The Chicago Journal

Bitcoin mining effects on environment claims gets pushback

Edward Anderson Edward Anderson on September 5, 2023

Bitcoin — Bitcoin mining has significant environmental consequences due to its energy-intensive nature. The technique requires the solution of complex mathematical problems, which takes vast amounts of computing power and, as a result, massive amounts of electricity. Miners from all over the globe compete to validate transactions and safeguard the network, which usually entails the use of fossil-fuel-based power sources, which increases greenhouse gas emissions.

Furthermore, mining equipment needs a substantial quantity of resources, including rare metals and electrical components, both of which are ecologically hazardous to extract and create. These factors add up to a significant carbon footprint, increasing concerns about climate change. Alternative energy sources must be researched, energy efficiency must be increased, and mining facilities must be converted to more sustainable mining procedures in order to lessen the environmental impact of Bitcoin mining.

Such claims, however, have stirred controversy, with one expert saying that Bitcoin mining will actually help clean up the environment.

Read also: ChatGPT already presenting a challenge for schoolwork

Urge to denounce

GreenpeaceUSA’s claims that Bitcoin mining is a major cause of pollution and harm to society were recently refuted by an ESG-focused fund manager.

GreenpeaceUSA produced a study on Tuesday encouraging Bitcoin-friendly financial institutions (including BlackRock, Fidelity, and JPMorgan) to denounce Bitcoin’s environmental consequences. Instead, they urged them to use a “cleaner protocol” code that eliminates the mining industry.

“All of these companies have connections to Bitcoin and have failed to take meaningful action to solve the problem despite making climate and sustainability pledges,” wrote GreenpeaceUSA.

Defending Bitcoin mining

Daniel Batten, co-founder of CH4 Capital, concurred. He says that Bitcoin helps, not inhibits, environmental restoration.

“There is a growing weight of evidence from those most qualified to make the assessment to suggest that Bitcoin mining helps build out the renewable grid,” Batten wrote in a formal rebuttal.

Former interim CEO of the Electric Reliability Council of Texas Brad Jones has also commented on Bitcoin’s ability to make renewable energy sources more viable, fundable, and dependable. GreenpeaceUSA’s calculations and figures used to demonstrate Bitcoin’s environmental effect, according to the co-founder of CH4 Capital, are equally inaccurate and dishonest.

GreenpeaceUSA, according to Batten, is predicated on irrational fears about the future rather than evidence. He slammed the research, accusing it of using inflammatory rhetoric. According to GreenpeaceUSA, coal is the primary motor of the mining sector. There are 41 recognized sustainably powered mining operations, according to Batten, with only one manufacturing coal-related commodities.

The fears

Bitcoin’s environmental impact is becoming a major concern because of its resource-intensive mining process. Bitcoin mining requires a significant amount of energy, resulting in a high power consumption. Unfortunately, this typically means a greater reliance on fossil fuels, which increases carbon emissions and exacerbates climate change issues. Mining technology also includes the extraction of rare metals and other resources, which puts further strain on the ecology.

Because of the combination of these traits, bitcoin mining has a large environmental impact. It is critical to study alternative energy sources, enhance energy efficiency in mining operations, and implement more ecologically friendly practices to mitigate the environmental consequences of Bitcoin’s popularity.

Mining today

Despite the fact that the co-founder of CH4 Capital provided statistics demonstrating how Bitcoin emissions have reduced over time, GreenpeaceUSA just stated that allowing Bitcoin to run its course will increase its environmental impact.

“Emissions are falling despite rising hashrate due to decimation of mining in Kazakhstan and other coal-based grids,” Batten explained.

He highlighted how, for example, miners in Texas had moved to more ecologically friendly networks. Furthermore, according to Batten, some companies have switched from coal-based standards to wind-based standards, as well as flare-gas mining, decreasing the overall net emissions of the Bitcoin network.

CH4 Capital invests in companies that plan to mine Bitcoin with pure landfill gas that would otherwise be burned and release methane into the atmosphere. As a result, their strategy supports both the environment and the bottom line.

