NFT Weekly Sales Decline 9% to $145M, Bitcoin Maintains Lead Amid Downturn

Over the past week, the non-fungible token (NFT) market witnessed sales totaling $145 million, marking a decline of over 9% compared to the previous week. This downturn aligns with a recent trend of decreasing sales volumes, with four out of the top five blockchains experiencing drops during this period.

Last week, crypto.news reported a more than 11% decline in digital collectible sales, and this week saw an additional 9.68% fall, bringing the total to $145.01 million, as per data from CryptoSlam.

Bitcoin Leading the Pack

Bitcoin (BTC) continued to dominate weekly NFT sales, outperforming major competitors Ethereum (ETH) and Solana (SOL). The Bitcoin network recorded the highest NFT sales volume among blockchains, generating approximately $44.1 million, according to CryptoSlam. However, this still represented an 11% decline …
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LayerZero Launches Sybil ‘Bounty Hunting’ Initiative, Identifies 800,000 Addresses in Airdrop Scheme

Interoperability leader LayerZero’s recent self-reporting effort to mitigate Sybil attacks has identified over 800,000 addresses implicated in an airdrop scheme.

LayerZero collaborated with risk management platform Chaos Labs and blockchain analytics firm Nansen for a meticulous analysis. The investigation revealed 803,093 addresses as potential Sybil actors, defined as users creating multiple fake accounts to maximize airdrop rewards.

In early May, LayerZero announced a snapshot for its forthcoming ZRO token airdrop, initially unveiled in December 2023. Subsequently, co-founder and CEO Bryan Pellegrino addressed concerns about employee participation in the airdrop. On May 7, Pellegrino declared on X that employee participation in the airdrop would be a “fireable offense.”

Following the May 1 snapshot, LayerZero intensified …
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AntPool Mines 7 Consecutive Blocks, Igniting Centralization Concerns

AntPool, the second-largest Bitcoin (BTC) mining pool, mined seven consecutive blocks on May 17, raising alarms about potential network centralization and security issues within the cryptocurrency community.

During this mining spree, AntPool confirmed 20,686 transactions, generating over 23 BTC, valued at approximately $1.54 million in revenue. This event spanned one hour and 38 minutes, covering block heights 843,898 to 843,904. Data from mempool.space indicates that AntPool accrued 1.283 BTC in fees and 21.875 BTC from block subsidies.

Foundry USA, the largest Bitcoin mining pool, mined the block preceding this sequence and the two blocks following it. Currently, AntPool accounts for 25.48% of all blocks mined in the past week, while Foundry USA commands 31.12% of the network’s hashrate. Combined, these two pools dominate 56.6% …
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Crypto Personality ‘T.J. Stone’ Pleads Guilty to Wire Fraud

Thomas John Sfraga, widely known in cryptocurrency circles as “TJ Stone,” has pleaded guilty to wire fraud charges in a Brooklyn federal court on Thursday.

According to the U.S. Department of Justice, Sfraga misled investors with promises of up to 60% returns within three months through a non-existent cryptocurrency digital wallet. Instead of delivering on these promises, he allegedly diverted the funds for personal use and to appease previous victims of his fraudulent schemes.

“For years, Sfraga brazenly lied to friends, neighbors, and investors to swindle over $1.3 million of their hard-earned life savings,” stated Breon Peace, U.S. Attorney for the Eastern District of New York.

Throwback to ‘Seinfeld’

Sfraga also purported ownership of “Vandelay Contracting Corp.” and “Build Strong Homes LLC,” companies with names evocati …
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Kraken ‘Actively Reviewing’ USDT Suspension in EU Amid MiCA Regulation

Kraken considers delisting USDT stablecoin in the European Union

Cryptocurrency exchange Kraken is evaluating the potential suspension of the USDT stablecoin for its European users, according to a Bloomberg report. This consideration arises as the European Union prepares to implement a new regulatory framework for digital assets in July.

