Day: August 17, 2023

Sotheby’s and Yuga Labs respond to lawsuit from Bored Ape investors

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Fine arts auction firm Sotheby’s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs “deceptively promote” the nonfungible token (NFT) collection.  On Dec. 10, BAYC investors filed a class-action lawsuit against over 40 defendants including Yuga Labs and celebrities like Post Malone, Justin Beiber and Paris Hilton. The lawsuit alleged that Yuga Labs and the celebrities were able to “artificially increase” the prices of the NFTs through celebrity…

Google upgrades search engine with AI-powered enhancements

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Google introduced a series of enhancements to its search engine on Aug. 15, incorporating advanced generative artificial intelligence (AI) features it says will enhance online information discovery and comprehension. The recent update extends the foundation of the company’s Search Generative Experience (SGE), which was introduced in beta earlier in 2023. SGE empowers users with AI-driven contextual overviews and suggestions intended to enhance search results. Generative AI concentrates on crafting novel content by drawing from existing sources. Prominent tools like ChatGPT can generate text-based outputs like poems and summaries from past…

Fantom DEX SpiritSwap On The Verge Of Shutdown? Here’s What Has Changed

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SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer be shutting down its operations in September after it received a takeover offer from Power, another Fantom-based DeFi protocol. The proposed shutdown was a result of cross-chain protocol Multichain’s collapse, which had a significant impact on the Fantom ecosystem. On August 9, SpiritSwap announced on Discord that it is “winding down” operations and is looking for a team to take over the project after its treasury was drained in the Multichain exploit. The protocol initially planned to shut down by…

Bitcoin bulls risk trading range loss as BTC price nears 2-month lows

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Bitcoin (BTC) targeted two-month lows on Aug. 17 as United States inflation returned to spook cryptocurrencymarkets. BTC/USD 1-hour chart. Source: TradingView BTC price teases exit from months-long corridor Data from Cointelegraph Markets Pro and TradingView confirmed the lowest BTC price levels since June 21 as BTC/USD wicked to $28,300. The downside came after the United States Federal Reserve published the minutes of its July meeting to discuss future monetary policy. Members of the Federal Open Market Committee (FOMC) revealed concerns that inflation might remain elevated without further interest rate hikes…

Bitcoin mining researchers claim new tech ups winning hash chance by 260%

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Quantum Blockchain Technologies (QBT) — a research company based in the United Kingdom — has developed artificial intelligence (AI)-powered algorithms that could significantly increase the mining winning probability of certain ASIC Bitcoin (BTC) miners, its CEO Francesco Gardin said in an interview with Cointelegraph. Gardin unpacked how QBT has incorporated AI to enable the smart search of winning hashes as an alternative to conventional random searches. In two years, the company has developed several different patented methods by tapping into the expertise of some twenty experts from quantum computing, machine…

Shibarium executive issues strong warning against exploitation risks

LucieSHIB, Shiba Inu’s marketing specialist, has cautioned the public against potential exploitation risks on Shibarium, the just-released Ethereum Layer-2 scaling protocol. According to a post by the executive on X, the former Twitter social media app, Shibarium is accessible for development by anyone – similar to other blockchains like Polygon (MATIC) and Ethereum (ETH). However, this openness also renders it vulnerable to potential attacks. Malicious entities could exploit the platform to target decentralized applications (DApps) constructed on the L2 network or deploy fraudulent rug pull tokens. Users should exercise caution and…

Shiba Inu (SHIB) Dips By 7% Following Shibarium Launch

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Shibarium, an Ethereum layer 2 solution, can be termed one of the most-hyped crypto projects of 2023, expected to introduce a higher network speed and lower transaction costs to the Shiba Inu ecosystem. After months of beta testing, Shiba Inu developers finally announced on August 16 that the Shibariun mainnet is now live. However, contrary to popular predictions, SHIB, Shiba Inu’s most prominent token, appears to have taken a nosedive upon this development.  SHIB Maintains Bearish Form As Shibarium’s Ethereum Bridge Develops Fault So far, Shibarium’s launch has yielded a…

Axie Infinity’s play-to-earn ‘scheme’ alarms Phillippine National Police

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The Philippine National Police Anti-Cybercrime Group (PNP ACG) scrutinized some of the models used by cryptocurrency games, warning Filipino citizens against the various schemes used to extort money from the gaming community. While warning against the risks of cryptocurrency gaming schemes, the Phillippine police highlighted the play-to-earn model used by Axie Infinity, a Pokemon-inspired play-to-earn metaverse game created on the Ethereum blockchain. A player needs to purchase at least Axie characters to start playing the game, which PNP believes forces users to shell out $300 before they can start earning.…