Wed 29/11

Good Morning. Another one bites to dust, this time its BlockFi, Wazirx blocked hundreds of accounts, a 15-year-old girl sold $1 million worth of NFT, and much more to read today. Happy Reading!

• Polygon Introducing Blockchain-Based WEB3 Football Collectibles: The Polygon platform has announced that each nation is creating the WEB3 on the Polygon blockchain and introducing the Polygon football collections, which are 32 digital polygon footballs to celebrate the game by building the global community on the Polygon blockchain. It functions as Discover the world on Polygon, discovers the initiatives and activities taken on in each competing country, collects your favorite team’s digital collectible football, and shares it on social media. They added that the virtual NFT art gallery was ready and that using a pc to access it provided a better user experience.

• Wazirx Blocked Over 700 Suspicious Accounts Between April-September 2022: Cryptocurrency exchange WazirX on November 28 said that it had blocked over 700 accounts on its platform between April 2022 and September 2022. Most of these were blocked in relation to illegal fund transfers, crypto scams, cheating, and forgery. The blocked accounts were a part of the exchange’s 3rd edition of the transparency report, which comes at a time when distrust in the crypto community is rising following the collapse of global crypto exchange FTX. WazirX, during this period received around 828 queries across 10 million transactions from Indian and Foreign Law Enforcement Agencies (LEAs). Of this, 764 were by Indian Law Enforcement Agencies, whereas the Foreign LEAs made 64 requests. According to the report, the exchange has been working with LEAs to support them in their investigations around illegal transactions suspected to have been processed using WazirX’s platform. Around 40 percent of the scams were related to Ponzi schemes and social engineering scams, 34.7 percent were regarding impersonation, 21.1 percent for phishing/ airdrop scams, and 4.2 percent for other matters.

• 15-year-old Chennai Girl Sold Nfts Worth Over $1 Mn: A 15-year-old digital artist Laya Mathikshara of Chennai Public School, has successfully sold NFTs worth $1 million. One of her artworks titled ‘What if, Moon had life?’ listed a reserve price of 0.384400 ETH (which is the token of the Ethereum blockchain) inspired by the distance between the Moon and the Earth (3,84,400 km). The artwork was sold for 0.39 ETH (₹90,500) on the platform called Foundation. "I started minting my works on different platforms and marketplaces. I started with Foundation and slowly moved into platforms such as Superrare, Makerplace, and Async. I also started mentoring by sharing on Instagram. I used to play with Lego and eventually thought that it would be interesting to combine art and tech and generative artworks or artworks with a mixture of code, curating another sphere of art itself" - Laya said.

• BlockFi becomes another victim of the FTX collapse with bankruptcy filing: BlockFi said on Nov. 28 that it filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey and would seek to recover all obligations owed to BlockFi by its counterparties, including FTX. “Due to the recent collapse of FTX and its ensuing bankruptcy process, which remains ongoing, the Company expects that recoveries from FTX will be delayed,” BlockFi said. In addition, BlockFi reported having $256.9 million in cash on hand, which should provide sufficient liquidity during the “restructuring.” As of the recent bankruptcy filing by BlockFi CEO Zachary Prince, BlockFi has 100,000+ creditors, $1-10 billion in liabilities, and $1-10 billion in assets.

• World of Women Galaxy Launches Token-Gated Merch Experience: WoW fans get to design their fully customizable merch, with users able to create up to 70,000 unique pieces. These can be designed with any of the NFTs they hold from the World of Women collections. Those who want to own an NFT from either collection can do so from November 21 to 28, 2022. Many items were voted for by 21,405 World of Women Galaxy NFT holders, who can now carry these looks into the material world. To do this, they must follow the link given to them by the project, which lets them access two merch sets. The first comprises an 8-piece drop, including t-shirts, socks, etc. The second set is where they can customize up to 36 items for every NFT they own and genuinely let their imaginations run wild.

• Web3 DAO Game7 Unveils $100M Grant Program: Game7, a Web3 gaming-focused decentralized autonomous organization (DAO), launched a $100 million grant program on Monday to help accelerate blockchain-enabled games by smoothing some of the technological bumps on the path to widespread adoption. "Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games,” said Game7 core contributor Ronen Kirsh in the press release. “We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies."

Rust Engineer At Space & Time

Proof Of Reserves: A Proof of Reserves audit means that an exchange is partnering with a third-party crypto auditor to ensure that it has assets on its balance sheet and balances the customer holdings. This is to ensure that customer holdings are not misused and there are real assets backing the cryptos held. These third-party reports are cryptographically reconciled ensuring privacy and security. Merkle tree technique is deployed to conduct the entire process. Here is how it happens in brief.

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