Nomura, a global financial services group, Laser Digital, a digital asset-based business, and GMO Internet, the parent company of stablecoin issuer GMO-Z, have partnered to explore the issuance of U.S. dollar and yen based stablecoins in Japan. The partnership also contemplates the development of a platform to offer stablecoin issuance services to other companies. Nomura, […]
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Built On An $6 Million NFT Scam? AI Company Accused Of Fraud By Internet Investigator
Youtuber and Internet investigator Coffeezilla has called out Artificial Intelligence (AI) company Rabbit for allegedly being built on a million non-fungible token (NFT) scam. The company is accused of being responsible for the GAMA NFT Project “fraud” as part of a history of lies.
Down The NFT Fraud Rabbit Hole
Stephen Findeisen, better known as Coffeezilla, published a YouTube video calling out Rabbit Inc. for being built on the remains of an alleged NFT fraud from 2021. The internet investigator revealed that the company is seemingly trying to hide its ties to the GAMA project.
Coffeezilla unveiled the depth of the AI company’s rabbit hole by claiming that, despite raising over million in venture capital (VC), Rabbit used to be called Cyber Manufacture Corporation.
In 2021, the company raised over million for its “next-generation NFT Project GAMA.” The project was described as a decentralized organization “with the grand goal of sending 10,000 astronauts into space to collect extraterrestrial energy.”
At the time, GAMA’s founder Jesse Lyu would make “wild promises,” claiming the NFTs were just the start. According to the YouTube sleuth, Lyu declared they would create “the first-ever carbon-negative cryptocurrency powered by our sun.”
The founder promised to build a clean energy grid through NFT sales owned by NFT buyers. The grid’s energy would be used to mine GAMA tokens. However, the tokens were never launched, and the project seemed to be abandoned.
Its team replied to Coffeezilla’s request for comment, stating that GAMA was not abandoned but “open-sourced.” Moreover, they claimed a token was never promised, as Lyu said in 2021 that his words were not final. The team added that they live in a country that “values free speech.”
Nonetheless, the internet investigator found that the “open-sourced” engine constantly crashed and was non-functional after several tests. He also highlighted that Lyu stated in several discord messages that the project’s cryptocurrency was part of the roadmap.
Based on this, Coffeezilla questioned where the million in funding went and whether Lyu’s new project should be trusted.
Another Rabbit In The Hat?
GAMA’s founder has embarked on a new project unrelated to NFTs. His latest company, Rabbit, focuses on AI technology. The company went viral in early 2024, raising million in VC and selling over million in consumer products.
Rabbit launched their AI personal assistance device, Rabbit R1, on easter 2024. However, the project has received a lot of backlash for not living up to the hype and promises.
Several tech reviewers concurred that R1 was part of a trend of releasing “unfinished” products. According to YouTuber Marques Brownlee, Rabbit’s product was “barely reviewable” and the pinnacle of “delivering barely finished products to win a race.’”
Moreover, founder and CTO of WeGPT, Josh Ollin, called the project a “scam” when R1 was announced. He also pointed out on different occasions that the hype and interactions around the company were “fake impressions” from bots.
Ollin called Lyu an “NFT grifter” and stated that his past behavior affected the new project due to the “shady insincere fraudulent business practices on display (fake engagement, fake bot followers, fake tech stack, overpriced vaporware).”
Coffeezilla stated a similar sentiment in his video:
So many of the promises of Gama didn’t happen. This is relevant to the R1 not just because this project is built on the skeleton of that scam project, it’s also because the R1 is overhyped in a similar way.
As noted by the internet sleuth, Lyu has diminished his links to GAMA NFT, calling it a “fun little project” he was “involved with” during the COVID-19 pandemic.
Ultimately, he considers it important for users to know the company’s “history of abandoning investors like they did with GAMA NFT.”
ICP Price Drops 10% As DFINITY Foundation Unveils Updated Internet Computer Roadmap
The DEFINITY Foundation, the company behind developing the Internet Computer protocol, has recently unveiled an updated roadmap to facilitate increased artificial intelligence (AI) blockchain adoption.