“Our $400 million fund will have sufficient dry powder to finance the Bitcoin network, abating more emissions than it’s creating, which can end ESG FUD, the major remaining barrier for both retail and institutional adoption,” said Batten.

Reception to GreenpeaceUSA

After receiving a $5 million grant to increase awareness of the mining industry’s concerns, GreenpeaceUSA launched its campaign in 2022.

As a result, the Bitcoin community has turned against the company. Batten and Ripple backer Chris Larsen both declined to comment on their campaign.

“I’ll let people make up their own mind about the intentions of a chair of another altcoin giving a large sum of money to help an NGO attack a rival form of cryptocurrency in Bitcoin,” said Batten.

How Steven Carrero, an Air Force Veteran, Rediscovered his Passion

Edward Anderson Edward Anderson on June 20, 2023

The day-to-day hustle of life has a way of draining and distorting even the most enthusiastic individuals. You can see it everywhere now; most of the population is living through a nightmare while sacrificing their dreams every single day. When we first begin comprehending our surroundings, all we see are fascinating things and beautiful concepts. Soon, we start fostering the idea that the world is our oyster and that we can do whatever we want in our lifetime. However, the illusion of greatness starts to wean off as soon as we step into the real world.

As soon as we go out and mingle with others, the realization dawns upon us that we aren’t as special as we thought we were. We learn that many things that we can do, others can do much better and that the outside world is not a bed of roses. These discoveries start eroding our optimistic worldview and before we know it, our hopes and dreams begin fading away. Often the expectations and responsibilities thrust upon an individual force them to choose a path of mediocrity and comfort and the less traveled path remains as so. Still, there are some who find the courage to come back and fulfill their passions.

Such is the case of Steven Carrero. Born in Mayaguez, Puerto Rico, but raised in New York, Steven Carrero is popularly known by his stage name _IAmCrypto. With a hardworking factory worker father and a stay-at-home mom, Steven chose to join the United States Air Force, shortly after marrying his childhood sweetheart, Valerie. He spent twenty years in the Air Force and experienced everything from multiple deployments, to injuries, differences of opinions, and whatnot. After a certain point, Steven realized that the Air Force was not the same anymore and decided to retire as a Master Sergeant under Honorable Conditions. 

Despite having a Bachelor of Arts Degree in Criminal Justice, Steven chose not to pursue a career in law enforcement after leaving the US Air Force. Instead, he decided to live for himself and rediscover his lost passions, one of which was gaming. Steven used to be an avid videogame fan and owned every gaming system known to man before his enlistment. Steven’s post-Air Force professional gaming career consisted of Tekken Tag tournaments, Marvel vs Capcom 2, and Socom Navy Seals competitions. He also has a keen interest in MMORPGs (Massively Multiplayer Online Role-Playing Games) as he said in an interview, “Once I started playing my first MMORPG, Final Fantasy 11 online it was over for me, my outdoor time reminisced.” To this day, Steven strives to perfect his gaming skills and boasts a community of almost 80 thousand followers on his social media gaming page. 

Steven not only immersed himself in gaming but also took up other interests such as writing and drawing which ended up in him creating not one but three children’s books. His self-published books, Lords of the Gifted, Mommy am I, and The Adventures of Trez: Lost Dino, not only contain fascinating stories that he wrote but also harbor beautiful illustrations that he created himself. Steven’s interests also extended to music and he ended up writing two songs, “Trump Card” and “Forms of Depression.” Both of his songs feature Lucci Damus and are available on all major streaming platforms.

Steven’s exemplary story teaches us that it doesn’t matter how you start, what matters is how you decide to finish. Steven currently lives in New Jersey with his wife, four kids, and two dachshund pups and continues to explore his future interests which include NFTs and cryptocurrency.

Bitcoin Queen Olga Kindaeva on Creating and Living the Life You Want

Nicholas Alexander Nicholas Alexander on March 3, 2023

Olga Kindaeva’s story is not just one of remarkable success in business, but also a testament to the importance of how you can create and live the life you want. From her early career in television to her current success as the “Bitcoin Queen,” Olga has always strived to find ways to balance her professional ambitions with her personal pursuits.

