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Binance Smart Chain-based yield farming protocol Arbix Finance was identified by blockchain security company CertiK as a rug pull.
According to the firm’s incident analysis, there were several reasons why the project was flagged. The security firm states that “The ARBX contract has mint() with onlyOwner function, 10 million ARBX tokens were minted to 8 addresses,” and 4.5 million ARBX was minted to a single address. Following this, CertiK confirmed that “The 4.5M minted tokens were then dumped.”
The firm also reported that the $10 million in funds deposited by users was directed to pools that are unverified, and eventually, a hacker drained all the assets from the pools.
Using the platform’s Skytrace tool to analyze the risk of fraud, the firm determined that the hacker moved the funds to Ethereum through decentralized exchange AnySwap USDT.
The term “rug pull” is used to define events where developers abandon projects entirely after receiving a huge amount of investments in their fake crypto or decentralized finance project. Scams such as this are very prevalent in the crypto industry and record over $7.7 billion worth of cryptocurrency funds lost by scam victims globally.
A report by Chainalysis suggests that rug pulls contributed the most to the increase of money lost through crypto scams in 2021. The report notes that “37% of all cryptocurrency scam revenue in 2021” were rug pulls.
Back in November 2021, investors lost around $57 million worth of Ether (ETH) in a rug pull by AnubisDAO, a fork of OlympusDAO. Investors noted extravagant gains in the popular canine-themed meme coins were some of the reasons why they invested in the rug pull.
B3, the Brazilian Stock Exchange, confirmed that within six months it intends to launch its first official product aimed at the cryptocurrency market — Bitcoin (BTC) futures trading. The group’s chief financial officer, André Milanez, made the announcement during a conference call on Monday.
Milanez did not provide many details on how the product will work. It is not yet known if B3 will form a partnership or if it will offer Bitcoin futures trading directly, but the timeline for launching this product was stated to be relatively short. “We plan to launch bitcoin futures in the next three to six months,” he said.
Currently, in Brazil, institutional and retail investors can trade 11 ETFs through B3 with exposure to cryptocurrencies, including CRPT11 from Empiricus with Vitreo; the NFTS11 of Investo; QBTC11, QETH11 and QDFI11 all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex. In addition, in Brazil, there are more than 25 investment funds approved by the Securities and Exchange Commission (CVM) that offer different types of exposure to the crypto-assets market.
In January Jochen Mielke de Lima, director of information technology at B3, had already said that the Brazilian stock exchange would launch several products with exposure to cryptocurrencies in 2022, including Bitcoin futures and Ethereum (ETH) futures
At the time, the executive highlighted that the Brazilian stock exchange had been looking closely at the cryptocurrency market from a technological point of view since 2016.
According to the statement, B3 only needed to settle the question on whether the negotiations would be carried out against the U.S. dollar or against the Brazilian real. Futures contracts need a reference index, so if the team chooses Brazil’s native currency, it will be necessary to compose a crypto-assets index in reais — something that does not exist now.
The B3 rep also said it is exploring ways to provide data inputs for the country’s central bank digital currency, or CBDC.
In addition to BTC and ETH futures, B3 also intends to offer services to national cryptocurrency exchanges and to be a kind of “centralizer” of custody and settlement operations, according to Jochen Mielke de Lima:
“We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.”
Mielke, also stated that the cryptocurrency market is very similar to the regulated stock market, as it involves issuing, trading, settlement and custody. He stated therefore that B3 could help solve common problems between exchanges.
“We are identifying points of friction that we can help resolve to face up, such as helping our customers provide the best access to their end customers,” he said.
In addition, B3 plans other products based on cryptocurrencies and blockchain to launch in 2022. Among them, there are studies on a platform for asset tokenization, cryptocurrency trading, cryptocurrency custody, among others.
“Trading and access to liquidity centers: this means mitigating the complexities of accessing a fragmented, global and 24×7 market; Digital Asset Custody: providing reliable custody (hence, purpose of blockchain transactions); Over-the-counter facilitation: thIn this way, it wants to provide more security and efficiency in the movement and DVP of digital assets; Capital efficiency gains: thus, it wants to mitigate the pre-funded nature of operations and Crypto as a service: make it easier for clients to explore the crypto market with low friction,” highlighted B3.
