There is no clear downward trend in crypto crime, but a quiet month is undoubtedly more than welcome in the Web3 community.
Web3 theft hit a low point for the year so far in October, CertiK reported. Losses to hacks, exploits and scams confirmed by the blockchain security firm amounted to $32.2 million for the month across 38 incidents, with no single incident leading to a loss of over $7 million.
Compared to the ten-month total of $1.4 billion, losses in October were approximately a quarter of the running monthly average. January showed the second-lowest losses at $33.7 million. The October statistics were not the result of a steady decline in losses but rather show a lack of major incidents that month. October’s 38 incidents were a quantitative low as well.
Major Web3 incidents in October. Source: CertiKAlert X account
Certik’s third-quarter report indicated the number of incidents in July was 79, falling to 66 in August and 39 in September. Only exit scams were up in October and were four times higher than the low they reached in September. That category reached its yearly high in May when users of a crypto project called Fintoch lost almost $32 million.
On the other hand, exploits saw a peak in September, mainly due to the $200 million loss suffered by the Mixin Network when its cloud service provider was breached. July saw the second-highest damage, most of which was attributable to losses by the Multichain MPC bridge.
Caution : Crypto Social Media Scams are on the rise. Many of the methods used have roots in history. The combination of social media's vast reach and cryptocurrency's decentralized, often opaque, nature creates an ideal environment for scammers.
There are some clear trends in crypto crime. CertiK recently noted the rise of scams using social media. It cited United States Federal Trade Commission data that indicated almost half the cryptocurrency scams in the last 18 months have been tied to social media, which offers a wide variety of opportunities for wrongdoing, from pumping and dumping to pig butchering.
CertiK stated in Q3 that the North Korean Lazarus Group remained the “dominant threat actor.”
An engaged, loyal community is an essential ingredient in the long-term success of an NFT project.
The members of a community of any type want to feel like they’re involved, connected and part of something that’s genuinely unique and valuable. That’s certainly true of the communities that support nonfungible token projects.
And it’s not just about a “warm and fuzzy” feeling. A healthy, engaged community can not only provide valuable feedback and long-term investors for NFT project leaders, but its members can also generate buzz, leading to increased demand and, optimally, driving up the value of their investments. Through their own initiatives, they can even grow the project’s ecosystem.
Without a doubt, creative and conscientious NFT project leaders who work to foster an enthusiastic community can create a circle of mutual, ongoing benefit. Below, 12 members of Cointelegraph Innovation Circle share practical, effective tips to help NFT project leaders launch strong, build an engaged community, and grow and prosper together.
Strive for a genuine emotional pull
We are in a bear market that’s being driven by a period of low liquidity. Try to ensure that your NFTs really have an emotional pull and are not simply cash grabs. You can tell when an artist has spent many hours making a real piece of art, versus something that’s been whipped up quickly and hyped up. Obvious cash grabs will quickly fall by the wayside. – Zain Jaffer, Zain Ventures
Ensure continuous engagement
For NFT projects, continuous engagement is key. Offer exclusive content, host community events and solicit feedback for project direction. Authenticity and consistent communication build trust and keep your community invested in the project’s long-term vision. – Tomer Warschauer Nuni, Kryptomon
Bring on active and talented community managers
Ensure your community managers have good people skills, that they clearly understand the mission and vision of your NFT project, and that they consistently engage with community members. While bots can be useful, they also take away from the humanity of interaction. Remember, the attention of members is fragile and needs constant nurturing. – Irina Litchfield, Lumeria
Give holders a say in the decisions you make
It’s one thing to have regular communication with your community, but in order to keep them engaged today, you also have to provide value from day one. That means token governance. Ensure that NFT holders feel like they have a hand in the decisions you make, whether via voting or some other way. NFTs are not governance tokens, but this does not preclude you from taking your communities into consideration. – Jason Fernandes, AdLunam Inc.
Develop creative and unique experiences
Imagine hosting a “digital masquerade ball.” Members don unique NFT masks, tokens of their digital identity. Through games, tales and auctions, these masks evolve into symbols of participation, fostering continuous interaction. Like a dance in a pixelated ballroom, NFT community engagement thrives on rhythmic creativity and unique experiences. – Arvin Khamseh, SOLDOUT NFTs
Showcase the hard work behind the scenes
Balance short-term milestones with long-term objectives. NFT projects should leverage smaller achievements by sharing them with their communities in between major updates. Even if the news is not always groundbreaking, consistent communication keeps users engaged while showcasing some of the hard work that is happening behind the scenes. – Wolfgang Rückerl, ENT Technologies AG
Set up features that can be unlocked over time
Value creation. Don’t just sell a digital asset; offer an experience. Use smart contracts to enable features — like exclusive content, voting rights or even revenue-sharing — that can be unlocked over time or based on specific conditions. Keep the community involved in decision-making processes, and always be transparent about your roadmap. The NFT is not the end; it’s the beginning of a relationship. – Tiago Serôdio, Partisia Blockchain
Consistently deliver value
Build and foster a vibrant and inclusive community by consistently delivering value, engaging in open communication and involving the community in decision-making processes to create a sense of ownership and belonging. It’s important to properly and effectively share ecosystem updates and announcements so as to not mislead the community. – Anthony Georgiades, Pastel Network
Foster an inclusive environment
For NFT projects, the key is to continuously offer value beyond the initial purchase. Regularly release exclusive content, host community events and actively seek feedback. Prioritize transparency in project developments, and foster an inclusive environment where community members feel valued and heard. Remember, an engaged community is built on trust, consistent interaction and shared growth. – Erki Koldits, OÜ Popspot
Notify members about developments and prices
NFT communities need updates on the latest developments that have taken place, or are going to take place, in their project of interest. Since most of the community members will have bought and hold multiple NFTs from the same project, they will want to receive a few price predictions about their assets. Also, free giveaways help a lot in keeping the community engaged. – Abhishek Singh, Acknoledger
Share real-time updates and engage on social media
It’s important to maintain consistent communication with your community. There have been many rug pulls with past NFT projects, so sharing real-time updates on project developments, partnerships and news is key. Engage regularly on social media and Discord to keep members feeling involved and to address their concerns. Show that you’re listening to feedback, and implement their ideas when possible. – Ayelet Noff, SlicedBrand
Communicate both good news and bad
Give clear roadmaps of both the good and the bad. If something initially planned is not scheduled to happen anymore (or vice versa), be upfront. Constant communication is critical for projects in the Web3 space in general, as we all learn and grow together. – Megan Nyvold, BingX
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
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The second-biggest BTC “investor” in the world after Satoshi Nakamoto is staring down 10-figure losses.