After working for a Russia vodka brand and starting her own accounting company, Olga is not afraid to pursue a new path and went on to become a corporate flight attendant, allowing her to travel the world while working with high-profile clients. When the COVID-19 pandemic hit, Olga shifted her focus to the stock market and forex trading, which allowed her to continue traveling while also exploring new financial opportunities. For Olga, anything is possible.

Throughout her journey, Olga has always made time for her personal pursuits, including traveling, modeling, and even volunteering. She emphasizes the importance of finding a balance between work and personal life, and encourages others to do the same.

Olga’s company offers a variety of services, including selling Bitcoin machines, trading gold and us30 and providing Instagram marketing services. But she is most passionate about helping others achieve financial success and live a luxurious lifestyle without being confined to a traditional 9-5 work schedule.

Olga Kindeava

Olga’s advice for aspiring entrepreneurs is to embrace new opportunities, not be afraid to take risks, and work smart rather than hard. She believes that success is not just about making money, but also about finding joy and fulfillment in all areas of life. Olga’s inspiring journey is a reminder that with determination and a balanced approach, anyone can achieve and live their dreams.

To learn more about Olga Kindaeva, follow her on Instagram.

What are the growth factors of cryptocurrencies and the primary market?

Leah Cooper Leah Cooper on December 15, 2022

What is cryptocurrency?

Cryptocurrency is a safe, digital and decentralized shape of payment. Its features are widely spread among Internet users, making it a secure and convenient way to complete transactions.

Bitcoin, the foremost cryptocurrency, was established in 2009 and remains the most famous today. Many people are curious about cryptocurrencies to trade and profit, but speculators sometimes inflate the prices by a lot.

Using cryptocurrency to buy daily goods and services is becoming more prevalent. However, most people still invest in cryptocurrencies like other assets like stocks or precious metals. While cryptocurrency is an exciting new asset class, buying into it can be risky because before investing, you must research how each system works fully.

What is the size of the cryptocurrency market?

With the cryptocurrency market expected to reach $2.2 billion by 2026, As data security concerns continue to grow, there is an increasing demand for more robust and transparent data security solutions. Blockchain technology is one of the numerous promising solutions in this area, and its implementation in digital payment systems is driving the growth of the blockchain market.

The cryptocurrency industry is booming as digital currencies such as bitcoin, Ethereum, and bitcoin are becoming increasingly prevalent worldwide. Due to the popularity of Artificial Intelligent based cryptocurrency platforms, numerous companies have decided to concentrate on their development.

Growth factors of the cryptocurrency market

As the popularity of bitcoin continues to grow, so does the importance of cryptocurrency. More people are curious about funding in bitcoin, as the value of public bitcoin has increased in current years. It makes bitcoin an ideal investment option for those interested in cryptocurrencies.

The two Major markets with the most significant growth potential are:

The financial crisis and regional instability

Financial crises can have devastating effects on economies around the world. It is just one of the many causes why cryptocurrencies are becoming favored. Unlike traditional fiat currencies, cryptocurrencies are not subject to the same fluctuations and volatility. It makes them a safer investment in times of financial uncertainty. And with the unstable economic structure of more and more countries, this is becoming a significant market driver for cryptocurrencies.

increase in bitcoin adoption

Bitcoin is a popular digital currency that is growing in value and adoption around the world. The advantages of using bitcoin, such as convenience and gratuities, improve its market value. Many created countries are shifting towards digital currency, which is anticipated to help the cryptocurrency market increase over the years.

The 5 best cryptocurrencies to invest in 2023

  1. Bitcoin (BTC)

Bitcoin is digital money that uses math and cryptography for security. Any central bank or government does not control it, and it is not a material currency. You can use it for goods and services or communicate them to others via a computer without using a bank.

  1. Ethereum (ETH)

Ethereum is a decentralized podium that runs smart contracts: applications that no 3rd party can manipulate or interfere with. It makes it the ideal place to run applications that ought to be secure and fraud-free.

