Category: AI

AJapanesecompanyknownasMetaplanetfinishedits11thstockacquisitionrightsoffering,raising¥$10billion.Morethan13,700individualandcorporateinvestorsmade$250,000injusttwomonthstosecurethefunds.ThecompanywillusethiscapitaltoexpanditsBitcoin(BTC)holdings. Thestockoffering,firstraisedinAugust2024,hada72.8%exerciserate.ThisshowsthatMetaplanetiswillingtoexpanditscryptocurrencyportfoliobyraisingthesefunds. ThecompanyhasadoptedanaggressivestrategytopositionitselfasthebiggestplayerintheBitcoinmarket. MetaplanetFollowsMicroStrategy’sBTC’sTreasuryPath GlobalassetmanagerBlackRockparticipatedintheround,showinginstitutionalinvestorsastronginterestinthestockoffering.ThisalsobroughtfurthercredibilitytoMetaplanet’sstrategy,asBlackRockwasanotherbackerwithassetsundermanagementof$11trillion. TheremainingstockrightsnotexercisedweretransferredtoEVOFUNDonthecommitmenttoexercisethembyOctober22. TheinvolvementofthesesignificantinstitutionalinvestorsendorsesMetaplanet’slong-termstrategy.IthelpsensureMetaplanetcankeepbuyingBitcoinaspartofitsgrowthplanandrepresentsthecompany’sambitiontobecomethelargestcorporateholderofBitcoininAsia. Similarly,MetaplanetfollowsinthefootstepsofMicroStrategyandothercompaniesthathavetakenBTCintotheircorporatetreasury. MetaplanetwantstohedgeagainsttheuncertaintiesoftheeconomyandrisksofinflationbyaccumulatingBitcoin.Still,companyleadersareinagoodplace,believingthatthestrategywillproducelong-runreturns. MetaplanetGrowsBitcoinHoldingsto861BTC SincebeginningitsBitcoinacquisitioninMay2024,Metaplanethasrapidlyincreaseditsholdings,reaching861BTC.Bymid-October,thecompany’slatestbuyadded107BTCandpusheditfurtherupinAsiaPacific’stop3Bitcoinholderslist.Thisisbecausethecompanyhasbeenfocusingoncryptocurrencyasalong-termasset. AlthoughBitcoin’spricehasrisenandfalleninthelastfewweeks,Metaplanethasnointentionofcancelingitsacquisitionplan.WithBitcoinpricesstartingtodecreaseslightly,thecompanybelievesthereisanopportunitytoscoopupmoreatbetterprices. That’sjusthowMetaplanetwantstobetopreventtheBTCreservefrombecomingdilutedintheturbulentcryptocurrencymarketandtobuildasubstantialreserve. Asthetopdigitalassetcompanyintheregion,MetaplanethasamassedBitcoin,positioningitselfasoneoftheleadersinthatspace. Accordingtothecompany,bycontinuouslyexpandingfurtherintothemarket,itbenefitsfromtheincreasingglobalappetiteforBitcoinasastoreofvalue.Metaplanetnowholdsabout¥8billioninBitcoinbyOctober2024,whichisaremarkablemilestoneforthefirm’scryptoeconomics. StrongInvestorSupportFuelsBitcoinAcquisitionPlans InvestorsbackedMetaplanet’splanswhenthestockacquisitionrightsofferingturnedoutstrong.Youwouldthinkthatwidespreadsupportforacompany’sstrategyofacceptingBitcoin,whichisevenenshrinedinitsvalues,wouldresultinafairrepresentationwithintheboardroom. Metaplanet’svisiontouseBitcointotackleeconomicchallengesanddrivefinancialinnovationisattractinginvestors. Thecompany’sCEO,SimonGerovich,expressedthankstotheshareholderswhosoldsharesofthecompany’sstock.Withthisoffering,we’llraisecapitaltopursuethecompany’slong-termmissionofbecominganactive,leadingBitcointreasurycompany. Metaplanet,withthebackingofbothinstitutionalandindividualinvestors,isinasolidpositiontocontinueitsaggressiveBitcoinacquisitionstrategy. thecoinrepublic.com