Bitcoin (BTC), worth over $7.2 billion, is still controlled by the United States government — but its losses are mounting.
Data from on-chain analytics firm Glassnode shows that Washington’s seized Bitcoin total 210,429 BTC as of Oct. 31.
195,000 BTC sold, $6.3 billion down
The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) are well known — perhaps accidentally — as being one of the world’s largest Bitcoin whales.
Through various legal proceedings, lawmakers have confiscated vast amounts of BTC over the years, and only a small percentage of its takings have been resold at auction.
Those who opted to buy the proceeds have profited considerably, and adding to the irony, the DOJ — more like a Bitcoin newbie than a whale — has been guilty of selling too soon.
According to statistics compiled by Jameson Lopp, co-founder of Bitcoin custody firm Casa, the government has so far missed out on a grand total of over $6 billion in potential gains from its 195,092 BTC sell-off.
Largest national and corporate Bitcoin holdings (screenshot). Source: BitcoinTreasuries
No single entity other than Satoshi Nakamoto owns more BTC than the DOJ. The largest corporate BTC treasury, for example, owned by MicroStrategy, currently consists of 158,245 BTC ($5.43 billion), per data from monitoring resource BitcoinTreasuries.
Heavy Bitcoin bag
Glassnode shows the DOJ stash growing in step with announcements of confiscations.
U.S. government BTC balance chart. Source: Glassnode
Meanwhile, billionaire Tim Draper, one of the original BTC auction bidders, recently accused the U.S. government of suppressing crypto growth.
Having previously predicted a $250,000 BTC price tag for 2022, Draper subsequently claimed that policy failures were “killing the golden goose of Silicon Valley.”
“Regulations smother innovators,” part of an X post from May reads.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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At the time of bankruptcy, FTX faced a shortfall of $8 billion owing to its customers.
Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, claims that spending clients' fiat deposits was just part of "risk management" for his intertwined crypto hedge fund Alameda Research.
During the former crypto executive's court testimony on October 31, prosecutor Danielle Sassoon of the Southern District of New York asked SBF if he believed that it was permissible to spend $8 billion of FTX customers' fiat money. "I thought it was folded into risk management," he said. "As CEO of Alameda, I was concerned with their portfolio. At FTX, I was paying attention but not as much as I should have been."
As told by SBF, during his tenure as both CEO of FTX and Alameda, no individuals were fired for allegedly siphoning $8 billion worth of clients' money for speculative trading. "I don't remember knowing anything about particular employees," replied SBF to a question by Sassoon.
Bankman-Fried also disclosed during the proceedings that the now-defunct exchange, which was headquartered in the Bahamas, had close ties with the island country's government. "You gave the Bahamas Prime Minister floor side seats at the Miami Heat Arena," asked Sassoon. "I don't remember that," replied SBF. "Here's a message where you say he is in FTX's courtside seats with his wife," said Sassoon.
Allegedly, SBF talked with the Bahamian prime minister, Philip Davis, about paying off his nation's debt. Although the crypto executive denies it, he admits to helping Davis' son secure a job.
Just before the exchange collapsed last November, FTX announced that Bahamian users would be made whole and that it would process their withdrawal requests in priority. The FTX trial remains ongoing and is expected to wrap up before the end of next week.
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Voltage Park will lease access to 24,000 clustered NVIDIA GPUs by the hour or month to help small startups and researchers model machine learning.
Ripple co-founder Jed McCaleb’s nonprofit Navigation Fund is helping to tackle the AI chip shortage by offering leasable capacity large machine learning models. A new cloud was officially launched on Oct. 29 that will be accessible on an hourly, monthly or long-term basis.
An organization called Voltage Park “currently offer[s] bare-metal access for large-scale users that need peak performance” and expects to expand its service by early 2024, according to a statement on its website. It has around 24,000 NVIDIA H100 graphics processing units (GPUs) grouped into interconnected clusters. Voltage Park is a subsidiary of Navigation Fund.
The hardware is worth $500 million. Clusters will be set up in Texas, Virginia and Washington, Voltage Park CEO Eric Park told Reuters. Park joined the organization in July.
