Web 3 With FTC for February, 15th - Paxos, Kraken, LocalBitcoins, ReserveBlock, Celsius, Mastercard, OpenSea, and The Sandbox Fight for the Crypto Crown, While Linkin Park Rocks the NFT World!
"Welcome to Web3 with FTC For February 10th by Fintech Confidential, the place where we keep you up-to-date on the latest developments in the world of Web3, Crypto, Blockchain, NFTs, and Fintech.
"Get ready for some fresh and thrilling insights on the crypto and blockchain world right here on Web3 with FTC! No more stale, regurgitated stories. We've got the hottest and newest updates for you."
Top stories for today.
1️⃣ Paxos in Hot Water with NYDFS and SEC Over BUSD Listing: Will the Stablecoin Giant Survive?
2️⃣ Kraken Settles with SEC for $30M: Are Centralized Exchanges Like Kraken and Coinbase Going Extinct?
3️⃣ LocalBitcoins Bows Out Due to Crypto-Winter, RoboSats and Bisq Provide P2P Alternatives
4️⃣ ReserveBlock's RBX Token Listed on BitMart: Could Eco-Friendly NFTs Be the Future of Crypto?
5️⃣ AI Tokens Outshine Bitcoin: Will the Hype Last or Will Bitcoin Reign Supreme?
6️⃣ Celsius Denied Extension as Cash Burn Continues: Will the Company Survive Chapter 11?
7️⃣ XDC Network Leads the Way in Real-World Decentralized Finance: Enterprise Applications and Trade Finance at the Fore
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Transcript
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Speaker:Welcome to Web3 with FTC by Fintech Confidential, the place where we
Speaker:keep you up-to-date on the latest developments in the world of Web3,
Speaker:Crypto, Blockchain, NFTs, and Fintech.
Speaker:"Get ready for some fresh and thrilling insights on the crypto and blockchain
Speaker:world, right here on Web3 with FTC!
Speaker:No more stale, regurgitated stories, we've got the hottest
Speaker:and newest updates for you."
Speaker:Let's quickly run through today’s stories.
Speaker:They cover everything from legal action and investigations to
Speaker:new partnerships and exciting developments in the world of NFTs.
Speaker:First up, Paxos, the stablecoin issuer, is in hot water as it faces investigations
Speaker:from the New York Department of Financial Services and legal action from the
Speaker:SEC over its listing of Binance USD Coin as an unregistered security.
Speaker:The future of Paxos remains uncertain as regulators continue to investigate
Speaker:the allegations, highlighting the increased efforts by U.S.
Speaker:regulators to regulate cryptocurrency companies.
Speaker:Next, we have the news that Kraken has settled with the SEC over its crypto
Speaker:staking program for $30 million.
Speaker:While staking directly via blockchains remains unaffected by the settlement,
Speaker:centralized exchanges like Kraken and Coinbase may soon go the way of the
Speaker:dinosaurs as the industry trends towards decentralized exchanges, threatening
Speaker:their business model entirely.
Speaker:In other news, LocalBitcoins, the long-time Bitcoin trading service,
Speaker:is shutting down before the end of February due to challenges
Speaker:during the ongoing crypto-winter.
Speaker:Although LocalBitcoins has been a primary P2P player in its hey-day,
Speaker:alternatives such as RoboSats and Bisq are still available for those seeking
Speaker:to acquire Bitcoin via P2P transactions.
Speaker:Moving on, we have the exciting news that Linkin Park has released a new
Speaker:music video directed by noted NFT artist people Pleaser, a must-watch for fans of
Speaker:the band and the Web3 community alike.
Speaker:And speaking of traditional industries embracing blockchain technology,
Speaker:we have the news that Mastercard, Goldman Sachs, and other financial
Speaker:institutions are using blockchain.
Speaker:As crypto continues to face challenges, tokenization and private and public
Speaker:blockchains offer unique advantages for financial services, and the adoption of
Speaker:blockchain technology by major financial institutions is expected to grow.
