Venezuelan Newspaper El Nacional Launches NFT Collection to Celebrate its 80th Anniversary

Venezuelan artist Pedro Sandoval joined forces with El Nacional to launch an NFT collection commemorating the newspaper’s 80th anniversary. The works in the Fiction-Art collection contain artistic interventions that contrast with the news of the time, many of which focused on the Second World War. By uniting the tangible and the digital, this collection from El Nacional offers a new perspective on historical journalism.

In a collaboration that fuses contemporary art and journalistic history, renowned Venezuelan artist Pedro Sandoval joins forces with El Nacional to launch an NFT collection that commemorates the 80 years of this emblematic newspaper.

Pedro Sandoval is a versatile artist who has worked at the intersection of digital art and history in the past. His work has included interventions in historical documents such as the letters of Christopher Columbus to Queen Isabel of Spain.

Venezuela: El Nacional Already Has Its Own NFT Collection

The series, called Fiction-Art, is made from the first pages of El Nacional and is aimed at a diverse audience. These unique pieces will be available through a marketplace, and each of the 13 initial works will have 99 additional NFTs, each accompanied by their respective physical work.

Although a physical exhibition is not contemplated at this time, the artist has discussed this possibility with Miguel Henrique Otero, president and editor of the medium.

However, this collection represents a special milestone, as it is the first time that an NFT has been created from a real, historical, century-old document. In a world constantly evolving towards digital, Sandoval sees the opportunity to share the tangible history of El Nacional with new generations.

“This week 13 exclusive NFTs (non-fungible tokens) from the Fiction-art collection will be on sale; each of them will have 99 additional NFTs with their respective physical work. They will be available through a marketplace. They are pieces inspired by the first pages of this diary. The history of the country and the world is written there.”

“For me, El Nacional is a window to the world,” Sandoval told the media. It is a newspaper that has made history and has marked up a before and after in the Latin American press. The newspaper has survived even in the digital world. So why not release old news in digital format? “It’s a great way for people to see what the newspaper was like in another era, when it was tangible.”

Protecting the History of Venezuelan Journalism with NFTs

The works in the Fiction-Art collection contain artistic interventions that contrast with the news of the time, many of which focused on the Second World War. Sandoval sees this collection as a way to “reeducate people” and provide a unique, artistic perspective on historical events.

On the other hand, Sandoval believes that it was strange that a newspaper with such a track record and caliber had not yet entered the metaverse and other projects in the digital world.

“I told them ‘Why has El Nacional, which has had a history of so many years, not yet entered the metaverse and the digital world?’ I presented them with a project, they loved it and it will be on sale starting this week. “It’s spectacular,” he points out.

The collaboration between Pedro Sandoval and El Nacional to launch the Fiction-Art NFT collection is an interesting step towards the future of art and the preservation of history through blockchain technology.

By Leonardo Pérez

Binance and its CEO, Changpeng Zhao, Face Strong Accusations in Brazil

A Brazilian congressional committee alleges that Binance moved $791.7 million with little regulatory oversight. Additionally, it claims that its CEO established multiple companies in Brazil to evade local financial regulations. The lack of oversight allegedly led to Binance being used in a pyramid scheme.

A Brazilian congressional committee accused Binance of being a platform for a fraudulent pyramid scheme and alleged that its CEO, Changpeng “CZ” Zhao, had illicit intentions by establishing multiple companies in the region.

“BINANCE was one of the companies used in the fraudulent financial pyramid scheme attributed to former waiter Glaidson Acácio dos Santos,” the statement states.

Binance and CZ Accused of Conducting Negligent Transactions

In a lengthy report, the committee alleges that Binance conducted approximately $791.7 million in transactions in Brazil without local regulators having knowledge of its operations:

“BINANCE moved BRL 40 billion in 2021 without Acesso, the regulated institution, having any control over who the clients were and whether the origin of the funds was legal”

Additionally, it alleges that Binance CEO CZ established multiple companies within Brazil to evade compliance with local financial regulations:

“Changpeng Zhao created an opaque network of legal entities, all controlled directly or indirectly by Zhao, with no defined business purpose and no purpose other than to evade compliance with the law.”

The committee stated that this lack of oversight led to a number of problems. The most important is the cryptocurrency exchange used in a pyramid scheme. Additionally, it refers to an alleged comment made by Binance’s compliance director. He apparently expressed the company’s desire to evade “regulation at all costs.”

It claims that local authorities in Brazil lack the means to track its users:

“Controller Changpeng Zhao claims in the media that the company’s headquarters are wherever it is located at the time, reflecting a deliberate approach to avoid regulatory costs borne by any legitimate company.”

Ongoing Legal Disputes Affect CZ and Binance

The aforementioned coincides with the recent accusations in the United States against CZ. A group of investors blames him for the fall of the FTX cryptocurrency exchange.

