Tag: yuga labs

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OpenSea Adds Avalanche NFT Support – Top Crypto Updates

OpenSea adds Avalanche NFT support

OpenSea has added non-fungible tokens (NFTs) from the Avalanche blockchain to its online marketplace. Avalanche is an open-source network with the native token AVAX and three different blockchains, one of which is called the C-Chain. The C-Chain is optimized for Ethereum compatibility and smart contracts, which NFTs use. OpenSea currently features 200 Avalanche-native collections. 

Crypto prices today: Bitcoin up 0.4%, ETH rises 1.4%

Bitcoin is currently trading at $19,133.85, an increase of 0.4% over the previous day. Ethereum is up 1.43% over the last 24 hours to $1,296.83. Solana fell 0.6% to $31.33, while Cardano is trading lower by 0.54% at $0.394. Avalanche (AVAX) rose 0.333% to $16.04. The global crypto market cap stands at $923.8 billion, a 0.52% increase over the previous day.

SEC investigating Yuga Labs over securities violations: Report

As per a Bloomberg report, the US Securities & Exchange Commission (SEC) is investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities. The report claims that SEC is exploring whether the crypto startup broke federal law by issuing NFTs that act like stocks. It is also probing the distribution of the Ethereum-based ApeCoin token that launched earlier this year. 

Crypto firm 21Shares lists Bitcoin ETP on Nasdaq Dubai

Crypto investment products firm 21.co’s subsidiary, 21Shares AG, has listed a Bitcoin exchange-traded product (ETP) on Nasdaq Dubai. It is the Middle East’s first physically-backed Bitcoin ETP. The 21Shares Bitcoin ETP trades in the same way as the 21Shares Bitcoin ETP in Europe. Following the Dubai listing, 21Shares has 46 listed products across seven countries.

Solana DeFi trading platform Mango Markets loses $100M in hack

Mango Markets, a decentralized platform hosted on the Solana blockchain, faced an exploit for over $100 million. Mango’s token MNGO was severely impacted and crashed over 40% in the past 24 hours. According to the blockchain auditing website OtterSec, the attacker temporarily drove up the value of their collateral and then took out loans from the Mango treasury.

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EU Finalises Landmark Crypto Rules – Top Crypto Updates

European Union finalizes landmark crypto rules

The European Union (EU) has agreed upon the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA). MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the EU. It imposes reserve requirements on stablecoins as well. A separate law on funds transfers requires wallet providers to check their customer’s identities to curb money laundering.

Crypto prices today: Bitcoin down 0.2%, ETH up 1%

Bitcoin is currently trading at $20,224.76, a decline of 0.2% over the previous day. Ethereum is up 0.9% over the last 24 hours to $1,366.48. Solana fell 0.61% to $34, while Cardano is trading lower by 0.2% at $0.432. Uniswap (UNI) rose 3.3% to $6.88. The global crypto market cap stands at $966.87 billion, a 0.07% increase over the previous day.

Yuga Labs forms Bored Ape Community Council

Web3 powerhouse Yuga Labs has created a community council composed of seven Bored Ape Yacht Club (BAYC) NFT holders who are active in its community. The council members will focus on gathering and curating community feedback and spearheading philanthropic efforts. The council will be kept autonomous, meaning it will not be governed by the multibillion-dollar startup.

Russia blocks access to crypto exchange OKX

Russia has blocked access to OKX (the world’s third-largest crypto exchange by volume) at the request of the Prosecutor General’s Office. The site was blocked under article 15.3 of Russia’s law on Information, Information Technologies, and Information Protection. The article protects against the spread of fake information, threats to financial organizations, and calls for extremist activity. 

S.Korea financial regulator restates support for crypto protections

South Korea’s Financial Services Commission (FSC) said it will promote blockchain technology and user protections in the crypto market. The agency will actively support the establishment of a regulatory system for virtual assets that balances innovation through new technologies such as blockchain, consumer protection, and financial stability.

