Bitfinity Weekly: Signs of the Future

Bitfinity Weekly: Signs of the Future

Welcome to Issue #99 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.

What's in Today's Email?

  • Global Crypto News
  • This Week in our Blog
  • NFT Market Bytes
  • Tweet of the Week
  • Meme Time
  • A Matter of Opinion

Global Crypto News

🧙‍♂️ Signs of the Future: Documentation for the upcoming Runes protocol was released on Wednesday. Runes, created by Casey Rodarmor, is an evolution of the Ordinal theory (which Rodarmor also invented) where fungible tokens can be created on a metaprotocol level. Magic Eden, an NFT marketplace which has swiftly become the leader in the Ordinals market over the past year, announced that they would be supporting the Runes standard.

🤖 A Singularity: Three popular AI tokens announced a merger this Wednesday, pending community approval. The new entity, named The Supterintelligence Alliance, would be the byproduct of a total and complete merger of all three projects: Fetch.AI, SingularityNET, and Ocean Protocol. According to an official statement, "the alliance will bring together Fetch.AI’s autonomous AI agents and blockchain infrastructure, SingularityNET’s research and development, and Ocean Protocol’s data sharing and monetization".

🪙 KuCoin Toss: International crypto exchange KuCoin and two of its founders were charged this Tuesday by the U.S. Department of Justice with money laundering and conspiracy violations. According to the DOJ, Kucoin and its founders enabled money laundering and terrorist activity to funnel through their platform by failing to operate an anti-money laundering program. Following the charges, KuCoin saw an outflow of over $800m as uneasy investors withdrew.

👉 The Blame Game: Friday saw one of the biggest wallet exploits in the Solana ecosystem, all potentially linked to popular Telegram trading bots. Although initially users were pointing their fingers at BONKbot (created by the team behind memecoin $BONK), it appears that only users who exported their private keys were affected. Competitor project Solareum acknowledged in an X reply that their bot may have been exploited.

This Week in our Blog

Being in a cutting edge industry unfortunately means waiting for legislation and governmental regulation to catch up with progress. The good news? Bitfinity is here to explain all of the major policy changes ahead for the U.S. and the E.U.:

EU and USA Play ‘Good Cop, Bad Cop’ with Crypto Regulations
Explore the latest EU regulations on anonymous crypto transactions and how they impact self-custody wallets. Discover what the American regulatory landscape holds for crypto and how businesses need to adapt.

NFT Market Bytes

🇯🇵 Weeb3: Wednesday saw the announcement of AnimeChain, a new collective venture by Chiru Labs (of Azuki), the Weeb3 Foundation, and the Arbitrum Foundation. AnimeChain's mission is, "to provide the infrastructure that enables a global, onchain, anime network governed by its creators and participants", and thereby bridging splintered anime communities under one unified ecosystem.

🛍️ Return Policy: Munchables, an NFT-based game on Ethereum L2 Blast, suffered a $62+m hack on Tuesday, carried out by an ex-Munchables dev. This hack was notable because a number of CT users were calling for the Blast team to "roll back the chain" and reverse the hack, which others lambasted as going against the spirit and ethos of decentralization. Good news for both Blast and the Munchables community however as the money was returned by the hacker.

📁 Mo Data Mo Problems: An anonymous person claiming to have exclusive video footage of American rapper and producer Sean "P. Diddy" Combs has put up an NFT listing for auction. The NFT, which is purported to be a file dump of more than 13,000 files amounting to 3 terabytes of content, has a starting bid of 425 $ETH (worth about $1.5m as of time of writing). Combs is currently under investigation by federal agents for various claims. Combs' residences on both coasts were the target of raids this week.

Tweet of the Week

Meme Time

A Matter of Opinion

Decrypt, one of the most prominent web3-centric news sites in the world, was compromised earlier this week. Hackers were able to obtain the security key used by Decrypt to access its newsletter service and used it to send a phishing email to all Decrypt subscribers on Tuesday. The hackers' email claimed to offer an airdrop of a $DECRYPT token, with links pointing to a drainer website.

In other words, if you had opened your inbox on Tuesday morning, you could have made the all too understandably easy mistake of opening what looked like a perfectly normal, legitimate email from a highly trusted entity in the crypto and media world.

We live in a drastically different world which continues to evolve at a pace faster than most of us are able to keep up with. Communication looks very different today than it did even ten years ago. Digital communication permeates every facet of our lives, and the continued veracity of trustworthy sources is no longer a guarantee as it was back in the days of face-to-face interactions.

Especially when it comes to crypto, because of the financial allure of easy gains, the field is rife with bad actors and good actors can end up making a mistake out of greed or impatience.

Predatory players such as the Decrypt mailing list hacker understand human emotion and play to our vulnerabilities. It is airdrop season, many projects are announcing token launches, and Decrypt was (and remains) a site that hundreds of thousands of readers trust and check every day. However, in an age where hackers, AI, and deep fake technology all pose potential dangers, it is crucial to develop the ability to discern potential threats even when they look like they're coming from trustworthy sources.

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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.