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Blockchain Crypto Art NFTs

Playboy Set to Release NFTs on the ‘Art of Gender and Sexuality’

The latest brand to jump aboard a non-fungible token bandwagon already groaning under the weight of art, music, gaming, beverages and sports collectibles is soft-core porn publishing pioneer Playboy, which is inviting submissions for its first NFT exhibition next month.

In partnership with Sevens Foundation, a non-profit that helps digital artists create and exhibit NFTs, Playboy will choose 50 winning submissions for its inaugural series, mint them as NFTs and promote them on social media.

The first topic of the proposed four-part series is “The Art of Gender & Sexuality”, with October 1 the closing date for submissions. In the month following, winning artists will have their work showcased at the NFT.NYC conference to be held in Times Square, New York City.

Playboy Has Form in the Crypto Space

In previous flirtations with the NFT space, Playboy collaborated with digital artist Slimesunday on May’s “Liquid Summer” collection featuring archival photographs of Playboy model Lena Forsen, the so-called “First Lady of the Internet”. Last month, the multimedia brand posted articles teaching artists how to mint NFTs, using the example of its initial foray into collecting NFTs via 2020’s Beeple Bull Run series.

Image from the Beeple Bull Run series, some of which Playboy collected.

The leisure and lifestyle magazine’s crypto journey actually began in 2018 when Playboy TV started accepting payments in bitcoin.

For Liz Suman, its vice-president of art curation and editorial, Playboy’s interest in crypto and NFTs is “a natural fit” for a magazine with a near 70-year history of resisting censorship and championing free speech.

We’ve always been a place that champions art in sometimes controversial ways and see NFTs as the frontier of creative expression going forward … As a female curator working in the digital art space, I’m most excited about the opportunity to build on that legacy by working with more female artists and diverse voices.

Liz Sulman, VP, art curation and editorial, Playboy

Sevens and Playboy Chase ‘the Global Promise’ of Blockchain

For its part, Sevens Foundation developer Tim Kang says the non-profit organisation is selective in who it works with to ensure niche social issues and minorities are represented in “the global promise” of blockchain.

We seek out partners and relationships who represent and align with our goals. It’s important for us to elevate women and LGBTQ+ voices to achieve healthy equality and understanding, so we’re excited to work with Playboy to highlight artists in the community who value cultural progress and integrity through creative expression and digital works. 

Tim Kang, Sevens Foundation developer

Neither Sevens nor Playboy will derive any profit from the exercise, and both entities will showcase the chosen artists’ work across their collective social media channels and digital platforms, with a combined reach of more than 25 million followers.

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Blockchain Crypto News Ethereum NFTs Scams

Fake Banksy NFT Sells For A$465,000 Amid Suspicion the Artist’s Website Was Hacked

A British crypto art collector who paid almost half a million dollars for a non-existent NFT by graffiti artist Banksy was most likely the victim of a hacker, as it turns out.

A link to an online auction for the purported NFT was posted on a since-deleted page of the artist’s website, banksy.co.uk, a week ago. The only item on the page was a JPEG (below) of Banksy’s impression of a CryptoPunk, the NFT craze that’s already generated more than A$1.5 billion.

The artwork, evidently Banksy’s comment on the substantial carbon footprint NFTs generate, was titled “Great Redistribution of the Climate Change Disaster”.

Banksy’s purported NFT, Great Redistribution of the Climate Change Disaster.
Source: yahoonews.com

Soon after an image of the artwork was listed yesterday on the OpenSea NFT marketplace, furious bidding broke out for what people assumed was a “genuine” Banksy NFT.

100 ETH For an NFT That Never Was

The winning bid, fully 90 percent higher than any other, was made by an otherwise anonymous crypto art collector who calls himself “Pranksy”. It ran to a gobsmacking 100 ETH, or just over A$465,120, according to blockchain records.

Meanwhile, the page on Banksy’s website was quietly taken down, with no word about how it had appeared on the site in the first place. The buyer told the BBC that he suspected Banksy’s site had been hacked, and that some random scam artist put up the seemingly legitimate webpage.

No Such Thing as a Banksy NFT

Banksy’s PR team also denied that any NFT existed in the artist’s name. But in a happy ending to a bizarre story, the hacker has since refunded the 100 ETH to Pranksy’s bank account, less the transaction fee of around A$10,000.

Pranksy says he’s planning on keeping the artwork, for now at least.

