The Bank for International Settlements, the central banks’ bank, announced the launch of Project Agorá, a joint private-public initiative seeking to examine the potential benefits of tokenization for improving cross-border settlements. Agorá includes the participation of seven central banks and private institutions to be convened by the Institute of International Finance (IIF). BIS to Explore […]
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ICB Network Enters New Era of Blockchain Technology With Advanced Layer 1 Project
PRESS RELEASE. Singapore, April 5, 2024 – During this crucial period for the crypto industry, ICB Crypto Services is ready to announce the early launch of the Ideal Cooperation Blockchain (ICB) Network. Designed by the sophisticated ICB Labs, the ICB Network introduces a promising Layer 1 blockchain project that was created to update the standards […]
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Sony Bank Tests Yen-Pegged Stablecoin, Taps Polygon for Pilot Project
According to a regional report, Sony Bank of Japan is currently exploring the potential of a stablecoin tied to the yen that could be utilized by Sony Group along with its associated entities. Insiders revealed that this endeavor’s testing phase employs the Polygon blockchain, with the crypto firm Settlemint lending its support. Polygon and Settlemint […]
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Fake NFT Project Hack? CTO Vanishes After Allegedly Stealing 94 SOL
A new rug pull alert sounded on Tuesday after crypto detective ZachXBT unveiled on-chain details of an alleged hack suffered by an NFT project last month. The project’s CTO announced that a response was in the works but ultimately vanished as criticism grew.
Nuddies NFT, A Hack Or Rug Pull?
On-chain sleuth ZachXBT revealed the alleged misuse of funds by the CTO of NFT project Nuddies NFT. In a now-deleted post, its CTO Kyle explained that the project was “derugged from its previous founder” and built differently from other NFT projects.
A short investigation into how @kyledegods faked a hack and stole SOL from his project @NuddiesNFT before spending it on NFTs and lying to holders about how devastated he was about the incident.
On March 3, 2024 Kyle made a post in his Discord server claiming his wallets had… pic.twitter.com/4ne6dtVyA5
— ZachXBT (@zachxbt) April 2, 2024
According to the crypto detective, Kyle faked a hack that seemingly stole the project’s funds. On March 3, the alleged culprit posted on the Nuddies NFT Discord server, informing us of the hack.
The post affirmed that Kyle’s Mac was hacked despite “not clicking in any malicious link.” The CTO concluded that a “zombie process” was on his computer for an undetermined period.
This “mini-program” gave control of the computer to “the hacker.” Through the TeamViewer app the attacker gained access to the project and Kyle’s wallets. The post further explained that 90 SOL, approximately ,000 at today’s price, were taken from the Nuddies NFT creator wallet.
Moreover, the hacker allegedly took control of Kyle’s Discord and stole 150 SOL, worth around ,300, from his wallets. At the time, he claimed to be “mentally destroyed” by the loss of the project’s treasury money.
Nonetheless, the on-chain data compiled by ZachXBT tells a different story. Per the crypto detective’s post, the CTO allegedly lied to the holders and stole the 94 SOL, worth ,000, when the incident occurred.
The post reveals that the funds were transferred during that day from the Nuddies Royalty Wallet to an exchange deposit at 8:20 UTC. The on-chain investigator claims that a destination transaction was found using time analysis. The transaction to one of Kyle’s wallets accounted for 3.42 ETH, around ,700, at 8:21 UTC.
The ETH was seemingly used to buy two NFTs: DeGods 2921 and y00t 10991. The DeGod NFT was used as the CTO’s profile picture on X until yesterday.
CTO Answers The Accusations, Then Vanishes
The accusations didn’t go unnoticed by the suspect, who posted on his X account that he was “preparing the answer” with a wink face emoji. After changing his profile picture, Kyle answered some users’ questions about his credibility, to which he replied that his “conscience is clear.”
In the early hours of Wednesday, Nuddies NFT account shared a now-deleted post informing that the creator wallet was “refilled with 12k USD.” In the post, Kyle reassured that his previous claims of intending to refill the wallet were authentic.
The CTO also claimed he was “waiting for his $W airdrop” to fulfill his promise instead of selling his DeAsset. Additionally, he “stepped out” of the project after giving the access keys to two community members.
However, the story doesn’t end there. Kyle and Nuddies NFT’s account were deleted a couple of hours after the post. The Nuddies website seems not to be working, as reported by an X user.