Speaker:But not everything is rosy in the world of NFTs, as OpenSea faces a 500,000
Speaker:dollar lawsuit for theft, negligence, and extortion from an NFT marketplace
Speaker:user, highlighting the limitations of crypto decentralization in practice.
Speaker:And last but not least, The Sandbox has gained 30% following its partnership
Speaker:with Saudi Arabia's Digital Government Authority, which may hold the most
Speaker:significant implications yet for the development of the metaverse.
Speaker:Stay here for the rest of the story, right here on Web3 with FTC."
Speaker:Paxos Under Investigation and Legal Action for Unregistered
Speaker:Security Listing of Binance USD Coin
Speaker:Paxos, the stablecoin issuer, is under investigation by the New York
Speaker:Department of Financial Services (NYDFS) over its relationship with
Speaker:Binance and has been directed to stop minting new Binance USD (BUSD) tokens.
Speaker:Additionally, the U.S.
Speaker:Securities and Exchange Commission (SEC) plans to sue Paxos for allegedly
Speaker:listing BUSD as an unregistered security.
Speaker:The allegations come amid increasing efforts by U.S.
Speaker:regulators to regulate cryptocurrency companies.
Speaker:This article will discuss the ongoing investigation and
Speaker:legal action against Paxos.
Speaker:Paxos is currently facing an investigation by the NYDFS over its relationship with
Speaker:Binance, with rival stablecoin issuer Circle reportedly sounding an alarm.
Speaker:Circle complained that blockchain data revealed Binance did not have
Speaker:enough reserves to back up the BUSD tokens it had issued through Paxos.
Speaker:The NYDFS alleges that Paxos violated its obligation to conduct tailored,
Speaker:periodic risk assessments and due diligence refreshes of Binance and
Speaker:Paxos-issued BUSD customers to prevent bad actors from using the platform.
Speaker:As a result, NYDFS instructed Paxos to stop minting BUSD due to concerns
Speaker:about its relationship with Binance.
Speaker:Paxos has agreed to stop minting new BUSD tokens, but it maintains
Speaker:that all BUSD tokens it had issued were fully backed by U.S.
Speaker:dollar-denominated reserves.
Speaker:In addition to the NYDFS investigation, the SEC plans to sue Paxos for allegedly
Speaker:listing BUSD as an unregistered security.
Speaker:The move comes amid increasing efforts by U.S.
Speaker:regulators to regulate cryptocurrency companies in the aftermath
Speaker:of exchange FTX's collapse.
Speaker:Binance and Paxos launched BUSD in 2019, and it is a
Speaker:stablecoin pegged to the dollar.
Speaker:Following the news of the SEC's legal action, Binance issued
Speaker:a statement saying it would be reviewing projects in uncertain
Speaker:markets where regulatory uncertainty could cause detriments to its users.
Speaker:Paxos responded to the legal action by saying all BUSD tokens issued by
Speaker:Paxos Trust have always been fully backed by US dollar-denominated
Speaker:reserves, fully segregated, and held in bankruptcy remote accounts.
Speaker:However, users have already started turning their BUSD tokens into fiat or
Speaker:other stablecoins following the news.
Speaker:Paxos, the stablecoin issuer, is currently facing an investigation by the NYDFS over
Speaker:its relationship with Binance, as well as legal action from the SEC for allegedly
Speaker:listing BUSD as an unregistered security.
Speaker:The ongoing investigation and legal action highlight the increased efforts by U.S.
Speaker:regulators to regulate cryptocurrency companies.
Speaker:The future of Paxos remains uncertain as regulators continue
Speaker:to investigate the allegations.
Speaker:Next up
Speaker:Kraken Settles with SEC Over Crypto Staking Program for $30 Million
Speaker:The US Securities and Exchange Commission (SEC) has charged Kraken with two
Speaker:counts related to its staking products.
Speaker:Kraken has settled on both counts for $30 million, agreeing to cease offering
Speaker:or selling securities through crypto asset staking services or staking
Speaker:programs, and to end its on-chain staking services for US clients only.