They declare that CZ’s tweets, published before the collapse of FTX, raised doubts about its liquidity and financial situation. Furthermore, they allege that it triggered the surge in withdrawals that ultimately precipitated the exchange’s collapse.

CZ has approximately 8.6 million followers. Meanwhile, CZ remains embroiled in an ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC) against him and Binance.

In June, the SEC claimed that Binance and CZ falsely represented trading controls on subsidiary Binance.US, thereby deceiving customers into maintaining their investments on the platform.

As has been reported through the media, among the 13 charges that the SEC is suing Binance and its CEO are: allowing United States citizens to operate on Binance.com, the control of Binance.com and its CEO over the “independent” Binance.USD, mishandling its clients’ funds as if they were Binance.com’s own, market manipulation and misleading its investors about trading controls.

This new demand is in addition to that made by the United States Commodity Futures Trading Commission (CTFC). This regulatory body is suing Binance and its CEO for allowing United States citizens to operate on Binance.com, knowing that it was illegal.

Now, with the SEC and CFTC lawsuits underway, Binance’s future in the United States looks quite complicated. For the moment, a legal fight will begin between Binance and the United States government, which could be extensive.

By Audy Castaneda

Here’s Why Crypto Prices Are Falling, But These New Tokens Are Bullish

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Currently, the Crypto Fear & Greed Index has a value of 50, indicating “neutral” sentiment on the part of investors. With cryptocurrency prices down across the board, sentiment could quickly tilt toward “fear,” sparking more sell-offs in the near term.

These have been volatile days in the cryptocurrency market, with most coins and tokens posting significant losses. Several external factors have caused this bearish momentum, contributing to a high level of uncertainty for investors.

However, not all cryptocurrencies are experiencing pullbacks: pre-sale projects Bitcoin Minetrix (BTCMTX) and Meme Kombat (MK) are defying the bearish trend and generating substantial investor interest.

Crypto Prices Plunge Amid Economic and Geopolitical Concerns

As the Coin360 heat map demonstrates, there is a sea of ​​red in the cryptocurrency market, indicating widespread losses across various coins and tokens.

Bitcoin is down almost 1% in the last 24 hours, while Ethereum is down almost 2%. Smaller cryptocurrencies, such as Avalanche and Polkadot, have not been immune to bearish momentum and have also seen significant declines.

This widespread sell-off can be attributed to several factors related to the macroeconomic and geopolitical situation. First, US CPI data will be released this week, which will likely influence the Federal Reserve’s interest rate decision in November.

If the CPI data is higher than expected, it could pressure the Federal Reserve to raise rates once again before the end of 2023, reducing investor enthusiasm for riskier assets like cryptocurrencies.

Second, the current conflict in Israel has increased geopolitical tensions, causing investors to reassess their risk level.

Which New Tokens Are Showing Bullish Momentum?

As the broader market faces economic and geopolitical instability, some new tokens are bucking the trend and capturing investors’ attention.

Among them, Bitcoin Minetrix and Meme Kombat stand out for their unique use cases and strong pre-sale performance.

Bitcoin Minetrix Stake-to-Mine Project Defies Bearish Trend and Approaches $900,000 Funding Milestone

Bitcoin Minetrix (BTCMTX) is an innovative Stake-to-Mine platform built on the Ethereum blockchain that seeks to revolutionize the cloud mining sector. This Stake-to-Mine mechanism allows users to stake BTCMTX, Bitcoin Minetrix’s native ERC-20 token, to earn cloud mining credits. On top of that, investors can also stake their BTCMTX tokens to earn a recurring return, set at 680% annually.

As outlined in the Bitcoin Minetrix white paper, the tokenomics setup is designed to support this mining and staking approach, with 42.5% of the total BTCMTX supply reserved to fund crypto mining operations. Another 15% of the supply will be used for community rewards, including the recently launched $30,000 “Minedrop” giveaway that aims to encourage participation within the community.

These elements have combined to create a huge buzz around the ongoing Bitcoin Minetrix pre-sale, which is currently in Stage 1 of 10. More than $870,000 in funding has already been raised, and potential investors can get their hands on BTCMTX tokens for just $0.011.

With high-profile names like Michael Wrubel backing the project, Bitcoin Minetrix appears to be a token worth watching as the broader crypto market struggles.

Meme Kombat Momentum Continues to Grow as Betting and Gambling Features Gain Attention

Meme Kombat is an innovative gaming platform that allows users to purchase and stake MK tokens to wager on AI-powered battles between meme characters. Additionally, MK holders can earn returns of 112% annually by staking their tokens.

With MK tokens on offer for $1,667, many early backers believe that getting involved at this low price could offer substantial profits in the future if Meme Kombat continues its bullish trajectory.

