Unstoppable Domains, a prominent platform in the Web3 decentralized domain space, has recently announced its support for .eth domain names from the Ethereum Name Service (ENS).
This integration brings together two key players in the field, offering users a unified experience for creating human-readable domain names and cryptocurrency wallet addresses.
In early 2023, Unstoppable Domains and ENS collectively accounted for six million domain registrations, showcasing a significant increase in registrations since 2022.
With this new development, users can now purchase .eth names through Unstoppable Domains, benefiting from additional payment methods and enhanced functionality to manage ENS domains seamlessly.
Any .eth domain bought from Unstoppable will be registered through the ENS smart contract, providing the same features as domains registered directly through ENS.
One notable feature is the option to buy .eth domains from Unstoppable without connecting them to an existing Ether wallet.
Unstoppable Vault, a noncustodial service, enables users to secure Web3 domains even without initially owning a cryptocurrency wallet.
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Additionally, Unstoppable offers an auto-renewal mechanism, eliminating the need to renew .eth domains on-chain and reducing the risk of losing a domain.
The integration with Unstoppable extends the payment options for .eth users, allowing them to purchase their desired Web3 domain using various methods.
These methods include Bitcoin and 12 other cryptocurrencies, as well as traditional fiat payment options such as credit cards, PayPal, Google Pay, and Apple Pay.
Unstoppable is actively developing management tools for .eth domains.
These tools will empower users to set cryptocurrency addresses, manage on-chain profile data, and transfer .eth domains conveniently.
However, it’s important to note that while .eth domains purchased through Unstoppable can benefit from ENS integrations, they will not function with Unstoppable’s existing 800 integrations.
In addition to .eth domains, Unstoppable Domains also supports several other Web3 domains, including .nft, .crypto, .wallet, .dao, .bitcoin, .polygon, .BinanceUS, and .blockchain.
With their continued efforts to expand their services and improve the Web3 domain space, Unstoppable Domains remains at the forefront of empowering users within the decentralized internet landscape.
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A wallet address holding a substantial amount of pre-mined Ethereum, valued at $116 million, has recently made a significant move.
After being dormant for eight years, the wallet transferred its entire stash of 61,216 Ether (ETH) to an address on the Kraken crypto exchange.
The pre-mined Ether was accumulated by early team members and co-founders of the Ethereum ecosystem during a sale event in June 2014.
At that time, the network was unable to generate tokens independently, so this sale allowed participants to acquire pre-mined Ether.
The tokens were valued at around $300–$400 during the pre-mine phase, making the wallet worth approximately $20 million.
However, the value of the tokens has grown exponentially over the years, and at present, they are worth over $116 million.
Data from Etherscan, a blockchain explorer for Ethereum, confirms that the 61,216 ETH were transferred to a Kraken wallet address on July 18 at 7:30 pm Eastern Time.
Remarkably, the transaction fee for moving $116 million worth of Ether amounted to only $1.5, with a gas price of 25.475673161 gwei.
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The identity of the wallet owner remains unknown, underscoring the importance of hodling—a strategy that emphasizes long-term accumulation of cryptocurrencies.
The owner’s cautious approach is evident from the initial test transaction of 0.05 ETH sent to the Kraken address, ensuring no loss of funds due to human error.
Meanwhile, at the Ethereum Community Conference event in Paris on July 18, Ethereum co-founder Vitalik Buterin discussed the challenges associated with implementing a new blockchain feature.
He mentioned the concept of account abstraction extensions, referred to as “paymasters,” which would allow users to pay their fees using any coins they are transferring.
Buterin acknowledged the potential benefits of account abstraction for users but also recognized the need for developers to address challenges.
This includes the requirement of an Ethereum Improvement Proposal to upgrade current externally-owned accounts into smart contracts, as well as ensuring the protocol functions effectively in layer-2 solutions.
The movement of such a significant amount of pre-mined Ether highlights the ongoing evolution and adoption of cryptocurrencies, while also shedding light on the technical advancements being pursued by Ethereum developers.
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Fidelity Digital Assets recently released its “Q2 2023 Signals Report” on July 18, expressing a positive outlook for Ether (ETH) in both the short and long term.
While the investment firm is optimistic about Ether’s performance in the coming months, it doesn’t necessarily believe that the current bullish trend will be sustained.
