This Is What Happened In The Cryptocurrency World Today 22/04/2023

 

 

A study found that over one-third of TikTok, influencers broadcast videos containing incorrect information about Bitcoin and other cryptocurrencies.

A recent study has revealed that many TikTok influencers share videos with incorrect information about Bitcoin and other cryptocurrencies. The study by the Norwegian Consumer Council analyzed the content of 100 TikTok videos from 19 influencers. Shockingly, over one-third of the videos contained misleading information about digital currencies.

The misinformation ranged from exaggerated claims about potential earnings from investing in Bitcoin to incorrect information about the risks of trading cryptocurrencies. Such inaccurate data could lead viewers to make poor investment decisions or fall prey to scams.
Given the widespread popularity of TikTok and its young user base, this misinformation is particularly concerning. Moreover, it highlights the need for better education and regulation around cryptocurrency to ensure that individuals can access accurate and reliable information before making investment decisions.

 

The UAE has proposed legislation establishing a decentralized economy for its free zone, with 100% tax exemptions.

The UAE is taking bold steps towards creating a decentralized economy by proposing new legislation for its free zone. Under the new legislation, companies operating within the free site will have access to 100% tax exemptions and be able to conduct business in a decentralized environment. This move is a significant departure from traditional economic models and demonstrates the UAE’s commitment to exploring innovative solutions for its economy.

The proposed legislation aims to create a favorable environment for blockchain and other decentralized technologies, which have the potential to revolutionize traditional business models. Decentralized systems can enable more efficient and secure transactions, eliminate the need for intermediaries, and increase transparency.

By establishing a decentralized economy, the UAE is positioning itself as a hub for innovation and technology, attracting businesses and entrepreneurs looking to leverage these technologies for their operations. The move could also have significant implications for other countries, demonstrating that decentralized economies are a viable and potentially lucrative option for countries seeking to attract investment and spur economic growth.

 

 

Binance Chain validators voted to lower network gas fees by 40%.

Binance Chain validators have recently voted to lower network gas fees by 40%. This move is a significant development for users of the Binance Chain network, who can now benefit from lower transaction fees. The Binance Chain network is a blockchain platform that enables users to create and exchange cryptocurrencies. It has become increasingly popular recently, with many investors and traders flocking to the podium to take advantage of its various features.

The decision to lower network gas fees by 40% is a testament to the Binance Chain’s commitment to providing users with a cost-effective and efficient platform. The reduction in costs will not only make transactions cheaper but will also make the platform more accessible to new users. The move also reflects the growing trend of blockchain networks and venues looking to lower transaction costs to attract more users and increase adoption. With this latest development, Binance Chain is poised to continue to grow in popularity and cement its position as a leading blockchain platform in the industry.

 

 

 

Trust Wallet identified a security weakness that resulted in around $170,000 in user losses, which has since been addressed.

Trust Wallet, a mobile cryptocurrency wallet, recently revealed a security flaw that caused its users around $170,000 in losses. The spot has since been fixed, but it serves as a reminder of the importance of security measures in cryptocurrency.
The flaw was related to the wallet’s integration with the Binance Smart Chain. As a result, users who had interacted with a specific decentralized finance (DeFi) application on the Binance Smart Chain were at risk of compromising their private keys. The vulnerability allowed an attacker to access a user’s private keys, which could then be used to access their cryptocurrency holdings.

Trust Wallet’s response to the security flaw was swift and decisive. The company quickly identified and fixed the vulnerability, and users were advised to update their wallets to the latest version. At the same time, the unfortunate incident highlights the importance of choosing a reputable cryptocurrency wallet and taking the necessary security precautions. With Trust Wallet’s swift response, users can be confident that their funds are secure.

 

 

Yuga Labs, the business behind the Bored Ape Yacht Club NFT collection, has won a partial summary judgment in a California court against Ryder Ripps and Jeremy Cohen.

Yuga Labs, the company behind the trendy Bored Ape Yacht Club NFT collection, has won a partial summary judgment in a California court against Ryder Ripps and Jeremy Cohen. The court ruled in favor of Yuga Labs in a dispute over the ownership and distribution of a set of Bored Ape NFTs allegedly stolen and resold without authorization.

The ruling is a significant victory for Yuga Labs and sets a precedent for future disputes over NFT ownership and distribution. Furthermore, the case highlights the importance of clear ownership rights and proper licensing in the NFT space and the need for legal recourse in the event of disputes.

The Bored Ape Yacht Club NFT collection has been a massive success, with individual NFTs selling for millions of dollars. Yuga Labs’ legal victory will undoubtedly strengthen its position in the highly competitive NFT market and pave the way for further innovation and growth.

 

 

Base, Coinbase’s Layer 2 blockchain, plans to launch its mainnet by the end of 2023.

