Ripple usually returns a substantial part of its unlocked XRP tokens following every monthly release of 1 billion tokens from its escrow system. Justifying this move, pro-XRP legal expert Bill Morgan explained why Ripple does this rather than leaving these tokens in circulation. Why Ripple Returns Some XRP Tokens To Escrow In a tweet shared on his X (formerly Twitter) platform, Morgan suggested that Ripple’s decision not to sell most of the XRP released each month is one of the steps the firm takes to “support XRP’s price.” Morgan is…
Day: October 10, 2023
Bitcoin Could Fall Due to Israel-Hamas Tensions, Traders Worry
Several analysts have weighed in on the impact of the ongoing conflict on crypto markets, particularly bitcoin. Source
Friend.tech rolls out 2FA feature amid surge in SIM-swap attacks
Decentralized social media platform Friend.tech has launched a new 2FA feature to counter rising SIM-swap attacks targeting its users. The team behind the decentralized app announced in an Oct. 9 X post that users can now set up a 2FA password on their Friend.tech accounts for extra security in case their mobile carrier or email provider is compromised. You can now add a 2FA password to your https://t.co/YOHabcBL3H account for additional protection if your cell carrier or email service becomes compromised. Neither the friendtech nor Privy teams can reset these…
Generative AI Will Face Reality Check Next Year
CCS Insight predicts that the EU will indeed be the first to introduce specific regulations for AI. CCS Insight, a leading technology research firm has made a bold prediction that generative Artificial Intelligence (AI) is in for a reality check in 2024, as the hype surrounding this transformative technology gives way to the practical challenges it poses. The Cold Shower for Generative AI in 2024 According to recent reports, CSS Insight shared this prediction in its annual roundup of top predictions for the tech industry in 2024 and beyond stating…
Mysterious $1.6 Million CrypToadz NFT Purchase Leaves NFT Community Puzzled
The reason for the surprise was that the average sale price for CrypToadz is typically under $1,000, making the sudden hundredfold increase in value in a short period of time seem questionable to experts. On October 9th, an anonymous crypto user bought a CrypToadz NFT on the popular NFT marketplace OpenSea for a shocking price of 1,055 Wrapped Ethereum (wETH), equivalent to around $1.6 million. This expensive purchase of a single non-fungible token representing one of over 6,000 illustrated amphibians raised eyebrows within the NFT community. The Surprising Price for…
SBF seeks to probe FTX lawyers’ roles in $200M Alameda loans
Sam Bankman-Fried’s legal team is looking for permission to probe the alleged involvement of FTX lawyers in the issuance of $200 million worth of loans from Alameda that were approved by Gary Wang. As previously reported in the build-up to the highly anticipated trial, an Oct. 1 court ruling provisionally barred Bankman-Fried from apportioning blame to FTX lawyers who were allegedly involved in structuring and approving loans between Alameda and FTX. United States Judge Lewis Kaplan granted the government’s motion and ruled that Bankman-Fried’s legal team would have to request…
Cruise Operators Raising Prices as Travel Demand Is Surging
In 2024, the prices are expected to further go up. According to a Wall Street analyst Brandt Montour, the rise in ticket prices for 2024 sailings will be set 20% to 30% higher than 2019 levels. The 2023 cruise industry is booming, it has significantly surpassed pre-pandemic 2019 levels and broken sales records in a rapid comeback. Revenue in the cruise market is expected to reach as much as $25.14 billion this year. Amid a strong and increasing travel demand, cruise operators are raising ticket prices. The top cruise operators, Carnival Corporation…
Cyprus to tighten crypto regulations in accordance with FATF
One of the friendliest European jurisdictions to crypto, Cyprus, might bring its industry regulation to tighter standards. According to an Oct. 10 report by the Cyprus Mail, the local Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering Law. The ministry has presented its amendments package to the Parliamentary Committee on Legal Affairs. It seeks to align Cyprus with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT) set by the Financial Action Task Force (FATF), as well as the recommendations of…
Geopolitical Uncertainty Puts Bitcoin under Pressure, $100M in Liquidations
Despite the selling pressure, Bitcoin has outperformed the broader crypto market with its market share crossing over 50%. Bitcoin and the broader cryptocurrency market have come under selling pressure amid rising geopolitical uncertainties and a recent war eruption between Israel and Palestine. The developments led to more than $100 million in bull call liquidations in futures positions. Also, the broader cryptocurrency market slid by a staggering 2%. Interestingly, in comparison to other tokens, Bitcoin has shown greater resilience. The BTC price is hovering around $27,675 with little volatility and a…
Flow Blockchain Proposes Full EVM Equivalence to Enhance Composability and Usability
Flow blockchain, under the aegis of Dieter Shirley, co-creator of CryptoKitties and Chief Architect of Flow, has floated a proposal to integrate Ethereum Virtual Machine (EVM) on its platform, aiming for full EVM equivalence. This move is designed to bridge the existing Ethereum dApp ecosystem with Flow’s unique capabilities, offering a seamless transition for developers and users alike. Flow has been engineered for large-scale decentralized applications, introducing a novel multirole architecture and its own smart contract language, Cadence. Despite the advantages Cadence offers, developers have faced hurdles leveraging existing Ethereum-based…