To assess the accuracy of Fidelity’s analysis, let’s compare it against network and market data.
Fidelity’s bullish outlook for Ether is supported by several factors.
First, the report highlights the network’s higher burn rate compared to coin issuance, which has resulted in a net supply decrease of over 700,000 Ether since the Merge in September 2022.
Additionally, the report points to an increasing number of Ethereum addresses transacting for the first time, indicating healthy network adoption.
Furthermore, the report mentions a 15% rise in the number of active Ethereum validators during the second quarter, indicating increased participation in securing the network.
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The anticipated upgrade of the leading decentralized exchange (DEX), Uniswap, is another potential bullish factor for the Ethereum network.
Uniswap v4 is expected to introduce features such as programmable buttons, native ETH support, and a singleton contract, which could improve the efficiency and cost-effectiveness of smart contracts.
If the upgrade includes the implementation of EIP-1153, it could help Ethereum regain market share lost due to high gas fees. Presently, Ethereum’s total value locked has decreased to its lowest level since April 2020.
The upgrade could also boost decentralized application activity, which has declined recently, as indicated by decreased usage of platforms like Uniswap, 1inch Network, MetaMask Swap, and OpenSea.
Despite these positive indicators, derivatives metrics have remained flat, signaling caution among professional traders.
Ether quarterly futures currently trade at a premium of 4% compared to spot markets, below the neutral threshold. This suggests reduced enthusiasm for leveraged bullish positions on ETH.
Additionally, investor sentiment may have become overly optimistic due to Ether’s 59% gains year-to-date.
A survey of North American cryptocurrency investors revealed that 46% named Ether as the top contender to surpass Bitcoin.
However, it’s important to note that the survey did not inquire about the likelihood of any coin eventually flipping Bitcoin.
While Fidelity’s analysis provides valid reasons for its bullish stance on Ether’s performance over the next 12 months, it acknowledges the challenges posed by high gas fees and reduced interest from leverage buyers in the short term.
These factors increase the chances of Ether’s price breaking below the current bullish channel support.
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FTX Australia, the local subsidiary of the bankrupt crypto exchange, has had its financial license canceled by the Australian financial services regulator.
The announcement was made by the Australian Securities and Investments Commission (ASIC) on July 19, and the cancellation came into effect on July 14.
However, FTX Australia will still be allowed to provide limited financial services until July 12 next year, as it wraps up its dealings with clients.
ASIC emphasized that FTX Australia is obligated to make arrangements for compensating clients until the specified date.
The exchange had approximately 30,000 retail clients and served 132 local companies, making the compensation process a significant undertaking.
In November of the previous year, ASIC had already suspended FTX Australia’s Australian Financial Services (AFS) license, which allowed the exchange to create derivatives and foreign exchange contracts for its local clients.
This suspension occurred shortly after the Bahamian-based parent company, FTX, filed for bankruptcy on November 11, 2022.
Following FTX’s bankruptcy filing, voluntary administrators from KordaMentha, an investment and advisory firm based in Sydney, were appointed to aid in the restructuring of FTX Australia and its subsidiary, FTX Express.
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In a recent report submitted to a United States bankruptcy court, the restructuring chief for FTX’s global entity disclosed that approximately $7 billion in liquid assets had been recovered.
However, an estimated $8.7 billion worth of customer assets were allegedly misappropriated, indicating a significant shortfall.
There have been reports suggesting that FTX may re-launch as an entirely new exchange.
The restructuring team has been engaging in discussions with potential parties interested in providing financial backing for this potential reboot.
If successful, this relaunch could offer a fresh start for the troubled exchange.
As FTX Australia grapples with the cancellation of its financial license, it faces the challenging task of winding down its operations and compensating its clients.
The aftermath of the bankruptcy filing and the potential re-launch of FTX pose both uncertainties and possibilities for the future of the exchange and its stakeholders.
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Crypto firms and influencers operating in the United Kingdom may soon be required to include disclaimers on crypto-related memes to ensure compliance with advertising laws.
The Financial Conduct Authority (FCA), the country’s financial regulator, recently released proposed guidance on social media financial promotions, specifically targeting promotional memes and financial influencers, also known as “finfluencers.”
The FCA highlighted the presence of promotional memes from crypto firms that many people are unaware are subject to its promotional rules.