The project’s future is unsure as one of the community members to whom Kyle gave the access keys was unaware of the situation. Juiceddd, an NFT artist, is one of the two people in charge of the project.
The artist explained that he was responsible for redrawing the entire Nuddies collection while adding “70+ new traits.” Moreover, Juiceddd stated that he “woke up this morning to being the owner of everything.” The artist is contemplating giving his perspective on the incident as he considers that it is generally the artist who “gets fucked” in these situations.
Breath Of Fresh Air: Viral ‘Cardano Girls’ Video Sparks Conversation About The Project
Cardano (ADA) has received plenty of criticism over the years, whether it’s ADA’s price performance, its founder’s personality, or its community’s “beef” with Solana.
This time, the project’s marketing team made the headlines after a viral video of female Cardano users became viral on social media. The ‘Cardano Girls’ video has sparked a conversation about the project’s efforts to reach a broader audience.
A Breath Of Fresh Air In The Community
The ‘Cardano Girls’ video was uploaded by Lily Brodi, a content creator and Cardano user, and went viral in hours. The video recreated a popular social media trend of people playfully listing stereotypical practices of a group of people with the phrase “We are (group). Of course, we…”
The trend, recreated by millions, including famous personalities like Kim Kardashian, has reached the crypto community. Last week, a “Crypto Girls” version of the trend was uploaded on X, which prompted Brodi to make her own.
we’re cardano girls pic.twitter.com/ebB6Qd0t2Q
— LILY (@lilybrodi) March 25, 2024
Brodi’s version approached the point of view of female Cardano investors, with the opening line setting the lighthearted and playful tone: “We’re Cardano girls. Of course, we are real.”
The list in the video includes how female ADA users “treat themselves with money saved on gas,” “have Charles as their phone wallpaper,” and “buy $ADA while the men create all the drama.”
At the time of writing, the viral video had over 1.5 million views on X. Its massive reach resulted in the acknowledgment of Cardano’s founder, Charles Hoskinson, referred to as “Cattle Daddy” in the video.
Lol, I'm blushing. Thanks for all the support and love
— Charles Hoskinson (@IOHK_Charles) March 25, 2024
‘Cardano Girls’ And Marketing Team Face Criticism
The video didn’t go unnoticed by critics, who considered the video to be “cringy,” while others expressed opinions seemingly based on misogyny. Crypto influencer Peter McCormack replied to the X post stating that the video will be used “as torture at Guantanamo Bay.”
However, the video appears to be well-received by the Cardano and crypto community. Brodi addressed the male detractors in an X post:
after the last 24 hours, i’ve realised that a lot of men haven’t felt the warm embrace of a woman
— LILY (@lilybrodi) March 26, 2024
Nonetheless, the video opened a broader conversation despite the critics. On one hand, it highlighted how the male-dominated crypto industry can be unreceptive and aggressive to women in the space. On the other hand, it pointed out a crucial issue for Cardano: its “unattractiveness.”
The Need For A New Approach
Brodi discussed the video’s immense impact, as it seemingly brought general interest in the project, with people reaching out to her curious about the Cardano wallet. Despite its technology and the knowledgeable people inside the community, the project doesn’t seem to attract the general user.
Brodi, who creates light and informative Cardano-related content, considers that the general content offered can be “too heavy” and “overwhelming” to those who know about the industry and even more to those who don’t but want to come in.
real talk #CardanoGirls & cardano marketing pic.twitter.com/XePfmHiXGN
— LILY (@lilybrodi) March 27, 2024
Cardano’s marketing problem, as highlighted by Brodi, has often prevented potential users from entering. She suggests that a change in the market strategy is “needed within Cardano” for broader adoption.
Lighthearted, fun, and enjoyable educational content that can be easily consumable can be fundamental for broader adoption. Investors can be attracted to projects that seem easily understandable and approachable. As seen with the memecoin mania, projects can become massive, even if the long-term technology and planning aren’t developed by launch.
The crypto community is undoubtedly filled with people who enjoy various content and projects. But “bringing light and fun” enjoyment is crucial to supporting adoption because, at its core, “that’s what our community is.”
