The Federal Reserve held its most awaited meeting on Wednesday. The institution’s Chair, Jerome Powell, cautioned that the current interest rates could last longer than expected. While many would expect high volatility in the crypto market following Powell’s speech, most leading cryptocurrencies only witnessed minimal losses.
Meanwhile, over the past seven days, several crypto-related topics have made headlines on X. Last Monday, Unity, the popular game engine that facilitates Web3 and Web2 developers with the tools for creating video games, was forced to apologize after receiving heavy backlash from developers over its decision to revise its Runtime Fee.
In a long post, Unity said the proposed Runtime Fee policy won’t take effect until the firm engages with its team members, partners, customers, and community. Unity thanked the developers for their critical feedback and promised to share an update in a few days.
Another DeFi Project Attacked
On Tuesday, decentralized finance liquidity platform Balancer announced it was under attack. According to on-chain sleuth ZachXBT, the attackers compromised the protocol’s domain names and then redirected users to a scam website, where they collectively lost nearly $250,000. ZachXBT also shared the crypto address hackers used to drain the Balancer users’ wallets. Meanwhile, the DeFi project says it has launched investigations and will try to negotiate with the hackers to refund the stolen money.
That day, well-known NFT collector Dolt Big Chicago expressed disappointment after receiving the physical counterpart of the KodaPendant NFT he bought from a collection launched by Gucci in collaboration with Yuga Labs. The NFT enthusiast said he expected more from the two firms after paying over $2,000 to get a hold of the KodaPendant NFT. Most of the X users who commented on his post also claimed they were holders and were not impressed by the physical items they received.
Creators Enjoy Massive Royalties on Friend.tech
On Wednesday, an X account that shares NFT statistics, @Punk9059, revealed how much creators on the new decentralized social media platform Friend.tech have been earning. According to the data shared, NFT creators on Friend.tech have collected $4,080 ETH in royalties over the past ten days. For comparison, creators of Ethereum NFTs listed on various marketplaces only accumulated 610 ETH in royalties during the same period.
Later that day, a video clip of early Bitcoin proponent and prominent software engineer Hal Finney delivering a speech on zero-knowledge proofs in 1998 made rounds on X. @Pete_rizzo was the first user to share it. He claimed that the video was taken during the 18th edition of the International Cryptology Conference held at the University of California.
On Thursday, a crypto news account, DeltaOne, shared some interesting on-chain data. Per its report, the volatility in Dogecoin, the biggest meme coin by market cap, had reduced significantly, making the token more stable than the leading cryptocurrency Bitcoin.
DeltaOne also shared data from TradingView, which showed that over the last 30 days, Dogecoin’s volatility has been 30%, lower than Bitcoin’s 37%.
Criminal Groups Venture Into Bitcoin Mining
That day, an X user with the name “CriptoBastardo” broke one of the two unexpected stories of the week. He revealed that Venezuelan authorities had raided the Tocorón prison and discovered Bitcoin mining operations in the facility. Notorious criminal group, Tren de Aragua, had been running the prison for years. The group is involved in human and drug trafficking.
Bastardo shared a statement from Venezuela’s Interior Minister Remigio Ceballos, who said they had found and seized hundreds of ASICs that the criminals used to mine Bitcoin.
On Friday, another drug trafficking group in Chile was busted mining Bitcoin, according to Chilean media house El Mostrador. Per the media outlet’s post, the Anti-Narcotics Brigade raided the criminals’ property in La Cisterna in an attempt to seize drugs, only to find 19 mining machines. In its subsequent post, El Mostrador shared a statement from the director of the Anti-Narcotics Brigade, Eduardo Gatica, who claimed that the criminals used the Bitcoin mining equipment to launder drug money.
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