Voltage Park is currently auctioning off contracts with lengths of one to three months on 1,560 GPUs. It said in its announcement:
“The market for cutting-edge ML compute is broken. Startups, researchers and even big AI labs are scrambling to buy or rent access to the latest chips for ML training. […] We’re on a mission to make machine learning infrastructure accessible to all.”
The Navigation Fund was founded in 2023 with plans to provide a small number of grants this year and expand its programs in early 2024. It plans to advance a number of causes in addition to “safe AI.”
Billionaire McCaleb created Mt. Gox to trade Magic: The Gathering cards, then repurposed it as a Bitcoin (BTC) exchange and sold it in 2011, three years before its collapse. He went on to become a co-founder of Ripple Labs, and after leaving Ripple on bad terms with the rest of the management, he co-founded the Stellar blockchain. He also created a space station startup in 2022 that has partnered with Elon Musk’s SpaceX.
A small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited resources. Can Bitcoin help?
Cointelegraph recently traveled to Cape Verde, West Africa, to explore whether Bitcoin (BTC) could be a tool for progress.
In the latest on-the-ground video documentary from Cointelegraph, global reporter Joe Hall investigates the remittances market, cash economies, and the challenges and opportunities faced by small island nations worldwide.
Cape Verde, officially the Republic of Cabo Verde, is an island nation in the central Atlantic Ocean. Cape Verde comprises 10 main islands and several smaller islets, sitting 570 kilometers (350 miles) west of Senegal, West Africa.
Hall discovers that more Cape Verdeans live abroad than on the country’s islands. Due to its small land mass, it struggles to cultivate and export goods abroad. The islanders of Cape Verde, especially Sal, rely on tourism to stimulate the economy, and relatives living abroad send money home.
The combination of a tourism and remittance-based economy presents multiple issues. Due to the presence of tourists year-round, Sal uses three currencies: the local Escudo, the U.S. dollar, and the Euro, although Hall discovered it’s also possible to pay in British pounds. Mastercard and Visa charge upward of 4% for transaction fees in stores, which merchants often pass on to customers.
Hall receives “confused change” — a mix of euros and escudos — at the checkout. Source: Cointelegraph
Western Union and MoneyGram charge customers as much as 15% for remittances to send money across borders. The high remittance costs act like a tax on the higher incomes of Cape Verdean workers living abroad.
The Cape Verde cash economy is also hamstrung by high ATM and bank access fees, as well as strict opening and closing hours. Cape Verdean banks close at 5:00 pm local time on the islands, and during bank holidays, ATMs often run out of cash for withdrawal, presenting further economic hurdles for full-time workers.
Finally, inflation runs higher in Cape Verde than across the eurozone, even though the escudo is “pegged” to the euro. Compared with Western economies, the islands’ incumbent financial systems impede Cape Verdeans from simply spending, saving and sending money the way many Westerners take for granted.
While investigating these economic issues, Hall met with Renato Evarchi, one of the first business owners in Cape Verde to accept Bitcoin. He shed light on the economic situation and explained how more and more Cape Verdeans were warming up to a borderless, immutable and decentralized internet currency.
To learn more from Hall’s travels in Cape Verde, watch the full documentary above and subscribe to Cointelegraph’s YouTube channel.
BTC price advances toward $35,000, potentially opening the door for ETH, APT, QNT and RUNE to move higher.
Hopes of approval for a spot Bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.
Bloomberg senior ETF analyst Eric Balchunas highlighted in a post on X (formerly Twitter) that ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get regulatory consent in the U.S. in 2021, saw its second biggest trading week ever at $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp uptick in volume in the existing instruments shows that spot Bitcoin ETFs are likely to witness huge volumes when they see the light of the day.
When the leader starts performing, it generally lifts the entire sector. That is seen in the strong performance of altcoins, which have risen sharply from their multi-year lows.
However, after the initial rally, some altcoins will struggle to maintain their up-move while a few will lead the markets higher. It is better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.
Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.
Bitcoin price analysis
Bitcoin pulled back from $35,280 on Oct. 24, indicating that higher levels are attracting selling by traders. The bears tried to start a deeper pullback on Oct. 27 but the long tail on the candlestick shows solid buying at lower levels.
Although the rising moving averages indicate advantage to buyers, the overbought levels on the relative strength index (RSI) suggest that the BTC/USDT pair may spend some more time in consolidation.
The important level to watch out for on the downside is $32,400 and then $31,000. Sellers will have to pull the price below this zone to seize control.
Conversely, if the price turns up from the current level and breaks above $35,280, it will indicate the bulls are back in the driver’s seat. The pair may then surge to the next target objective at $40,000.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA is gradually flattening out, indicating that the bulls are losing their grip in the near term. That could keep the pair range-bound between $35,280 and $33,200 for some time. If the bears yank the price below $33,200, the pair may tumble to $32,400.
On the contrary, if the price turns up and rallies above $35,280, it will indicate that the current consolidation was a continuation pattern. The pair could then skyrocket toward $40,000.
Ether price analysis
Ether (ETH) climbed above the $1,746 resistance on Oct. 23 and reached $1,865 on Oct. 26. This level attracted selling by short-term traders which pulled the price back toward the breakout level of $1,746.
