June 25, 2024

Innovation & Tech Today


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Crypto & NFTs Today: The Latest Blockchain News for March 8 – 14

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional, and sometimes, sketchy rollercoasters, you’ve come to the right place. So put on some soothing music and let’s go!

“White Hat” Who Returns Stolen Funds to Tender.fi Get $97K Reward

A hacker behind the who stole funds valued at $1.59 million from decentralized finance lending platform Tender.fi has collected a $97,000 “bounty” for returning the funds.

Tender.fi confirmed the exploit, which was executed on March 7, on Twitter citing “an unusual amount of borrows”. It then suspended all borrowing.

Data on the Blockchain revealed the hacker was able to exploit an oracle price glitch to steal the funds by depositing just one GMX token, valued at just $71. “It looks like your oracle was misconfigured. contact me to sort this out,” the hacker wrote in an on-chain message.

Less than nine hours later, DeFi protocol revealed that it had made an agreement with the hacker for the return of the stolen funds, minus a 62.16 ETH bounty, worth around $97,000. DeFi characterized the hacker as a “White Hat”.

AI Generated NFTs to be Shown at the Louvre

An artist who uses AI to create NFTs is set to exhibit her newest collection at Paris’ Lourve Museum. Claire Silver’s collection is titled “can I tell you a secret,” is an “autobiographical series of 100 post-photography pieces created with AI,” according to Variety.

Silver previously signed with the world-famous WIlliam Morris talent agency as its first AI artist. “We’ll bring AI art to mainstream culture together,” she tweeted about the partnership.

William Morris has an expanding roster of NFT artists that now include Dapper Labs and CryptoKitties co-founder Mack Flavelle, NFT gallery Bright Moments, NFT project Non-Fungible Heroes, NFT startup Boss Beauties and NFT artist Valfré are among its list of Web3 talent.

Meanwhile, NFT artist Refik Anadol is exhibiting his AI generated art at the New York Museum of Modern Art (MoMA). The temporary installation is titled “Unsupervised” and runs until April 15.

SEC Accuses Bkcoin of $100M ‘Ponzi-like’ Fraud

On Monday, the U.S. The Securities and Exchange Commission (SEC) announced it filed an “emergency action” against Kevin Kang, a principal investment advisor for Miami-based Bkcoin. The SEC accuses Bkcoin and Kang of “orchestrating a $100 million crypto fraud scheme,”, adding “it successfully obtained an asset freeze, appointment of a receiver, and other emergency relief.”

The emergency action details that from October 2018 through September 2022, Bitcoin raised approximately $100 million from no fewer than 55 investors in crypto assets. 

“Bkcoin and Kang assured investors that their money would be used primarily to trade crypto assets and represented that Bkcoin would generate returns for investors through separately managed accounts and five private funds,” the SEC detailed. 

But instead, according to the SEC, “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors.”

Amazon Set to Launch NFT Marketplace

On April 24, retail giant Amazon is reportedly launching an NFT marketplace. The platform dubbed, Amazon Digital Marketplace will market 15 NFT collections and also offer NFT rewards to customers for real-world assets purchased from Amazon.

Credit Joe Piette via Wikimedia

CEO Andy Jassy has expressed qualified support for crypto and NFTs, saying, “I expect that NFTs will continue to grow very significantly. We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger and – it’s possible that Amazon ingrates crypto payments.”

Last month, Amazon funded NFT platform Superplastic with $20 million in a Series A purchase. The move is seen as proof of Amazon’s strategy to utilize Web3 technology.

In January, Amazon’s AWS cloud service teamed with Ava Labs to accelerate the adoption of blockchain technology, enabling users to run Avalanche blockchain nodes with a single click.

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By I&T Today

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