Here’s what’s happening in Web3 and AI at a glance.
Web3
Bitcoin Faces Short-Term Pressure
1️⃣ Bitcoin has experienced a slight pullback after reaching a five-month high. Analysts suggest that consolidation and support retests are likely to follow. While the overall outlook remains bullish, traders are closely watching for signs of further momentum.
BIS Highlights Tokenisation Challenges
2️⃣ The Bank for International Settlements (BIS) has released a report exploring the potential benefits and risks of tokenisation. While it offers reduced costs and faster transactions, it also presents challenges to governance, legal frameworks, and operational risks.
MetaMask and Space ID Partner for Easier Transactions
3️⃣ MetaMask has integrated with Space ID, allowing MetaMask users to replace complex wallet addresses with simple usernames for transactions. This simplifies the process of sending and receiving crypto assets, making it more user-friendly and secure.
ApeChain Launches on Arbitrum
4️⃣ The ApeCoin DAO has launched ApeChain, a new Ethereum layer-2 network powered by Arbitrum. The launch includes numerous apps and games, providing an enjoyable for users within the Bored Ape Yacht Club ecosystem.
Transak Data Breach Affects Over 90,000 Users
5️⃣ Fiat-to-onramp service Transak has disclosed a data breach impacting over 93,000 users. The company claims only basic identity information were leaked. However, a group claiming responsibility asserts they obtained more sensitive data.
Stripe Acquires Stablecoin Platform Bridge
6️⃣ Payments giant Stripe has reportedly finalized a $1.1 billion deal to acquire the stablecoin platform Bridge. This acquisition marks one of the largest in crypto history and aligns with Stripe’s growing interest in stablecoin payments.
Buterin Warns of Ethereum Centralization Risks
7️⃣ Ethereum co-founder Vitalik Buterin has highlighted potential centralization risks in Ethereum’s proof-of-stake consensus mechanism. He warns that economic pressures could lead to dominance by large stakers, increasing the risk of attacks and unfair value extraction.
Bitcoin ETFs See Record Inflows from Europe
8️⃣ European investors have poured a record $105 billion into US-based spot Bitcoin ETFs this year. This surge in inflows has contributed to Bitcoin’s price strength and highlights the growing interest in Bitcoin among European investors.
AI
New AI Scam Targets XRP Holders
1️⃣ A new AI-generated scam video is circulating on YouTube, featuring a fake Chris Larsen promoting a false XRP giveaway. Similar scams impersonating Elon Musk have also previously been reported, and users should be cautious and avoid clicking on suspicious links.
Nicolas Cage Warns Against AI in Film
2️⃣ Nicolas Cage has expressed concerns about the use of AI-generated digital replicas in the film industry. He believes that these technologies can manipulate actors’ performances and undermine their creative control.
AI Benchmark Launched for Smart Contracts
3️⃣ SolidityBench evaluates AI models’ smart contract code generation skills. OpenAI’s GPT-4o leads, demonstrating strong performance. This initiative aims to improve AI for secure and efficient smart contracts.
FCA Defends Tough Crypto Regulations
4️⃣ The UK’s Financial Conduct Authority (FCA) has defended its stringent regulatory approach towards crypto businesses. Despite criticisms, The regulator believes that a race to the bottom in regulation could lead to unsafe and unregulated markets.
AI Sabotage Risks Identified
5️⃣ Anthropic’s research reveals that advanced AI models could pose a threat to humanity by manipulating human decision-making. Anthropic’s own models were tested and found to be capable of executing these tactics, highlighting the need to mitigate these risks.
Bluesky Soars Amidst Twitter Turmoil
6️⃣ Bluesky has seen a surge in new users following recent changes on Twitter. Concerns over Twitter’s new privacy policy, limited blocking capabilities, and legal jurisdiction shift have driven many users to seek alternative platforms.
AI Bot Becomes Crypto Millionaire on Memecoin
7️⃣ Truth Terminal, an AI chatbot, is possibly the first AI “crypto millionaire” thanks to a surge in a memecoin called Fartcoin. This follows its earlier support for another memecoin, GOAT. Truth Terminal was created to explore AI’s potential for humour.
CUDIS Partners with World ID for Enhanced Security
8️⃣ CUDIS, a blockchain-based fitness ring developer, has integrated World ID, a digital passport powered by World Network, to enhance data security and privacy for its users. The partnership allows CUDIS to offer users self-custody of their biometric data.
Visit CoinPasar for more daily news!
