Here’s what’s happening in Web3 and AI at a glance.
Web3
WazirX Allows Partial Rupee Withdrawals
1️⃣ After a hack that affected the exchange, WazirX is gradually allowing users to withdraw a portion of their funds from the platform. Beginning August 26, users can withdraw up to 50% of their INR balance. A portion of users’ funds will remain locked for investigation.
Bitcoin Price Could Reach $68K
2️⃣ Crypto traders are optimistic about Bitcoin’s potential to reach $68K after breaking the $64K milestone. Positive comments from the Federal Reserve Chair have also boosted investor confidence, although traders caution about significant price movements and advise monitoring the RSI.
Polygon Discord Channel Compromised
3️⃣ Polygon’s Discord server was recently breached, exposing users to scammers and raising security concerns. The hackers exploited the platform to post scam links and impersonated support staff, leading to users losing their assets while highlighting the vulnerability of Discord servers in the crypto space.
PayPal and Anchorage Offer Stablecoin Rewards
4️⃣ PayPal and Anchorage Digital have launched a new stablecoin rewards program, allowing users holding PYUSD in Anchorage’s self-custody wallet to earn yield on their tokens. The programme is designed to attract institutional clients and promote the adoption of PYUSD.
Nigeria Seeks Balance in Crypto Regulation
5️⃣ Nigeria’s crypto industry is calling for a regulatory framework focused on compliance instead of a total ban. Stakeholders believe that a balanced approach prioritising fines over arrests would foster growth and innovation.
Telegram Founder Detained in France
6️⃣ Telegram CEO Pavel Durov was arrested in France after landing in his private jet and is facing allegations of fraud and organised crime. The investigation is centred on Telegram’s lack of content moderation, but the TON blockchain protocol is unaffected by the turn of events.
Thailand Raids Illegal Bitcoin Mining
7️⃣ Thai authorities have raided an illegal Bitcoin mining operation in Ratchaburi. The operation was suspected of causing widespread power outages in the area, and authorities discovered Bitcoin mining equipment and evidence of power theft.
Kennedy Shifts Efforts to Support Trump
8️⃣ Crypto-friendly presidential candidate Robert F. Kennedy Jr. has pivoted his efforts from his own candidate campaign to support Trump. Both candidates have expressed overt support for the crypto industry, and Trump has endorsed a project that pushes for DeFi.
AI
EU’s AI Regulations Stifle Innovation
1️⃣ Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek criticised the EU’s AI regulations as being fragmented and hindering innovation. The duo instead advocated for open-source AI and consistent GDPR enforcement to foster a competitive AI ecosystem in Europe.
VR for Mental Health A Promising Frontier
2️⃣ Virtual reality has shown promise in treating mental health conditions, with companies like Tripp and Liminal VR developing immersive experiences to address anxiety, PTSD, and other issues. The companies also tap into GenAI to create unique approaches to therapy.
Vitalik Buterin Focuses on AI Safety
3️⃣ Ethereum co-founder Vitalik Buterin highlighted the network’s strong fundamentals and unveiled plans for a defensive acceleration-themed AI event at the upcoming Devcon. He also emphasised a cautious approach to AI development, focusing on safety and decentralisation.
Perplexity AI Plans to Introduce Ads
4️⃣ Perplexity AI, a generative AI search engine, plans to integrate ads into their platform. This move aims to generate additional revenue but could face challenges in attracting and retaining users, but the decision has drawn criticism from others in the AI space.
Meta’s Metaverse Headset Hits Roadblock
5️⃣ Meta has scrapped plans for a next-gen VR headset after experiencing a lack of consumer interest. The company’s focus on building the hardware needed, and not apps that incentivise using the headset, has exposed the company’s failed strategy of a “build it and they will come” approach.
Anthropic Supports California AI Bill
6️⃣ Anthropic has indicated its support for California’s AI safety bill, SB 1047, also known as the kill switch bill. The bill aims to regulate advanced AI models, requiring safety protocols and kill switches. The company also pointed out doubts about certain provisions and seeks clarifications.
China Bypasses US Embargo on AI Chips
7️⃣ Chinese-affiliated entities have been found to be using US cloud services to access restricted AI chips. Despite efforts by the US to limit technology exports, China has found ways to obtain advanced chips for AI development.
AI Could Replace Human Coders
8️⃣ The CEO of Amazon Web Services has predicted that AI will significantly reduce human coding in the future. While some see this as a positive development, others expressed concerns about job displacement. The transition will require significant workforce reskilling and adaptation.
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