ETH/USDT daily chart. Source: TradingView
The bulls successfully defended the retest to $1,746, indicating that the level may act as a new floor. The rising 20-day EMA ($1,693) and the RSI near the overbought zone, indicate that the bulls are in command. Buyers will then strive to push the price above $1,865. If they succeed, the ETH/USDT pair could soar to $2,000.
If bears want to prevent the upside, they will have to yank and sustain the price below $1,746. That could open the doors for a fall to the 20-day EMA.
The 20-EMA on the 4-hour chart is flattening out and the RSI is near the midpoint, indicating a range-bound action in the near term. The pair may continue to swing between $1,746 and $1,865 for some time.
If bulls kick the price above $1,812, the likelihood of a rally to the overhead resistance of $1,865 increases. On the other hand, if the price maintains below the 20-EMA, the bears will attempt to tug the pair below $1,746. If that happens, the short-term trend will turn bearish.
Aptos (APT) price analysis
Aptos (APT) rallied sharply in the past few days, indicating that the bulls are attempting to make a comeback.
APT/USDT daily chart. Source: TradingView
The APT/USDT pair witnessed profit-booking near $7 but a minor positive is that the bulls did not give up much ground. This shows that every minor dip is being purchased. The bulls will again try to overcome the obstacle at $7. If they manage to do that, the pair may start its march toward $8.
Instead, if the price turns down from $7, it will suggest that the bears remain active at higher levels. The pair may then spend some more time inside a tight range between $7 and $6.20. A break below this support could signal the start of a deeper correction.
The pair has been finding support at the 20-EMA but the negative divergence on the RSI suggests that the bullish momentum may be slowing down. If the price breaks and sustains below the 20-EMA, it will indicate the start of a deeper correction to the 50-SMA.
This remains the key level to watch on the downside because if it cracks, the pair may slump to $5.80. On the upside, the bulls will have to thrust the price above $7.02 to indicate the start of the next leg of the recovery.
Quant (QNT) rose above the breakdown level of $95 on Oct. 23, indicating that the markets have rejected the lower levels. The buying continued and the bulls propelled the price above the downtrend line on Oct. 25. This signals a potential trend change.
QNT/USDT daily chart. Source: TradingView
The short-term bulls seem to be booking profits after the recent rally. That may pull the price down to the downtrend line. This is an important level to keep an eye on because a drop below it may suggest that the rise above the downtrend line may have been a bull trap.
On the contrary, if the price snaps back from the downtrend line, it will suggest that the bulls have flipped the level into support. If buyers clear the hurdle at $110, it will indicate the resumption of the rally to $120 and then to $128.
The 4-hour chart shows that the QNT/USDT pair is facing selling near $108. The bears pulled the price below the 20-EMA, indicating that the short-term traders are booking profits. If the price slips below $103, the pair may drop to $100.
Instead, if bulls sustain the price above the 20-EMA, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive the price above $110 and start the next leg of the up-move.
THORChain price analysis
THORChain (RUNE) broke and closed above the overhead resistance of $2 on Oct. 23, completing a bullish inverse head and shoulders pattern.
RUNE/USDT daily chart. Source: TradingView
Both moving averages are sloping up and the RSI is in the overbought zone indicating that bulls remain in command. However, in the short term, the RUNE/USDT pair may enter a minor correction or consolidation.
If the pair does not give up much ground from the current level, it will suggest that the bulls are holding on to their positions. That may improve the prospects of a rally to $3 and subsequently to the pattern target of $3.23. If bears want to prevent this uptrend, they will have to pull and sustain the price below $2.
The pair has been in a strong uptrend with the bulls buying the dips to the 20-EMA. Although the upsloping moving averages indicate advantage to buyers, the negative divergence on the RSI suggests that the bullish momentum may be weakening.
If the price skids below the 20-EMA, it could tempt short-term traders to book profits. That could pull the price to the 50-SMA.
Contrarily, if the price rebounds off the 20-EMA with strength, it will signal that the sentiment remains positive. The bulls will then try to resume the up-move with a break and close above $2.57.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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VanEck joins the group of asset managers updating applications for a spot Bitcoin ETF in the United States.
Asset manager VanEck filed an amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 27 with the United States Securities and Exchange Commission (SEC), according to the regulator’s database.
The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency.
According to finance lawyer Scott Johnsson, the filing suggests the fund seeding will be carried out with Bitcoin, different from other spot Bitcoin ETF proposals with seeding in cash.
A spot Bitcoin ETF would directly invest in Bitcoin, as opposed to existing ETFs that invest in Bitcoin futures. The spot version of the product is expected to draw substantial investments from investors seeking Bitcoin exposure via traditional asset managers.
With this new filing, VanEck joins a growing list of asset managers updating their applications for a spot Bitcoin ETF. In September, Bitwise Asset Management also filed an amended application responding to the SEC’s objections to the product.
Early this month, ARK Invest and 21Shares amended their joint application as well, providing additional information about their proposed spot Bitcoin ETF, including practices for asset custody and valuation.
The wave of amended filings may indicate that negotiations between asset managers and regulators are progressing. Commenting on filings awaiting regulatory approval, ETF analyst Eric Balchunas recently noted the changes in ETF proposals may reflect SEC requests for issuers to address concerns.
“It means ARK got the SEC’s comments and has dealt with them all, and now put [the] ball back in [the] SEC’s court,” Balchunas explained on X (formerly Twitter). “[In my opinion] good sign, solid progress.”
