NFT News Official TheBitTimes.com

The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. The Chinese government released a statement on Nov. 10 declaring that anyone stealing digital collections, such as nonfungible tokens (NFTs), will be subject to theft sentences.  It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses the third view which sees digital collections as both data and virtual property that would fall under the umbrella of “co-offending.” The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft . “The theft of digital collections violates the protection law and interests of the crime of illegally ob...

Applications will be accepted for consideration until November 30. Solana Labs unveiled an all-new incubator program for project development on the Solana blockchain on Oct. 26.  Title simply “Solana Incubator,” the program will offer fundraising , development, networking, and marketing support for web and blockchain projects seeking to build on Solana’s platform. Building a web3 startup on the Solana network? ️ Today, @SolanaLabs introduces their Solana Incubator, so you can get hands on technical, go-to-market, and funding support! Learn more and apply https://t.co/W10WnEgDwQ — Solana (@solana) October 26, 2023 The Solana Incubator will accept applications through Nov. 30. Those accepted will purportedly receive support from the Solana Labs team and its partners throughout the development, marketing, and launch phases of their projects. According to Emon Motamedi, Product Manager at Solana Labs: “Our priority with the Incubator program is to remove the biggest obstacles current...

ConsenSys head of developer community Francesco Andreoli explained that users could get more transaction insights through MetaMask Snaps. As malicious actors continue their attempts to steal users’ crypto assets, wallet provider MetaMask has developed a way to give users more insights into the transactions and interactions within the application.  In an interview with Cointelegraph, Francesco Andreoli, developer community head at ConsenSys, spoke about ensuring that the recently released MetaMask Snaps is secure for users. The executive highlighted the importance of consent and ensuring that users know each step of their journey across various chains and decentralized applications (DApps). Andreoli at his keynote speech at Blockchain Economy Dubai. Source: Cointelegraph As a wallet containing various users’ crypto assets, the security of MetaMask Snaps could be a concern for users before trying out the new feature. However, Andreoli noted that user consent is one of its main priorit...

Slack conversations between Terraform Labs' co-founders Do Kwon and Daniel Shin have exposed their contemplation of orchestrating fraudulent transactions on the Terra blockchain. Terraform Labs co-founder Do Kwon has refuted the significance of Slack messages as evidence , which involved discussions with his co-founder Daniel Shin about manipulating transactions on the Terra blockchain to attract investors. The United States Securities and Exchange Commission (SEC) included the Slack conversation between the two co-founders, which was dated back to September 2019, in a recent court filing. Slack message report between Do Kwon and Daniel Shin. Source: Docdroid The message report suggests the two co-founders were brainstorming strategies to increase investor interest in the Terra blockchain. However, Kwon showed the intention of influencing transactions to create a more appealing image: “I can just create fake transactions that look real.” Kwon further elaborates that these transact...

In the latest Cointelegraph Report, we assessed the value AI is bringing to the crypto industry, by separating the hype from real use cases. In the latest Cointelegraph Report, we sought to find out the real value AI brings to the crypto industry beyond the hype surrounding the technology. To do so, we looked into three main areas where AI is impacting crypto : trading, data analytics, and user experience.  For many years, trading bots have allowed users to execute trades in an automated way based on certain pre-set parameters.  With the recent development of Large Language Models such as ChatGPT, AI-powered bots are capable of processing large amounts of historical data, which can be helpful in predicting future price movements.  However, despite the latest advancements, AI-powered bots are still not sophisticated enough to elaborate complex trading strategies. “It's basically like having a bunch of dumb partners who can, who can adhere to very basic commands, but they can'...

The amount of unclaimed Arbitrum (ARB) tokens accounts for 0.69% of ARB’s total supply of 10 billion. Arbitrum, a major Layer 2 solution for the Ethereum blockchain, has officially added the unclaimed tokens from the Arbitrum airdrop to its network’s treasury. The Arbitrum Foundation sent 69.4 million unclaimed Arbitrum (ARB) tokens to the Arbitrum’s decentralized autonomous organization (DAO) treasury on Sept. 24, the foundation announced on X (formerly Twitter). The foundation emphasized that Arbitrum users will no longer be able to claim ARB tokens anywhere. “Please be safe out there,” the Arbitrum Foundation added. At the time of writing, the transferred amount of ARB is worth around $56 million. The cryptocurrency slipped 1.6% over the past 24 hours, trading at $0.81, according to data from CoinGecko. The amount of unclaimed ARB tokens accounts for 0.69% of ARB’s total supply of 10 billion. According to data from Dune Analytics, 93% of eligible users had claim ed the tokens. E...

Digital Currency Group (DCG) has added Tonya Evans, a tenured professor at Penn State Dickinson Law with expertise in intellectual property, blockchains, and distributed ledger technology, to its board of directors. In her new role, Evans will contribute to the scaling efforts and strategic decision-making of the company. Barry Silbert, founder and CEO of DCG, highlighted Evans’ expertise, stating that she is “a dynamic leader with extensive expertise in digital assets and blockchain technology.” Silbert also emphasized that her deep understanding of the industry’s challenges and opportunities positions her as a thought leader in the fields of technology and regulation. We’re thrilled to welcome @IPProfEvans to DCG’s Board of Directors. Bringing vast expertise across digital assets, data and technology to the position, Dr. Evans will help us scale and capitalize on future growth opportunities as we execute on our strategic vision. More details️ pic.twitte...

