Layer-1 blockchain Terra has taken the precautionary step of temporarily shutting down its website to safeguard users from ongoing phishing scams plaguing the platform.
In an official announcement shared on Aug. 22 via the platform’s X (formerly Twitter) account, Terra revealed that the terra.money domains have been successfully frozen in an effort to halt further phishing scams.
However, a comprehensive resolution is still in progress and being diligently pursued by Terra’s team.
In light of these circumstances, Terra has advised all users to refrain from interacting with any sites linked to the terra.money domain until an official “all-clear” notice is released through the same account.
Despite working tirelessly to address the issue, Terra acknowledged encountering delays due to third-party responses.
The announcement also contained updates on the multichain wallet known as Station Wallet, which empowers users to access decentralized applications across diverse blockchain networks such as Terra, Juno, and Kujira.
On Aug. 21, Station Wallet shared important safety enhancements, urging users to avoid utilizing Station desktop and mobile apps until their safety can be confirmed.
The release of updated versions will be announced in due course.
The decision to freeze operations follows an incident where hackers compromised the Terra website over the weekend, attempting to exploit users through phishing attacks.
Warnings were initially issued on Aug. 19, advising users to refrain from engaging with any sites associated with the Terra money domain until further updates were available.
A similar cautionary statement was reissued on Aug. 20.
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This setback occurs more than a year after the prior iteration of the Terra digital ecosystem collapsed in May 2022, resulting in a $40 billion loss and industry-wide turmoil following the collapse of Terra’s algorithmic stablecoin UST.
Despite these challenges, a faction of the Terra community led by co-founder Do Kwon chose to persevere and work towards reviving the project.
This determination led to the launch of Terra 2.0, with a commitment to recovering the lost funds.
As of the time of writing, CoinGecko data indicates that Terra’s (LUNA) market capitalization stands at $152.7 million.
However, recent news of the Terra money hack has caused the token to plummet by 22% over the past seven days and by more than 70% over the past year.
Given Terra’s history of issues, some online observers have shown limited sympathy for those affected by these latest challenges.
The sentiment within certain online discussions highlights the skepticism and caution surrounding the Terra ecosystem.
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Cheems Balltze, the iconic Shiba Inu known for his viral images relishing cheeseburgers, peacefully passed away on August 18 after a valiant struggle against cancer.
Lovingly referred to as “Ball Ball,” this faithful companion bid farewell at the age of 12.
The Shiba Inu breed holds special significance in the realm of cryptocurrencies, being closely associated with digital assets like Shiba Inu and Dogecoin.
These tokens have garnered immense attention from both retail investors and prominent personalities like Elon Musk, the former owner of X (previously Twitter).
On August 18, a post on Cheems’ Instagram page reassured, “Don’t be disheartened; remember the boundless joy that Balltze brought to the world.
With his round, smiling visage, this Shiba Inu formed a bridge of connection during trying times, offering solace to countless souls.
While he played a pivotal role in lifting spirits amidst the pandemic, his mission has now been fulfilled.”
Unlike the famed Kabosu, the star of the original Dogecoin meme, Cheems left his mark by appearing alongside the DOGE dog in various shared images, notably in the popular meme “Swole Doge vs. Cheems.”
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As Kabosu approaches his 18th birthday in October, he grapples with his own health challenges, invoking concern among his admirers.
The Doge meme, which gained viral status in 2013, triggered the inception of the DOGE token that same year, thanks to the efforts of Billy Markus and Jackson Palmer.
Members of the crypto community, including those affiliated with the Dogecoin Foundation, extended their heartfelt condolences on Cheems’ departure, simultaneously rallying behind Kabosu’s ongoing well-being.
Throughout the history of cryptocurrency, memes featuring animals spanning from felines to dolphins have frequently acted as the catalysts for token initiatives.
In some tangible instances, animal shelters have embraced DOGE and other cryptocurrencies to foster interest in the responsible spaying and neutering of pets.
As Cheems Balltze’s legacy lives on, his infectious spirit serves as a reminder of the positive impact that even the most seemingly whimsical figures can make in both the digital and tangible realms.
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British Prime Minister Rishi Sunak is poised to invest £100 million ($130 million) in procuring numerous computer chips for bolstering artificial intelligence capabilities, a move that comes amidst a worldwide dearth of these chips and a fervent race to acquire enhanced computing potency.