By Leonardo Pérez

BitVM Converts Bitcoin to Ethereum without Fork, Are All Altcoins Useless?

The white paper’s author, Robin Linus, based BitVM’s architecture on Ethereum’s optimistic rollups with evidence of fraud and recent Merkle tree developments.

The Bitcoin developer community is no stranger to innovation. Until the end, Robin Linus, the leader of ZeroSync, which is behind the development of a zk-proof light client for Bitcoin, unveiled the white paper “BitVM: Compute Anything on Bitcoin” yesterday.

The abovementioned paper presents an innovative methodology that could potentially redefine the perception of Bitcoin’s capabilities. BitVM introduces a computing paradigm that can express Turing-complete Bitcoin contracts.

What matters is that it does not require any modification to the network’s consensus rules. Instead of running calculations directly on Bitcoin, these calculations are simply verified, drawing parallels with the process of optimistic accumulations.

Online forums, particularly the Reddit community, have been abuzz with excitement. Under the title “BitVM launch renders all altcoins useless. Calculate anything in Bitcoin without forking.” The proposal is the subject of heated debate on Reddit, as well as on X (formerly Twitter).

Can Bitcoin Make All Altcoins Useless?

Bob Bodily, CEO of Bioniq Market, offered his thoughts via a post on X:

“BitVM is a new computing paradigm Optimistic Roll Up + Fraud Proof + Taproot Leaf + Bitcoin Script designed by Robin Linus at Zero Sync. While it offers the primary benefit of improved programmability on BTC without any upgrades, it is important to note that BitVM is slower, more expensive, and has more complexity compared to EVM.”

Sam Parker, CTO and co-founder of Blockchain Transition, explained that “Bitcoin is now as Turing Complete as any other chain, and this requires no changes to Bitcoin.” However, he also clarified that while Bitcoin may seem more Turing complete technically, it has been equipped with a runtime that makes it “Turing complete enough” for any realistic program one wishes to run.

Parker also emphasized the non-mandatory nature of BitVM. Users who do not wish to trust their coins in a Turing complete contract do not have to do so. He also mentioned potential uses, such as removing dependence on centralized “Bitcoin edge” services and advocating a move from trusted/semi-trusted services to fully trustless interaction.

Taproot wizard Eric Wall, after reading the whitepaper, expressed cautious optimism as well as reservations about the setup phase, specifically regarding large pre-signed transaction exchanges, but was eager to see real-world experiments.

He argued that “If BitVM works efficiently to verify a zk proof within it, then BitVM would take over the role of the zkwasm layer.”

Wall summarized BitVM’s current role succinctly, suggesting that it describes a way for a verifier to hijack a link from a prover based on the result of a Turing complete calculation. However, it does not yet fully detail an architecture for inputs and outputs from external participants.

More Skeptical Voices

Blockstream CEO Adam Back’s response was more critical. He compared it to Greg Maxwell’s ZKP contingent payments implementation example in 2016.

Super Testnet, one of the reviewers of the article, called this development perhaps “the most exciting discovery in the history of the Bitcoin script.” However, some complexities surrounding BitVM cannot be overlooked.

While it is undeniable that BitVM increases the capabilities of Bitcoin, there are several challenges to overcome.

By Audy Castaneda

Crypto Venture Funding Hits Lowest Level in Q3 2023

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Adding to the complexity of the situation are the continuing consequences of the FTX scandal.

While early-stage crypto companies can still find willing investors, late-stage technology investors have largely abandoned the space. The cryptocurrency industry, which once thrived on investor exuberance and rapid growth, recently hit a rough patch as venture funding for cryptocurrency startups in the third quarter of this year fell to an all-time low. since 2020.

According to data from research firm PitchBook, Venture Capitalists (VCs) invested just $2 billion in the crypto space during the quarter, which is a staggering 63% decline from the same period last year.

The Decline of Crypto Funding

The dramatic decline in venture funding for crypto startups in Q3 2023 has many factors at play. One of the key reasons, as highlighted by PitchBook analyst Robert Le, is the notable absence of the “big deals” that were once common in the crypto space. Deals have become smaller in scale, leading to a decline in overall investment volume.

During the cryptocurrency bull market, companies like FTX Derivatives Exchange, OpenSea, and Yuga Labs enjoyed the benefits of mega fundraisings, attracting substantial investments from venture capitalists eager to ride the wave of digital assets and blockchain technology.

However, as the cryptocurrency industry faces increasing scrutiny and regulatory challenges, the tide appears to be turning and venture capitalists are pulling back significantly.

The declining interest of venture capitalists in the crypto industry poses a critical challenge for startups. The analyst expressed concern, saying, “If they can’t raise a round, even a down round, they will either go out of business or be acquired at a much, much lower valuation.”