VanEck’s monthly crypto market recap reveals that trading volumes of centralized exchanges declined to $52.8 billion in August, representing a 15.5% decrease compared to July. Bitcoin (BTC) and Ethereum (ETH) faced a challenging month, recording 9% and 10% losses, respectively. VanEck: Crypto markets hit lows In August, as reported by VanEck, the trading volumes of digital assets hit a two-year low, coinciding with an all-time low in their volatility. According to the analysis, this decline was attributed to waning investor interest. The analysts attributed the declining investor interest to the allure of beach vacations in the U.S. and the U.S. 10-year treasury bond, whose yield reached its highest level in 15 years in August. The report also revealed a substantial decrease in venture capital funds allocated to blockchain projects, with only $500 million deployed in August 2023, representing a significant drop from the $1.9 billion and the $2.7 billion recorded in August 2022 an...

Tips and tricks that help protect users from the perils of phishing scams that take place in the Web3 space. What are the main dangers and threats when interacting with websites in Web3?Why is bookmarking trusted websites in your browser critical for Web3 security?What are the risks of connecting your wallet to a website?How do hackers exploit seed phrases, and why is it critical to leave them confidential?What are the risks of signing messages on unfamiliar websites?How to minimize risks when interacting with Web3 websites? What are the main dangers and threats when interacting with websites in Web3? Although good-willed people try to flourish in the crypto economy, the crypto space is not completely free from malicious actors. Here are a few of the threats lurking in the shadows of the blockchain world: Phishing scams: The attacker sends mass emails or messages as the first step of a phishing attack. These emails or messages look like they are from a legitimate source, such as a wal...

The announcement follows the launch of a $100 million fund back in April focused on investing in crypto projects in Asia. Crypto derivatives platform Bitget has announced a new fund focusing on growing its ecosystem and investing in regional exchanges, analytics firms, media organizations and entities that can contribute to its growth.  In an announcement sent to Cointelegraph, Bitget revealed the Bitget EmpowerX Fund, which will invest $100 million into maximizing the company’s “long-term impact” in the crypto space. According to the announcement, Bitget believes that diversifying services to reach the needs of the global user base is the key to expanding the native crypto ecosystem . Gracy Chen, managing director of Bitget, said the company expects more investments, mergers and acquisitions in the coming months as the centralized exchange landscape evolves with changes in regulations.  According to Chen, the fund is “another major step” in the company’s mission to make Bitget a com...

First-gen blockchain games prioritized crypto-earning over gameplay, leading to an unsustainable growth model. Now, a Web3 gaming platform is about to change that. Many first-generation blockchain games were more concerned with crypto-earning than providing a great gaming experience. In contrast, Gala Games, a blockchain gaming platform with a proven history in the Web3 space, prioritizes fun and aims to address concerns about GameFi adoption. Decentralized gaming, better known as GameFi, has been quickly identified as one of the clear use cases for blockchain technology that has yet to see mass adoption. However, while the benefits of GameFi, like greater control and offering tangible rewards, have been well marketed, most gaming is still done on a centralized platform. To put things in perspective, Fortune Business Insights estimates that the global gaming market size was valued at $249.55 billion in 2022 and will grow from $281.77 billion in 2023 to $665.77 billion by 2030. In ...

The account has made multiple posts promising a token giveaway and ushers users to a copycat website to connect their crypto wallet. The X (Twitter) account of crypto-focused venture capital firm Blockchain Capital has seemingly been taken over by scammers attempting to lure users with the promise of a token claim . On Aug. 9, Blockchain Capital's account made multiple posts promising a giveaway of "BCAP" token s and directed users to a copycat website that emulates the appearance of the VC firm's original. Scammers posting a link to a fake Blockchain Capital website under the guise of a token claim. Source: X The copycat website — which includes an additonal "n" in the URL — directs users to connect their crypto wallet, a common tactic used by phishing scammers in order to drain user funds. The scammers tactically turned off the comments section in an attempt to prevent others from warning of the possible scam. This is fake. Don’t get scammed. https://t...

Elon Musk addressed the issue of scam tokens like $X and $TWITTER falsely claiming connections to the social media platform. Elon Musk firmly stated that the social media platform X, (formerly known as Twitter), has no plans to launch any crypto tokens, as he responded to a post regarding questionable X and Twitter-based digital currencies on Saturday, August 5. In response to a post made by DogeDesigner, Elon Musk addressed the issue of scam token s like $X and $TWITTER falsely claiming connections to the social media platform. DogeDesigner had cautioned the crypto community about being cautious with certain articles related to scam token s and clarified that neither Elon Musk nor X had ever initiated a crypto token . In his reply, Elon Musk asserted, "And we never will." Previously, Elon Musk had dropped hints about the possibility of incorporating cryptocurrency as a payment option on his platform. Traders were left wondering whether he would introduce a particular cryp...

