Amazon’s cloud division, AWS, is investing $100 million to establish the AWS Generative AI Innovation Center, aiming to catch up with market leaders Microsoft and Google in the field of generative artificial intelligence (AI).
This center will serve as a platform connecting Amazon’s AI and machine learning experts with clients interested in developing applications based on cutting-edge generative AI technologies.
Generative AI employs algorithms to generate diverse content, ranging from audio and code to images, texts, simulations, and videos.
Several prominent companies, including Highspot, Twilio, Ryanair, and Lonely Planet, have been named as early adopters of the innovation center.
By establishing this facility, Amazon anticipates a surge in the sales of its cloud services, especially considering the intensifying competition in the cloud infrastructure market.
A recent study by Synergy Research Group analyzed the leading cloud services providers, revealing that enterprise spending on cloud solutions worldwide surpassed $63 billion in the first quarter of 2023, marking a 20% increase compared to the same period last year.
Microsoft and Google experienced the most substantial year-over-year growth rates, with 23% and 10% gains in global market share, respectively.
Amazon, as the dominant player in cloud infrastructure, maintained its 32% market share in Q1.
During Bloomberg’s Tech Summit, AWS CEO Adam Selipsky expressed his intention to deploy internal AWS experts to aid various AWS customers, particularly those with a substantial AWS presence, in advancing their generative AI efforts.
Selipsky emphasized the aim to move beyond mere discussions and assist clients in implementing generative AI solutions effectively.
In an effort to compete with major tech rivals, Amazon recently introduced Bedrock, an AI solution enabling customers to develop their own models akin to ChatGPT.
The company also unveiled an upcoming project named Titan, which incorporates two foundational models developed by Amazon Machine Learning.
Furthermore, job postings on LinkedIn indicate that Amazon is preparing to integrate an AI-powered “search” feature with a ChatGPT-like interface into its online web store.
This strategic move will enhance the customer experience by leveraging AI capabilities to provide more efficient and personalized search results.
With the establishment of the AWS Generative AI Innovation Center, Amazon is taking significant steps to close the gap with Microsoft and Google in the generative AI market.
By leveraging its expertise and resources, Amazon aims to capitalize on the growing demand for cloud services in an increasingly competitive landscape.
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Simon Callaghan has been appointed as the new CEO of Blockchain Australia, the peak industry body for cryptocurrency in the country.
Callaghan’s vision for his role is to hasten the implementation of crypto regulations, using the models from the UK, Hong Kong, and Singapore as templates, and eschewing the American regulatory approach.
The U.S. approach, dubbed ‘regulation by enforcement,’ equates to branding 68 tokens as securities and prosecuting the world’s largest exchanges.
Callaghan opposes this methodology, stating it’s akin to “having a hammer and seeing everything as a nail.”
He stressed the need for a different and more balanced approach in Australia during his announcement at Blockchain Week.
Callaghan, formerly the digital assets program lead for Cambridge University and a co-founder of MOOPS Tech, will represent the association’s 112 members.
These members, including Binance Australia, Circle, Ripple, and Mastercard, have been calling for clear and transparent regulation.
According to Callaghan, these businesses want to know the parameters to effectively operate, build technologies, and create jobs.
The Australian government, unlike the U.S., has not assumed a hardline position on crypto. The Treasury is presently conducting a ‘token mapping exercise’ to classify digital assets before legislating.
Callaghan applauded the government’s considered approach but urged inspiration from Singapore, Hong Kong, and the UK, as they balance innovation and consumer protection in their regulations.
Recent reports indicate Hong Kong is pressuring banks to accept crypto exchanges as clients to attract global crypto firms. Callaghan praised this approach, calling it the ‘right one.’
There has been resistance from some Australian banks due to the perceived increase in financial scams related to crypto.
Callaghan dismissed the notion that all crypto-related activities are fraudulent and confirmed upcoming meetings with banks to discuss their concerns.
He also supports the ability of crypto firms to contest debanking decisions, as recommended in a 2021 Australian Senate committee report.
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$PEPE, the meme-inspired cryptocurrency, has witnessed a remarkable surge of nearly 70% in the past week, fueled by the active participation of cryptocurrency whales.
This surge in price has positioned $PEPE ahead of rival meme tokens like Dogecoin ($DOGE) and Shiba Inu ($SHIB) amidst a broader recovery in the cryptocurrency market.
