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Terra Luna Classic Price Prediction – When is the Next Binance Token Burn?
The original Terra chain’s Luna Classic (LUNC) token is getting attention again, helped by news that the crypto exchange Binance has implemented a new burn mechanism for it. The question now is how high LUNC can go after the next burn.
When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. The news pushed the token up from lows of around $0.00018 that day to around $0.00037 on October 2, more than a doubling of its price in just six days.
Binance conducts the burn by sending trading fees it generates on LUNC spot and margin trading pairs to the LUNC burn address. According to the exchange, the practice will continue to take place every Tuesday “until further notice.”
The next burn is scheduled for Tuesday, October 11, at 00:00 UTC.
Looking forward, it’s difficult to predict where the next short-term move will be, given that the relative strength index (RSI) is now in neutral territory. However, support to the downside exists around the $0.00025 area, as well as around the September 26 low of $0.00018.
To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards.
Notably, both the 20 and 50-day moving average lines are now below the price and pointing up, indicating that LUNC remains in a clear uptrend on the daily chart.
Crypto Market Integrity Coalition inducts 8 new members, plans training.
The self-regulatory organization backed by Solidus Labs is known for its integrity pledge; BitGo, Bittrex and Merkle Science are among the new members.
The Crypto Market Integrity Coalition (CMIC) announced the induction of eight new members, the organization announced on Sept. 29. The organization, which now has 38 members who have all taken a pledge to uphold market integrity and efficiency, describes itself as such:
“CMIC gives a unified voice to the crypto industry’s commitment to continually improving market integrity and collaboration with regulators.”
According to its statement, CMIC is also developing market integrity training for digital asset markets to help compliance professionals counter manipulation.
The new CMIC members are digital asset trust and security company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintech firms FinClusive and Oasis Pro Markets, Web3 risk mitigation platform Merkle Science, digital assets platform Tokenomy and forensic services provider VAF Compliance.
CMIC is the brainchild of market surveillance firm Solidus Labs. Solidus cofounder and CEO Asaf Meir said, “Now more than ever before, it is clear that crypto’s potential depends on the ability to mitigate its new risks and provide demonstrable market integrity.”
The organization was founded in February with 17 members that included such names as Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April.
Solidus Labs chief operating officer Chen Arad told Cointelegraph, “CMIC does not define itself as an aspiring self-regulatory organization and rather works closely with, and has among its signatories, some of the leading industry membership associations like cryptoUK, the Chamber of Digital Commerce and the Global Blockchain Business Council.”
The CMIC pledge reads, in part:
“We support and seek to participate in digital asset markets that demonstrate Market Integrity. Digital assets and digital asset market structure may present novel forms of market activity and market manipulation. We agree to continually educate ourselves as to these unique challenges and how to address them.”
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Crypto bug bounty platform Immunefi raises $24M led by Framework Ventures.
The growth of decentralized finance, or DeFi, has made the blockchain industry especially vulnerable to scams and attacks.
Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its in-house capacity amid widespread vulnerabilities in the blockchain industry.
The funding round was led by the San Francisco-based venture firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales to meet the growing demand for blockchain security and bug bounty services.
Immunefi claims to have paid out $60 million in total bounties since its inception less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (COMP). To incentivize white hat hackers, Immunefi offers bounties and rewards for uncovering the security vulnerabilities of leading blockchain protocols.
As reported by Cointelegraph, Immunefi raised $5.5 million in funding last October to further boost its security capabilities. At the time, the company had paid out $7.5 million in bounties.
The decentralized finance, or DeFi, sector has been especially prone to security vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols cost the industry over $10.2 billion, according to research undertaken by Immunefi. DeFi remains a prime attack vector for scammers in 2022, as evidenced by the recent $160 million exploit of crypto market maker Wintermute.
One of the biggest DeFi exploits occurred in April of this year when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.
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Singapore's financial authority grants license to SBI's digital asset arm.
The firm planned to launch a digital asset securities platform in Singapore, as well as provide custody, capital markets products and corporate finance advisory services.
The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holdings, a license to conduct certain regulated activities in the country.
In a Thursday announcement, MAS said it had awarded SBI Digital Markets a Capital Markets Services license following the firm receiving in-principle approval in May. The firm, whose parent company offers digital asset custody and trading, will be providing custodial services, capital markets products and corporate finance advisory services in Singapore as a regulated business. It also plans to launch a digital asset securities platform.