As per a report by The Telegraph on August 20, the United Kingdom is gearing up to establish an “AI Research Resource” by mid-2024, forming a pivotal part of Sunak’s strategic blueprint to transform the nation into a thriving AI technology nucleus.
Notably, the government is actively engaging with chip manufacturers NVIDIA, Intel, and AMD to secure the necessary components.
The premier science funding entity, UK Research and Innovation, spearheading this endeavor, is reportedly in the advanced stages of finalizing an order for 5,000 cutting-edge NVIDIA graphic processing units (GPUs).
However, even though a substantial sum of $130 million has been allocated to the venture, insiders suggest that these funds might fall short of realizing Sunak’s ambitious vision for the AI hub.
This discrepancy implies that government officials might press for increased funding during an upcoming AI safety summit scheduled for November.
This development is a direct response to recent revelations indicating that several companies are grappling with the challenge of effectively deploying AI due to insufficient resources and formidable technical impediments.
In a report published in March, an impartial assessment of the nation’s AI computing capabilities revealed a concerning lag in investment when compared to counterparts in the United States and the European Union.
At that juncture, the availability of fewer than 1,000 NVIDIA chips for researchers to train AI models prompted a recommendation for the U.K. to expedite the provision of a minimum of 3,000 high-quality chips to cater to immediate requirements.
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On August 16, S&P Global’s comprehensive AI trend analysis disclosed that numerous enterprises admitted their unpreparedness to accommodate AI due to a dearth of computational power.
These challenges were further compounded by data management intricacies and apprehensions about security.
Although AI is still in its nascent stages, S&P’s senior research analyst, Nick Patience, emphasized that the eventual frontrunner in this realm would be determined by their capacity to effectively manage AI workloads, a factor of paramount significance.
In conclusion, British Prime Minister Rishi Sunak’s allocation of £100 million for acquiring computer chips to bolster artificial intelligence capabilities stands as a significant move in the midst of a global chip scarcity.
The UK’s aspiration to build an AI Research Resource aligns with the broader goal of transforming the nation into a thriving AI technology hub.
While this initiative has potential, concerns persist regarding the sufficiency of funds to fully realize the intended AI ambitions, potentially prompting a call for additional funding during an impending AI safety summit.
This endeavor comes in response to prevailing challenges faced by businesses in deploying AI effectively due to resource limitations and technical complexities.
A comprehensive assessment earlier this year highlighted the UK’s need for increased investment in AI, especially in terms of computational power.
S&P Global’s recent report echoed these challenges, underlining the pivotal role of robust computing capacity in determining leadership in the burgeoning AI landscape.
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China is reportedly planning to extend its social credit system’s principles to the realm of metaverse and online virtual worlds, as stated by a recent POLITICO report.
China Mobile, a state-owned telecommunications company, has proposed the introduction of a digital identification system for users in these virtual spaces.
This digital ID would encompass both “natural characteristics” and “social characteristics” of users, aiming to maintain order and safety within the virtual environment.
The proposed digital ID would contain an array of personal information and distinctive markers, including a person’s occupation.
This data would be stored permanently and made accessible to authorities.
The system’s advantages were illustrated by its potential to swiftly identify and penalize disruptive users, such as those spreading false information or causing disturbances within the metaverse.
The concept of this digital ID system draws parallels with China’s existing social credit system, which is designed to assess and rank citizens based on various behaviors and metrics.
Notably, this system has been employed as a means of enforcement. In 2018, instances of social offenders being denied airplane tickets amounted to 17.5 million, while 5.5 million individuals faced restrictions on purchasing train tickets.
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China Mobile unveiled these proposals during discussions with a focus group centered around the metaverse, organized by the International Telecommunication Union (ITU), a United Nations agency specializing in communications technology.
The metaverse focus group, slated to reconvene in October, could potentially vote on these proposals, thereby influencing the practices of telecommunications companies and tech firms.
Chinese companies participating in this focus group reportedly outnumbered their American and European counterparts in submitting metaverse-related proposals.
According to a contributor within the group who spoke with POLITICO, China seems to be strategically positioning itself as a dominant force in shaping metaverse standards for widespread adoption.
This move could pave the way for Chinese authorities to dictate identity protocols within virtual environments, prompting concerns about the kind of immersive world that would result.
In essence, China’s intention to extend its social credit system’s principles to the metaverse and virtual realms is causing ripples of debate within the tech community.
