Coinbase launches a new blockchain,
the IMF sends mixed signals on cryptos,
and watch out for fake ChatGPT tokens.
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
Crypto exchange Coinbase launched an Ethereum layer-2 network called Base,
built with the help of ‘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 aim of the project is to offer a secure, low-cost,
developer-friendly way for anyone, anywhere, to build decentralized apps.
The IMF’s Executive Board stated that in order to safeguard monetary stability,
countries should not grant legal tender
or official currency status to cryptocurrencies.
The board called on member nations to clarify regulation on 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
stating the rapidly evolving technology behind crypto
may ultimately hold greater promise for the financial sector.
Hong Kong’s Securities and Futures Commission
is calling for a public consultation
on the requirements of 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 quietly backing the move
as officials have been observed as frequent guests
at crypto events in Hong Kong.
Sam Bankman-Fried, the former FTX CEO, faces four new criminal charges.
Among the new accusations,
prosecutors claim 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 criminal charges
that could result in a sentence up to 100 years in jail.
A teacher in Massachusetts faces criminal charges
after authorities discovered an elaborate crypto mining operation
in a remote crawl space under the school at which he worked.
It has been reported that more than $17 thousand of taxpayer money
was spent on electricity to power the mining rig.
Leading music streaming app, Spotify
announced that it’s running a pilot program for token-enabled playlists
with certain NFT partners.
The new service was designed in partnership with
Web3 gaming ecosystem, Overlord,
and involves a token-enabled community-curated playlist
that can be accessed through Web3 wallets of those who hold the Creepz NFTs on Spotify.
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 fork 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.
As AI programs such as ChatGPT and BingChat grab headlines around the world,
scammers are already making plays to cash in from the hype.
Over 150 tokens falsely carrying the brand names of various AI projects
have recently appeared on numerous platforms,
with the majority of tokens issued on Binance Chain and Ethereum.
That’s what’s happened this week in crypto,
see you next week.
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