The Company Behind BAYC Rides Newly Inscribed Project Idea

• The Fold12 project has announced the release of its Bitcoin blockchain NFT collection, running on the Ordinals protocol.
• The Bored Ape Yacht Club (BAYC) has borrowed the idea of an existing NFT collection from the fold12 project.
• To participate in the auction users need to create their wallet and deposit it with Bitcoin.

Fold12 Releases Bitcoin Blockchain NFT Collection

The Fold12 project has just announced the release of its Bitcoin blockchain Non-fungible Token (NFT) collection, which runs on the Ordinals protocol. The 300-piece NFT collection is arranged in a 12×12 grid that represents data structuring of the Bitcoin blockchain, compressed by webp algorithm to provide 10x compression and lower commissions when storing images on the bitcoin network. Each NFT incorporates 3D elements and hand drawn components, with a unique number at bottom right and Fold12 logo at bottom left. This collection is fully hosted on Bitcoin network and has been confirmed for priority against other projects both in Ordinals protocol registry and Bitcoin network, with first mints already inscribed.

Bored Ape Yacht Club Borrows Idea from Fold12

The company behind Bored Ape Yacht Club (BAYC), Yuga Labs, was caught stealing their logo but eventually decided to borrow this idea from existing NFT collection from Fold12 project instead.

How to Participate in Auction?

In order to participate in this auction users will have to create their own wallet and deposit funds using bitcoin.

Auction Mechanics

The auction-like mechanics offered by Fold12 provides users with exclusive access to 300-piece NFT collection which is also first auction run on Bitcoin blockchain via Ordinals protocol.

Confirmation Priority Against Other Projects

This project’s confirmation priority against other projects was established both at Ordinals protocol registry as well as Bitcoin Network, allowing users access to exclusive items such as mints already inscribed into this special collection.

Bitcoin Rollercoaster and Coinbase L2 Launch: This Week’s Crypto Recap

• Bitcoin’s price has been volatile during the past week, fluctuating between $24K and $25K.
• Coinbase announced a new L2 network called Base to attract more users.
• Optimis saw a major pump after the announcement of the new network.

Bitcoin Price Rollercoaster

Bitcoin’s price went on a rollercoaster during the past week, ranging between $24K and $25K. Last week, it was hovering around similar levels but quickly increased to reach $25K on Sunday. However, bears took over and pushed the price back below $24K. On Thursday, Bitcoin attempted another recovery shot but failed to sustain these levels and retreated back to around $24K where it is currently trading at.

Coinbase Launches Ethereum L2 Network

Coinbase announced that they are launching an Ethereum layer-two scaling solution based on Optimis called Base. The leading US-based cryptocurrency exchange aims to attract millions of new users in the industry through this network. The latter boasts a full suite of features that will allow users to send transactions faster with lower fees than before.

Optimis Pump After Announcement

The announcement of Coinbase’s new network caused a serious pump in the price of OP. This comes as no surprise considering that it is the technology behind Base and its potential for mass adoption by Coinbase customers can be huge for its future prospects.

What Does This Mean?

The launch of Coinbase’s new network can be seen as recognition from one of the biggest players in crypto that layer-two solutions have great potential for scaling up blockchain networks like Ethereum in order to make them more accessible for everyday use cases. It remains to be seen how successful this venture turns out to be, but it certainly looks promising so far!

Conclusion

It was certainly an eventful week for crypto enthusiasts! The rollercoaster ride that Bitcoin’s price took us on might not have resulted in any significant increase (or decrease), but Coinbase’s announcement of their Base L2 network certainly gave us something positive to look forward to regarding Ethereum scalability moving forward!

