15 Jan 2025

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Stay ahead of the curve with The Coinomist’s breaking news coverage. From major market shifts to regulatory updates and industry-defining announcements, we deliver the critical information you need, fast and accurate. Be the first to know about the stories shaping the world of cryptocurrency, business, investing, and Web3.

Coinbase & Circle Usher in New USDC Era

Coinbase & Circle Usher in New USDC Era

Coinbase and Circle, five years after jointly launching USDC, are evolving their partnership. Coinbase is acquiring an equity stake in Circle, emphasizing their shared vision for the financial future. To further its reach, USDC will launch on six new blockchains between September and October, expanding its multi-chain presence to 15. With clearer global stablecoin regulations, Circle will assume all governance, including smart contract management. The Centre Consortium, initially governing USDC, will dissolve.

22 Aug 2023
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Bitmain shields customers from a 20% decline in the market

Bitmain shields customers from a 20% decline in the market

Bitmain, the manufacturer of ASIC miners, has rolled out a new protection scheme against market volatility for those buying the S19j XP model. If there’s a downturn of more than 20% in the subsequent three months post-purchase, company ensures compensation at $1.89/T. Impressively, this offer is available even to current S19j XP owners. The compensation will be directly credited to the user’s account and is usable for any Bitmain product acquisitions.

21 Aug 2023
FluidAI & UK University Join Hands for Crypto Solutions

FluidAI & UK University Join Hands for Crypto Solutions

Imperial College London has teamed up with AI startup FluidAI to address challenges in the crypto market using artificial intaligance (AI). The collaboration will focus on enhancing the tokenized market for various stakeholders, including institutions and retail investors. FluidAI emphasizes the need to tackle liquidity aggregation issues in the crypto domain. AI can help predict and offer optimal bid and ask prices in the market.

21 Aug 2023
Andrew Kang received fourteen liquidations in one day

Andrew Kang received fourteen liquidations in one day

After the market crash on August 18, analyst Andrew Kang adopted a bullish stance. He opened long positions on Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB). However, this decision resulted in a significant loss. Due to his use of extremely high leverage, which reached up to 100x, Kang’s positions became vulnerable and were liquidated not once, but as many as fourteen times. These successive liquidations caused Kang to lose approximately $432,000 in a single day. This incident highlights the risks associated with trading and employing high leverage, especially during periods of intense market volatility.

21 Aug 2023
OpenSea will make author royalties optional

OpenSea will make author royalties optional

Beginning on August 31, the popular NFT marketplace OpenSea will not charge royalties for NFT secondary transactions, signaling a change in artist earning policy. Previously, creators were able to set a commission of 2.5% to 10% and earn from every resale. However, with the new update, the creator fee is left up to the discretion of the buyer. For collections on non-Ethereum blockchains, the creator fee will only remain mandatory until February 29, 2024. After this date, the entire platform will make royalties optional.

21 Aug 2023
Rare BAYC NFT sold at a loss of 80%

Rare BAYC NFT sold at a loss of 80%

In October 2022, a user purchased NFT BAYC #8585 for 777 ETH but recently sold it for 153 ETH, experiencing a loss of over 80% of the original value. This NFT is considered very unique due to the rare fur and gold crown features. The new owner, on the other hand, boasts of his new acquisition, though he already has a wide variety of NFTs in fifteen different collections.

21 Aug 2023
China Considering Social Credit System for Metaverse

China Considering Social Credit System for Metaverse

State-owned telecom company China Mobile has suggested the creation of a digital ID for all users in the metaverse and virtual worlds. This ID would include “natural characteristics” and “social characteristics” and store personal information, including a person’s occupation. An illustrative case for this system was presented, where a disruptive user, who “spreads rumors and makes chaos” in the metaverse could be quickly identified and penalized by authorities using their digital ID. This proposal resembles China’s established social credit system, which is created to evaluate and rank citizens according to diverse behavioral criteria, carrying enforcement implications.

21 Aug 2023
Today is Bitcoin Infinity Day!

Today is Bitcoin Infinity Day!

The number 8, when tilted, represents infinity, and 21 signifies the maximum number of Bitcoins (21 million). Thus, August 21st is often referred to as Bitcoin Infinity Day. This concept was conceived by Knut Svanholm, a philosopher, educator, and author of the books “Bitcoin: Sovereignty through Mathematics” and “Bitcoin: Everything Divided by 21 Million.”

21 Aug 2023
Friend.tech propelled ahead Uniswap and Tron in Protocol Fees

Friend.tech propelled ahead Uniswap and Tron in Protocol Fees

Social app friend.tech has recorded protocol fees amounting to more than $1.42 million within the past 24 hours, positioning it among the top three crypto projects in terms of user-paid fees. It now stands as the third-highest project for user-paid fees, following Ethereum and Lido Finance, according to data from DeFiLlama. Built on Coinbase’s Base Layer 2 chain, friend.tech is a social app that integrates with X (Twitter). It allows users to trade tokenized shares linked to each other’s profiles. Shareholders enjoy exclusive content access and private chat rooms in X.

