🔴 Warning! Fake AI tokens
Coinbase Launches New Blockchain, IMF Sends Mixed Signals On Cryptos, Watch Out For Fake ChatGPT Tokens. These stories and more this week in crypto.
Coinbase Launches a Layer-2 Blockchain
Crypto exchange Coinbase launched an Ethereum layer-2 network called Base, built using Optimism. The testnet of Base will not be limited to Ethereum, but will also provide access to other networks such as Optimism and Solana. The goal of the project is to provide a secure, affordable, developer-friendly way for anyone, anywhere, to build decentralized apps.
IMF on Crypto: Blessing or a Curse?
The IMF Executive Board stated that to ensure monetary stability, countries should not grant legal tender or official currency status to cryptocurrencies. The board urged member states to clarify the regulation of crypto-assets and even stated that outright bans should not be ruled out. Meanwhile, a new blog, also from the International Monetary Fund, has uncharacteristically highlighted crypto’s positive aspects, saying that the rapidly developing technology behind crypto may ultimately hold greater promise for the financial sector.
Hong Kong will issue licenses for crypto
Hong Kong’s Securities and Futures Commission is calling for a public hearing on the requirements for crypto trading platforms. Under a newly proposed licensing regime, centralized platforms in Hong Kong can apply to be licensed by the SFC. Bloomberg has reported that mainland China’s government may be behind the mission as officials have been observed as frequent guests at crypto events in Hong Kong.
FTX’s SBF faces new charges
Sam Bankman-Fried, the former FTX boss, faces four new charges. Among the new charges, prosecutors allege that SBF conspired with FTX executives to donate millions of dollars to influence US politicians to pass laws favorable to the company. SBF now faces a total of 12 charges which could result in a sentence of up to 100 years in prison.
Teacher caught mining crypto at school
A Massachusetts teacher is facing criminal charges after authorities discovered an elaborate crypto-mining operation in a remote crawl space beneath the school where he worked. It has been reported that more than 17 thousand dollars of taxpayers’ money was spent on electricity to run the mining rig.
Spotify is testing NFT-enabled playlists
Spotify, leading music streaming app, announced that it is running a pilot program for token-enabled playlists with certain NFT partners. The new service was designed in collaboration with the Web3 gaming ecosystem, Overlord, and involves a token-enabled community-curated playlist accessible through the Web3 wallets of those who hold the Creepz NFTs on Spotify.
The first Litecoin NFTs are here
The Litecoin blockchain now has its first NFTs. The development stemmed from a public bounty of 15 Litecoin tokens offered to any developer who could allocate Ordinals to Litecoin. The Ordinals protocol enables the encoding of references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens.
Fake ChatGPT tokens are flooding the market
As AI programs like ChatGPT and BingChat grab headlines around the world, scammers are already playing to cash in on the hype. Over 150 tokens falsely bearing the brand names of various AI projects have recently appeared on a variety of platforms, with the majority of tokens issued on Binance Chain and Ethereum.
That’s what happened this week in crypto, see you next week.