Speaker:The settlement does not require Kraken to admit or deny the allegations.
Speaker:The SEC's recent crackdown aims to protect retail investors from
Speaker:crypto staking activities, with SEC Chair Gary Gensler emphasizing
Speaker:the need for staking-as-a-service providers to register and provide full
Speaker:disclosure and investor protection.
Speaker:Kraken has settled with the SEC on two charges related to its staking
Speaker:products, paying $30 million accordingly.
Speaker:The SEC has recently emphasized the need to protect retail investors
Speaker:from crypto staking activities, leading to its crackdown on
Speaker:staking-as-a-service providers.
Speaker:As part of the settlement, Kraken will immediately cease offering or
Speaker:selling securities through crypto asset staking services or staking
Speaker:programs, and end its on-chain staking services for US clients only.
Speaker:Francesco Melpignano, CEO of proof-of-work blockchain Kadena
Speaker:Eco, believes that the regulatory aftermath of the FTX meltdown has led
Speaker:to Kraken being the latest example.
Speaker:While it is still too early to know what this means for staking and validator
Speaker:networks, Melpignano suggests that the outcome may be unexpectedly optimistic
Speaker:for crypto entities, either by pushing users to use decentralized staking
Speaker:services or by banning US residents from participating in staking altogether.
Speaker:The US securities regulator charged two entities of Kraken for failing to register
Speaker:crypto staking products as securities.
Speaker:Both Kraken affiliates, Payward Ventures, Inc.
Speaker:and Payward Trading Ltd., were offering staking yields as
Speaker:high as 21% on those products.
Speaker:Gensler emphasized the need for staking-as-a-service providers to register
Speaker:and provide full, fair, and truthful disclosure and investor protection.
Speaker:Not all regulators were on the same page, with SEC Commissioner Hester
Speaker:Peirce criticizing her agency's decision to charge the crypto exchange.
Speaker:Centralized exchanges like Kraken and Coinbase have started offering staking
Speaker:services as a way to earn revenue.
Speaker:While staking is crucial to the decentralization of the network for
Speaker:proof-of-stake blockchains like Ethereum, it also allows retail and institutional
Speaker:stakers to earn crypto rewards.
Speaker:The SEC's crackdown on staking-as-a-service providers should not
Speaker:be viewed as an attack on cryptocurrency.
Speaker:Staking directly via blockchains remains unaffected by the settlement.
Speaker:However, centralized exchanges like Kraken and Coinbase may soon go the
Speaker:way of the dinosaurs as the industry trends towards decentralized exchanges,
Speaker:threatening their business model entirely.
Speaker:While staking-as-a-service providers like Kraken and Coinbase do offer some
Speaker:utility for networks where participation can still be prohibitively expensive,
Speaker:they inject trust into what's supposed to be a trustless exercise as middlemen.
Speaker:LocalBitcoins to shut down, citing market conditions....
Speaker:LocalBitcoins, the first peer-to-peer (P2P) transaction platform for
Speaker:Bitcoin, will be closing its exchange by the end of February 2023.
Speaker:The announcement on its website cites challenges during the
Speaker:ongoing crypto-winter as the reason for the shutdown.
Speaker:Established in June 2012, LocalBitcoins was a primary P2P player in its hey-day,
Speaker:with over $100 million in weekly trading volume of peer-to-peer transactions.
Speaker:The exchange informed its customers to withdraw their funds from LocalBitcoins
Speaker:and their bitcoin from the LocalBitcoins wallet within 12 months, although
Speaker:they encourage users to do so sooner.
Speaker:Recent regulatory pressures on P2P Bitcoin merchants and individual sellers could
Speaker:also have contributed to the decreased volume on platforms like LocalBitcoins.
Speaker:Despite the closure of LocalBitcoins, alternatives such as RoboSats and Bisq
Speaker:are still available for Bitcoiners seeking to acquire bitcoin via P2P transactions.