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Ethereum Merge Hits Graphics Card Makers – Top Crypto Updates

Ethereum Merge hits graphics card makers

Ethereum’s shift from proof-of-work to environment-friendly proof-of-stake (called ‘The Merge’) will result in sizeable dumping of graphic cards (GPUs). It will also hit manufacturers such as Nvidia and AMD. GPUs are no longer needed on a mass scale and will go for a significant discount, said experts. 

Crypto prices today: Bitcoin falls 8%, ETH crashes 11%

Bitcoin is currently trading at $18,447.87, a decline of 8.05% over the previous day. Ethereum is down sharply by 11.32% over the last 24 hours to $1,291.30. Solana fell 7.67% to $3.18, while Cardano is trading lower by 9.85% at $0.436. Polkadot (DOT) fell 10.9% to $6.15. The global crypto market cap stands at $902.16 billion, a 7.3% decline over the previous day.

Dogecoin now 2nd largest proof-of-work coin after Ethereum Merge

With the Ethereum merge completed (switching to a proof-of-stake system), Dogecoin is now the second largest proof-of-work coin after Bitcoin in terms of market capitalisation. Dogecoin is currently the tenth-largest crypto with a market cap of $7.95 billion.

DOGE is mined using proof of work. Miners use computers and a massive amount of energy to solve complex mathematical equations, validate transactions, and receive DOGE as a reward.

Yuga Labs hires Chief Gaming Officer for Web3 gaming push

Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has hired Spencer Tucker as its first Chief Gaming Officer (CGO). Tucker will supervise the development of the firm’s Web3 gaming projects, starting with Yuga’s “Otherside” metaverse. Earlier this year, Otherside saw a massive surge of transactions and NFT land sales worth $561 million within 24 hours.

ECB picks Amazon, four others to pitch digital euro prototype

European Central Bank (ECB) has chosen Amazon, Spain’s CaixaBank, France’s Worldline SA, and Italy’s Nexi SpA to develop a prototype for a digital euro. This exercise aims to test how well the technology behind a digital euro integrates with prototypes developed by companies. ECB is likely to be among the first advanced-economy central banks to issue a digital form of its currency.

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US SEC Working To Register Crypto Lending Firms – Top Crypto Updates

US SEC working to register crypto lending firms

As per a report by CNBC, the U.S. Securities and Exchange Commission (SEC) is working to get some crypto lending firms registered if they operate more as investment firms. SEC Chair Gary Gensler also said it was up to large financial institutions to decide whether they want to include crypto options in their portfolios for clients. However, the risks of crypto tokens need to be made public.

Crypto prices today: Bitcoin up 0.1%, ETH falls 0.05%

Bitcoin is currently trading at $21,974.65, an increase of 0.18% over the previous day. Ethereum fell 0.05% over the last 24 hours to $1,525.84. Solana fell 0.27% to $38.41, while Cardano is trading lower by 0.25% at $0.494. Polygon (MATIC) is down 1.07% to $0.831. The global crypto market cap stands at $1.01 trillion, a 3.6% decline over the previous day.

Yuga Labs threatened with possible class-action lawsuit

Law firm Scott+Scott is currently organizing a class-action suit against Yuga Labs, as per an announcement from the firm. The lawsuit will allege that Yuga falsely promoted Bored Ape NFTs and ApeCoin (the collection’s native Ethereum token) as securities with guaranteed returns but which, in reality, plummeted in value over the last three months. Yuga Labs is the $4 billion company behind the popular NFT collection Bored Ape Yacht Club (BAYC).

Animoca Brands launches DAO to develop Metaverse standards

An alliance of Web3 companies has come together to build an open and borderless metaverse called the Open Metaverse Alliance for Web3 (or OMA3). Projects joining the alliance with Animoca Brands (a Hong Kong-based game software and venture capital firm) include Alien Worlds, Dapper Labs, Decentraland, Star Atlas, and The Sandbox. They aim to solve key challenges of the metaverse, including preserving the freedom of information owned by users.

Japanese bank SMBC plans to develop NFT business

Japan-based Sumitomo Mitsui Financial Group (SMBC Group) will partner with blockchain startup HashPort to develop NFT and Web3 projects. The two entities plan to set up a token business lab, which aims to experiment with token businesses such as NFTs.