Last Week’s Cryptocurrency News. Friday, October 28


Friday, 28th of October. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

Binance CEO reports progress in the search for the BSC Token Hub hacker

The crypto exchange is ‘narrowing down’ to revealing the identity of the hacker responsible for hacking the BSC Token Hub crosschain bridge. Changpeng Zhao, the company’s CEO, told CNBC.

According to him, the platform team “narrowed down” those behind the attack after communicating with the authorities.

“Actually, in this particular instant, law enforcement gave us some tips of who they think it might be. So we’re actually narrowing down,” Zhao says.

The chairman of the exchange explained that cooperation with law enforcement is one of the ways to “make the space safe”.

As you may remember, the developers suspended BNB Chain on October 6 amid the hacking of the BSC Token Hub. The unidentified suspect managed to withdraw only $100 million of the stolen funds. The network operation was later restored.

So the team called for a community vote on the way forward in the aftermath of the incident.

On Oct. 12, BNB Chain developers unveiled a hardfork aimed at rebuilding the cross-chain infrastructure between both the BNB Beacon Chain and Smart Chain.

Apple limits in-app use of NFTs

Tech giant Apple has obliged app developers to avoid taking advantage of NFTs, since they do not allow charging transaction fees (up to 30%).

The restrictions are echoed in Apple’s policy update.

The ban affected non-fungible tokens, whether in the form of “buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

According to the update, apps can “use in-app purchase to  sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. However, the employment of non-fungible tokens to unlock “additional features” is prohibited.

Basically, Apple’s policy implies that users are strongly advised not to do anything other than use apps like OpenSea and Magic Eden to browse NFT. If the user is willing to buy or sell NFTs, they can do it far cheaper on the marketplace.

Back in September, Apple approved the sale of NFTs within apps available on the App Store, the media reported.

Shutterstock to sell AI-generated Images

Shutterstock is teaming up with OpenAI’s AI lab to offer stock images generated by the DALL-E 2 system.

You can create a picture right in the platform. No information about the cost of the AI-generated work has been disclosed.

Shutterstock will also launch the Contributor Fund. It is intended to reimburse artists whose work was used to train an AI model.

Transfer of funds will take place once every six months. The amount of compensation will be announced when Shutterstock integrates the tool.

Stock photography will also forbid the sale of images created by any other text-based generators.

“We recognize that it is our great responsibility to embrace this evolution and to ensure that the generative technology that drives innovation is grounded in ethical practices.,” commented Shutterstock CEO Paul Hennessey.

OpenAI head Sam Altman claimed that artificial intelligence is rapidly becoming an indispensable part of artists’ creativity and workflows.

DALL-E 2 integration into the image bank is scheduled to launch “in the coming months.”

Shutterstock and OpenAI have been collaborating since 2021. Image bank used to sell images and metadata to the AI lab to help create DALL-E.

Prior to that, Shutterstock began removing images created by AI. At the time, the company provided no comment, despite the fact that the user agreement did not prohibit the posting of such content.

Recall that in September Getty Images barred the posting of AI-generated content on the platform. The organization attributed this to the risks associated with copyright infringement.

This month, OpenAI revealed DALL-E 2 to everyone without a waiting list.

UK to equate crypto to financial instruments

On October 25, the House of Commons (the lower house of Parliament) upheld amendments to the Financial Services and Markets Bill. Specifically, the proposed changes include digital assets in regulated financial services.

MP Andrew Griffith pointed out that the innovation would allow the Treasury to respond quickly to industry developments and provide a “flexible” approach to oversight.

“The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time,” Griffith said to Coindesk.

One paragraph of the document clarifies that crypto-assets may be subject to existing provisions of the Financial Services and Markets Act of 2000. The amendments also deal with the companies registered in Great Britain.

“The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits and risks posed by crypto activities,” MP said.

The term DSA expanded to include stablecoins, “given their potential to become a widely accepted means of payment.”

The Financial Services and Markets Bill was tabled in the U.K. Parliament in July.

Earlier, Bank of England Deputy Governor John Cunliffe proposed to regulate crypto similar to traditional finance.

It should be mentioned that as of October 25, Rishi Sunak, former head of the Treasury and supporter of digital assets, became the new Prime Minister of Great Britain.

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