Autor Cointelegraph By Judith BannermanQuist

How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine

How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine

Uverejnil používateľ | okt 4, 2022 |

The crypto community reacted with a mix of disbelief and amusement after reality star Kim Kardashian was fined for promoting the cryptocurrency EthereumMax (EMAX). The United States Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3, for “touting on social media” about the EMAX without disclosing she was paid $250,000 to post about it. Kardashian has neither admitted to nor denied the SEC’s allegations, but settled the charges and agreed to not promote any cryptocurrency assets until 2025.SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn’t “mean those investment products are right for all investors.”Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.— Gary Gensler (@GaryGensler) October 3, 2022Following Gensler’s tweet, the online crypto community expressed their thoughts on the fine, with some calling out the SEC for its inconsistent enforcement decisions. Economist Peter Schiff, known for his anti-Bitcoin (BTC) stance, pointed out what he perceived was an unfair targeting of Kardashian as the SEC hasn’t fined MicroStrategy co-founder Michael Saylor who he believes has “more to gain pumping crypto.”The SEC is fining @KimKardashian $1.2 million for pumping #crypto. What about the real pumpers? @Saylor had much more to gain pumping crypto than Kim. Or @CNBC paid millions for ads by crypto companies, then pumping #Bitcoin non-stop while providing industry pumpers with airtime?— Peter Schiff (@PeterSchiff) October 3, 2022

Saylor responded saying Bitcoin isn’t a security but a commodity and its promotion would be “similar to promoting steel…or granite” and the coin’s open protocol offers “utilitarian beliefs similar to roads.”Crypto-personality and author Layah Heilpern shared she believed “the SEC has bigger issues closer to home it should probably focus on…” likely inferring the widely held belief in the community that certain U.S. politicians have inside traded.The SEC will go after Kim Kardashian for shilling a crypto but not Nancy Pelosi for insider trading her way to a hundred million dollars https://t.co/i0bZKjaxjJ— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) October 3, 2022

Pseudonymous developer 0xBender noted a contrast between the SEC’s heavy-handed treatment of crypto promotions from celebrities, while crypto-centric influencers “have been out here shilling you garbage for 0.2 ETH (Ethereum) a tweet.”The SEC is charging Kim Kardashian with unlawfully promoting a crypto security while influencers have been out here shilling you garbage for 0.2 ETH a tweet— bender (@0xBender) October 3, 2022

Others such as former federal prosecutor Renato Mariotti said influencers thinking to endorse cryptocurrencies should “take note” as the regulator is showing it will “aggressively pursue enforcement actions” and those who promote crypto without considering the laws will “need to find a good lawyer.”Kim Kardashian presented a very tempting target for the SEC.Because of this case, millions of people who didn’t know much about the SEC now know about it.As an aspiring lawyer, she had every incentive to cooperate. Other celebrity crypto endorsers should take note. https://t.co/3mvMNQOxvg— Renato Mariotti (@renato_mariotti) October 3, 2022

Meanwhile, Ethereum educator and investor Anthony Sassano told his followers he believes the SEC targeted Kardashian because it creates the illusion the regulator is “doing something” about crypto scams, and suggested it should’ve targeted the creators of EMAX instead. They went after Kim Kardashian because she makes a good headline and it shows the public that the SEC is “doing something” about crypto scamsIn reality, the fine she paid is dust to her, the creators of Ethereum Max haven’t been fined (yet?), and the victims are all still rekt— sassal.eth (@sassal0x) October 3, 2022

Related: The SEC is bullying Kim Kardashian, and it could chill the influencer economyStill, some saw the lighter side of investing in a tumultuous and highly speculative crypto token, with journalist Tyler Conway saying the star “got the full crypto experience” by losing more money than she’d been paid.Self-described hacker and tech content creator Marcus Hutchins said Kardashian “would have gotten better returns” in EthereumMax as it’s down 97% since her post, compared to the -80% the promotion returned for her.Kim Kardashian got paid $250k to promote Ethereum Max then lost $1.3m of that to an SEC fine. Would have gotten better returns just investing in Ethereum MAX, which is down 97% since her post.— Marcus Hutchins (@MalwareTechBlog) October 3, 2022

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Warner Music Group partners with OpenSea to create more Web3 opportunities for artists

