Autor Cointelegraph By Stephen Katte

Sony Music files trademark application for NFT-authenticated music

Sony Music files trademark application for NFT-authenticated music

Uverejnil používateľ | sep 8, 2022 |

American music giant Sony Music Entertainment has signaled intentions to utilize non-fungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo. According to an Aug. 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Sept. 6, the application covers “audio and video recordings featuring live musical performances authenticated by NFTs.”#SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for:▶️ NFT Backed Media▶️ Music + Podcast Production▶️ Artist Management + Music distribution services..and more!#NFTs #Metaverse #Web3 #Columbiarecords #Pop #Rock #Hiphop pic.twitter.com/xY7kRMgo1m— Mike Kondoudis (@KondoudisLaw) September 6, 2022The application also covers marketing services, promotion, distribution, marketing, advertising, and online entertainment, including podcasts and audiovisual recordings.The new trademark application comes in the wake of several other Sony Music-backed NFT projects. In August, MakersPlace, an NFT market dedicated to digital art, secured $30 million in Series A financing from several notable companies, including Pantera Capital, Bessemer Venture Partners, Coinbase Ventures, and Sony Music Entertainment.March saw the music company partner with Solana-based NFT marketplace Snowcrash and fellow music behemoth Universal Music Group to release Bob Dylan and Miles Davis NFT collections at some point in 2022, with plans for more in the future.NFTs and the Metaverse are slowly becoming more prominent in the music and entertainment industry. MTV’s Video Music Awards on Aug. 29 heavily featured online and virtual performances, including Eminem and Snoop Dogg performing their new single in a Metaverse created by Yuga Labs, the same company behind the Bored Ape Yacht Club.Related: There’s more to NFTs than just PFPs — 5 ways nonfungible tokens will transform societyThe song “From the D to the LBC” was released in June, and features two Bored Ape Yacht Club avatars owned by Eminem and Snoop Dogg.MTV’s Video Music Awards also debuted a new award category, Best Metaverse Performance, which featured nominations for six different acts in its inaugural year, Ariana Grande, Justin Bieber, Charli XCX, Twenty One Pilots, BTS, and Blackpink, who eventually won.

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Avalanche flash loan exploit sees $371K in USDC stolen

Avalanche flash loan exploit sees $371K in USDC stolen

Uverejnil používateľ | sep 8, 2022 |

Avalanche-based lending protocol Nereus Finance has been the victim of a crafty hack that saw a user net $371,000 worth of USD Coin (USDC) using a smart contract exploit.Blockchain cybersecurity firm CertiK was one of the first to detect the exploit on Sept. 6, indicating that the attack impacted liquidity pools on Nereus relating to decentralized exchange Trader Joe and automated market maker Curve Finance. CertiK also suggested that underlying protocols themselves were impacted, however, Curve Finance responded via Twitter on Sept. 7, stating “maybe you meant ‘assets impacted,’ not ‘protocols impacted’. Only @nereusfinance and its assets seem impacted.” On Sept. 7, Nereus Finance released a detailed post-mortem of the incident explaining an “exploiter” was able to deploy a custom smart contract that utilized a $51 million flash loan from Aave to artificially manipulate the AVAX/USDC Trader Joe LP (JLP) pool price for a single block.We’ve published a post-mortem on the NXUSD incident from yesterday. https://t.co/ADhu6PagP2 Thanks @peckshield @CertiK— Nereus Finance (@nereusfinance) September 7, 2022As a result, the anonymous hacker was able to mint 998,000 worth of Nereus’ native token NXUSD against $508,000 worth of collateral. They then swapped this capital into different assets via various liquidity pools and managed to walk away with a net profit of $371,406 once the flash loan was returned.  The incident ended with to the creation of $500,000 of NXUSD “bad debt” in the NXUSD protocol.The Nereus team says it was quick to remedy the situation; after consulting security experts, developing a mitigation plan, and notifying law enforcement, they liquidated and paused the exploited JLP market.The bad debt was reportedly paid off using NXUSD from the team’s treasury.According to Nereus, the exploit resulted from a “missed step” in the price calculation, resulting in the opportunity to be exploited. However, it stressed that “no users funds are at risk, and NXUSD continues to be over collateralized” and the “Lending and Borrowing protocol was not affected by this exploit.”Nereus is also confident the same exploit won’t be possible a second time, as the team will be  amending its “audit and security practices in order to ensure these types of events do not occur in the future,” noting:“While this exploit is a bad incident — it’s not uncommon for protocols to face these types of battle tests.” As of this writing, the Nereus team is trying to identify the hacker and track the funds and has offered a 20% White Hat reward for the return of the funds, no questions asked. Related: Solana-based stablecoin NIRV drops 85% following $3.5M exploitDespite this recent flash loan exploit and several other notable incidents throughout the year, CertiK’s August 2022 Monthly Skynet Alerts Report, released on Sept. 2, claims there has been a notable decrease in these types of attacks. Compared to the previous month, August saw a drop of 95% in flash loan attacks, only resulting in a total loss of $745,244, the second lowest this year. February still has the lowest recorded loss from flash loan exploits with only $200,000.

