Author: Dren.H

Nathaniel Chastain, former OpenSea head of product, received a three-month prison sentence for insider trading in NFTs. Nathaniel Chastain, who once led produt team of OpenSea, will spend three months in prison. A court found him guilty of using inside information to trade NFTs, or non-fungible tokens, for his personal gain. NFTs are digital items that prove ownership of unique digital assets like art. Chastain knew which NFTs would appear on OpenSea’s homepage. He bought these NFTs before they became popular and sold them for profit. Last June, the police arrested Chastain, and he faced charges of fraud and money…

Bitcoin Ordinals trading has seen a significant decline, sparking a debate over conflicting reports and the future of these NFTs. Bitcoin Ordinals, a variant of Bitcoin’s non-fungible tokens (NFTs), experienced a sharp drop in sales volumes from May to August. A heated debate erupted following this significant decline, with conflicting reports regarding the exact numbers. Here, we will explore the statistics, the controversy surrounding these numbers, and insights from various industry experts. What Are Bitcoin Ordinals and Why They’re Important? Bitcoin Ordinals are unique digital artifacts linked to individual satoshis, the smallest part of a Bitcoin (BTC). These NFTs represent…

The total value of DeFi locked has slumped to a multiyear low of $37.5 billion, reflecting challenges in the decentralized finance market. The decentralized finance (DeFi) market is witnessing an alarming decline. The total value locked (TVL) in DeFi protocols has reached its lowest point since February 2021, settling at $37.5 billion. This comes even as Ethereum (ETH), the foundation of the DeFi market, continues to soar this year. Previously, the DeFi industry reached a stunning peak of $177 billion in TVL by late 2021. However, the hype soon dwindled following the crypto market crash and subsequent scandals. Now, it’s…

SBF, former FTX CEO, pleaded not guilty to fraud and money laundering, with concerns raised about his health and rights. On August 22, Sam Bankman-Fried (SBF), the former CEO and founder of the once-renowned crypto exchange FTX, stood before a judge in the Southern District of New York courthouse. Facing seven counts of fraud and money laundering and an additional charge of campaign finance, SBF pleaded not guilty. Prosecutors accuse SBF of misusing customer funds for his personal benefit and political contributions. These allegations started in December, but this month they added extra campaign finance charges. The case has drawn…

Xiao Yi, a former Chinese official, received a life sentence for corruption and operating a $329 million Bitcoin mining enterprise. Xiao Yi, once a key government figure in China, will spend the rest of his life in prison. The punishment is a result of his deep involvement in a massive Bitcoin mining operation, along with separate corruption charges. The Charges Against Xiao Yi: Corruption and Power Misuse Between 2008 and 2021, Xiao Yi accepted bribes, leading to corruption charges. The abuse of power charges, which date from 2017 to 2021, link directly to his support of a company called Jiumu…

Cheongju, South Korea is cracking down on crypto tax evasion, targeting digital asset holders who have not filed taxes. In Cheongju, a city in South Korea, authorities are taking a hard stand against tax evaders who are using digital assets like crypto. They’re getting ready to take away digital assets from people who haven’t paid their taxes. The city is looking at seven crypto exchanges, trying to find information on 8,520 users who owe the government money. This money is at least 1 million won ($750) per user. The city is talking to well-known exchanges like Upbit and Bithumb to…

Yuga Labs plans to block NFT trades on OpenSea by 2024 to protest the platform’s changes to creator royalties. Yuga Labs is fighting back. This big name in the NFT world, known for Bored Ape Yacht Club and CryptoPunks, has decided to stand up for artists. They are saying no to OpenSea’s decision to stop making creator royalty fees a must. By February 2024, Yuga Labs will stop all new or upgradeable NFT collections on OpenSea’s platform. Yuga’s CEO has made it clear: they believe in taking care of artists. They want to make sure creators get the money they…

Investors in Bored Ape Yacht Club (BAYC) have sued Yuga Labs and Sotheby’s, alleging misleading promotion of their NFT collection. Investors of the Bored Ape Yacht Club (BAYC) have launched a class-action lawsuit. They’ve targeted over 40 people and entities, including Yuga Labs, the creators of BAYC, and well-known celebrities like Post Malone, Justin Bieber, and Paris Hilton. The lawsuit accuses these parties of driving up the prices of BAYC’s nonfungible tokens (NFTs) by promoting them. Sotheby’s Enters the Legal Fray Sotheby’s, the famous art broker, now finds itself part of this legal tussle. This addition to the lawsuit came…

The FDIC highlights complex risks in crypto banking, but some experts argue that digital assets can offer unparalleled security. On August 14, 2023, the Federal Deposit Insurance Corporation (FDIC) made a significant announcement regarding cryptocurrencies. In their yearly Risk Review, they shed light on some unique challenges and threats that cryptocurrencies pose to banks in the United States. This was the first time they focused on digital currencies, a sign of the times. 2022: A Year of Volatility Last year, the cryptocurrency market was like a roller coaster, with prices going up and down dramatically. This wild ride made banks…

The launch of Shibarium caused a decline in SHIB, BONE, and LEASH tokens amid rumors of a $2.5M technical error. The cryptocurrency market witnessed a sharp decline in the price of Shiba Inu and its related tokens, SHIB, BONE, and LEASH, following the troubled launch of the Shibarium mainnet on August 16. A rumored technical error in the Shibarium network seems to have left the community in a state of confusion and concern. Prior to the Shibarium network’s introduction, Shiba Inu token holders had high expectations for a considerable rise in the value of SHIB, BONE, and LEASH. The Shibarium…