KOIN News
Good morning, Koinectors! Welcome back to episode 5 of KOIN News, your go-to source for the latest web3 news. Before we dive in, make sure to check out koinect.com, follow us on Twitter, and subscribe to our YouTube channel so you never miss out on the exciting developments in the world of crypto and blockchain.
Vodafone's Crypto SIM Innovation
Kicking off today's news, Vodafone, a UK-based telecommunications provider, is looking to bring blockchain technology to smartphone users by integrating crypto wallets with SIM cards. David Palmer, Vodafone's blockchain lead, shared their vision for the future:
"We expect 8 billion active smartphones and 5.6 billion crypto wallets by 2030. Hence, we are focusing on the integration of SIMs with digital identities and blockchains through cryptography in our SIM cards."
This bold move by Vodafone could pave the way for mainstream adoption of cryptocurrencies and blockchain technology, making it easier for people to access and use digital assets on their smartphones.
Solana's All-Time High for SPL Tokens
The Solana blockchain recently hit new all-time highs for newly created SPL tokens, also known as fungible tokens, which include popular meme coins. Eric Balchunas, a senior ETF analyst at Bloomberg, revealed that the day one Hong Kong ETF inflows were actually a staggering $292 million, smashing the trajectory for their prediction of $1 billion over two years.
Initially, it was estimated that the first-day inflows for HKE ETFs were $11 million. However, $292 million were put in as seed capital right before the launch, which didn't register as volume. In contrast, for US Bitcoin ETFs, the seed money was pushed off until the first day to make the volume appear larger for marketing purposes.
Friendtech V2 Launch and Airdrop
Friendtech V2 went live last week with the airdrop of their $FRIEND token. Unfortunately, the launch was plagued with issues, as there was no prior date, announcement, or information provided. Users experienced a terrible time with the barely functional app, causing the token price to drop from double digits to under a dollar. To make matters worse, the team only added $0.01 in liquidity.
However, sentiment quickly changed within a couple of days. Friendtech recorded 84,000 clubs (token-gated group chats), 40,000 creators, and millions in volume, leading to a strong price recovery to $2.37. Many are now setting their sights on a $10 per token target.
MoonPay and PayPal Partnership
In a groundbreaking partnership between MoonPay and PayPal, US users can now purchase various cryptocurrencies directly through PayPal, including:
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Solana
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Cardano
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Polkadot
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Chainlink
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Shiba Inu
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Dogecoin
This collaboration marks a significant step towards making cryptocurrency accessible to a broader audience, as PayPal boasts a massive user base.
D-Gods and Utes Lead Solana NFT Volume
After releasing their bridge and giving holders the option to bridge back to Solana, the D-Gods and Utes NFT projects took the lead in 24-hour volume for Solana NFTs, showcasing the growing interest in non-fungible tokens on the Solana blockchain.
BTC-e Co-Founder Pleads Guilty to Money Laundering Conspiracy
Alexander Vinnik, co-founder of the crypto exchange BTC-e, has pleaded guilty to a money laundering conspiracy. Under his leadership, BTC-e processed more than $9 billion in transactions with a user base exceeding 1 million. The US Department of Justice (DOJ) highlighted that the platform was used to launder funds acquired from various criminal activities, such as:
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Computer hacking
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Ransomware attacks
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Drug trafficking
According to the DOJ, BTC-e operated without essential legal compliance measures, including registration with the Financial Crimes Enforcement Network (FinCEN) and anti-money laundering (AML) or know-your-customer (KYC) protocols. This negligence made BTC-e a popular platform among individuals seeking to hide their money transactions from law enforcement.
$68 Million Lost in Address Poisoning Scam
A victim lost a staggering $68 million, or 1,157 wrapped Bitcoin, after falling for an address poisoning scam. In this type of scam, the attacker sends spam transactions to your address in an attempt to catch you being inattentive and trick you into copying their address instead of your own.
Attackers generate addresses that are as similar to yours as possible, often with the first and last digits being the same. In the screenshot below, you can see the victim messaging the hacker on-chain, requesting the return of 90% of the funds and allowing the hacker to keep 10% as a bounty.
Tether's Q1 Profits Soar to $4.52 Billion
Tether, the company behind USDT, the largest stablecoin by market cap at $110 billion, announced their Q1 profits of $4.52 billion. Punk 9059, a prominent figure in the crypto community, commented on Tether's success:
"Tether has landed one of the best businesses in the world as they pay 0% interest on billions of deposits but earn 5% plus interest on treasuries."
This impressive financial performance highlights the growing importance of stablecoins in the cryptocurrency ecosystem.
SuperRare Considers Lowering Platform Fee
SuperRare, a well-known NFT marketplace for fine art collectors and creators, featuring artwork from renowned artists like Claire Silver, Xcopy, Gucci, and Snoop Dogg, has started discussions about adjusting their 15% platform fee after receiving feedback from users.
Many artists argued that the 15% fee is too high, considering the limited marketing support provided by SuperRare, and suggested that a 5% fee would be more reasonable. SuperRare's senior VP expressed support for lowering the fee, promising to do everything in his power to make it happen soon.
{"platform": "SuperRare","currentFee": "15%","proposedFee": "5%","seniorVPResponse": "Fee should be lowered, showing his support and promising to do everything he can to make it happen soon."}That wraps up today's KOIN News. Thank you for tuning in, and don't forget to check out the #KoinectorsEngage program on koinect.com, subscribe to our YouTube channel, and follow our Twitter now.
Stay informed, stay connected, and have a great day, everyone!