SEC Sues Terraform Labs for Crypto Fraud Involving UST and LUNA

• The US Securities and Exchange Commission (SEC) has accused Terraform Labs, the Singapore-based company behind the creation of LUNA and UST crypto assets, and its co-founder Do Kwon of promoting a multi-billion dollar fraud through the use of unregistered securities.
• The SEC’s complaint argues that Terraform promoted UST as a “yield-bearing” stablecoin with up to 20% interest through its Anchor lending and borrowing protocol.
• The SEC alleges that the defendants marketed unregistered securities of crypto assets to seek their own benefit by repeatedly claiming that the tokens increased in value.

SEC Sues Terraform Labs & Do Kwon for Crypto Fraud

The US Securities and Exchange Commission (SEC) has accused Terraform Labs, the Singapore-based company behind the creation of LUNA and UST – native tokens of the Terra ecosystem – and its co-founder Do Kwon of promoting a multi-billion dollar fraud by offering and selling unregistered securities through the use of crypto assets.

Details Of The Complaint

The SEC’s complaint was filed in the US District Court for the Southern District of New York, arguing that this fraudulent scheme caused losses of billions of dollars to both retail and institutional investors using different investment channels.

Marketing Of Unregistered Securities

The SEC alleges that Terraform promoted its stablecoin UST as „yield-bearing,“ paying up to 20% interest through an Anchor lending/borrowing protocol. They also allege that Kwon and Terraform marketed unregistered securities in order to increase their own benefit by claiming that these tokens had increased in value.

Penalties For Defendants

The SEC is seeking civil penalties from both defendants for violations related to this fraud, including disgorgement plus prejudgment interest, civil penalties, permanent injunctions against future violations, as well as other relief deemed appropriate by the court.

Conclusion

In conclusion, if found guilty, both do Kwon and Terraform labs will face hefty penalties imposed by the SEC for their involvement in this multi-million dollar fraud involving crypto assets.

Ethereum: The Future of the Internet, Says Marc Andreessen

• Marc Andreessen, founding partner of the tech-focused VC giant Andreessen Horowitz (a16z), believes that Ethereum is now more bullish on Ethereum and Web 3 than he is on Bitcoin.
• Crypto and Web3 represent „the other half of the internet,“ containing all of the functions people wanted the internet to have until now.
• Andreessen predicted a new generation of the internet with wide-ranging applications forming on a platform of „distributed trust“ in 2014.

Marc Andreessen’s View On Cryptocurrencies

Marc Andreessen, founding partner of the tech-focused VC giant Andreessen Horowitz (a16z) has shifted his view from believing Bitcoin would be the second coming of the internet to seeing Ethereum as a foundation for a decentralized web. During an interview published by ReasonTV, he discussed his outlook for crypto adoption and regulation; as well as Bitcoin’s role in money.

Crypto & Web3: The Other Half Of The Internet

Andreessen explains how crypto and Web3 represent “the other half of the internet”, containing all features people desired it to have until now; such as financial trust layers which enable businesses to transact across borders. He believes this can open up opportunities for activities such as representing money, ownership claims, title deeds, assurance contracts, loans and even art pieces over the untrusted internet – leading to potentials beyond imagination.

2014 Predictions

In 2014, Marc wrote an article for The Washington Post discussing his expectations for a new era of Internet based on distributed trust; similar to what we are currently seeing with blockchain technology today.

Regulations & Adoption

On regulations, he outlines that governments will be looking at cryptocurrency regulations with caution due to its potential implications for monetary policies and taxation. In terms of adoption however, he is more optimistic about its future prospects given its already growing popularity amongst millennials who are increasingly making use of digital services such as Venmo or Paypal.

Conclusion

Ultimately, it appears that Marc sees great potential in cryptocurrencies especially with regards to their ability to form part of an entirely digital economy which could potentially revolutionize our current system.

Peer Acquires Elite 3D Maps Team Behind Zenly’s Popularity

• Peer Inc. announced the hiring of a specialist team of engineers from Zenly to develop its AI-powered 3D maps.
• The team, known as „Wonka,“ developed Zenly’s innovative 3D social maps platform that had 160 million downloads and 35 million daily active users in 2022.
• With this acquisition, Peer will be able to fast-track the development of their gamified social network called “Peer” which will be available on iOS and Android in Q2 2023.