The U. S. SEC has delayed its decision on several proposals for spot Bitcoin ETFs in the country, including from BlackRock, Invesco, Bitwise, VanEck and Valkyrie. Market participants and analysts predict that a decision should be made within weeks.
USDT has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country so far in 2023.
Stablecoin Tether (USDT) has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil’s revenue service agency.
As of mid-October, USDT transactions in Brazil this year amounted to $271 billion Brazilian reais (~$55 billion), almost double the volume of Bitcoin (BTC) transactions in the country, which were $151 billion reais (~$30 billion). Stablecoins are cryptocurrencies designed to have a stable value, often pegged to the value of fiat currencies, like the U.S. dollar and the Brazilian real.
USDT transactions have been on the rise in Brazil since 2021, but crossed Bitcoin volume for the first time in July 2022, just at the peak of the crypto industry’s storm last year, when crypto lenders Three Arrows Capital and Voyager Capital collapsed.
Top six cryptocurrencies by volume in Brazilian Reais. Source: Receita Federal
The crypto winter slashed the volume of crypto transactions in the country by nearly 25% in 2022, ending at $154.4 billion reais, or ~$31 billion, the government reported.
The Brazilian tax agency tracks crypto-related activities of citizens using a sophisticated system that relies on artificial intelligence and network analysis. According to a blog post, the system is able to detect suspicious activity as well as trace the location of individuals trading cryptocurrencies.
The revenue agency is also targeting crypto investments held by the country’s citizens overseas. On Oct. 25, the local Congress passed legislation that recognizes cryptocurrencies as “financial assets” for tax purposes in foreign investments. Earnings overseas between 6,000 and 50,000 reais (~$10,000) will be subject to a 15% tax rate starting in January 2024. Above this threshold, taxes will be applied at 22.5%.
Since 2019, crypto exchanges operating in Brazil are required to disclose all user transactions to the government. Capital gains from crypto sales exceeding 35,000 reais (~7,000) per month are subject to a progressive tax bracket of 15% to 22.50%.
Global crypto exchanges such as Coinbase, Binance, Bitso, and Crypto.com operate in the country alongside local players such as Mercado Bitcoin and Foxbit.
Open-source protocols have numerous advantages over proprietary protocols. They include greater transparency and accessibility.
Understanding open-source protocols
Open-source protocols have become a mainstay in the tech world and are gaining traction due to the myriad benefits that they offer over their proprietary counterparts.
The protocols are typically created with the intention of being used by the public, enabling anyone to examine, alter and share their code. The benefits of open-source protocols are multifaceted, ranging from their inherent transparency to their wider accessibility.
Additionally, they rely on peer evaluations, a cost-effective and inclusive model that distinguishes them from their proprietary counterparts. Prominent examples of open-source software include widely used operating systems such as Linux and Android and the popular Firefox web browser.
When it comes to open-source cryptographic protocols, the Bitcoin, Ethereum, Cardano and Polkadot networks stand out as noteworthy blockchain protocol exemplars, among others.
Open-source vs. proprietary protocols
Open-source and proprietary protocols represent two distinct approaches to protocol development, each with its own set of principles when it comes to protocol implementation.
The following is a dissection of their key disparities:
What’s the development process for open-source protocols?
The development of open-source protocols involves several distinct phases, each integral to a protocol’s evolution. It all starts with the conceptualization phase, where developers lay the foundation that defines the protocol’s standards and purpose.
Usually, the basic concept is based on an existing protocol with some enhancements. The conceptualization stage acts as the bedrock, upon which developers meticulously outline the architecture and features, forming a robust theoretical foundation. In this phase, developers chart out a well-defined roadmap, akin to a strategic plan, guiding the project’s trajectory.
The subsequent step in the development process is usually the prototyping stage. In this stage, developers create a functional model of the protocol that includes the key proposed features. The prototype is usually made accessible to the public as the beta version.
Releasing the beta version subjects the software to real-world scenarios and user interactions, allowing developers to discern its strengths and weaknesses. The stage also allows developers to get feedback from the open-source community regarding potential new features to incorporate before the final protocol is released. Therefore, the stage is aptly referred to as the beta testing or user acceptance testing (UAT) stage.
Continuous feedback and updating ensure that the protocol remains responsive to the evolving needs and expectations of its user base. After relevant protocol upgrades are implemented to resolve many of the known stability and reliability issues, the protocol reaches a level of stability warranting the designation of a “stable release.” The stable release version is usually as reliable as developers can make it.
However, the process does not culminate in stable releases. Open-source projects require ongoing protocol maintenance. The process usually entails releasing bug fixes, such as security patches, and updating the code for enhanced compatibility.
Are open-source protocols copyrighted?
When a developer publishes their code as open-source, they are sharing it with the public, allowing others to use, modify and distribute it. However, the act of making the code public doesn’t translate to unrestricted usage.
Copyright laws apply here, just as they do for proprietary software. The laws automatically safeguard any original creative work, including open-source protocols, granting the software creator exclusive rights to control their use and distribution.
When it comes to open-source protocol licensing, the developer typically attaches a license to it, which acts as a set of guidelines that clearly delineates what’s permissible and what’s off-limits concerning the code.
Open-source licenses often grant users extensive permissions without needing explicit approval from the original author. That said, there are two main types of open-source licenses: permissive and copyleft.
