Welcome to the AsicZ Weekly Wednesday Roundup, where we bring you the latest highlights and insights from the blockchain industry. In this edition, we’ll explore the intriguing news and developments that have shaped the landscape this week. From significant players like MicroStrategy’s bold Bitcoin purchase plans to the emergence of groundbreaking protocols like Ordinals, and the G20’s efforts to influence global crypto regulations, we have a diverse range of topics to explore. Additionally, we’ll uncover the growing threat of AI-generated cybercrime, GameStop’s pivot in response to regulatory challenges, Coinbase’s move towards Lightning Network integration, and much more. So, fasten your seatbelts as we embark on a journey through the latest events and trends that are shaping the future of decentralized finance and beyond.
Bitcoin Whale Michael Saylor Might Buy a Lot More BTC
MicroStrategy, the software developer known for its significant bitcoin holdings, is planning to raise up to $750 million by selling more stock, with the intention of using the proceeds to buy more bitcoin and for general corporate purposes. The announcement, made through a filing with the U.S. Securities and Exchange Commission, caused a notable increase in bitcoin’s price, reaching close to $29,800 from around $29,200. MicroStrategy Chairman Michael Saylor has been actively involved with bitcoin, buying billions worth of the cryptocurrency since the pandemic, and has used the company’s equity and bonds to fund these acquisitions. As of July 31, the company owned 152,800 bitcoins, valued at approximately $4.5 billion.
Bitcoin Ordinals Team Launches Nonprofit as Inscriptions Top 21 Million
The team behind Ordinals, a Bitcoin-based protocol for inscribing NFT-like assets on the Bitcoin blockchain, has established a nonprofit organization called the Open Ordinals Institute to support its development. The protocol allows individuals to assign data to individual satoshis, equivalent to 1/100,000,000 of a whole Bitcoin, enabling various applications such as art, profile pictures, and games. The nonprofit structure will primarily have tax implications, and once approved by the IRS, the development team can accept tax-deductible donations. With over 21 million inscriptions to date, Ordinals’ popularity has grown, attracting crypto exchanges and NFT marketplaces. Despite a recent decline in activity, the project’s lead maintainer remains optimistic, viewing it as a welcome period for renewed focus and potential growth in the future.
G20 President India Publishes its Input for Framing Global Crypto Rules
India, as the current president of the G20, has published its presidency note on crypto to influence the framing of global crypto rules. The note, which will be part of the synthesis paper jointly produced by the IMF and FSB, aims to have India’s recommendations considered in the upcoming iteration of global crypto regulations. The synthesis paper is expected at the end of August, just before the G20 Leaders’ Summit. India’s suggestions include promoting the effective implementation of FSB recommendations, accounting for risks specific to Emerging Markets and Developing Economies, and involving non-G20 members in the process. The coordination of global crypto rules is proposed to be handled by the IMF and FSB.
Hackers Keep Finding New and Sophisticated Ways to Use AI for Crime
A new report from cybersecurity firm SlashNext highlights the rapid expansion of AI-generated cybercrime, with the recent launch of several sophisticated tools on the darkweb. WormGPT and FraudGPT are just the beginning, with cybercriminals now developing artificial intelligence tools like chatbots called DarkBart and DarkBert, which can integrate with Google’s image recognition technology to send text and images. These tools are capable of creating phishing scam web pages, writing malicious code, and distributing malware. To defend against this growing threat, SlashNext advises companies to enhance their cybersecurity training and implement improved email verification measures.
Is Sam Bankman-Fried Tied to a New Apparent Crypto Scam Called BALD?
The short-lived and heavily hyped meme coin BALD (BALD) has been associated with Sam Bankman-Fried’s Alameda Research, according to on-chain data and crypto sleuths. The deployer contract of BALD’s memecoin showed interactions with a wallet linked to Alameda Research, raising suspicions of connections. However, while some speculated that Bankman-Fried might be involved, it is unlikely, given his restricted internet access and controlled activities under his bail conditions. BALD’s meteoric rise attracted over $68 million from traders, but the rug-pulling incident caused prices to plummet, leaving many holders at a loss.