Coinbase’s Layer 2 blockchain, known as Base, has announced plans to launch its mainnet by the end of 2023. The launch of Base is expected to significantly improve the scalability and efficiency of the Coinbase exchange and the broader cryptocurrency ecosystem.

Layer 2 scaling solutions have become increasingly popular in recent years as a way to address the scalability issues of existing blockchain networks. By moving transactions off the main chain and onto a separate layer, Layer 2 solutions can significantly increase transaction throughput while reducing transaction fees.

The Base is expected to be a major player in the Layer 2 space, thanks partly to Coinbase’s significant resources and expertise in the cryptocurrency industry. With the launch of its mainnet, Base could attract many users and further cement Coinbase’s position as a leading exchange in the cryptocurrency market.

 

 

By market cap, Lido Staked ETH has risen to the eighth position.

Lido Staked ETH, a decentralized finance (DeFi) protocol that allows users to earn interest on their Ethereum holdings has seen its market cap rise to the eighth position among all cryptocurrencies. Lido Staked ETH will enable users to stake their ETH securely and reliably without running their nodes or worrying about security risks.

By staking their ETH, users can earn a yield on their investment and contribute to the security and decentralization of the Ethereum network. This has made Lido Staked ETH an increasingly popular option among DeFi investors, leading to its impressive market cap growth.

As the cryptocurrency market evolves and matures, we will likely see more innovative and valuable protocols like Lido Staked ETH rise to prominence. For investors looking to diversify their portfolios and take advantage of the growth potential of the DeFi sector, Lido Staked ETH is worth keeping an eye on.

 

 

Ex-Secret Service official Jeremy Sheridan warned that exposing personal data could put specific FTX clients at risk.

Jeremy Sheridan, a former Secret Service official, has cautioned that exposing personal information could jeopardize particular clients of the cryptocurrency exchange FTX. This comes after FTX was hacked on April 26th, leading to the leak of several thousand clients’ KYC (know-your-customer) documents. Although FTX claims that no sensitive information such as social security numbers or passport details were leaked, Sheridan emphasized that even minimal personal data could be exploited by cybercriminals to carry out spear-phishing attacks or identity theft.

Sheridan further stressed the importance of minimizing the amount of data collected and stored by companies to reduce the risk of such incidents. FTX has promised to offer its affected users free credit monitoring and identity theft protection as compensation for the breach.

 

 

David Maisel, the founder of Marvel Studios, has launched the Ekos Genesis Art Collection.

David Maisel, the founder of Marvel Studios, has launched a new NFT collection called the Ekos Genesis Art Collection. This collection features unique digital artworks that various renowned artists have created. The exhibition showcases multiple styles and themes, including abstract art, landscapes, and portraits. In addition, each piece of art is verified on the blockchain to ensure its authenticity and uniqueness.

The Ekos Genesis Art Collection is one of the latest additions to the ever-expanding NFT market, which has exploded in popularity recently. As more and more artists and creators enter the space, it is becoming increasingly clear that NFTs are a powerful new tool for artistic expression and digital ownership. The Ekos Genesis Art Collection is a prime example of this trend, and it will be exciting to see how it develops in the coming months and years.

 

 

Aptos introduces delegated staking to increase network staking participation. It allows users to earn staking rewards without having to validate blockchain transactions.

Aptos, a blockchain platform, has recently introduced delegated staking to increase network staking participation. This feature allows users to earn staking rewards without validating blockchain transactions. Instead, Aptos users can charge their staking power to other network validators, who then assume the responsibility of validating transactions on their behalf. This delegated staking system encourages users who may need more technical know-how or resources to validate transactions themselves to participate in network staking. With more users staking on the network, the overall security and efficiency of the blockchain are increased. In addition, this new feature aims to promote further decentralization of the Aptos network, which could enhance its potential to serve as a platform for various use cases, including decentralized applications, digital identity verification, and more.

 

 

Coinbase CEO Brian Armstrong has urged the US Congress to shield the cryptocurrency industry from the SEC.

Coinbase CEO Brian Armstrong has recently urged the U.S. Congress to protect the cryptocurrency industry from the SEC. Armstrong has expressed concern over the SEC’s lack of clarity regarding cryptocurrency regulations and how this could stifle innovation and growth in the industry.

In a letter to the U.S. Congress, Armstrong called for a regulatory framework that is clear and comprehensive, stating that “we need Congress to step in and create a sensible approach to regulating crypto in the U.S.” Coinbase has been at the forefront of pushing for greater regulatory clarity.

Armstrong’s letter is the latest example of this effort. Coinbase’s stance on regulatory issues carries significant weight in the industry as one of the largest and most influential cryptocurrency exchanges. How Congress will respond to Armstrong’s call for action remains to be seen.