Author: Caitlin Carey

Caitlin is a crypto evangelist with a deep curiosity and passion for learning and writing about everything to do with cryptocurrency. She has a background as a performing artist and songwriter and is a digital media enthusiast, with a bachelor degree in Multimedia.

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Crypto News Ethereum NFTs

Australian Koalas on ‘Top Secret Missions’ Set for NFT Debut

Move over Pudgy Penguins, the Koala Intelligence Agency (KIA) is coming through on a mission to raise some ETH.

The Koala Intelligence Agency is a cute collection of 10,000 unique Koala NFTs. Launch day is August 23, at 18:30 EST: the countdown has begun, minus six days and counting.

No fewer than 100 koalas on “special force top secret missions” will be gifted or “deployed” through the project’s Discord community. Among these are five “secret agents”. Users can recruit (mint) up to 15 koalas per transaction. Floor price for a koala NFT is 0.05 ETH (about US$150), and full commercial rights and ownership of recruited koalas will belong to the NFT owner.

Recruitment Perks

Each koala has a unique entry code, enabling every central intelligence officer (KIA NFT owner) access to KoalaHQ (a members-only club of crypto-koalas sharing top secret underground crypto information). The Private Koala Network will offer a “regulated undercover Discord channel, available for central intelligence officers to share intel and debrief accordingly“.

To add further intrigue, the project will discharge Geocache Challenges – where “stealthily located crates will be planted in real life, the locator will receive a hidden prize”, including but not limited to ETH and NFTs – and Experimental Projects, involving “future missions” that will come to light including “top secret experimental opportunities for koalas”.

Koalas are fully trained and prepared to deploy. They are masters of disguise, sifting their way through the general public without a shred of evidence left behind.

koalaintelligence.agency

If you know anything about marketing and NFTs, a creative backstory combined with a well-executed PR campaign and strong online network of social media followers will help get you off the tarmac. Throw in a splash of philanthropy and you’ve got yourself a winner.

Conservation Component

Following the launch of the final phase of KIA’s strategic plan, Koala Academy, a donation of 12 ETH has been promised to the Australian Koala Foundation. At current prices, that’s worth around A$50,000 – not a huge amount compared to other NFT drops that raised over US$1 million on launch.

Any finer details about the KIA project are strictly top secret, lending an element of mystery to what else is to come. Other than the big launch, the roadmap on KIA’s website lacks any actual dates or further information, so stay tuned.

The “NFT Summer” remains hotter than ever. Statistics from OpenSea show Ethereum’s NFT marketplace raking in record amounts of monthly and daily transactional volume. If you want to find and surf the next big NFT wave, start by learning from the best in the game. Two influencers who keep close eyes on all things relating to NFTs are @elliotrades and @ZssBecker.

Categories
Crypto News Cryptocurrencies Ethereum Scams

USB Stick With Ethereum Worth $9.5 Million Seized by UK Police

A bold scam has been foiled with the arrest of two shysters who ran a dodgy website and managed to con millions of dollars from victims around the world before trying to run off with the money in classic rug-pull style.

Thanks to the Economic Crime Unit of the Greater Manchester Police in the UK, a 23-year-old man and a 25-year-old woman were tracked down and arrested for fraud and money laundering. Police also confiscated a USB stick containing US$9.5 million worth of Ethereum. A few days later policed located a cryptograph safety deposit box and the code to access it, confiscating a further $12.7 million. In total, $22.25 million was seized from the scammers.

Some Victims Lost Their Life Savings

The scam fooled investors to believe that they were depositing their money into an online saving and trading service using Binance Smart Chain. The criminals targeted people from the UK, US, Europe, China, Australia and Hong Kong. After collecting a small fortune, which included the life savings of some victims, the scammers swiftly shut down the website and transferred the money to their own accounts. Police are now attempting to contact victims and return the stolen funds.

Scams are ever-present in the crypto landscape and opportunistic criminals are rife. Buyers beware: always do your homework when investing online and make sure to minimise the risk of being scammed by only investing in projects that are safe and reputable. For more, read the Crypto News Australia guide on how to avoid crypto scams.

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Crypto News Ethereum

ETH Up 18% After Burning $100 Million in Fees Since EIP-1559

The London upgrade is now one week past and ETH holders are all standing around the bonfire with bags full … let the burn begin!

According to watchtheburn.com – a website dedicated to tracking Ethereum burns in real time – over 36,216 of ETH and counting has now been burned since the rollout of EIP-1559 on August 4. The new protocol changes will see the biggest blockchain in DeFi and NFTs become deflationary.

