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An investor with nearly $2 million worth of funds frozen in bankrupt cryptocurrency lender BlockFi has filed a class-action complaint against its founders, two directors and crypto exchange Gemini.In a Feb. 28 complaint filed in the U.S. District Court for the District of New Jersey, investor Trey Greene accused the defendants of numerous wrongdoings, including violating the consumer fraud and exchange acts and breaching its fiduciary duties, as well as offering and selling unregistered securities.“The unregistered securities sold by the BFI [BlockFi] Defendants on behalf of BlockFi were marketed and sold via a steady stream of misrepresentations and material omissions…
Two United States senators have penned a letter asking Meta CEO Mark Zuckerberg to halt a plan to allow young adults to access the firm’s metaverse platform, Horizon Worlds.In a March 1 letter, Senators Edward Markey and Richard Blumenthal said that Meta’s reported plan to “invite young users into a digital space rife with potential harms” should not be implemented if the strategy was driven by profit. According to the two lawmakers, allowing teenagers between 13 and 17 years old access to the virtual environment posed “serious risks”, citing privacy concerns, eye strain, and online bullying.“Meta’s plan to target young…
beginner This article provides a thorough analysis of how Bitcoin is valued, takes a look at its supply and distribution, and, most importantly, answers the burning question: Who owns the most Bitcoin? What Gives Bitcoin Its Value? As you are probably aware, Satoshi Nakamoto had the idea for Bitcoin and envisioned it being a more open, democratic, and popular alternative to fiat money in the future. But what exactly is Bitcoin, and what gives it its value? Bitcoin is a decentralized peer-to-peer network that allows users to send and receive payments without the need for a third-party intermediary such as…
NFT NFT sales volume skyrocketed in February to highs not seen since the onset of crypto winter last spring, according to data from DappRadar. Trading surpassed a whopping $2.04 billion last month, up 117% from $941 million in January. Those figures make February the best month the NFT market has seen since last May when Terra’s implosion cratered the crypto economy and buried the then-red-hot NFT market in ice. The surge, though, appears indebted almost entirely to a single, controversial source: Blur. The emergent NFT marketplace, which just this month surpassed OpenSea in trading volume, has fueled its rapid rise…
The United States commodities regulator is set to take a close look at the decentralized finance space at an upcoming meeting of its tech committee, where it has also invited crypto industry executives to present. The Commodities Futures Trading Commission (CFTC) announced on March 1 that the agenda for the March 22 meeting of its Technology Advisory Committee will include a panel on “exploring issues in decentralized finance.”Other panels will explore responsible Artificial Intelligence (AI) development and possible threats arising from AI along with cybersecurity threats to financial markets.CFTC commissioner Christy Goldsmith Romero said in a statement the panel has an opportunity…
NFT The war for market share in the non-fungible tokens (NFTs) space may be having positive impacts after all. According to Web3 data platform DappRadar’s latest industry report, NFT trading volumes reached $2 billion in February – the highest number since before the meteoric crash of Terra and its UST and LUNA tokens in May 2022. Much of the surge is attributable to the rising popularity of zero-fee marketplace Blur. While NFT sales, the number of tokens traded, decreased about 32% from January, trading volume, the amount of cryptocurrency transacted across those trades, increased about 120%. Much of this has…
Flare, the layer-1 Ethereum Virtual Machine (EVM) blockchain, went live on Jan. 10 after it launched two core protocols for decentralized interoperability applications. The blockchain network allows developers to create applications that are interoperable between various blockchain ecosystems and internet platforms.Less than one month later, on March 2, Flare welcomed the nonfungible token (NFT) platform Sparkles on its layer 1 oracle network.According to the announcement a primary goal of the Sparkles NFT platform is to hone in on the interoperability of native Flare protocols to increase use cases for NFT utility.The NFT platform has plans to target other major issues…
NFT NFT marketplace Magic Eden is set for a month of free gaming NFT mints, with 13 projects preparing to launch on the platform. The event, called “Mint Madness,” will showcase collections across Polygon, Etherum and Solana beginning on Friday, according to a company release, with Planet Mojo NFTs launching on Polygon that day. Meta Star Strikers NFTs will follow shortly after. The platform will also track which users are trading from those collections listed on the secondary marketplace on a leaderboard. The top 10 traders by volume, applicable only to Polygon collections, will be entered into a prize pool…
Blockchain Swing, a cross-chain liquidity protocol, released a new “no-code” product it says will reduce the time needed to deploy and update decentralized applications across multiple blockchains. The new product, Swing Platform, will be provided to developers during ETHDenver, a major conference for Ethereum developers, according to a press release. A key benefit is that developers can update configurations and deploy updates without changing the code. Use cases for the product include propagating fast updates of cross-chain applications in “critical scenarios when it’s necessary to disable a particular token or bridge due to a security flaw,” the company said. Applications…
NFT Aaron Sage said, “Blur is the worst thing to happen in this space,” in a recent tweet. The writer, who described himself as “deeply passionate about NFTs, Crypto, and Self-Development,” then blasted the marketplace on the basis that non-fungibles are “not all about money.” “They have brainwashed you with their incentives and given you free money to hook you in.“ He continued by criticizing BLUR’s UI as uninspiring, pointing out that it resembles a list that is devoid of “art, project description, or anything.” Furthermore, Sage thought it fitting to mention that the marketplace has not supported creators with…