For 2022, B3 reps said they foresee the official launch of a reinsurance platform. This will work on the Corda blockchain R3, and is a partnership between the exchange and IRB Brazil.
Gaming giant Square Enix has revealed in its Q1 earnings report that it will expand nonfungible tokens (NFT) into more game products as part of its medium-term business strategy in 2022.
Square Enix (SE) is a Japanese game developer with $3 billion in assets under management according to its latest earnings report. The firm owns the Final Fantasy property and sold the Tomb Raider franchise for $300 million on May 3.
The report states that the firm piloted NFTs on the Shi-San-Sei Million Arthur game starting in February this year. The success of the pilot program will lead to the second season of the game’s NFTs and will ultimately see the firm pursue broader activities in the NFT and blockchain industries.
Among the top priorities of its blockchain domain initiatives, SE plans on establishing regulatory clarity and guidelines for blockchain games, tackling scalability in NFT economies, and considering founding a corporate capital venture unit.
The firm also stated that it plans on establishing an overseas entity that will handle “issuing, managing, and investing our own tokens,” suggesting the firm will begin creating an expansive gamingtoken economy.
SE has been working with Web3 gaming and Metaverse venture capital firm Animoca Brands to explore its options in the blockchain gaming space. Cooperation between the two firms is expected to grow as SE delves further into the ecosystem.
Animoca’s Executive Chairman Yat Siu believes Square Enix’s influence in gaming will only help the firm form a foothold in blockchain gaming. He told Cointelegraph today:
“Square Enix has already been talking about the potential of blockchain games for a long time so they get it better than most of the traditional gaming giants out there.”
The report puts investments in and monetization of blockchain, artificial intelligence (AI), and cloud computing as its third objective in its medium-term business strategy. This is in line with CEO Yosuke Matsuda’s expressed intention for his company to become more involved in those technologies in January.
The popularity of Web3 and NFT gaming has remained robust throughout 2022 despite a general crypto market downturn. Market tracker DappRader shows that there were 1 million daily active gamers on May 14, nearly the same level as on January 1.
However, gamers are not buying as much as they used to as total sales volume for NFT game items has dropped 88% from $70 on January 1 to $8.7 million on May 14.
The Metaverse has many advantages for kids, especially from an education perspective.
With the help of such technology, learners can grasp abstract concepts easily in a more engaging way. The Metaverse also offers almost actual, hands-on experience that can be very beneficial for children and help them to better understand the world around them and how things work.
In addition, the Metaverse can improve social skills in children. Social media has often been blamed for the rise in loneliness and depression among kids. On the other hand, the Metaverse has the potential to provide a safe and controlled environment for kids to interact with their peers and make new friends. Furthermore, it has the potential to encourage creativity and develop social intelligence in kids.
Lastly, it’s fun. It can be a great way for parents to bond with their kids and teach them various skills and knowledge in a less stressful environment. As long as parents are aware of the potential dangers and take the necessary measures to keep their kids safe, the Metaverse can be a great place for kids to explore and learn.
The Metaverse also poses some potential risks for children such as cyberbullying and a lack of privacy.
Cyberbullying is a serious concern, as kids can be targeted and harassed by anonymous users. In addition, there is also the risk of children being exposed to inappropriate content, such as violence, sexual content and hate speech.
Moreover, some experts are also concerned that the Metaverse can be addictive for kids. Given its highly immersive and engaging nature, it could be difficult for kids to manage their time and limit their use of the Metaverse.
Privacy may yet be another issue on the Metaverse. And, when kids are concerned, it’s even more important to be aware of such risks. As kids use the Metaverse, they may inadvertently share personal information such as their home address or other personal details.
In addition to the physiological risks, the physical risks of the Metaverse are also something to consider. Heavy use of VR headsets may lead to symptoms like dizziness, nausea and headaches. And, while these effects are usually temporary, they can still be quite discomforting.
Lastly, access inequality is a major concern when it comes to the Metaverse. Not every child will have access to the internet or a VR headset. And, without such access, they may be at a disadvantage, both educationally and socially.
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