Blockware Solutions account executive David Gamble told Market Talks host Ray Salmond that the crypto market will hit a $10 trillion market cap in the next few years. On the latest episode of Market Talks , host Ray Salmond spoke with Blockware Solutions account executive David Gamble about the future of Bitcoin (BTC) mining, expectations for the cryptocurrency’s price , and his views on how the decentralized finance (DeFi) sector needs to evolve.  Gamble described himself as a staunch believer in DeFi, but he added that protocols within the industry need to find ways to incorporate tokenized real-world assets instead of relying on mercenary capital and the attraction of liquid staking. According to Gamble, the steady entry of institutional investors and even central bankers experimenting with tokenized bonds and other yield-bearing assets could be a step in the right direction. The best time to buy Bitcoin is now Bitcoin’s block reward halving is less than 300 days away, and many i...

Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000. Decentralized exchange LeetSwap, which operates on Coinbase’S Base network has announced a sudden pause to trading , citing concerns of a potential exploit . LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and has temporarily able stopped trading to investigate. Algorithmic market maker Wintermute’s research head Igor Igamberdiev was among those sharing theories on how the exploit may have worked, saying the attacker could have used an exposed smart contract function. Related: Pro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silent The function would have allowed them to undertake a series of token swaps eventually allowing them to drain liquidity pools on LeetSwap. It was easy: - swap a bit of WETH for X tokens (should have fees) - call _transferFeesSupportingTaxTokens(address, uint256) to move tok...

The high stakes of crypto applications mean developers often need to prioritize security — but that comes at the cost of poor user experience. The current state of Web3 user experience is akin to driving a manual transmission car — there’s more control, but most users will find it unnecessarily clunky, according to several UX design ers. Over the years, discussion around mainstream adoption of Web3 has centered around the need to improve crypto’s user experience and “ease of use.” However, in a July 12 Twitter post, Web3 UI/UX design er “0xDesigner” argued that certain properties of blockchain make it challenging to build easy-to-use Web2-like applications. Web2 vs Web3 UX I was asked by a reporter from a crypto publication about the disparity between web2 and web3 UX. It’s a meaningful line of questioning that isn't covered enough. So I’m going to share some half-baked thoughts in hopes that it triggers more discourse. Why is… — 0xDesigner (@0xDesigner) July 12, 2023 Acco...

Industry stakeholders seek clarity regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures. The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation progress of the Finance Act, 2023, signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction. The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including crypto currencies. In a Cointelegraph interview, Iwunna criticized the idea of implementing a 10% tax on cryptocurrencies in the current uncertain climate, likening it to putting the cart before the horse. He highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facil...

The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation. A renewed call from the Financial Action Task Force (FATF) has asked countries to implement the “ travel rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23, the United Nations body — whose role is to promote strategies to combat money laundering and terrorist financing — explained that “many” member states have failed to implement the rule. The call comes after a series of FATF meetings at its headquarters in Paris. The FATF plenary has concluded. Delegates of governments from around the world discussed a range of money laundering and terrorist financing issues. See the outcomes of the plenary here️ https://t.co/s0nmYw1ca6#FATFWeek #moneylaundering #terrorismfinancing #followthemoney pic.twitter.com/DTerSET5QT — FATF (@FATFNews) June 23, 2023 FATF claimed “more than hal...

In a collaboration under Ripple’s University Blockchain Research Initiative (UBRI) in Canada, the University of Toronto, Canada’s largest university , has announced its intention to establish an autonomous XRP ledger validator . This initiative aims to foster the growth of the cryptocurrency industry and support advancements in payment processing technology. The start of a new partnership The University of Toronto, Canada’s largest university , has announced a new partnership with Ripple to establish an independent XRP ledger validator aimed at supporting the crypto industry’s future.  The collaboration is part of Ripple’s University Blockchain Research Initiative (UBRI) in Canada, which has already invested over $2 million in the country’s leading educational institutions over a span of five years.  Ripple's University Research Blockchain Initiative #UBRI is proud to partner with the University of Toronto @UofT. We look forward to...

The former Terraform Labs CEO could face 40 years in jail in South Korea, the country where he committed most of his crimes, according to local authorities. South Korean authorities are seeking the extradition of the co-founder and former CEO of Terraform Labs, Do Kwon. The prosecutor overseeing the investigation believes his repatriation would best serve the victims of the TerraUSD (USTC) and LUNA token collapses, The Wall Street Journal reported.  South Korea is the place where most of the crimes Kwon is accused of took place, according to Dan Sung-han, leader of South Korean prosecutors investigating the crash of the two cryptocurrencies, which erased nearly $40 billion from the Terra ecosystem. “Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing justice” to investors, the prosecutor said in an interview with the newspaper. Do Kwon, also a South Korean citizen, was arrested in Montenegro in March and indic...