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Celsius co-founder declares his equity is ‘worthless’ in court

Celsius co-founder declares his equity is ‘worthless’ in court

Uverejnil používateľ | sep 7, 2022 |

A Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the embattled crypto company as “worthless.” In a Sept. 5 document to the United States Bankruptcy Court, law firm Kirkland & Ellis LLP filed a declaration on behalf of Celsius Co-Founder Daniel Leon, confirming his status as a substantial shareholder, and declaring that his 32,600 common shares are now considered worthless. #CelsiusNetwork #CelsiusBankruptcy Here’s a new one — a declaration of “wothlessness” was just filed by Daniel Leon , one of the cofounders. The Declaration was filed by K&E. https://t.co/OHldovdhBZ— David Adler (@DavidJAdler1991) September 5, 2022A declaration that a particular stock or common share is “worthless” generally occurs when shareholders in a company think they will not receive any further distribution for their holdings. According to the IRS, a stock is worthless when a taxpayer can show the security had value at the end of the year preceding the deduction year and that an identifiable event caused a loss in the deduction year.The embattled crypto lender filed for Chapter 11 bankruptcy in July, a month after halting withdrawals due to “extreme market conditions.”BnkToTheFuture CEO Simon Dixon suggested in a Sept. 5 Twitter post that the declaration means that Celsius Network private equity shares are now “officially worthless” and that the co-founder wants to use them as a tax write-off. I guess this is the official update that @CelsiusNetwork shares are officially worthless & the co-founder wants to use them as a tax write-off. At least shareholders understood the risks though it’s still painful for the community that invested in them. https://t.co/W9Q2GuCU9H— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 6, 2022

Celsius raised two rounds of private equity funds from smaller investors via BnkToTheFuture. Meanwhile, Celsius Network’s cash runway appears to have stretched. While a filing last month forecasted the company to be out of money by October, a new forecast appears to show the company has managed to get more breathing room. Related: Law Decoded, Aug. 29–Sep. 5: Celsius is ready to give money back, but not muchThe latest forecast, dated Aug. 31 and filed to the United States Bankruptcy Court on Sept. 6. has the firm sitting on just over $111 million in cash currently, forecasting $42 million cash left by the end of November.