On-chain analytics firm Santiment reported a 61% surge in $PEPE within 48 hours, coinciding with a significant increase in whale transactions of $100,000 or more.
This surge in volume marked the highest observed on the $PEPE network in the last six weeks, indicating strong engagement from influential investors.
While the overall cryptocurrency market was experiencing a rally, thanks to major financial institutions submitting spot Bitcoin exchange-traded fund (ETF) applications, $PEPE’s growth surpassed that of other meme tokens.
Prominent players like BlackRock, Invesco, WisdomTree, and Germany’s Deutsche Bank have also contributed to renewed investor optimism by applying for digital asset custody licenses.
The surge in price has propelled $PEPE’s market capitalization to over $500 million, making it the 64th largest cryptocurrency by market capitalization.
It now sits ahead of Bitcoin SV ($BSV) and trails behind Neo ($NEO), further solidifying its position within the crypto space.
Despite concerns surrounding the contract owner’s ability to modify transaction taxes and blacklist functions, $PEPE has experienced a phenomenal boom since its entry into the market on April 17, 2023.
Being listed on multiple centralized exchanges has provided $PEPE with substantial traction among investors, propelling it to top 100 digital asset status.
One fortunate cryptocurrency investor managed to turn a modest investment of 0.125 ETH in $PEPE into an astonishing $1.14 million in just a few days, showcasing the immense potential for gains in well-timed cryptocurrency investments.
The surge of $PEPE highlights the influence of meme-inspired tokens in the cryptocurrency market. With significant involvement from cryptocurrency whales and its outperformance of rival meme tokens, $PEPE has emerged as a formidable player.
As institutional interest in cryptocurrencies continues to grow, supported by major financial institutions’ pursuit of digital asset-related licenses, the future of $PEPE and other meme tokens appears promising. Investors remain captivated by the potential for substantial gains in this dynamic and rapidly evolving market.
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A creditor of the recently bankrupted cryptocurrency exchange FTX has utilized a decentralized finance (DeFi) protocol called Arcade to pledge a claim as collateral for a loan.
This groundbreaking transaction marks the first on-chain loan backed by an FTX claim, as reported by the bankruptcy claims platform Found.
The creditor tokenized their claim, representing its ownership through a nonfungible token (NFT). On June 23, this NFT was utilized as collateral to secure a loan of $7,500, which is expected to be repaid within a five-day period.
In the event of a payment default, the lender retains the right to claim the collateralized amount, which stands at $31,307.
This transaction exemplifies the concept of real-world asset (RWA) tokenization, wherein blockchain technology is employed to represent ownership rights of tangible assets.
DeFi has emerged as a prominent sector for asset tokenization, enabling a wide range of real-world assets such as stocks, government bonds, real estate, and commodities to be tokenized.
Found took to Twitter to disclose that the original creditor and lender underwent biometric Know Your Customer (KYC) and Anti-Money Laundering (AML) screenings.
The company’s website reveals that users can access loans using bankruptcy claims as collateral, subject to a 10% transaction fee upon successful trades.
FTX, the cryptocurrency exchange that filed for bankruptcy in November 2022, has locked billions of dollars in user accounts pending court proceedings.
Industry estimates suggest that FTX claim holders may recover between 35% and 66% of the face value of their claims.
The rise in crypto-related bankruptcy cases, particularly associated with the collapse of FTX, has inundated the courts over the past year.
Genesis Global Trading and BlockFi are among the crypto firms involved in these cases. As a result, there is a growing demand for on-chain claims solutions.
Found, which launched earlier this year, and Open Exchange, a claims trading platform established in April by the co-founders of the collapsed hedge fund Three Arrows Capital, are notable players in this space.
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Over the course of the past year, more than 100,000 login credentials for the renowned artificial intelligence chatbot, ChatGPT, have been leaked and traded on the dark web, as disclosed by a cybersecurity firm based in Singapore.
Group-IB, in a blog post on June 20, revealed that from June 2022 to May 2023, there were over 101,000 compromised logins from devices associated with OpenAI’s flagship bot that were exchanged on various dark web marketplaces.
Dmitry Shestakov, the head of threat intelligence at Group-IB, explained that the figure represents “the number of logs from stealer-infected devices that Group-IB analyzed,” and each log contained at least one combination of login credentials and passwords for ChatGPT.
During May 2023, the availability of ChatGPT-related credentials peaked at nearly 27,000 on online black markets.
