Table of Contents
Bitcoin News: 2nd October 2021
- Anonymous Whales and Top Crypto Exchanges Transfer $706 Million in Ethereum
- The Kobe Bryant Inspired-NFT Collection will be released by the KB24 Project.
- At least 6,000 Coinbase accounts have been hacked.
- The third-largest bank in France enters the DeFi market and submits a proposal to MakerDAO.
- This 12-year-NFT old’s collection generated $5 million in record time.
WHALES TRANSFER $706 MILLION IN ETHEREUM
According to data given by Whale Alert DLT Detective, major crypto whales and leading digital exchanges have completed about 10 transactions in the last twenty hours, transporting a total of $706 million in Ethereum. Overall, 214,861 Ethereum was moved with the help of unidentified big Ether holders (also known as whales) and major crypto exchanges including Gemini, Binance, and Kucoin. Between 51,300 and 42,859 ETH ($169,000,000 and $146,000,000) were transferred in the largest transactions.
Nick Tamaino, the founder and CEO of the 1confirmation venture fund, which is backed by billionaires like Mark Cuban and Peter Thiel, revealed on Friday that nearly $1.35 billion worth of Ethereum (409,764 ETH) was destroyed in the third quarter of 2021.
THE KOBE BRYANT INSPIRED-NFT COLLECTION
The KB24 NFT project has disclosed the official debut date for its NFT cart collection, which is inspired by the late NBA legend, and Kobe Bryant’s legacy is poised to live on in a digital form. The collection is set to debut on October 8th, according to the press release.
Nerlens Noel, Dwight Howard, Metta World Peace, and Kenny Smith are among the NBA players who have lent their support to the initiative. Dwight Howard of the Los Angeles Lakers commented on the happenings, saying,
“I am amazed at how fast the KB24 community has grown in such a short amount of time. I’m excited to engage more in the NFT space, and this is a movement that carries great significance in the art world.
The KB24 project consists of a collection of 10,000 algorithmically produced NFTs that are stored on the blockchain. Each NFT in the collection has its own set of characteristics, which are grouped into eight groups.
Each NFT would have a starting value of 0.08 ETH ($250), with newly created NFTs costing the same as their NFT rate. The initiative would have made $2.5 million if all 10,000 NFTs were sold on the first day.
NFT developers will additionally get royalties from each sale and subsequent resales. A 10% fee will be collected and contributed to the Mamba and Mambacita Foundation with each sale of a KB24 NFT. Over $50 million in royalties is projected to be generated by the NFT project, which will be donated to the foundation.
6,000 COINBASE ACCOUNTS HAVE BEEN HACKED
This week, Coinbase issued a breach notification letter, stating that hackers had accessed at least 6,000 customer accounts. According to the exchange, the breach occurred between March and May of this year.
Unauthorized third parties used Coinbase’s SMS account recovery procedure to move customer money to accounts outside of Coinbase, according to the letter. However, the business stated that such third parties would require email addresses, passwords, and phone numbers, as well as email access, in order to do so.
Coinbase thinks that users were the victims of a phishing attempt, or something similar, in order for their information to be disclosed, and that there was no indication that the data was stolen directly from Coinbase. After Coinbase uncovered the problem, the exchange changed its account recovery methods for SMS.
The letter concludes by stating that some accounts have already been paid and that all accounts would be completely compensated for any losses. The letter was also published on the website of the California Attorney General.
A BANK IN FRANCE ENTERS THE DEFI MARKET
This week, the French bank filed a proposal to MakerDAO, requesting that it accept on-chain bond tokens created by the bank as collateral for a stablecoin DAI loan. The loan, which was arranged by various legal companies and other third parties, is worth around $20 million in DAI. This might be one of the most significant moves toward institutionalising Decentralized Finance.
The application was made by Société Générale-Forge, a regulated subsidiary of the bank that specialises in digital assets.
For some years, Société Générale-Forge has been experimenting with blockchain and blockchain assets, and in 2019 it released bond-backed tokens on Ethereum.
The loan would serve as a “pilot use case,” according to Société Générale-application Forge’s to MakerDAO, with one of the project’s aims being to assist design and promote an experiment under France’s legal framework.
SocGen’s tokens were first released in 2020, with a fixed rate of 0% and a maturity date of 2025. Moody’s and Fitch have given them a AAA rating, and French law recognises both the bond tokens and the DAI.
Sebastien Derivaux, the leader of MakerDAO’s Real World Finance Unit, responded to the idea by saying that it “doesn’t have a fair risk/reward” and that it would take a significant amount of development resources to pass. He did, however, highlight the proposal’s ancillary benefits, particularly the proposal’s legal design, which allows it to accept other bank bonds.
12-YEAR OLD’S NFTs SELLS FOR $5 MILLION
The non-fungible tokens (NFT) area has attracted a sizable portion of the worldwide developer community, including 12-year-old children. Benyamin Ahmed, a 12-year-old coder, recently joined Boring Banas Co.’s development team to create the Non-fungible Heroes NFT collection (NFH).
According to Dune Analytics, the whole collection of 8,888 comic book-like characters sold out in only 12 minutes for a record $5 million. Heroes, villains, and gods each have their own tales in the NFT collection for NFH.
“It was a crazy adrenaline rush. You really never know how popular your product is until you let the public at it,” Ahmed told.
These characters were created by Disney, Marvel, and Nickelodeon artists, and they are now part of the Non-fungible Heroes Team (NFH). Ahmed’s partnership with Boring Banas comes after he had early success with NFTs, earning $400,000 in just two months with two NFT projects. The Weird Whales was one of the initiatives. Ahmed expressed his thoughts as follows:
“The Weird Whales community has taught me a lot about what works and doesn’t work, and so I brought the experiences I had there with me.”
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Read Yesterday’s news here.