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Summary of Past Week Articles October 29, 2022

Blockchain with Majority of Crypto Scams:

According to Solidus Labs, a cryptocurrency risk monitoring company, over 10% of coins with scam characteristics are found on Binance’s native BNB Chain.

Solidus Labs’ AML supports 12 chains, including Ethereum, BNB, and Polygon (MATIC).

The company says that its new risk monitoring technology allows for real-time analysis of intelligent contract scams and an off-chain assessment of the present situation of crypto frauds.

According to them, scam token smart contracts are cryptocurrencies that have been hard coded to steal funds from investors.

Smart contract frauds are among an ever-expanding set of crypto-native market abuse typologies.

Meanwhile, blockchain security firm CertiK discovered that rug pulls, a type of theft in which the owners of a crypto project flee with the funds collected from their investors, dominated Web3 world-based scams and exploits in August of this year, but that the overall number remained lower than in July.

The Premier League has agreed to a £30 million deal with the Sorare NFT Platform:

The Premier League, England’s premier professional soccer league, is preparing to expand its exposure to non-fungible tokens (NFTs) through a potential deal with NFT fantasy soccer game Sorare valued up to £30 million ($34.6 million) every year.

Sky News said members of the two parties would address the collaboration today during a meeting between club leaders and company representatives.

The Premier League’s 20 clubs will be able to acquire NFTs featuring digital renderings of elite athletes such as Manchester United’s Cristiano Ronaldo, Tottenham Hotspur’s Harry Kane, and Manchester City’s Erling Haaland, among others, under the potential multi-year arrangement.

However, a Premier League club executive stated that the arrangement with Sorare will create better financial conditions for the 20 soccer clubs.

Sorare is a fantasy football management game based on NFTs that lets users play, acquire, buy, and trade player cards as part of an immersive global gaming experience.

Sorare’s other objectives, besides the Premier League arrangement, include offsetting the company’s unavoidable carbon emissions by the end of this year, with the long-term goal of reaching net-zero emissions by 2025.

In July 2021, the company increased its carbon footprint by 99 percent by switching the vast majority of Ethereum blockchain transactions to the more efficient Layer 2 network.

Binance confirms $500 million investment in Elon Musk’s takeover of Twitter:

Binance, a major cryptocurrency exchange, has committed $500 million to Tesla CEO Elon Musk’s takeover of Twitter.

Binance CEO Changpeng ‘CZ’ Zhao responded to allegations that the exchange was still supporting the Twitter transaction today (UTC). According to them, they wired the $500 million 2 days ago, perhaps just as he was being asked about Elon/Twitter.

CZ was responding to a question about whether he would honor his financial pledge to Musk while attending a conference in Saudi Arabia.

Binance announced in May that it would contribute this sum to Musk’s $44 billion takeover of Twitter.

The acquisition was finalized on Thursday, and Elon Musk tweeted a video of himself visiting Twitter headquarters on October 26.

Meanwhile, according to Bloomberg, US President Joe Biden’s administration officials have debated whether the US could subject some of Musk’s ventures, including the Twitter transaction, to national security reviews.

Venezuela’s Most Expensive Home Is For Sale for $20 Million; Owner Will Accept Crypto:

Venezuela’s most expensive home has been on sale, and the vendor is willing to accept cryptocurrency payment.

Tokens are widely recognized as a means of payment throughout Latin American countries, but selling the $20 million property would signal a significant milestone in the country’s crypto acceptance.

It was marketed for $26 million earlier this year. It included 14 bedroom suites, 20 bathrooms, a bar, an elevator, a chapel, a gym, a hair salon, a massage room, a swimming pool, tennis and basketball courts, parking for 12 vehicles, and 15,000 square meters of land.

However, its owner has recently reduced his asking price to $20 million and informed real estate agencies that he is willing to accept cryptocurrency as payment. Daz further stated that there are no statistics on the volume of real estate transactions carried out in cryptocurrency and that local law needs to stipulate how crypto-powered transactions should be calculated.

As a result, the InmuebleCoin CEO decided that vendors and buyers are looking to swap real estate for tokens needed to establish their contractual conditions – rather than relying on legal systems for assistance.

Here’s why cryptocurrency prices are up 5% today, and which coins to buy:

The cryptocurrency market is on the rise today, with Bitcoin’s price breaking through $20,500 for the first time in weeks, Ethereum’s price breaking through $1,500 for the first time since the post-merger turmoil, and the total market cap breaking through $1 trillion after three weeks below that mark.

According to the most recent coinmarketcap data, the bitcoin price has risen by more than 2% today, reaching $20,322.

The Dash 2 Trade presale has already raised more than $2.8 million in less than a week.

The FLOW/USD pair has recovered from a $1.40 support level extended by a triple bottom pattern.

IMPT.io is ready to disrupt the carbon credit market by tokenizing them and making them available to customers as NFTs. As a result, IMPT presales have topped $11 million.

The current price of Lido DAO is $1.63, with a 24-hour trading volume of $32 million.

Lido DAO has declined more than 4% in the last 24 hours but has gained more than 9% in the previous seven days.

In the third quarter of 2022, Meta’s Metaverse business loses more than $3.5 billion:

Meta, owned by Facebook, lost more than $3.5 billion in the third quarter of this year as the business continues to burn cash on its new Metaverse-related endeavor.

Meta’s revenue fell 4% in the third quarter, while expenses increased 19% year on year to $22.1 billion.

Operating income declined 46% yearly to $5.66 billion, while overall net income plummeted 52% to $4.4 billion.

Worse, revenue for Meta’s metaverse and virtual reality-focused company Reality Labs plunged over 50% year on year to $285 million, with that division alone suffering a $3.67 billion loss.

Other causes frequently mentioned as contributing to the company’s dramatic slowdown include:

  • A new privacy upgrade to the iOS operating system for iPhones.
  • A decrease in expenditure on online advertising.
  • Competition from the likes of TikTok.

In response to the outcome, Meta founder and CEO Mark Zuckerberg recognized that the company faced “near-term revenue concerns.”

However, he also stated that the fundamentals for a return to more robust revenue growth are in place.

The Meta CFO also predicted additional losses from the company’s metaverse push. He said that Reality Labs operating losses in 2023 would climb significantly yearly.

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