A crypto wallet belonging to billionaire Mark Cuban was observed selling non-fungible tokens (NFTs) after nearly two years of inactivity.
On June 23, Cuban’s wallet, identified by the Ethereum Name Service (ENS) domain “markcuban.eth,” began offloading various NFTs.
These included works from collections such as EulerBeats Genesis, DeepBlack, Pudgy Penguins, and Wrapped MoonCats.
The wallet’s last recorded transaction was on January 13, 2022, when Cuban sold a Roc Aero Pitch Deck NFT for $33.73.
In the past two days, Cuban sold 14 NFTs valued at approximately $38,533.
The highest-valued NFT sold was Pudgy Penguin #6239, listed at 9.06 Wrapped Ether (WETH), worth $30,578. The other NFTs sold ranged in price from $22 to $1,800.
In addition to these sales, Cuban has listed two high-value NFTs for potential buyers.
He listed his Hashtag NFT #MFFL for 15 Ether, valued at over $50,000.
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Additionally, he listed a BibleNFT piece called Deuteronomy 25:4 for 5 Ether, around $16,000.
If these two NFTs are sold, Cuban’s wallet will have sold over $100,000 in NFTs within the last two days.
This flurry of activity in Cuban’s NFT portfolio coincides with a recent security incident involving the 65-year-old investor.
On June 23, Cuban reported that his Gmail account had been compromised following a fraudulent call.
In a post on X (formerly Twitter), Cuban explained that someone posing as “Noah” claimed there was an intruder in his account and used spoofed Google recovery methods.
“If anyone gets anything from mcuban@gmail.com after 3:30 pm PST it’s not me,” Cuban wrote.
By June 25, Cuban informed his followers that he had regained control of his account and publicly thanked Google’s team on X.
While Cuban’s wallet sold NFTs on the same day as the hack, it remains uncertain if the two events are connected.
In 2023, one of Cuban’s crypto wallets was drained of about $870,000 in crypto assets. Etherscan data showed batches of transactions involving USD Coin, Tether, and Lido Staked Ether (stETH) being withdrawn from the account.
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Hong Kong-based crypto trading platform DFX Labs is nearing a full operational license after receiving clearance under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
According to public records from the Securities and Futures Commission (SFC) of Hong Kong, DFX Labs is “deemed to be licensed for providing the virtual asset service.”
However, despite holding an active AMLO license, the platform is not yet authorized to offer crypto trading services.
The records clarify:
“The Applicant is only deemed to be licensed for providing the virtual asset service below. The SFC has NOT granted a license to the Applicant under the AMLO.
The application for his/her license is still pending determination.”
DFX Labs applied for the Hong Kong crypto license on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, as the primary applicant.
The exchange was deemed to be licensed on June 1.
Currently, the DFX Labs website remains an unlicensed virtual asset platform and is unavailable for Hong Kong residents.
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Hong Kong is making concerted efforts to attract global startups.
Three government entities — The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) — recently co-hosted an event in Toronto to promote its offshore technology hub for Canadian crypto and Web3 startups.
Speaking at the event, Toronto ETO director Emily Mo highlighted the startup-friendly regulations, such as lower taxes compared to Canada, and Hong Kong’s willingness to collaborate with “pre-commercial specialist technology companies.” She emphasized:
“There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.”
In May, Hong Kong mandated the shutdown of all crypto exchanges operating without a license.
Many crypto exchanges that had applied for an operational license eventually withdrew their applications. This list included prominent global players such as OKX, Huobi HK, and Bybit, among others.
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Australian crypto company NGS Crypto has rebranded to “Hiddup” amidst an ongoing investigation and legal action by the Australian Securities and Investment.
On June 25, NGS Crypto claimed the rebrand was due to a trademark dispute.
This announcement came during an ASIC case involving about 61 million Australian dollars ($41 million) in interest owed to investors.
