What’s Happening In Web3 And AI In 1 Minute (16 Sept)

CoinPasar
4 min readSep 16, 2024

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Here’s what’s happening in Web3 and AI at a glance.

Web3

China Targets Crypto Money Laundering

1️⃣ China is considering legal revisions to address crypto-related risks. The government aims to improve detection methods and hold financial institutions accountable for assessing money laundering threats from emerging technologies.

North Korea’s Lazarus Group Loses Millions

2️⃣ Stablecoin issuers have frozen $5M worth of stablecoins belonging to wallets linked to North Korea’s Lazarus Group. The funds were traced and identified in an investigation led by ZachXBT, and represents a significant loss for the group.

Bitcoin Mining Closure Raises Electricity Bills

3️⃣ Residents in a Norway town are facing increased electricity bills after successfully petitioning the closure of a local Bitcoin mine. The mine’s closure has impacted the local power company’s revenue, leading to higher costs for residents.

Circle Confident in Stablecoin Mainstream Adoption

4️⃣ Circle believes stablecoins will become mainstream money. However, the company emphasised the need for global regulatory practices to be in sync to ensure compliance. Circle is also preparing to move its headquarters to New York.

Bitcoin Could Rally to $92,000

5️⃣ Bitcoin’s recent price action suggests a potential three-month rally, with historical data showing that Bitcoin often experiences significant gains in the three months following a September downturn. A retest of a key support level could lead to a breakout above $90,000.

Bitcoin Network Spurred By New Developments

6️⃣ The Bitcoin network is experiencing a period of rapid development, with new projects and technologies emerging. Recent advancements include zero-knowledge proofs, scaling solutions, and fractal sidechains.

Kraken Suspends Lightning Network in Germany

7️⃣ Kraken has removed the Lightning Network feature in Germany, citing technical changes as the reason for the suspension, The exchange has dismissed earlier reports of regulatory issues affecting its use of the layer that enables faster transactions.

Ethereum Considers Splitting Pectra Upgrade

8️⃣ Ethereum developers are discussing the possibility of splitting the highly anticipated Pectra upgrade into two parts. This approach could accelerate the delivery of the first phase while managing risks associated with a large-scale upgrade.

AI

US, EU, UK Signs Global AI Treaty

Greece Looks Towards Data Centre Investment

1️⃣ A European data centre company plans to invest €300 million to build a new data hub in Greece. This investment aims to contribute to the growth of the local digital ecosystem and support the increasing demand for computational power in AI applications.

AI Leaders Urge Energy Infra Investment

2️⃣ AI Executives met with White House officials to discuss the need for energy infrastructures that support the AI industry. The companies argued that America’s aging energy infrastructure is insufficient to meet the massive energy needs of AI development.

Adobe Firefly Expand Video AI Capability

3️⃣ Adobe’s GenAI platform, Firefly, has expanded its capabilities to include video creation and editing. The new Video Model, set to be released later this year, will integrate with Premiere Pro and offer features such as B-roll generation, clip extension, and element removal.

Anti-Deepfake Bill Sees Bipartisan Support

4️⃣ The No Fakes Act was first proposed by a bipartisan group of senators, and has been introduced into the US’s House of Representatives for debate. The entertainment industry has been pushing back against AI use of actors likeness and voices, and see this as a win.

OpenAI Unveils New AI Models

5️⃣ OpenAI has released a series of new AI models, starting with OpenAI o1. These models are designed to “think before they answer,” making them better at complex reasoning tasks. The OpenAI o1 models are focus in skills pertaining to STEM and coding.

AI As The Next Chapter of Computing

6️⃣ OpenAI CEO Sam Altman discussed AI’s transformative potential with Oprah Winfrey, highlighting AI’s rapid advancement and ability to understand and interact with humans. On the show, he emphasised AI’s potential to make computers smarter

Meta Restarts AI Training in UK Using Public Data

7️⃣ Meta will resume training its AI models using publicly shared content from adult users on Facebook and Instagram in the UK, leveraging public posts, comments, photos, and captions to enhance its AI functionalities.

Lizzy, The AI Elizabeth Bennet

8️⃣ A new AI avatar, Lizzy, has been created based on Elizabeth Bennet from “Pride and Prejudice.” Developed by Jane Austen’s House, UCA, and StarPal, Lizzy can engage in conversations and answer questions about the novel and its historical context.

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