Speaker:LocalBitcoins, a long-time Bitcoin trading service, is shutting down before
Speaker:the end of February due to challenges during the ongoing crypto-winter.
Speaker:Although LocalBitcoins has been a primary P2P player in its hey-day,
Speaker:alternatives such as RoboSats and Bisq are still available for those seeking
Speaker:to acquire Bitcoin via P2P transactions.
Speaker:ReserveBlock's RBX Token Now Listed on BitMart Exchange...
Speaker:ReserveBlock, a lightweight blockchain protocol focused on eco-friendly NFTs and
Speaker:dApps, has announced that its native token RBX has been listed on BitMart, following
Speaker:recent debuts on Bitrue and Deepcoin.
Speaker:The RBX token secures the decentralized ReserveBlock network and facilitates
Speaker:transactions via the PoA consensus, with the network's energy-efficient
Speaker:approach enabling lightweight mining that democratizes access.
Speaker:Users can mine RBX by staking a minimum of 1,000 tokens to secure
Speaker:their status as a validator node and participate in the network.
Speaker:ReserveBlock aims to create an energy-friendly network for minting
Speaker:multi-asset NFTs, with on-chain royalty enforcement capability,
Speaker:domain name service, P2P media transfer, on-chain governance, and
Speaker:digital asset wrapping and pairing.
Speaker:With RBX's BitMart listing, it can tap into a wider audience and
Speaker:increase access to its ecosystem.
Speaker:To generate interest in its platform and token, ReserveBlock's founders are hosting
Speaker:an AMA on Reddit and various competitions on BitMart's website, with plans for
Speaker:RBX staking in partnership with BitMart.
Speaker:The listing on BitMart comes as ReserveBlock releases its first
Speaker:posting-listing core wallet update, introducing "quality of life"
Speaker:features and over-the-air upgrades, and an auto snapshot importer.
Speaker:ReserveBlock's RBX token listing on BitMart is an important step
Speaker:in reaching a wider audience and increasing access to its ecosystem.
Speaker:Its energy-efficient approach enables lightweight mining, making
Speaker:RBX tokens accessible to more users.
Speaker:ReserveBlock's focus on eco-friendly NFTs and dApps, on-chain royalty
Speaker:enforcement, and scalable features could make it an attractive
Speaker:alternative to more energy-intensive proof-of-work blockchains.
Speaker:AI Tokens Outperform Bitcoin....
Speaker:In recent months, tokens focused on artificial intelligence (AI) technology
Speaker:have surged in value, outperforming major cryptocurrencies like Bitcoin and Ether.
Speaker:This new trend has led traders on Crypto Twitter to herald AI-based
Speaker:tokens as the sector that might lead the next bull market cycle.
Speaker:Prominent gainers include tokens for platforms like Alethea's artificial
Speaker:liquid intelligence (ALI), fetch.ai (FET) and SingularityNET (AGIX),
Speaker:which have surged as much as 220%.
Speaker:However, some market watchers remain cautious about the hype
Speaker:surrounding AI tokens, as the recent multifold gains of some tokens may
Speaker:lead to short-term price pumps.
Speaker:The recent surge in AI tokens emerged after the public launch of
Speaker:chatbot ChatGPT and image generation software Dall-E in mid-2022.
Speaker:This institutional interest has created a compelling argument for
Speaker:crypto traders to bet on AI-focused tokens as the next growth sector.
Speaker:However, some experts point out that scaling AI software with token-based usage
Speaker:is a hard problem to solve, as it raises many questions about how the data will
Speaker:be trained and how people will use it.
Speaker:Despite these concerns, tokens such as Big Data Protocol (BDP) and Measurable
Speaker:Data (MDT) have seen significant gains, with BDP surging 2,100% in the
Speaker:past week, while MDT has jumped 150%.
Speaker:While some investors may be sold on the hype surrounding
Speaker:AI tokens, others remain wary.
Speaker:The recent surge in AI tokens may be due to institutional interest, and
Speaker:traders are betting on AI-focused tokens as the next growth sector.
