Autor Cointelegraph By Tom Blackstone

Yuga Labs acquires Beeple’s 10KTF game, hints at metaverse integration

Yuga Labs acquires Beeple’s 10KTF game, hints at metaverse integration

Uverejnil používateľ | nov 15, 2022 |

Yuga Labs, creators of Bored Ape Yacht Club (BAYC), have acquired 10KTF; the NFT game founded by digital artist Michael Winkelmann, also known as Beeple.10KTF is a browser-based NFT game that allows players to outfit heroes with crafted items and loadouts in order to complete missions. Missions reward players with APE coins, badges, materials, and free airdrops.The game also intends to include many items that could be worn by an avatar in the future; pairs of socks and backpacks are popular items from the game’s collection. Until now, fans have been left to wonder what Metaverse platform will feature these items. Now that the acquisition has been announced, some fans have begun to speculate that 10KTF items may become wearable within Yuga Labs’ as-yet-unreleased Otherside metaverse ecosystem.A thread published on the 10KTF official Twitter channel on Nov. 14 showed images of the 10KTF hero, Wagmi-San, drinking an elixir that was previously featured in the Otherside trailer. The final post in the thread is a retweet from the Otherside’s channel, which says “welcome to the Otherside, Wagmi-San.”Welcome to the Otherside, Wagmi-san. pic.twitter.com/cNCNTqOd44— Othersidemeta (@OthersideMeta) November 14, 2022Once the acquisition is completed, the company said that Beeple will be hired as an advisor for Yuga Labs.Back in March, YugaLabs announced that it was acquiring both the Cryptopunks and Meebits NFT collections from the nonfungible pioneers at Larval Labs. At the time, Larval Labs co founders Matt Hall and John Watkinson said that, though they were not joining Yuga as part of the deal, “we saw in [Yuga Labs] the skill set and expertise in this space that we were missing.”

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Binance’s CZ says users share blame for placing trust in FTX, should take responsibility

Binance’s CZ says users share blame for placing trust in FTX, should take responsibility

Uverejnil používateľ | nov 14, 2022 |

During an ask-me-anything (AMA) session on Twitter Spaces on Nov. 14, Binance CEO Changpeng Zhao, also known as CZ, urged crypto users to take responsibility for their investment decisions and not put all of the blame on others when things go south.“As a user, you also have responsibility — you can’t just blame all of the responsibility to other people. When bad things happen, if you blame all of the responsibility, if it’s always to other people, you will never be successful. You are also always looking at the most responsible person to yourself, which is yourself.”The statement came in response to a question about whether Binance should reimburse users who have lost money in FTX. A participant in the AMA alleged that Binance gave credibility to FTX and may have also profited from funds that belonged to users. The questioner asked CZ whether Binance should give back the money it recently made from selling its bag of FTX’s utility token, FTX Token (FTT).Binance first invested in FTX in December 2019. In July 2021, the company sold its shares for $2.1 billion worth of Binance USD (BUSD) and FTT. Last week, Binance announced that it would be selling all of its FTT over the next few months. However, Binance was unable to complete the sale before FTX suffered a liquidity crisis and filed for bankruptcy.Full disclosure: Binance never shorted FTT. We still have a bag of as we stopped selling FTT after SBF called me. Very expensive call. https://t.co/3A6wyFPGlm— CZ Binance (@cz_binance) November 14, 2022CZ responded by emphasizing the public nature of Binance’s trades, noting that the company entered early and exited early, and both transactions were publicly visible. “We did not hide it, and we did not, not disclose it,” he said.He also stated that Binance only sold a small amount of its FTT, claiming that the rest is still in the company’s possession and that it has taken losses on the holding like everyone else:“We had $580 million worth of FTT. We sold a small portion of it. We still have a large bag. So, I think we acted in very ethical ways.”Despite this defense of Binance’s actions, CZ also sought to find common ground with the questioner. He said that Binance would try to help FTX users as much as it could in the spirit of growth within the industry. On the other hand, he said he did not want to “create a situation where anything that goes down in the industry, Binance has to pay for it.”At the end of his answer, CZ admitted that large, institutional investors do share some responsibility for giving credibility to FTX:“The VC [venture capital] investors, including us, why did we invest in them? I think that accusation was actually somewhat accurate. All the VC investors that invested in FTX made a mistake, and many of them are very professional investors. Why did they not discover this problem?”

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MakerDAO Risk Core Unit makes urgent parameter change request in light of recent market events

MakerDAO Risk Core Unit makes urgent parameter change request in light of recent market events