While promotional memes are particularly prevalent in the crypto sector, the FCA emphasized that any form of communication could be deemed a financial promotion.
Considering crypto investments as high-risk, the FCA permits their advertisement to retail investors but imposes certain requirements, such as the inclusion of risk warnings and a ban on investment incentives.
According to the FCA, in the fourth quarter of 2022, 69% of financial promotions on websites or social media from authorized firms were either amended or withdrawn following the regulator’s intervention.
To update its existing 2015 guidance and provide clearer expectations for marketers regarding promotions, the FCA initiated this consultation.
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The FCA also expressed concern about the growing number of finance-oriented influencers promoting financial products without sufficient knowledge, particularly targeting younger audiences.
It warned influencers that promoting financial products without adequate expertise could result in legal consequences, including up to two years of imprisonment, an unlimited fine, or both.
The law applies not only to promotions originating outside the UK but also those that may impact the country.
To support its stance, the FCA referred to a report indicating that over 60% of individuals aged 18 to 29 follow social media influencers, with three-quarters expressing trust in their advice.
A 2021 FCA survey revealed that 58% of respondents under 40 cited social media hype and news as reasons for investing in cryptocurrencies, which the regulator deems a high-risk product.
In summary, the FCA’s proposed guidance aims to ensure compliance with advertising laws by requiring disclaimers on crypto memes and warning financial influencers about the legal consequences of promoting financial products without sufficient knowledge.
This move intends to safeguard consumers, especially younger individuals who may be influenced by social media endorsements.
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Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), has expressed his belief in the potential benefits of artificial intelligence (AI) for the agency’s staff.
In a speech delivered on July 17 at the National Press Club, Gensler outlined several areas where AI could assist the SEC in its role as a securities watchdog.
Gensler emphasized the value of AI in market surveillance, disclosure review, exams, enforcement, and economic analysis, stating, “We at the SEC also could benefit from staff making greater use of AI in their market surveillance, disclosure review, exams, enforcement, and economic analysis.”
The chair highlighted the importance of leveraging AI to enhance the efficiency and effectiveness of regulatory processes.
While Gensler did not provide specific details on how the SEC could employ AI, he praised the technology and its potential positive impact on financial markets and humanity as a whole.
He acknowledged the transformative nature of AI, comparing it to other groundbreaking technologies such as the internet and mass production of automobiles.
However, Gensler also acknowledged the lingering issues associated with AI. He pointed out that many AI systems suffer from biases, deception, privacy infringements, and conflicts of interest.
Biased predictive AI models, for example, may inaccurately reflect historical biases, leading to false predictions.
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Gensler himself fell victim to misinformation when a fabricated AI-generated text of his resignation circulated online.
Conflicts of interest can arise when AI systems prioritize company interests over customer interests.
Gensler highlighted the need for the SEC to address potential conflicts across various investor interactions and requested recommendations from SEC staff for rule proposals.
Moreover, Gensler expressed concern about the emergence of AI monopolies and their potential impact on the economy, even suggesting a potential role in future financial crises.
He emphasized the SEC’s commitment to taking action against fraudsters who misuse AI to deceive the public, asserting that fraud remains fraud regardless of the technology employed.
In an interview with Yahoo Finance, Gensler reiterated the SEC’s responsibility to pursue those who employ AI for fraudulent purposes, emphasizing that the regulator is authorized and mandated by Congress to take action against such misconduct.
Overall, Gensler recognizes the immense potential of AI in enhancing the SEC’s capabilities as a regulatory body.
While acknowledging the challenges and risks associated with AI, he remains committed to leveraging its benefits while addressing its shortcomings to ensure the integrity and protection of investors and financial markets.
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Cathie Wood, the CEO and founder of ARK Investment Management, has expressed her optimism about Coinbase following Ripple’s recent legal victory over the Securities and Exchange Commission (SEC) on July 13.
While Wood acknowledged that the ruling did not entirely favor Ripple, she still viewed it as a positive development for cryptocurrency exchanges as a whole.
Wood’s sentiments align with those of other experts in the crypto industry who believe that the ruling, which determined that XRP tokens sold on exchanges were not securities, could set a favorable precedent for Coinbase and Binance in their ongoing legal battles with the SEC.