Speaker:However, experts warn that scaling AI software with token-based usage
Speaker:is a hard problem to solve, and the recent multifold gains of some tokens
Speaker:may lead to short-term price pumps.
Speaker:It remains to be seen whether AI-focused tokens will continue to
Speaker:outperform major cryptocurrencies like Bitcoin and Ether in the long run.
Speaker:a Celsius Denied Extension Request by US Trustee and
Speaker:Creditors as Cash Burn Continues
Speaker:Celsius Network, the bankrupt cryptocurrency lender, has been denied
Speaker:its request to extend its timeline for filing a Chapter 11 restructuring plan.
Speaker:The US trustee, borrowers, and the committee of unsecured
Speaker:creditors have all objected to the motion, citing concerns about the
Speaker:company's high rate of cash burn.
Speaker:Celsius's request was to extend its exclusivity period by 44 days
Speaker:on March 31 and to solicit votes on the plan through June 30.
Speaker:The US trustee overseeing the administration of Celsius's bankruptcy
Speaker:case has stated that the company's cash burn is too high, making a further
Speaker:extension through June 31st inappropriate.
Speaker:Celsius's borrowers have echoed these concerns, citing that the
Speaker:company is consuming an enormous amount of professional fees, and the
Speaker:outcome remains highly uncertain.
Speaker:The company had already received court approval to extend its
Speaker:exclusivity period to Feb.
Speaker:15, after filing a motion in November 2022.
Speaker:The Chapter 11 bankruptcy process permits the debtor to file a plan of
Speaker:reorganization, which is typically expected to be filed within four months.
Speaker:Celsius's lawyers argue that the extension is necessary for the
Speaker:company to reach a value-maximizing conclusion to its Chapter 11 cases.
Speaker:A hearing on the motion will be held on Feb.
Speaker:15.
Speaker:Celsius's request for an extension to its timeline to file a Chapter 11
Speaker:restructuring plan has been denied by the US trustee, borrowers, and
Speaker:the committee of unsecured creditors.
Speaker:Concerns about the company's high rate of cash burn and consumption
Speaker:of professional fees have been cited as reasons for the objections.
Speaker:Celsius's lawyers argue that the extension is critical to allow the
Speaker:company to reach a value-maximizing conclusion to its Chapter 11 cases.
Speaker:A hearing on the motion will be held on Feb.
Speaker:15.
XDC Network:A hybrid blockchain protocol for real-world decentralized finance....
Intro:The XDC Network is an enterprise-ready, open-source, hybrid
Intro:blockchain protocol designed to support a wide range of blockchain use
Intro:cases, with a focus on tokenization for real-world decentralized finance.
Intro:The XDC Foundation governs the network, which offers interoperable
Intro:smart contracts, near-zero-fee transactions, and high security.
Intro:The XDC Network has gained attention from the broader global trade industry, with
Intro:organizations like TFD Initiative, DNI Initiative, and the International Trade
Intro:& Forfaiting Association selecting XDC Network as their first blockchain member.
Body:The XDC Network was created by XinFin Fintech in 2017 and fully complies
Body:with the ISO-20022 message standard for trade finance and other payment sectors.
Body:The network supports all EVM-compatible smart contracts, protocols, and
Body:atomic cross-chain token transfers.
Body:Notably, the world's first NFT backed by trade finance assets was
Body:deployed on XDC Network in 2021.
Body:The XDC Network is also home to several other tokens, including Comtech Gold,
Body:Plugin, Law Blocks, and StorX Network.
Body:Developers looking to build projects on the XDC Network have access to
Body:no-code token creation app, Origin, and software development kits.
Body:Ordinary users can learn XDC concepts in the complimentary XDC
Body:Basics of Blockchain Workshops.
Body:The network has seen upwards of 372M transactions and the creation of over
Body:865,576 accounts, with more than 12,400 smart contracts deployed on the network.
Body:Currently, the native XDC token has a market cap of $500M.