  1. Tether (USDT)

Tether is an innovative digital currency that provides users with a unique way to transact. Tether differs from other digital currencies in that it is backed by actual dollars that are held in reserve. 

  1. BNB (BNB)

BNB is a digital currency with a particular focus on stability. BNB offers holders various benefits, including trading fee discounts and access to exclusive features on the Binance exchange.

  1. USD Currency (USDC)

USD Coin (USDC) is the ideal digital currency for those who want a stable value like the dollar. USDC can be converted to dollars on request, creating it an ideal option for anyone looking for a dedicated and stable digital currency.

Project Tokens, Token Types, and Crypto Games

A project Token is a type of cryptocurrency managed by a group of people instead of a central authority. There are three different types of tokens:

  • Utility tokens are like the keys to a platform – they give you access to the platform’s services. So if you’re looking to use a particular platform, you’ll need to get your hands on the correct utility token first.
  • Security tokens are subject to financial regulation. It means they must be registered with the relevant financial authorities and comply with all relevant laws and regulations.
  • Card payments are a transaction made to pay for goods and services on or offline. Many cryptocurrencies, like Bitcoin, can be used to make card payments.

Metaverse Project: A New World of Gaming

The metaverse is an online universe that runs on the blockchain. In the metaverse, users can explore different digital worlds, explore casino «districts,» lottery sambad, offering slots, poker, roulette, blackjack, and more, go to shows and nightclubs, and even purchase real estate. Some platforms within the metaverse are more developed than others, with their land parcels, decentralized governmental structures, and native tokens.

We have 5 best Project Token games:

  1. Axi Infinity
  2. Decentraland
  3. Sandbox
  4. Illuvium
  5. Chain of Alliances

Sam Bankman-Fried taken in by Bahamian police

Edward Anderson Edward Anderson on December 13, 2022

…

The founder and former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, was arrested in the Bahamas on Monday.

A Bahamian government statement revealed that the arrest came from the orders of US prosecutors who filed criminal charges against him.

The news

The Southern District of New York investigated Sam Bankman-Fried and the FTX and Alameda collapse.

The SDNY also confirmed the arrest, announcing the news on Twitter.

US Attorney Damian Williams made the arrest public in a tweet:

“Earlier this evening, Bahamian authorities arrested Samual Bankman-Fried at the request of the US government, based on a sealed indictment filed by the SDNY.”

“We expect to move to unseal the indictment in the morning and will have more to say at that time.”

The arrest

Sam Bankman-Fried was a cryptocurrency celebrity until earlier last month, when his company faced a cash crunch, forcing him to file for bankruptcy.

He quickly became a pariah, leaving over a million depositors without access to their funds.

The FTX founder was arrested in the Bahamas at his apartment complex on Monday night.

According to a statement from the Royal Bahamas Police Force, he will appear in court in Nassau on Tuesday.

The SEC

The Securities and Exchange Commission confirmed it approved separate charges related to Sam Bankman-Fried’s “violations of securities laws.”

It remains to be seen what the founder of FTX, a 30-year-old crypto celebrity and now a crypto pariah, will be charged for.

The company’s collapse follows a struggle with a cash crunch that forced it to file for bankruptcy in November.

As a result, millions of FTX customers can no longer access their funds.

Read also: Maxine Waters firm on having Sam Bankman-Fried attend hearing

Charges

Writing about a person familiar with the situation, The New York Times revealed SBF’s allegations, which include:

  • Wire fraud
  • Wire fraud conspiracy
  • Securities fraud
  • Securities fraud conspiracy
  • Money laundering

The United States has an extradition treaty with the Bahamas that allows US prosecutors to return suspects to US soil.

According to the treaty, the charges would carry more than a year in prison in both jurisdictions.

Aftermath of the collapse

Four weeks after FTX filed for bankruptcy, Sam Bankman-Fried had the behavior of a “hapless” CEO.

He acted like someone hovering in the sky, denying allegations of fraud against FTX clients.

“I didn’t knowingly commit fraud,” said SBF on BBC last weekend.