As the ITU’s metaverse group discusses and potentially votes on these proposals, the digital landscape’s future standards and regulations hang in the balance.
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FTX founder Sam Bankman-Fried, whose bail was recently revoked by a federal judge, is now seeking permission to spend five weekdays outside of detention to collaborate with his legal team in preparing his defense case.
His legal representatives conveyed that he was facing challenges in thoroughly reviewing extensive case-related documents while confined in the Metropolitan Detention Center in Brooklyn, New York.
Christian Everdell, SBF’s attorney, highlighted the substantial document production delays by the government, including three-quarters of a million pages of Slack communications.
Everdell asserted that allowing SBF access to his legal team and an internet-enabled laptop within the courthouse premises would expedite proceedings, considering his fraud trial scheduled for October.
SBF is contesting allegations of orchestrating an elaborate fraud scheme involving unauthorized access to billions of dollars from FTX customer funds for personal gain.
Prosecutors argued that for SBF to introduce a defense centered around advice received, he must promptly provide information about its origin; failure to do so might bar this defense during the trial.
While prosecutors mentioned their ability to provide information on hard drives, limitations prevent all data from being stored on laptops or drives.
Despite prison authorities rejecting a plan to relocate SBF for laptop access, a judge’s decision on his requests is still pending.
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In the realm of Decentralized Finance (DeFi), Curve Finance pledged to reimburse victims of a recent hack amounting to $62 million in losses.
Investigations have yielded progress, with approximately 79% of the funds recovered.
The platform will assess each affected user for reimbursement to ensure equitable distribution of resources.
Additionally, Zunami Protocol faced an attack on its stablecoin pools on Curve Finance, resulting in a loss estimated at $2.1 million.
\However, the DeFi landscape also witnessed positive developments, including ConsenSys’ launch of the Ethereum scaling rollup Linea, bridging over $26 million in ETH and offering enhanced throughput for DApps.
SpiritSwap, a Fantom-based DEX, was rescued from shutdown via a community resolution transferring the project to Power, avoiding closure due to treasury funds being stuck on the Multichain protocol.
Despite market fluctuations, DeFi’s total value locked in protocols surged to $49.8 billion, marking a five-month high.
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The December 2020 lawsuit by the United States Securities and Exchange Commission (SEC) against Ripple has significantly hindered the growth and adoption of the XRP token in the United States, according to pro-XRP advocate John Deaton, as conveyed in a recent post on X (formerly Twitter).
Deaton’s remarks came in response to Coinbase’s recent announcement of acquiring a minority stake in Circle, the issuer of USD Coin (USDC).
Coinbase’s plan to enhance the USDC ecosystem prompted Deaton to reflect on the missed potential for Ripple and XRP in the cross-border payment arena, suggesting that Coinbase’s interest might have been similarly sparked if not for the SEC’s legal action.
The pro-XRP advocate underscored that Coinbase had once actively supported XRP, but the lawsuit compelled the platform to remove the token.
He noted that Coinbase had taken thorough precautions, reaching out to the SEC to ascertain XRP’s regulatory standing before listing it.
In a January 2019 meeting with the SEC, Coinbase had explained its stringent regulatory evaluation process, which had even garnered praise from a senior SEC staff member.
At the time, the SEC raised no objections to Coinbase’s proposal, leading to the listing of XRP on the exchange in February 2019.
Similarly, MoneyGram, a major payment processor and a key partner of Ripple in remittances, had submitted a filing to the SEC outlining its plans for XRP usage.
This submission faced no regulatory challenges.
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Deaton highlighted that both Coinbase’s legal team and MoneyGram had, through their evaluations, determined XRP not to be a security, a view that the SEC itself had seemingly shared in June 2018.
Despite these assessments, the SEC initiated a lawsuit against Ripple in December 2020.
The pro-XRP advocate argued that the lawsuit was wielded as a weapon and emphasized that the evidence accumulated over the past three years supports this assertion.
Deaton concluded that the lawsuit inflicted notable harm on XRP’s adoption, despite Ripple’s continued accomplishments abroad.
Notably, on July 13, New York District Court Judge Analisa Torres issued a partial ruling in favor of Ripple Labs, determining that the sale of XRP on digital asset exchanges should not be considered a security.
In summary, the SEC’s lawsuit against Ripple in December 2020 had a detrimental impact on the adoption and growth of the XRP token within the United States.
