Month: August 2023

AI unlikely to destroy jobs, but cost to certain workers may be ‘brutal’ — UN study

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Generative AI is more likely to complement existing jobs than take over them entirely, though certain roles, such as clerical work, could see more of their tasks automated than others.  According to an Aug. 21 Generative AI and Jobs study by the International Labour Organization — a United Nations agency — 24% of clerical tasks are considered highly exposed to automation, with an additional 58% with medium-level exposure. Tasks with high and medium GPT-exposure by occupational category. Source: ILO Typists, travel consultants, bank tellers, contact center clerks, bookkeeping and data entry…

BTC struggles around $26k as SpaceX drops its holdings

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bitcoin (BTC) price has struggled around $26,000 after Elon Musk’s spacecraft manufacturer SpaceX dumped its BTC holdings.  On the other hand, Glassnode data suggests that the number of wallets holding at least 1 BTC has reached an all-time high (ATH) of 1,015,299 despite the bearish market sentiment. Per the on-chain data provider, the addresses have risen since late 2021, when BTC hit an ATH of $68,790. Moreover, BTC short-term traders have also risen with the…

Prosecutors File Proposed Jury Instructions for Sam Bankman-Fried Trial

Prosecutors filed the document, titled “the government’s requests to charge,” late Monday, adapting from various previous sets of jury instructions including past statements from Judge Lewis Kaplan, the Southern District of New York judge overseeing Bankman-Fried’s case. The FTX founder faces seven different charges, ranging from wire, securities and commodities fraud conspiracy to money laundering allegations. Source

Friend.tech denies report that database of over 100K users was ‘leaked’

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The team behind the viral decentralized social media platform friend.tech has refuted a report which claimed that the personal information of more than 100,000 of its users was “leaked.”  The now-amended report, first posted by The Block, suggested that data posted by Banteg, a pseudonymous developer for Yearn Finance, was “leaked” information. The friend.tech team however clarified that the information came from scraping its public API. “It’s like saying someone hacked you by looking at your public Twitter feed,” the official friend.tech account argued. This is just someone scraping our…

Coinbase reports subdued interest in debt buyback adjusts offer

Coinbase’s announcement on Aug. 21 disclosed that their buyback program, initiated earlier this month, has garnered slightly above $50 million in bond tenders. As a response, the exchange has increased its offering on the 3.625% Senior Notes maturing in 2031 from 64.5 cents to 67.5 cents on the dollar in a recent release from Coinbase. Debt before the storm Coinbase shared the early tender results of its offer made on Aug. 7 to purchase in cash up to $150 million, excluding unpaid interest of its Senior Notes due in 2031.…

Thailand threatens Facebook over crypto scams and other fraudulent ads

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Thailand is planning to seek a court-issued shutdown order against Facebook unless it takes steps to deal with alleged investment and crypto scam ads on its platform. On Aug. 21, the Ministry of Digital Economy and Society (MDES) stated over 200,000 people had been duped by Facebook ads that touted crypto scams, investing in fake businesses and faked government agencies such as the Securities and Exchange Commission. Popular tactics used by the scammers included crypto investment and trading scams, MDES claimed. Some ads also allegedly used images of celebrities and…

THORChain Introduces New Lending Protocol

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In a recent development, THORChain (RUNE), the liquidity network, has unveiled its lending feature, enabling users to leverage their native Layer-1 (L1) assets, such as Bitcoin (BTC) and Ethereum (ETH), to secure loans denominated in TOR, a USD equivalent stablecoin.  According to the announcement, this move opens up new avenues for financial participation, allowing users to borrow funds without the “burdens” of interest, liquidations, or expiration. THORChain Introduces Interest-Free Loans The lending process is designed to be user-friendly and “straightforward,” focusing on minimizing cognitive burden.  Depending on prevailing market conditions,…

Crypto miner Hive Digital CEO sees AI working in unison with blockchain

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Crypto mining firm Hive Blockchain sent a signal to the tech industry when it dropped “blockchain” from its namesake in July, opting to call itself Hive Digital Technologies and reflect its artificial intelligence foray. The decision is part of a wider movement from crypto miners to pivot outside of digital currency mining, amid depressed crypto prices. January saw crypto mining firm Riot Blockchain rebrand to Riot Platforms while June saw crypto miner Applied Digital announce a $460 million deal to host AI cloud computing in its data center. Since ETH mining ended…

Coinbase invests in stablecoin operator Circle

Coinbase (COIN), a US-based cryptocurrency exchange, has secured a minority stake in a payment company Circle.  This collaboration comes as both entities take the significant step of dissolving their Centre Consortium partnership, which had been instrumental in the issuance of USD Coin (USDC), currently ranked as the world’s second-largest stablecoin. An updated agreement According to Fortune, this updated agreement was made on Monday, Aug. 21, which comes as a response to regulatory uncertainty and potential competition from stablecoins, including Tether and now PayPal’s new stablecoin, PYUSD. USDC was originally launched…

AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock

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While most altcoins are looking toward a recovery from the recent market crash, the AVAX price seems to be gearing up for the opposite. The reason behind this is the massive token unlock that is set to occur this week, which will undoubtedly place more sell pressure on the already struggling price of the digital asset. $102 Million In AVAX Set To Be Unlocked The Avalanche network, like a lot of others, has locked a portion of its total token supply to be released into circulation on a periodic basis.…