ThetotalU.S.Federaldebtgrewbyawhopping$473billionoverthepastthreeweekstoreacharecord$35.8trillion,meaningthatthecountryhastakenon$1,450ofdebtforeveryAmericaninthatsameperiod. AccordingtotheeconomicsoutletKobeissiLetteronthemicrobloggingplatformX(formerlyknownasTwitter),therisemeansthattheU.S.nowholds“arecord$103,700ofdebtforeveryAmerican.” Ontopofthat,interestpaymentsthisyearhavereached$1.16trillion,meaningit’sthefirst-everyearinwhichthefiguresurpassed$1trillion,withthecountrypaying$3,360foreveryAmericanduring2024’sfiscalyear. Youcan\'tmakethisup: TotalUSdebthasjumpedby$473BILLIONoverthelast3weeksalone,toarecord$35.8trillion. ThismeanstheUShastakenon$1,450ofdebtforEVERYAmericanoverthelast3weeksalone. ItalsomeansthattheUSnowholdsarecord$103,700ofdebt…pic.twitter.com/0ocgYe56A5 —TheKobeissiLetter(@KobeissiLetter)October21,2024 Inafollow-uppostonthemicrobloggingplatform,KobeissiLetteraddedthatUSdeficitspendingasapercentageofitsGrossDomesticProduct(GDP)is“atWorldWar2levels,”notingthat“unsustainableisanunderstatement”whenreferringtothesituation. AsCryptoGlobereported,thegrowingdebtiscomingatatimeinwhichtheU.S.FederalReserveisattempting“somethingunprecedented”asitmovestoanolandingscenario–inwhichtheeconomyavoidsadownturn–asinflationdroppedbyover5.8%inthelasttwoyear,inthebiggestdropsincethe1980s. Thedropisbeyondthatofthe2008FinancialCrisisandhas“neverbeenseenoutsideofrecessions.”TheinterestratecutsandtheFederalReserve’scourseisnotable,asitconducted“oneofthemostaggressiveratehikecyclesinhistory,raisingratesfromnearzeroto5.5%in16months.” Despitethesemetrics,JPMorganChaseCEOJamieDimonisinsteadworryingabouttheglobaleconomicsituationverongoinggeopoliticalthreatscomingfroman“evilaxis”thatshows“thatconditionsaretreacherousandgettingworse.” HenotedthatinflationismovingdownandtheUSeconomyseeminglyavoidedarecession,although“severalcriticalissuesremain,”including“largefiscaldeficits,infrastructureneeds,restructuringoftradeandremilitarizationoftheworld.” Dimonhasbeenwarningaboutgeopoliticalinstabilityforoveranyearandrepeatedlycalleditthelargestthreattoglobaleconomy.Hehassaid,attheFinancialMarketsQualityConferenceinWashingtonlastmonth,that“Iran,NorthKoreaandRussia,Ithinkyoucanlegitimatelycallthem(an)evilaxis.” FeaturedimageviaPexels. cryptoglobe.com

CARVandKaiahaveformedastrategicpartnershiptorevolutionizeidentityanddataownershipinWeb3.ThecollaborationwasannouncedviaCARV’sofficialXaccount.BycombiningKaia’smissiontoonboardmillionsofusersfromAsia’slargestmessagingplatformsandCARV’sexpertiseinidentityanddatainfrastructure.Further,thispartnershipaimstoaccelerateblockchainadoptionandenhancedecentralizedapplication(dApp)integration. BigNews,CARVers! CARVand@kaiachainareteaminguptoboostidentityanddataownershipinWeb3 Keyoutcomesinclude: •ComprehensiveidentitysolutionsfordAppsonKaia•Accuratedataownershiptoolsforusers•Seamlessexperiencesacrossapplications,fosteringtrust…pic.twitter.com/tTYDbUGpOY —CARV(@carv_official)October22,2024 