“This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” said SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao.
SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of the largest financial institutions in Japan, SBI Holdings. The company recently ceased all mining operations in Russia due to the crypto winter and the country’s role in the war on Ukraine. SBI Holdings also reported in August that one of its investees, Clear Markets, received approval from the U.S. Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.
As the principal financial regulator in Singapore, the MAS has the authority to grant licenses to companies aiming to offer crypto-related services to the country’s residents — the area is currently home to crypto exchange Cryptocom and the founder of the Terraform Labs, Do Kwon. Filecoin service provider RRMine Global announced on Tuesday that it planned to relocate its headquarters to Singapore in response to “tightened restrictions on cryptocurrency usage” in China.
Binance Summoned to Court in Italy over Outages Lawsuit Filed against Exchange
A court in Italy has asked Binance to appear in reference to a class-action lawsuit filed by investors seeking redress for several outages.
Binance is due to appear in court in Italy on Thursday to answer a class-action lawsuit filed against the exchange. A group of investors accused the cryptocurrency exchange of being responsible for losses incurred last year at crucial trading times. The investors are seeking damages, alleging that the platform’s outages caused the trading loss.
In November 2021, a group of Italian and international Binance users sued Binance and its CEO Changpeng Zhao. The accusers stated that the Binance platform went offline multiple times and locked users out of the exchange. The lawsuit noted that the outages prevented the investors from changing their trading positions, leading to losses worth “tens of millions”.
The suit also alleges that allowing Italians to trade leveraged futures on the Binance platform violates the country’s financial regulations. According to Francesco Dagnino, the managing director of Milan-based law firm Lexia Avvocati:
“It is absolutely clear that when you are selling a future, especially with that type of leverage, it doesn’t matter what the underlying asset is, it’s always a derivative and always a financial product.”
Dagnino said the case involves at least 100 investors, but more will join.
The Lexia Avvocati managing director also said that Binance offered to reimburse affected investors. However, the proposed amount was reportedly insignificant. In addition, Dagnino stated that according to the investors, even those who accepted the compensation offers are yet to receive anything. In July 2021, Italy’s financial regulator declared Binance an unauthorized investment services provider.
Last year, a group of Italian Binance users also approached the Swiss Blockchain Consortium seeking advice on recovering losses tied to outages. The director of the Consortium, Michele Ficara Manganelli, said Italians and European Binance investors seeking compensation could join the class-action suit. At the moment, the Consortium website’s homepage features a direct link to joining the lawsuit.
Interestingly, Italian authorities approved Binance’s registration and inclusion in a maintained list of crypto service providers earlier this year. However, the registration does not suggest compliance with local regulations. The listing only aids in subjecting firms to Italian anti-money laundering standards.
Binance has not yet joined the proceeding, meaning it has not filed any defense statements. Dagnino also suggests that the exchange might not show up at the hearing. However, there is a chance that the company’s recent effort to become a registered virtual asset provider in Italy will prompt representatives to show up. Generally, Binance’s direct participation is not necessary to the judge’s decision, as a ruling is possible without the exchange’s presence.
In other news, Binance recently announced the launch of its inaugural soul-bound token on the BNB smart chain. The new Binance Account Bound (BAB) token will be a proof of identity for Binance users. This initiative would only be available to users that have satisfied the KYC requirements.
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Georgia aims to adopt European crypto standards for Anti-Money Laundering.
One of the most crypto-friendly countries in the world wants to synchronize its crypto regulations with associated rules in the European Union.
Georgia, one of the world’s most cryptocurrency-friendly countries, is moving to introduce new crypto regulations to pursue its ambitions of becoming a global crypto hub.
Georgian lawmakers have prepared a new regulatory framework targeting digital business and cryptocurrency trading in the country, Georgian Minister of Economy and Vice Prime Minister Levan Davitashvili announced.
Davitashvili said that a draft bill has been sent to the parliament and the amendments are expected to be passed in the autumn session, local news agency Business Media Georgia reported on Monday.
According to the minister, the draft bill aims to coordinate local cryptocurrency laws with three major European Union directives, includinthe Payment Services Directive (PSD2), the Capital Requirements Directive (CRD) as well as the Virtual Asset Service Provider (VASP) law.
