Monthly Archives: August 2021

OpenSea’s team of 37 staff are currently handling 98% of combined NFT volumes

NFT marketplace OpenSea is desperate to expand its team following a surge in trading volume. OpenSea’s Head of Product Nate Chastain posted a plea for help, revealing the popular marketplace currently comprises just 37 people despite currently processing 98% of all NFT volumes. The world’s largest nonfungible token marketplace, OpenSea, is desperately in need of staff as NFT mania continues to ramp up. We need to ramp up hiring at OpenSea. We are 37 people handling 98% of all NFT volume. Referral bonus: Will pay 1 ETH […]

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Travel Rule Implementation Still Far Off Due to Tech Limitations, Australian Regulator Reports

The Australian Department of Home Affairs stated that the country lacked the technical capabilities to implement a system that complies with the travel rule proposed for cryptocurrencies. The Department concluded this in an appearance before the Senate in Australia last Friday. However, the Australian Department also stated that, if implemented, the system would be a game-changer for preventing crypto-related crimes. Australian Department Thinks Tech to Implement a Crypto Travel Rule Is Still Not Present Last Friday, the Australian Department of Home Affairs acknowledged that it lacked the […]

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Binance Australia onboards former DigitalX exec as new CEO

The former head of the world’s first publicly-listed blockchain firm the is new CEO of Binance’s Australian subsidiary. Binance Australia has announced the appointment of Leigh Travers, the former chief executive of local blockchain technology and payments firm DigitalX, as the company’s new CEO. Travers has worked at DigitalX for seven years, and previously served on the board of leading local blockchain industry body, Blockchain Australia. In June 2014, DigitalX became the world’s first publicly-listed blockchain firm after completing a reverse takeover of the Australian Stock Exchange-listed […]

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Beleaguered DeFi project xToken suffers second major exploit since May

xToken has been exploited for around $4.5 million following the latest attack targeting the DeFi protocol’s smart contracts. The decentralized finance project xToken has suffered another exploit over the weekend after hackers discovered a vulnerability in the smart contracts for its xSNX product. On Aug. 29, the xToken team reported that the attack had resulted in roughly $4.5 million worth of funds being drained from xToken’s xSNX product — which allows users to gain exposure to Synthetix-based assets without directly interacting with the protocol’s complex smart contracts. […]

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Mining Hardware Thief Gets 3-Year Sentence in Russia

Russian authorities have investigated a number of cases involving the theft of crypto mining equipment in the past months. A resident of Yaroslavl has just been found guilty of stealing mining hardware worth over $20,000 and sentenced to three years in prison. Russian Convicted of Stealing Mining Rigs Receives Prison Sentence A 34-year-old man from the city of Yaroslavl, some 250 kilometers northeast of Moscow, has been found responsible for the theft of equipment for cryptocurrency mining. The hardware’s value has been estimated at 1.6 million rubles […]

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Epic NFT Heroes Formula: NFT Collectibles, Gaming Metaverse, a Play-to-Earn Model and Yield Farming

With the trading volume and number of NFT projects always on the increase, it’s getting harder and harder to compete for users and bring innovative products to the market. One project is about to shake the NFT gaming and collectibles industry, setting the bar high for all market players. SIDUS, The City of NFT Heroes takes NFT to the next level by combining an NFT avatar collection, a gaming metaverse and NFT yield farming into one product and backing it with the philosophy that’s close to every […]

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IMF: Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable as Legal Tender

The International Monetary Fund (IMF) says that crypto assets, like bitcoin, are privately issued with substantial risks, and “Making them equivalent to a national currency is an inadvisable shortcut.” The crypto community disagrees. IMF Claims Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable for Use as Legal Tender The International Monetary Fund tweeted about crypto assets on Saturday, asserting that they are privately issued, come with substantial risks, and are inadvisable for use as legal tender. The IMF wrote: “Privately issued cryptoassets like bitcoin come with […]

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Crypto Assets: Securities or Commodities? Commissioner Explains How They Are Regulated in US

A commissioner with the U.S. Commodity Futures Trading Commission (CFTC) has detailed how crypto assets are regulated in the U.S. and whether they fall under the jurisdiction of the CFTC or the Securities and Exchange Commission (SEC). “There has often been a grossly inaccurate oversimplification” of how crypto assets are regulated in the United States, said the commissioner. How Crypto Assets Are Regulated in the US CFTC Commissioner Dawn D. Stump clarified last week how crypto assets are regulated in the U.S. by the CFTC or the […]

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Bitcoin Will Take El Salvador Into The Future

Reflections on an informative and exciting trip to El Salvador, the center of bitcoin adoption. August 22, 2021 After a June visit in Washington D.C. with Madam Ambassador Mayorga of El Salvador, I was invited on a follow-up trip to El Salvador in August. My wife Lola and I ventured down and spent five days exploring the country and new business opportunities. What follows are observations from that trip. Close By El Salvador is much closer to the U.S. than most people probably realize. Since we live […]

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Safemoon Product Launch Hits a Snag, Project Bombarded by Accusations, Community Deflects Criticism

A cryptocurrency project called Safemoon has been trending in forums and social media in recent times, as the crypto asset team promised a few new products, but the team claims that the launch has seen difficulties. This weekend, a post published to the subreddit forum r/cryptocurrency claims “Safemoon has been exploited from day 1 and $68,460,000 have been siphoned out of the liquidity pool.” Safemoon Project Runs Into ‘Unforeseen Technical Issues’ Launching Products, Skeptics Surround Project The project Safemoon has been a controversial cryptocurrency project for quite […]

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