Crypto ad spending may be down, but awareness remains critical: Experts

Crypto television advertising spending has reportedly fallen off a cliff in the United States, reflecting the current state of the markets. However, that’s no excuse to take a break, two crypto firms tell Cointelegraph.  A Wednesday report from Bloomberg highlighted that television ad spending among the largest crypto trading firms hit the lowest mark in over a year, with only $36,000 spent in July according to ISpot, down 99.9% from $84.5 million in February. The $84.5 million ad spend was achieved during the U.S. Superbowl period when Crypto.com, FTX US, and…

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Experts explain what ‘Big Short’ Michael Burry’s stock exit means for crypto

Michael Burry, the investor who famously shorted the 2008 housing bubble, has dumped nearly all the stocks in his portfolio during Q2, suggesting there may be carnage ahead for stock and crypto markets. According to a 13F disclosure filed with the Securities and Exchange Commission (SEC) on Aug. 15, Burry’s hedge fund Scion Asset Management shed around $292 million worth of shares across companies from Apple and Meta to pharmaceuticals giant Bristol-Myers Squibb, leaving only a minor position in a private prison company. Michael Burry selling everything and buying a…

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Carbon credit NFTs are only effective if burned, experts say

Using nonfungible tokens (NFTs) as carbon credits or carbon offsets reveals an outlet for Web3 technology to foster a more environmentally friendly future. NFTs as carbon credits are a slow-rolling trend in the regenerative finance (ReFi) and decentralized finance (DeFi) markets. Most of this activity currently takes place on the Polygon blockchain, as it has already offset its entire carbon footprint. However, the way these digital assets work with carbon credits differs from other ventures in the space. Rather than a store of wealth or a piece of unique digital art,…

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Experts dissect what went wrong

Decentralized finance (DeFi) protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a DNS hijacking incident. The automated market maker warned users not to use the front end of its website on Aug. 9 after the incident was flagged online by a number of members of the wider cryptocurrency community. While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users…

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Nonfungible tokens don’t live on the blockchain, experts say

As nonfungible tokens (NFTs) are advertised as blockchain-based technologies, there are misconceptions on how they are stored according to two experts. They argued that technically, these tokens do not exist in the blockchain but are actually stored elsewhere.  In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, discussed decentralized storage, the future of the NFT space and investing in NFTs. According to Victor, main chains are very limited in size and storing data on the blockchain can be very expensive. Because…

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Experts find private keys on Slope servers, still puzzled over access

Blockchain auditing firms are still trying to figure out how hackers gained access to about 8,000 private keys used to drain Solana-based wallets.  Investigations are ongoing after attackers managed to steal some $5 million worth of SOL and SPL tokens on Aug. 3. Ecosystem participants and security firms are assisting in uncovering the intricacies of the event. Solana has worked closely with Phantom and Slope.Finance, the two SOL wallet providers that had user accounts affected by the exploits. It has since emerged that some of the private keys that were…

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Solana-hacked crypto could be claimed as a tax loss: Experts

For unlucky crypto investors looking to turn lemons into lemonade — it turns out that digital assets lost during an exploit or hack can potentially be claimed as a tax loss, provided you live in the right country, experts told Cointelegraph.  Following the news that more than 8,000 Solana wallets had been compromised and that an estimated $8 million dollars in crypto had been stolen due to a security breach in Web3 wallet provider Slope’s network, this may be some much-needed consolation. The Solana hack, and it’s possible tax consequences:…

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Experts yet to explain massive spike in ETH active addresses

On-chain metrics firm Santiment says it is still investigating the cause of a sudden surge of ETH active addresses, which have eclipsed the previous ATH by a whopping 48% On July 27, the analytics firm tweeted that the number of daily active addresses on Ethereum had suddenly spiked to 1.06 million, shattering the previous high of 718,000 set back in 2018. An active address is one that has made a transaction in the past 24 hours. The number of active addresses can indicate the level of on-chain activity from developers…

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