Autor Cointelegraph By Ezra Reguerra

Exchanges criticized for 'nothingburger PR' posts on upcoming LUNC tax burn

Exchanges criticized for 'nothingburger PR' posts on upcoming LUNC tax burn

Uverejnil používateľ | sep 12, 2022 |

As the upcoming Terra Classic (LUNC) burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life.Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning efforts of the Terra community. However, some were unhappy with the announcements, calling out the exchanges. After posting an announcement to express that the exchange is supporting the token burn, KuCoin was called out by the pseudonymous Terra researcher FatMan, asking what they are doing to support it, given that the tax burn is implemented on-chain. The researcher described the announcement as a “nothingburger PR post” and suggested taxing actual trades instead. How are you “supporting” anything here given that the burn tax will be forced on-chain? You can’t opt out of it. It applies to all deposit and withdrawal transactions. Nothingburger PR post. Taxing actual *trades* would be newsworthy, but no big exchange is ever going to do that.— FatMan (@FatManTerra) September 7, 2022In response to the criticism, Johnny Lyu, the CEO of KuCoin exchange, told Cointelegraph that their trading platform is neutral and people-focused. “We always respect the communities’ choice and are happy to help them in the way we can. The same on the tax proposal,” Lyu added. Gate.io also jumped into the fray as the exchange announced that it “will implement the proposed on-chain burn on LUNC and USTC” after the proposal gets approved. Following this, a community member called out Gate.io, describing its announcement as wrong and misleading. The user argued that on-chain implementation is not within the exchanges’ jurisdiction and urged others to boycott the exchange and move on to other exchanges that truly support LUNC’s growth. Related: Terra back from the dead? LUNA price rises 300% in SeptemberUnlike the other exchanges that only seemed to support the burn with words, MEXC Global held a time-limited burning event for the LUNC token. The exchange pledged to burn the spot trading fees for LUNC/USDT from Sept. 3 to Sept. 17. Back in May, MEXC supported Terra burning efforts by conducting a month-long buyback and burn event to support the revival of LUNC. Despite its efforts, the exchange was still unable to dodge the crosshairs of a critic as one community member demanded a permanent burn from the exchange. Cointelegraph reached out to Gate.io and MEXC Global but did not get a response. 

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Lesson learned? Sky Mavis teams up with Google Cloud to avoid another Ronin hack

Lesson learned? Sky Mavis teams up with Google Cloud to avoid another Ronin hack

Uverejnil používateľ | sep 9, 2022 |

While some are unable to recover from hacking incidents and have to throw in the towel, others are able to pick up the pieces, learn from their shortcomings and go at it for another round. In an announcement sent to Cointelegraph, Axie Infinity creators Sky Mavis said that it teamed up with Google Cloud to tighten the security of the Ronin blockchain network and pursue its vision of building a rewarding gaming universe. With the multi-year collaboration, Google Cloud will be an independent enterprise validator for Ronin in a node pool along with Animoca Brands, DappRadar and Nansen. The firm will take on the role of monitoring validator uptimes and contribute to the collective security of the network. According to Viet Anh Ho, the co-founder and CTO of Sky Mavis, one of the reasons for the collaboration i Google Cloud’s autoscaling and automated application deployment capabilities. He explained that: “These free up our engineers to break new ground and delight users with interrelated and immersive experiences – all without disrupting active gameplay.”Ruma Balasubramanian, an executive at Google Cloud, said that they will be working with Sky Mavis to accelerate its roadmap and grow the Ronin network with a more secure infrastructure. The executive also praised the play-to-earn (P2E) concept that Axie Infinity created and highlighted that there are other potential possibilities that may emerge from the collaboration. Related: P2E gaming is in a rut, but Axie Infinity (AXS) could rebound for 3 key reasonsThe collaboration with Google Cloud is part of Sky Mavis’ efforts to heighten its security measures to prevent another incident like the Ronin hack. Back in March, the Ronin network was breached, suffering losses estimated to be above $600 million. During the time of the hack, Sky Mavis only had nine validator nodes. At the moment, the firm said that it has 18 validator nodes and is working to increase the number to 21.

