Welcome to another newsletter! A lot has happened over the weekend, so let’s get started!
In this issue:
1. Half of Asia’s wealthy investors own cryptocurrencies, according to a report.
2. STEPN, a blockchain-based move-to-earn application, is under DDoS assaults after an update.
3. The community reacts to New York’s proposal to outlaw cryptocurrency mining.
4. Crypto asset platform Pintu, licensed in Indonesia, obtains $113 million in Series B funding.
5. The Securities and Futures Commission of Hong Kong warn of the dangers of nonfungible tokens.
6. Developers of Solana resolve bugs in an effort to avoid further outages.
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Half of Asia’s wealthy investors own cryptocurrencies, according to a report.
According to a research, 52 percent of wealthy Asian investors owned a digital asset in the first quarter of 2022.
7 percent of investor portfolios included digital assets, such as cryptocurrencies, stable coins, and crypto funds, making digital assets the fifth-largest asset class for Asian investors.
It was bigger than foreign currencies, commodities, and collectibles, and in certain cases it surpassed private equity/venture capital and hedge funds.
Accenture conducted a study of 3,200 clients in China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, and Thailand. According to the company, wealthy individuals oversee between $100,000 and $1 million in investable assets.
Thai and Indonesian investors have the largest holdings of digital assets.
Analysis conducted by Accenture indicates that an additional 21 percent of Asian investors are expected to invest in digital assets by the end of 2022, implying that as many as 73 percent of wealthy Asian investors may own one by then.
STEPN, a blockchain-based move-to-earn application, is under DDoS assaults after an update.
The Solana move-to-earn application After a major anti-cheating upgrade, STEPN reported many DDoS attacks.
STEPN stated through Twitter on June 5 that DDoS attacks had resulted in recovery maintenance and improper performance.
STEPN anticipated protecting and restoring the servers within 12 hours, but has not provided an update in the last 20.
“Our engineers are working hard to fix the problems. We will announce here once recovery is complete. Thank you so much for everyone’s patience,” STEPN wrote.
After STEPN introduced SMAC, its anti-cheating technology, on Friday, the attacks began. The approach removes fictitious users from the platform and prevents fake mobility data on the STEPN app from generating unjust profit.
Following the upgrade, STEPN reported major platform issues, with SMAC incorrectly recognizing some users as bots. Other issues included a “25 million DDOS attack” and the inability to manage the site’s bots.
“We are deeply sorry for the inconvenience caused to users. The anti-cheating update may seem small, but it is actually an important cornerstone of STEPN’s long-term development,” ST said.
The community reacts to New York’s proposal to outlaw cryptocurrency mining.
On social media, members of the crypto community express their displeasure with New York’s prohibition on proof-of-work mining.
Director of policy for the Blockchain Association, Jake Chervinsky, tweeted that the proposal would not “lower carbon emissions.” Chervinsky said that a moratorium on mining would compel New York’s miners to build in other states.
Chervinsky predicts that Kathy Hochul would oppose the proposal “for New York.” The attorney said that the action demonstrates “crypto is not acknowledged in the state.” Chervinsky said that the bill would be a policy error from the financial capital of the globe.
Chervinsky and Bruce Fenton both opposed the action. Governments cannot restrict what software people use, he tweeted. “Code is speech,” he said, hinting that the ban breaches the right to free speech.
Buterin shared Fenton’s opinion. Buterin suggested that the government should not choose “acceptable” electricity use. He favored compensating low-income consumers with carbon pricing.
On June 3, the New York State Senate prohibited PoW mining. If enacted, the legislation would limit mining in the state and prohibit the renewal of mining licenses.
Crypto asset platform Pintu, licensed in Indonesia, obtains $113 million in Series B funding.
Four significant investors, including Pantera Capital, Intuit Ventures, Lightspeed, and Northstar Group, contributed to the $113 million Series B fundraising round announced by the Indonesian crypto asset platform Pintu.
Pintu, which is licensed by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade, caters to Indonesian crypto investors trading in Bitcoin (BTC) and Ethereum (ETH).
The newest $113 million infusion of capital will be used to expand the platform’s existing capabilities, including the addition of additional features and blockchain compatibility. Additionally, the firm intends to add additional tokens and provide new goods to strengthen its position in Indonesia.
In barely two years since its founding, Pintu has released a multitude of features for its mobile application that enable users to earn and bet their crypto assets. In addition, a portion of the Series B capital will be allocated to Pintu Academy, an instructional programme for crypto traders that seeks to raise knowledge of the benefits and hazards associated with crypto trading.
The Securities and Futures Commission of Hong Kong warn of the dangers of nonfungible tokens
Monday, the Securities and Futures Commission (SFC) of Hong Kong issued a warning to investors concerning nonfungible tokens (NFTs). The company stated:
“As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.”
The SFC seems concerned with the securitization of NFTs. The majority of non-fungible tokens noticed by the SFC are designed to represent a unique copy of an underlying asset, such as a digital picture, artwork, song, or video, and are thus exempt from SFC regulation.
The SFC’s mission includes fractionalized or fungible NFTs organized as securities or collective investment schemes in NFTs. Unless an exemption exists, soliciting Hong Kong residents need an SFC license.
The increasing popularity of CIS is due to the fact that it enables investors to own fractions of pricey real-world objects. It is unclear, however, whether such investment agreements constitute securitization.
Using debt securitization, KMSKA has tokenized a million-euro artwork on the blockchain. Rubey and Tokeny assisted in meeting regulatory requirements.
Developers of Solana resolve bugs in an effort to avoid further outages.
The “durable nonce transaction” issue that brought down the Solana network earlier this month has been patched.
Developers fixed the runtime issue that led to Solana’s outage on June 1.
A problem in “durable nonce transactions” caused Solana’s sixth outage of 2022, which prevented the network from generating blocks for 4.5 hours.
Durable nonce transactions refer to a kind of Solana transaction that does not expire, as contrast to a conventional transaction on the network, which has a limited lifetime of around two minutes until a blockhash can no longer be validated.
According to Solana Documentation, it is used for transactions requiring custodial services that need longer time than usual “to secure a signature.”
Solana Labs highlighted those persistent nonce transactions need a distinct “mechanism to avoid duplicate processing” and are serially handled. However, a runtime error occurred when a durable nonce transaction was processed as a normal transaction, failed, and was resubmitted, putting the network to a standstill.