As the native token of the network, ICP continues to lead among AI tokens and holds the 22nd position in the top 100 cryptocurrencies. However, recent price drops have prompted the Foundation to focus on key areas of development to revitalize the token’s price action and further advance the protocol’s capabilities.
Internet Computer Roadmap
The highlighted aspects of the roadmap outline two critical steps called “milestones” in the Internet Compute platform domain: Tokamak and Stellarator. Tokamak focuses on reducing latency by maximizing the block rate of each subnet and introducing a new synchronous ingress submission endpoint.
Stellarator, on the other hand, will reportedly increase the storage layer, enabling subnet blockchains to host over 1TB of canister smart contract storage while improving the efficiency of the consensus layer.
The DEFINITY Foundation aims to integrate AI capabilities as smart contracts on the Internet Computer protocol to address the resource-intensive nature of AI training and inference.
The Cyclotron milestone outlined in the roadmap will increase on-chain inference for larger AI models through performance improvements in the WebAssembly runtime and inference engine. The Gyrotron milestone, on the other hand, explores the integration of AI-specialized subnets with GPU support, enabling compute—and memory-intensive computations on-chain.
ICP’s Interoperability With Bitcoin, Ethereum, And Solana
ICP’s Chain Fusion technology will allow direct interoperability with major blockchains, including Bitcoin, Ethereum, and other Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap introduces several milestones to expand interoperability.
Tritium milestone enables ICP to interact with Ethereum and EVM smart contracts, facilitating cross-chain communication. Deuterium milestone extends Chain Fusion support to emerging Bitcoin protocols.
Interestingly, the Helium milestone aims to increase Chain Fusion for the Solana network, enabling decentralized applications (dApps) leveraging the capabilities of both networks.
Next, the Solenoid milestone decentralizes the operation of the ICP boundary nodes, “empowering” the network’s participants. The Levitron milestone provides visibility into the Internet Computer’s edge infrastructure, allowing developers to gain insights into dApp usage patterns and generate user statistics.
Lastly, ICP will incorporate two governance systems: the NNS (Internet Computer’s DAO) and the SNS framework governing individual dApps. Tokenomics incentivizes voting participation and aligns DAO decisions with long-term interests. These governance mechanisms will allegedly ensure decentralized decision-making and community involvement.
As of the current press time, the price of ICP has experienced a significant increase of 120% year-to-date. However, it is currently trading at .05, 98% lower than its previous all-time high (ATH) of 0 achieved in September 2023.
Once implemented, the impact of the roadmap on the cryptocurrency’s price and its potential to regain bullish momentum and drive adoption for various use cases remain to be seen.
Featured image from Shutterstock, chart from TradingView.com
Shiba Inu Takes Over The Internet: Google Searches Climb As Global Interest Surges
Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is back in the spotlight with a surge in both search interest and token price. Google Trends data reveals a global increase in searches for “Shiba Inu” and related queries, indicating renewed investor optimism for the meme coin.
Shiba Inu Surge Sparks Enthusiasm
This increase comes after a quiet period for the memecoin. However, the past month has been nothing short of phenomenal. Search popularity reached a seven-day peak of 100 on March 16th, though it has settled at a still-healthy 48 – significantly higher than January’s levels. Phrases like “Why is Shiba Inu going up?” and “Shiba Inu All-Time High” have also seen a significant uptick, reflecting investor curiosity and potential buying interest.
While the interest is global, specific regions are leading the charge. Pakistan, the Netherlands, Slovenia, Canada, and Nigeria have emerged as the top search originators for SHIB in the past week. This geographically diverse interest suggests a broad-based appeal for the meme coin.
This renewed interest coincides with a remarkable price rally. SHIB’s value has skyrocketed over 180% in the past month, reaching a two-year high of .000045. This bullish run fueled speculation of a retest of its all-time high above .000088. However, the market has since witnessed a correction, bringing SHIB’s price down slightly.
Despite the correction, the enthusiasm within the Shiba Inu community remains high. The long-term goal of reaching .01 per SHIB token continues to be a hot topic, although analysts caution it might take several years to materialize.