The VASP law aims to provide legal status to entities involved in digital asset trading. The new framework will also prevent the use of cryptocurrencies for money laundering or terrorist financing, the report notes.
According to Davitashvili, the adoption of VASP rules is crucial for Georgia to ensure sustainable regulation of the cryptocurrency industry. The minister reportedly emphasized that it’s important to synchronize the Georgian financial legislation with associated rules in the EU. The latest framework is only the first step as Georgia aims to become a crypto hub in the future, in line with the government’s official 2022–2025 development strategy.
Georgia has emerged as one of the most crypto-friendly countries in the world. In a study by Forex Suggest, Georgia was ranked the fourth most crypto-friendly jurisdiction after Hong Kong, the United States and Switzerland as of July 2022. Georgia is specifically associated with a high density of crypto ATMs, allowing users to easily buy and sell crypto in exchange for cash. According to data from CoinATMRadar, Georgia hosts 45 crypto ATMs at the time of writing.
Bear market uncertainty is the perfect time to build and learn, says Sato exec.
Fanny Philip, COO of Sato Technology, doubled down on believing that bear markets should be considered a builder’s market for mining companies.
The decisions made by companies during bear markets play a pivotal role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run.
Speaking to Cointelegraph during the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn.
Sato is a digital assets mining company, publicly traded on the Toronto Stock Exchange (TSXV) since Sept. 2021 and mines both Bitcoin (BTC) and Ether (ETH).
Philip further told Cointelegraph about the initial challenges of setting up in the industry despite entering the space during a bull market.
The high demand for miners in the Quebec region of operation, where the company initially set up shop, caused a moratorium on new mining facilities and unfriendly sentiments from the local residents. Moreover, Philip related the global pandemic as a catalyst for “difficulties in sourcing electrical equipment."
Though when asked about the effects of the bear market, Philip had more positive sentiments than negative ones. When asked if bear markets are a good thing, she answered:
“To build? Perfect. Bear market is a built market for us.”
She also commented on the relationship between the price of BTC, mining and purchasing mining equipment.
“When the price of Bitcoin is low, you mine more,” Philip said. “If you have to purchase equipment, since it’s linked to the price of the Bitcoin, the price of the equipment decreases a lot."
All of these factors mentioned above help companies in the industry build, and according to Philip, Sato is in the building phase.
This can be seen in the company’s brand new agreement with Foundry Digital LLC (Foundry). The two companies struck a deal that makes it possible for Sato to host up to an additional 4,300 miners at Center One in Québec. All of which will be powered by renewable energy.
Nvidia cites limited visibility into crypto mining's impact on Q2 results.
Nvidia’s CFO said falling crypto prices and changes in consensus mechanisms have in the past impacted demand for its products and the company’s ability to estimate it.
Graphics card giant Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday.
The chip giant released its financial results for the three months ended July 31, which revealed a 19% quarter-on-quarter drop in revenue to $6.5 billion, while net income fell 59% to $656 million.
Revenue for its gaming division, which includes sales of its high-end GPUs, fell 44% in revenue from the previous quarter to $2.04 billion, which Nvidia attributed to “challenging market conditions.”
Kress, who also serves as executive vice president of the company, said Nvidia has limited visibility on how the crypto market affects the demand for their gaming products:
“Our GPUs are capable of cryptocurrency mining, though we have limited visibility into how much this impacts our overall GPU demand.”
“We are unable to accurately quantify the extent to which reduced cryptocurrency mining contributed to the decline in Gaming demand,” she added.
While the chip giant’s graphic processing units (GPUs) were designed for gaming purposes, high demand for crypto mining activities over the past few years has contributed to a 320% increase in the company’s share price over the last five years.
Kress said, however, that falling crypto prices and changes in consensus mechanism have in the past impacted demand for its products and the ability to estimate it:
“Volatility in the cryptocurrency market – such as declines in cryptocurrency prices or changes in method of verifying transactions, including proof of work or proof of stake — has in the past impacted, and can in the future impact, demand for our products and our ability to accurately estimate it.”
With the Ethereum Merge scheduled for Sept. 15, the network’s consensus change to proof-of-stake could further drive down the demand for crypto mining hardware. This could spell trouble for cryptocurrency mining products such as Nvidia’s CMP170 HX, which currently costs around $4,695.