Economists Rally Behind Honduras in $10.8 Billion Legal Fight Over Crypto Island Project
A group of 85 economists has supported the Honduran government’s decision to leave the World Bank’s arbitration body, the International Centre for Settlement of Investment Disputes (ICSID), amidst a legal conflict with the crypto island project Próspera Inc., which seeks .8 billion in compensation after losing its special economic status due to legislative changes in […]
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New Crypto to Watch: VR Project 5thScape Raises Over $1.5M
A new player has burst onto the crypto scene, and investors and gamers alike are taking notice. 5thScape (5SCAPE), a groundbreaking project that aims to blur the lines between reality and virtual reality (VR) gaming, has already raised over .5 million during its presale phase. 5thScape Aims to Blur Reality & Virtual Worlds Imagine a […]
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Hong Kong Launches Project Ensemble, a Wholesale CBDC and Tokenized Deposits Initiative
The government of Hong Kong has announced Project Ensemble, an initiative that will test the functionality of a wholesale central bank digital currency (WCBDC) and the movement of tokenized deposits. If there is “sufficient interest” in the project, the Hong Kong Monetary Authority (HKMA) will conduct a live issuance of the WCBDC in the future. […]
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Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%
The cryptocurrency project Worldcoin, spearheaded by Sam Altman, has faced another setback as Spain takes steps to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately halt the collection of personal information within the country and cease using the data it has already gathered.
Concerns Over Worldcoin Eyeball-Scanning Data Collection
According to a Financial Times report, the AEPD expressed concerns about the project’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a “precautionary measure” on Wednesday, and Worldcoin has been given 72 hours to demonstrate compliance with the order.
Worldcoin, co-founded by Altman in 2019, has offered its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. The scans serve as a means of identification, aiming to establish a reliable mechanism to distinguish between humans and machines as artificial intelligence advances.
However, the Spanish regulator’s action adds to a series of setbacks faced by Altman and his co-founders, Max Novendstern and Alex Blania, who have encountered resistance in various countries.
Last year, Worldcoin faced opposition from authorities in Kenya, resulting in an order to cease operations. Additionally, the project refrained from launching its crypto tokens in the United States due to the country’s stringent regulations on digital assets.
The report further notes that major global markets such as China and India have also not made the Worldcoin token available. The UK’s Information Commissioner’s Office had also expressed intentions to investigate Worldcoin.
Consumer Complaints In Spain
While some jurisdictions have questioned the viability of Worldcoin’s cryptocurrency token, Spain’s recent action specifically targets the project’s core objective of establishing a method to verify customers’ “personhood.” Altman acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency, as the start-up faces growing scrutiny.
Worldcoin has reportedly registered approximately 4 million users, and investments totaling around 0 million have come from venture capital firms such as Andreessen Horowitz and Khosla Ventures and prominent individuals like Reid Hoffman and Sam Bankman-Fried.
The project gained media attention and sparked consumer complaints in Spain, particularly as queues formed at shopping center stands where Worldcoin offered cryptocurrency in exchange for eye scans.
In January, the data protection watchdog in Spain’s Basque Country, known as AVPD, warned about the eye-scanning technology used by Worldcoin in a mall in Bilbao.
The AVPD deemed it subject to biometric data protection rules and called for a risk assessment. As a result of Spain’s regulatory action, the native token of Worldcoin, WLD, has experienced a 7% decline within the past 24 hours.
WLD Halts 200% Price Surge
Worldcoin’s native token, WLD, has halted its 200% upward trend over the past 30 days as the focus shifts to Bitcoin (BTC), which recently achieved a new all-time high (ATH) on Tuesday. Despite the significant uptrend in the past month, WLD has experienced a 5.8% price correction in the last seven days.
Furthermore, the token’s market capitalization has slipped below the billion mark and currently stands at 7 million. However, the advancements in artificial intelligence (AI) technology developed by Sam Altman’s projects hold the potential to influence the token’s price in the future significantly.
Despite being down by 26% from its ATH of .44, the ongoing technological advancements in this field indicate that the token’s prospects remain promising.
Moving forward, it remains to be seen how the project’s founders will respond to the regulatory measures taken in Spain and how these actions will ultimately impact the token’s future price trajectory.
Featured image from Shutterstock, chart from TradingView.com
Hot Airdrop: Social-Fi Project CharityDAO About to Launch Airdrop Event
PRESS RELEASE. According to community volunteers, CharityDAO will launch a large-scale airdrop event on February 29th. It is estimated that 76 million CHD tokens will be distributed to participating users. The current method of interaction is not yet known. This is another popular Social-Fi project announcing an airdrop following friend.tech’s high-profile announcement last week. Benefiting […]
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