Month: August 2023

Giant Swan’s gothic VR dreamscapes… royalty nightmare on OpenSea – Cointelegraph Magazine

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From sitting in his car crying before work every morning to becoming a successful digital artist, the story of Australian-based VR painter and sculptor Giant Swan is one of persistence, timing and pushing boundaries.  In a world where a digital artist can now monetize their work through NFTs as opposed to cheap likes and comments on Instagram, Giant Swan stands out from the pack, being the first artist to put a 3D object on-chain and for his truly unique and immersive pieces that have captured the attention of collectors all over…

Magnate Finance on Base rug-pulls users of $6.5M, as predicted by on-chain sleuth

Magnate Finance, a lending and borrowing platform on Coinbase’s layer-2 protocol, Base, has rug-pulled its users of $6.5 million hours after on-chain sleuths like ZachXBT warned about the possibility of an exit scam due to several actions of the founders of the project. Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its website offline, raising concerns among users of a possible exit scam. Magnate Finance also deleted its X account and removed all possible social media presence. ZachXBT had notified that the Magnate Finance…

Magnate Finance on Base rug pulls users of $6.5M, as predicted by on-chain sleuth

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Magnate Finance, a lending/borrowing platform on Coinbase’s layer 2 protocol Base, has rug-pulled its users of $6.5 million, hours after on-chain sleuths like ZachXBT warned about the possibility of an exit scam due to several actions of the founders of the project. Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its website offline, raising concerns among users of a possible exit scam. Magnate Finance also deleted their X account and removed all possible social media presence. ZachXBT had notified that the Magnate Finance deployer…

XRP Price At Make-Or-Break Moment, Key Levels To Watch

The XRP price is facing an extremely crucial juncture, which could become a make-or-break moment for the cryptocurrency. After the XRP token managed to rally almost 100% after the summary judgment in the case between Ripple Labs and the US Securities and Exchange Commission (SEC), there is almost nothing left of the gains just 43 days after the ruling, NewsBTC reported. However, this is far from the worst. The recent price decline has brought XRP to key support levels that must be held at all costs to avoid another deep…

U.S. Crypto Tax Proposal Lets Miners off the Hook, Snares ‘Some’ Decentralized Exchanges

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The Treasury Department published a nearly 300-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting obligations. Moreover, Treasury unveiled a new custom tax form – the 1099-DA – that these brokers can file, resolving longstanding confusion over whether different versions of the U.S. tax form make the most sense for taxpayers. Source

Vauld gets permission for board restructuring from the court

Vauld, a Singapore-based crypto exchange, that has been ongoing bankruptcy proceedings since August 2022, has said that it received permission from the court to restructure its board. The new top management will lead the company’s bailout process.  On Aug. 24, Vauld’s co-founder Darshan Bathija revealed on X (former Twitter), that the company got its scheme of arrangement passed in Singapore court. According to the plan, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager. The platform also resumed the know-your-customer (KYC) checks…

Bitcoin Whales Buy Dip, Addresses Now At Pre-Crash Levels

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On-chain data shows the Bitcoin whales have been buying the dip, as their addresses have surged back towards pre-crash levels again. Bitcoin Whales Have Fully Recovered To Their Pre-Crash Number As pointed out by an analyst in a post on X, the whales appear to have been accumulating recently. The relevant indicator here is the “whale address count,” which measures the total number of Bitcoin addresses that hold at least 1,000 BTC and at most 10,000 BTC. At the current exchange rate, this range converts to approximately $26 million at…