China floats idea of ‘Asian yuan’ to reduce reliance on US dollar.
The proposed distributed ledger technology-backed “Asian yuan” token would supposedly help reduce Asia’s dependence on the U.S. dollar for international business.
Researchers from a Chinese state-run think tank have floated the idea of an Asia-wide digital currency with the aim of reducing its reliance on a United States dollar-based economy.
The views of researchers Liu Dongmin, Song Shuang and Zhou Xuezhi from a unit of the Chinese Academy of Social Sciences (CASS) were published in an issue of the World Affairs journal posted online in late September, who said the establishment of an Asian yuan token would lower Asia’s reliance on the USD.
Much like similar existing and trialed central bank digital currencies (CBDCs), the researchers said distributed ledger technology (DLT) would form the backing of the Asian token, which would be pegged to a bundle of 13 currencies.
The currencies would include those of all 10 of the member nations in the Association of Southeast Asian Nations (ASEAN) along with China’s yuan, Japan’s yen and South Korea’s won, according to the researchers.
“More than 20 years of deepened economic integration in East Asia has laid a good foundation for regional currency cooperation. The conditions for setting up the Asian yuan have gradually formed,” the researchers wrote in the journal seen by the South China Morning Post.
The journal is affiliated with China’s Foreign Affairs department, with the researchers hailing from the “Institute of World Economics and Politics” one of many research units under CASS, a think tank with various ties to the country’s ruling party.
The U.S dollar and, more recently, cryptocurrencies have become a popular method for those in South East Asia to conduct business, send remittances and hedge against the inflation of their respective local currencies.
The research came a few weeks before a milestone in China’s CBDC pilot, the Bank of China on Oct. 10 said its e-CNY had transacted around $14 billion in value, or 100 billion yuan, with around 5.6 million merchant stores already supporting the digital yuan.
The country’s central bank is also partaking in Project Inthanon-LionRock, a DLT-backed cross-border payment CBDC trial also involving the Thai, Hong Kong and United Arab Emirates central banks.
Economists debunk the banking system and win the Nobel Prize.
Three economists were awarded the Nobel Prize in economic sciences for their decades of research on societal reactions to financial crises and avoiding bank collapses.
Three economists were awarded the Nobel Prize in economic sciences on Oct. 10 for their discoveries which are said to have improved “how society deals with financial crises.”
Ben Bernanke, Douglas Diamond and Philip Dybvig conducted research on the economic role played by banks during times of financial crisis. According to the Nobel Prize Organization, this research included an important finding on why it is not only important but “vital” to avoid the collapse of banks.
Tore Ellingsen, the chair of the committee for the prize in economic sciences, said:
“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts.”
Diamond highlights the important role banks play in society as a middleman between savers and borrowers. Banks can provide depositors open access to their funds while giving the option of long-term loans to borrowers.
Along with stressing the vital socio-economic role banks play, the research also points to the vulnerabilities of banks, which spur rumors of their “imminent collapse” in the instance of a run on banks.
As crypto and the Web3 world become more mainstream, banks have new things to consider as societal challenges and adaptations.
Users are now interested in decentralized finance (DeFi) for the very reason of taking out a middleman between them and their liquid assets. DeFi, in the noncustodial sense, gives users unfettered access to financial tools they need and is increasingly used as a tool to help the unbanked.
However, as a Bloomberg analyst reported, many who have been used to the security found in traditional finance have a “fear of the unknown” when it comes to activity in DeFi and crypto.
Banks and major TradFi corporations have taken hints from the increasingly relevant and useful role of cryptocurrencies. According to data from the Basel Committee, banks worldwide own 9.4 billion euros in crypto assets.
The Central Bank of Switzerland also claims central banks will be a major proponent to further push DeFi into the mainstream through the right combination of centralization and decentralization.
Ether exchange netflow highlights behavioral pattern of ETH whales.
The Ethereum netflow chart shows that the spike in exchange flows often comes when the price of ETH is trading at a short-term or long-term low.
The exchange netflow of Ether (ETH) over the past couple of years highlights a behavioral pattern among Ether whales that market analysts believe is done to pump the price of the second-largest cryptocurrency.
