Case examiner says Cred platform hired escaped prisoner as CFO

Cred’s former Chief Financial Officer, James Alexander, has been identified by U.K. authorities as a prison escapee who was convicted for financial crimes. Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer. A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been identified by U.K. authorities as a financial fugitive who had been sentenced to more than three years imprisonment in December 2007. Stark said: “At…

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’Breaking new ground is never easy’ — Kings of Leon’s NFT release takes in $2M

Kings of Leon generated $1.45 million to $2 million in sales from their new NFT releases and will donate some of the proceeds to Live Nation’s Crew Nation Fund. The Kings of Leon’s tokenized album and NFTs sale that began on March 5 has generated at least $1.45M, or 820 Ether, in sales in its first five days according to figures on the Open Sea platform. However Rolling Stone reports that a band representative estimates the revenue is above $2 million, with $600,000 of that going to the Crew Nation…

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‘Game changer’ for Maker and Ethereum with Optimism Dai bridge announced

The Optimism-Dai Bridge will allow fast withdrawals later this year. The Dai stablecoin produced by decentralized lending protocol MakerDAO is getting some speed and fee enhancements with its forthcoming upgrade on layer-two. Ethereum scaling solutions provider Optimism will provide the technology as announced on the MakerDAO forum on March 9. Co-founder and CTO of gaming firm Bellwood Studios Sam MacPherson explained the “MakerDAO community will be launching an ‘official’ DAI on Optimism L2” and that the Optimism Dai Bridge would offer improvements on other implementations. He stated that currently, Optimism…

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Solution to scale Ethereum ‘100X’ is imminent and will get us through until Eth2: Vitalik

The author of the Ethereum whitepaper, Vitalik Buterin, believes rollups will solve Ethereum’s scaling woes until the introduction of Eth2 sharding. Ethereum co-founder, Vitalik Buterin, believes the network is on the verge of scaling by a factor of 100, predicting the Optimism will release its layer-two solution in the coming weeks. Speaking on the Tim Ferriss podcast, Buterin noted Eth2’s developer are focused on working toward the chain merge with Ethereum, and are confident that layer-two solutions can support the network until sharding is developed. “Rollups are coming very soon,”…

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AMD Could Release Its Own Crypto GPU to Mine Ethereum to Calm Down the Skirmish Between Miners and Gamers

A U.S. multinational semiconductor company could be preparing the ground to release its own series of cryptocurrency mining processors. AMD is reportedly looking to introduce a GPU for mining Ethereum. AMD Navi 12 Won’t Have Video Outputs According to PC Gamer, the AMD Navi 12, a graphic processing unit (GPU) first introduced exclusively for Apple Macbook Pro devices, could be the first crypto mining-related specific processor launched by the company. In fact, the new version of the card lacks video outputs. It implies that the Navi 12 GPU won’t support…

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‘Existential threat’ to Bitcoin-investing companies from carbon fallout

Asset managers are warning industry giants like Tesla and PayPal that investing in energy-intensive assets like Bitcoin could diminish their popularity among investors. Allocating capital to Bitcoin risks a backlash from environmentally conscious investors, according to author and co-anchor of CNBC’s Squawk Box, Andrew Ross Sorkin. In a piece for the International New York Times, syndicated worldwide, Sorkin pointed to statements by Lawrence Fink, CEO of Black Rock — the largest asset managers in the world — indicating his company would make all future investment decisions based on “how they…

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‘Ecological nightmare’ backlash forces ArtStation to drop NFT plans

The announcement ArtStation was launching NFT artworks did not sit well with the platform’s artists, who called for a boycott and threatened to leave the platform. Prominent online art portfolio platform ArtStation has caved in to pressure from artists and environmentally-conscious users hours after announcing a series of non-fungible token, or NFT, drops from several notable artists. On Mar. 9, the platform announced the program was scheduled to begin today and featured works from artists including Halo Infinite art director Nicolas “Sparth” Bouvier, retired NASA astronaut Nicole Stott, Assassin’s Creed…

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JPMorgan launching ‘crypto exposure basket’ featuring MicroStrategy and Square

The financial services giant has filed paperwork with the SEC to launch a debt instrument linked to 11 crypto-focused firms. JPMorgan Chase has designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, according to a new filing with the United States Securities and Exchange Commission, or SEC. JPMorgan’s Cryptocurrency Exposure Basket (Mar 2021) is described as an “unequally weighted basket consisting of 11 Reference Stocks of U.S.-listed companies” that operate businesses directly and indirectly related to cryptocurrencies. The instrument allocates 20% to MicroStrategy,…

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Portuguese Authorities Contemplate Launching an Investigation on Local Crypto Social Media Influencers

Portuguese authorities are reportedly planning to take action against social media influencers who provide advice on crypto-related investments. The plans are being discussed in the wake of an online petition signed by thousands of Portuguese. A Crypto Youtuber Already in the Authorities Loop According to Expresso, Portugal’s judicial police, Policía Judiciária, is “analyzing” whether domestic crypto Youtubers commit some illegal activity with their content. In fact, authorities are looking to target the ones who promote crypto scams indirectly, such as fake giveaways. However, a source told the local media outlet…

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OpenSea collector ‘pulls the rug’ on NFTs to highlight arbitrary value

The most expensive single NFT ever sold went for $6.6 million in February. A crypto artist known as “Neitherconfirm” recently listed 26 nonfungible tokens, or NFTs, for sale on OpenSea’s digital marketplace. Things took an unexpected turn earlier Tuesday, however, after the artist changed the images associated with each token from computer-generated portraits into photos of literal carpets. The pieces, which originally featured people and animal faces in a seemingly stained-glass style, are now nothing more than an expensive metaphor for why you can’t trust the store-of-value proposition of any asset that maintains an…

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