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Stablecoin survival 🚀, U.S. debt ceiling crisis 🌪, Apple bans ChatGPT 🚫
Daily Crypto, Blockchain & Web3 Update 2023-05-20
Arbitrum-based decentralized exchange (DEX) Swaprum has allegedly conducted a rug-pull on its users, with $3 million worth of customer deposits being swiped from the platform.
A rug pull or exit scam occurs when a seemingly legitimate project gathers investment or user deposits before promptly shutting everything down, pulling the capital and vanishing — if they adequately cover their tracks.
The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users?
Jeremy Allaire — the CEO of USD Coin issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.”
The United States has hit its $31.4 trillion debt ceiling and is now running out of money.
As pointed out by Treasury Secretary Janet Yellen, the debt ceiling needs to be lifted before June 1. Otherwise, the country risks missing its debt obligations due to Treasury bond holders and thereby defaulting on its sovereign debt.
A bug in an older version of crypto lending protocol Aave is blocking users from interacting with Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC) or Wrapped Matic (WMATIC) pools on Aave V2 Polygon, preventing assets from being withdrawn from them, according to a May 19 proposal that attempts to fix the bug through a patch. The proposal says that users are currently unable to "supply more of those assets, borrow, repay, or withdraw."
Although withdrawals are currently impossible, the team stated that funds are "perfectly safe," as the bug can be fixed after a governance vote.
According to court documents shared by James Filan, the Hinman materials will likely be unsealed by June 13.
On May 19, James Filan, a defense attorney and ex-federal prosecutor who has been closely monitoring the Securities and Exchange Commission (SEC) vs. Ripple case for the past few years, shared an update regarding the potential unsealing of the Hinman documents for public access.
The Hinman documents pertain to a speech given in 2018 by former director of the SEC’s corporation finance division Bill Hinman.
zk role in balancing Web3 and traditional institutions — AMA with Occam DAO, Galactica Network, SwissBorg (3 min read)
Unique solutions for compliant privacy in web3 were discussed and offered during Cointelegraph’s recent AMA session that brought together Occam DAO core contributor Cristina Stavila, Galactica Network co-founder Michael A. and SwissBorg founder and CEO Cyrus Fazel.
As the speakers discussed, the establishment of solid standards for compliant privacy is required as a key component for mass crypto adoption.
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Last Remains, a triple-A Web3 multiplayer battle royale zombie game that previously secured $4.75 million in funding from notable players in the crypto industry.
Blockchain-based gaming has gained momentum in recent years as the novel sensation in the crypto universe, to the point where blockchain games accounted for half of all blockchain activity in early 2023. As the trend expands, new players have joined the fray, looking beyond the initial token-collection craze and shifting the focus to gameplay elements.
OpenAI has launched the official version of its AI-powered chatbot ChatGPT on Apple’s App Store and hints that an Android version is coming “soon.”
ChatGPT and the advances in artificial intelligence has become a point of great interest among the crypto community, some of whom have already leveraged the nascent technology to create entirely new tokens.
Big Tech giant Apple has restricted company usage of the widely popular artificial intelligence (AI) chatbot ChatGPT over fears its sensitive data could be compromised.
A report by The Wall Street Journal revealed that an internal document to Apple employees had banned the usage of Microsoft-backed ChatGPT and similar AI tools while the company was developing its own AI technology.
According to the document, the iPhone developer is concerned about workers using the programs and exposing confidential company information.
The financial service provider eToro and Twitter recently announced a partnership that allows users on the social network platform to trade cryptocurrencies and stocks.
This development follows a statement made by former Twitter CEO Elon Musk, who said he wants to make Twitter “the biggest financial institution in the world.”
Demmissie said it “made sense” that one of the world’s largest social network platforms would partner with a social trading platform. Now, when users obtain financial news and updates on securities, ETFs or other assets, they can choose to “practice, engage or trade.”
The launch of Ledger Recover, a service that allows users of the Ledger hardware wallet to back up their secret recovery phrases, met with immense resistance from the crypto community. Ledger co-founder and ex-CEO Éric Larchevêque took the criticism against Ledger as “a total PR failure, but absolutely not a technical one.”
Ledger Recover is an OTA firmware update, which would allow users to back up their seed phrases by third-party entities. If a user chooses to opt-in to the new service, the recovery phrase fragments get encrypted and are stored by 3 different parties, which can be used to recover the phrase in the future.
The service provides code to scammers that allows them to drain wallets using token approval phishing methods.
According to Strike CEO Jack Mallers, the expansion drive aims to counter the “clouded world of crypto exchanges and hidden unregistered licensing regimes, and 1,000 different coins.”
The Chamber of Digital Commerce has urged Congress to set up a Digital Asset and Blockchain Technology Solarium Commission to develop crypto regulation.
The legislation would oblige exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers.”
The platform was charging investors “exorbitant and undisclosed fees," with one user charged a total of $51,000 over just 13 months, according to the New York attorney general.