Shibarium And Market Recovery
To achieve this ambitious target, the developers are focusing on Shibarium, the project’s Layer-2 scaling solution. Shibarium aims to become a thriving smart contract hub, potentially attracting more users and driving up demand for SHIB.
Experts believe several factors are contributing to the current Shiba Inu frenzy. The broader cryptocurrency market has shown signs of recovery after a recent slump, potentially boosting investor confidence in meme coins like SHIB.
Additionally, ongoing developments within the Shiba Inu ecosystem, such as Shibarium and the burning initiatives to reduce the overall token supply, might be fueling investor optimism.
Whether SHIB can maintain its current momentum and reach its long-term price goals remains to be seen. However, the recent surge in search interest and price rally is a clear indication that the “Dogecoin Killer” is back in the game, attempting to capture the hearts (and wallets) of memecoin enthusiasts worldwide.
Featured image from Pexels, chart from TradingView
Is Internet Computer (ICP) The Next Big Thing? 60% Jump Raises Eyebrows
In the past day, the value of Internet Computer (ICP) has increased by 20% to .76. ICP has grown significantly over the last week, showing an astounding increase of more than 60% from its starting value of .98 to its current rate.
According to data from Coingecko, its current price is a noteworthy increase, highlighting the coin’s dynamic performance in the context of recent market movements.
It’s important to remember that although the price has increased significantly, the all-time high for Internet Computer is still 0.65. This indicates a significant room for expansion, but it also emphasizes how volatile the crypto industry is by nature.
Anxiously observing these oscillations, investors and fans are speculating about Internet Computer’s future course as it negotiates the intricate terrain of digital asset appraisals.
Growing Interest In Internet Computer
ICP’s fundamentals indicate that it is not solely reliant on the volatility of Bitcoin. Rather, utilities are another factor influencing its worth. Several utilities impact its value, such as its ability to hold money and the ability to stake using its Network Nervous System.
The DAO in charge of the Internet Computer blockchain is the NNS. By staking ICP utility tokens in so-called neurons, everyone can take part in this open, permissionless governance system. Voting on proposals, which are open to submission by anybody, determines decisions.
It was therefore simple to draw the conclusion that growing interest in cryptocurrencies was the cause of the price increase.
ICP Price Analysis
Price: Over the past 24 hours, the price of Internet Computer (ICP) has fluctuated between .50 and .50. It is currently trading at .00, which is down slightly from its price at the start of the day. Over the past week, ICP has been more volatile, trading between .50 and .00.
Volatility: The Bollinger Bands on the chart show that volatility has been higher over the past week than it has been over the past 24 hours. This is likely due to the increase in trading volume that has been seen over the past week.
Trading volume: Trading volume for ICP has increased by 135.0% over the past week. This is a significant increase, and it suggests that there is a lot of interest in ICP at the moment.
Circulating supply: The circulating supply of ICP has also increased over the past week, by 1.08%. This means that there are more ICP tokens in circulation now than there were a week ago. This could put downward pressure on the price of ICP, as there are more tokens available to be sold.
Market cap: ICP is currently ranked #18 in terms of market capitalization, with a market cap of .67 billion. This is down from its market cap of .77 billion at the start of the week.
Overall, the chart shows that ICP has been a volatile crypto asset over the past week. The increase in trading volume and circulating supply suggests that there is a lot of interest in ICP, but it is also possible that this could put downward pressure on the price of ICP in the future.
Is ICP The Next ‘Big Thing?’
While Internet Computer’s recent 60% surge has undoubtedly raised eyebrows, declaring it the “next big thing” remains a gamble. Its price, while impressive compared to its starting point, still sits far below its all-time high, showcasing the volatility inherent in the crypto market.
Though potential for further growth undeniably exists, cautious optimism is key. ICP’s dynamic performance demands a close watch, but only time will tell if its current momentum translates into sustained success, solidifying its place among the cryptocurrency titans.