The refund was totally unexpected. I think the press coverage of the hack plus the fact that I had found the hacker and followed him on Twitter may have pushed him into a refund. I feel very lucky when a lot of others in a similar situation with less reach would not have had the same outcome.

Pranksy, duped NFT art collector

Just a fortnight ago, Crypto News warned Australians about the prevalence of fake crypto trading websites. Pranksy, for one, seems to have missed the memo.

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Crypto News DeFi Regulation

SEC Quietly Signs a Deal to Spy on Crypto DeFi Transactions

Without fanfare, the US Securities and Exchange Commission has contracted a Californian blockchain analytics firm to help monitor and regulate the DeFi industry.

The contracted firm is AnChain.AI, a San Jose-based blockchain startup that focuses on tracking illicit activity across crypto exchanges, DeFi protocols and traditional financial institutions. The initial value of the contract is US$125,000, with five one-year US$125,000 options totalling US$625,000.

Moving Away From ‘Post-Incident Investigations’ to ‘Preventive’

Apart from monitoring known crypto wallets tied to hackers and bad actors in general, AnChain.AI’s predictive engine claims to identify unknown addresses and transactions that could be suspicious. This allows the firm to warn of impending risks rather than address those after the fact, a feature that dovetails with the SEC’s interests.

The SEC is very keen on understanding what is happening in the world of smart contract-based digital assets … so we are providing them with technology to analyse and trace smart contracts.

Victor Fang, AnChain.AI CEO and co-founder
SEC chairman Gary Gensler. Source: CNBC

The alliance is seen as part of a broader move towards regulating the crypto sector. SEC chairman Gary Gensler has already likened DeFi operators to “promoters” and “sponsors” who are involved in both creating and marketing their projects to the masses.

“There’s still a core group of folks that are not only writing the software, like the open-source software, but they often have governance and fees … There’s some incentive structure for those promoters and sponsors in the middle of this,” Gensler said a month ago.

Around the same time, Gensler let slip that he viewed the crypto field as being filled with “a lot of hype masquerading as reality”, adding that “Nakamoto’s innovation is real”.

Frankly, at this time [the crypto space] is more like the Wild West.

Gary Gensler, SEC chairman

Gensler’s comments are a long way from the ethos of DeFi, whose proponents envision a wholly decentralised, multi-trillion-dollar financial ecosystem where smart contracts handle payments, loans, exchanges, tradings and other services, where no physical or identification barriers exist.

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Crypto Art Ethereum NFTs

NFTs Still Booming as Ethereum-Based CryptoPunks Project Hits $1 Billion in Sales

CryptoPunks has become the second collectible NFT project in a month to surge past US$1 billion in sales after Axie Infinity hit the mark on August 8, though OpenSea remains the undisputed market leader with sales of US$3.53 billion.

With the cheapest CryptoPunk now selling for US$445,000, prices are still climbing – as recently as August 28, the floor price for a single CryptoPunk was a comparatively modest US$345,000.

“Covid Alien”, aka CryptoPunk 7523, which sold for $11.8 million. Source: cnn.com

However, neither mark remotely compares to the world record price paid at auction for a single CryptoPunk in June: an astonishing US$11,754,000 for “Covid Alien”, aka CryptoPunk 7523, one of just nine “alien punks” in a series.

A Cool $15M For a Pair of Alien Punks

There are a total of 10,000 CryptoPunks, with no two exactly alike. When launched in 2017 by Larva Labs, original CryptoPunks were made available for free but several have since changed hands for millions of dollars. Two other “alien punks” sold for more than US$7.5 million each, according to CryptoSlam, and seven more have gone for over a million each. In May, a collection of nine CryptoPunks sold for almost US$17 million at Christie’s.

Trading surged to new heights in late July, pushing CryptoPunks’ daily volume up from US$1.8 million to US$41.5 million within a week. Things got even hotter in August. A week ago, CryptoPunks hit a daily sales record of US$101 million when VISA bought one of the Punks, and the project’s total trading volume has increased by 716 percent in the seven days since.

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Banking Blockchain Crypto News Regulation

Tezos Soars 29% in a Day Amid Adoption by Swiss Banking Giants

The value of open-source blockchain platform Tezos surged 29 percent in 24 hours after it was chosen by a Swiss banking consortium to develop regulatory-compliant digital financial products.

Tezos Price Analysis chart. Source: TradingView

Incore Bank, a business-to-business transaction bank based in Zurich, is collaborating with two other Swiss entities – IT company Inacta and fintech specialist Crypto Finance Group – to power smart contracts for a range of on-chain digital financial products and use cases.