21 Aug 2023
Judge Rules AI-Created Art Unprotected by Copyright

Judge Rules AI-Created Art Unprotected by Copyright

Despite being over 100 days into the writers strike, the worries about studios using generative artificial intelligence to entirely write scripts have not come to fruition. The decision came in response to a challenge by Stephen Thaler, CEO of Imagination Engines, who sought to register AI-generated works. The judge upheld the U.S. Copyright Office’s stance that copyright protection only extends to works created by humans, not AI. U.S. District Judge Beryl Howell has emphasized that copyright law has “never stretched so far” to “protect works generated by new forms of technology operating absent any guiding human hand.”

21 Aug 2023
UK Government Commits £100 Million for AI Chips

UK Government Commits £100 Million for AI Chips

Rishi Sunak is directing public funds toward acquiring high-performance artificial intelligence chips to ensure the country remains competitive in the global race for computing capabilities. The government has initiated talks with major IT firms such as Nvidia, AMD, and Intel to secure resources for a national “AI Research Resource.” This effort aligns with prime minister’s vision to establish Britain as a leading force in the field of artificial intelligence. Though the project has been allocated £100 million, there are concerns that this funding might fall short of the government’s AI aspirations. Government officials are advocating for additional funding in the coming months to match the scale of this initiative. Graphics Processing Units (GPUs) are vital components in constructing AI systems like ChatGPT, with the latest version trained on as many as 25,000 Nvidia chips.

21 Aug 2023
Is the Bitcoin NFT Hype Over?

Is the Bitcoin NFT Hype Over?

DappRadar’s recent report reveals a staggering 98% drop in Bitcoin Ordinals NFT trading volume since May, plummeting from $452 million to just $3 million. Transaction numbers also fell by approximately 97% to 20,571 during this period. While DappRadar acknowledges the decline, they emphasize the need for more time to discern if this is a short-term hiccup or a deeper issue with Bitcoin-based NFTs.

20 Aug 2023
Dogecoin Foundation pays tribute to famous meme dog Cheems

Dogecoin Foundation pays tribute to famous meme dog Cheems

The Dogecoin Foundation has expressed its heartfelt condolences over the passing of Balltze, the dog widely recognized online as Cheems. He passed away on August 18, 2023, during a surgical procedure. Balltze rose to internet fame in 2017 due to a photo capturing his distinctively troubled expression. Among the plethora of memes generated from this image, one in particular stands out: a comparison with Kabosu, the Dogecoin cryptocurrency mascot. Condolences have also poured in from various cryptocurrency and meme communities worldwide.

20 Aug 2023
The least favorable locations for Bitcoin mining

The least favorable locations for Bitcoin mining

Coingecko has just unveiled a report that details the countries where mining 1 BTC could be either a lucrative venture or a costly mistake. For example, mining a Bitcoin in Lebanon would cost only $266 in electricity, while the same task in Italy would run a shocking $206,000, or 783 times more. Out of the top 10 nations with the highest electricity costs, 9 are European.

20 Aug 2023
USTC Repeg’s proposal declined by Terra Luna Classic

USTC Repeg’s proposal declined by Terra Luna Classic

The community of Terra Luna Classic has dismissed the USTC Repeg team’s request for funding. Voting outcomes showed 45% in support, 43% objecting with veto power, and 11% rejected it outright. Even though 11 of the 17 validators were in support, the proposal failed to gain traction with the general public. The request was for 285 million LUNC ($20,000) to refine an instrument for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.

19 Aug 2023
SBF Requests 5-Day Outside Prison Access

SBF Requests 5-Day Outside Prison Access

After his brief time in custody, Sam Bankman-Fried is already petitioning to spend five days each week outside the confines of the detention facility. His legal team is vocal about the obstacles he’s facing, especially the considerable challenge of reviewing numerous papers connected to his case whithin the detention center.

19 Aug 2023
Bitcoin Miners Pivot to AI Amid Halving Concerns

Bitcoin Miners Pivot to AI Amid Halving Concerns

JPMorgan reports that Bitcoin miners are diversifying their operations in anticipation of the upcoming halving event, which will slash their rewards. Miners are now venturing into the booming artificial intelligence (AI) market, offering high-performance computing services. This shift is partly funded by selling newly minted or existing bitcoins. Companies like Applied Digital and Iris Energy are already making strides in AI cloud services. Additionally, post Ethereum’s shift from proof-of-work, former Ethereum miners are leveraging GPUs for AI, finding it potentially more profitable than traditional mining.

18 Aug 2023
Coinbase’s blockchain surpasses L2 titans

Coinbase’s blockchain surpasses L2 titans

Base, engineered on OP Stack as a second layer network, has managed to surpass Arbitrum and Optimism in the number of daily transactions this week. Data from The Block highlighted that on August 15, Base’s moving average reached 610,000 transactions, while the counts for Arbitrum and Optimism stood at 576,000 and 597,000, respectively. Although Optimism currently holds a slight lead, overall, the networks are closely competing.