Featured image from Shutterstock
Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details
Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial handle, and currently trading at .93, following a weekly rise of more than 80%.
ICP surged by 30% over the weekend and peaked at .50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trade volume increased by 73% to 0 million.
Related Reading: Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?
Internet Computer, The Weekly Top Performer
With six straight green candles in the daily time frame, Internet Computer distinguished itself as the biggest gainer of the week, defying the current market volatility.
Its price increased by around 120% from the low of .20 on December 12th to a new yearly high of .30. The price of the coin has broken through some significant resistances during this rise, giving buyers a chance to extend the rebound.
When it comes to blockchain technology, Internet Computer is among the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers require to create decentralized apps (dApps).
Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon, and Cardano. Users can use its infrastructure to create and host their applications.
ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. Because of this connection, its canister smart contracts are able to send, receive, and retain Bitcoin on the network. Stated differently, these canisters are functionally equivalent to other Bitcoin holders on the BTC network.
This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers. Additionally, it has ckBTC, which has a 1:1 Bitcoin backing.
Bollinger bands on the Internet Compter are shifting, indicating high levels of price volatility. In the overbought area, the Relative Strength Index (RSI) is above the average line, indicating bull dominance in the price of Internet computers.
Key Partnerships
Meanwhile, the team’s announcement of a collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs is among the most notable developments in light of the recent spike in the company’s valuation.
Thrilled to announce the Strategic Partnership with Gaudi Knowledge Association (@gaudiknowledge) and The Moon Labs (@LeisureMeta_LM). @ICPhubkorea will be the main partner for the Web3 project between Gaudi Knowledge Association and The Moon Labs.
We are revealing the… pic.twitter.com/iTuzb4oGgb
— ICP.Hub Korea (@ICPhubkorea) December 13, 2023
By teaming up with the Internet Computer Project’s South Korean affiliate, the two organizations would “Recreate Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP.”
There is no evidence of weakening in the price behavior and a strong likelihood of a rally with the notable increase in volume. In the event that the ICP price sustains itself above the .5 barrier, purchasers may pursue the next possible goals, which are .50 to .50.
The 50-day and 100-day moving averages are supporting ICP. According to some observers, the coin is about to form a bullish flag and then pick up speed again. It has already shaped this flag pattern’s pole. Internet Computer is probably going to test the weekend high of .90 if this occurs.
Featured image from Uropong/Getty Images
Bitcoin Dips Below $25,000 As Former Paypal President Hails It As Universal Internet Currency
In an interview with CNBC on Monday, David Marcus, former President of Paypal and Head of Facebook Payments, expressed his belief that Bitcoin (BTC) is the universal protocol for money on the internet.
He emphasized Bitcoin’s significance as the flagship cryptocurrency and its core value as a payment solution while discussing its potential as a global payment network.
Bitcoin As The Universal Protocol For Internet Money
Despite enduring a challenging period and navigating various headwinds in recent months, Bitcoin remains at the forefront of the cryptocurrency market. According to Marcus, Bitcoin’s prominence is not solely due to its market position but is also driven by its ability to serve as a universal protocol for internet money.
Marcus highlighted the absence of a universal protocol for value transfer on the internet, stating, “There’s no universal protocol for money on the internet that enables value to be transported.”
He explained that the vision is to transform Bitcoin into a global payment network, providing a seamless and efficient means of transferring value across borders.
One of the advantages Marcus cited for Bitcoin is its availability and accessibility. Unlike traditional financial systems, where individuals may face fees and the need to visit a branch during limited hours, Bitcoin operates 24/7.
This inherent characteristic of Bitcoin allows for greater convenience and flexibility, enabling users to transact at any time, including weekends.
While acknowledging Bitcoin’s potential as a payment network, Marcus noted that its primary function may not be as a currency for everyday purchases. He stated, “Our view is that BTC is not the currency people will use to buy things.”
However, he emphasized Bitcoin’s role as the universal protocol for money on the Internet, enabling secure and efficient value transfer across various digital platforms.
As Bitcoin continues to gain attention and recognition, Marcus’s endorsement further solidifies its position as the flagship cryptocurrency and reinforces its potential as the universal protocol for internet money.
