What the numbers say: A recent analysis from dappGambl has examined 1,161 videos from 594 well-known crypto influencers on TikTok to identify how trustworthy these contents are. The study results have shown that 37% of crypto videos on the platform are misleading and do not feature a financial disclaimer. The research also found that these videos either encourage users to invest their own money in a specific crypto asset or imply some kind of investment return. Details: dappGambl said the misleading content creators have 145,000 followers on average, and the misleading videos had more than 189 million views in total. The analysis has also revealed that Bitcoin (BTC) is the most mentioned crypto asset across the misleading TikTok content, with a 34.9% rate. In the top 10, Bitcoin was respectively followed by Ripple, Ethereum, Cardano, Hbar, Gala, Shiba Inu, Solana, Dogecoin, and VeChain. Relevance: In the U.S., several celebrities and social media influencers have recently come under fire by the Securities and Exchange Commission (SEC) and other regulatory agencies for promoting digital assets. Last year, Kim Kardashian had to pay a $1.26M fine to settle with the SEC since she promoted Ethereum Max’s EMAX token without properly disclosing that she was paid $250,000 for the promotion. In February, former NBA star Paul Pierce was also fined $1.4M by the SEC for the same offense as Kim Kardashian. In March, YouTubers such as Kevin Paffrath, Ben Armstrong, and Jake Paul and celebrities like Tom Brady, Larry David, Stephen Curry, Lindsay Lohan, and Shaquille O’Neal similarly faced potential legal actions in FTX- and Tron-related lawsuits. Brands that should care: Analysts estimate that other social media platforms, including Instagram, Facebook, and Twitter, also contain a remarkable amount of misleading crypto content. In late 2022, a U.S. Federal Trade Commission (FTC) report showed that 32% of victims scammed on social media reported the origin of the scam activity as Instagram.
| |
Crypto exchange Coinbase has filed a petition requesting the court to force the U.S. Securities and Exchange Commission (SEC) to create a clear framework for digital assets. The petition was filed in the U.S. Court of Appeals for the Third Circuit. More: - The request mainly aims to compel the SEC to respond to a petition for rulemaking Coinbase submitted last year.
- The rulemaking petition urged the U.S. regulator to explain how securities laws apply to cryptocurrencies and create a new legal framework for the crypto market.
- Coinbase said they had to take new legal action since the agency did not provide any response to the petition for months.
- The move came shortly after Coinbase was served a notice by the SEC about further action over a potential violation of securities laws through its exchange and staking services.
- At the time, Coinbase's chief legal officer, Paul Grewal, said they welcomed a legal process to clarify the issue and prove that the SEC is not fair and reasonable when it comes to digital assets.
- Several days before the Wells notice, Coinbase also submitted an 18-page petition to the agency, explaining why staking cannot be universally considered securities.
- Coinbase CEO Brian Armstrong recently stated that the company could move its headquarters outside the U.S. if the regulatory environment does not change in the country.
Zoom Out: - SEC Chair Gary Gensler has been famous for his strict regulatory approach toward crypto assets over the years and has reiterated his belief that all crypto assets other than Bitcoin (BTC) are securities several times.
- Gensler has also repeatedly stated that existing rules are clear, and crypto firms just reject complying with them, so there is no need for new crypto-specific regulations.
- Over the last several months, many crypto exchanges, including Coinbase, Kraken, Bittrex, and Binance, came under increased scrutiny by the SEC.
| |
 A message from 1INCH NETWORK Stay ahead in the crypto space with the 1inch Wallet As a tech entrepreneur, you know that the key to success is staying ahead of the curve. Hence, the 1inch Wallet is a perfect solution for getting an edge in crypto.
Thanks to self-custody and multichain support, you can rest assured that you always retain full control over your assets.
Our innovative security features ensure the peace of mind you need to focus on building your business.
Whether you're new to the crypto space or a seasoned pro, the 1inch Wallet has everything you need to stay ahead in the crypto world, including news, guides and activities regularly delivered to you.
So, why wait? Install the 1inch Wallet today and start managing your crypto assets with confidence!
Download Now
| |
Google Cloud, the tech giant's cloud computing unit, has launched a new initiative to support Web3 startups that want to build projects on its services. The unit has partnered with various Web3-related firms and projects, including Aptos, Flow, and Solana, for the initiative. More: - The program is an expansion of the existing Google for Startups Cloud initiative.
- The initiative will allow member startups to use Google Cloud's servers for free and provide early access to the platform's Web3 products.
- As part of the new program, Aptos, Celo, Flow, the HBAR Foundation, the Solana Foundation, and Near will each offer a $1M grant to the eligible projects.
- The blockchain data analytics firm Nansen will provide startups with discounts for its analytics products.
- Web3 developer platform Alchemy will also be a part of the initiative, offering access to its services, mentorship, and early access to its Web3 boot camp.
- Besides, members will have access to priority review for crypto exchange Coinbase's Base Ecosystem Fund that aims to support projects planning to build on the new Ethereum-powered Layer-2 blockchain network, Base.
Zoom Out: - Google Cloud made its first foray into Web3 by adding the datasets for the Bitcoin network to its serverless data warehouse, BigQuery.
- Since then, the company has made partnerships with lots of Web3-focused firms and projects, including Coinbase, BNB Chain, Tezos, and Solana.