18 Aug 2023
Mantle DAO and FTX holdings: A critical decision

Mantle DAO and FTX holdings: A critical decision

Currently, Mantle DAO is evaluating a proposal that would prohibit the conversion of BIT tokens held by FTX Group into the new MNT token. Previously, Alameda Research, a branch of the FTX Group, swapped 3.4 million FTT tokens for a staggering 100 million BIT tokens, which equated to around $43 million. Yet FTX’s descent into bankruptcy prompted DAO members to introduce this proposal. MNT is a token that was launched as Mantle’s L2 mainnet went live. The blockchain was established by the Bybit exchange, which initiated the merge of BIT (BitDAO) and MNT tokens. Controversies aside, there’s robust support for this proposal within the Mantle enclave, spotlighting the overarching investor community’s interests.

18 Aug 2023
Security breach at Exactly protocol

Security breach at Exactly protocol

The Exactly Protocol has suffered a hacking attack. Running on the Optimism blockchain, this lending DeFi platform was targeted by malefactors who stole over 4300 ETH, totaling approximately $7.3 million. Both BlockSec and Beosin security agencies have corroborated the theft. The hackers reportedly found and exploited a weak point in the platform’s smart contracts, although the finer details are still under wraps. UPD: The team at Exactly Protocol would declare a $700,000 reward for any leads on the hacker, should they not receive a response from the malefactor by the end of August 22nd. “You can return the funds, minus a 10% fee to you, without worries about us coming after you,” the Exactly team conveyed in their message.

18 Aug 2023
Hoskinson defends Cardano against critics

Hoskinson defends Cardano against critics

The founder of Cardano, Charles Hoskinson, stated that the Hydra protocol is not only active on Cardano’s mainstream network, but it’s also rapidly evolving. He highlighted the innovative transaction processing methods, including tiered pricing and the Babel commission system. Hoskinson’s comment was in response to a user, going by the pseudonym 0xONLY.arf, who expressed the opinion that Cardano is merely following in Ethereum’s footsteps, albeit a few years behind.

18 Aug 2023
SEC allowed to question Terra co-founder in South Korea

SEC allowed to question Terra co-founder in South Korea

The U.S. Securities and Exchange Commission has received permission from a U.S. judge to request assistance from the South Korean government in questioning Daniel Shin, co-founder of Terraform Labs. Officials plan to question Shin in connection with their own lawsuit against Do Kwon and to obtain documents related to Chai Corporation, a secondary company that was also used in the illegal scheme.

18 Aug 2023
Fed issues enforcement action with Farmington State Bank

Fed issues enforcement action with Farmington State Bank

The Federal Reserve enforced the closure of Farmington State Bank, a lender that has ties with both FTX and Alameda Research. But what led to this? The bank’s silent move towards a digital-centric strategy without keeping the Federal Reserve in the loop. To thicken the plot, Farmington had previously, in March 2022, secured a substantial $11.5 million funding from Alameda Research.

18 Aug 2023
Shibarium stands resilient!

Shibarium stands resilient!

The immense wave of transactions and heightened user activity took Shibarium by surprise, causing some tech glitches, says Shytoshi Kusama, the co-founder of the Shiba Inu ecosystem. He’s also quick to debunk the rumors about funds getting stuck in the bridging contracts, terming it as pure FUD. “Although we expected a very busy moment, we never expected THIS much traffic, instantly,” reflects Shytoshi Kusama. At its launch, the Shibarium team tackled a load of 160 million computational tasks in a span of about 30 minutes, while anticipating only 400 million within a month.

18 Aug 2023
Overnight descent: BTC at $25,000

Overnight descent: BTC at $25,000

Statistics from Coinglass indicate liquidations of $1 billion in the last 12 hours, with $483 million in BTC and $300 million in Ethereum. Some market analysts are identifying potential incidents that may have instigated this downfall: The Wall Street Journal has noted that SpaceX liquidated $373 million in Bitcoin across 2021 and 2022, and Tesla has divested more than 30,000 BTC (75% of its stake) for $936 million in Q2 of 2022. The investment holding company China Evergrande Group has filed for bankruptcy. It was rumored that Tether had backed a portion of its USDT using commercial papers from this entity. Sellers sprang into action shortly after. With Bloomberg announcing that the SEC is slated to approve the first-ever Ethereum-based ETF futures by October, Ethereum’s market value promptly surged by 11%.

18 Aug 2023
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Who Is Crypto Kaleo: A Market Analyst with 700,000 Followers

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Zora Network Reviewed: A Testnet Guide

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Are sky-high Ethereum fees getting you down? The folks at Zora have come up with an alternative, introducing their Layer 2 solution with lower transaction fees. This article will walk you through how to get involved with the project and earn some rewards.

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