BTC Trading Volume Hits Lowest Level Since 2019
According to Satoshi Club data, Bitcoin is experiencing a significant slump in its daily trading volume, reaching its lowest point since February 2019 at just .4 billion.
This decline has been attributed to a lack of market enthusiasm following the collapse of FTX. Furthermore, Bitcoin’s price dipped to ,900 on Monday, the lowest level since June, exacerbating concerns about a potential extended decline shortly.
The dwindling daily trading volume of Bitcoin indicates a prevailing apathy among traders, with reduced participation and a lack of significant buy or sell activity. This trend is reminiscent of the market sentiment observed after the collapse of FTX, which has had a lingering impact on investor confidence.
Of particular concern is that Bitcoin’s price dropped to ,900 on Monday, reflecting a downward trend that has persisted since BTC reached its annual high of ,800 on July 14.
This decline has intensified worries among market participants about the possibility of a prolonged downward trajectory for Bitcoin in the coming weeks.
The cryptocurrency has successfully reclaimed the ,000 level; however, it continues to decline by over 1.5% within just a few hours of Monday’s trading session.
Featured image from iStock, chart from TradingView.com
Founder of SEC Office of Internet Enforcement Warns of Upcoming Regulatory Siege: ‘Get Out of Crypto Platforms Now’
John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has warned about a new regulatory “siege” against crypto platforms. Reed Stark believes that “crypto trading platforms are high-risk, perilous, and inherently unsafe” and recommends investors exit all crypto exchanges.
Former SEC Enforcement Chief Tells Investors to Get Out of Crypto
John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has recently issued his opinions regarding the legal actions of the institution against Coinbase and Binance, two cryptocurrency exchanges.
Stark, who has more than 19 years of collaboration with the SEC, stated this might be the start of a cryptocurrency regulatory “siege” that could reach other companies in the industry. Stark explained:
Get out of crypto platforms now, I can’t say it any plainer. I believe that we now know for certain that crypto trading platforms are under a U.S. regulatory/law enforcement siege which has only just begun.
Furthermore, Stark clarified that, in his view, crypto trading platforms are “high-risk, perilous, and inherently unsafe,” declaring that the SEC is on the right track with its enforcement actions.
Lack of SEC Registration
Stark discussed how the lack of registration of these exchanges with the SEC limits the organization’s capacity for protecting crypto investors. This lack of registration has allowed crypto markets to operate without much supervision.
Stark detailed:
With crypto trading platforms, the SEC lacks any sort of oversight and access — and has scant ability to detect, investigate and deter fraudulent conduct.
Coinbase and Binance have been charged with operating unregistered trading platforms; however, Coinbase CEO Brian Armstrong issued an answer to the SEC lawsuit, denying the company could register its activities after having numerous conversations with the organization. Armstrong recently stated there was no “path to ‘come in and register’ — we tried, repeatedly — so we don’t list securities.”
In the same way, lawmakers have also criticized the SEC’s stance on this issue, accusing it of failing the cryptocurrency industry. Senator Cynthia Lummis stated that the SEC “failed to provide a path for digital asset exchanges to register,” and didn’t “provide adequate legal guidance on what differentiates a security from a commodity.”
What do you think about John Reed Stark’s recommendations, and his stance on the recent SEC actions? Tell us in the comments section below.
Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token
On April 3, 2023, the Dfinity Foundation, a development team behind the Internet Computer (ICP) network, announced the launch of a native ICP token called “chain-key bitcoin” or “ckBTC.” The bitcoin derivative is backed 1:1 with the leading cryptocurrency asset. On Monday, Dfinity detailed that the technology “builds on the protocol-level integration with the Bitcoin network.”
Breaking Away from Custodians and Bridges: The Benefits of Chain-Key Bitcoin’s Smart Contract-Based System
On Twitter, the Dfinity Foundation announced the full release of chain-key bitcoin, also known as ckBTC. “Proposals 115468, 115470 & 115473 have been adopted with flying colors,” the team explained. “Many thanks to all the [ICP] people who voted manually to make this happen.” According to a blog post, ckBTC is backed 1:1 with bitcoin (BTC), and the system operates with “centralized custodians, no bridges, and no traditional cloud providers.”