In April, the company’s directors, Mark Ten Caten, Brett Mendham, and Ryan Brown, had their assets, along with the firm’s funds, frozen.
Cointelegraph reached out to Hiddup for comments but did not receive an immediate response.
ASIC’s Allegations and Actions
ASIC has initiated a lawsuit against three crypto mining companies linked to NGS: NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd after they collapsed into liquidation.
These companies allegedly targeted Australians to create self-managed superannuation funds, converting these funds into digital assets for investment in blockchain mining packages with promised fixed returns.
ASIC’s preliminary investigation revealed that over 450 Australians invested approximately $41 million through NGS companies.
The financial watchdog claims that NGS companies violated national laws by providing financial services without an Australian financial services license.
As part of the proceedings, ASIC seeks interim and final injunctions to prevent NGS from operating without proper licensing.
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In response, the Federal Court appointed advisory and restructuring firm McGrathNicol as receivers to assist creditors in recovering funds.
Additionally, Mendham’s passport has been seized, and authorities continue to search for the missing $41 million.
ASIC is aware of NGS’s rebranding efforts amid the investigation. An ASIC spokeswoman confirmed that they are investigating this matter.
In 2022, superannuation fund NGS Super sued NGS Crypto, accusing it of copyright infringement and misleading investors by implying an association with NGS Super’s funds.
NGS Super clarified that it does not sell cryptocurrency or related products.
NGS Crypto stated that the rebranding to Hiddup was due to this ongoing trademark dispute, aiming to avoid confusion and differentiate the business.
Despite the ongoing legal issues, the company continues to advertise returns ranging from 6 to 16 percent per annum through blockchain mining on its website.
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Donald Trump is gaining favor as the pro-innovation candidate among key cryptocurrency and traditional finance (TradFi) players.
Cathie Wood, CEO of ARK Invest, is the latest high-profile investor to endorse Trump for the 2024 U.S. presidential election, stating she will vote for “who’s going to do the best job for our economy.”
Wood’s endorsement may further solidify Trump’s image as a “pro-growth and pro-business” candidate. Bitfinex analysts told Cointelegraph that Wood argues Trump’s economic policies, which emphasize reducing regulations and taxes, foster innovation and technological advancement.
She believes Trump’s policies will create a favorable environment for disruptive technologies to thrive, which is crucial for long-term economic growth.
Despite later requesting the removal of the interview due to a lack of nuance in her political views, Wood’s comments stand as a strong endorsement given her reputation as a leading tech investor.
Further bolstering Trump’s support in the crypto community, Gemini co-founders Cameron and Tyler Winklevoss have each pledged $1 million in Bitcoin towards Trump’s reelection.
In June 20 X posts, the Winklevoss twins declared their support for Trump, describing him as “pro-Bitcoin” and “pro-crypto,” while criticizing President Joe Biden for declaring “war against crypto” during his tenure.
The Winklevoss twins’ donation is seen as a significant endorsement within the crypto industry.
Bitfinex analysts noted, “This move signifies a growing perception of Trump as a pro-innovation candidate within the crypto and TradFi communities.”
However, part of the donation was returned as it exceeded the federal limit of $844,600 per individual. It remains unclear whether the excess amount was returned in Bitcoin or cash.
On May 21, Trump announced that his 2024 campaign would accept cryptocurrency donations, signaling a shift towards a more favorable stance on digital assets.
Bitfinex analysts suggest this alignment with crypto-friendly policies positions Trump as a preferred candidate for those advocating for regulatory clarity and support for blockchain technology and cryptocurrencies. Trump has even proclaimed himself the “Crypto President.”
READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil
Trump’s potential reelection could usher in a more innovation-friendly era for the U.S. crypto industry, boosting mainstream adoption.
Bitfinex analysts speculate that a Trump administration might create a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector, potentially leading to increased adoption of digital assets and integration of cryptocurrencies into the financial system.