KaiaPlanstoOnboard250MillionUsersfromLINEandKakaointoBlockchain Kaiaaimstoonboardmorethan250millionusersfromthemessagingplatformssuchasLINEandKakaointotheblockchainecosystem.Tostartwith,thefocuswillremainontheimplementationofblockchaincapabilitiesinLINE’sMini-AppfeaturetoenableuserstoengagewithdApps.Theyhavewalletsintegratedintothecoinandhavefriendlyinterfacesforthepayments,Kaiaismakingblockchaineasytoadopt. Furthermore,sinceLINEhasmorethanonehundredmillionusers,KaiawilluseitsOfficialAccountchanneltoadvertisedApps.ThismarketingmethodologywithintheLINEecosystemestablishesKaiaasatopLayer1mainnet,providingunrivaledvisibilitytodAppsdesiringmainstreampenetration. KaiaandCARVCollaboratetoEnsureSafe,TransparentDataManagement VictorYufromCARVsaidthathewaslookingforwardtothispartnershipbecauseKaia’svisionisinlinewithwhatCARVhasbeenofferingasasecure,transparentdatamanagementservice.TomeettheneedsofKaia’secosystem,CARVwillprovideidentificationservices,dataownershipcapabilities,andprivacy-preservingtechnologiesfordAppdeployment. SangminSeo,ChairmanofKaiaDLTFoundation,saidthatheexpectsCARVtoplayasignificantpartinenablingdAppusersonKaiatomanageidentityanddatamoreeffectivelyandsafely.ThankstoLINEandKakaointegration,KaiaisreadytotakeblockchaintothemassesandprovidenaturalWeb3experience. blockchainreporter.net

TheBankforInternationalSettlements(BIS)hasissuedacautionaryreportastraditionalfinancialinstitutionsacceleratetheirexplorationoftokenization,raisingconcernsovergovernance,legalframeworks,andfinancialstability. Tokenization,whichconvertsreal-worldassets(RWA)likepropertyandsecuritiesintodigitaltokens,hasdrawnattentionforitsabilitytostreamlinetransactionsandreducecosts.Mechanismslikedelivery-versus-payment(DvP)andpayment-versus-payment(PvP)couldhelpmitigaterisksinfinancialmarkets. AccordingtotheBIS: “Tokenizationcouldreshapemarketstructuresbycuttingtransactioncostsandimprovingsettlementprocesses.” However,theBISreport,publishedonOct.21,stressedthatwhilethebenefitsareclear,theriskscannotbeignored. Regulatoryuncertainty Despitethesepromisingbenefits,theBISreportemphasizedthattokenizedassetsfacesignificantlegalandregulatoryuncertainties.Onekeyconcerniswhetherexistinglawsextendtotokenizedversionsoffinancialproducts. Forexample,intheUS,traditionalrepurchaseagreements(repos)areshieldedbyautomaticbankruptcyprotections—yetit’suncleariftokenizedreposwouldreceivethesamelegaltreatment. Thereportalsoraisedconcernsabouthowtokenizationcoulddisrupttherolesofcentralbanksinpayments,monetarypolicy,andfinancialoversight. TheBISstressedthatpolicymakersneedtoassesspotentialtrade-offsbetweendifferenttypesofsettlementassetsandensureproperregulationofprivatesectorinitiativestomaintainstability. RWATokenizationgrowth Despitetherisks,financialinstitutionslikeBarclays,Citi,andHSBCaremovingaheadwithtokenizationprojects.TrialssuchastheUK’sRegulatedLiabilityNetwork(RLN)arealreadyexploringthefeasibilityoftokenizeddepositsandprogrammablepayments. Thesectorfortokenizedreal-worldassets(RWAs)isprojectedtogrowdramaticallyin2024andbeyond.TrenFinanceestimatesthemarketcouldswelltoanywherefrom$4trillionto$30trillionbythedecade’send. Evenamedianestimateof$10trillionwouldrepresentamassivejumpfromthecurrent$185billion,whichincludesstablecoins. Asthepushfortokenizationgainsmomentum,theBISreportservesasatimelyreminderthatwhilethetechnologyholdsgreatpromise,itcomeswithcoststhatrequirecarefulregulatoryoversight. Thereportstated: “Efficiencygainswillnotcomewithoutsignificantinvestmentandcoordination.” Withtokenizationpoisedtoreshapefinance,collaborationbetweenthepublicandprivatesectorswillbeessentialinmitigatingrisksandunlockingitsfullpotential. cryptoslate.com

CryptophishingscamscontinuetodrainwalletsasarecentincidentinvolvesafraudGoogleadfor“Soneium.”Theadleduserstoafakewebsiteandpotentiallytrickedthemintoconnectingtheirwallets. Analystsexplainstrongersecuritymeasuresforprotectionagainstphishingscams. SoneiumphishinglinkpostedonGoogle ScamSnifferrevealedinapostonTuesdaythat“Soneium”onGooglehasbeenpostedasaphishingad.Theadwasasponsoredpostandwilltaketheuserstoafakewebsite.Itwouldtrickusersintoconnectingtheircryptowalletandsigningafraudulenttransaction.Aftertheysignedit,thescammerswouldgainaccesstotheirwalletsandstealtheirassets. ⚠️SearchedforSoneiumonGoogle,clickedaphishingad.Afterconnectingyourwalletandsigningaphishingsignature,yourassetsdisappeared…😱💸pic.twitter.com/5Hpi9OTZ4S —ScamSniffer|Web3Anti-Scam(@realScamSniffer)October22,2024 Phishingattemptswherescammersattempttohackcryptowalletsthroughfakeadsorwebsitesarefairlycommon.Othermethodsthatscammersusecouldincludepyramidschemes,rugpulls,andsettingupfraudexchanges.However,phishingattemptsaremoreconcealed.Usersmightthinkthattheadorwebsitebelongstoatrustedoperator. AseriesofresearchbyCheckPointunderlinedthatscammershavebeenusingfakeairdropcampaignsandcounterfeitwebsitestoappearasauthenticblockchainplatforms.Thereportfindsthatgroupslike“AngelDrainer”providetoolsforwalletdraining.Inthepast,similargroups,likeInfernoDrainer,werereportedlyshutdown. ThereportshowsthatMicrosoftwasthemostimitatedbrandinphishingscamsinQ32024.Microsoftaccountedfor61%ofsuchattacksinthequarter.Apple(12%),Google(7%),andFacebook(3%)arenextonthelist.Sector-wise,techisthemosttargetedindustryforimitation,followedbysocialnetworksandbanking. Cryptophishingattemptscontinuetodrainwallets Notably,therehasbeenariseincyberattacksinQ32024.Onaverage,eachorganizationreportedlyfaced1,876cyberattacksperweek.Basedonresearch,thefigureisa75%increasesince2023.Theeducationandresearchsectorwashithardestwith3,828weeklyattacks.Regionally,Africahadthemostattackswitha90%year-on-yearincrease,averaging3,370perweek. Meanwhile,ScamSniffer’slastreportfoundthat10,000victimslostaround$46milliontophishingscamsinSeptemberalone.TheanalystcitedMistTracker’sfindingandreportedthattopphishingscamsoccurredthroughlinksfromfakeXaccounts. Googlephishingadswerereportedlythenextmajorsourceoftheseattacks. CheckPointemphasizesthatusersverifyemailsources,avoidsuspiciouslinks,andusemethodslikemulti-factorauthentication(MFA)forprotectionfromphishingattempts.ScamSnifferunderlinesthatusersneedtooptimizephishingsignaturedisplaysforfurtherprotection.Healsocallsforintegratingphishingdomainsandaddressblocklistsforadditionalsecurity. cryptopolitan.com