Body:Several noteworthy projects are making use of the XDC Network's technology, including
Body:Impel, LedgerMail, Metabloqs, Blockdegree, Go Domains, XDC Web3 Domains, Chainfiles,
Body:TradeFinex, XinFin Name Service, Mateico, and several NFT platforms and launchpads.
Body:The XDC Network also offers several other utilities, including being accepted as a
Body:payment method on travel-booking portal Travala and by retailers using Cyclebit.
Body:The Guarda Visa Card also allows users to top up using XDC and use it as a
Body:regular bank card anywhere in the world.
Conclusion:With its growing ecosystem of projects and partnerships, the XDC
Conclusion:Network is continuing to expand and drive innovation, increase adoption,
Conclusion:and strengthen the overall network.
Conclusion:Its capabilities in enterprise applications, and specifically trade
Conclusion:finance, have garnered attention from several global trade organizations,
Conclusion:making it an exciting development in the world of decentralized finance.
Conclusion:Linkin Park releases new music video directed by noted NFT
Conclusion:artist people pleaser....
Conclusion:Rock band Linkin Park has just released a brand new music video
Conclusion:for a never-before-released song from their 2003 album "Meteora".
Conclusion:Directed by noted digital artist Emily "people pleaser" Yang and Maciej Kuciara,
Conclusion:the co-founders of Web3 video platform Shibuya, the video features the lead
Conclusion:character from Shibuya's NFT-driven anime web series "White Rabbit".
Conclusion:The premiere is set for Friday, February 10th at 12am ET.
Conclusion:The “Lost” music video teaser was shared through Linkin Park’s official
Conclusion:social media channels on Wednesday, February 9th, crediting people
Conclusion:pleaser and Kuciara as co-directors.
Conclusion:The YouTube page lists Shibuya as the production company for the
Conclusion:animated video, with AI startup Kaiber listed as a support studio.
Conclusion:The startup uses artificial intelligence to generate animated video footage
Conclusion:based on terms entered via its platform.
Conclusion:Shibuya is a Web3 video platform that allows users to purchase Ethereum
Conclusion:NFT producer passes to influence the creation of content by voting
Conclusion:on branching narrative paths.
Conclusion:While the content is free to view, only NFT holders can help shape the storylines.
Conclusion:The startup, co-founded by people pleaser and Kuciara in 2022, recently
Conclusion:raised $6.9 million in funding.
Conclusion:“White Rabbit” is Shibuya’s first project, and hero Mirai apparently
Conclusion:features in the Linkin Park video.
Conclusion:It’s currently unclear whether the “Lost” video launch will be
Conclusion:tied to additional content on the Shibuya platform, including NFTs.
Conclusion:Linkin Park vocalist Mike Shinoda, a noted Web3 enthusiast, has
Conclusion:released various projects in the NFT space, including artwork and
Conclusion:an NFT mixtape called Ziggurats.
Conclusion:Shinoda also collects NFTs and has invested in startups in the space, such
Conclusion:as Web3 streaming music platform Audius.
Conclusion:Linkin Park's new music video "Lost" directed by people pleaser and Kuciara
Conclusion:is a must-watch for fans of the band and the Web3 community alike.
Conclusion:It's exciting to see musicians and artists from traditional entertainment industries
Conclusion:embrace the power of blockchain and NFTs to create new and innovative projects.
Conclusion:The Linkin Park video premiere was released Friday, February
Conclusion:10th at 12am ET on YouTube.
Conclusion:Mastercard, Goldman Sachs, and Other Traditional Financial
Conclusion:Titans Use Blockchain for Finance
Conclusion:While crypto struggles, major financial institutions like Mastercard,
Conclusion:Goldman Sachs, and BlackRock are using blockchain to build confidence
Conclusion:with customers and each other.
Conclusion:Tokenization is being used to replace credit card numbers with unique digital
Conclusion:records for every transaction, allowing for less fraud and greater security.
Conclusion:Traditional finance giants are recognizing the benefits of blockchain
Conclusion:technology and are investing in it to maintain customer trust.