“I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”

House hearing

Sam Bankman-Fried was scheduled to appear before the US House Financial Services Committee via video call on Tuesday.

The committee demanded answers on the FTX crash and how it traversed the digital asset ecosystem.

Due to their FTX involvement, several cryptocurrency companies have gone bankrupt, frozen client accounts, and gone out of business.

After the arrest, Rep. Maxine Waters, chair of the committee, said SBF was no longer required to testify in court.

Statement

Originally, the hearing was to be supported by testimony from John J. Ray III, the new CEO of FTX.

He assumed Sam Bankman-Fried’s role on November 11 and guided the company through the bankruptcy process.

“While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow,” Waters said in a Monday night statement.

“We remain committed to getting to the bottom of what happened.”

So far, Ray has described the company as a crypto empire with no oversight and no financial or other records.

“The scope of the investigation underway is enormous,” said Ray in remarks on Monday ahead of his testimony.

Although investigations are ongoing, the collapse appears to have stemmed from the concentration of power “in the hands of a very small group of grossly inexperienced and unsophisticated individuals” who failed to entrench control of the company within the company.

According to Ray, SBF mixed client resources from FTX with Alameda.

The revelation is crucial information for investigators since FTX and Alameda were separate entities on paper.

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Denials

After the crash, Sam Bankman-Fried denied pooling the funds.

He has since tried to distance himself from the daily operations of Alameda.

The company allegedly developed risky trading strategies, including arbitrage and yield farming.

According to a Wall Street Journal report, the Yield Farm strategy invests in digital tokens that pay rewards, including interest.

SBF admitted to mismanaging the company and having little awareness of the risks.

Late last month, he made a virtual appearance at the New York Times DealBook Summit.

“Look, I screwed up,” said Bankman-Fried during the summit.

“I was CEO of FTX… I had a responsibility.”

Sam Bankman-Fried also admitted that the companies he oversaw lacked corporate controls and risk management.

“There was no person who was chiefly in charge of positional risk of customers on FTX,” said SBF.

“And it feels pretty embarrassing in retrospect.”

A Reuters report in November raised a crucial question about the incident, saying SBF had created a “backdoor” into FTX’s accounting system.

It allowed him to change the company’s finances without raising the alarm.

According to the report, Bankman-Fried used the backdoor to transfer $10 billion of client funds to Alameda.

As a result, more than 1 billion dollars disappeared.

However, Sam Bankman-Fried denied knowing anything about the back door.

“I don’t even know how to code,” he said in a November interview with Tiffany Fong.

Reference:

Sam Bankman-Fried, FTX’s founder, is arrested in the Bahamas

Sam Bankman-Fried ‘not ready’ for hearing

Claire Peterson Claire Peterson on December 5, 2022

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Sam Bankman-Fried recently responded on Twitter to US Representative Maxine Waters’ invitation to a hearing on Friday.

The disgraced FTX creator said he wasn’t sure if he would be ready to attend a scheduled hearing in Washington, DC, on December 13.

The news

Sam Bankman-Fried was called to testify before the US House of Representatives Financial Services Committee.

Maxine Waters, a ranking member, tweeted to SBF, saying, “We would welcome your participation in our hearing.”

“We appreciate that you’ve been candid in your discussions about what happened at #FTX,” she wrote.

“Your willingness to talk to the public will help the company’s customers, investors, and others.”

Read also: Sam Bankman-Fried, ‘Look, I screwed up’

Response

On Sunday, Sam Bankman-Fried responded on Twitter, writing:

“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.”

“I’m not sure that will happen by the 13th. But when it does, I will testify.”

Reception to the response

Meanwhile, Crypto Twitter paid close attention to the FTX creator’s nonchalant attitude toward the invitation.

Paul Grewal, Chief Legal Officer of Coinbase, did not appreciate SBF’s attitude.

“Our elected representatives exercise great restraint in communicating their expectations,” he wrote.

“And still this fraudster insults their authority. What a disgrace.”

However, others have criticized Maxine Waters’ tone.