The “exchange netflow” is an indicator that measures the net amount of cryptocurrency entering or exiting the wallets of all centralized exchanges. The metric’s value is calculated by taking the difference between exchange inflows and exchange outflows.
Data shared by a pseudonymous trader at crypto analytic firm CryptoQuant indicates that ETH whales have consistently sent their holdings onto exchanges to raise the price of ETH and sell it at a higher market price.
The Ether exchange netflow data confirms the behavioral pattern among ETH whales and indicates it has been persistent since 2020. The price pump is often followed by whales selling their holdings at an increased market price, which itself preceeds a correction, as is visible in the chart below.
The behavioral pattern comes as a surprise given that a positive netflow or a rise in the number of deposits on centralized exchanges is often viewed as a bearish signal, as traders mostly send their holdings onto exchanges to sell.
In their analysis, the trader noted that the exchange deposits increased periodically during short-term or long-term lows for the asset. The netflow chart confirms that the spike in exchange flows has often come at a time when the price of ETH has been trading at lower levels.
Ether whales’ heavy deposits onto exchanges continued even in the run-up to the Merge as the price of ETH rallied prior to the key proof-of-stake transition. The price dipped after the Merge, despite numerous market pundits predicting it would perform otherwise, thus confirming the behavioral pattern associated with Ether whales’ exchange deposits. The trader concluded, however, that exchange inflow does not necessarily rise before Ether prices rise.
Solana tech developer Coral raises $20M, plans to launch 'xNFT' protocol.
Coral is the creator of the Anchor development framework, which provides boilerplate smart contract tools and other resources for Solana devs.
Solana ecosystem developer Coral has closed a $20 million investment round backed by some of crypto’s biggest venture funds, setting the stage for the launch of its new interactive wallet later this month.
The investment round was co-led by FTX Ventures and Jump Crypto with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced Wednesday. Coral said it would use the funds to build internal capacity and launch its flagship product, Backpack.
Backpack is said to be an interactive wallet that delivers “crypto-native experiences” through so-called executable nonfungible tokens, or xNFTs. Coral describes xNFTs as analogous to mini-programs offered by the popular Chinese messaging app WeChat. The xNFT provides a portal to applications, games or assets built on any blockchain.
On Wednesday, Backpack became available in private beta, with Discord members receiving priority access. Coral claims that over 10 of the largest projects on Solana already have projects in active development on Backpack.
Coral is active on Solana as the creator of the network’s Anchor development framework, which gives developers more convenient tools for writing smart contracts. Armani Ferrante, Coral’s founder, said his goal is to “make Backpack the default portal to the Solana ecosystem.”
Despite struggling with repeated network outages, Solana remains ascendant in terms of activity. As reported by Cointelegraph, Solana’s daily transactions surpassed Ethereum’s in the second quarter. The data, courtesy of Nansen, showed that Solana’s daily transactions consistently increased between April and June, eventually reaching 40 million daily transactions by the end of the quarter.
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Framework to ban members of Congress and SCOTUS from trading stocks includes crypto provision.
A bill based on the proposed framework banning crypto investments could help to “restore the public’s faith and trust in their public officials,” according to Zoe Lofgren.
Members of the United States House of Representatives and Senate as well as Supreme Court justices currently trading cryptocurrencies may have to stop hodling while in office should a bill get enough votes.
According to a framework released on Thursday, chair of the Committee on House Administration Zoe Lofgren — responsible for the day-to-day operations of the House — said she had a “meaningful and effective plan to combat financial conflicts of interest” in the U.S. Congress by restricting the financial activities of lawmakers and SCOTUS justices, as well as those of their spouses and children. The bill, if passed according to the framework, would suggest a change in policy following the 2012 passage of the Stop Trading on Congressional Knowledge Act, or STOCK Act, allowing members of Congress to buy, sell and trade stocks and other investments while in office, but also requiring them to disclose such transactions.
“Congress can act to restore the public’s faith and trust in their public officials and ensure that these officials act in the public interest, not their private financial interest, by restricting senior government officials — including Members of Congress and the Supreme Court — and their spouses and dependent children from trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments and from shorting stocks,” said Lofgren:
She added:
“I will soon introduce legislative text for a bill built on this framework for reform. Many Members have already concluded that reforms are necessary.”