Since ETH is being burned on every transaction, fees previously paid to miners are now being destroyed, reducing the circulating supply and thus driving up the price. The EIP-1559 “Ethereum Improvement Proposal” altered the transaction fee structure for the network – instead of fees going directly to the miners that process and validate transactions, a base fee now goes to the network and is burned.

The upgrade has also doubled the maximum Ethereum block size, accommodating transactions that can contain up to 30 million in gas (the previous limit was 15 million). This is designed to help with periods of high demand.

watchtheburn.com

Since the London hard fork, over US$100 million in ETH has been taken out of circulation and has seen the price of ETH increase from US$2,725 to around US$3,200.

Thanks to the mania surrounding NFTs of late, over 10 percent of the burned fees have come via transactions on NFT marketplace OpenSea. Who’s to know if the increase of ETH’s price is actually due to the London upgrade, since the market has recently seen a return to the upside across the board?

Regardless, sentiment on Twitter is largely bullish:

For more information, Crypto News Australia recently covered everything you need to know about the London hard fork.

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Crypto News DeFi Hackers

Poly Network Attack Update: Hacker Returns $477 Million in Stolen Crypto

Following the biggest hack in DeFi history, the Poly Network Hacker has already begun returning most of the seized funds, referring to the exploit as “one of the best moments” in his life.

For those who do not understand the motivation behind a white-hat hack attack, it’s important to point out why the crypto space cannot progress without them. They actually help the space evolve. It seems the point of the “attack” on the Poly Network was not to steal everyone’s money, but to expose serious security weaknesses in the company’s code and thus “save the world”. As the hacker explained:

When spotting the bug, I had a mixed feeling. Ask yourself what to do if you were facing such a fortune? Asking the project team nicely so that they can fix it? Anyone could be the traitor given one billion! I can trust nobody! The only solution I can come up with is saving it in a trusted account while keeping myself anonymous and safe.

“The Hacker”

The Thrill of Cracking the Code

White-hat hackers are driven more by ego than anything else and live for the thrill of cracking the code. Hacking is no easy task. It requires a lot of brainpower and hours and hours of beta testing, probing highly sophisticated networks and finding holes.

Unfortunately, in the unregulated playground of decentralised finance, hackers are forced to break the law to perform their services. They bring a high level of personal risk to themselves, facing criminal charges if caught. Their role is to help correct fundamental flaws in code that needs to be absolutely bulletproof, especially when the managed funds of billions of dollars of everyday crypto investors’ money is at stake.

The more-than US$600 million seized in the Poly Network hack represents a record amount in DeFi history. It was said by the hacker that he could have taken over a billion if he’d have gone for the shitcoins, but thoughtfully didn’t because he did not want to disrupt the price action of these fragile low-market-cap tokens. Instead he went for ETH, WETH, WBTC, UNI, RenBTC, USDT, USDC, DAI, SHIB, FEI, BNB and various other BEP-20 tokens.

The Poly Network hack has gained worldwide recognition, not only from the crypto community but also mainstream news outlets. The hacker left notes on the blockchain in messages attached to transactions, providing some entertaining reading and becoming the talk of the town on Twitter. The hacker even conducted a little Q&A session with himself and posted it for all to read, explaining why he was compelled to carry out the hack.

It should be a relief for the Poly Network team that most of its liquidity has now been restored. It could have been much worse in the event of a black hacker attack.

Kelvin Fichter (an Ethereum programmer) tweeted a breakdown of how the exploit worked. In his own words, “pretty genius”.

Categories
Blockchain Crypto News NFTs

Could NFTs Help with Wildlife Conservation?

The endangered Seychelles magpie robin is now available to purchase in digital form in a series of collectible NFTs, sales of which will help fund the rare bird’s conservation efforts.

The magpie robin NFT set is the first in a series of Digital Species Collectibles. There are a total of 59 unique bird NFTs that each represent one of the 59 protected Seychelles magpie robins living on Cousin Island Special Reserve. There are only about 460 of these birds left in the wild, inhabiting the Seychelles islands of Fregate, Cousin, Cousine, Denis and Aride.

A variety of different industries are now incorporating the sale of NFTs to boost their fundraising efforts and raise awareness about important issues. With the help of NFTs, wildlife conservation efforts such as the magpie robin project will benefit from the additional revenue raised outside traditional funding methods.

As traditional sources of funding have dried up, we need innovative ways to support long-term programs that are the backbone of successful conservation. This is just the beginning of experiments to find new income streams.


Dr Nirmal Shah, CEO, Nature Seychelles

Environmental organisation Nature Seychelles has partnered with the International Union for Conservation of Nature (a marketplace where nature conservation meets fintech) and Swiss charity Porini Foundation (which helps environment and nature-focused organisations utilise blockchain technology) to launch the world’s first Non-Fungible Token for Conservation (NFTC) for the magpie robin NFT project.