Blockchain-based video streaming platform LBRY recently lost a battle with the United States Securities and Exchange Commission over alleged sales of unregistered securities under its LBC token.

Others took the opportunity to denounce Sam Bankman-Fried for fraud.

Read also: Sam Bankman-Fried Faces Downfall with FTX Collapse

After the collapse

Following FTX’s bankruptcy filing in November, Sam Bankman-Fried issued multiple apologies.

SBF has appeared in high-profile interviews, including with George Stephanopoulos of Good Morning America, CNBC, and Andrew Ross Sorkin of The New York Times.

During the interview with Sorkin, Bankman-Fried revealed that he spoke against his attorney’s advice.

“I didn’t knowingly commingle funds,” said SBF, referring to the relationship between FTX and his trading firm Alameda Research.

“It was, in effect, tied together substantially more than I would have ever wanted it to be.”

Reference:

SBF publicly punts on the US House Hearing Invitation

Tier 1 Launchpad Blokpad Welcomes Everyone to the Paradox Coin IDO Scheduled for the 14th of November

Claire Peterson Claire Peterson on November 13, 2022

Paradox Metaverse is about to make its dynamic entry into the world of Web3 gaming. With guns blazing, the team over at Paradox Studios isn’t showing any signs of slowing down real soon. Bringing industry powerhouses into the mix, the company has partnered up with tier 1 launchpad Blokpad leading up to the monumental launch of its proprietary token Paradox Coin ($PARA). On November 14, users will be able to participate in the $PARA IDO through Blokpad, one of the best launchpads on the block. 

$PARA is the premier utility token for the upcoming Paradox Metaverse game. It is a crucial part of the Paradox Ecosystem, which allows users to stake on the ParaSWAP exchange for high-yield returns, take part in ParaPAD launchpad listings, and even purchase tickets for live in-person and in-game events hosted by Paradox Events.

With the upcoming $PARA IDO on the horizon, Paradox Studios has made sure to partner up with one of the most prestigious launchpads in the blockchain industry, Blokpad. Blokpad is an exclusive blockchain incubation and launchpad service designed to be the nerve center and reference point of the ever-growing digital space. 

As one of the biggest launchpads in the world, Blokpad is poised to become the home of crypto, bringing together a community of crypto and NFT enthusiasts to learn, earn, play or create. The launchpad has risen to prominence in the crypto industry as part of the Bloktopia game ecosystem. Paradox Metaverse is also on its way to replicating this success through its very own launchpad dubbed ParaPAD.

Bloktopia has been instrumental in the success of many IDOs since its inception. These notable projects include Syncity, which raised over $200,000 during its IDO earlier this year on January 20, and Sidus + Senate, which raised a whopping $500,000 during its IDO on December 14, 2021. As Paradox Metaverse joins the fray, the project is expected to obtain massive success on the prestigious launchpad like many GameFi titles before it. 

Bloktopia achieved an all-time high of $0.178281 on October 31, 2021, seeing a 698.2x increase in price since launch. Paradox Coin is projected to soar to these numbers as well as the upcoming coin launch and IDO have garnered significant attention from crypto enthusiasts all over the world. 

Other launchpads, such as Enjin Starter, which has been essential to propelling GameFi projects to the mainstream, have also gained the favor of many crypto enthusiasts. Paradox Coin will also be launched within the Enjin Starter ecosystem, joining the likes of many successful GameFi titles. 

As the launch of Paradox Metaverse fires on all cylinders, ParaPAD is also yet another launchpad that is worth keeping an eye on. Ultimately, the Paradox Ecosystem is looking to bring innovation to the world of Web3 in more ways than one. Apart from an entirely new gaming experience, Paradox Studios is adamant about introducing new ways to play, earn, learn, and create.

Don’t miss the action! Make sure to mark your calendars on November 14 to take part in the Paradox Coin IDO through Blokpad.

Crypto report: Binance loses $570 million in a heist after hackers target cross-chain bridge

Claire Peterson Claire Peterson on October 10, 2022

Theft has become a recurring problem in the crypto and NFT space, and Binance has become the latest victim of a significant robbery.

