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Summary of Past Week Articles June 24, 2022

Solana Labs and Smartphone Manufacturer Osom Join Forces to Unveil Web3-Ready Handset:

Solana Labs, the company behind the Solana (SOL) blockchain, has announced plans to produce an Android smartphone for the Solana network. The newly developed device is expected to be available to customers as early as next year.

Saga will be the device’s name, including crypto wallet functions and a mobile software development kit for Web3 apps explained by Solana Mobile Stack.

The device should also include direct access to a Web3 store for dapps (decentralized, blockchain-powered apps) and an incorporated Solana Pay function. This feature will let users make network payments using QR codes.

The gadget will also have Saga Pass, a non-fungible token (NFT) described by Solana Labs as accompanying the first wave of Saga devices. Solana Labs CEO Anatoly Yakovenko declared in a post that the moment has come for crypto to become mobile.

According to The Verge, the phone is being built by Osom, the smartphone manufacturer behind the Essential Phone.

Osom stated that the Saga was a refined version of the OV1 smartphone, which the company first mentioned in 2020.

However, the study noted that the rollout may be plagued with issues, adding that the real test is whether the Saga genuinely delivers on target in early 2023.

Meanwhile, Android Police was even harsher, alleging that Osom’s hotly awaited smartphone had succumbed to crypto gimmicks. Pre-orders are currently available, according to Solana, although they require refundable USD 100 deposits submitted in USDC via the Solana network.

ONE falls as Harmony’s Bridge is hacked for around USD 100 million in Ethereum:

ONE, a native token of Harmony, a cross-chain bridge provider, is one of the poorest performers among all the top 200 currencies on 24 Jun 2022. The drop occurred immediately after the team confirmed the theft of about ETH 85,867 (USD 99 million).

At 03:40 UTC, ONE, which is ranked 123rd by market cap on CoinGecko, is trading at USD 0.024, down more than 7% daily and about 4% weekly.

Harmony announced at 11:13 p.m. UTC that it had identified a theft that occurred the same morning on the Horizon bridge totaling approximately USD 100 million.

According to the developers, it does not affect their bitcoin (BTC) bridge, and its funds and valuables housed in decentralized vaults are secure at this time.

According to SK, SIM swaps and other crypto-related crimes are on the rise in South Korea:

A South Korean telecommunications conglomerate claims that SIM swap-type crypto strikes are rising in the country. The company predicts an increase in all crypto-related criminal offenses in the second half of 2022. 

The accusations were made by SK Shieldus, a subsidiary of the SK Group, which controls SK Telecom, one of the country’s two largest mobile and internet service providers.

According to News1, the company has observed evidence of SIM swap attacks as of January this year, with criminals specifically targeting mobile phone users with crypto holdings.

Furthermore, the business stated that known ransomware gangs were re-branding in an attempt to dodge the notice of law enforcement. 

According to SK Shieldus, these re-branding campaigns indicate that such groups will become more active. SK Shieldus also stated that hacking attacks on various crypto targets would increase in H2, with more DeFi targets currently in the crosshairs of criminals.

The company concluded that lone-wolf hackers were becoming extinct and that larger groups were eager to enter the space.

According to Binance CEO, these are the types of crypto projects that could be rescued:

Bailouts are not intrinsically evil and can be used for crypto projects as long as they are limited to initiatives with fixable potential, according to Binance CEO Changpeng Zhao (CZ). 

The Binance CEO’s clarification comes after Alameda Ventures, the venture arm of FTX’s parent company Alameda Research, bailed out the crypto platform company Voyager Digital.

The rescue, which has sparked debate in the cryptocurrency industry, happened after the struggling crypto hedge firm Three Arrows Capital allegedly failed to return a loan to Voyager.

Zhao stated in his piece, released on Binance’s website, that there are numerous initiatives, whether in crypto or others, that should not be bailed out.

Bailouts, however, can make sense for other types of ventures, according to Binance’s CEO. Ventures that have issues but are fixable and projects that are struggling to survive but have immense potential are examples of this.

Meanwhile, Zhao noted that projects with high promise but low financial viability are among the most appealing to firms wanting to make acquisitions. Binance has been working on this in recent weeks.

CZ also stated that the crypto business currently has more leverage than it did during the 2018 collapse.

This is especially true for the slow influence or funds borrowed by corporations to make investments.

He went on to say that the latest crypto market fall is the result of slow leverage being liquidated.

Coinbase Pro Users Are Dissatisfied With Its Discontinuation, Citing Lower Fees:

Coinbase Pro users appear to be dissatisfied with the service’s demise, voicing doubt that the new platform may not provide comparable fee advantages.

Coinbase, a major cryptocurrency exchange, announced intentions to discontinue Coinbase Pro. The popular service is advanced, trader-focused assistance that acts independently and provides lower fees to traders who interface directly with the Coinbase Exchange order book.

The Pro service will be supplemented with Advanced Trade, a new courtesy inside the Coinbase app that promises to provide consumers similar benefits.

The exchange stated that they are discontinuing the Pro service to eliminate friction when transferring cash between Coinbase.com and Coinbase Pro, consolidating all trades into one unified account.

As a result, some Pro users are already concerned about the new platform’s cost structure.

Coinbase, on the other hand, has stated that the Advanced Trade service will have the same volume-based fees as Coinbase Pro.

Meanwhile, Coinbase’s latest move coincides with Binance, a competitor cryptocurrency exchange.

The United States announced eliminating all trading fees on bitcoin (BTC) trades made with US dollar-backed stablecoins.

As the social media giant doubles down on NFTs, Meta is developing a Metaverse Wallet:

As the firm expands its NFTs test and launches new tools for creators on Facebook and Instagram, Meta is working on a wallet for the metaverse.

According to Meta CEO Mark Zuckerberg, users should be able to sign into any metaverse experience and find everything they’ve purchased.

He added that there is still a long way to go, but this type of interoperability will provide many superior experiences for users and more opportunities for creators.

He also announced the re-branding of Facebook Pay as Meta Pay.

As Zuckerberg explains, there will be all sorts of digital objects in the future buyable or producible. Hence, according to him, proof of ownership will be vital, especially when items are transferable across other sites.

Meta also said that it is expanding the ways that creators may earn money on Facebook and Instagram and extending its promise not to charge fees for Subscriptions, Badges, Paid Online Events, and Bulletin until January 1, 2024. 

The enterprise also stated that its Instagram digital collectibles test will now be offered to more worldwide creators and a “handful of new nations.”

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