Jason Allegrante, chief legal and compliance officer of Fireblocks, emphasized that blockchain technology transcends political parties.
He told Cointelegraph, “What’s remarkable about the industry’s positioning in this election cycle is that it will continue to prioritize the cause of innovation first and foremost even as it wades back into electoral politics.
“Republicans may benefit more this November simply because many already seem to understand the issues.”
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Bitcoin and Ether transaction fees have fallen to their lowest levels in months amidst one of the harshest weeks for the crypto market in 2024.
As of June 23, the average Bitcoin transaction fee dropped to $1.93, the lowest since October 2023. This decrease indicates reduced network activity and competition.
Bitcoin network transaction fees typically surge during high market volatility, particularly when prices rise. Increased price speculation leads to greater competition for block space.
Historically, every major bullish period since 2012 has seen a rise in fees, except during the 2021 bull run when Bitcoin’s price reached $69,000 but fees remained relatively stable.
Ether gas fees have also plummeted to new lows, with prices reaching as low as 1 gwei, the lowest in years. Currently, the gas fee on the Ethereum network is about 4.5 gwei.
Gwei, a denomination of Ether, is used on the Ethereum network for transactions. One gwei equals one-billionth of one ETH.
The significant drop in Ethereum gas fees is linked to activity shifting from Ethereum’s base layer to its layer-2 network following the March Dencun upgrade.
READ MORE: Mark Cuban Falls Victim to Hoax Call, Loses Gmail Access Months After Crypto Wallet Hack
Since the upgrade, average gas prices on Ethereum have fallen by about 92%. According to Layer2 Insider, layer-2 networks earned $950,000 in the past week.
The reduced transaction fees on Bitcoin and Ethereum come during one of the worst weeks for the crypto market in 2024. Bitcoin’s price fell below the $63,000 support level, and several altcoins suffered double-digit losses.
The crypto market has experienced significant growth over the last six months, with top cryptocurrencies like Bitcoin and several altcoins reaching new all-time highs.
However, in recent weeks, bears have dominated, liquidating billions in the leveraged market and causing heavy losses for spot holders.
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A South Korean think tank specializing in finance and economics has advised against approving spot crypto exchange-traded funds (ETFs) in the country.
Bo-mi Lee, a researcher at the Korea Institute of Finance, argued in a paper that global experiences with spot Bitcoin and Ether ETFs indicate that the potential losses outweigh the benefits.
Lee emphasized that the introduction of spot crypto ETFs could jeopardize financial stability in South Korea.
The paper suggested that the approval of these ETFs could lead to a significant influx of capital into the crypto market, especially if digital asset prices rise.
This, in turn, could cause inefficiencies in resource allocation.
Furthermore, Lee pointed out that financial market liquidity and the health of financial companies could deteriorate when asset prices fall.
Given these risks, Lee stressed the need for more thorough research into the potential consequences of introducing spot crypto ETFs.
The researcher currently believes that the potential losses exceed any possible benefits.
Lee also highlighted the ongoing lack of understanding of digital asset value and their high volatility.
The introduction of such products might mislead market participants into perceiving them as “proven assets.”
READ MORE: Mark Cuban Falls Victim to Hoax Call, Loses Gmail Access Months After Crypto Wallet Hack
Lee also warned that risks would increase with the introduction of spot crypto ETFs.
He argued that robust regulatory measures must be in place to mitigate these risks.
Lee underscored the uncertainty surrounding the impact of digital assets on investors and the financial market, urging regulators to develop comprehensive measures before proceeding with the approval of such ETFs.
In response to growing concerns, South Korea’s financial regulator is tightening its rules on crypto assets to enhance user protection.
Beginning July 19, registered crypto exchanges in South Korea will be required to evaluate the tokens listed on their platforms.
These exchanges must determine whether to continue supporting or delist these tokens.
Under the new regulations, all registered exchanges must review over 600 listed crypto assets.