The report

On Friday, a Binance spokesperson revealed that a Binance-linked blockchain was involved in a $570 million hack last Thursday.

On Thursday, the cryptocurrency exchange platform tweeted that Binance had temporarily suspended BNB Smart Chain, its blockchain network.

The company claimed that the action was the result of irregular activity.

On Friday, Binance released a statement claiming that hackers stole two million BNB cryptocurrency tokens, which were worth $ 570 million at the time.

Changpeng Zhao, the CEO of Binance, initially tweeted that about $100 million worth of cryptocurrencies had been stolen.

On Thursday, he tweeted:

“Your funds are safe. We apologize for the inconvenience.”

According to Binance, tokens worth $100 million remain “unrecovered” and have been removed from the chain by the hacker.

At the moment, the remaining funds of the BNB chain are being frozen.

The hack

The big heist was carried out when the hackers targeted what is known in the crypto space as a cross-chain bridge.

Recently, bridges have become the target of most hackers.

Bridges are the infrastructure that allows users to exchange crypto assets on different blockchains.

Their services usually hold large reserves of various coins.

This puts coin reserves at the center of the hackers’ radar.

According to blockchain analytics firm Elliptic, coin reserves have made blockchain bridges prime targets for theft.

Theft

Elliptic reports that about $1.83 billion was stolen from bridges in August, with the majority ($1.21 billion) in 2022.

Binance was not alone as others experienced major thefts in 2022.

Other losses include $190 million stolen from cryptocurrency bridge provider Nomad in August.

In June, California-based Harmony announced a loss of $100 million at the end of June.

Axie Infinity’s Ronin Bridge lost $625 million in March.

Effects of the Binance hack

The latest hack caused the BNB blockchain to go offline for about nine hours.

BNB made a corporate post saying that the chain’s ecosystem contacted the chain’s validators to prevent the incident from spreading further.

Chain validators are people who verify that transactions on the blockchain are legitimate.

According to a tweet from the company, the channel went back online around 2:30 a.m. ET.

Reference:

Binance-linked blockchain hit by $570 million crypto theft

Teleport Ushers in a New Age of Immersive Augmented Reality Experiences in the World of Web3

Nicholas Alexander Nicholas Alexander on October 7, 2022

The meteoric rise of NFTs, crypto and the metaverse has brought about a massive shift in the tech industry. The rapid progress has allowed for many gaps in the industry to be filled, and the emerging tech brand, Teleport, is leading the charge in bringing immersive experiences into the metaverse. The Teleport ecosystem boasts an interconnected host of features that NFT collectors and enthusiasts have been anticipating.

Teleport serves as a massive gateway to immersive Web3 experiences, teleporting users to vastly different worlds through PORTALS, which are augmented reality gateways that lead to 360° metaverses, virtual spaces, real-world locations, events, and many more. Teleport is opening the door to limitless possibilities, shaping to be the next big thing in social media.

Teleport is in a prime position to emulate the long-standing success of social media apps such as Snapchat, TikTok and Instagram, but this time for the world of Web3. With the innovative PORTALS feature, users can traverse the metaverse, create their own worlds, and even monetize their creations. 

For example, users can create an environment or experience and sell the whole portal, create an art gallery to display the NFTs they are selling, host a 360-degree live stream of a special event and charge an entry fee, and many more. Through PORTALS, users can even teleport into the middle of real-world places such as Time Square, Tokyo, and Paris.

The Teleport brand also has a unique NFT collection called Teleport Founders Club NFTs that offers its holders many rewards and special perks. The collection consists of 25,000 procedurally generated 3D Model Bunny NFTs hopping around on the Ethereum blockchain. In addition, prospective holders will gain exclusive access to the community Discord, metaverses, unlockable content, early access to NFT drops, air drops to the PORT utility token, and many more.