Conclusion:Mastercard CEO, Michael Miebach, believes blockchain has the potential to solve
Conclusion:real-life problems and scale in the same way traditional payments have.
Conclusion:The company is working with banks and merchants to tokenize various
Conclusion:assets, including deposits, and is launching 35 new crypto-friendly
Conclusion:debit and credit cards this year.
Conclusion:Goldman Sachs, JPMorgan, and Fidelity are also investing in blockchain
Conclusion:technology to capitalize on commercial opportunities and to provide trusted
Conclusion:financial services to customers.
Conclusion:However, there are concerns about the future of blockchain technology.
Conclusion:Web3 evangelists prefer open-source, decentralized public blockchains,
Conclusion:while big enterprises and totalitarian governments favor private
Conclusion:blockchains for greater control.
Conclusion:While some private blockchain projects have failed, public blockchains offer
Conclusion:advantages in terms of speed and cost.
Conclusion:Traditional financial institutions are aware of the benefits of
Conclusion:blockchain technology and are looking to integrate it into their
Conclusion:services to maintain customer trust.
Conclusion:As crypto continues to face challenges, traditional financial institutions are
Conclusion:leveraging blockchain technology to build trust with customers and each other.
Conclusion:Tokenization is being used to improve security and reduce fraud, while private
Conclusion:and public blockchains offer unique advantages for financial services.
Conclusion:The adoption of blockchain technology by major financial institutions is
Conclusion:expected to grow and could become a mainstream technology in the future.
Conclusion:OpenSea faces $500,000 lawsuit for theft, negligence, and extortion
Conclusion:from NFT marketplace user.....
Conclusion:OpenSea, one of the largest NFT marketplaces, is facing a $500,000
Conclusion:lawsuit from user Robert Acres for theft, negligence, and extortion.
Conclusion:Acres had two NFTs stolen in a phishing attack and alleges that OpenSea failed
Conclusion:to promptly help him retrieve his property, resulting in large losses on his
Conclusion:remaining 58 NFTs in his account because he was locked out for three months.
Conclusion:Acres also claims that OpenSea demanded he perjure himself and
Conclusion:prevented him from trading his NFTs.
Conclusion:The stolen NFTs were later sold on OpenSea by the thief.
Conclusion:As reported, prominent NFT creator and collector Kevin Rose also fell victim
Conclusion:to a phishing attack, losing a part of his personal collection valued at $1.1
Conclusion:million, which was not related to OpenSea.
Conclusion:However, theft in the NFT space is a serious problem, and OpenSea's
Conclusion:security and fraud problem has been highlighted by this recent lawsuit.
Conclusion:OpenSea's lack of action to prevent the resale of Acres' stolen NFTs
Conclusion:could indicate the marketplace's insufficient robust systems in place
Conclusion:to be able to respond to such alerts from users in a timely fashion.
Conclusion:The accusation against OpenSea regarding the lock on Acres' account constitutes
Conclusion:the tort of conversion, a form of theft, which gives Acres the legal right to
Conclusion:take action to recover his damages.
Conclusion:OpenSea's initial response was disingenuous, implying that the
Conclusion:marketplace disabled the items and unlocked Acres' account
Conclusion:soon after being notified.
Conclusion:However, Acres' account was locked for three and a half months after he
Conclusion:took issue with OpenSea's failure to prevent the sale of his stolen NFTs.
Conclusion:OpenSea allegedly demanded Acres perjure himself, causing him to
Conclusion:be locked out of his account.
Conclusion:Acres claims that OpenSea can seize users' NFT assets, despite the marketplace's
Conclusion:help center page stating the opposite.
Conclusion:In practice, OpenSea commands over 60% of all NFT trading volume,
Conclusion:limiting users' ability to trade their NFTs on other marketplaces,
Conclusion:potentially causing financial losses.
Conclusion:OpenSea's lack of timely response to the theft and alleged extortion of Acres
Conclusion:raises questions about the marketplace's priorities and its willingness to
Conclusion:prioritize the interests of its users over the amassing of trading fee revenue.