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Ethereum Merge can trigger high volatility, BitMEX CEO warns

Ethereum Merge can trigger high volatility, BitMEX CEO warns

Uverejnil používateľ | sep 9, 2022 |

The Ethereum Merge is one of the most anticipated events in the crypto space this year. Because of this, crypto firms are on the lookout for any hiccups that may occur as the newly upgraded Ethereum network comes to life. In a Cointelegraph interview, Alexander Höptner, the CEO of crypto exchange BitMEX, shared how their trading platform is preparing for the Merge, talked about the potential of institutional adoption after the transition to proof-of-stake (PoS) and gave his thoughts on Bitcoin (BTC) and Ether (ETH). According to Höptner, apart from checking all the boxes on standard company preparations ahead of big events, the most important thing is to pay close attention to what might happen and make sure that their services are working. He explained: “You have to be just, let’s say, awake and see what happens. There’s a chance for high volatility. And so you have to make sure that your services are up and running. […] We don’t expect any major disruptions outside of volatility.”When asked about potential proof-of-work (PoW) forks, the BitMEX executive commented that a fork will be good as long as it’s supported by a strong community. Höptner highlighted that a major risk for forks is not having enough miners’ support.Another topic brought up during the interview is the matter of institutional adoption after the Merge. With major players ramping up their services targeting institutional players, the BitMEX CEO believes that a PoS Ethereum is more attractive to organizations as it addresses the environmental narrative that institutions are mostly concerned with. He said that: “I’m absolutely sure that this will further push for institutional adoption and also mass market adoption because also the generally the current generation pays close attention to the whole efficiency, environmental development.”The executive also noted that big financial players are already dabbling in crypto, mainly with BTC and ETH. He said that a lot of institutions are already proposing 1 to 2% crypto in portfolios, and Höptner believes that this will further increase. Related: ETH Merge: CoinGecko co-founder shares strategy for forked tokensContrary to popular belief that the market is currently in a crypto winter, the BitMEX CEO shared their team’s belief that what the industry is currently witnessing is not a bear market but rather a slight correction that is often seen in traditional finance. He said that: “Beforehand it was very overheated in the market. Money was too cheap, and this is now a slight correction, but we are very bullish on Bitcoin, very bullish on ETH, especially for proof-of-stake.”Overall, Höptner believes that the Ethereum Merge is a positive development in the industry, and reiterated that their team is bullish on the value of ETH. The CEO also highlighted that Ethereum has a very solid community, and ETH may eventually surpass BTC. “I think it can it can definitely, let’s say surpass Bitcoin in relative growth,” he said. 

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Community calls out bots spamming crypto Twitter threads

Community calls out bots spamming crypto Twitter threads

Uverejnil používateľ | sep 8, 2022 |

Twitter is a platform for community members to discuss various perspectives on issues within the crypto space. However, productive discussions are often hindered by bots that spam “why is no one talking about this?” often paired with a link to shady projects or scam landing pages. Because of this, the community expressed their ire in various ways, with some employing satire and even art. No one:Absolutely no one:Crypto bots in replies: WHY IS NOBODY TALKING ABOUT THIS?!— Cointelegraph (@Cointelegraph) September 7, 2022Crypto analyst Lark Davis posted a screenshot of bots pretending to be the Binance CEO, Changpeng Zhao. Davis tagged Twitter and urged them to sort out the issue. The analyst described Twitter threads as a “bot wasteland.” Being the person impersonated by bots, Zhao also commented on the issue, saying that bots should be a high priority on Twitter’s to-do list. The Binance CEO shared a video showing many of his impersonators flooding a thread. Zhao also clarified that if it was not obvious to people, he did not comment on the thread that he showed. As a way to point out the issue, crypto trader Scott Melker posted a replica of the spammers’ words in all caps. Meanwhile, an artist made his own statement by turning the scam tweets into a digital art costume. “why is nobody talking about this????” a garment made purely of crypto twitter scam messagesday 190 – My full unedited creative process for this piece below pic.twitter.com/XZq5OvSt0A— Crypto Bushi ᵍᵐ (@thecryptobushi) August 24, 2022

