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0xScope co-founder Philip Torres says it doesn’t take much effort to spin up thousands of blockchain wallet addresses and pump up user metrics. Active user count can be a mislead ing metric for measuring the state of a crypto ecosystem as a small group of users can generate a significant portion of activity across multiple wallets, argues the co-founder of a blockchain analytics provider. 0xScope’s co-founder and chief data scientist , Philip Torres, told Cointelegraph amid the Bitget EmpowerX Summit that between monopolistic founding entities, bots, exploiters and airdrop hunters — as much as 80% of blockchain activity can be generated by just a small number of entities — despite looking healthy on the outside. “These projects make a claim such as ‘we have 10,000 active users ’ — well, we find out using the entity model that you have about 10 to 20 different users that are controlling 10,000 different addresses,” he added. Top 25 projects based on active users (daily). Source: To

As crypto prices decline, the Domini.art (DOMI) presale is gaining momentum, attracting investors. Some analysts claim the project can follow the growth trajectory of established projects like Cosmos (ATOM). To provide some background, ATOM was priced at $0.10 during its initial coin offering (ICO). Currently, it is being traded at $6.60, resulting in a 66x return on investment (ROI) for those who invested during the presale. On the other hand, EOS was initially listed at $1.887880. However, its price is now below the ICO price due to the bear market, unfavorable tokenomics, and limited developer activity. While EOS provided a 10x return at its peak, Cosmos delivered a 546x return at its all-time high. You might also like: Binance increases minimum staking amounts for cosmos, polkadot, and solana Domini.art aims to revolutionize the art market by offering a secure, transparent, and efficient way for everyday investors to acquire shares of high-value artworks, some of which

Former Celsius CEO is currently out on bail facing multiple charges of criminal fraud and market manipulation from various U.S regulatory agencies. Alex Mashinsky, the founder and former CEO of now bankrupt crypto lender Celsius, filed a new motion in court seeking the dismissal of the Federal Trade Commission (FTC) case against him “in its entirety.” The legal counsel for the former Celsius boss argued that the allegations against their client do not support the claim that he knowingly made a misstatement to “fraudulently obtain customer information from a financial institution.” According to the lawyers, the accusations do not meet the standards for a claim under the Gramm-Leach-Bliley Act (GLBA). This 1999 law requires knowingly making false claims to collect customer information fraudulently from a financial institution. Additionally, the lawyers claimed that because Mashinsky resigned from his position as CEO of Celsius on Sept. 27, 2023, the complaint cannot prove that he &qu

Doge Killer (LEASH), the dog-themed token from meme-currency developer extraordinaire Ryoshi Nakamoto, is back in the spotlight with a redesigned rebase coin. LEASH was initially introduced as a rebase token , a contentious type of cryptocurrency that exploits price manipulation to generate short-term benefits. Since then, LEASH has evolved into a ShibaSwap native token, utilized for staking and liquidity. LEASH was never meant to serve a legitimate role as a meme coin, making it an incredibly untrustworthy investment. However, with the announcement that LEASH will be the primary cryptocurrency in the Shiba Inu metaverse, its presence may have a purpose. LEASH was initially supposed to be a rebase token tied to the price of Dogecoin. With just 100k tokens in circulation, it has the opposite appeal of SHIB, which has a considerably bigger supply. The 100k tokens in circulation also its true allure due to their scarcity and volatility. Dogecoin Killer also has a few whale acc

In a recent CNBC’s Squawk Box appearance, former PayPal President David Marcus shared a bold vision for Bitcoin, aiming to shape it into a worldwide payment network. Marcus, who currently serves as the CEO of the Lightning Network infrastructure company Lightspark, emphasised the necessity of expanding Bitcoin’s role beyond being a mere store of value. Over the past decade, Bitcoin has made remarkable strides, evolving from an obscure digital currency to a recognised store of value and a hedge against inflation. However, Marcus believes Bitcoin’s potential still needs to be fully realised and could play a more extensive role in the global financial landscape. Marcus’s proposal is clear: Bitcoin has the potential to become a truly global payment network, operating on the decentralised Bitcoin network, similar to PayPal but with distinct advantages. He highlights the need for Bitcoin to evolve further, providing faster, cheaper, and more efficient transactions, ultimatel

ETH, XRP, and SOL Leads Crypto Market Selloff Talking about the performance, ETH price was down 2% in the last 24 hours to $1,591.73. XRP price and SOL were changing hands at $0.4765 and $17.68, down 4.72% and 3.84%, respectively. advertisement The year 2023 gave a fresh perspective to the investors initially, and several crypto enthusiasts started regaining confidence in the market. However, the still-high inflation and its potential impact on liquidity have negatively impacted the market sentiments. Additionally, the U.S. Federal Reserve is expected to release the CPI and PPI data this week, which are core indicators of inflation. Although many are hoping that the Fed is done with its aggressive rate hike policy, the investors seem to be walking cautiously. On the other hand, the European Central Bank will also unveil its plan for a rate hike this Thursday. Considering all these aspects, this week marks a crucial week for the global financial markets, let alone the