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Court hears Roche Freedman could create ‘a sideshow’ in the Tether class action

Court hears Roche Freedman could create ‘a sideshow’ in the Tether class action

Uverejnil používateľ | sep 7, 2022 |

The fallout from the leaked Kyle Roche videos has continued after two law firms submitted a document to the court asking that his law firm Roche Freedman be removed as interim co-lead from the Tether and Bitfinex Crypto Asset Litigation.Roche Freedman is acting as plaintiffs in the class-action lawsuit initiated in 2019, alleging Tether and Bitfinex manipulated the crypto market by issuing unbacked Tether (USDT). Kirby McInerney LLP (Kirby) and Radice Law Firm, P.C. (Radice), who are also representing three plaintiffs in the case, submitted the request that Roche Freeman be removed from the court on Monday.In the document, the firms argue they should be substituted as lead counsel on the basis Roche Freedman would distract the court from the investors’ claims and “prejudice the rights of the putative class:”“To avoid a sideshow about the adequacy of counsel or the motives and use of litigation and discovery, a new leadership structure is necessary.”The controversy began after a CryptoLeaks exposé, which received wide publicity for its allegations that the videos showed Kyle Roche and Ava Labs had a secret agreement to use lawsuits to harm its competitors.According to court records released on Aug. 31, Kyle Roche withdrew as counsel on several crypto class-action lawsuits, including the Tether and Bitfinex Crypto Asset Litigation. Roche Freedman submitted its response on Tuesday, calling the move to have it ousted an “extraordinary remedy” based on the “recordings of a single lawyer who has since sworn those statements were false or misinterpreted:”“The Firm also took appropriate steps to avoid any appearance of impropriety.”Roche Freedman says it “screened him from this case,” and he will “not receive any portion of the proceeds from this litigation.”It argued that should be the end of the matter because “the five named plaintiffs who actually retained the Firm and stand to lose the most if deprived of their counsel of choice.”Related: Tether requests Roche Freedman to be booted from class actionOne of the defendants in the case, Tether, has already requested that Roche’s law firm be removed entirely and to certify that it has returned or destroyed all defendant-issued documents and had not shared them with any third party.

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Crypto assets are no longer niche and regulators need to catch up — IMF

Crypto assets are no longer niche and regulators need to catch up — IMF

Uverejnil používateľ | sep 6, 2022 |

The past few years have seen crypto assets moved from being “niche products” to having more of a mainstream presence, prompting the need for more comprehensive regulation of the space, according to the International Monetary Fund (IMF).In a new report authored by IMF capital markets director Aditya Narain and assistant director Marina Moretti, officials noted that crypto assets have firmly shifted away from being “niche products” to ones used for speculative investments, hedges against weak currencies, and payment instruments.The authors added that this, along with  recent failures of crypto issuers, exchanges, and hedge funds have “added impetus to the push to regulate.”The failures of crypto issuers, exchanges and hedge funds have added impetus to the push to regulate these digital assets. Read more in F&D. https://t.co/Vfyr4uN6NY pic.twitter.com/4LF9P3DZpc— IMF (@IMFNews) September 5, 2022However, developing regulatory frameworks for crypto assets is an uphill battle, according to Narain and Moretti, highlighting the market’s rapid evolution, the difficulty of monitoring, and the absence of workable skills between regulators among the more serious obstacles, stating:”Regulators are struggling to acquire the talent and learn the skills to keep pace given stretched resources and many other priorities.”The authors have also called out the inconsistent approach to crypto regulation amongst various regulators, instead arguing for a coordinated, consistent, and comprehensive global crypto regulatory framework.”Some regulators may prioritize consumer protection, others safety and soundness or financial integrity. And there is a range of crypto actors — miners, validators, protocol developers — that are not easily covered by traditional financial regulation,” they explained.”A global regulatory framework will bring order to the markets, help instill consumer confidence, lay out the limits of what is permissible, and provide a safe space for useful innovation to continue.” Regulators around the world have continued to gather around the regulatory table. In Europe, the final legal text for the long-awaited  Markets in Crypto-Assets (MiCA) regulations are set to be released within the next four to six weeks. In the United States, a crypto regulation bill named the Responsible Financial Innovation Act is set to address some of the biggest questions facing the digital assets sector.Related: Australia’s new government finally signals its crypto regulation stanceEven staunch crypto skeptics have started to fall in line with the idea of regulation over any widespread ban, with U.S. congressman Brad Sherman becoming the latest to change his tune after admitting the market “has too much money and power behind it,” to ban it now.

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