Tagged Seychelles Magpie Robin

All proceeds from the initial sale of magpie robin NFTs will go directly to Nature Seychelles to fund the care and survival of the threatened bird. As magpie robin NFTs are bought and sold, additional income will be generated for this and other nature and wildlife conservation projects.

To support the #NatureCollectibles project and own one of the world’s first Digital Nature Collectibles, visit the Porni Foundation shop on Shopify.

Categories
Crime Crypto News

Flashy Instagram Crypto Trader Shot Dead in Porsche

Brazilian crypto trader Wesley Pessano Santarem was shot dead in broad daylight on August 4 when a hail of bullets sprayed his red Porsche as he drove through the city of Sao Pedro da Aldeia on his way to get a haircut.

Police said Santarem was hit by at least four bullets, including a fatal shot to his head. An unnamed friend of his travelling in the passenger seat of the Porsche at the time of the shooting was also injured. 

Santarem, who was just 19, was an “Insta-bragging” trader who flaunted his wealth on his Instagram page, often posting photographs of himself and his expensive car, with rolls of cash in hand. It seems he was targeted because of this, as other young crypto traders (Kieren Hamilton, from Manchester, UK, for example) have also been the victims of violent crime.

Wesley Pessano Santarem and his red Porsche. Source: Instagram

Santarem had 133,000 followers on Instagram, plus a YouTube channel with 15,600 subscribers to whom he gave trading tips.

“Finfluencers”, or social media influencers who give financial advice, with the disclaimer #notfinancialadvice, to their followers are on the rise. The penalty for giving unlicensed advice in Australia is up to five years’ imprisonment and/or a fine of up to A$133,200 for an individual and 10 times that for businesses.

However, international finfluencers based overseas are not subject to Australian laws. Just last month, ASIC cautioned new and young investors about the risks of taking advice from finfluencers. And a report from the Australian Competition and Consumer Commission published in June revealed Australians lost A$26.5 million in bitcoin to scams in 2020, adding that scammers are now commonly receiving money from victims via crypto.

Categories
Crypto News Ethereum NFTs

NFT Mania Continues as Someone Buys an NFT Pet Rock for $103k

In the latest EtherRock NFT drop, a simple grey and black digital illustration of a “pet rock” has sold for over US$100,000.

EtherRock #33 is one out of a collection of 100 digital rock NFTs, but it isn’t just any rock. EtherRocks is a project that was launched just after CryptoPunks NFTs in 2017.

The EtherRock series is a collection of the first NFTs created and minted on the Ethereum blockchain, making them highly sought-after because of their crypto pedigree. The number one piece from the series, rock ID #0, has an asking price of 1000 ETH (a cool US$3 million).

Is NFT Mania Out of Hand?

Have people gone mad, or will these NFTs hold their value and stand the test of time? These virtual rocks serve no purpose beyond being able to be bought and sold, giving each owner little more than a sense of pride in being the owner of one of 100 rocks in existence.

All 100 out of 100 EtherRocks have been sold. The only way now to own an EtherRock is to buy it from an existing owner, when and if one is listed for sale.

Last week, Crypto News Australia reported the auction sale of the Steve Jobs’ Job Application, where the real-world piece sold for 15 times more than its NFT asset. The difference with high-calibre NFTs such as those derived from the EtherRock series is that these particular NFTs are priced on the perceived collectible value they hold. This is because they date back to the days when NFT mania was new. There is no real-world physical asset sold with these NFTs, just the status of owning a rare digital collectible.

Categories
Bitcoin Blockchain Crypto News

Tracking Sperm on Blockchain Now Possible via Eggschain

Eggschain, a startup based in Austin, Texas in the US, is about to revolutionise the reproduction industry. Founder and CEO Wei Escala says the company is building a supply chain solution on the blockchain to assist the process of in vitro fertilisation (IVF).

Eggschain is a DApp built on the Stacks blockchain, which allows people to build decentralised applications for Bitcoin. The Stacks proof-of-transfer (PoX) model also enables smart contracts and digital assets to be settled and verified on Bitcoin blocks.

Why Does IVF Need Blockchain?

By making sperm donations and embryo implantations available through registration on the blockchain, selection will be facilitated for clients across various jurisdictions. Patients’ data will be protected from human error or loss of information, and it will also ensure the system is more transparent.

Information collection on donors is extensive: data on subjects such as hereditary diseases, education level, hobbies, career paths and physical attributes all need to be recorded and kept. Through the use of smart contracts, Eggschain can store all of this data and attach it to each supplied sperm sample stored on the blockchain as an indelible, permanent record, making the selection of sperm a much easier experience.