Proponents of XRP, like John Deaton, argue that the legal action hindered the trajectory that Ripple and XRP were on, potentially stalling their adoption in cross-border payments and curtailing opportunities for partnerships with entities like Coinbase.
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Coinbase, a prominent cryptocurrency exchange headquartered in the United States, has launched a new campaign urging crypto enthusiasts to directly engage with lawmakers.
The initiative, named the “Stand with Crypto Alliance,” has garnered significant attention, with over 54,000 individuals signing up by August 15th.
The main objective is to foster interaction between crypto supporters and federal-level U.S. legislators.
This platform enables users to gauge the stance of members of the U.S. Senate and House of Representatives towards cryptocurrency.
As of the current date, the initiative’s landing page indicates the sentiments of various lawmakers towards crypto policies.
Notably, Senator Elizabeth Warren and Representative Brad Sherman are marked as “strongly against” crypto policies.
On the other side, Representatives Josh Gottheimer, Ritchie Torres, and David Schweikert are noted as being “very supportive.”
Schweikert, in particular, has endorsed three pro-crypto bills during his tenure and has shown interest in digital assets.
However, the initiative’s background also brings to light certain ethical considerations.
Representative Schweikert, despite his involvement in advocating for crypto, has faced ethical issues in the past.
In 2020, he was fined $50,000 by the House Ethics Committee for campaign finance violations that contravened House ethics regulations.
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Subsequently, in 2022, the Federal Election Commission imposed a $125,000 fine related to similar allegations.
These violations revolved around non-disclosure of loans and the improper use of campaign funds for personal purposes.
Notably, the Stand with Crypto Alliance has received donations, including $215 from a crypto user with the Twitter handle “Jerry Mander,” a play on the term “gerrymander.”
Additionally, there was an unverified $191.98 contribution, potentially from Roger Bartlett, Coinbase’s head of institutional operations solutions and Coinbase Treasury.
This initiative aligns with Coinbase’s ongoing efforts to support “pro-crypto candidates” in the U.S. political landscape.
Currently, Coinbase is entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over allegations of conducting unregistered securities offerings.
Amidst this legal battle, calls from various quarters, including lawmakers and industry proponents, have emerged, urging the regulator to drop the case.
In conclusion, Coinbase’s latest endeavor, the Stand with Crypto Alliance, seeks to facilitate direct communication between cryptocurrency proponents and U.S. legislators.
However, the initiative’s backdrop also highlights ethical concerns related to certain lawmakers involved.
This initiative is part of Coinbase’s broader strategy to promote favorable crypto policies and navigate its ongoing legal challenges.
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OpenAI, the creator of ChatGPT, is promoting the integration of artificial intelligence (AI) into content moderation processes, highlighting its potential to optimize operational efficiency within social media platforms by accelerating the handling of complex tasks.
The organization asserted that its latest innovation, the GPT-4 AI model, has the capacity to drastically condense the duration of content moderation efforts, reducing timelines from months to mere hours and thereby ensuring heightened consistency in content categorization.
For social media giants like Meta, the parent company of Facebook, content moderation proves to be a formidable challenge.
This task involves orchestrating the efforts of numerous global moderators to prevent the dissemination of harmful materials like explicit imagery and violent content.
The conventional content moderation process, known for its sluggishness, places a considerable mental burden on human moderators.
OpenAI’s system promises to streamline the formulation and customization of content policies, significantly reducing the timeline from months to hours.
OpenAI is actively exploring the potential of leveraging large language models (LLMs) to address these challenges.
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The adeptness of their language models, such as GPT-4, positions them as viable tools for content moderation, as they can make decisions based on established policy guidelines.
The predictive capabilities of ChatGPT-4 can refine smaller models to handle vast volumes of data, leading to improved content moderation in various aspects, including label consistency, a rapid feedback loop, and alleviation of cognitive strain on human moderators.
The organization’s statement emphasized ongoing efforts to enhance GPT-4’s prediction accuracy.
This involves investigating the integration of chain-of-thought reasoning or self-critique mechanisms.
Furthermore, OpenAI is experimenting with methods to identify unfamiliar risks, drawing inspiration from constitutional AI.
OpenAI’s primary objective is to employ these models to identify potentially harmful content based on broad definitions of harm.