While the members of the community made very clear points, it did not stop the bots from once again flooding the Twitter threads of those trying to call for a fix. Related: Dogecoin founder speaks out against ‘meme coins’In April, billionaire Elon Musk said in a talk that if he successfully purchases Twitter, one of his top priorities will be the elimination of scam bot armies within the social platform. According to Musk, bots are making the platform “much worse,” highlighting the issue. On Aug. 21, a cybersecurity analyst published a thread that aims to help inexperienced crypto users to avoid scams based on Twitter. The analyst highlighted that scammers use many strategies such as fake airdrops, fake projects and malware, to name a few.

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ENS domains surpass BAYC’s trading volume: Nifty Newsletter, Aug 31–Sept 6

ENS domains surpass BAYC’s trading volume: Nifty Newsletter, Aug 31–Sept 6

Uverejnil používateľ | sep 7, 2022 |

In this week’s nonfungible token (NFT) newsletter, read about OpenSea and its commitment to the Ethereum Merge. Check out a project that aims to introduce Web3 to the opera scene and how ENS domains surpassed Bored Apes in terms of trading volume. In other news, learn about how the NFT giveaway of Rug Pull Finder was exploited. And, don’t forget about this week’s Nifty News roundup featuring how American actor Bill Murray’s wallet was attacked after his NFT drop. OpenSea says marketplace won’t support forked NFTs post-MergeNFT platform OpenSea has announced that it will not be supporting NFTs on Ethereum forks ahead of the upcoming Merge. The marketplace noted that it will only focus on supporting NFTs on the updated proof-of-stake (PoS) blockchain. The team highlighted that if there are any forked NFTs, they will not be reflected in its marketplace. Additionally, the team mentioned that it’s preparing to face any potential issues that may happen because of the Merge. Continue reading…NFT micro-philanthropy gives a new voice to the operaBlockchain has made its way to the opera through a project called Living Opera, which focuses on combining Web3 technologies with classical music. The project aims to provide a new way for opera singers to skip traditional processes such as finding grants and endowments. In an interview, the project’s CEO Soula Parassidis told Cointelegraph that they have also released the Magic Mozart NFT collection to pay tribute to a dice game to randomly generate music attributed to influential composer Wolfgang Amadeus Mozart.Continue reading…Ethereum domain names top Bored Apes on OpenSea’s weekly chartEthereum Name Service (ENS) domains have outperformed the popular Bored Ape Yacht Club (BAYC) NFT collection in terms of the seven-day trading volume metric at the NFT marketplace OpenSea. The project’s daily trading volume also increased from 120.7 Ether (ETH) to 1044.6 ETH and the price of ENS increased by 167% as the volume went up. At the moment, there are over 2 million ENS listings on the NFT marketplace. Continue reading…NFT watchdog Rug Pull Finder gets its own NFT giveaway exploitedThe NFT watchdog that’s committed to identifying Web3 fraud had its NFT giveaway exploited, allowing two attackers to mint 450 NFTs instead of one per wallet. The team admitted that the exploit was due to a flaw in their smart contract that was pointed out by an anonymous source 30 minutes before the mint went live. To fix the situation, the Rug Pull Finder team offered one of the hackers a bounty of 2.5 ETH in exchange for 330 of the NFTs, and the attacker accepted the trade. Ironically, the free NFT mint was titled Bad Guys and depicted artworks of scammers that run loose on the blockchain. Continue reading… Nifty News: Bill Murray’s wallet hacked, FIFA’s tokenized highlights, Muse tops charts and more…The NFT drop by American actor Bill Murray was robbed by hackers, taking 110 ETH from the total 119.2 ETH generated by the charity effort. Fortunately for Murray, his wallet security team was able to stop the exploiters from taking his other NFTs. Meanwhile, FIFA has started to follow the steps of the NFT collection NBA Top Shot by announcing a project that tokenizes in-game highlights as digital collectibles. 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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