Many NFT projects lack adequate smart contract testing, says nameless founder

Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost. Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases. McNelis said an example of this was observed during the sale of the Akutars NFT collection in February 2021 — featuring 15,000 tokens that went up for sale on Winklevoss-owned NFT…

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Half of assessed jurisdictions don’t have ‘adequate laws and regulatory structures’ — FATF

The Financial Action Task Force, or FATF, reported that many countries are not in compliance with its standards on countering the financing of terrorism and anti-money laundering, including those with virtual asset service providers. In a report released Tuesday on the ‘State of Effectiveness and Compliance with the FATF Standards,’ the organization said 52% of jurisdictions it assessed in 120 countries had “adequate laws and regulatory structures in place” to address illicit transactions. In addition, the FATF reported that only 9% of countries were “substantially effective” in areas including having…

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