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Coinbase claims Apple blocked wallet app release over gas fees

The self-custody crypto wallet from Coinbase said users can no longer send nonfungible tokens, or NFTs, due to interference from Apple.In a Dec. 1 Twitter thread, Coinbase Wallet said the tech company with a more than $2 trillion market capitalization had blocked the latest release of its app in an effort to “collect 30% of the gas fee” through in-app purchases. The platform claimed Apple wanted Coinbase Wallet to disable NFT transactions, introducing “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”“For anyone who understands how NFTs and blockchains work, this is clearly not possible,” said Coinbase Wallet. “Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried. This is akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.”You might have noticed you can’t send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature. — Coinbase Wallet (@CoinbaseWallet) December 1, 2022The wallet app said that users affected by the decision — i.e. those with iPhones — would find it “a lot harder to transfer that NFT to other wallets.” Coinbase added that the block may have been an oversight, calling on Apple to communicate with the firm over any issues.Related: Coinbase clarifies bug bounty policy in response to Uber extortion verdictCoinbase first announced it would be adding support for NFTs to its self-custody wallet in December 2021, giving users access through the app to marketplaces like OpenSea. On Nov. 29, the app said it would suspend support for Bitcoin Cash (BCH), XRP (XRP), Ethereum Classic (ETC) and Stellar Lumen (XLM), citing low usage.

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INX submits bid for Voyager Digital's assets

Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital.In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, the funds were once again up for grabs.Related: Voyager Digital won’t sue its executives for incompetence, will claim insurance on themBinance has reportedly been considering a bid for Voyager’s assets, while crypto exchange CrossTower was one of the firms that made an offer prior to FTX’s downfall. Cointelegraph reported on Nov. 13 that CrossTower had been working on a revised bid following FTX Group’s bankruptcy filing. INX was not part of the bidding process in September. Cointelegraph reached out to INX for comment, but did not receive a response at the time of publication.

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Coinbase Wallet will stop supporting BCH, ETC, XLM and XRP, citing 'low usage'

Starting on Dec. 5, the Coinbase Wallet will no longer support four major tokens.In a Nov. 29 notice on its help pages, Coinbase said the wallet will no longer support Bitcoin Cash (BCH), XRP (XRP), Ethereum Classic (ETC), and Stellar (XLM) as well as their networks. The crypto firm cited “low usage” of the four tokens in its decision to stop support starting on Dec. 5.”This does not mean your assets will be lost,” said the announcement. “Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.”Source: CoinbaseThis story is developing and will be updated.

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FTX logos and promotional material still everywhere despite bankruptcy proceedings

Before its liquidity issues and bankruptcy filing in November, FTX was well known for its prolific stance on making sponsorship deals. Even with many in and out of the space now associating the exchange with failed financial institutions, traces of the promotional glitter bomb it has unleashed on the world aren’t likely to go away anytime soon.In Abu Dhabi, attendees for the Gumball 3000 motor rally in November noted on social media that wristbands for the event and more than one of the vehicles bore FTX’s logo, as did advertisements around the city. The crypto exchange did not appear as a sponsor on the event’s website at the time of publication. Race weekend in Abu Dhabi Didn’t know FTX also sponsored Gumball 3000. Lol good old days when I used to feel proud to see FTX man I’m in tears. My $ftt RIPGotta respect constant changes in crypto pic.twitter.com/PyG9XJuWhX— belindazhou.eth in Sg (@ciaobelindazhou) November 18, 2022In 2021, the now infamous crypto firm inked a $135-million deal to rename the NBA Miami Heat’s stadium the FTX Arena until 2040. Following FTX’s bankruptcy filing, officials in Miami-Dade County on Nov. 22 filed a motion to terminate the naming rights agreement. A hearing on the matter is scheduled for Dec. 16, but at the time of publication, the FTX logo is still all over the Miami sports venue, leading to mockery online:Lol hat a metaphor the best player on the team gets to blatantly travel while running near the FTX logo on the floor https://t.co/bLMgpkjM1V— ◾️ frontier (@frontier_anon) November 26, 2022

Ouch! Just passed the Miami Heat arena- the FYX arena.#Web3 @FTX_Official pic.twitter.com/h3c6w3FiHg— Sandy.NFT 11-11 (@sandy_carter) November 28, 2022