The framework suggested that lawmakers and SCOTUS justices could still hold and disclose a portfolio with diversified mutual funds, exchange-traded funds (ETFs), treasury bills and other investments that did “not present the same potential for conflicts of interest.” The bill’s framework also proposed disclosure amounts be more precise rather than the “extremely broad” range currently used — for example, from $5 million to $25 million — and be available to the public.
ETHW confirms contract vulnerability exploit, dismisses replay attack claims.
The proof-of-work fork of the Ethereum blockchain was targeted by a cross-chain contract exploit.
Post-Ethereum Merge proof-of-work (PoW) chain ETHW has moved to quell claims that it had suffered an on-chain replay attack over the weekend.
Smart contract auditing firm BlockSec flagged what it described as a replay attack that took place on Sept. 16, in which attackers harvested ETHW tokens by replaying the call data of Ethereum’s proof-of-stake (PoS) chain on the forked Ethereum PoW chain.
According to BlockSec, the root cause of the exploit was due to the fact that the Omni cross-chain bridge on the ETHW chain used old chainID and was not correctly verifying the correct chainID of the cross-chain message.
Ethereum’s Mainnet and test networks use two identifiers for different uses, namely, a network ID and a chain ID (chainID). Peer-to-peer messages between nodes make use of network ID, while transaction signatures make use of chainID. EIP-155 introduced chainID as a means to prevent replay attacks between the ETH and Ethereum Classic (ETC) blockchains.
BlockSec was the first analytics service to flag the replay attack and notified ETHW, which in turn quickly rebuffed initial claims that a replay attack had been carried out on-chain. ETHW made attempts to notify Omni Bridge of the exploit at the contract level:
Analysis of the attack revealed that the exploiter started by transferring 200 WETH through the Omni bridge of the Gnosis chain before replaying the same message on the PoW chain, netting an extra 200ETHW. This resulted in the balance of the chain contract deployed on the PoW chain being drained.
BlockSec’s analysis of the Omni bridge source code showed that the logic to verify chainID was present, but the verified chainID used in the contract was pulled from a value stored in the storage named unitStorage.
The team explained that this was not the correct chainID collected through the CHAINID opcode, which was proposed by EIP-1344 and exacerbated by the resulting fork after the Ethereum Merge:
“This is probably due to the fact that the code is quite old (using Solidity 0.4.24). The code works fine all the time until the fork of the PoW chain.”
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Quentin Tarantino settles Miramax lawsuit over Pulp Fiction NFTs.
Miramax sued the Hollywood director in November last year after the blockchain provider Secret Network announced the auction of his "uncut screenplay scenes."
Miramax sued the director in November last year after the base-layer blockchain provider Secret Network announced the auction of "uncut screenplay scenes" from the 1994 film as NFTs. The film studio claimed to own all rights to "Pulp Fiction," except for those reserved for Tarantino, which excluded nonfungible tokens.
The company was developing its own NFT strategy at the time. In a statement, the studio's attorney Bart Williams wrote: “This one-off effort devalues the NFT rights to "Pulp Fiction," which Miramax intends to maximize through a strategic, comprehensive approach.”
On the auction's original press release, Secret Network claimed that Tarantino owned "exclusive rights to publish his Pulp Fiction screenplay and the original, handwritten copy has remained a personal creative treasure he has kept private for decades." The auction raised $1.1 million in January, but was followed by the cancellation of additional NFT sales due to the dispute.
Tarantino and Miramax have partnered in other successful productions, including "Kill Bill: Volumes 1 and 2". "Pulp Fiction" ended up grossing $107.93 million in the United States and $213 million worldwide in the years since its release in 1994.
Hollywood director Quentin Tarantino and producer Miramax appear to have settled their lawsuit over nonfungible tokens (NFTs) related to the blockbuster film Pulp Fiction following a months-long legal battle. The movie studio reportedly plans to withdraw its lawsuit within two weeks and collaborate with the filmmaker in the future, including on NFTs projects.
GameStop doubles down on crypto amid a new partnership with FTX US.
After launching an NFT marketplace and wallet with the help of Immutable X, GameStop is continuing its push into crypto following a partnership with FTX.
Gaming retailer GameStop is partnering with United States crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives.
In a Wednesday statement, the gaming retailer noted that the new partnership will introduce GameStop’s customers into the FTX ecosystem, including its marketplaces for digital assets, while also seeing the retailer become FTX’s “preferred retail partner in the United States.”