Peer Acquires Elite Team of Engineers

Peer today announced the hiring of a specialist team of engineers from Zenly to develop its AI-powered 3D maps. This team is known in tech circles as „Wonka“ and developed Zenly’s popular 3D social maps platform with 160 million downloads worldwide and 35 million daily active users in 2022.

Revolutionizing Social Networking

Peer is revolutionizing social networking by integrating AI, AR, and blockchain technology into a unique, planet-scale 3D map that delivers a game-like, immersive social experience. This app will allow users to construct their personal „places graph,“ or a map of people, places, and memories. It is expected to be available on both iOS and Android in Q2 2023.

Acquisition Accelerates Development

The acquisition of the Wonka team accelerates the development process for Peer Inc.’s new app significantly. Tony Tran, Founder & CEO of Peer Inc., said: “We’re huge fans [of Zenly], and we look forward to working with the Wonka team to recreate that magic and take it to the next level.“ Milan Bulat, Wonka’s former lead engineer now Head of Maps at Peer added: „We have an aggressive roadmap to deliver the features that Zenly users loved in an all-new platform they will rave about.“

Features Adored by Users

Zenly users adored its polished and delightful features which Peer plans on recreating within their own platform. These features include 3D mapping capabilities which allow for exciting exploration experiences not seen before on other apps or networks. Additionally these features also make it easier for users to find friends or even discover new places they have never been before all within one user friendly interface.

Summary

In summary, Peer Inc has acquired the elite engineering team from Zenly know as Wonka which allows them fast track their development process for their upcoming app called “Peer” which integrates AI , AR ,and Blockchain technology into one user friendly platform making it easier for users explore new places and find friends all within one application set to release on iOS & Android devices Q1 2023

Bitcoin Rises to Top of Best-Performing Assets of 2020

• Bitcoin is one of the best performing assets of the year according to Bloomberg Intelligence.
• The firm’s senior macro strategist, Mike McGlone, compared the rally to a similar recovery in early 2019.
• The analyst said that Bitcoin’s rally from the start of the year until January 17 may either signal either a bottom or a „bouncing bear“.

Investors around the world have been closely following the price of Bitcoin in recent weeks, as the cryptocurrency has seen a major surge in value. According to Bloomberg Intelligence, Bitcoin is now one of the best performing assets of the year. The firm’s senior macro strategist, Mike McGlone, compared the rally to a similar recovery in early 2019, noting that this time the environment is one of contracting liquidity.

McGlone shared his thoughts on the surge in a post to LinkedIn on Wednesday, where he stated that Bitcoin’s rally from the start of the year until January 17 may signal either a bottom or a „bouncing bear“. He noted that while the bias is both, this is a key difference compared to 2019’s early-year turnaround. He wrote, „The Fed’s contraction of liquidity, a flattening yield curve, and a weakening dollar — all of which preceded the Bitcoin surge — are very different than the environment of 2019’s Q1 rally.“

McGlone also pointed out that Bitcoin’s surge has been relatively modest compared to other digital assets like Ether and Ripple. He added, „The rally to date is less than half of the gains of 2019’s first quarter, and its price has lagged behind Ether and Ripple, which have both gained more than 50% since the start of the year.“

At the same time, McGlone noted that Bitcoin’s rally is more likely to be sustained than other digital assets, since it has the largest market capitalization and the most liquidity. He concluded his post by saying, „The broad-based liquidity-driven rally is evidence that Bitcoin is back, or at least bouncing bearishly, and could be the most resilient digital asset to benefit from the current macro environment.“

Overall, it appears that Bitcoin is emerging as one of the best performing assets of the year, with the macro environment and liquidity contraction playing a major role in its surge. While other digital assets have seen larger gains, Bitcoin’s rally is likely to be more sustained, due to its large market capitalization and liquidity. For investors, this could be an opportunity to get in on the ground floor of a potentially lucrative investment.