The impending Markets in Crypto Assets (MiCA) regulations, which have not yet been finalized by the European Banking Authority, are expected to impose stringent restrictions on stablecoins available to European investors. Kraken’s global head of regulatory strategy, Marcus Hughes, stated, “We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT.”

Tether’s Response

Tether officials anticipate that exchanges will pr …
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Bitcoin ETFs Rebound in May, Analyst Forecasts Sustained Growth

Spot Bitcoin ETFs have successfully reversed April’s outflows within the first two weeks of May.

Eric Balchunas, Senior ETF Analyst at Bloomberg, highlighted that Bitcoin ETFs have already attracted $1.3 billion in inflows this month, effectively countering April’s negative outflows. This brings the total inflows to $12.3 billion since their inception.

Balchunas emphasized that fluctuations in capital movements are a natural aspect of ETFs and should not concern investors. He remains confident that spot Bitcoin ETFs will deliver positive long-term returns.

CryptoQuant reports that this resurgence in activity is coupled with renewed demand for Bitcoin. Both regular holders and large investors are increasing their Bitcoin holdings, indicating a heightened market interest.

Recent data from SoSo Value confirms that spot Bitcoin …
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Notcoin Launches Major Airdrop Campaign on Telegram, Distributing 80 Billion Tokens

In a strategic move within the digital asset community, the developers behind the innovative Notcoin play-to-earn project have executed a substantial airdrop. More than 80 billion NOT tokens have been distributed, with a significant majority, exceeding 90%, delivered directly to participants engaged as “miners” on the platform.

Notcoin, a pioneering play-to-earn clicker game that operates via the Telegram app, announced its recent airdrop through an official press release. The initiative saw the allocation of over 80.2 billion NOT tokens to community members active on The Open Network blockchain. According to the announcement, 90% of these tokens have been designated for “miners,” while the remaining 7.9 billion are accessible through the redemption of non-fungible token (NFT) vouchers.

This development precedes Notcoin’s a …
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Worldcoin Foundation Unveils New Open-Source Biometric Security System

The Worldcoin Foundation has recently launched an innovative open-source system, aimed at bolstering the security of sensitive data, including biometric information. This strategic initiative emerges at a time when digital security is under intense scrutiny, particularly concerning the handling of personal and biometric data.

The newly introduced system is designed to enhance data security through the use of Secure Multi-Party Computation (SMPC), a method that protects data by dispersing it across multiple locations. Hosted on Github, this system exemplifies the Foundation’s commitment to transparency and community-driven development.

As detailed in the Foundation’s blog, this advanced SMPC technology splits a single secret into several parts, distributing these amongst various stakeholders to fortify protection. This method is …
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ARKB ETF Attracts $133 Million as Bitcoin Rises, Signaling Strong Market Confidence

In a significant market movement, the ARK 21Shares Bitcoin Exchange-Traded Fund (ARKB) has recorded an impressive $133.1 million in net inflows, marking its highest intake since March 27. This surge in capital allocation aligns closely with a key uptick in Bitcoin’s value, affirming investor confidence in the cryptocurrency sector.

Farside Investors reports that overall, U.S. Bitcoin ETFs saw $100.5 million in net inflows on May 14, indicating a robust week of investment activity. Conversely, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $50.9 million, contrasting sharply with the inflows seen in other funds.

Notably, the ARKB ETF has consistently attracted substantial capital, with inflows surpassing the $100 million mark seven times previously. The fund reached its peak with a record $200.7 million inflow on …
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Crypto Developer Alexey Pertsev Receives Five-Year Sentence Amid Tornado Cash Controversy

In a landmark ruling on May 14, Dutch courts have sentenced Alexey Pertsev to 64 months in prison due to his involvement with Tornado Cash, a controversial Ethereum privacy application accused of facilitating $2.2 billion in illicit transactions. The conviction comes after a trio of judges upheld allegations that Pertsev aided in laundering funds through the crypto mixer, which has been under scrutiny for its role in high-profile cybercrimes, including a $600 million heist affecting the Ronin Bridge, linked to the notorious Lazarus Group from North Korea.