Of the compromised logins available for sale, the Asia-Pacific region accounted for the largest share, making up approximately 40% of the nearly 100,000 total.
Indian-based credentials held the highest number, surpassing 12,500, while the United States ranked sixth with nearly 3,000 leaked logins. France secured the seventh position globally and led in Europe.
Creating ChatGPT accounts is possible through OpenAI directly, or users can opt to utilize their Google, Microsoft, or Apple accounts for login and access.
While Group-IB did not conduct a detailed analysis of the signup methods, Shestakov suggested that primarily accounts utilizing a “direct authentication method” were exploited.
However, OpenAI is not accountable for the compromised logins, as the logs containing saved ChatGPT credentials are not a result of any weaknesses in the infrastructure of ChatGPT.
The blog post by Group-IB also pointed out a notable increase in the number of employees using ChatGPT for work purposes.
It cautioned that confidential information about companies could be at risk of exposure since user queries and chat history are stored by default. Unauthorized individuals could exploit this information to launch attacks against companies or individual employees.
According to Shestakov, cybercriminals infected “thousands of individual user devices worldwide” to steal this information.
He emphasized the significance of regularly updating software and implementing two-factor authentication as a means to mitigate such risks.
Interestingly, Group-IB mentioned that the press release itself was written with the assistance of ChatGPT.
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Bitcoin 2023, the annual conference held in Miami, Florida, was relatively subdued this year, lacking the high-profile announcements of previous years. However, a significant partnership with the potential to impact Mexico’s economy went unnoticed.
José Lemus, CEO of Ibex Mercado, made an important announcement during Bitcoin 2023 Industry Day. He revealed a partnership with Grupo Salinas, one of Mexico’s largest corporate conglomerates.
The collaboration aims to enable millions of Mexicans to pay their internet bills at Total Play, a popular telecoms company, using the Bitcoin Lightning Network.
The Salinas Group, owned by billionaire founder Ricardo Salinas Pliego, operates numerous businesses across Mexico and is known for its support of Bitcoin.
This integration not only facilitates Bitcoin adoption for millions of Mexicans but also extends Lightning capabilities to a range of retailers within the vast Salinas conglomerate. Lemus compared it to a scenario where Best Buy, Bank of America, Fox News, and an NFL team were all owned by the same individual, stating that they would all have Lightning capabilities in the future.
Lemus highlighted that this partnership is just the beginning of Lightning functionality across Grupo Salinas.
The conglomerate plans to develop a Lightning app for employees and a super app for soccer teams to enhance fan engagement through innovative ways, similar to the Perth Heat, an Australian baseball team that adopted Bitcoin as a standard currency.
The Lightning Network integration presents opportunities for financial inclusion in Mexico. Lemus emphasized the potential to bank the unbanked and underserved populations, as well as the broader benefits of financial inclusion, such as access to funding and expanded markets.
He expressed his belief that Mexico could become a thriving Bitcoin destination.
While the timeline for complete Bitcoin integration in daily life may still be some time away, Lemus estimated that within 18 months, individuals could conduct most of their activities using Bitcoin.
However, certain areas, such as taxes and rent, might not yet operate on Bitcoin.
The partnership with Grupo Salinas required 18 months of preparation, indicating the complexity of implementing such initiatives. Lemus indicated that more partnerships and projects are on the horizon in Mexico, although details are not yet available.
Overall, 2022 witnessed promising progress in Bitcoin and cryptocurrency adoption in Mexico, including the establishment of crypto remittance companies and the expansion of crypto exchanges.
With the Lightning partnership between Ibex Mercado and Grupo Salinas, the path to wider Bitcoin adoption in Mexico seems increasingly favorable.
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Immutable Games’ popular Web3 trading card game, Gods Unchained, has made its debut on the Epic Games Store, granting access to its impressive player base of 230 million customers. This exciting development was officially announced on June 21.
Gods Unchained is a captivating collectible trading card game that draws comparisons to popular titles like Hearthstone and Magic: The Gathering Arena.
However, what sets it apart is its innovative use of nonfungible tokens (NFTs) to represent each card.
These NFTs are built on the Ethereum layer-2 network known as Immutable X. Since its initial release in June 2019, Gods Unchained has steadily amassed a dedicated player base, reaching an impressive milestone of 80,000 weekly active players by January 2022.
The Epic Games Store, a digital game distribution platform akin to Steam and GOG.com, boasts a vast user base of over 230 million PC gamers.