Binance Receives Regulatory Approval in Sweden, Becomes 7th EU Nation

• Binance has been given regulatory approval in Sweden, becoming the seventh EU nation to do so.
• This allows local consumers to access Binance’s products and services, such as buying cryptocurrencies with euros.
• Binance Nordics AB has obtained registration from the Swedish Financial Supervisory Authority.

Binance, the world’s largest cryptocurrency exchange, has received regulatory approval in Sweden. This marks the seventh EU jurisdiction where the platform has received a license, following Italy, France, Spain, Poland, Cyprus, and Lithuania.

The Swedish Financial Supervisory Authority has registered Binance as a financial institution for management and trading in virtual currency in the Scandinavian country. This authorization will enable local consumers to access its products and services, such as buying cryptocurrencies with euros. Binance Nordics AB has obtained registration from the Swedish Financial Supervisory Authority after „months of constructive engagement.“

The news of Binance’s regulatory approval in Sweden marks a major milestone for the cryptocurrency exchange. It has been expanding its presence in other countries, and the addition of Sweden to the list of nations where it is compliant with the local laws is a major boost.

The move comes as other countries are considering stricter regulations on cryptocurrencies. Sweden is known for its progressive stance on digital assets, and the news of Binance’s approval is a sign that the country is taking a more open approach towards the cryptocurrency sector.

Binance is not the only major exchange to receive regulatory approval in Sweden. Coinbase recently obtained a license from the Financial Supervisory Authority of Sweden, which will allow it to operate as a payment service provider in the country. This marks a major milestone for Coinbase, as it is the first major cryptocurrency exchange to receive such a license from the Swedish regulator.

The news of Binance’s regulatory approval in Sweden is a positive sign for the cryptocurrency sector. It shows that countries are beginning to recognize the potential of digital assets and are taking steps to regulate them in a responsible manner. This could lead to more investments in the sector, as investors feel more secure about their investments.

France Calls For Stricter Crypto Regulations To Tackle Disruption

• Bank of France Governor Francois Villeroy de Galhau believes that cryptocurrency companies should receive tougher regulatory licenses in order to continue providing their services.
• Villeroy believes that the disruption in the crypto sector is the main reason for more stringent rules.
• France intends to introduce stricter rules for domestic digital asset entities as soon as it is ready with its legislation instead of waiting for other European countries.

The Governor of Banque de France, Francois Villeroy de Galhau, has recently stated that cryptocurrency firms should obtain tougher regulatory licenses to continue providing their services. He believes that the disruption in the crypto sector is the main motivation behind introducing more stringent rules.

Villeroy’s latest recommendation was met with mixed reactions, as some industry participants are of the opinion that it would stifle innovation, while others welcomed the move, arguing that stricter regulations would increase consumer confidence and reduce the risk of fraud or abuse.

The French central banker’s suggestion comes at a time when the cryptocurrency sector is experiencing unprecedented levels of disruption, with Bitcoin and Ethereum reaching all-time highs and an increasing number of digital asset projects being launched. As a result, Villeroy has argued that these companies should be subject to more rigorous authorization from financial watchdogs to ensure that their activities are properly monitored.

Villeroy also believes that France should introduce stricter rules for domestic digital asset entities as soon as it is ready with its legislation instead of waiting for other European countries. He argued that this would be beneficial in the long run, as it would help create a more stable and secure cryptocurrency ecosystem.

The Governor of Banque de France’s recommendation has been well-received by the cryptocurrency community in France, with many arguing that stricter regulations would ensure that all companies are operating under the same set of rules, thus reducing the risk of fraudulent activities. Furthermore, it would also help create a more transparent and secure environment for investors and help reduce the risk of market manipulation.

