Tag Archives: social

Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022. According to Meta’s earnings release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year. Facebook was rebranded as Meta in the fall of 2021 as Zuckerberg doubled down on efforts to create a digital universe where people can work, shop, play, and learn....

OP – the governance token of Ethereum layer 2 scaling solution Optimism – surged by more than 30% over the past 24 hours from $2.23 to $2.92, hitting a fresh all-time high. The price action comes after Optimism Foundation released a proposal regarding upgrading the Optimism mainnet to Bedrock. The proposal stated that the upgrade seeks to provide a “new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and...

Mark Wahlberg’s production company – Urealistic Ideas – reportedly partnered with the media outlet – Fortune – to release a documentary revealing the controversial relationship between Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). The FTX crash caused a clash between the two, who accused each other of the catastrophic event. Making a Movie out of the Saga According to The Hollywood Reporter, broad society might soon watch a documentary depicting the spat between FTX’s...

One of the leading bitcoin miners – Argo Blockchain – announced that its CFO and Executive Director Alex Appleton resigned from his position. Several other crypto (or related) executives have abandoned their posts during the prolonged bear market. Such examples are Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius Network, Jesse Powell of Kraken, Michael Saylor of MicroStrategy, and many others. The Latest on the List Alex Appleton, who spent two and a half years at Argo...

South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities. The implosion of the once-prominent Terra ecosystem tokens was the first domino to fall in an ensuing series of other high-profile collapses. The subsequent failure of hedge fund Three Arrows...

The government of the United Kingdom is willing to strengthen the rules on the local cryptocurrency sector to prevent another adverse event like the FTX collapse. The recently-appointed Prime Minister – Rishi Sunak – is known as an advocate of blockchain technology, arguing the country should emerge as “a global cryptoasset technology hub.” People’s Protection is Most Important Andrew Griffith – Economic Secretary to the Treasury – revealed the government’s intentions to...

Lebanon is adopting a new official exchange rate, devaluing its local currency by nearly 90%. The new rate is set at 15,000 Lebanese pounds against the U.S. dollar, according to a January 31 report, which cited a statement from the country’s central bank governor, Riad Salameh. This marks a significant shift from the old rate of 1,507 Lebanese pounds per dollar. The official Lebanese currency has been pegged to the dollar at that rate since 1997. Salameh stated that...

Legal counsel representing Celsius’ Official Committee of Unsecured Creditors has refuted recent claims that submitted bids for the crypto lender’s assets were rejected. Last week, crypto journalist Tiffany Fong claimed she received documents detailing the bids on Celsius’ crypto assets, which “for the most part, abandoned.” According to Fong, Binance, Bank to the Future, Galaxy Digital, Cumberland DRW, and Novawulf had submitted their bidding proposals for Celsius’ assets,...

2022 can easily be considered the worst year when it comes to securing cryptocurrencies, as projects suffered a series of devastating hacks and exploits. According to the latest Chainalysis report shared with CryptoPotato, $3.8 billion was stolen from cryptocurrency businesses, with decentralized finance (DeFi) being the primary target. March and October saw huge spikes, with $732.4 million and $775.7 million, respectively. The latter went on to become the biggest single...

Japan’s largest conglomerate – Toyota Motor Corporation – will sponsor the world’s first global Web3 hackathon. Polkadot’s leading parachain, Astar Network, has been roped in to make Web3 use cases for Toyota’s employees. According to the official press release shared with CryptoPotato, the car giant is looking to embrace the Web3 space in a bid to improve the company’s operations. The latest online hackathon is expected to serve as an initial step in the process. Toyota –...