Despite receiving a Wells notice in March and facing a lawsuit from the SEC in June, Coinbase’s share price did not reach new lows, indicating resilience in the value of the company’s stock.
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On July 17, three of Wood’s ARK Investment exchange-traded funds (ETFs) took advantage of Coinbase’s recent rally and sold a total of 248,838 shares, amounting to $26.3 million at the time.
This came after the ARK Innovation ETF sold an additional $12 million worth of Coinbase stock on July 11.
Coinbase’s shares have seen a significant surge since the beginning of 2023, starting at $33.60 per share and reaching $105.55 at the time of publication, marking an increase of over 184%, according to TradingView data.
While many industry insiders are becoming increasingly bullish on Coinbase, analysts from Berenberg Capital Markets have cautioned that several regulatory aspects concerning crypto exchanges are yet to be resolved.
In an investment note on July 17, lead analyst Mark Palmer highlighted Coinbase Earn, a product offering yield on crypto staking, as particularly vulnerable to being classified as a security.
Palmer’s concerns stemmed from Judge Analisa Torres’ remarks in her ruling on the Ripple case.
In conclusion, Cathie Wood’s positive outlook on Coinbase in light of Ripple’s legal victory reflects a growing optimism within the crypto industry.
However, analysts warn that regulatory challenges for crypto exchanges are still unresolved, and specific products like Coinbase Earn may face scrutiny.
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The Israel Defense Forces (IDF) has incorporated artificial intelligence (AI) into its operations to select targets for air strikes and coordinate wartime logistics, amid escalating tensions in the occupied territories and with Iran.
While specific details remain classified, the IDF employs an AI recommendation system to analyze large amounts of data and identify targets for air strikes.
The subsequent planning and execution of raids are facilitated by another AI model called Fire Factory, which calculates munition loads, assigns targets to aircraft and drones, and proposes a schedule.
Human operators oversee these systems and approve individual targets and air raid plans. However, there is currently no international or state-level regulation governing the use of this technology.
Supporters argue that AI algorithms can surpass human capabilities and potentially minimize casualties.
Critics, on the other hand, caution against the potential deadly consequences of relying on increasingly autonomous systems.
Concerns arise regarding accountability and the lack of explainability in AI decision-making. Mistakes or errors in AI calculations could lead to devastating consequences, such as the unintended destruction of innocent lives.
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The IDF has gained battlefield experience with AI systems during periodic conflicts in the Gaza Strip, where it employs AI to identify rocket launchpads and deploy drone swarms.
Israel also conducts raids in Syria and Lebanon, targeting weapons shipments to Iran-backed militias like Hezbollah.
As tensions with Iran escalate, the IDF anticipates retaliatory actions from Iranian proxies in multiple fronts, necessitating AI-based tools like Fire Factory for rapid decision-making and response.
The IDF has expanded its use of AI across various units to position itself as a global leader in autonomous weaponry.
It has developed a vast digital architecture, encompassing drone and CCTV footage analysis, satellite imagery interpretation, electronic signals analysis, and other data processing for military purposes.
The Data Science and Artificial Intelligence Center, operated by the IDF’s 8200 unit, plays a crucial role in interpreting this torrent of information.
The secretive nature of AI development raises concerns about the potential for semi-autonomous systems to transition into fully autonomous killing machines, removing humans from decision-making positions.
One worry is that the rapid adoption of AI surpasses research into its inner workings. The lack of transparency in how algorithms reach their conclusions and the involvement of private companies and militaries in algorithm development further exacerbate these concerns.
While the IDF acknowledges the complexity of understanding AI decision-making, it claims that its military AI systems leave behind traceability, allowing human operators to recreate the steps taken by the AI.
Ethical concerns surround the development and use of AI in military applications.
Israeli leaders have expressed their intention to make the country an “AI superpower,” but details regarding investment and specific defense contracts remain undisclosed.
The lack of an international framework to address responsibility for civilian casualties or unintended escalations caused by AI systems is a significant challenge.
The need for rigorous testing and data training to ensure precision and accuracy in AI systems is another critical consideration.
Some experts argue that integrating AI into battlefield systems can potentially reduce civilian casualties and improve operational efficiency.
However, the risks and potential negative outcomes cannot be overlooked.
