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In this article, we cover various topics in the crypto sector over the weekend. Some of the headlines include the closure of NFT platform Recur after two years of service, OpenSea investor Mark Cuban criticizing the decision, and the death of meme token mascot Cheems Balltze.
NFT Platform Recur Ends Operations
NFT platform Recur, valued at $333 million and backed by Ethereum co-founder, the Winklevoss twins, and Gary Vee, is ending its operations less than two years after its highly anticipated launch.
In a statement on August 18, the company mentioned that the decision to shut down was not easy but the challenging business environment posed a significant obstacle:
“Unforeseen challenges and changes in the business environment have increasingly made it difficult for us to maintain the level of service and dedication we have always strived for.”
Recur stated that all transactions on primary and secondary markets will be disabled on August 31. Remaining website functions such as NFT withdrawals and USD Coin (USDC) cashouts will be closed on November 16.
Mark Cuban Criticizes OpenSea
American billionaire and Shark Tank investor Mark Cuban addressed OpenSea due to its decision to stop enforcing creator royalties on other platforms.
On August 17, OpenSea announced that it would disable the Operator Filter feature, which allows content creators to blacklist NFT marketplaces that do not enforce royalties, and transition to an “optional” model on August 31.
OpenSea investor Cuban stated in a post on August 18 that this decision is a “big mistake” and will have a two-fold impact on both OpenSea and the industry.
Cuban rejected the claims that OpenSea’s decision is necessary to protect market share, stating that an optional royalty approach will kill future NFT applications that go beyond collections.
Bitcoin Miner Shuts Down Facility in Kazakhstan
Bitcoin mining firm Canaan confirmed the temporary shutdown of its two exahashes (EH/s) of computational power in Kazakhstan to comply with the country’s changing regulatory environment.
According to a report published by Cision on August 18, strict regulations implemented by the Ministry of Digital Development, Innovation, and Aerospace Industry of Kazakhstan in April caused Canaan to start shutting down mining equipment in the third quarter.
Potential miners now need to obtain a special license under the Digital Assets of the Republic of Kazakhstan, and Canaan is reportedly working to obtain a Type II license. The China-based Bitcoin miner acknowledged that the decision will impact BTC production and revenue primarily due to reduced operating time. Canaan’s stock price dropped over 12.3% to $2.06 on August 18, according to Google Finance.
Last month, Canaan sold approximately 2,000 new A1346 Bitcoin miners to fellow mining firm Stronghold for around $3 million.
Fake Token Creator Raises $226,000
The emergence of decentralized social media platform friend.tech attracted a scammer who created a fake friend.tech token and defrauded investors of approximately $226,000 or 135 Ethereum (ETH).
Information regarding the exploit was shared by blockchain security firm CertiK on August 19, referencing a large liquidity pull with the exit scam.
Industry experts like CertiK warned investors not to fall for this scam, which appeared to be a legitimate project.
The friend.tech protocol debuted its beta version on August 11. The platform managed to generate over $1 million in commissions by August 19.
Other Headlines
According to sources familiar with the matter cited by The Wall Street Journal, the U.S. securities regulator is likely to approve multiple simultaneous applications for Ethereum futures Exchange-Traded Funds (ETFs). There are currently 16 financial firms waiting for approval as the regulator is expected to start accepting applications soon.
Cheems Balltze, one of the internet’s most famous dogs, tragically passed away on August 18 after a tough battle with cancer, according to a post on Cheem’s Instagram account. Despite not being the official mascot of Shiba Inu or Dogecoin cryptocurrencies, condolences poured in from the crypto community and meme enthusiasts, including the Dogecoin Foundation.