By integrating the industry-leading decentralized oracle network, MotorN now has access to a verifiably random number generator (RNG) that helps randomize treasury boxes airdropped to MotorN riders. Ultimately this integration helps to inspire user confidence by using best-in-class infrastructure enabling any airdrop participant to independently verify the RNG’s integrity. Randomized Rewards With Chainlink VRF Players that ride MotorN can randomly earn different levels of treasury boxes that reward players with WGT tokens and NFTs. To truly randomize the contents of the treasury box, we needed access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain AP

Join Our Telegram channel to stay up to date on breaking news coverage The Merge is right at the doorstep. With the launch only a few weeks away, people&rsquo ;s interest in Ethereum has grown more volatile. The open interest in Ethereum has risen as the blockchain is closer to shifting to Proof-of-Stake. A Sharp Rise in Ethereum Open Interest According to the report we’ve come across from Arcane Research, the open interest in ETH in futures and perps has risen to 1.2 million within the last week. Open interest refers to the total number of open positions on Ethereum futures and perpetual contracts in the current market. These positions contain both short (people who’re betting the ETH 2.0 will succeed) and long (people who’re betting on ETH to fail). Historically, whenever this (open interest) indicator has seen an uptrend, the volatility of the market has increased. We are amidst the crypto winter, and this added volatility to the market has bound to make many traders

Join Our Telegram channel to stay up to date on breaking news coverage The CEO of Tesla and SpaceX, Elon Musk, has agreed to resume his Twitter buyout plan for $54.20 per share as per his initial plan . The social media company&rsquo ;s shares jumped 18% after the news was released after a brief halt in trading. Elon Musk resumes Twitter purchase plan for $44 million A report by Bloomberg quoted people familiar with the matter who said that Musk had renewed his offer to buy the social media company. The people who revealed Musk’s letter on the matter requested anonymity because the information was confidential. Musk’s initial offer to buy Twitter was $54.20 per share, for $44 billion. Musk made this initial offer in April this year. At the time, he said he needed to make Twitter a “digital town square” and protect the principle of free speech. Musk and Twitter have been locked in a legal battle following the billionaire’s withdrawal from the Twitter buyout deal. The soci

Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Despite the current bearish sentiment in the crypto market, blockchain gaming has remained strong and is doing well. Calvaria, the newest and most exciting blockchain gaming platform, is proof of this. RIA Raises $2.1 Million  RIA is currently one of the best-performing digital assets in the market. The token recently launched its presale and has now raised over $2.1 million, which is impressive, considering the market is currently fidgeting a bearish wave. RIA has now moved to its fifth and final stage of the presale. The RIA presale was planned to run for ten stages, but Calvaria's developers recently confirmed that they would end the presale at stage five in order to drive maximum value for investors and begin work on the final pieces of the gaming engine.  The developers confirmed that they are in discussions with

Bitcoin miners have had a challenging year as the network’s mining difficulty reached an all-time high and the spot market price of bitcoin dropped below the cost of production. Currently, with electricity costs at $0.07 per kilowatt-hour (kWh), only 18 application-specific integrated circuit (ASIC) bitcoin mining rigs are able to turn a profit at current prices. Current SHA256 ASIC Models Unprofitable at $0.12 per kWh, Only Two Devices Profitable at $0.10 per kWh On December 31, 2022, statistics show that bitcoin’s hash rate is hovering above the 300 exahash per second (EH/s) range after reaching a low on December 30 at 235 EH/s. Additionally, data from macromicro.me indicates that the current cost of production ($16,577) is nearly equal to bitcoin’s current spot market value ($16,572). Currently, the cost of BTC production according to macromicro.me data shows the current spot market value is near-equal. Macromicro.me calculates the cost of production by “observing consumption of

Linus’s Regulatory Compliance According to the SEC, the company started offering its Linus Interest Accounts in March 2020. These accounts allowed U.S. investors to convert fiat currency into cryptocurrency assets. In return, Linus Financial promised to pay interest. However, the SEC identified these accounts as securities, necessitating registration, which Linus Financial still needed to secure. advertisement Significantly, upon realizing the oversight, Linus Financial ceased offering these accounts to potential investors as of March 25, 2022. Moreover, they initiated a process that allowed existing investors to pull out their investments by the end of April 2022, guaranteeing a full refund. Thus, The SEC appreciates the company’s fast response and corrective measures. While responsibility is vital, Stacy Bogert, associate director of the SEC’s enforcement division, noted that the SEC wants corporations to collaborate and quickly correct errors. “Today’s settlement pr

The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3. Saudi Arabia has ramped up its economic diversification efforts driven by its ambitious Vision 2030.  In a bid to diversify its economy away from a dependence on oil, the kingdom has embraced emerging technologies, such as blockchain and artificial intelligence (AI), and tapped into booming markets like gaming. But while the country has yet to leave a significant mark in the global game and AI development, the ripples of its investments in the gaming sector could extend far beyond — at least, that’s what Web3 experts say. “Based on our work and communications that we have, Saudi [Arabia] is very, very interested in Web3,” Animoca Brands co-founder Yat Siu told Cointelegraph. Given the kingdom’s partnerships with entities such as The Sandbox and even Animoca, Siu sees that there’s an effort from Saudi to venture into the new iteration of the internet. The executive