Exchanges that fail to comply with the new regulations will face severe penalties, including fines and potential jail sentences.
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CoinShares International, a European investment company specializing in digital assets, has successfully sold its FTX claim.
The sale, pending customary closing conditions, is expected to yield a recovery rate of 116% after broker fees, according to an official press release. This results in a return of 31.32 million British pounds ($39.78 million) on a claim of 26.6 million pounds ($33.78 million).
This successful sale allows CoinShares to offer increased returns to its shareholders and provide enhanced services to its clients. Jean-Marie Mognetti, CEO of CoinShares, highlighted the significance of this development, stating,
“The resolution of the FTX situation has been highly favorable for CoinShares.
“This exceptional recovery rate is a testament to the diligence and expertise of our team.”
The sale will enable CoinShares to reinvest in growth opportunities to improve its market position. Mognetti emphasized,
“We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry.”
READ MORE: Mark Cuban Falls Victim to Hoax Call, Loses Gmail Access Months After Crypto Wallet Hack
In August 2022, CoinShares reported its interim second-quarter results, revealing $21.7 million in losses due to its exposure to Terra (LUNA), which collapsed in May of the same year.
Despite this setback, Mognetti assured that CoinShares had “sufficient resources” to continue market activity, thanks to an effective strategy.
The company’s recent 116% recovery on its $39.78 million FTX claim underscores its resilience and strategic success.
On June 20, the Japanese crypto exchange bitFlyer announced its plan to acquire the Japanese arm of the collapsed FTX exchange.
Initially, bitFlyer Holdings will rebrand FTX Japan as New Custody Company until a new name is determined.
According to local news sources, this acquisition will cost bitFlyer billions of yen or tens of millions of dollars.
This series of events highlights the ongoing developments and strategic maneuvers within the digital asset industry, showcasing the resilience and adaptability of key players like CoinShares and bitFlyer amidst the challenges posed by significant market disruptions.
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The emerging Ether restaking protocols promising double-digit passive returns have sparked significant economic sustainability and security concerns.
The primary risk surrounding Ether restaking isn’t technical complexity but rather investor misunderstanding, according to Jeff Owens, co-founder and CEO of Haven1.
Owens highlighted the risks of asset looping in restaking protocols in a conversation with Cointelegraph.
He stated, “I hope people start to learn that the more you loop your assets, the more risk you’re at.
“That means that all it takes is one of those layers to pull out or not to contribute the rewards, and you can have that waterfall effect that comes down with it.”
Asset looping involves using the same capital across multiple protocols due to liquid staking, which provides a copy of the underlying Ether token that can be redeployed in other DeFi protocols.
Haven1, an Ethereum Virtual Machine-compatible layer-1 blockchain, recently introduced its liquid staking token, hsETH.
Owens emphasized that while restaking is a “robust financial tool,” investors must understand the number of loops involved.
Liquid staking has become a leading protocol category for crypto investors because it allows for greater capital efficiency compared to regular staking protocols, which do not permit the redeployment of staked assets.
Currently, liquid staking holds a combined total value locked (TVL) of over $51.1 billion, surpassing the lending market’s $32 billion in cumulative TVL, as per DefiLlama.
Despite the robust nature of Ether restaking, Owens cautioned that investors need to grasp the implications of the number of loops they add to their assets.
“There’s always this concern that people are given these very robust financial tools within crypto and don’t necessarily understand the implications… So for us, the ethos of Haven1 ultimately is to avoid a lot of those [risks],” he noted.
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Haven1’s new restaking portal offers investors a yield of up to 25.24% annual percentage rate (APR) in addition to the current 3.24% Ether restaking APR.
This high yield caused some concerns, reminiscent of the 20% yield offered by Anchor Protocol on TerraUSD (UST) before Terra’s collapse in May 2022.
However, Owens assured that hsETH’s 25% yield is a “pre-mainnet incentive mechanism” from Haven1, designed to adjust over time based on supply and demand.