GameStop Is Killing Its NFT Wallet and Blames ‘Regulatory Uncertainty’
Video game retailer GameStop is discontinuing support for its NFT wallet, blaming “regulatory uncertainty of the crypto space.” The move comes after the company’s NFT push began to crumble, and it fired the CEO responsible for overseeing its NFT marketplace launch. GameStop advises users to back up their wallet’s secret passphrase by October 1, as support for the wallet will cease on November 1. The decision reflects the recent increase in regulatory actions in the crypto industry, particularly by the U.S. Securities and Exchange Commission. GameStop had previously signaled a shift away from NFTs and crypto, and its foray into the NFT space has faced challenges amid the overall decline in the NFT market.
Coinbase Looks to Add Bitcoin Lightning for Payments
Coinbase is considering adding Bitcoin’s Lightning Network for payments as part of its effort to enhance crypto-based payments worldwide. CEO Brian Armstrong expressed interest in integrating Lightning, a second layer for Bitcoin that enables faster and cheaper transactions through micropayment channels between nodes. These channels allow parties to lock up on-chain funds, reducing network congestion by conducting multiple transactions separately and bundling them into one before submitting them to the main Bitcoin blockchain. As of the moment, the Lightning Network’s total capacity stands at 4,686.64 bitcoins, worth over $138 million. Coinbase’s move aligns with the growing interest in expanding crypto payments infrastructure and promoting Bitcoin’s use for transactions.
Three Arrows Capital Co-Founder Kyle Davies Says He Doesn’t Have to Answer to US Courts
Kyle Davies, co-founder of the now-collapsed crypto hedge fund Three Arrows Capital (3AC), asserted in court documents that he renounced his American citizenship and is a permanent resident of Singapore, which means he does not need to answer to U.S. courts. Davies became a Singapore permanent resident in 2017 after renouncing his American citizenship when he got married. Three Arrows Capital faced bankruptcy after the collapse of the crypto project Terra in May 2022. The liquidators of 3AC have demanded $1.3 billion from Davies and co-founder Su Zhu, alleging that they continued taking on leverage despite the firm’s insolvency, which increased total losses. The liquidators have already secured some assets, but a significant shortfall remains in the company’s balance sheet when it filed for bankruptcy.
Spooked by Curve Liquidation Threat, DeFi Protocols Shore Up Defenses
DeFi protocols are taking measures to protect themselves from the potential systemic risk posed by Curve Finance founder Michael Egorov’s heavy borrowing against his CRV holdings, which could lead to widespread liquidations; some protocols are changing how they track token prices, reinforcing links between DeFi projects, and preparing for potential insurance claims in the aftermath of the Curve attack. The situation has left the DeFi community feeling skittish, with some expressing concerns about potential market instability and advising users to consider exiting DeFi until the situation stabilizes.
As we wrap up this Weekly Wednesday Roundup, we hope you’ve enjoyed exploring the developments this week. From the exciting prospects of MicroStrategy’s potential Bitcoin purchase to the promising innovations of Ordinals and the G20’s push for global crypto regulations, the crypto space continues to evolve at a rapid pace.
We’ve also seen the darker side of AI-generated cybercrime, prompting the need for enhanced cybersecurity measures. While GameStop’s NFT venture faced challenges amid regulatory uncertainties, Coinbase’s move towards integrating Lightning Network for payments shows the growing momentum for crypto adoption.
At AsicZ, we remain committed to keeping you updated with the latest insights and trends that shape the cryptoverse. We are also your trusted source for volume mining equipment and everything ASIC from A-Z. Visit AsicZ.com to view our fully inventory updated daily. Remember to stay tuned to our AsicZ Blog for consistent articles, where we’ll continue to bring you the latest news and developments shaping the future of blockchain technology and digital assets.