This recent integration with the Epic Games Store marks a significant milestone for Gods Unchained, according to Daniel Paez, the executive producer of the game.
Paez expressed his enthusiasm, stating, “It is hard to overestimate the significance of Gods Unchained’s launch on Epic Games Store, one of the largest PC gaming platforms in the world.
We are extremely excited to present our game to a completely new and truly massive audience of traditional PC gamers and TCG enthusiasts.”
This release comes at a time when Web3 publishers are grappling with challenges from Steam, the dominant PC game distributor worldwide.
In October 2021, Steam made a controversial announcement, declaring that Web3 games were not welcome on its platform. In addition, it delisted Age of Rust due to the benefits it provided to owners of its NFTs.
Responding to Steam’s actions, former MetaMask team members took action and introduced a competing distribution platform called Hyperplay.
Hyperplay aims to counter Steam’s restrictions and provides access to the Epic Games and GOG.com stores through its own interface. Additionally, it curates a selection of Web3 titles. To further develop the platform and expand its reach, the Hyperplay team recently secured $12 million in funding on June 8.
With Gods Unchained now available on the Epic Games Store, it opens up new opportunities for the game’s growth and introduces it to a vast community of traditional PC gamers and trading card game enthusiasts.
This collaboration between Immutable Games and Epic Games marks an exciting chapter in the history of Gods Unchained, solidifying its position in the gaming industry.
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Valkyrie, a cryptocurrency fund manager, has joined the rush of financial firms applying for a Bitcoin spot exchange-traded fund (ETF).
This move comes as several other companies have recently filed similar applications with the United States Securities and Exchange Commission (SEC). On June 21, Valkyrie submitted an S-1 registration form for a Bitcoin spot ETF, with plans to list the fund on the Nasdaq under the symbol BRRR.
Valkyrie is no stranger to the world of Bitcoin futures ETFs. In October 2021, it launched the Valkyrie Bitcoin Strategy ETF (BTF), becoming the second BTC futures ETF in the U.S. Later in December, the firm introduced the Valkyrie Balance Sheet Opportunities (VBB), which it eventually liquidated in October 2022. Valkyrie also manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks companies that generate revenue or profits from BTC mining.
The recent activities of its competitors seemingly motivated Valkyrie to take action.
In a podcast interview with Cointelegraph’s Hashing It Out in March, Steven McClurg, Valkyrie Investments’ chief investment officer, expressed his belief that a BTC ETF would only be possible “in a future administration after the next elections or through legislative action.”
However, Valkyrie’s move comes amidst a flurry of ETF applications. BlackRock applied to list a BTC spot ETF as a trust on the Nasdaq on June 15, while WisdomTree and Invesco followed suit with similar applications on June 20.
Additionally, there are unconfirmed reports that Fidelity is also preparing to file an application for a BTC spot ETF. As these developments unfold, the price of BTC continues to rise, currently up 6.41% at the time of writing.
With the growing interest in cryptocurrency investments, financial firms are recognizing the demand for regulated investment vehicles like ETFs.
These funds provide investors with exposure to Bitcoin without having to directly hold the digital asset. While the SEC has yet to approve any Bitcoin spot ETF applications, the increasing number of filings indicates a growing push for such investment products in the market.
Valkyrie’s decision to apply for a BTC spot ETF aligns with its existing offerings in the cryptocurrency space.
If approved, the ETF would provide investors with another option to gain exposure to Bitcoin’s performance. The SEC’s review process will determine the fate of these applications and shape the future of cryptocurrency investment opportunities for retail and institutional investors alike.
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Tech giant Alibaba has announced the appointment of a crypto-friendly chair following the departure of Daniel Zhang. Joe Tsai, the current executive vice chair, will take over as the company’s chair.
Tsai has shown support for various cryptocurrency projects through his wealth manager, Blue Pool Capital. He has made investments in crypto firms such as FTX, Polygon, and Artifact Labs.
Tsai’s appointment comes as Zhang steps down as chair and CEO of Alibaba, with plans to continue serving as the chair and CEO of Alibaba Cloud Intelligence Group.
Replacing Zhang as Alibaba CEO and joining the company’s board of directors will be Eddie Yongming Wu, the chair of Taobao and Tmall Group.
Alibaba is one of the world’s largest companies, with a market capitalization of over $225 billion. Tsai expressed excitement about working with Wu to drive the company’s growth through technology and innovation.