Warner Music Group partners with OpenSea to create more Web3 opportunities for artists

Uverejnil používateľ | sep 30, 2022 |

On Sept. 29, global music and entertainment company Warner Music Group (WMG) announced a partnership with nonfungible token (NFT) marketplace OpenSea to provide a platform for select musical artists to build and extend their fanbase into the Web3 community. According to the release, the collaboration between these two entities will allow select WMG artists to get early access to OpenSea’s newly rolled-out feature, which enables artists to launch their NFT collections and limited-edition projects on their own customizable and dedicated drop pages.These WMG artists will have access to personalized storytelling on customized landing pages, as well as to OpenSea’s industry-leading safety and security features. The partnership, aimed at helping WMG artists build new Web3 communities, intends to introduce existing fan communities on OpenSea to new forms of connection and creativity through NFTs — and open up new opportunities for fans to engage with music and artists within the Web3 community. Shiva Rajaraman, OpenSea’s vice president of product, shared:“For artists and musicians, NFTs represent a new creative medium and a mechanism to build community, engage directly with fans, and express themselves across borders and languages.”Oana Ruxandra, chief digital officer and executive vice president of business development at WMG, also stated, “Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership.”The first collection of music NFTs is currently in development with Warner Records UK in collaboration with Web3 company Probably Nothing. According to WMG, this collaboration marks the latest in a series of efforts to build out the music company’s expertise in the Web3 space.Earlier this year, Cointelegraph shared that Warner Music Group had announced a partnership with fantasy-themed collectible card game developer Splinterlands to create and develop play-to-earn, arcade-style blockchain games.

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Anonymous makes numerous allegations against Yuga Labs and its Bored Ape Yacht Club

Anonymous makes numerous allegations against Yuga Labs and its Bored Ape Yacht Club

Uverejnil používateľ | sep 28, 2022 |

On Sept 26, internet hacktivist group Anonymous released a video addressing blockchain technology company Yuga Labs and its NFT-driven social club, Bored Ape Yacht Club (BAYC).The group’s statement included a laundry list of allegations regarding Yuga Lab’s alleged use of esoteric symbolism in BAYC’s art — which Anonymous believes shows the company’s support for numerous controversial subjects, such as Nazism, racism, simianization, and pedophilia.The hacktivist group alleged that, after thorough research and interviews with key figures, it can confirm “without a shadow of doubt” that the Bored Ape Yacht Club (BAYC) and Yuga Labs are guilty of hiding these esoteric symbols in plain sight — a conclusion the company and project both openly protest.[embedded content]The group cautioned against relegating its accusations to baseless “conspiracy theory,” adding that people who do so are “simply ignorant,” or “not versed, or worse, at a financial conflict of interest.” A representative of the internet hacktivist group shared:“Anonymous is certain that the BAYC collection and the Yuga labs brand are infected with not one or two — but with dozens of examples of esoteric symbolism and dog whistles reflecting Nazism, Racism, Siminization, and Pedophilic support.”Anonymous suggested that holders of these artworks are also victims of Bored Ape Yacht Club and Yuga Labs’s trolling, and urged owners not to stay silent out of a desire to protect their financial interests.“Don’t your founders owe you more than this? Many outside the BAYC community continue to whisper how you’ve been deceived in a way that is both unprecedented and unforgivable.”The group called on investors, partners, and high-profile celebrities such as Andreessen Horowitz, Mark Cuban, Dez Bryant, Tom Brady, Ben Simmons, Neymar Junior, Kevin Hart, Drake Bell, Shaquille O’Neal, and big brands such as Lion Tree, Adidas, Tiffany & Co, to speak up and take an official stance on the practices of Nazism, racism, simianization, and pedophilia. On Jun 24. Yuga Labs Co-founder Greg Solano denied similar claims against his company in a Medium Post, saying:“We’ve become the target of a crazy disinformation campaign accusing us — a group of Jewish, Turkish, Pakistani, and Cuban friends — of being super-secret Nazis.”Solano firmly stated at the time that the allegations of racism made against his diverse team were whollyunfounded. On July 25, Cointelegraph reported on a proposed class-action lawsuit which alleged that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club non fungible tokens (NFTs) and the project’s affiliated ApeCoin (APE) token. The proposed class-action lawsuit suggested that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token.Cointelegraph reached out to Yuga Labs, but received no response by the time of publication.