It remains to be seen if France will follow through with Villeroy’s recommendation and introduce stricter regulations for domestic digital asset entities. However, it is clear that the cryptocurrency sector is in need of better oversight and stricter regulations in order to ensure that investors can operate with confidence and trust.

Magic Eden Resolves Major Bug, Refunds Affected Users

• Magic Eden is a Solana-based NFT marketplace that recently experienced a bug that allowed unverified NFTs to be listed in their Snappy Marketplace and Pro Trade tools.
• As a result of the bug, some users mistakenly bought counterfeit NFTs.
• Magic Eden has since resolved the issue and will be refunding all users affected by the bug.

Magic Eden, the Solana-based Non-Fungible Token (NFT) marketplace, recently experienced a major setback due to a bug that allowed unverified NFTs to be listed in two of its features – Snappy Marketplace and Pro Trade tools. As a result of this bug, some of the users ended up buying counterfeit NFTs from the platform.

The bug was caused due to an update to the platform’s ‘activity indexer’, which failed to detect duplicate NFTs. This allowed for unverified NFTs to evade verification and be listed as part of genuine collections. The development was made known after some Magic Eden users reported seeing strange images on the platform’s collection pages.

Following this incident, Magic Eden has since resolved the issue and released a statement confirming that they will be reimbursing all the users who were affected by the bug. The statement also said that the platform is taking the necessary steps to ensure that such a situation does not occur in the future. To this end, Magic Eden has put in place safety measures such as enhanced verification checks and tightened security protocols.

In addition, the platform has also urged its users to be vigilant and to check the authenticity of any NFTs before making any purchases. This is especially important for users who are new to the platform or who are not well-versed with the fundamentals of NFTs.

Despite the incident, Magic Eden remains one of the most popular NFT marketplaces and continues to be a major player in the NFT space. The platform has also been praised for its swiftness in responding to the issue and for its efforts to ensure that such an incident does not occur again.

Overall, Magic Eden’s response to the incident is a testament to their commitment to providing a safe and secure platform for its users. The platform’s proactive approach in handling the incident has also helped to strengthen its reputation as a reliable NFT marketplace.

Sam Bankman-Fried Pleads Not Guilty in Cheating Investor Case

• Sam Bankman-Fried, co-founder of FTX, has plead not guilty to criminal charges of knowingly cheating investors.
• US District Judge Lewis Kaplan set the trial date for the start of October.
• This comes after two of his former colleagues, Caroline Ellison and Gary Wang, plead guilty to similar charges.

The co-founder of the cryptocurrency trading platform FTX, Sam Bankman-Fried, has plead not guilty to criminal charges of knowingly cheating investors. This brings him in stark contrast to two of his former colleagues, Caroline Ellison and Gary Wang, who both pleaded guilty to similar charges.

The criminal charges Bankman-Fried is facing allege that he funneled funds from investors, who deposited them on FTX, for his personal purposes and Alameda’s trading. On top of this, he is charged with wire fraud and money laundering. Last month, Bankman-Fried was arrested in the Bahamas and subsequently deported to the United States.

On January 3rd, Bankman-Fried had his first hearing and US District Judge Lewis Kaplan set the trial date for the start of October. This is the first time Bankman-Fried has been able to officially plead his innocence and it will be interesting to see how the trial plays out in the coming months.

The news of Bankman-Fried’s plea has been met with mixed reactions in the cryptocurrency and legal communities. For some, they believe that the charges leveled against Bankman-Fried are unjustified and that the trial is a waste of resources. On the other hand, there are those who believe that Bankman-Fried should be held accountable for his actions and that the legal system should be allowed to take its course.

Regardless of the outcome, the case of Sam Bankman-Fried is sure to be one of the most closely watched in the cryptocurrency world in the coming months. With the trial date now set for October, both sides are sure to be preparing for what is sure to be an interesting and potentially explosive court case.