Top stories this week
Elon Musk threatens Microsoft with lawsuits, says AI trained on Twitter data
Microsoft has been threatened with legal action by Twitter CEO Elon Musk, who claimed the Big Tech company “illegally” trained its artificial intelligence on Twitter data. The entrepreneur suggested that Microsoft leverage user tweets to train its AI-powered apps. Musk tweeted that it was “time for trial” after reports that Microsoft would stop supporting Twitter through its online social advertising tools. Musk and Microsoft are believed to be at odds over artificial intelligence. The tech billionaire is developing a ChatGPT rival known as “TruthGPT”. Microsoft owns a 49% stake in OpenAI, the company behind ChatGPT.
Rep. Davidson to Introduce Legislation to Fire SEC Boss Gensler for Excess Crypto
US Representative Warren Davidson has announced plans to introduce legislation to fire Securities and Exchange Commission Chairman Gary Gensler. According to the legislator, the upcoming bill aims to “correct a long series of abuses”. Davidson disclosed the plan after the SEC’s latest attempt to revise the definition of “exchange.” It hasn’t been the best week for Gensler. During a watchdog hearing, Gensler was heavily criticized for his approach to crypto assets.
Australia Installs More Bitcoin ATMs Than All of Asia
Australia has overtaken the Asian continent in terms of the total number of crypto ATMs installed. Since the start of 2023, the country has been on a crypto ATM installation spree, jumping from fifth to third in the rankings in January alone. Data from Coin ATM Radar confirms that Australia has continued its efforts to install fiat-to-crypto conversion lanes, reaching 364 crypto ATMs across the country, trailing the US and Canada.
Zooko’s Triangle: The Human-Readable Paradox at the Heart of Crypto Adoption
Blockchain Startups Think Justice Can Be Decentralized, But The Jury Is Still Out
Societe Generale subsidiary launches euro-pegged stablecoin on Ethereum
Societe Generale-Forge, a regulated subsidiary of French banking firm Societe Generale, has launched a euro-pegged stablecoin for qualified institutional clients. Dubbed EUR CoinVertible, the stablecoin was designed in response to growing demand for a new settlement asset for on-chain transactions, Societe Generale-Forge said. The stablecoin will offer new solutions for corporate cash; cash management and cash pooling; on-chain liquidity financing and refinancing solutions.
Intel to stop making chips for bitcoin miners
Intel has reportedly announced plans to discontinue its line of Blockscale Bitcoin mining chips in a bid to cut costs. The decision comes nearly a year after the company announced the line of hardware. The chipmaker will stop taking orders for Blockscale 1000 series ASICs by October and is expected to end shipping in April 2024. Mining companies Argo Blockchain, Block, Hive Blockchain Technologies and Griid Infrastructure have was among the first companies to integrate technology into their operations.
Winners and losers
At the weekend, Bitcoin (BTC) is at $27,331Ether (ETH) To $1,845 And XRP To $0.44. The total market capitalization is $1.15 billion, according to CoinMarketCap.
Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 3.51%, OKB (UN) at 3.33% and ONE BUT LEO (LEO) at 2.06%.
The top three altcoin losers of the week are SingularityNET (AGIX) at -23.73%, Immutable (IMX) at -23.28% and Stacks (STX) at -22.94%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Crypto winter may hurt hodlers’ mental health
Storming the ‘last bastion’: Anguish and anger as NFTs claim high culture status
Most Memorable Quotes
“Crypto is not a new financial product, but a fundamental evolution or change in the way individuals and organizations exchange value.”
Gabby KuzCEO of the Global Digital Asset & Cryptocurrency Association
“When I am asked to consult or advise on (stablecoin) projects (…), my first advice now is to avoid US operations and a US domicile. Jobs go elsewhere.
austin campbellassociate professor at Columbia Business School
“I think we’re at the end of the era where it’s going to be these giant giant models. We’re going to make them better in other ways.
Sam AltmanOpenAI CEO
“I’m going to launch something I call TruthGPT, or a maximum truth-seeking AI that tries to understand the nature of the universe.”
Elon Musktech entrepreneur
“I think we’re going to have to end up going to court (against the SEC) to get the clarity we need and create the case law.”
Brian ArmstrongCoinbase CEO
“To correct a long series of abuses, I am introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an executive director who reports to the board of directors (where the authority resides).”
Warren DavidsonUnited States representative
Prediction of the week
Bitcoin pulls back from recent highs and loses support
Bitcoin and a number of altcoins have fallen below their respective support levels, a worrying sign that the bulls may be losing their grip. On April 21, Bitcoin and most major cryptocurrencies pulled back from recent local highs, signaling traders booking profits.
Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin turned down the upper Bollinger Band and reached the midbank near its breakout level. He said it was a “logical place” and advised traders to “be careful”.
The BTC/USDT pair could then slide to $26,500 and subsequently to the neckline of the head-and-shoulders inverted pattern at $25,250. If the price bounces off $25,250, this will indicate that the neckline is acting as an upper floor, according to Cointelegraph price analysis.
FUD of the week
MetaMask denies wallet exploitation claims in ‘massive’ $10 million hack
MetaMask has denied claims that a wallet exploit is behind a “massive wallet drain operation” that has claimed over $10.5 million in NFTs and coins since December 2022, including 5 000 Ether. According to MetaMask, the digital assets were stolen “from various addresses on 11 blockchains”. How the attack happened is unclear. Experts believe there was “some kind of private key or seed phrase leak”.
Tornado Cash Developer Alex Pertsev Set to Get Out of Jail on Watch
After nearly nine months in prison, Tornado Cash developer Alex Pertsev will be released from prison. Dutch authorities arrested Pertsev in August last year on suspicion of money laundering through the crypto mixing service Tornado Cash. Pertsev is expected to be back home by April 26, which is also his birthday. His suspended release under supervision means the developer can await trial from home.
Hacker SafeMoon agrees to return 80% of stolen funds, dev team says
The attacker who drained $8.9 million of Binance Coin from SafeMoon has agreed to return 80% of the funds. As per the deal between the DeFi protocol and the hacker, the remaining 20% will be kept as a bounty. SafeMoon further agreed not to take legal action against them, saying the decision is in the best interest of SafeMoon and its community. Increasing bug bounties and paying them more diligently could motivate hackers to report bugs instead of exploiting them, some Web3 developers say.
Best Crypto Features
Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?
The SEC Chairman recently said that almost all cryptocurrencies will be regulated as securities. Questions remain as to whether this is an accurate statement and whether the agency regulates the tokens by enforcement.
Here’s How Ethereum’s ZK Rollups Can Become Interoperable
A single ZK stack cannot scale Ethereum. But by working together in an interoperable ecosystem, ZK-rollups and ETH can take on the world.
From SNL and The Tonight Show to Sotheby’s: NFT Creator Bryan Brinkman
Bryan Brinkman went from working on SNL and The Tonight Show to becoming a full-time NFT animation artist.
Blockchain’s most engaging reads. Delivered once a week.