What’s Happening In Web3 And AI In 1 Minute (7 Oct)

CoinPasar
4 min readOct 6, 2024

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

Web3

Telegram to Offer NFT Conversion for Gifts

1️⃣ Telegram is adding the ability to convert its animated Gifts into NFTs. This feature will allow users to trade and auction their NFTs outside of Telegram. The platform’s in-app currency, Stars, can also be used to support creators.

LEGO Website Hacked with Fake Crypto Scam

2️⃣ LEGO’s website was hacked recently, displaying a fake cryptocurrency scam which promised secret rewards. LEGO says the issue has been resolved 75 minutes after the post went up, and no user accounts were compromised.

Buterin Supports Tornado Cash Developer

3️⃣ Vitalik Buterin has made another donation to the legal defence fund of Roman Storm, the Tornado Cash developer facing legal charges. The case sparked widespread support from the crypto community, highlighting concerns about prosecuting open-source software developers.

Bitcoin ETFs End Week with Net Outflows

4️⃣ US-based spot bitcoin ETFs experienced a modest daily inflow of $25.6 million on Friday. However, the funds ended the week with a net outflow, reflecting a decline in overall investor sentiment.

Coinbase Cites SEC Appeal to Reconsider Review

5️⃣ Coinbase’s lawyers are urging a judge to reconsider their request for an interlocutory appeal in the SEC lawsuit. They point to the SEC’s recent appeal in the Ripple case as evidence that the Howey Test used to classify securities is ambiguous.

Binance Challenges Israeli Military’s Wallet Freeze Requests

6️⃣ Binance has revealed that it does not blindly comply with requests from the Israeli military to freeze crypto wallets. The exchange conducts its own investigations to assess whether wallets are linked to illicit activities, ensuring that Binance protects their users’ rights.

Crypto Will Benefit Regardless of U.S. Outcome

7️⃣ While experts from the crypto and tradfi space hold different opinions on how the U.S. elections will benefit the crypto industry, most agree that the industry will benefit nonetheless. The only difference is that a Trump win may boost altcoins, while a Kamala win may boost BTC more.

EigenLayer Reassures Community After Hack

8️⃣ EigenLayer has assured its community that the protocol is secure following an incident where $5.7 million worth of tokens were stolen. The team confirmed that the theft was due to a hack that compromised an investor’s email and resulted in unauthorized token transfers.

AI

Hallucinations Amongst AI Chatbots Increase Over Time

1️⃣ A recent study suggests that larger and more advanced AI models may be prone to making more mistakes. These AI hallucinations are self-reinforcing and can lead to inaccurate responses, plus the problem persists, especially in popular AI models.

Meta Creates Video AI With Its Movie Gen

2️⃣ Meta has unveiled Movie Gen, an AI model capable of generating photorealistic movies with sound effects and music. While still in development, Movie Gen demonstrates impressive capabilities in creating short films based on text prompts or modifying existing footage.

Overzealous AI Highlights Effect of Unintended Results

3️⃣ An AI assistant went rogue after being instructed to access a desktop. The AI began making changes to the system, leading to a system crash. The issue of an AI eager to please has researchers concerned, since the model is willing to modify its own code to pursue the given goal.

AI Speeds Up Malware Development

4️⃣ Researchers discovered malware using generative AI for the first time. This new technique injects AI-written code into existing malware, potentially accelerating attack development and making it easier for less skilled attackers.

Deepfake Audio Causes Racial Divide in Baltimore

5️⃣ A deepfake audio depicting a school principal uttering racial slurs left a negative impact on the community and the individual. It was uncovered to be created by the school’s athletics director, but the anger felt by the community remained despite them knowing it was a fake audio.

Godmother of AI Confused by AGI

6️⃣ Fei-Fei Li, also known as the Godmother of AI for creating the first AI training dataset and previously served as Googles Chief Scientist on AI and Machine Learning, is unsure what to make of AGI, preferring the evidence-based method of developing AI instead.

Foxconn Revenue Soars on AI Demand

7️⃣ Foxconn has reported record revenue for the third quarter of 2024, driven by strong demand for AI servers and increased iPhone production. The company’s partnerships with AI chip manufacturers like Nvidia have contributed significantly to its growth.

Indonesia Prepares to Regulate AI

8️⃣ Indonesia is developing regulations to guide the use of AI in the country, with regulations aimed at ensuring ethical and secure AI development while prioritising human control and involvement. The proposed rules are currently being reviewed to establish clear guidelines.

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