This dilemma leaves startups with limited options, making survival a daunting task. While early-stage crypto companies can still find willing investors, late-stage technology investors have largely abandoned the space. This shift reflects a broader trend in which investors are becoming more cautious and discerning in their cryptocurrency investments.

Will Cryptocurrency Funds Return to the Golden Age Before the FTX Fall?

Collection trends have experienced a sharp decline throughout the year. Hence, these challenging conditions within the cryptocurrency industry peaked with the sudden and highly publicized collapse of the FTX exchange in November. A fact that further exacerbated investor confidence.

The report points out that crypto startup funding appears to be reaching the end of its hype, trending toward pre-pandemic levels.

The SBF Trial and the Impact on Venture Capitalists

Once a rising star, FTX has faced legal trouble, with its former CEO Sam Bankman-Fried and other executives facing criminal fraud charges. This has raised questions about the role of venture capitalists in the crypto industry and their investments in companies like FTX.

Sequoia Capital, a prestigious venture capital firm, was among those that had invested heavily in FTX. However, the scandal has forced venture capitalists to reevaluate their involvement in the crypto space.

FTX and its trading arm, Alameda Research, also made their own venture bets and built a diverse portfolio of companies, including stablecoin providers Circle and Paxos, blockchain developer Aptos Labs and crypto bank Anchorage Digital. Initial stakes held by FTX and Alameda are now being closely watched as FTX navigates bankruptcy proceedings.

The presence of a new round of financing for AI startup Anthropic, in which FTX invested, has raised some hope that creditors could be compensated through the sale of shares. However, there is serious concern that a massive fire sale of these startup stakes could lead to further devaluation of crypto startups.

By Leonardo Pérez

Cryptocurrency Exchanges such as Huobi and KuCoin Are Not Authorized, According to the UK FCA

Among other news, an updated list by the United Kingdom FCA shows several cryptocurrency exchanges as not authorized to operate.

The UK’s financial markets regulator, known as the Financial Conduct Authority (FCA), included several cryptocurrency exchanges on its updated warning list a few days ago of unauthorized companies that customers should avoid.

A total of 143 new entities were added to this warning list. Among which are important Exchanges such as HTX, owned by Huobi, and KuCoin. Although the warning list does not provide exhaustive details, its main statement is clear:

“You should avoid dealing with this firm.” In the UK, companies wishing to carry out activities related to crypto assets must be registered with the FCA or have obtained temporary status to operate.

In July, Jayson Probin, the FCA’s head of crypto-financial promotions, warned that failure to comply with these regulations could lead to potential criminal charges.

The UK is not alone: ​​the United States has also been cracking down on non-compliant crypto ads. Earlier this year, the New York Department of Financial Services (NYDFS) released guidelines for crypto and stablecoin advertisements. French lawmakers have also called for a ban on the promotion of crypto assets.

OKX Cryptocurrency Exchange Aligns Marketing Practices with UK FCA Regulations

OKX joins the list of companies that have adapted to the recent crypto marketing regulations established by the FCA in an effort to meet the growing demands for industry oversight in the country.

As of last week, unregistered cryptocurrency companies are required to cease any type of illegal financial promotion aimed at consumers in the United Kingdom.

OKX issued a statement regarding FinProm compliance on October 6. The exchange said it had reduced its token offering to about 40 assets and adopted eye-catching risk warnings on its interface. One of these warnings is located at the top of the OKX home page, inviting investors to take a few minutes to learn more about the risks of crypto investing.

Binance Announces Launch of New Domain and Partnership with Rebuildingsociety in Seeking to Comply with UK FCA

Binance announced a major step towards compliance with regulations in the United Kingdom by launching a new domain for its users in the country. Additionally, the cryptocurrency exchange platform has partnered with local peer-to-peer lending platform, Rebuildingsociety.

In line with these compliance updates, Binance retail users in the UK will be redirected to a localized domain starting October 8. This domain will only display Binance products and services that comply with UK regulations. These products include spot and margin trading, Binance Pay, its non-fungible token (NFT) marketplace, lending, and other authorized services.

US Prosecutors Attempt to Restrict Asset Recovery Arguments in Sam Bankman-Fried Case

United States prosecutors have filed a request with the court, arguing that their legal team be prohibited from presenting arguments related to the possible recovery of FTX clients’ assets invested in Anthropic.

Bankman-Fried’s $500 million investment in the AI ​​startup in April 2022 is under scrutiny. Since the US government alleges that it was carried out using funds misappropriated from FTX customer deposits.

US prosecutors argue that recent news about the company’s high valuation could increase the value of Bankman-Fried’s investment. Which, in the event of FTX bankruptcy, could facilitate the recovery of funds for FTX clients and other creditors.

By Audy Castaneda