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Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

Uverejnil používateľ | sep 27, 2022 |

Mastercard has launched customizable nonfungible token (NFT) debit cards, allowing some cardholders who own avatars from select NFT collections to add the artwork onto the payment’s card.The debit cards are made available through a Sept. 26 partnership with European cryptocurrency exchange platform, “hi” allowing its “Gold” members to personalize their debit cards with an NFT they verifiably ownGold membership with the platform is obtained by staking a minimum of 100,000 hi Dollar’s (HI), the platform’s native token, a sum worth around $4,600 according to data from CoinGecko. NEWS! Today @hi_com_official launches the world’s first debit card featuring NFT Customization, allowing cardholders to personalize the face of their card with an NFT Avatar. Read more here https://t.co/awNVowcsuG pic.twitter.com/A5xFsHlX0w— Mastercard Europe (@MastercardEU) September 26, 2022The cards will allow spending in fiat money, stablecoins or any cryptocurrency the user holds and is accepted wherever Mastercard is available. Other features such as hotel credits, cash back incentives and rebates on Netflix and Spotify subscriptions are also touted as benefits of certain membership levels.Mastercard’s Crypto and Fintech Enablement VP, Christian Rau said with consumer interest in NFTs and crypto growing the payments provider was “committed to making them an accessible payments choice for the communities who wish to use them.”A limited range of NFT collections will be supported including CryptoPunk, Moonbirds, goblintown, Bored Ape and Azuki, owners of these NFTs will have to become Gold members with hi and verify their NFT ownership with the platform to receive their custom cards.Additionally, the cards are available only within 25 European Economic Area (EEA) countries and the United Kingdom.Related: Innovation will drive NFT adoption despite mainstream presence: NFTGo founderWith the wider downturn in crypto markets over the last few months most of the “blue chip” NFT collections took a price hit, but data by NFTGo shows the performance of blue-chip NFTs growing steadily since Sept. 12 possibly bringing renewed interest to the largest collections.Mastercard has helped crypto payments go mainstream with its support for the assets, even allowing Mastercard holders the ability to purchase NFTs through partnering with multiple NFT marketplaces in June.

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The path moving forward for ex-Ethereum miners remains unclear

The path moving forward for ex-Ethereum miners remains unclear

Uverejnil používateľ | sep 26, 2022 |

It’s been nearly two weeks since Ethereum made its historic transition from proof-of-work to proof-of-stake, and some ex-ETH miners say they remain clueless on how to move forward. Following the Merge, many took to crypto Twitter to discuss what they believe will happen to these former Ethereum miners. On the day of the merge, Twitter user hashoveride tweeted: GPU #mining is dead less than 24 hours after the #merge.Here are the three largest #GPU chains and current daily profitability with a 3090 GPU and 6 us¢/kwh#ETC -7 ¢#XMR -37 ¢#RVN 2 ¢The only coins showing profit have no marketcap or liquidity. The profit is not real #btc— Hashoveride (₿en Gagnon) (@hashoveride) September 15, 2022Twitter user BakaMoriDesu suggested in a tweet that ex-eth miners were just going to move on to the next profitable coin, adding, “As an RVN miner, I doubt it will be profitable after the halving anymore.” Ex-eth miners will move to whatever coin is more profitable. As an RVN miner, I doubt it will be profitable after the halving anymore— Фронтендер Орды ❤️ (@BakaMoriDesu) January 11, 2022

Cointelegraph contacted a few ex-Ethereum miners to find out what their plans were moving forward. However, the general consensus revealed that many were still unclear on their next steps. Former miner Christian Ander shared with Cointelegraph:“To be honest, I don’t know myself yet. Selling GPU power to other computing intense services is far from as profitable as eth was.”“I am doing research myself and my partners are looking into options,” Ander added, noting “GPU owners are doing research and selling power to non-crypto projects. And when the energy prices are very high, they shut down and sell excessive power to the grid.” Ander said that he’s currently not mining any crypto, and is just evaluating the market. Another ex-Ethereum miner, Kevin Aguirre, shared with Cointelegraph that he had sold his hardware to his partner, who was now using it to mine other coins, noting:“I do have some regret in my outcome with my mining machine, but in the end, it supported me and my family through the pandemic.”

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