Accordingtocryptocurrencyonchaindata,amajorcryptowhaleappearstohaveadmitteddefeatandgivenupafterholdingontoanaltcoinforanextendedperiodoftime. Accordingtothedata,thewhaleinquestionsoldallofhisremainingONDOtokensfor$1.72millionafewhoursago.Thesalepricewas$0.76onaverage. Remarkably,thiswhalehadpreviouslypurchased2.28millionONDOtokensforanaveragepriceof$1.39bypaying843.9ETH.Withthesalesithasmadesofar,thewhalehasnomoreofthisaltcoin.WiththesalesitmadetodayandonOctober4th,whichweremadeatanaveragepriceof$0.76,thismassivewhalelost$1.48millioninaperiodof3.5months.Inotherwords,thewhale\'stotallosswas46%. Atthetimeofwriting,theONDOpricecontinuestohoveraround$0.76,thelevelatwhichthewhaleisselling.Therehasbeena2.55%increaseinthelastweek,whilethealtcoin\'spricehasgained11%inthelastmonth. ONDO,areal-worldassets(RWA)-themedaltcoinintheEthereumecosystem,hasbenefitedfromthehypeexperiencedbyRWA-themedaltcoinsandhassurgedby355%inthepastyear. *Thisisnotinvestmentadvice. en.bitcoinsistemi.com

U.S.SecuritiesandExchangeCommission(SEC)ChairGaryGenslerhasonceagainraisedconcernsabouttherisksposedbythecryptocurrencyindustry. InarecentinterviewwithBloombergrecently,Genslernotedthatmanyinvestorshavebeenhurtbecausetheydidnothaveenoughinformationabouttheirinvestmentindigitalassets. gensleronbloomberg@businessmomentsago:“happysweet16”to#bitcoinpic.twitter.com/MNLCCnqQcS —AlexThorn(@intangiblecoins)October22,2024 Genslerhighlightedthefactthatmanyinvestorshavesufferedheavylossesandendedupinbankruptcycases,whichindicatestherisksofinvesting.TheSECChairemphasizedthatthelackofdisclosureinthecryptoindustryisamajorproblemanditharmsinvestorperceptionofcapitalmarkets. Whileacknowledgingthatblockchaintechnologyandcurrentsecuritieslawscancoexist,GenslerreiteratedthattheSEC’skeyfocusisprotectinginvestors.“Alltoomanypeoplehavebeenhurt,alltoomanypeoplehavelostmoneyandlinedupinbankruptcycourtstodealwiththeirclaims,”hesaid. GenslerdefendsSECactionsanddescribeslegalframework Gensleralsoexplainedhowtheagencywouldneedtoadaptinlightofhowcourtsreadsecuritieslaw,explainingthattheSECworkswithinthelaw.Ifthecourtsgivenewmeaningstotheselaws,theagencywilladapt.Thisflexibility,hesaid,wassomethingthattheSEChasembracedwhenitcomestotheregulationofmarketssuchascryptocurrency. AccordingtoGensler,peopleshouldbeallowedtomaketheirinvestmentdecisionsontheirown,buttheyshouldbeshieldedfrominaccurateorincompleteinformation.“Itisafieldthathasalotofconflictsinthemiddleofit,”Genslerremarked. ThereportersalsoinquiredastohowGenslermightrespondifTrumpweretowinthe2024presidentialelection.ThisisbecauseTrumphaspromisedtofiretheSECChair“ondayone”ifheiselected.Genslerrefusedtocommentonthepossibilityofbeingdismissed. UpcomingBitcoin’s16thbirthday Gensleralsomentionedduringtheinterviewthe16thanniversaryofBitcoin,whichcameoutasaresultofthereleaseofthewhitepaperbytheanonymousdeveloper,SatoshiNakamoto,in2008.ThefirstrecordofaBitcointransactionwason3rdJanuary2009,whenitintroducedthe‘genesisblock’.WhilenotingthatBitcoinisnotasecurity,Genslerpointedoutthattheclassificationofthemajorityofthecryptoassetsisunclearunderthepresentlegalframeworks. ThisisbecausetheSECrecognizesBitcoinasacommodity,notasecurity,makingitdifferentfromothertokens.However,therestofthecryptomarketisstillunclearonthelegalsidesincetheSECremainsactiveandaggressiveintryingtoclassifythetokensunderitsjurisdiction. cryptopolitan.com