A permissive license, sometimes also called a BSD-style or Apache-style license, imposes minimal requirements on how the software can be modified or redistributed. However, projects that use this type of license are obliged to append a warranty disclaimer. A classic example of a permissive license is the MIT License. The license allows anyone to use, modify and distribute the code without prior consent.
Projects utilizing MIT-licensed code typically must incorporate the original copyright notice and a disclaimer explicitly stating that the software comes without any warranty. The disclaimer clarifies that the copyright holders bear no responsibility for any claims or liabilities stemming from the software’s use.
The license is exceedingly permissive and is crafted to offer maximum freedom to developers, even permitting the code’s inclusion and distribution in commercial products.
Regarding copyleft licenses, projects that use them are also required to affix a liability disclaimer. They come with more restrictions, especially concerning the distribution of modified protocol versions. For instance, the copyleft GNU General Public License (GPL), a widely employed open-source license, guarantees that the software remains open and free. Like the MIT License, the GPL mandates a warranty disclaimer.
Copyleft licenses guarantee that open-source protocols or software can be utilized, tweaked and shared without constraints. However, any modified work must adhere to the same terms, preserving the protocol’s openness in all future versions.
When it comes to proprietary protocols, the landscape changes dramatically. The protocols impose stringent limitations on their protocol documentation, which often include restrictions on modifying or reverse-engineering the code.
To uphold protocol security, proprietary projects usually include confidentiality clauses in their licenses, preventing users from disclosing their protocols’ workings or any proprietary information they might come across.
In terms of cost, permissive and copyleft licenses are free, allowing users to use and distribute the software without charge. In contrast, proprietary licenses often require users to pay for access to and use of the software.
The future of open-source protocols
As the world becomes increasingly digital and interconnected, open-source protocols are poised to play a key role in enabling innovation, especially when it comes to supporting interoperability among different systems, applications and devices.
The shift is driven by the widespread, concurrent utilization of protocols crafted by different developers on an everyday basis. As a result, open-source protocols, especially those that allow alterations by third parties and support interoperable systems, are bound to take center stage in the new technological frontier.
Going by current trends, open-source projects are also likely to focus on sustainability, energy efficiency and problem-solving in alignment with the global push for eco-friendly technological solutions.
Furthermore, open-source networking protocol initiatives are expected to continue developing peer-to-peer (P2P) internet protocols. The protocols facilitate direct communication between systems, eliminating the need for centralized intermediary systems. P2P protocols boast an expanding array of applications, particularly in enabling P2P transactions and communications through decentralized protocols.
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Sam Bankman-Fried testifies in court, searches for ‘buy Bitcoin’ surge, and Gemini sues Genesis over collateral.
Top Stories This Week
Sam Bankman-Fried takes the stand on FTXs collapse
Sam SBF Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making big mistakes during the companies’ explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.
Buy Bitcoin search queries on Google surge 826% in the UK
Google searches for buy Bitcoin have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term buy Bitcoin spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for should I buy Bitcoin now? increased by more than 250%, while more niche searches, including can I buy Bitcoin on Fidelity? increased by over 3,100% in the last week. Zooming out further, the search term is it a good time to buy Bitcoin? saw a 110% gain worldwide over the last week.
US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF
The United States Court of Appeals has issued a mandate following a decision requiring Grayscale Investments application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the formal mandate of the court took effect, paving the way for the SEC to review its decision on Grayscales spot Bitcoin ETF. The mandate followed the courts initial ruling on Aug. 29 and the SECs failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.
Coinbase disputes SECs crypto authority in final bid to toss regulators suit
The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulators purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.
Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B
Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%.
The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%.
I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.
Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.
Gary Gensler, chair of U.S. Securities and Exchange Commission
I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.
He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.
Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in
Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.
The largest cryptocurrency avoided significant volatility as the weekly and monthly closes a key moment for the October uptrend drew ever nearer.
I think Bitcoin will hang around this range for some time, popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. Roughly $33-35K is what Im looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade, he wrote.
FUD of the Week
UK passes bill to enable authorities to seize Bitcoin used for crime
Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.
Scammers create Blockworks clone site to drain crypto wallets
Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake BREAKING news report of a supposed multimillion-dollar approvals exploit on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.
Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada
Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.
5,050 Bitcoin for $5 in 2009: Helsinkis claim to crypto fame
Sam Bankman-Fried testified in court this week, denying any wrongdoing between FTX and Alameda Research despite admitting “big mistakes."
Sam “SBF” Bankman-Fried took the stand this week to testify in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research, while acknowledging making "big mistakes" during the companies’ fast-paced growth.
His official testimony started on Oct. 27, after a hearing on the previous day without the jurors present. During the hearing, Bankman-Fried struggled to answer questions raised by government attorneys, whereas he appeared much better prepared the following day to face the jury.
A few highlights of Bankman-Fried’s testimony this week include denying directing his inner circle to make millionaire political donations in 2021, as well as claims that FTX's Term of Uses covered transactions between Alameda and the crypto exchange. Moreover, the former CEO stated that he had requested additional hedging strategies for Alameda throughout 2021 and 2022, but they were never implemented.
The defense is expected to conclude Bankman-Fried’s examination on Oct. 30, followed by the prosecution’s cross-examinations and closing arguments from both sides. Prosecutors also hinted about a possible rebuttal witness next week — someone who is called to prove that the testimony of another witness is false or inaccurate.