The partnership will also see certain GameStop retail stores carrying FTX gift cards. As of Aug. 31, there are 2,970 GameStop stores across the United States.
In its Q2 earnings call, GameStop CEO Matt Furlong said the new deal is aimed at establishing something “unique” in the retail space:
The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.
GameStop did not disclose the financial terms of the partnership in its statement.
News of the new partnership came on the same day that GameStop released its financial results for the quarter that ended July 30, 2022.
Despite GameStop reporting a nearly 4% decline in net sales to $1.14 billion in the quarter, shares in GameStop managed to rise nearly 12% in after-hours trading following the news, reaching $26.84 per share.
GameStop has significantly ramped up its Web3 efforts this year after unveiling a nonfungible token (NFT) and Web3 gaming division in January, as well as the launch of its NFT marketplace on July 11 in partnership with Ethereum scaling solution Immutable X.
Furlong noted during the earnings call that the launch of its marketplace “supports GameStop’s pursuit of long-term growth in the cryptocurrency, NFT and Web3 gaming verticals,” which they expect to be increasingly important for gamers and collectors.
The marketplace is a “non-custodial, Ethereum Layer 2-based marketplace,” which allows users to connect their own digital asset wallets, like the recently launched GameStop Wallet.
Brazilian SEC seeks to change its role in cryptocurrency regulation.
Resistant to overseeing the space in the past, the agency said it now plans to work on the definition of virtual assets.
The Brazilian Securities and Exchange Commission is reportedly pursuing changes in the country's legal framework with regard to its regulation of cryptocurrencies.
According to local media, one major concern is that the bill in question does not appear to consider tokens as digital assets or securities — and they therefore wouldn't fall under SEC regulation. The updated position of the nation's SEC follows the appointment of a new board and the increased relevance of the crypto sector in the country's financial services.
Brazilian lawmakers have been working on regulations for cryptocurrencies since 2015, but the Senate only approved the final version of a bill in April 2022. Once Brazil's Congress finishes its final revisions, the bill will be sent to the country's president, who will sign it into law.
As described in the approved text, a virtual asset is a digital representation of value that can be traded or transferred electronically, and used for payment or investment purposes. In addition, it outlines the best practices for Know Your Customer (KYC) procedures and sets up methods to prevent money laundering. Per the bill, nonfungible tokens (NFTs) are also not considered securities, while most other tokens are in the middle of discussions about whether they are.
In a note to a local newspaper, a representative from Brazil's SEC said:
"The mentioned bill needs specific improvements, including the definition of virtual assets, prior authorization requirements, and the approval of business combinations in redundant roles with the Cade Brazilian Federal Trade Commission."
Legislators said they believe that a possible resolution could be to send the bill to the president to determine via decree what roles the Brazilian Central Bank and the SEC should play in authorizing initial coin offerings and regulating the market. Some legislators consider this measure a legal uncertainty, arguing that an entirely new bill should be introduced.
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Binance to Help South Korean City of Busan Launch a ‘Digital Assets Exchange’.
The crypto exchange giant Binance will set up shop in South Korea’s “blockchain hub” city of Busan – and although the firm will not be opening a token trading platform in the nation as of yet, the company could help the city launch an exchange of its own.
In a press release, Binance announced that it has signed a memorandum of understanding (MoU) with the City of Busan that would allow the latter to “receive technological and infrastructure support from Binance for the development of the city's blockchain ecosystem and promotion of the Busan Digital Asset Exchange.”
The latter has been in the pipeline for some time, and city authorities envisage the creation of a kind of city-run stock market for certain types of cryptoassets, such as security tokens. This plan has remained very much on the drawing board for several years, with the government of President Moon Jae-in maintaining a hardline stance on all things crypto-related – particularly domestic token launches, which remain outlawed in all their forms.
But President Yoon Seok-yul, who took power earlier this summer, has promised to “review” the ban, and the public sector has already responded. SK, the second-largest business group in the nation, has already revealed plans to launch a token via one of its subsidiaries, and multiple South Korean industry insiders have told Cryptonews com that other companies may well follow suit.
South Korean media outlets have also suggested that other large business groups are actively formulating their own token launch plans, albeit behind closed doors.
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