Day: June 21, 2023

Stacks emerges top gainer with 10% surge despite market volatility

Stacks (STX) is currently leading the charge against the bears, with an impressive 10% gain in the last 24 hours amid heightened market volatility. Stacks is a blockchain protocol that leverages bitcoin’s security and state through the innovative proof-of-transfer (PoX) consensus mechanism. With this integration, Stacks seeks to enable smart contract capabilities on the bitcoin network and bolster scalability. Per data from price-tracking platform CoinMarketCap (CMC), STX, its native token, has been the biggest gainer among the top 100 assets by market capitalization in the past 24 hours. With a…

FTX bankruptcy will be ‘very expensive’ but there’s a reason: Auditor

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Fees charged by the lawyers and the restructuring team working on the bankrupt crypto exchange FTX have topped $200 million in just over seven months, but an independent auditor argues it makes sense, given the mammoth task. On June 20 the court-appointed fee examiner, Katherine Stadler, filed a 47-page report on the fees charged by the law firms in the roughly three months following FTX’s Nov. 11 bankruptcy and concluded they were not “wholly unreasonable in the moment.” She remarked on the “largely unregulated financial system” in which FTX operates,…

German newspaper giant to axe old-school editorial staff for AI

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German tabloid company Bild is planning to replace a swath of its editorial staff with artificial intelligence and “automated processes” — the latest example of AI deployment at the cost of human workers. According to a June 21 report from The Guardian, Bild’s parent publishing firm Axel Springer SE said the move is part of a pivot from print towards digital journalism, paired with a $109 million (100 million Euros) earnings-boosting plan. The newspaper would “unfortunately be parting ways with colleagues who have tasks that in the digital world are performed by…

Invesco Reapplies for Bitcoin (BTC) ETF Following in the Footsteps of BlackRock

“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Graeme Moore, Head of Tokenization, at the Polymesh Association, said earlier to CoinDesk. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.” Source

BNB Chain launches Optimism-based layer-2 solution

Binance’s BNB Chain has launched opBNB, an Ethereum Virtual Machine (EVM) compatible layer-2 solution on the BNB Smart Chain (BSC) network. opBNB is designed to bring more scalability, security, and cost efficiency to the BSC ecosystem. To offer developers, users, and projects faster and more cost-efficient transactions,  the BNB Smart Chain (BSC) network has launched opBNB, a layer-2 scalability solution based on the Optimism OP Stack. While BSC, a layer-1 blockchain from the stables of Binance, currently boasts 2,000 transactions per second (TPS), with average transaction costs of around $0.10,…

Apple removes malicious Trezor app from App Store

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An apparent malicious app purporting to be crypto hardware wallet Trezor has been taken off Apple’s App Store, though a quick search has revealed that other copycat apps are still lurking. On June 20, Managing Partner at Crypto Lawyers, Rafael Yakobi, posted a security alert regarding Apple’s App Store. Yakobi reported that the first result in a search for “Trezor” was a malicious app designed to steal cryptocurrency. He warned Apple users that the fake “Trezor Wallet Suite” app will “request your seed phrase, allowing its operators to steal all…

DigiToads to carry the flag after Dogecoin

Meme coins are on the rise, and their exponential growth and persistence in the crypto market prove they are here to stay. The leading meme token, Dogecoin (DOGE), has surged to become the 8th largest coin by market cap based on its popularity, hype, and simple use cases. However, a new meme coin called DigiToads has utility beyond non-fungible tokens (NFTs) and play-2-earn (P2E) games. Experts believe it could be the successor of Dogecoin (DOGE) as it relies on more than just hype. Keep reading to learn more about DigiToads…

Crypto firms tout ‘fictitious’ regulatory stamps, Canadian regulator warns

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Canadian citizens are being advised to double-check crypto trading service providers, as the platforms may be using “fictitious” regulatory bodies to boost their credibility. According to a June 20 Investor Alert from the Canadian Securities Administrators, some “purported” crypto platforms are claiming to be approved by certain regulatory authorities or dispute resolution organizations in “an effort to appear legitimate.” “The websites appear to be credible at first glance, with references to complaint processing, dispute resolution and providing redress to aggrieved investors,” the CSA said in a statement. Investor Alert: Some…

Queen, HSBC filings hint at NFTs, Yuga teases robot game and more

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HSBC files metaverse and NFT patents British banking institution HSBC filed a series of metaverse and nonfungible token (NFT)-related trademark applications.  A June 12 filing to the United States Patent and Trademark Office (USPTO) show the bank’s trademarks including metaverse banking, consulting, and financial services, along with virtual credit cards that point to a potential launch of a metaverse bank branch and further virtual banking services. #HSBC continues its move into the #Metaverse! The company has filed a new trademark application covering: ▶️ Metaverse banking, consulting, financial services▶️ Virtual credit…

Man gathering crypto for monkey torture is among 20 investigated in international action

A BBC investigation into the brutal abuse of monkeys has led to the investigation of at least 20 individuals, with the suspect list spanning from the UK to the US and Indonesia. The suspects, including a Wisconsin man known as “Mr. Ape,” are believed to have used cryptocurrency to fund the production of brutal monkey torture videos. The report follows a recent crypto.news text about Mr. Ape crowdfunding cryptocurrency to acquire monkey torture videos for his community. The international monkey torture ring uncovered by the BBC featured hundreds of paying…