Calls have been made for the IDF to restrict the use of AI exclusively to defensive purposes, emphasizing the importance of value-based decisions that cannot solely rely on AI.
In conclusion, the IDF’s use of AI in target selection and logistics coordination presents both advantages and ethical concerns.
While AI has the potential to enhance military capabilities, the lack of transparency, accountability, and regulation raise significant questions about the consequences of relying on increasingly autonomous systems in conflict scenarios.
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According to recent on-chain data, the popular “buy” level for Bitcoin (BTC) is at $30,000, as indicated by the highest number of transactions occurring near this price point. Glassnode, a crypto analytics firm, monitors unspent transaction outputs (UTXOs) and reveals that the largest number of UTXOs were created at a price of $30,200.
To accurately reflect real purchasing events, the firm excludes coin movements between addresses controlled by the same entity and supply held on exchanges, which could distort the mean purchasing price.
The data suggests that there is significant demand for BTC at the $30,000 level, despite the current price action stalling. In fact, 3.8% of the total BTC supply was last moved at $30,200, surpassing even the volume moved at $16,500, which marked the area near the 2022 post-FTX bottom.
These findings have led some market participants, such as pseudonymous trader Mikybull Crypto, to anticipate a potential significant movement in the BTC price.
Furthermore, additional on-chain data supports the notion that long-term holders are uninterested in selling their BTC, despite the price doubling this year.
Glassnode’s Hodled or Lost Coins metric, which examines the “liveliness” of the Bitcoin blockchain, reveals that “old and large stashes” of BTC continue to reach new record highs.
This metric provides insights into the supply’s stagnancy and includes BTC that is likely to be inaccessible indefinitely, such as when owners lose access to their wallets.
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Currently, the Hodled or Lost Coins segment accounts for 7.77 million BTC, equivalent to approximately $233 billion.
This represents the highest tally in the past five years.
Previous estimates have suggested that around 20% of Bitcoin’s total supply of 21 million units may already be permanently locked from circulation.
In summary, the on-chain data indicates that the $30,000 level is the most popular “buy” level for Bitcoin, with a significant number of transactions occurring at this price.
Additionally, long-term holders are reluctant to sell their BTC, resulting in a stagnant supply. These insights provide valuable information for market participants and suggest that a significant price movement may be on the horizon.
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AnubisDAO, a decentralized finance (DeFi) project inspired by dogs, fell victim to a rug-pulling incident nearly two years ago.
The perpetrators made off with almost $60 million worth of Ether (ETH). However, the stolen funds have resurfaced as they were recently discovered being moved through Tornado Cash.
Back in October 2021, AnubisDAO managed to raise 13,556 ETH from cryptocurrency investors, capitalizing on the popularity of Dogecoin (DOGE) at the time.
Unfortunately, within just 20 hours of the investment, the funds were maliciously sent to a different address, resulting in a complete loss for the unsuspecting investors.
Fast forward to the present, and it has been revealed that the illicitly obtained funds were channeled through Tornado Cash, a decentralized protocol known for facilitating private transactions.
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The individuals responsible for the theft divided the 13,556 ETH into multiple transactions of 100 ETH each, as evidenced by a transaction history screenshot.
PeckShield, a blockchain investigator, alerted the community to the exploit when t. value of the 13,556 ETH stood at approximately $60 million.
As of the time of writing, the stolen funds are now worth around $26.2 million.
While some of the defrauded investors hold out hope for a recovery of their funds once the bear market improves, such an outcome is highly unlikely.
Consequently, potential investors are strongly advised to conduct thorough research on projects and their founders before committing any funds.
The consequences of the multichain exploit extended beyond AnubisDAO. Geist Finance, a lending protocol, was compelled to permanently shut down due to losses resulting from the exploit.
In a recent announcement, the Geist Finance team confirmed that lending and borrowing services will not be reinstated.
Furthermore, a technical complication related to this incident renders it “impossible” for Geist Finance to resume lending.
Reactivating lending functionality would result in unfavorable debt for holders of non-Multichain coins such as Magic Internet Money (MIM) or Fantom (FTM), which are currently valued at $0.26.
The incident involving AnubisDAO serves as a reminder of the risks associated with investing in the crypto space. Vigilance, thorough due diligence, and caution are essential when considering investments in DeFi projects.
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