PORT utility tokens can be earned by simply interacting with NFTs in the Teleport mobile app, entering into PORTALS, or through air drops for holders of the Teleport Founders Club NFT. Additionally, PORT tokens can be used to enhance NFTs, access exclusive PORTALS, and trade digital assets in the Teleport marketplace. PORT is also currently listed on BitMart, and Teleport has plans to get listed on more major exchanges before the end of the year.

“We have a self-sufficient ecosystem where content creators have complete creative control over their Portals and how to use their digital assets. We have created a platform for both users and content creators to engage in the Web3 space. We are not simply an NFT project, we are an app and tech company engaging the Web3, NFT, and crypto space,” explained Teleport co-founders David Myung and Ounie Phakousonh.

As the world’s first Web3 social media app platform integrating augmented reality technology and 360 videos and images, Teleport is pushing the boundaries of the NFT space. Currently, the esteemed tech brand has partnered with the upcoming Web 3 Expo (W3BX) at the Wynn in Las Vegas. The company is poised to expand its locus of influence in Web3, allowing them to further bridge the gap between Web2 and Web3 in its entirety.

“We have created a platform for both users and content creators to engage in the web3 space. We are not simply an NFT project, we are an App/Tech company engaging the Web3, NFTs, and Crypto space,” shared the founders. 

Departed Apes NFT Co-founder Stephen Fung Shares Exciting Details About the Highly-Anticipated Project

Edward Anderson Edward Anderson on July 19, 2022

Stephen Fung took center stage in one of the most anticipated web 3.0 events in New York.

(NEW YORK, 20 July 2022) The world of NFTs has caused quite a stir in the last few years, and it is thriving with an abundance of projects that interest people from various backgrounds. Moreover, it consistently ushers in innovative initiatives that help elevate the industry to greater heights. One such remarkable venture that is highly anticipated is Departed Apes.

The upcoming collection is a passion project by Grid6 Studios, a groundbreaking enterprise with the amazing vision of combining films and television with blockchain technologies. At the helm of this trailblazing brand is world-renowned actor and Netflix director Stephen Fung. Alongside him are industry experts and powerhouses in the entertainment and digital assets space: Media Asia Group and Everest Venture Group. 

During this year’s NFT.NYC event, the visionary unveiled exciting details about Grid6 Studios’ genesis project. As he candidly shared, “Revealing an NFT reminds me of opening a new toy on Christmas. Okay, I may be able to do this; I’m in the business of evoking emotions.”

The Departed Apes NFT is a collection of 8,027 non-fungible tokens that live on the Ethereum blockchain. It features exquisite art directed by Logan Lubera, the project’s lead artist and a respected professional known for his incredible work as a Marvel cover artist.

On top of its distinct aesthetic, the venture possesses exceptional story-telling through its narrative-centric NFTs that put cops, gangsters, and undercovers together in one unique environment where the true identity of each character is still waiting to be revealed.

Aside from these, what makes Departed Apes stand out is its impressive commitment to its mother company’s vision. Specifically, the collection will be the first-ever in the NFT space to do a film IP crossover.

Because of these well-thought-out elements and aspects, it has become one of the most sought-after projects in the market. Stephen Fung attributes this massive success to the collective effort of the entire team behind Departed Apes. Given this, the enterprise is also keen on leveraging the upcoming release to create a tight-knit NFT community that will help further the enterprise’s goal. 

“Our community is essential to us; we want to build a platform where aspiring directors, producers, writers, actors, critics or movie fans would love. They can take part in a future milestone – Departed Apes animation feature. We will also begin by holding AMAs (Ask Me Anything) with accomplished guest speakers from all over the world,” the founder explained.

Staying true to its promise, Grid6 Studios has invited Daniel Wu, a household name in Asia, as one of the speakers for the after-party it hosted in Manhattan, New York. The event was attended by over 200 collectors, investors, and movie enthusiasts.

As The Departed Apes NFT prepares for its release, interested parties continue to flock to its dedicated Discord server as well as its Twitter and Instagram accounts. The collection is truly shaping to be one of the most innovative and revolutionary projects in the market today. As Stephen Fung insightfully quoted in the beloved American sports film Field of Dreams, “If you build it, they will come.”