Along with Tezos, the three companies have launched a new standard for tokens called DAR-1, allowing smart contracts to help comply with anti-money laundering regulations, handle governance and support asset management activities.

Assets to be Issued in DAR-1 via Tezos Later This Year

Developed by Inacta, DAR-1 is based on Tezos FA2, a token contract interface for single and multi-token smart contracts. Incore and Inacta intend to begin issuing assets in the DAR-1 tokenisation standard via the Tezos network later this year.

In conjunction with Crypto Finance Group, Incore has announced a new range of services that include institutional-grade storage, staking, and trading services for Tez (XTZ), the native token of the Tezos blockchain.

This [three-way collaboration] is a tangible example of how FA2 on Tezos broadens the potential for tokenisation significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.

Stijn Vander Straeten, CEO of Storage Infrastructure, Crypto Finance Group

Under the deal with Tezos, Incore Bank will also offer staking for its clients’ assets directly via e-banking. The Tezos platform has the necessary security to protect assets and other high-value use cases at the protocol and application layers, ideally suiting it to applications in banking.

This is not the first time Tezos has been targeted by major players in the banking industry. Last year, French bank Société Générale issued its official security token using the Tezos blockchain.

Categories
Blockchain Crypto News NFTs

Budweiser Dives Into Crypto: Pays 38 ETH for Beer.eth Domain Name and Rocket NFT

American beer brand Budweiser has bought the Beer.eth domain name for 30 ETH and changed its Twitter profile picture to that of an NFT rocket ship from manufacturing plant Rocket Factory for another 8 ETH, its total outlay the equivalent of US$120,000.

For the uninitiated, .eth domains can be created via the Ethereum Name Service (ENS), a distributed, transparent and extensible naming system powered by the Ethereum blockchain. All .eth domain owners are able to use their addresses to receive ETH, other cryptocurrencies and even NFTs.

The Tom Sachs-designed Budweiser rocket ship. Source: decrypt.co

Parent Company Partners With Gary Vee

The new Budweiser rocket ship NFT was designed by Rocket Factory’s Tom Sachs. Budweiser’s parent company, Belgium-based Anheuser-Busch InBev (AB InBev), first dipped its toe into the burgeoning NFT collectibles industry last July when it signed a partnership deal with Gary Vaynerchuk, aka Gary Vee, a Belarusian entrepreneur and internet personality. At the time, the team made it clear it would invest in Vaynerchuk’s NFT media shop, which would mint Budweiser’s NFTs on the platform.

Budweiser’s breadth gave us an opportunity to go big because we think NFTs are not a fad … crypto-collectibles have the potential to change the way people think about their sponsorship properties in the future.

Richard Oppy, vice-president, global brands, AB InBev

Just Another Phallic Symbol?

Bizarrely, the wallet that holds the Tom Sachs Budweiser rocket and the beer.eth NFTs also holds a random assortment of other NFTs, including two shaped like a penis (see PeePeeBoy, above) and one pointedly called the “cryptodickbutt”. It has to be said that the shape of the Bud rocket ship is not a million miles removed.

Budweiser is not the first big beverage brand to recognise the potential market for NFTs. As reported on July 30 by Crypto News Australia, Coca-Cola released a collection in association with OpenSea and Decentraland to mark International Friendship Day and raise money for Special Olympics International.

The Budweiser NFT rocket mission, on the other hand, appears to be a strictly commercial arrangement.

Categories
Australia Crime Crypto News Cryptocurrencies

Record $8.5 Million Crypto Seized in Australian Drug Bust

Victoria Police have seized what they claim is the largest ever cryptocurrency amount in connection with an Australian crime after busting online drug traffickers.

Detectives impounded nearly A$8.5 million in cryptocurrency after an investigation over several months culminated in the arrest of three Melbourne residents.

The arrests and currency are linked to a joint investigation by the Cyber Crime Squad and the Criminal Proceeds Squad into drug trafficking on dark web platform Silk Road, said to have been shut down by the FBI in 2012.

Money Laundering an Increasing Trend in Cyber Crime

Victoria Police commander Mick Frewen warned money laundering via crypto­currency is an expanding criminal trend.

“People go on [Silk Road] with the buyer confidence of a mainstream internet site and purchase drugs that are delivered to their door,” Frewen told The Australian newspaper.

“Not only is the user not needing to leave their lounge chair, neither is the offender.”