He explained, “The APR is not meant to be sustainable for Haven1, and it’s purely an incentive mechanism to bring the community in early on in the testnet.
The actual mechanism of this is just Ethereum liquid staking.”
To enhance safety in its restaking ecosystem, Haven1 has established a reserve fund composed of 10% of all application fees earned through the network, according to Owens.
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Billionaire investor Mark Cuban has revealed that he lost access to his Gmail account following a hoax call, just months after more than $800,000 was drained from his cryptocurrency wallet.
“I just got hacked at my mcuban@gmail.com because someone named Noah at your 650-203-0000 called and said I had an intruder and spoofed Google’s recovery methods,” Cuban posted on X (formerly Twitter) on June 22.
This scam typically involves tricking users into providing personal information or account credentials by pretending to be an official representative, in this case, from Google.
Cuban cautioned his 8.8 million followers, “If anyone gets anything from mcuban@gmail.com after 3:30pm pst it’s not me.”
The crypto community responded with supportive messages, though some speculated about the number of emails he might miss during his lockout.
“When you get your access back, please post a screenshot of the number of unread emails.
“I’m betting it is up to 5 digits by now,” wrote Nick Percoco, chief security officer of crypto exchange Kraken. Some even wondered if his X account was also compromised.
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“Is it POSSIBLE that his X account has now been hacked also by the hackers?
“Therefore they’re trying to get more information,” speculated a user named Mickamious.
This incident follows a significant security breach Cuban experienced nine months ago, when his cryptocurrency wallet was drained of approximately $870,000.
Hackers likely targeted Cuban after he logged into MetaMask for the first time in months.
In September 2023, Cointelegraph reported that independent blockchain investigator Wazz noticed suspicious activity in one of Cuban’s wallets, which he had not used for about five months.
Despite these setbacks, Cuban has remained an outspoken advocate for cryptocurrency.
He has been particularly vocal about the need for more favorable crypto regulations in the United States.
Recently, Cuban argued that the U.S. Commodity Futures Trading Commission (CFTC) should regulate “all crypto” rather than the U.S. Securities and Exchange Commission (SEC), criticizing the SEC’s approach of regulation by enforcement in the crypto industry.
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Masayoshi Son, the founder and CEO of Softbank, has predicted that artificial intelligence (AI) will surpass human intelligence significantly in the coming years.
By 2030, Son believes AI will be one to ten times smarter than humans, and by 2035, it will be 10,000 times smarter.
Son made these remarks during Softbank’s annual meeting in Tokyo on June 21.
In his emotional address, he outlined the company’s future priorities, emphasizing its commitment to developing “artificial super intelligence” (ASI), which he claims will revolutionize human life.
In his speech, Son differentiated between artificial general intelligence (AGI) and ASI. He explained that AGI would represent a human-level “genius” intelligence, up to ten times smarter than the average person. In contrast, ASI would be 10,000 times more intelligent, far exceeding the human brain’s capabilities.
It’s important to note that there is currently no scientific consensus on the capabilities of AGI or ASI, or even if such entities are achievable with today’s technology.
AI systems with human-level reasoning remain theoretical at this stage.
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Son also discussed Softbank’s future and his own mortality, which seemed to concern some investors.
This sentiment was reflected in the stock market, as Softbank’s shares dropped more than 3% when the Tokyo Stock Exchange closed following the meeting.
In a video of the event, Son mentioned that two years ago, he realized he was “getting old” and felt a strong desire to achieve more before his life ends.
He added, “SoftBank was founded for what purpose? For what purpose was Masa Son born? It may sound strange, but I think I was born to realize ASI. I am super serious about it.”
Son’s vision underscores Softbank’s ambitious goal of leading the development of AI technologies that could profoundly impact society.
Despite current technological limitations, his commitment to advancing AI reflects a bold and futuristic outlook for the company.
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