- Last year, it also introduced a Blockchain Node Engine, where developers can access blockchains using the tech giant's servers.
| |
Several Russian users have recently reported that they were able to access some services of Binance, the largest crypto exchange by trading volume, despite the restrictions the platform began imposing last year. The company has yet to make any official statement about the changes on the platform. More: - Binance started applying restrictions on Russian citizens and residents in 2022 following the European Union (EU) and the U.S. on Russia announced sanctions against Russia due to its invasion of Ukraine.
- As part of the restrictions, the exchange ended support for deposits from Visa and Mastercard cards issued in Russia.
- Earlier in April, Russian users also said they were able to access crypto services with their accounts with balances over 10,000 euros despite an EU sanction prohibiting these accounts from accessing crypto services.
- Recent reports from Russian users have shown that Binance quietly lifted these restrictions, though the sanctions are still effective.
- A Binance spokesperson stated that the platform and its legal entities in the EU adhere to all current restrictions related to sanctions against Russian citizens.
Zoom Out: - Speaking at the Web Summit in Lisbon in October 2022, Binance CEO Changpeng Zhao (CZ) said some of its legal entities outside of the EU might still be able to serve Russians.
| |
 A message from UPWAY Finding your ideal e-bike should be an easy ride. Meet Upway - the #1 certified e-bike provider. Upway’s goal is to make electric mobility affordable for everyone. They source only from the best electric bike brands in the world, carrying a huge selection of both new and pre-owned bikes on their website, all up to 60% off retail prices. Their team of master mechanics, based in Brooklyn, NY completes a 20-point certification, giving each bike a one-year warranty. Upway wants to help consumers make an optimal choice rather than having to close their eyes and point. Every bike is delivered fully assembled directly to your doorstep within 2-5 business days. Use code INSIDE for $200 off your next purchase of $500+. Get your e-bike
| |
Dubai-headquartered crypto exchange Bybit has announced that it would make Know Your Customer (KYC) identity verification measures mandatory for customers in all products and services as of May 8. The platform cited the need for security and compliance, prevention of illegal activities, and the opportunity to offer improved services in case of lost credentials while explaining the decision. More: - The users who have not completed the KYC procedures will be able to only close existing open positions and orders, return loans, and withdraw funds.
- These users will not be able to engage in any new trading activity.
- The implementation time for the new KYC requirements will range from 15 minutes to 48 hours.
- Before the update, Bybit users without KYC verification had a withdrawal limit of 20,000 Tether (USDT) daily and 100,000 USDT monthly.
- The firm underlined that users’ personal information would be encrypted for privacy and used only for verifying their identity.
Zoom Out: - KYC is a common regulatory process generally implemented by financial services providers, including banks and crypto exchanges, to identify and verify their customers by asking for some key personal information and documents.
- The process aims to improve trust in the industry, help service providers to assess the risks, and combat anti-money laundering and terrorism financing.
- Binance, the largest crypto exchange by trading volume, has required customers to make KYC verification in all services since 2021.
| |
In a recent report, British banking giant Standard Chartered's head of digital assets research, Geoff Kendrick, has declared that the crypto winter, which began in 2022, is officially over. Kendrick has also shared his estimations that Bitcoin (BTC), the leading cryptocurrency by market cap, could reach $100,000 by the end of 2024. More: - The Standard Bank analyst pointed out that the factors to trigger a massive increase in BTC price include the recent U.S. banking crisis causing investors to lose confidence in the traditional financial system.
- The banking turmoil started in March, with the consecutive collapses of crypto-friendly Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank within just a week.
- The report implied that this crisis could lead to the stabilization of risk assets.
- BTC has increased over 80% in value since the beginning of 2023 and surpassed the $30,000 barrier in early April for the first time since June 2022.
- However, the leading cryptocurrency started showing a downward trend again, with its price retreating to the $27,000 level.
- The popular digital currency is still down nearly 60% from its all-time high in November 2021.
Zoom Out: - Predictions of sky-high valuations for Bitcoin have gained massive popularity in recent years, though they mostly do not come to fruition.
- In November 2020, a Citibank analyst estimated that Bitcoin could reach $318,000 by the end of 2022, and the leading cryptocurrency closed last year at $16,500.
- Robert Kiyosaki, the famous author of the best-selling personal finance book “Rich Dad, Poor Dad," also recently shared his predictions that the BTC price could see the $100,000 level.
| |
Quick Hits: - Looking to excel with Google Cloud? The Google Cloud Cookbook offers step-by-step tutorials for practical, hands-on learning.*
- Daniel Shin, the co-founder of the Terra ecosystem that collapsed last year, wiping over $60B of money off the crypto market, was indicted in South Korea with multiple charges, including capital markets law violations.
- Toonstar, a Web3 entertainment company, announced it would soon release an NFT-backed animated TV series dubbed Space Junk.
- Payments services giant Visa has published new job postings looking for senior software engineers for the company's crypto division.
- Brilliant's bite-sized interactive lessons make it easy (but not too easy) to sharpen your math, data, and CS skills. Try it free for 30 days.*
*This is a sponsored post.
| |
Upcoming events at Inside: - April 27 - Inside Marketing Coffee Break w/Jacob Bowman (Paloma Studios) (Register Here)
- April 27 - Inside.com Book Club - REWORK by 37signals (Register Here)
| |
 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Explore crypto with ease of mind, securely hold and send digital assets in a self-custodial way with the 1inch Wallet. | |
| |
Comments
Post a Comment