AlamedaResearchisstilltransformingitsholdings.AseriesoftransactionsshowedamovementofWorldcoin(WLD)intoBinance. AlamedaResearchisstilltransformingitswallets,aheadoftheexpectedrepaymenttoFTXcreditors.On-chainactivityshowsrenewedmovementsofWorldcoin(WLD)toBinance,potentiallyforliquidation. WLDhasbeenoneoftheknownholdingsofAlameda,thoughtheamountaftertheliquidationisrelativelysmallcomparedtotheoverallpaymentsofFTX.AlamedahasbeensellingWLDforthepastthreemonths,liquidatingatotalof1.7Mtokensestimatedat$2.48M.AlamedahasliquidatedWLDatanaveragepriceof$1.67.ThepreviousWLDdepositwasonOctober16,for143KWLD. ThelatesttransactiontoBinanceinvolved143KWLD,valuedat$317K.TheAlamedawalletstillcontainsmorethan$50MworthofWLDandmaytakeyearstodivestitsstake.AlamedaResearchwasanearlyinvestorinWorldcoin,amongothercoinsandtokens. Inthepastsixmonths,outlaysfromAlameda’swalletactuallysloweddown,aftertherapidinitialliquidations.Evenafterthesale,Alameda’swalletisranked22outofmorethan30KholdersofWorldcoinonitsEthereumversion.Alamedastillowns0.23%ofthetotalsupply.WLDhasacirculationofcloseto560Mtokensoutofitstotal10Bsupply. Alameda’swalletreceivesriskymemetokens Alameda’swalletisalsoshowingaseriesoftokeninflows,linkedtoUniswapV2.Thewallethasactivetransactionsfromthepasttwoweeks,receivingnewpositionsinriskymemetokens. Mostoftheriskytokenslosttheirvaluethroughrugpulls,anditisuncertainhowtheylandedinAlameda’swallet.Inthepastweek,therewerealsooutflowsofseveralsmallholdings,includingCereNetwork(CERE),Curve(CRV),IDEX,andAERGO.Alamedahasstoppeditspanic-selling,anditstransactionsaremostlyseenasplannedunloading. Thewalletisstillvaluedat$152.3M,benefittingfromtheoverallmarketrecovery.WLDisalsobecomingmorevaluabletoAlameda,afterrallyingto$2.24,farabovetherecentaveragesellingprice.Evenwiththerecentselling,Alamedasawitsportfoliorecoverafterarecentdip. Inthepastfewmonths,therewerefearsthatsellingfromAlamedacouldfurtherpressurethemarket.Thistimearound,Alamedaissellingintoabullmarketanddoesnothavesufficientholdingstocauseapricedrawdown.WLDhasalsobeenrallyingforthepastmonth,addingvaluetoAlameda’sportfolio. AlamedaitselfisnotmentionedasabackerofWorldcoin.TheonlyconnectiontotheprojectisSamBankman-Fried,mentionedasanangelinvestorforanundisclosedsum.AlamedaResearchitselfhas231investmentsof$3Mto$10M,withanaverageROIofmorethan100X. WorldChainbringsfirstusersonboard Worldcoinisenteringanewstage,withmoretokenunlockscoming.Currently,only11.39%ofthetokensareincirculation.OneofthehypothesesforAlameda’ssellingisthatitfinallyhastherighttomovethetokensandcashout. WorldChainbroughtaround12Kwalletsinthefirstdaysafteritslaunch,handlingover245Ktransactions.Theendgoalistomigrateatotalof15MuserstotheL2,thoughcurrently,onlyaround30KwalletsholdWLD.Worldcoinretainsitsambitiontobecomeagloballyusedasset,continuingtoonboardnewuserswithrealidentitiesthroughitsbiometricdataorbs. WLDisnowinvitingpredictionsforevenbiggerappreciation,afterthelaunchofitsnativeWorldChain.ThenewL2chainhasalreadylockedin$90Minvalueinthefirstdaysafteritslaunch,with$6Minstablecoins. WLDalsoreturnedtoa$1.33Bmarketcapitalization,withafullydilutedvaluationabove$24B.WLDmanagedtorallyto$10.67intheMarchbullmarket,sparkinghopesofarecovery. TheWorldcoinprojectsparkedsomeskepticismaboutitsutility,buttheWLDtokenisturningintoaspeculativeasset,expectingabreakout.WLDopeninterestisalsoslowlyrecovering,gettingclosetoathree-monthhighof$193M. cryptopolitan.com

Ethereumlayer-2networkScrolljustlauncheditsSCRtokeninahighlyanticipatedairdrop—butsomeapparentbeneficiariesarebemoaningtheevent. Theproject’sfirstairdropdishedout5.5%ofthetotalSCRsupply—55millionoutof1billiontokens—toearlyuserswhohadalreadycontributedtotheecosystem,accordingtoablogpostfromtheteam. Ofthatfigure,40millionSCRwasgiventoon-chainparticipantswhoearned200ormoreScrollMarks—orpointsfromusingthelayer-2scalingnetwork.Another1%wassplitevenlybetweeneligiblewallets,andanother0.5%wasintendedasa“bonus”forthosewhometselectcriteria,Scrollsaidinitsannouncement. Someusersaren’thappy,though,andCryptoTwitter(akaX)isawashwithmemesandcomplaintsoverthepurportedlymeageramountstheyreceived. “Oneoftheworstairdropsever,”wrotepseudonymoustweeterandEthereumuser,DYOR.eth,whoclaimedthattheydumpedthetokensandditchedScrollaltogether.TwitteruserJoshyy,whohasamassedasizablefollowingwithpostsaboutupcomingairdrops,calleditthe“worstairdropsofar.”OthertweetsmockedclaimsabouttheexpectedscaleandvalueoftheScrollairdrop. DumpedmyScrollairdropandbridgedallofmyassetsoffthechain(oneoftheworstairdropsever)pic.twitter.com/sIbwjOQWd1 —DYOR.eth(🦍,🦍)(@DyorDotEth)October22,2024 Newprojectsuseairdropstoattractusersbygivingoutfreetokensorcoinswiththehopeofgrowingtheircommunityandrewardingearlyusersandcontributors. Butthepracticeof“airdropfarming”hasbecomemorecommon,assomeuserstrytomaximizetheirrewardsbyusinganumberofdifferentwalletaddresses,and/orbyrepeatingcertaintasksandactivitiesthattheythinkwillboosttheirtokenallotments. Scrollairdropfarmersrn😭😭😭https://t.co/559CQTh5ZYpic.twitter.com/XRH2NDT0OX —Ubongj🐺(@ubong_ephraim)October22,2024 Someofthoseusersandfarmershavebeencomplainingaboutreceivingsmallamountsofcryptoinairdrops—despitebeinginvolvedinthecommunityofaproject.PlayersofTelegram-basedtap-to-earngameHamsterKombathadtheseverysamegripeswhenthegamelauncheditslong-awaitedairdropinSeptember,withsomedescribingthemodestrewardsasbeingakinto“dust.” TheSCRtokenhassinceplungedinvaluefollowingtheairdrop:CoinGeckodatashowsthatSCRhasdroppedby16%sincetheairdrop,withthepricedownto$1.17.Thisiscommonfornewlylaunchedtokens,whichcanbehighlyvolatile—especiallyasairdroprecipientscashoutandtraderspotentiallybuyinamidthechaos. ScrolldidnotimmediatelyrespondtoDecrypt’squestionsregardingtheairdrop. ScrollisoneofmanyEthereumlayer-2networks.Suchnetworksareusedtoimproveachain’sfunctionalitybyessentiallypiggybackingoffofthemainnetwork’ssecuritywhiletypicallyprovidingbenefitslikecheaperandfastertransactions. Ethereumistheblockchainbehindthesecondbiggestcryptocurrency,ETH,butthenetworkcansometimesbehardtouseduetoslowandexpensivetransactionsduringpeaktimes.Layer-2networkshaveexplodedinpopularityoflate—somuchsothatsomeindustryobserversbelievethey’resuckingvalueawayfromETHitself,despitetheotherbenefits. EditedbyAndrewHayward decrypt.co