Escala stresses that Eggschain, as it functions with Stacks, cannot be “backtracked” in such a way that the “family tree” can be traced. “When your sperm is donated, that is a transaction that gets hashed onto the blockchain with an indelible time stamp,” she says. Further transactions take place “when the sperm is implanted into a woman or into an egg”.

Just because someone received your donated sperm, it doesn’t give them the authority to read through your life – it is almost an invasion of your privacy.

Wei Escala, CEO, Eggschain

Patent Secured for Tracking Genetics on Blockchain

Eggschain has announced its patented solution for tracing the storage and transfer of blood, genome, tissues, organs, DNA, RNA, sperm, eggs, embryos and other biospecimens.

The Eggschain universal tracing and tracking platform will improve the supply chain process for medical professionals accessing information from initial donation through to testing and transfer, and deliver peace of mind for individuals and families undergoing IVF.

Blockchain technology for record-keeping is being implemented by other industries around the world. Earlier this year, Crypto News Australia reported on a collaboration between the Israeli Cotton Board and an Australian blockchain authentication platform, Security Matters, to trial the traceability of both organic and conventional cotton produced in the country.

Categories
Crypto News Ethereum NFTs

Mistake Sees $69,000 CryptoPunk NFT Sold for Under 1 Cent

CryptoPunk 3860 is a male with distinctive features: cigarette, big shades, shadow beard and mohawk. The previous owner paid US$69,369 on July 29 before the NFT collectible was snapped up for less than one cent on August 4 and immediately flipped for $136,675.

According to blockchain data, new owner fazebank.eth paid 22 ETH (US$57,000) to ensure he won the sale.

larvalabs.com/cryptopunks Punk #3860

What Happened?

According to Jonathan Clark, co-founder of DeFi platform Float Capital, the owner intended to sell the punk in a whitelisted sale but accidentally made it available on the open market, meaning anybody watching the market closely could see the listing go live and snipe the sale. 

CryptoPunks – Some of the Most Valuable NFTs

The CryptoPunks project, developed by American studio Larva Labs,  has inspired the modern CryptoArt NFT movement and propelled punk-fever bidding wars – seeing the sale price for some skyrocket into the millions. In June, a whopping US$11.8 million – a new world record price – was paid for one CryptoPunk at a Sotheby’s auction in London.

CryptoPunks

Total Value of All Sales (Lifetime)
278.46KΞ ($745.58M)

CryptoPunks are a collection of 10,000 NFTs. Each punk is unique and its value is based on the rareness of its features. These pixelated faces of humans, apes, zombies and aliens have become a highly sought-after commodity among members of the crypto community who sport them as their online avatars.

New Owner Has a Set of 10

fazebanks.eth

The new owner of Punk 3860 now has a total of 10 CryptoPunks in his collection.

Categories
Blockchain Crypto News NFTs

ERN Token Surges 45% Amid Launch of Messi Football NFT Collection

Lionel Messi, arguably the world’s greatest footballer, if not of all time, is entering the world of NFTs according to a recent announcement via Instagram. An NFT collection dubbed “The Messiverse” will be available from 21:00 UTC August 20 on blockchain platform Ethernity Chain (ERN).

ERN Skyrockets on the News

Following the announcement, the native token of Ethernity Chain climbed over 45 percent within 24 hours.

Ethernity Chain is not unfamiliar with such dramatic price surges. The token was worth US$74 back in March 2021, however at the time of publication was around US$11, a significant margin off its 2021 high.

What’s Included?

Ethernity Chain has previously dabbled with football NFTs, dropping a collection last month to celebrate Argentina’s Copa America victory over Brazil. Naturally, captain Lionel Messi was one of the featured collectibles available for auction.

“The Messiverse” consists of four artworks – three by Australian artist Bosslogic, and one by an artist known only as Impossible Brief.

Source: Ethernity Twitter profile

The NFTs included are:

  • “Man From the Future” by Bosslogic
  • “Worth the Weight” by Bosslogic
  • “The King Piece” by Bosslogic
  • Untitled by Impossible Brief

At this stage, little is known of the specific details of each piece, except that they are likely to have a futuristic tone. No doubt football fanatics around the globe will be the first to sign up and be notified of the NFT drop.

NFTs and Sports – Here to Stay?

NFTs are becoming increasingly interwoven with sports, as reported earlier this year by Crypto News Australia. From the NBA to the NFL to cricket, all manner of sporting codes are getting in on the act. Will this trend continue or are we in a NFT bubble about to burst? Time will tell.