China’s stance on cryptocurrencies and blockchain technology has been a mix of regulations and trials. In 2021, the country cracked down on mining firms, leading to many companies relocating to other jurisdictions.
However, China has also been actively exploring the implementation of a digital yuan through the People’s Bank of China.
The regulation of nonfungible tokens (NFTs) in China remains uncertain. Alibaba ventured into the NFT space by launching an NFT marketplace for copyright trading in 2021. However, the company’s NFT solution under its cloud business unit was mysteriously removed shortly after its launch.
With Tsai’s appointment as chair, there are expectations that Alibaba may further explore and embrace cryptocurrencies and blockchain technology.
Tsai’s previous investments in crypto firms indicate his positive sentiment toward the industry. As China continues to navigate the regulatory landscape for cryptocurrencies and blockchain, Alibaba’s position and future involvement in this space will be closely watched.
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Big Eyes Coin has attracted a lot of attention in the crypto space in recent months, but is this meme token legit or a scam?
Operating as an ERC-20 token, the project plans to make its first appearance on Uniswap, with a top-tier CEX yet to be revealed by the project’s founders.
The $BIG token presale encountered a few delays, but impressively managed to raise an estimated $35 million. This achievement has stirred speculations about the potential price of Big Eyes coin post its Initial Coin Offering (ICO). Currently in its thirteenth stage, Big Eyes is priced at $0.00052.
While the token’s hard cap of $51.2 million may not be reached by the launch date, the Big Eyes team remains confident that the funds raised thus far are sufficient to advance the project, having achieved the soft cap.
A pivotal event in the crypto landscape, the Bitcoin halving, is due in April 2024. History indicates that this event could potentially catalyze the next crypto bull run. Given this projection, if Big Eyes successfully launches and maintains its popularity until 2025, it could theoretically benefit from this upswing. However, this would also require recession concerns to dissipate, positively influencing the overall crypto market.
Why Meme Coins Are Often Scams
In the current crypto landscape, meme coin scams have surged, capitalizing on the skyrocketing popularity of meme coins like Dogecoin and Shiba Inu. These scams prey on the euphoria and greed commonly seen in retail investors seeking to strike it rich in a volatile, yet promising market. Understanding the mechanisms of these scams and identifying their red flags is imperative to avoid falling prey to such fraudulent schemes.
Meme coins, primarily driven by online hype, social media buzz, and celebrity endorsements, often lack substantial technological backing or practical use. Despite some meme coins, such as Dogecoin, experiencing legitimate success, many merely ride the wave, offering no real value or long-term potential.
Meme coin scams typically begin with the creation of a new coin promising extraordinary returns. Scam developers employ aggressive marketing techniques, such as fake celebrity endorsements, extensive advertising, and orchestrated “pump and dump” schemes, luring investors with the prospect of being the “next big thing” in crypto.
Pump and dump schemes involve fraudsters artificially inflating the coin’s price using coordinated buying and social media campaigns, fostering an illusion of legitimacy and FOMO among potential investors. Once the coin’s price reaches a certain threshold, the fraudsters sell (or “dump”) their holdings, causing the coin’s price to plummet and leaving other investors with significant losses.
The infamous Squid Game token is a prime example of such a scam. Following a massive price surge, the token’s price crashed in minutes when the developers allegedly performed a “rug pull,” abandoning the project and absconding with the funds.
While these scams may seem daunting, here are some key red flags to consider: over-promising returns; lack of transparency; aggressive marketing tactics; and limited exchange listings.
Is Big Eyes Coin a Scam?
The future of Big Eyes is contingent upon the team’s ability to adhere to its roadmap and dispel the prevalent FUD (Fear, Uncertainty, and Doubt) surrounding the project. A closer look at the project, however, reveals a multitude of red flags suggesting it might be a scam or rugpull.
A series of aggressive paid marketing campaigns on numerous crypto and non-crypto websites, coupled with an extended presale, cast significant doubts on the legitimacy of Big Eyes Coin. The lack of transparency about the project’s leadership and founders further compounds these suspicions, prompting the recommendation to avoid investing in Big Eyes.
Furthermore, in mid-June, amid the token’s launch on centralised exchanges, several holders reported issues accessing their tokens in MetaMask, with many accusing Big Eyes of being a scam.
The project’s founders have insisted that this is a technical issue which they are addressing, but it certainly looks like Big Eyes was a scam all along.
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