TherecentmovementsofBitcoinbyTeslahighlightsignificantdevelopmentsincorporatecryptocurrencymanagement. Thistransfermarksanotableshiftafteratwo-yearperiodofinactivityregardingitsBitcoinassets. AccordingtoArkhamIntelligence,thisactivityappearstobeastrategicwalletrotationratherthanaliquidationofassets. Tesla’sstrategicBitcoinwalletrotationunderlinesthecompany’songoingcommitmenttodigitalassets,withsubstantialimplicationsforthecryptocurrencymarket. Tesla’sBitcoinMovement:AnOverview Lastweek,TeslaengagedinasubstantialtransferofitsBitcoinholdings,executingmultipletransactionsthathaveraisedeyebrowsacrossthecryptocommunity.ReportsfromblockchainintelligencefirmArkhamIntelligenceindicatethattheelectricvehiclemanufacturershifteditsassetsintosevennewwallets,whicharebelievedtobeunderitscontrol.Thismarksadeparturefromtheprevioustwoyears,duringwhichtherewasnomovementinTesla’sBitcoinwallet.SuchactionssuggestthatTeslaisstrategicallyreorganizingitscryptocurrencyassetsratherthandivestingfromthementirely. UnderstandingTesla’sBitcoinStrategy In2021,Teslamadewavesbyinvesting$1.5billioninBitcoin,reflectingitsbeliefinthecryptocurrency’spotential.However,followingconcernsraisedbyCEOElonMuskabouttheenvironmentalimpactofBitcoinmining,thecompanyhadsoldamajorityofitsholdingsataloss.ThisdecisionsentshockwavesthroughbothTesla’sinvestorsandthecryptocurrencymarket,leadingmanytoquestionthecompany’scommitmenttodigitalassets.However,withtherecentactivity,itappearsthatTeslaispositioningitselfforfuturegains,holdingontoanimpressive11,509Bitcoin,currentlyvaluedatapproximately$776million,significantlybolsteredbythecryptocurrency’srecentpriceincreases. TheImplicationsofTesla’sReorganization ThetransferofBitcointonewwalletssignifiesmorethanjustaninternalshift;itmayindicateTesla’spotentialplansforfutureparticipationinthecryptomarket.AnalystsspeculatethatthesemovescouldallowTeslagreaterflexibilityinmanagingitsdigitalassets,possiblypreparingforareintegrationofcryptocurrencyintoitsbusinessoperationsoranewapproachtoincorporatingBitcoinintoitsbroaderfinancialstrategy.ByremainingengagedwithitsBitcoinholdings,Teslamayalsobepositioningitselfinalignmentwithgrowingtrendsofcorporatetreasurymanagementthatprioritizedigitalassets. MarketReactionsandFutureOutlook Theresponsefromthemarkethasbeencautiouslyoptimistic,withinvestorspayingcloseattentiontoTesla’sactions.GiventhatTeslaisoneofthemostprominentpubliclytradedcompaniestoinvestinBitcoin,itsmovementsaregenerallyviewedasbellwethersforinstitutionalsentimenttowardscryptocurrency.TheemergingnarrativesuggeststhatasBitcoin’svaluefluctuates,Tesla’scashflowremainslargelyuntetheredtothesevariancesduetoitslong-termholdings.Thisstabilitymayinfluenceothercorporationstoreconsidertheirpositionsoncryptocurrencyinvestmentsandhighlighttheimportanceofstrategicassetmanagementwithinvolatilemarkets. en.coinotag.com