Though the FTX Token (FTT) may not be something crypto users want to hang on to, the firm’s bankruptcy could increase the value of promotional merchandise. FTX sponsored the Formula 1 international racing team backed by luxury car brand Mercedes. Some fans reported that Mercedes’ car no longer sported the FTX logo at the Sao Paulo Grand Prix — held around the same time the firm filed for bankruptcy — with many also pointing out that the team’s caps still prominently featured the company branding:FTX logo on Mercedes F1 caps looked cool, now it is a rare piece pic.twitter.com/Jq82IzTn2D— Nikita Fadeev (@NikitaAFadeev) November 24, 2022

Related: Esports team TSM suspends $210M sponsorship deal with FTXOther partnerships between the exchange and sporting entities included endorsements from NFL quarterback Tom Brady and NBA point guard Stephen Curry, a global partnership with the International Cricket Council, a five-year deal with Major League Baseball, and a ten-year agreement to purchase the naming rights to Cal Memorial Stadium — now FTX Field — in Berkeley. Though officials have reportedly scrapped some of the exchange’s logos in an effort to no longer advertise FTX’s services, the promotional shrapnel spread by the firm may not be wholly removed for some time.

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How to talk to family members about crypto this Thanksgiving season

This week in the United States, millions of people comprising various political and financial backgrounds are traveling to see family members for the first time in months to celebrate Thanksgiving.For crypto-minded individuals, questions about the market may come as quickly as “Why did you cut your hair?” or “Why didn’t you become a doctor?” — especially given the very public collapse of major exchange FTX and soured reputation of its former CEO, Sam Bankman-Fried. The Cointelegraph team has put together a humorous “how to” guide for U.S. readers to reference when interacting with crypto skeptics and curious people while at home, though hodlers in other countries may find a few helpful tips as well.“What’s an SBF?”Despite all the three-letter acronyms they’ve heard on the news, family members might have a difficult time believing that the former CEO of FTX is not, in fact, a ticker symbol — though someone did launch an SBF Goes to Prison (SBFP) token on Nov. 21 that has fared slightly better than the exchange and its leadership, dropping more than 66% in price. “SBF” stands for “Sam Bankman-Fried,” who led the now infamous FTX to become one of the most prominent companies in the crypto space before its bankruptcy. Bankman-Fried resigned on Nov. 11, the same day FTX filed for bankruptcy. He currently resides in the Bahamas, and there has been no shortage of stories and rumors about the former executive and his relationship with staff. SBF might be extradited to the United States to face questioning by government officials and potential criminal charges.“Why didn’t you make money from those cartoon monkeys?”Many in the crypto space and beyond have suggested that the nonfungible token, or NFT, market is in a bubble, but use cases for the technology go far beyond projects like Bored Ape Yacht Club — which is responsible for many of the images family members see when NFT stories go mainstream. Explaining that NFTs can provide authentication for digital and physical products may seem less important than swiping the last of the sweet potatoes from the dinner table, but if readers are looking for a relatable example to use at home, try this:[embedded content]“I heard Elizabeth Warren say crypto is going to ruin the economy”Whatever your political leanings may be, no one can deny that Democratic Senator Elizabeth Warren is among the loudest anti-crypto voices in Congress. In a Nov. 22 Wall Street Journal op-ed, the Massachusetts senator said the situation with FTX should be a “wake-up call” for regulators to enforce laws on the crypto industry in addition to associating digital assets with money laundering and ransomware attacks. Many in the space have criticized the senator for taking an “all or nothing” approach to digital assets, often failing to distinguish between front-facing centralized exchanges and decentralized projects building on the blockchain.What your older family members see when you’re trying to explain crypto to them: pic.twitter.com/rP1ooVqFCT— Cointelegraph (@Cointelegraph) October 1, 2022Despite the current crypto bear market, many industry proponents are not causing their companies to fold, cashing in all their digital asset holdings and burning any merch bearing the Bitcoin (BTC) logo. In fact, many experts agree that the state of crypto regulation and legislation in the United States needs to be addressed soon. And had there been more regulatory oversight of Bankman-Fried and FTX, the resulting market impact might have been less severe.Politicians from across the spectrum, including Texas Senator Ted Cruz and former Democratic presidential candidate Andrew Yang, have openly supported crypto and blockchain, but their parents probably don’t ask them when they’re going to “get a real job” over the holidays.Several Cointelegraph team members contributed to this article.

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