Bankman-Fried could be jailed for 115 years if found guilty of all fraud and conspiracy counts. Cointelegraph’s on-the-ground coverage of his testimony is summarized below.
SBF refutes claims over political donations
Bankman-Fried denied in court having directing Ryan Salame, former co-CEO of FTX Digital Markets, and Nishad Singh, former director of engineering, to funnel millions of dollars in contributions to political campaigns.
According to data available on OpenSecret, Singh gave $8 million to federal campaigns in the 2022 election cycle. Salame also donated $10 million to politicians via loans from Alameda Research.
Even though Bankman-Fried denied instructing both to make political contributions, he recognized that lobbying in Washington, D.C. played a key role in his efforts to push a regulatory framework for crypto firms in the United States during 2021.
"I came to believe that I could impact the world."
According to prosecutors, Bankman-Fried used funds from customers' deposits on FTX to make more than $100 million in political campaign contributions ahead of the 2022 midterm elections.
Bankman-Fried denied any wrongdoing during his testimony, asserting that FTX had more than $1 billion in revenue in 2021 and that political donations were made from the exchange’s own funds.
— Jordan Schachtel @ dossier.today (@JordanSchachtel) November 17, 2022
The New York Times test
Bankman-Fried had a guideline for employees' communication at FTX and Alameda Research: The New York Times test.
Based on the informal test, employees should not write anything they wouldn't be comfortable seeing on the front page of the newspaper. According to Bankman-Fried, even harmless things could "look pretty bad out of context," so employees should be sure to always provide sufficient context in written messages.
Bankman-Fried described the test as part of his explanation of why more than 200 channels on Signal had an autodelete policy that permanently deleted messages after a week.
Prosecutors used evidence of the autodelete feature in the previous days to suggest that any wrongdoing between the companies was being covered up. According to Bankman-Fried, official communications and regulatory paperwork were handled through other channels, such as Slack or email, but Signal was the choice for daily communication within the companies.
Alameda’s unique role on FTX
Bankman-Fried provided details about Alameda's billionaire line of credit with FTX. According to his testimony, Alameda served as FTX's payment provider for wire transactions while the exchange was unable to have its own account.
Besides being a payment processor, Alameda was also the primary liquidity provider, market maker and a client of FTX.
As liquidity provider and market maker, Alameda would have to step in and cover customer losses if FTX’s risk engine failed. During his testimony, Bankman-Fried provided an example of a failure of the risk engine that resulted in Alameda covering millions of dollars in losses in 2021.
The nature of Alameda's role in the exchange's operations prompted custom features in FTX's code, such as the ability to go negative via a line of credit without activating the risk engine. According to Bankman-Fried, the exemption was necessary to prevent Alameda's potential liquidation, which would negatively impact the crypto markets.
As a client of FTX, Alameda was also able to borrow funds by depositing collateral in the exchange. The terms of use of FTX allow borrowers to use funds for any purpose, which means Alameda could trade with the borrowed funds.
Alameda's line of credit with FTX grew along with the crypto industry during the bull market.
Scenes from outside Bankman-Fried’s trial location in New York. Source: Ana Paula Pereira/Cointelegraph
Alameda fails to hedge
Bankman-Fried discussed hedging strategies with Caroline Ellison, former CEO of Alameda Research, in 2021 and 2022 while seeking to shield the trading platform from a possible market downturn.
According to his testimony, Bankman-Fried asked Ellison to hedge $2 billion in Bitcoin (BTC) against a possible price decline in 2021. The strategy was never implemented, he told jurors.
Notes of Ellison shared as evidence by prosecutors reveal that Bankman-Fried was "freaking out" about hedging in early 2022. The defense used the evidence to illustrate that hedging was one of Bankman-Fried's highest concerns and discussed with Ellison frequently.
Without appropriate hedging in place, Alameda was significantly harmed by the Terra ecosystem collapse and decline in crypto prices. In September 2022, Bankman-Fried learned the liability between the companies had grown from $2 billion a year before to over $8 billion.
"I was very surprised,” he claimed in court, stating that he believed Alameda’s assets outweighed its liabilities by nearly $10 billion.
Clawback provision in Terms of Use
According to Bankman-Fried, FTX's terms of use include a clawback provision that would socialize losses among customers using margin trade and futures contracts in the event that the exchange's risk engine fails.
The document presented in court states that:
"[...] your account balance may be subject to clawback due to losses suffered by other users.”
If FTX could not cover losses related to spot margins and futures, damages would be shared among all customers. Defense lawyers used the provision to argue that customers trading on FTX were aware of the risks involved.
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CryptoRobotics, a one-stop-shop trading platform, offers trading bots, autostrategies and signals while fostering a community-driven mission to outperform the market.
Crypto market charts can make traders feel exhausted just by looking at them, and chances are high that this contributed to the prolonged bear season. After experiencing historic lows for well over a year, both first-timers and experienced traders are looking for ways to stay afloat in the crypto market, and it might feel like a never-ending grind.
In times like these, when individual efforts and manual orders hardly yield results due to the unpredictability of the market, it’s crucial for traders to get together and learn from each other. Adding a social aspect to crypto trading might be the answer, and one project aims to do that.
CryptoRobotics offers automated trading on cryptocurrency exchanges, enabling users to implement popular strategies. Their cloud-based technology allows traders to execute trades simultaneously and benefit from each other’s successful trading strategies. With features like autostrategies, copy trading or crypto signals, CryptoRobotics aims to unite all traders and investors by developing a trading index that will bring its users into one large community with shared goals.
