on Twitter. The message shows that the FTX CEO is unsure of what “the right pathway forward” is. However, the messages also highlighted that SBF is working on a more thorough explanation of what truly happened. A msg from SBF on FTX slack that got leaked to me by some telegram anon, have verified its real w another pic.twitter.com/XMjIM9nSkx— Cobie (@cobie) November 10, 2022A recent post on the Twitter account called Autism Capital highlighted more rumors saying that FTX employees knew that the company was breaking the law since 2021 but continued working anyway. According to the tweet, the employees are now being used as “fall people.” Members of the crypto community responded to the tweet saying that if they really knew, they should “be in jail.” On a somewhat positive note, another leaked document suggests that FTX still has at least $1.3 billion worth of assets surfaced in the media. According to a report by Trustnodes, the spreadsheet that looks to be based on blockchain decentralized application (DApp) Zapper sparked rumors that FTX still has more than a billion in funding. Throughout the FTX crisis, anonymous sources were used by mainstream outlets to report developments on the FTX collapse. Unnamed figures told Reuters that FTX witnessed $6 billion worth of withdrawals. Citing more unconfirmed sources, Bloomberg reported that FTX may file for bankruptcy. Apart from these, the Wall Street Journal also mentioned that a “person familiar with the matter” has claimed that government agencies were after FTX. Related: Tether, Circle and Coinbase deny having exposure to FTX and AlamedaThe FTX and Alameda research crisis have led the crypto market into a state of frenzy, leading asset prices to go downward and investors to worry about crypto. It all started from a leaked balance sheet from Sam Bankman-Fried’s company Alameda Research, and this sparked a series of events that brought uncertainty to the crypto market as investors began to pull their money out of the FTX exchange. While many of the headlines currently paint a negative picture of crypto, many community members continue to have hope for the future of Bitcoin (BTC) and crypto. According to some community members, though the current market condition seems like the industry is collapsing entirely, crypto is here to stay.

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NFT trademark filings grow in 2022: Nifty Newsletter, Nov. 2–8

NFT trademark filings grow in 2022: Nifty Newsletter, Nov. 2–8

Uverejnil používateľ | nov 9, 2022 |

In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies. In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News featuring South Korea testing purchasing NFTs with their central bank digital currency (CBDC). Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022Data shared by trademark attorney Mike Kondoudis shows that filings for NFT and metaverse-related trademarks in the U.S. have grown in 2022. For NFTs, the data shows that at the end of October 2022, 6,855 trademark applications were filed. This shows significant growth from 2021. Last year, only 2,142 NFT-related trademark filings were recorded. On the other hand, filings for metaverse trademarks have also increased, with 4997 trademark applications filed by the end of October. This shows a significant increase in filings, as the total number of applications for metaverse in 2021 was 1,890.Continue reading…OpenSea launches on-chain tool to enforce NFT royaltiesNFT marketplace OpenSea has launched a tool that enforces NFT royalties, which apply to new NFT collections. Devin Finzer, the CEO of OpenSea, noted that the new tool will let creators have on-chain enforcement of royalties. The tool is a code snippet that lets creators enforce royalties on new and future smart contracts for NFT collections. In addition, the tool also allows creators to restrict the sales of their NFT collections to marketplaces that support and enforce creator fees. However, while OpenSea said that it will support collections with an on-chain enforcement tool, it wouldn’t force new collections that don’t opt-in. Continue reading…Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in ChinaWhile the Chinese government has been supportive of metaverse efforts, its stance on NFTs has started to become blurry. With the regulatory uncertainty surrounding Web3 within the country, the city of Wuhan has reportedly put aside its NFT plans. While NFTs were originally included in the city’s metaverse economy development plan, a new version of the plan has deleted a line about NFTs. Despite this, the city still aims to nurture more than 200 metaverse companies and build at least two metaverses by 2025. Continue reading…NFTs are the key to turning passive fandom into an active communityIn a Cointelegraph interview, Ogden and Miana Lauren, team members of the inBetweeners NFT project, shared how NFTs can turn passive fandoms into more active communities and transform user participation. The project’s team members shared how Miana started off as a fan of the project and eventually joined the team because of the engagement opportunities provided by the NFTs. She now works as a community manager for the team and believes that NFTs have the power to be many people’s gateway to using more Web3 technologies. Continue reading…Nifty News: Royalty-enforcing NFTs a ‘new asset class,’ South Korea buys NFTs with CBDC and moreIn Solana’s Breakpoint 2022 conference, Jack Lu, the CEO of NFT marketplace Magic Eden, highlighted that NFTs that enforce royalties have the potential to become a new asset class. Meanwhile, South Korea’s central bank has started testing purchasing NFTs with its CBDC. Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Bitcoin and crypto here to stay despite market turmoil: Community