The insights garnered from these endeavors will contribute to the evolution of existing content policies and the development of novel ones in unexplored risk domains.
On August 15th, OpenAI CEO Sam Altman clarified the organization’s stance on not utilizing user-generated data to train its AI models.
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Pro-Bitcoin Politician Surges Ahead in Argentine Presidential Primaries
In a significant political development, an Argentine politician advocating for Bitcoin adoption and the dismantling of the central bank has surged ahead in the country’s presidential open primary elections.
With more than 90% of the votes counted, Javier Milei, a prominent libertarian with pro-Bitcoin sentiments, has taken the lead with an impressive nearly 32% of the votes.
This places him ahead of the conservative Together for Change party, which has secured just under 30% of the votes, according to data from Bloomberg.
The Union for the Homeland coalition, representing the incumbent government, stands at the third position with slightly over 28.5% of the total votes.
Milei, a central figure in the Liberty Advances coalition (La Libertad Avanza), has been associated with views that span from libertarian to far-right ideologies.
Milei, who identifies as an anarcho-capitalist, has been a vocal proponent of abolishing Argentina’s central bank, labeling it a fraudulent institution.
He has also controversially stated that the trading of human organs should be treated as a regular market transaction.
He attributes the rise of Bitcoin to a response against what he terms “central bank scammers.”
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Furthermore, he argues that fiat currency enables politicians to exploit Argentinians through inflation, a message that has struck a chord with the country’s populace.
The resonance of Milei’s rhetoric among voters is driven by Argentina’s staggering annual inflation rate of 116%, the highest in over 30 years.
This dire economic situation has exacerbated the country’s ongoing cost of living crisis, making the call for alternative financial mechanisms like Bitcoin more appealing to a frustrated electorate.
The culmination of this political landscape will be Argentina’s general presidential election scheduled for October 22nd.
In the event that no candidate secures a minimum of 45% of the votes, a runoff election is slated for November.
As the nation grapples with economic challenges and increasing public support for unconventional approaches, the upcoming election holds the potential for a significant shift in Argentina’s political trajectory.
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PayPal, a leading player in the payments industry, has introduced an innovative feature named Cryptocurrencies Hub in its updated terms and conditions.
This move comes on the heels of the launch of their dollar-backed stablecoin, PayPal USD (PYUSD). The new feature enables users to not only store but also engage with cryptocurrencies like Bitcoin within their PayPal accounts.
The revised terms and conditions provide a comprehensive outline for crypto enthusiasts who wish to utilize PayPal’s platform for crypto-related activities.
The Cryptocurrencies Hub offers a range of services, including buying and selling cryptocurrencies.
Moreover, it offers a seamless method to make purchases via PayPal by utilizing the proceeds from cryptocurrency sales.
Additionally, the Cryptocurrencies Hub plays a pivotal role in the conversion of PYUSD to other crypto assets.
However, PayPal clarifies that the balances within the Cryptocurrencies Hub signify ownership of specific amounts of each Crypto Asset, rather than direct possession of the digital Crypto Assets themselves.
Nonetheless, access to this novel feature isn’t universally available to all PayPal users. Eligibility is determined on a case-by-case basis, contingent upon several factors.
To qualify for the Cryptocurrencies Hub, users must possess a personal PayPal account with a well-maintained Balance Account. Furthermore, users need to furnish essential identification information including name, physical address, date of birth, and taxpayer identification number for verification purposes.
It’s noteworthy that the Cryptocurrencies Hub will be directly integrated into the user’s existing PayPal account, accessible using their current credentials.
The feature’s launch has sparked discussions within the crypto community, generating varying perspectives on its implications.
Some proponents envision the potential of PYUSD to expedite the mainstream adoption of Ethereum (ETH).
However, a countering viewpoint raises concerns about potential ramifications for decentralization and individual asset control.
Critics highlight specific aspects of PYUSD’s smart contract, which contain functions like “freezefunds” and “wipefrozenfunds.”
These functionalities are regarded as susceptible to centralization attack vectors within Solidity contracts, prompting a cautious outlook.
In conclusion, PayPal’s introduction of the Cryptocurrencies Hub as part of its updated terms and conditions signifies a substantial stride towards integrating cryptocurrencies into mainstream financial services.
While this innovation is met with excitement, it also triggers discussions surrounding its implications for decentralization and asset control, underscoring the complex nature of the crypto landscape.
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