Uverejnil používateľ | nov 11, 2022 |

The MakerDAO Risk Core Unit, a key group within the MakerDAO governance system, submitted an urgent request today to change collateral parameters for the DAOs stablecoin, DAI.Primoz, a member of the Risk Core Unit team, posted the request to the MakerDAO Forum.“In light of recent events in the crypto ecosystem and surrounding uncertainty regarding financial stability and asset liquidity of various entities and their possible relations with token governed protocols, we are proposing following temporary emergency measures”The message proposed that the debt ceiling for MATIC, LINK, YFI, renBTC vaults should be reduced by the following amounts:MATIC: From 20M to 10M (50%)LINK: From 25M to 5M (80%)YFI: From 10M to 3M (70%)renBTC: From 10M to 0 (100%)A separate, earlier proposal also suggested that the debt ceiling for MANA be lowered from 10M to 3M.If the proposal passes, it will reduce the amount of coins that can be used as collateral to mint new DAI. Some of the coins on this list are so close to the new debt ceiling that they will immediately hit it or be close to hitting it should the proposal pass. For example, there is currently $14.2M worth of MATIC backing DAI, but the proposal would lower the debt ceiling for MATIC to $10 million. This would mean that users would no longer be able to mint new DAI by depositing MATIC.In the proposal, Primoz sought to calm users and express that the changes may only be temporary:“When the situation becomes clearer and the environment less risky, we (@Risk-Core-Unit) or either MOMC will propose further parameter changes to adjust parameters based on the future state. While we do not necessarily want current positions to unwind, we want to limit further possible exposure.”Over the past few days, the crypto community has been rocked by news that FTX, the world’s third-largest crypto exchange by volume, did not have enough liquidity to handle all customer withdrawals. This event started a contagion that has spread through the crypto market, leading many coins to have huge losses.MakerDAO has turned out to be the latest victim of this contagion. As the value of collateral backing DAI has fallen, debt levels have risen too high for the comfort of the Risk Core Unit team. This may lead to lower debt ceilings and increasing frustration for borrowers who wish to mint new DAI.

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Chainlink Labs offers Proof of Reserve service for embattled exchanges

Chainlink Labs offers Proof of Reserve service for embattled exchanges

Uverejnil používateľ | nov 10, 2022 |

Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”#Crypto is at a crossroads.Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?A better system is possible, & Proof of Reserve is one way #Chainlink is providing the transparency that users demand.— Chainlink (@chainlink) November 10, 2022In answer to this question, it offered its Proof of Reserve (PoR) product, which it said is useful for “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.”Over the past few days, the crypto market has been in a freefall thanks to a liquidity crisis at the world’s second-largest crypto exchange, FTX. The exchange has been unable to process withdrawals in a timely manner, and the panic caused by these delays has spread throughout the crypto market.In the wake of these ongoing issues, the crypto community has started to discuss ways to solve the problem, and one solution that has been offered is for customers to require that every exchange they use offer a Proof of Reserve. Proof of Reserve is a technique that allows users to audit the reserves of crypto exchanges in real-time. Some exchanges have already implemented Proof of Reserve, and CZ of Binance has argued that all exchanges should now offer this feature.But some exchanges have said that it will take weeks or longer to create a Proof of Reserves system.In response, Chainlink Labs argued that its product provides an “out-of-the-box” solution that exchanges can implement immediately.Here, Chainlink PoR verifies off-chain assets and relays the reserve amounts on-chain. pic.twitter.com/ExmEZWiTLA— Chainlink (@chainlink) November 10, 2022

The product uses Chainlink nodes connected to both the exchange’s API and its vault addresses, and the nodes are connected to a Proof of Reserve smart contract. The contract can be queried by any other account on the network to determine whether the exchange’s crypto assets are equal to its liabilities. Chainlink Labs sees this as a simple solution to the problem of trust in exchanges.However, not everyone is convinced. A Twitter user who goes by the name “BLanka” said that Binance chose not to use Chainlink PoR because “the merkel tree algo used by chainlink had its token set as the core piece, after some basic math we realize the token was not even needed.”

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Financial group CEO claims he tried to warn Bankman-Fried about insolvency in July

Financial group CEO claims he tried to warn Bankman-Fried about insolvency in July

Uverejnil používateľ | nov 10, 2022 |

Richard Handler, CEO of Jefferies Financial Group, seemingly alleged on Nov. 10 that he knew about FTX’s liquidity problems back in July. In a Twitter thread, Jeffries revealed screenshots of emails that he claimed were sent to associates of Sam Bankman-Fried, also known as SBF.The images Handler provided do not show the names or email addresses of the other parties to the conversation, but the bodies of the messages imply that Handler was trying to warn SBF about a potential financial problem at FTX and offer Jefferies’ restructuring services as a solution.My personal email trail on my non-meeting with #FTX! #lessons— Rich Handler (@HandlerRich) November 10, 2022The first email is dated July 7, 2022. In it, Handler asks the recipient if they know Bankman-Fried. Handler states that he is concerned that SBF “seems in over his head, and could quickly be in a precarious position.”The recipient of the first email responds by saying that they spoke to SBF once and have exchanged emails with him, “including recently.” They tell Handler that they will send SBF a note.In the following email, Handler responds:“We should get together for a meeting or dinner. What he is going through is not going to pass as quickly as he might wish and you can quickly become the rescuee versus the rescuer if you are not careful.”According to Handler, the other party to this conversation did reach out to SBF, but “he never responded nor took a meeting.”Handler said that he tried once again to contact SBF on Sept. 16, less than two months before the present liquidity crisis started, but the FTX CEO once again did not respond.On Nov. 7, FTX customers started facing slow withdrawals as the exchange suffered a liquidity crisis. The exchange’s CEO admitted on Nov. 10 that it needed an $8 billion bailout to deal with the crisis. The crisis quickly spread throughout the crypto economy, at one point causing Bitcoin (BTC) to fall below $16,000 for the first time since 2020.The first emails from Handler are dated July 7, over four months before the beginning of the company’s public crisis. It is unclear why if Handler knew about the issues he did not alert others in the industry, instead choosing to allow the crisis to unfold.

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