Front-running Scams Rampant on YouTube with 500% Surge in 2022: CertiK
Front-running scam bots are significantly gaining traction on YouTube, with the number of dubious videos increasing six-fold in 2022 according to a new report from blockchain security firm CertiK. Notably, CertiK’s analysis found 84% of videos on YouTube mentioning “front running bot” were scams, with the number increasing 500% from 28 videos in 2021 to 168 videos in 2022: “There are common themes in all of these videos: free code and huge returns. Successful runners won’t give away free code on a social media site, they will sell it for a large amount on underground forums.” (Cointelegraph)
Coinbase Disables NFT Transfer on iOS App, Citing Hefty in-app Fees
Cryptocurrency exchange Coinbase has disabled its non-fungible token (NFT) transfer feature for iOS users, citing a dispute over Apple’s in-app purchase policy, the exchange tweeted on Thursday. Coinbase said that Apple requires gas fees, which occur when transferring an NFT, to collect through Apple’s in-app purchase system so the tech giant can charge 30% of the gas fees. (forkast)
Alibaba, PlatON, and HashKey to Co-build Web3 Developer Platform
Alibaba Group’s digital technology and backbone, Alibaba Cloud, made an announcement to co-develop the technology and infrastructure platform for Web3 developers. In this venture, Alibaba Cloud is backed by PlatON and HashKey Group. The new venture aims to support Web3 developers with inclusive back-end technology infrastructures, such as multi-chain infrastructure, cloud platforms, and decentralized identity services. The exceptional tools will relieve developers from back-end maintenance tasks and allow them to focus on developing their Web3 applications in the metaverse, social media, and gaming. (cryptonewsz)
Proof-of-Reserves Are at 'Best Incomplete, at Worst Misleading and Deceptive' Says Crypto Analyst Martin Hiesboeck
While many crypto exchanges have seemingly embraced the use of proof-of-reserves (PoR) to showcase their transparency and reassure nervous users, crypto analyst Martin Hiesboeck insists such so-called proofs are susceptible to manipulation or misrepresentation. He added that PoRs alone are not a suitable method of verifying an exchange’s reserves because they do not “account for liabilities and off-chain assets at all.” (Bitcoin.com)
Sam Bankman-Fried Says not Aware of any Improper Use of Funds in FTX Downfall
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, told ABC News that he “did not know that there [was] any improper use of customer funds” at his company, amid speculation customer deposits were used for trading by Alameda Research, FTX’s brokerage arm. (forkast)
NYDFS Proposes Regulation Allowing It to Charge Crypto Companies in New York for Supervision Costs
The New York Department of Financial Services (NYDFS) published a proposed regulation on Thursday that lays out how the state agency would assess New York-regulated crypto companies for costs associated with their supervision. The proposed regulation comes eight months after the New York State Senate first authorized NYDFS to charge the crypto companies it oversees, bringing its oversight mandate for crypto in line with how the regulator oversees more traditional banks and financial services firms. (Coindesk)
FCA-Regulated Crypto Custodian Digivault Is Up for Sale Following Eqonex Liquidation: Source
Digivault, a cryptocurrency custodian that was one of the first to secure a license from the U.K. Financial Conduct Authority (FCA), has put itself up for sale after its parent company, Eqonex, was put under judicial management in Singapore last week, according to a person familiar with the matter. Nasdaq-listed holding company Eqonex (EQOS) entered into voluntary liquidation after a takeover deal by Bitfinity, a payments firm owned by crypto exchange Binance, fell through at the final hurdle. (Coindesk)
Breaking: Ankr Confirms Exploit, Asks for Immediate Trading Halt
The BNB Chain-based decentralized finance (DeFi) protocol Ankr has confirmed it has been hit by a multi-million dollar exploit on Dec. 1. The attacker was purportedly able to mint 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), a reward-bearing token for BNB staked on the protocol. The exploiter has since used services such as Uniswap, Tornado Cash, and various bridges to swap and obfuscate the funds and has successfully gained around 5 million USD Coin.
'Big Short' Investor Michael Burry Warns of Extended Multi-Year Recession in US
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned about “an extended multi-year recession” in the U.S. He believes there isn’t a strategy to pull us out of “this real recession.” (Bitcoin.com)
This AI Chatbot is Either an Exploiter's Dream or Their Nightmare
ChatGPT, a chatbot tool built by AI research company OpenAI, was released on Nov. 30 and was designed to interact “in a conversational way” with the ability to answer follow-up questions and even admit mistakes, according to the company. However, some Twitter users have come to realize that the bot could potentially be used for both good and evil, as it can be prompted to reveal loopholes in smart contracts. (Cointelegraph)