People are looking to hide their wealth through … real estate or cryptocurrency by virtue of its anonymity and to some extent its security; money can go offshore or to an offshore entity really quickly.

Victoria Police commander Mick Frewen

‘We Follow The Money’

Detectives picked up the offenders’ money trail after they spotted records of it on the distributed ledger blockchain, Frewen said.

He cautioned other would-be ­offenders they were far from anonymous, despite the common perception that dealing in cryptocurrency effectively conceals the identity of its traders.

[Organised criminals] will seek to hide their wealth any way they can. We follow the money. [Tackling organised crime] now isn’t just about identifying offenders or seizing drugs – it’s about the money. We seek to cripple their activities in any way we can where we make the most impact, and that is [through the] seizure of money – whether it be cash or cryptocurrency, real estate or shares.

Victoria Police commander Mick Frewen

Police arrested a 31-year-old woman from Melbourne’s northeast and two men, aged 30 and 33, from the city’s north. All were conditionally released pending further inquiries. Drugs including cannabis, magic mushrooms and MDMA were impounded along with two properties valued at about $2 million and vehicles worth about $100,000, taking the total value of seized assets to about $13.1 million.

Drugs Ordered Online, Imported by Mail

In June, Crypto News Australia reported on a Queensland IT student who was charged with possession of methamphetamine after ordering the drug online and paying for it with A$300 worth of bitcoin. In that case, the student was arrested after Australia Post intercepted a parcel bound for his parents’ address.

Last September, a port worker received a two-year sentence after attempting to import illegal substances via the dark web, also by post, to a Victorian coastal town. The Australian Border Force seized five parcels addressed to the defendant over a period of nine months, all of them paid for with cryptocurrency.

And exactly a year ago, Australian Federal Police confiscated crypto, designer goods, luxury cars and homes in a concerted campaign against the ill-gotten gains of organised crime.

Categories
Crypto Exchange Crypto News Crypto.com NFTs

Crypto.com Partners with Italian Football Lega Serie A for TV Broadcasting and NFTs

Not content to rest on its lucrative 2021 partnership agreements with the UFC, NHL and Formula One, Crypto.com now has skin in the game with Italy’s Lega Serie A football competition.

In its latest multi-year sports deal, Crypto.com becomes the first Innovation & Technology Partner of Italian football. This means it will be involved in every broadcast moment where technology enhances a match, as the official presenting partner of Virtual Assistant Referee (VAR) and Goal Line Technology.

As part of the deal, Lega Serie A’s VAR Centre in Lissone, Lombardy will be co-branded as the “Crypto.com VAR Centre”. In addition, Crypto.com will present the Lega Serie A Goal of the Month.

Lega Serie A was the first sports league in the world to introduce VAR technology in 2017, and the 2020/2021 season saw a total of 2,372 incidents where VAR technology was required. VAR interventions are included in Lega Serie A’s global broadcasts reaching more than 775 million TV households in more than 150 countries.

With over 10 million users worldwide, Crypto.com is a top-10 finance app in both the App Store and Google Play and its Visa card is the world’s most popular crypto card, available in more than 30 countries.

Football Feels the Crypto.com Love

This year the company also announced global partnerships with the Ultimate Fighting Championship (UFC) and Formula One racing, and became the first crypto platform to partner with a National Hockey League (NHL) team, the Montreal Canadiens. Now it’s football’s turn to feel the Crypto.com love.

“Since its introduction, VAR has brought greater transparency and reliability to football, features we value deeply at Crypto.com,” says its co-founder and CEO, Kris Marszalek.

We are extremely proud to deepen our partnership with Lega Serie A to enhance the fan experience with technology and innovation at the core.

Kris Marszalek, co-founder and CEO, Crypto.com

Building on the success of the NFT collection Lega Serie A and Crypto.com created for this year’s Coppa Italia, new NFT collections related to Serie A, Coppa Italia and Supercoppa Italiana will be developed as a result of the new partnership.

Categories
Crypto News Regulation Ripple

SEC vs Ripple Lawsuit: SEC Accused of Erasing XRP Documents

In a sensational development pertaining to its case against Ripple in the US Federal Court, the Securities and Exchange Commission (SEC) has been accused of “deleting” material relevant to Ripple’s lawsuit.

Ripple’s action is in response to SEC allegations that it raised over US$1 billion from the sale of unregistered digital asset securities including XRP, Ripple’s payment protocol.

