Crypto News Dec 13, 2021

  1. What Is the Environmental Impact of NFTs?

Cryptocurrency’s energy consumption and its impact on the environment has become a hot topic lately. The increase in NFTs is only adding fuel to the flames. NFTs, or non-fungible tokens, have surged in popularity over the past couple of years. Primarily used as a means to convey ownership of digital art and collectibles, NFTs have occasionally risen to the level of fine art. As the price of Ether climbs and gas fees increase, the value of solving that problem in the proof-of-work system also increases. As a result, miners are incentivized to invest in more computer power, which draws an increasing amount of energy from the power grid.

Despite the scores of times that various personalities and publications pronounced it dead, the asset continues to rise in value and be adopted by major institutions, even the prominent traditional finance ones. The two largest cryptocurrencies, BTC and ETH, both have suffered a significant amount of FUD since inception. Yet investors continue to put their faith, and money in these assets, regardless of the on going consolidation phase. Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management discussed this phenomenon in an interview ““Bitcoin and Ethereum are like cockroaches, they’re just not gonna die.”

Since its IPO in April 2021, Coinbase stock is down 11%, and the stock is down nearly 20% since reporting Q3 earnings in November. Coinbase  provides financial infrastructure and technology for the cryptoeconomy. The company primarily serves as a broker through its marketplace on which users can buy and sell crypto assets. It is important to keep in mind that the financial results for companies such as Coinbase may fluctuate dramatically quarter to quarter given the volatility associated with cryptocurrencies. Unlike a steady growth company with highly recurring subscription revenues, Coinbase relies heavily on transaction fees.

It was founded back in 2006 by Julian Paul Assange – an Australian activist, publisher, and editor. He was arrested in 2019 in London, facing a charge in the United States of conspiring to hack into a Pentagon computer network in 2010. WikiLeaks is one of the world’s most famous organizations. In its essence, WikiLeaks is an international non-profit organization designed to publish news leaks and classified media provided by various anonymous sources. Since WikiLeaks is a non-profit organization, it’s sustained by the donations of individuals or entities who support their cause and operations.

Molyneux, who once got a bunch of people to tap a cube for fun, announced yesterday at the weekend-long Gala Games’ Galaverse in Las Vegas that his company’s next video game is Legacy, which is described as a “blockchain business sim.” Raise your hand if you knew there was a Galaverse happening in Las Vegas. According to Molyneux, he and his company—22 Cans—had been working on Legacy when he was contacted by the folks over at Gala Games about possibly making something powered by the blockchain.

For those who have remained blissfully unaware of the existence of NFTs, the acronym stands  for “non-fungible token,” which translates to a certificate of digital ownership that cannot be replicated, certified using the Ethereum blockchain. In a recent interview with The Verge, The Matrix Resurrections stars Keanu Reeves and Carrie-Anne Moss were asked their opinion about the NFTs created for the upcoming film, which proved so popular that they temporarily crashed the website on which they were sold. He didn’t  just a give polite chuckle – the restrained star let out an uncharacteristically loud cackle, after responding “They’re easily reproduced.”

Crust Network, a decentralized storage network that underpins Web3.0 style data & file architecture and Metaverse storage, is bringing highly practical, powerful but handy IPFS-based decentralized storage solutions packages to the Polygon ecosystem. Excellent progress has been made in Crust’s Web3.0 storage ecosystem in the last three months since its mainnet launch, including key partnerships, blockchain platform integrations, application integrations and several exciting headways inside Crust’s own community and ecosystem. Crust Network is ready to facilitate Web3.0 style, decentralized storage experiences for Polygon users and developers with its 6000+ IPFS nodes and approx.

According to the foundation, it is a humanitarian organisation devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support— funded by cryptocurrencies. The Built With Bitcoin Foundation has announced a partnership with the team behind Satoshibles Non-Fungible Token. The Executive Director, Built With Bitcoin, Ray Youssef, was quoted as saying, “We believe that with access to education, water, and finance, people can build the lives they want.” The foundation added that it had partnered Satoshibles to create Built With NFT— an NFT collection that will drive hundreds of Ethereum to humanitarian efforts.

The crypto exchange aggregator Coincub carried out its crypto country ranking for the final quarter of 2021. To cut to the chase, the winner is none other than Singapore. The south-east Asian country topped a number of metrics such as institutional acceptance, the availability of exchanges and wallets, regulation, financial services, transparency, spending crypto, and banks’ activity in crypto. What’s more, if you’re curious, the country at the bottom of the ranking was China, due to its ban on crypto transactions. Other poor performers included Russia, New Zealand, and Nigeria. 

  1.  AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise

Soon after realization, AscendEX proactively warned its users about the stolen funds, confirming that the hackers were not able to access the company’s cold wallet reserves. Crypto trading platform AscendEX suffered a loss of $77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted over the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchains.