Author: The Block
Those are two words that can capture a trader’s attention in crypto. And when an anonymous account Tree of Alpha used those words to describe a possible exploit on Coinbase, it sent crypto Twitter into a tizzy about the extent to which Coinbase could be exploited. Ultimately, those words were accurate to describe what could have happened if Coinbase’s leadership did not identify and fix what Tree of Alpha found. In a blog post, Coinbase said that the problem was a bug in the new trading feature in limited beta availability. An exploiter, using two accounts, could manually modify their APIs connected…
A digital artist who goes by the name of Pplpleasr announced on February 18 at the Ethereum-focused conference ETHDenver that she is helping to launch a decentralized video platform called Shibuya. Pplpleasr is the NFT artist responsible for Fortune’s NFT cover as well as the decentralized art collection platform PleasrDAO, which is currently raising $69 million. According to a slide deck viewed by The Block, Pplpleasr’s latest project is a media platform she describes as a mix of Netflix, Vimeo and the crowdfunding platform Kickstarter — but with a decentralized spin. Shibuya will enable users to directly affect the platform’s content through the use…
A judge in the Southern District of New York has granted an application from the US Securities and Exchange Commission for an order requiring Terraform Labs to comply with investigative subpoenas. The SEC previously served Terraform CEO Do Kwon with a subpoena during a 2021 conference in New York City. The subpoena was part of an investigation into whether Terraform Labs had violated US securities laws with its Mirror Protocol, a platform which creates crypto assets for users to buy and sell popular stocks like Microsoft or Tesla. These stocks are normally sold on the NYSE, but with Mirror Protocol, users can buy them…
Zak Williams, son of the late actor Robin Williams, met NFT artist Jesus Martinez through a mutual friend at a Shabbat dinner in Los Angeles back in November. The two instantly hit it off. “We bonded over stories about our dads. He saw his father struggle with mental health, and I see my father struggle with that. So, we related to that and our similar childhoods,” said Martinez in an interview with The Block. They also bonded over NFTs. Over dinner, the two began to discuss ways they could connect mental health initiatives and NFTs to raise money. And they…
Helium has raised a $200 million Series D at a $1.2 billion valuation, according to Axios. Tiger Global and FTX Ventures have reportedly joined existing backers such as Khosla Ventures and Multicoin Capital. Previously, the company held a $111 million token sale led by Andreessen Horowitz (a16z). Helium is building a crypto-powered decentralized wireless network that provides bandwidth and collects data from internet of things devices. Owners of network hotspots receive Helium tokens, with the amount increasing the more the hotspot is used. Companies like scooter startup Lime and mousetrap company Victor use these devices to connect their products. This network has reportedly amassed over half…
Cynthia Lummis, US Senator from the Wyoming state, has suggested that the Federal Reserve should hold bitcoin on its balance sheet. Speaking on a panel hosted by the Orrin G. Hatch Foundation on Thursday, Lummis said, “I think it’s a great idea to be honest” for the Fed to buy bitcoin as it holds over $40 billion in foreign currency reserves. Lummis was replying to a question by the panel moderator Matt Sandgren, executive director of the Hatch Foundation, who hosted the panel on the future of the crypto economy. “Once there is a statutory and regulatory framework, that will make a lot…
Crypto exchange Kraken CEO Jesse Powell said today that any users concerned about governments seizing their crypto without judicial approval should take their funds off crypto exchanges — including his own. The comments were made in the context of the Canadian government freezing the bank accounts and crypto wallets of truckers protesting against Covid-19 rules — and even threatening to take their dogs under certain conditions. In response to a comment that crypto exchanges will likely freeze people’s crypto at the request of police, even without judicial consent, Powell agreed that such action was inevitable. “100% yes it has/will happen and 100% yes, we will be forced to…
Gary Gensler, chairman of the Securities and Exchange Commission, is continuing to pitch lawmakers on his vision for crypto oversight out of the public eye. Gensler addressed Democrats of the House Financial Services Committee on February 15. The call took place during an annual retreat for Democratic members and legislative staff. The Block obtained an agenda for the event as well as detailed notes from the discussion with Gensler that were prepared by an attendee. According to the notes, Gensler’s remarks focused heavily on crypto. He kicked off by comparing the spate of crypto advertisements during this month’s Super Bowl to the…
Universal Music Group (UMG) is working with Curio, an NFT platform for entertainment brands, to launch NFT projects from UMG’s record labels, operating companies and recording artists. The collaboration will also allow UMG to create and launch future NFT projects with its roster of artists and labels, providing greater “scalability and flexibility to issue authentic fan-oriented collectibles, carefully curated for each project,” according to a statement from the company. “UMG and our labels are focused on developing NFT projects that authentically engage and speak to our artists’ fanbases and new audiences,” said Michael Nash, Universal Music Group’s Executive Vice President, Digital Strategy, in…
Disney has hired tech executive Mike White to fill a new role coordinating the company’s metaverse efforts, according to a memo that CEO Bob Chapek sent to employees. White has worked at Disney for around 11 years according to his LinkedIn, and will be responsible for connecting the company’s “physical and digital worlds,” Chapek wrote in the memo, obtained by Variety. Previously, he’s held the title of SVP of consumer experiences and will now be the SVP of next generation storytelling and consumer experiences. The metaverse role will be added to his existing duties where he oversees teams developing digital experiences for…