Former SEC Corporate Finance Director Warned Ripple to Cease and Desist

The erasure accusation made by Ripple relates to a deposition transcript by William Hinman, SEC’s former corporate finance director, in which Hinman said he met with Ripple representatives and told them he considered Ripple’s sales of XRP to be sales of securities, and that Ripple should stop its unregistered sales.

Lawyers for Ripple claim the transcript seems to indicate that the SEC tried to delete material directly related to Hinman’s testimony. Reid Figel, for Ripple, pointed the finger at SEC Special Counsel Michael Seaman.

“In our review of the metadata, it says ‘deleted by Michael Seaman’,” Figel alleged.

SEC lead counsel Jorge Tenreiro then asked Hinman if he directed Seaman to delete the material, and whether he remembered doing so. Hinman replied: “I don’t recall directing him to do that.”

Much of the deleted portion of the SEC document was Hinman’s answer to the question: “Other than the issues with respect to Ripple, can you identify any other lawyers that came to you … seeking guidance with respect to transactions in digital assets?”

His response was colourful, to say the least:

You call 10 different law firms, they’ll give you 10 different answers, and each of them has their own particular spin. It’s like the white light of your speech went through a prism and came out in 10 different shades of legal advice.

William Hinman, former corporate finance director, SEC

Ripple Refuses to Hand Over Internal Slack Messages

This followed earlier testimony in the case where Ripple explained to Judge Sarah Netburn why it refuses to hand over internal Slack messages and other communications to the SEC.

The SEC’s extraordinary demand calls for an extensive and costly fishing expedition that would likely take months to complete and come at very significant cost. [We’re talking] over one million pages of discovery, including emails, documents, text messages, and responsive Slack messages [involving] 33 custodians.

Ripple’s letter to Judge Sarah Netburn, SEC vs Ripple

The SEC vs Ripple lawsuit is likely to present regular updates throughout the rest of the month up until August 31, the deadline for fact discovery.

Ripple’s legal team continues to insist that it falls outside of the SEC’s charter and that the federal case is “dead wrong”. Whatever the outcome, the market is betting that Ripple will prevail and its management team will press ahead with a public offering to raise its profile and a significant pool of funds. 

Categories
Blockchain Crypto News Dogecoin

Dogecoin Foundation Rises from the Ashes with Vitalik Buterin as Chief Adviser

Dogecoin, the meme-based crypto asset that started as a joke seven years ago and grew into a US$44.42 billion juggernaut, has risen in value more than 32 percent over the past week. And now, after a six-year silence, the Dogecoin Foundation is back from the dead with Vitalik Buterin as its chief adviser.

In an August 17 announcement, the foundation says it’s re-establishing itself to support the Dogecoin (DOGE) community and promote the future of the blockchain. It adds that new projects will be flagged in coming weeks to “increase Dogecoin uptake at a grassroots level”.

Three-Year Budget Sought for New Foundation Team

The foundation aims to secure a three-year budget for onboard team members to support its goals. As well as Ethereum co-founder Buterin, the foundation’s nominated “blockchain and crypto adviser”, those team members include:

  • Jared Birchall, the head of Elon Musk’s Family Office, who will serve as the foundation’s legal and financial adviser and supposedly represent Musk’s interests;
  • Dogecoin core developer Max Keller, designated technical adviser;
  • Dogecoin co-founder Shibetoshi Nakamoto, community and memes adviser;
  • Board members Jens Wiechers (a foundation veteran), Dogecoin co-founder Billy Markus, and core blockchain developers Michi Lumin and Ross Nicoll. 

Originally launched in 2014, just months after Dogecoin founder, Australian Jackson Palmer, announced the project on Twitter as a joke, the foundation fronted charitable contributions in and out of the crypto space. However, after several of its co-founders – notably Ben Doernberg and Eric Nakagawa – left, the group dissolved into an extended media silence.

The revitalised foundation “will be announcing new projects that will complement the current Core Wallet to enable faster integration and easier APIs [application programming interfaces] for financial, social and charitable projects wishing to use Dogecoin”.

It’s Been a Big Month For Dogecoin

After its 32 percent rise over the previous week, the DOGE price was US$0.44 at the time of writing. It’s been a big month all round for Dogecoin, with its value increasing 40 percent following news that Chainalysis will be providing “insight” on how the asset is used. On the same day, it was revealed that English football club Watford will wear the Dogecoin logo for the entirety of the EPL season.

That said, US billionaire Mark Cuban – one of Dogecoin’s highest-profile supporters – admitted on social media that he only owns US$494 worth of the meme-inspired cryptocurrency.

Perhaps it was a joke.