The ICP-based bitcoin derivative is considered a “significant breakthrough in blockchain interoperability,” and the technology is integrated with Bitcoin at the protocol level, according to the Dfinity blog post. The ckBTC system uses vaults called canisters, which work with a smart contract instead of relying on a custodian or bridge. Essentially, to obtain ckBTC, a person needs to deposit BTC in exchange for the ICP token, and withdrawals work the same way when ckBTC is redeemed for real bitcoin.
“Any canister can submit Bitcoin transactions to the Bitcoin network through ICP nodes, thanks to the direct protocol-level integration,” Dfinity explains. The company insists that the technology has significant potential and can add to new use cases.
“[Native cross-chain technology] has the potential to enable new cross-chain capabilities and unleash a plethora of 100% on-chain services, such as multi-token transactions or multi-token wallet systems, which would greatly streamline the crypto user experience,” notes Dfinity’s blog post.
The announcement further details that several ICP-based decentralized applications (dapps), including Openchat, Iclighthouse, Plethora Game, and Distrikt App, already support ckBTC. While many blockchains have bitcoin derivative tokens, most rely on bridges or custodians. For example, the largest bitcoin derivative WBTC leverages the custodian Bitgo for minting and redemption purposes.
What potential do you see in the native cross-chain technology behind ckBTC, and how do you think it will impact the future of blockchain interoperability? Share your thoughts about this subject in the comments section below.
US Prosecutors Seek to Further Restrict Former FTX CEO Sam Bankman-Fried’s Internet Access
The U.S. attorney for the Southern District of New York (SDNY), Damian Williams, and the Department of Justice (DOJ) are requesting “proposed modifications” to the bail conditions of former FTX CEO, Sam Bankman-Fried. The SDNY prosecutor is asking the court to prohibit Bankman-Fried from using a smartphone with an internet connection. Instead, the disgraced FTX co-founder would receive a government-issued flip phone with disabled internet capabilities.
Bankman-Fried May Get a Flip Phone With Strings Attached
On March 3, 2023, the DOJ and SDNY attorney Damian Williams filed a request with judge Lewis Kaplan to modify the bail conditions of Sam Bankman-Fried (SBF), the former CEO of FTX. Prosecutors seek to restrict SBF’s internet access through various devices, including smartphones, tablets, computers, and video game devices that allow chat and voice communication. The proposed restriction would ban SBF from using any smart devices with internet capability.
The government also wants the temporary measures added to SBF’s bail conditions to be fully adopted. These measures include not communicating with any FTX or Alameda Research employee without counsel present, not using encrypted messengers such as Signal, and prohibiting the use of a VPN. SBF would receive a government-issued flip phone with a DOJ-controlled serial number, IMEI number, IMSI number, MAC address, and SIM number. The flip phone would allow SMS text messaging and voice calls.
“With respect to the defendant’s computer usage, the parties propose that the defendant’s new laptop be configured so that he is only able to log on to the internet through the use of specified VPNs, and that the VPNs only permit the defendant to access websites that have been whitelisted through the VPNs,” the court filing submitted by the SDNY attorney details. “Specifically, an authorized VPN installed on the laptop would allow the defendant to access the cloud-hosted FTX read-only database that has been provided as part of discovery.”
In addition, federal prosecutors want to install monitoring software on SBF’s computer to log activity. If approved by Kaplan, SBF would have to surrender his electronic devices for investigation by pretrial services. The former FTX CEO would also be prohibited from purchasing any new cell phones, tablets, computers, or other electronic devices that can connect to the internet. Before the DOJ’s request, SBF was known to play online video games, use Twitter, and he recently created a Substack blog to explain his side of the story.
What do you think about the government’s proposed restrictions on Sam Bankman-Fried’s internet access and use of electronic devices? Share your thoughts in the comments section below.