Bitcoin and crypto here to stay despite market turmoil: Community

Uverejnil používateľ | nov 9, 2022 |

Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis was only a black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others could have seen coming. The community member believes that despite this, crypto is still here to stay. While the current state of the market left people feeling burned out, some remain hopeful and reaffirm their love for crypto. A community member tweeted: F..k the dump & all the fud. I love #Crypto. It is here to stay. — $SHIB KNIGHT (@army_shiba) November 9, 2022Meanwhile, crypto analyst Michaël van de Poppe also shared his thoughts on the crypto market’s trajectory. According to Van de Poppe, things will be better moving forward. Citing Mt. Gox, Luna and FTX, the analyst highlighted that errors have to be made in order to improve the system. “It might feel like we’re on the edge of collapsing crypto entirely, but Bitcoin and crypto are here to stay,” he wrote. Related: FTX-Binance standoff highlights the need for clear rules — Sen. LummisWith fears of a contagion plaguing the crypto market because of the recent FTX and Alameda debacle, executives from prominent crypto firms have assured their users that have no exposure to the troubled firms. Tether chief technology officer Paolo Ardoino, Circle CEO Jeremy Allaire and Coinbase exchange CEO Brian Armstrong all took to Twitter to dispel any FUD that are surfacing amid the FTX crisis. On Nov. 8, Binance and FTX announced that the firms will perform a strategic transaction that aims to help FTX with what Zhao described as a “significant liquidity crunch.” The Binance CEO also expressed the company’s intent to fully acquire FTX and help cover the liquidity issues.

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Tether, Circle and Coinbase deny having exposure to FTX and Alameda

Tether, Circle and Coinbase deny having exposure to FTX and Alameda

Uverejnil používateľ | nov 9, 2022 |

Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms. In response to concerns brought up by the crypto community, Tether CTO Paolo Ardoino clarified in a tweet that the stablecoin issuer has no exposure to either of the distressed firms. According to the Tether executive, Alameda has previously redeemed a lot of Tether (USDT). Despite this, Ardoino highlighted that no credit exposure has matured. Similarly, Circle CEO Jeremy Allaire also denied rumors of the firm having exposure to FTX and Alameda. The stablecoin executive said that their firm does not have any material exposure to both firms. Allaire highlighted that while both FTX and Alameda have been customers of Circle, the stablecoin issuer has not made loans, received FTX tokens (FTT) as collateral or taken any positions on FTT. Brian Armstrong, the CEO of crypto exchange Coinbase, also took this opportunity to assure its users that the firm has no material exposure to FTX or FTT. Armstrong also highlighted that the crypto exchange has no exposure to Alameda. The exchange executive also criticized the event as a result of risky business practices such as the misuse of customer funds and conflicts of interest. [embedded content]Despite the assurances given by the executives, some community members are still dissatisfied and called for accountability. According to a Twitter user, no one would believe it anymore as this was also what FTX CEO Sam-Bankman Fried said before the crisis. The community member said that there have to be consequences for these types of events. “You want credibility: Find SBF and put him in a hole,” they said. Related: SBF tumbles off Bloomberg’s billionaire index after trouble at FTXAs the FTX and Alameda crisis ensued, Binance CEO Changpeng Zhao promised to implement a way to provide full transparency of its reserves by using a Proof-of-Reserve mechanism using Merkle Trees. Apart from Zhao, other high-profile industry figures have also supported the use of Proof-of-Reserves to give consumers more confidence and establish trust within the industry.

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DeFi faces criticism for denying user access based on wallet content

DeFi faces criticism for denying user access based on wallet content

Uverejnil používateľ | nov 8, 2022 |

While decentralized finance (DeFi) is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move. In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges (DEXs) due to various factors such as location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it has rebuilt everything wrong with Wall Street but on a blockchain. Within the tweet, Mills also shared an image of a pop-up message from 1inch Network’s decentralized application (DApp) restricting access because of the wallet address used. In a statement, Sergey Maslennikov, the chief communications officer at 1inch, told Cointelegraph that restricting wallets is part of their efforts to provide a safe and compliant community environment. Maslennikov explained that: “Users’ wallets which are owned or associated with clearly illegal behavior like: sanctions, terrorism financing, hacked or stolen funds, human trafficking, and child sexual abuse material (CSAM) are prevented from interacting with the 1inch dApp.”According to Maslennikov, the DeFi aggregator complies with all applicable sanctions and embargo lists. Apart from this, the DEX also follows anti-money laundering (AML) and terrorist financing prevention regulations, as well as efforts by the global community. Related: Institutional crypto adoption requires robust analytics for money launderingMeanwhile, the Financial Action Task Force (FATF) recently noted that countries that are ignoring the rules for crypto AML may be placed on the watchdog’s grey list, which is a list subject to increased monitoring. At the moment, there are 23 countries on the list, including crypto hubs like the United Arab Emirates and the Philippines. In terms of terrorist financing, a United Nations (UN) official recently highlighted that terrorists still prefer to use cash over crypto. Svetlana Martynova, the Countering Financing of Terrorism Coordinator at the UN, said in a special meeting that while cash is still the predominant method for terrorist financing, terrorists are able to adapt to new technologies, and this includes crypto.

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