One of CryptoRobotics' key differentiators in the industry is its commitment to uniting traders and investors with a shared purpose. Unlike many projects that focus on driving commissions and fees, CryptoRobotics aims to create a trading index that fosters a community with common goals. Their profit-sharing model ensures fairness and equity among all participants within the community. Traders who provide successful strategies earn rebates, while investors who profit share with the strategy providers. This approach caters to both beginners and experienced traders, emphasizing community support and recognition for passionate traders.
Pro traders’ signals now open to all users
The auto-following CryptoRobotics feature combines trading robots with signals, first provided by analysts or experienced traders and then executed by robots. This feature simplifies continuous trading for newcomers with an uncomplicated setup.
Meanwhile, analysts and professional traders have the opportunity to monetize their trading strategies through automation.
CryptoRobotics’ dashboard is available with desktop and mobile interfaces. Source: CryptoRobotics
In addition, CryptoRobotics is integrated into 15 major crypto exchanges. Users can trade using its bots, which have a risk management system, for spot and futures exchanges. The CryptoRobotics team explained that the project combines the best practices from traditional asset markets, including user-created strategies, copy trades and risk management through multiple asset investments.
“CryptoRobotics is a platform for beginners and experienced traders, but most importantly, for enthusiastic traders who need community support and recognition,” a CryptoRobotics spokesperson said. “Those who love the market and stay awake for weeks anticipating a big win or after a fatal mistake.”
Cointelegraph Accelerator picked CryptoRobotics as the latest addition to the program’s growing roster of promising Web3 and crypto startups. The CryptoRobotics team has already built a product generating revenue in a tough crypto-investing market. CryptoRobotics’ social approach to trading picked up the pace, generating over 55,000 registered users, 20 trading robots and over 50 popular strategies since its launch. The platform saw over $1 billion in trading volume in 2022. The head office of the startup is in Estonia, and most of its team is based in Bali.
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This week’s Crypto Biz looks at BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin ETF developments, Worldcoin’s operator payment scheme upgrades and more.
Crypto lender BlockFi announced its emergence from insolvency this week, just a few days after FTX announced that it successfully reclaimed approximately $7 billion in assets. FTX debtors, comprising FTX and affiliates, estimate that $8.7 billion has been misappropriated from customers. BlockFi has lent FTX more than $650 million, making it one of the exchange’s largest creditors, which means its customers’ repayment success is tied to FTX’s ability to recover its assets.
FTX’s new management is also carefully considering its future options, including selling the entire exchange — which includes its extensive customer base of over nine million — or partnering with another entity to revive the exchange. The possibility of an independent comeback is also on the table.
BlockFi, on the other hand, has no option but to wind down operations, according to its court filings.
This week’s Crypto Biz looks at BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin exchange-traded fund (ETF) developments, and changes in Worldcoin’s payment scheme.
There’s finally a light at the end of the tunnel for creditors of some of the bankrupted companies from 2022’s crypto bear market. Roughly a year after filing for bankruptcy, companies such as FTX and BlockFi have started to return their customers’ funds.
BlackRock’s spot Bitcoin ETF now listed on Nasdaq trade clearing firm — Bloomberg analyst
The iShares spot Bitcoin ETF proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission. In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. “This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. Balchunas speculated that BlackRock may have already received the green light for listing the ETF from the SEC or was “prepping everything assuming so.” Based on the date of BlackRock’s application, the SEC has until Jan. 10, 2024, to reach a final decision on approval or denial of the ETF.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusicpic.twitter.com/8PQP3h2yW0
BlockFi emerges from bankruptcy and opens wallet withdrawals
Crypto lending platform BlockFi has emerged from bankruptcy and is ready to pay back some of its creditors, according to a blog post on Oct. 24. Withdrawals “are currently available to nearly all Wallet customers,” the post stated, adding that BlockFi Interest Account and Loan customers will be able to withdraw some assets in early 2024. BlockFi’s emergence from bankruptcy means it can now attempt to recover assets from other firms it believes owe it money. This includes bankrupt crypto platforms such as Three Arrows Capital and FTX. The total amount of distributed funds will depend on BlockFi’s success in FTX bankruptcy litigation, among other factors.
Ledger hardware wallet rolls out cloud-based private key recovery tool
Hardware wallet firm Ledger is rolling out its cloud-based private key recovery solution despite facing significant criticism from the crypto community. Provided by blockchain protection platform Coincover, the solution is a paid subscription service allowing users to back up their secret recovery phrase. The rollout comes months after Ledger paused the recovery service in May 2023 in response to community backlash. Ledger CEO Pascal Gauthier subsequently said that the firm would launch the product only after its open-source code was released. The code for the Ledger Recover is now available on GitHub.
Worldcoin to cease paying Orb operators in USDC as early as November
Worldcoin is set to begin paying its Orb Operators — those rewarded for scanning people’s eyes — with its native Worldcoin (WLD) token, phasing out USD Coin (USDC) as early as next month. The change will affect most jurisdictions. Worldcoin said the move to pay orb operators entirely in WLD was part of a “transitional phase” following the official launch of the project on July 24. Data from Worldcoin’s official Dune Analytics dashboard shows that the supply of the WLD token has grown from approximately 100 million at the time of launch to around 134 million as of this week.
Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
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