Coinbase launches a new blockchain, the IMF sends mixed signals on cryptos, and watch out for fake ChatGPT tokens. These stories and more this week in crypto.
Coinbase Launches a Layer-2 Blockchain
Crypto exchange Coinbase launched an Ethereum layer-2 network called Base, built with the help of Optimism. The testnet of Base will not be limited to Ethereum, but will also provide access to other networks such as Optimism and Solana. The aim of the project is to offer a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
IMF on Crypto: Blessing or a Curse?
The IMF’s Executive Board stated that in order to safeguard monetary stability, countries should not grant legal tender or official currency status to cryptocurrencies. The board called on member nations to clarify regulation on crypto assets and even stated that outright bans should not be ruled out. Meanwhile a new blog, also from the International Monetary Fund, has uncharacteristically highlighted crypto’s positive aspects stating the rapidly evolving technology behind crypto may ultimately hold greater promise for the financial sector.
Hong Kong to Issue Licenses for Crypto
Hong Kong’s Securities and Futures Commission is calling for a public consultation on the requirements of crypto trading platforms. Under a newly proposed licensing regime, centralized platforms in Hong Kong can apply to be licensed by the SFC. Bloomberg has reported that mainland China’s government may be quietly backing the move as officials have been observed as frequent guests at crypto events in Hong Kong.
FTX’s SBF Faces New Criminal Charges
Sam Bankman-Fried, the former FTX CEO, faces four new criminal charges. Among the new accusations, prosecutors claim that SBF conspired with FTX executives to donate millions of dollars to influence US politicians to pass laws favorable to the company. SBF now faces a total of 12 criminal charges that could result in a sentence up to 100 years in jail.
Teacher Caught Mining Crypto in School
A teacher in Massachusetts faces criminal charges after authorities discovered an elaborate crypto mining operation in a remote crawl space under the school at which he worked. It has been reported that more than $17 thousand of taxpayer money was spent on electricity to power the mining rig.
Spotify Tests NFT Enabled Playlists
Leading music streaming app, Spotify announced that it’s running a pilot program for token-enabled playlists with certain NFT partners. The new service was designed in partnership with Web3 gaming ecosystem, Overlord, and involves a token-enabled community-curated playlist that can be accessed through Web3 wallets of those who hold the Creepz NFTs on Spotify.
The First Litecoin NFTs are Here
The Litecoin blockchain now has its first NFTs. The development stemmed from a public bounty of 15 Litecoin tokens offered to any developer who could fork Ordinals to Litecoin. The Ordinals Protocol enables the encoding of references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens.
Fake ChatGPT Tokens Flood the Market
As AI programs such as ChatGPT and BingChat grab headlines around the world, scammers are already making plays to cash in from the hype. Over 150 tokens falsely carrying the brand names of various AI projects have recently appeared on numerous platforms, with the majority of tokens issued on Binance Chain and Ethereum.
That’s what’s happened this week in crypto, see you next week.