Conclusion:OpenSea's security and fraud problem has been highlighted
Conclusion:by Acres' $500,000 lawsuit for theft, negligence, and extortion.
Conclusion:OpenSea's lack of timely response to the theft and alleged extortion of Acres has
Conclusion:raised questions about the marketplace's priorities and its willingness to
Conclusion:prioritize the interests of its users over the amassing of trading fee revenue.
Conclusion:The lawsuit illustrates the limitations of crypto decentralization in practice
Conclusion:compared to its intended outcomes.
Conclusion:It remains to be seen how OpenSea will respond to the accusations
Conclusion:and whether Acres will receive compensation for his losses.
Conclusion:The Sandbox gains 30% following Saudi Arabia partnership.....
Conclusion:The Sandbox, a popular blockchain game, has signed a memorandum of
Conclusion:understanding with Saudi Arabia's Digital Government Authority at
Conclusion:the Leap Tech Conference in Riyadh.
Conclusion:The co-founder of The Sandbox, Sebastien Borget, announced the partnership
Conclusion:but gave little detail on its nature other than it will involve working
Conclusion:together on "metaverse" or VR goals.
Conclusion:As a result of the announcement, The Sandbox's native token SAND rose 30%
Conclusion:to $0.93 from $0.71 within hours.
Conclusion:The Sandbox, owned by blockchain group Animoca Brands, has previously
Conclusion:partnered with notable entities such as HSBC, Standard Chartered, Adidas,
Conclusion:and Atari, as well as celebrities like Snoop Dogg and Warner Music Group.
Conclusion:The recent partnership with Saudi Arabia's Digital Government Authority,
Conclusion:however, has generated a lot of buzz as the details remain unknown.
Conclusion:The Sandbox is known for its blockchain-based virtual world
Conclusion:project, and the partnership is expected to have a significant impact
Conclusion:on the development of the metaverse.
Conclusion:It's unclear how the partnership will affect The Sandbox's users, but the
Conclusion:significant rise in the value of the SAND token indicates a positive outlook.
Conclusion:The Sandbox's partnership with Saudi Arabia's Digital Government Authority
Conclusion:has caused excitement in the blockchain and gaming communities due to the
Conclusion:mysterious nature of the agreement.
Conclusion:The Sandbox has been expanding its partnerships with significant players in
Conclusion:various industries, but this latest one may hold the most significant implications
Conclusion:yet for the development of the metaverse.
Conclusion:As The Sandbox continues to grow, its partnership with Saudi Arabia is a
Conclusion:sign that blockchain and virtual worlds are increasingly gaining recognition
Conclusion:from influential institutions.
Conclusion:As we wrap up today's episode of Web3 with FTC by Fintech Confidential.
Conclusion:Today we've covered a lot of ground, from Paxos facing investigations and
Conclusion:legal action, to Kraken settling with the SEC, and LocalBitcoins shutting
Conclusion:down due to market conditions.
Conclusion:We also talked about the exciting developments in ReserveBlock's RBX
Conclusion:token, AI-focused tokens outperforming Bitcoin, and the challenges facing Celsius
Conclusion:as it continues to burn through cash.
Conclusion:Let's not forget about the power of blockchain technology being harnessed
Conclusion:by major financial institutions like Mastercard and Goldman Sachs, and
Conclusion:the controversy surrounding OpenSea's alleged theft and negligence, as
Conclusion:well as The Sandbox's mysterious partnership with Saudi Arabia's
Conclusion:Digital Government Authority.
Conclusion:And last but not least, we're looking forward to the premiere of Linkin
Conclusion:Park's new music video directed by noted NFT artist Pplpleasr.
Conclusion:Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the
Conclusion:disruptive and innovative world of Web3, Blockchain, Crypto, NFTs and Fintech.
Conclusion:And remember to follow us on our Telegram Channel, Linkedin, Facebook,
Conclusion:and Instagram, and sign up for the latest news delivered straight to your inbox at
Conclusion:access dot fintech confidential dot com.
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