Defense arguments posited that holding developers accountable for the potential misuse of decentralized platforms sets a dangerous precedent, a sentiment widely supported in the cryptocurrency sector. However, the court dismissed these defenses, emphasizing that the design of …
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Coinbase Resumes Operations After Brief System-Wide Outage

Coinbase, a leading cryptocurrency exchange based in the United States, has announced the restoration of some services following a significant system-wide outage that temporarily halted trading activities across its website and mobile application. The issue, initially reported on May 14, resulted in restricted access for numerous users, who experienced difficulties connecting to the platform.

Approximately two hours after first acknowledging the disruption, Coinbase conveyed through an update that while services were partially restored, some users might still face connectivity issues. The initial incident, occurring at approximately 21:19 PDT on May 13, was reported on Coinbase’s status page, indicating that users could encounter errors when attempting to send funds. However, specifics regarding the cause of these failures were not …
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El Salvador Partners with iFinex to Establish Cryptocurrency Regulation Framework

El Salvador, known for its progressive stance on cryptocurrencies, has announced a significant collaboration with iFinex, the parent company behind Bitfinex exchange and Tether (USDT), to create a robust regulatory framework for digital assets. This partnership underscores the country’s commitment to becoming a central hub for the global digital securities market.

On May 13, a declaration was made public detailing iFinex’s role in assisting the Salvadoran government to construct a formidable environment for digital and securities markets in the region. Paolo Ardoino, the CEO of both Bitfinex and Tether, articulated that this partnership heralds new avenues for mobilizing capital and the development of tokenized real-world assets such as equities.

Bitfinex and Tether stand as pioneers in the peer-to-peer exchange and stablecoin are …
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Runes Protocol Experiences Steep Decline in Blockchain Activity

In a marked downturn, the Runes protocol has witnessed a sharp reduction in blockchain interactions and minting activities. Despite accruing substantial daily fees, Runes has only eclipsed the $1 million mark in total fees on two separate occasions within the last twelve days, highlighting a noticeable downtrend.

Initially, Runes catalyzed an investor frenzy following its launch on April 19, which coincided with the most recent Bitcoin halving event. This launch period saw an unprecedented surge in transaction fees, with miners collecting over $135 million in the first week alone. The Runes protocol quickly dominated Bitcoin transactions, reaching a peak transaction share of 81.3% on April 23. However, this dominance was short-lived as activity began to taper off, with significant declines noted particularly on May 10.

The …
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OKX Ventures Pioneers Investment in Blade of God X, an AI-Training ARPG with Web3 Capabilities

OKX Ventures, a prominent Crypto and Web3 investment fund, has strategically invested in the innovative action role-playing game “Blade of God X.” Developed by Void Labs, the game is currently accessible in early access on the Epic Games Store, introducing a novel ‘play-to-train’ feature. This cutting-edge concept seamlessly integrates advanced AI agents with blockchain technology, enabling players to actively participate in the training of AI models through their gameplay interactions.

As of now, the specific details regarding the AI models being trained and the direct impact of gameplay on this training remain undisclosed. Inquiries made to OKX Ventures and Void Labs by Cointelegraph have yet to be addressed.

“Blade of God X” aligns with the genre of “Souls-like” games, renowned for their intricate and challenging action …
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ARK Invest and 21Shares Amend Ethereum ETF Proposal, Exclude Staking Feature

ARK Invest and 21Shares have revised their proposal for an Ethereum-based exchange-traded fund (ETF), opting to exclude the cryptocurrency staking feature from their plan. This adjustment was made following productive negotiations with the U.S. Securities and Exchange Commission (SEC), which have led the firms to adopt a cash creation and redemption model for the ETF.

Initially, the firms had considered an in-kind redemption approach, where payments were made non-monetarily using Ether. However, the revised strategy now involves purchasing Ether in amounts corresponding to the order placed and depositing it with a custodian, which will facilitate the creation of ETF shares.

In their latest regulatory filing on May 10, the section that previously suggested 21Shares would engage third-party providers to stake a portion of the …
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