Bitfinity Weekly: Surging Ahead
Welcome to Issue #128 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- This Week in our Discord
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Last Ditch Effort: James Howells, a British IT engineer, is suing Newport City Council for £495 million ($647 million USD) in a bid to recover a hard drive containing 7,500 Bitcoin. The Bitcoin, now worth around $500 million, was mistakenly thrown away during a cleanup in 2013. Howells has spent years attempting to get permission from the council to excavate the landfill where the hard drive is believed to be buried, but has consistently been denied due to environmental concerns.
AInfluencer: An AI bot named "Terminal of Truths", initially created as an experiment by Andy Ayrey (of Infinite Backrooms), is attracting attention from crypto traders after skyrocketing a memecoin called Goateseus Maximus. While the AI did not originally create the token, it has endorsed the coin by tweeting about it. "Terminal of Truths" also received a gift of $50k in Bitcoin from tech investor Marc Andreessen of A16Z, after pitching business ideas to the billionaire three months ago.
Out of the 'Hood: Popular American stock trading platform Robinhood is expanding its selections, this time with a significant crypto upgrade. The soon-to-be-launched desktop platform, called "Robinhood Legend", will introduce Bitcoin futures trading alongside the S7P 500 index, oil, and index options, among others. Robinhood Legend aims to attract more seasoned, active traders with advanced tools and a significantly larger offering that what Robinhood currently supports.
Surging Ahead: Vitalik Buterin recently shared his vision for the future of Ethereum on his blog, emphasizing the crucial role Layer-2 scaling solutions will play in boosting the network's TPS (transactions per second). The current Ethereum roadmap, part of the broader "Surge" initiative, focuses on reducing transaction fees as well as improving scalability issues. Buterin specifically highlighted the importance of rollups and other L2 technologies in making Ethereum more accessible to a broader user base.
This Week in our Blog
The more the merrier! This week's partnership article features industry trailblazers we are proud to be working with. Alongside our strategic partners, we hope to expand the scope and utility of Bitcoin for all:
Fred
This week in our Discord
Bit-fun : Come hang out for daily games like Royale Rumble and Gartic, fun competitions, and loads of community vibes! 🎮
Got some creativity to share? Drop your project memes, artwork, or even AI creations – earn Community Bits, level up, and snag awesome rewards along the way! 🎉
Announcements : Last weekend, we hosted a fun guessing activity to celebrate one month until TGE, where participants predicted which top exchanges will list the Bitfinity token. 🎉 Those who guessed 2 or 3 exchanges correctly will be rewarded when the official listings are revealed next month! 🔥
NFT Market Bytes
Free Falling: A group of investors has filed a lawsuit against contemporary art broker Eden Gallery and artist Gal Yosef, alleging that promises made during the sale of Meta Eagle Club NFTs were fraudulent. The collection, which raised approximately $13 million, was marketed with perks such as access to exclusive events, private jets, and a metaverse-based private club. However, the plaintiffs allege that very few of these perks materialized and that investors were led to believe the Eden Gallery team had more experience in blockchain development than they actually had.
Still Sailing: While a significant majority of the NFT market seems to have cooled off this week, Bored Ape Yacht Club made a splashy sale. Ape #7940 sold for a cool $1.43m, making news as one of the most notable sales in the Ethereum ecosystem this month so far.
Tweet of the Week
📢Important Update!#Bitcoin Runes bridge to Bitfinity is now available through @OmnityNetwork.🚀
— Bitfinity Network (@bitfinitynet) October 18, 2024
With this, you can bridge your #Runes to an EVM environment easily and more reliably thanks to underlying Chain Key tech.🌐
👉Want to try it out : https://t.co/oVrgCQTnmH pic.twitter.com/RuPEVmtV3K
Meme Time
A Matter of Opinion
This week’s legal battle between the SEC and market maker Cumberland DRW, should make other crypto firms sit up and take notice. The lawsuit accuses the firm of operating as an unregistered securities dealer, hardlining the fact that since 2018, Cumberland has traded more than $2 billion worth of crypto assets without required registration.
At its core, this case serves as a warning shot to the broader crypto trading ecosystem. For years, crypto companies have operated in a gray area, often chancing regulatory ambiguity. But as the industry matures and institutional adoption of digital assets increases, regulators like the SEC are rapidly tightening the reins. Cumberland DRW’s case is one of several recent examples where the SEC has sought to enforce securities laws in the crypto space, continuing a pattern of high-profile lawsuits against major players like Ripple and Binance.
This particular lawsuit focuses on Cumberland's role as a market maker, where it provides liquidity by trading on both its own behalf and for counterparties on third-party exchanges. The agency is seeking not just penalties but also disgorgement of purportedly ill-gotten gains, which could result in significant financial consequences for Cumberland and ripple throughout the entire DeFi landscape as a liquidity provider is effected.
Connect with Bitfinity Network
Bitfinity Wallet | Bitfinity Network | Twitter | Telegram | Discord | Github
*Important Disclaimer: The information provided on this website is for general informational purposes only and should not be considered financial or investment advice. While we strive for accuracy, Bitfinity makes no representations or warranties regarding the completeness, accuracy, or reliability of the content and is not responsible for any errors or omissions, or for any outcomes resulting from the use of this information. The content may include opinions and forward-looking statements that involve risks and uncertainties, and any reliance on this information is at your own risk.
External links are provided for convenience, and we recommend verifying information before taking any action. Bitfinity is not liable for any direct or indirect losses or damages arising from the use of this information.
Comments ()