Coinbase launches new blockchain, 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 Launch of Coinbase a layer 2 Ethereum network called Base, built with the help of Optimism. The Base testnet will not be limited to Ethereum, but will also provide access to other networks like Optimism and Solana. The goal of the project is to provide anyone, anywhere with a secure, inexpensive, and developer-friendly way to build decentralized applications.
IMF on Crypto: Blessing or Curse?
The IMF The board said that in order to preserve monetary stability, countries should not grant legal tender or official currency status to cryptocurrencies. The council called on member countries to clarify regulations on crypto assets and even said that outright bans should not be ruled out. In the meantime a new blogalso from the International Monetary Fund, uncharacteristically highlighted the positive aspects of crypto by stating that the rapidly evolving technology behind crypto may ultimately hold more promise for the financial industry.
Hong Kong to Issue Crypto Licenses
Hong Kong Securities and Futures Commission calls for public consultation consultation on the requirements of crypto trading platforms. Under a proposed new licensing regime, platforms centralized in Hong Kong can apply to be licensed by the SFC. Bloomberg reported that the mainland Chinese government might quietly support 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 criminals charges. Among the new charges, prosecutors allege 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 carry a sentence of up to 100 years in prison.
Teacher caught mining crypto at school
A teacher in Massachusetts faces criminal charges after authorities uncovered an elaborate crypto mining operation in a remote crawl space under the school he worked at. It was reported that over $17,000 of taxpayers’ money was spent on electricity to power the mining rig.
Spotify is testing NFT-enabled playlists
Leading music streaming app, Spotify announcement that it is running a pilot program for token-enabled playlists with select NFT partners. The new service has been designed in partnership with Web3 gaming ecosystem, Overlord, and involves a token-based community playlist accessible through the Web3 wallets of those who hold Creepz NFTs on Spotify.
The first Litecoin NFTs have arrived
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 into Litecoin. The Ordinals Protocol enables the encoding of digital art references into small transactions on the Bitcoin blockchain, essentially creating non-fungible Bitcoin-based tokens.
Fake ChatGPT tokens are flooding the market
While artificial intelligence programs such as ChatGPT and BingChat are making headlines around the world, scammers are already making games to cash in on the hype. More than 150 tokens mistakenly bearing 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 happened this week in crypto, see you next week.