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Thousands of Bit Digital miners go offline after explosion, fire at NY facility

An explosion last week at the substation of a bitcoin mining facility in Niagara Falls, New York led to a fire and caused thousands of machines to go offline. The facility where the incident happened, on May 10, is owned by Blockfusion, which offers colocation services to miners. One of their clients, Bit Digital, said Thursday that power was cut off to about 2,515 of their Bitcoin miners and approximately 710 Ethereum miners that had been operating at the site. …

Goldman Sachs says crypto decline should have limited impact on US spending

Anxieties about broader market conditions and the meltdown of TerraUSD (UST) have sent traders fleeing from the cryptocurrency space, triggering fears that the decline in prices in the nascent market could have a spillover impact on the US economy.  Those fears are overblown — at least, according to one research note sent out to clients by Goldman Sachs.  A group of the bank’s researchers, led by Joseph Briggs, said that any impact of the crypto markets slide on US spending …

Do Kwon amends Terra 2.0 proposal during the vote on it

Terraform Labs CEO Do Kwon has amended his proposal to revive the Terra blockchain — in the middle of a vote on whether it should be implemented.  After the implosion of the TerraUSD (UST) stablecoin, Terraform Labs CEO Do Kwon suggested a “rebirth” plan in which he proposed creating Luna (LUNA) 2.0 tokens on a new blockchain. Today he amended the proposal despite the fact the original plan is currently going through an on-chain vote. While this so-called “rebirth” proposal …

Digital collateral “changes everything,” says Abra CEO Bill Barhydt

Episode 44 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Bill Barhydt, CEO of Abra. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] As the crypto market matures, owners of “pristine” digital assets will increasingly be able to use their holdings as collateral for an array of financial services, according to Bill Barhydt, CEO of Abra. Founded in 2014, crypto wealth …

OpenSea disables Bored Ape NFT amid legal case in Singapore

OpenSea has disabled trading for a Bored Ape Yacht Club (BAYC) non-fungible token on its platform amid an ongoing court case in Singapore. The item in question, BAYC #2162, is now marked with a “reported for suspicious activity” tag on OpenSea, the world’s largest NFT marketplace. This tag prevents the current owner from being able to list the NFT for sale. Prospective buyers also cannot place offers for the item. An individual called Rajesh Rajkumar was able to secure an …

Panama’s president not ready to endorse crypto regulation bill

Although Panama’s National Assembly passed a crypto asset regulation bill in late April, its president Laurentino Cortizo said he would not endorse it as written today. “If I’m going to answer you right now, at this moment, the information that I have — which is not enough — I will not sign that law at this moment,” Cortizo said on stage at the Bloomberg New Economy Gateway Latin America conference on May 18.  The bill would need to sufficiently take …

Polymarket appoints former CFTC chief Giancarlo as chair of advisory board

Former Commodity Futures Trading Commission (CFTC) head and crypto advocate Christopher Giancarlo has taken a seat as the chairman of crypto prediction platform Polymarket’s advisory board. The platform utilizes smart contracts to enable betting on event outcomes through the USDC stablecoin. Polymarket has said these are “decentralized information markets,” which are used to reflect public sentiment through funds. Still, the platform enables users to purchase a contract based on a certain outcome at a price set by other people’s sentiment …

Coinbase is launching an initiative to slash spending and grow revenue: The Information

After publicly announcing plans to slow hiring, tough market conditions have pushed crypto exchange Coinbase to look for ways to slash spending, according to emails obtained by The Information. Coinbase has felt the fallout of recent market conditions, incurring a net loss of $430 million in its first-quarter earnings and a plummet in its stock, $COIN. That led the firm to announce that it was reevaluating its previous plan to triple the size of the company and instead slow hiring …

Vaccinated Chicago teens mint NFTs of themselves for disease prevention

The Face Forward Project, a COVID-19 prevention effort focused on vaccination, is minting the portrait of vaccinated teens into non-fungible tokens (NFT).  According to a Chicago government release, the effort is meant to reward young people who have vaccinated themselves against COVID-19. Teens can have their portrait minted onto a one-of-one NFT to keep or to later resell on a secondary marketplace.  The NFT multimedia platform VAST will give NFTs to the teens who choose to participate, and each NFT …

Apple holds internal high-level presentation on AR-VR headset: Bloomberg

Apple could be months away from launching a headset that combines VR and AR, after presenting a version of the device to its board last week, according to Bloomberg. Unnamed sources told the publication that the tech giant has also been developing an operating system (dubbed rOS) to go with the mixed reality headset.  Per Bloomberg, the company wants to unveil the headset as early as the end of this year or sometime next year and get it to consumers …