Crypto News

?? Bitcoin Market Dominance Drops

Bitcoin's market dominance fell by 1.8% to 54.34%, this was its largest drop in five months and came from concerns over the redistribution of 140,000 BTC to victims of the 2014 Mt. Gox hack.

Investors feared that the recipients would cash out their payouts, thus increasing market supply. This FUD led to a nearly 5% drop in Bitcoin's price and boosted demand for short-term put options as traders sought downside protection.

Ironically some people believe the selling pressure will be limited, as Mt. Gox creditors are likely to be long-term holders.

Read more about the Mt Gox Effect here.

?????? Coinbase Sues SEC

Coinbase has filed lawsuits against the SEC and FDIC for not complying with Freedom of Information Act (FOIA) requests. The exchange accuses both of these regulators of trying to sever the crypto industry from the banking sector. The FOIA requests sought details on the SEC's stance on Ethereum and the FDIC's "pause letters" to banks, which Coinbase claims were efforts to halt crypto activities. Both the SEC and FDIC have declined to comment on the lawsuits.

See more about the Coinbase SEC case here.

VanEck Files For Solana ETF, Rising 8%

VanEck has filed for a Solana ETF, leading to a 8% increase in the price of Solana (SOL). If this was approved, it would be the first Solana ETF in North America, set to be listed on the Toronto Stock Exchange. This move is part of VanEck's broader strategy to promote Solana, which they believe has significant growth potential, potentially increasing its value by up to 10,000% if it can attract 100 million users. The bullish outlook is based on Solana’s high-speed data processing and transaction capabilities, which make it one of the most efficient blockchains in the market.?

Check out this massive news here.

Web3 Highlights

Wikileaks Founder Gets A Substantial Bitcoin Donations?

Julian Assange, the founder of WikiLeaks, has received a donation of Bitcoin worth $500,000 from an anonymous Bitcoin whale. This significant contribution comes amid Assange's ongoing legal battles, including the denial of his extradition to the U.S. by a British court on health grounds.

The donation was part of a broader trend of substantial Bitcoin contributions to WikiLeaks, highlighting the continued support from the crypto community. Historically, WikiLeaks has received considerable Bitcoin donations, especially during critical moments in Assange's legal journey.

Read more here.

Impact Of Celebrity Memecoins On Web3

The emergence of celebrity-backed tokens in Web3 has generated mixed reactions. Some Web3 experts argue that these tokens serve as an accessible entry point to crypto, potentially evolving into a significant asset class. However, some critics warn that the speculative casino-like nature of these tokens can mislead consumers and detract from blockchain's true value. While these tokens can attract new users, their long-term sustainability and utility remain questionable.

What do you think about Celebrity Memecoins? Read more here.

Tether To Stop Minting Stablecoin USDT On Algorand & EOS

Tether announced it will stop minting its USDT stablecoin on the Algorand and EOS blockchains, citing strategic reasons related to usage and community interest. The circulating supply of USDT on these blockchains represents only about 0.1% of the total USDT supply. Tether will cease new minting but will continue redeeming USDT on Algorand and EOS for the next 12 months. The majority of USDT remains on the Tron and Ethereum blockchains, which hold $59 billion and $52 billion each.

Learn more about it here.

AI Highlights

Channel Seven AI Hack

Channel Seven in Australia was recently hit by a weird hack involving AI-generated content mimicking Elon Musk. The hack disrupted broadcasts and displayed deepfake audio of Musk suggesting that users go to a website to deposit Ethereum, Dogecoin, or Bitcoin. The clip promises viewers that depositing their cryptocurrency on the site would “automatically send back double the amount of the cryptocurrency you deposited.”

The incident raised concerns about the vulnerabilities of media networks to advanced AI-powered cyberattacks, highlighting the need for enhanced cybersecurity measures to protect against such sophisticated threats. The breach is under investigation as authorities work to determine the source and method of the attack.

Read about this strange hack here.

Rabbit AI Data Breach

Rabbit has experienced a significant data breach on May 16, where critical API keys were found hardcoded in its codebase, allowing unauthorised access to sensitive functions. This included those for ElevenLabs and Google Maps, enable attackers to read all responses, alter and replace voices, and potentially render devices useless. Despite being aware of the breach for a month, Rabbit Inc. has not rotated the compromised keys, posing severe security risks for users. The disclosure highlights Rabbit Inc.'s inadequate security practices.?

Read more here.

How AI Will Shape Our Future?

At the Aspen Ideas Festival, OpenAI CEO Sam Altman discussed the future of AI, emphasising that AI advancements will require new methods beyond merely expanding data training. He likened AI's impact to transformative historical innovations like agriculture and industrial machinery, predicting that future AI iterations like GPT-6 or GPT-7 will significantly enhance individual capabilities.

Altman acknowledged his concerns about AI's potential for misuse, including deepfakes and disinformation, and the controversial use of copyrighted materials in AI training. He also addressed criticisms about OpenAI's paused voice assistant, Sky, clarifying that its voice was not an imitation of actress Scarlett Johansson.

See how AI will shape our future here.

Bill Gates Says AI Will Be Used To Solve The Climate Crisis?

Bill Gates says efficiencies for technology and electricity grids will outweigh energy use by datacentres but he has expressed concerns about the energy consumption of AI data centers, suggesting that their growing power needs could hinder efforts to meet climate targets.

Even with this energy use AI will be more of a help than a hindrance in achieving climate goals, despite growing concern that an increase in new datacentres could drain green energy supplies.

He emphasised the importance of developing more energy-efficient technologies and renewable energy sources to support the increasing demand from AI systems. Gates believes that without addressing the energy use of these data centers, achieving global climate goals will be significantly more challenging.

See more here.

Upcoming Events

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Our Monthly Women in Web3 & AI Spotlight

Julia Guz emerges as a dynamic trailblazer, seamlessly navigating Web3 technology and Wellness. Over the past 2.5 years, Julia has been a driving force at Cirus Foundation , a Web3 company reimagining value capture on the internet. In under 2 years, she advanced from project manager to various leadership positions, becoming the youngest and only woman in the company. With exceptional leadership and strategic prowess, Julia has led major product launches, restructured teams, established key partnerships, and played a pivotal role as a core team operator. Simultaneously, Julia embodies profound spiritual wisdom and a passion for empowering women and youth. As a Motivational Speaker, Workshop Facilitator, and Energy Healer, she helps others release limiting beliefs and tap into their inner power through immersive experiences. Empowerment is at the heart of everything Julia does. Whether she’s educating others about financial independence or guiding others to achieve a successful mindset, Julia uses her voice to create real change. From leading Web3 workshops in Nigeria to facilitating women’s wellness circles in Canada, Julia is dedicated to uplifting others and making a positive impact in their lives.

EOI for Mentorship Program Launching in Q4

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Claim your spot below ??

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