A major update has been released to address 'cursed inscriptions' through the Bitcoin Ordinals protocol. This update aims to rectify over 71,000 illegible or cursed inscriptions, unlocking their value in the market.

Recently, a major update has been launched to address “cursed inscriptions” through the Bitcoin Ordinals protocol which allows data to be written onto one of the smaller pieces of $BTC

This upgrade is intended to rectify more than 71,000 illegible or curse inscriptions that can be recognised and placed on the market.

The words “cursed inscriptions” are used to refer to inscriptions which have been invalidated as a result of erroneous use or intentional misuse of opcodes while they were being created. Those inscriptions have not been recognised by the Protocol, so that they are useless and hardly worth anything. However, as soon as the most recent upgrade has been completed, these previously unrecognized marks will be indexed and made available for trade.

On June 4, developers Casey Rodarmor and Raphaph announced the upgrade to version 0.6.0, which has received support from Twitter users. Casey Rodarmor first proposed in late April to address the problem of inscriptions that are cursed. By establishing a block activating height, this upgrade adds support for some of the different types of curse inscriptions. This will mean that, as a rule, certain types of prior invalid inscriptions are to be indexed according to the normal Positive Remarks.

The significance of this upgrade was emphasized by LeonidasNFT, an Influencer with Ordinals, who said that more than 70,000 existing or invalid inscriptions are currently supported. These inscriptions will be traded as soon as the marketplaces are upgraded to version 0.6.0. He went on to say that curse holders ought to anticipate a change in numbers for negative inscriptions.

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The recent upgrade in the Bitcoin Ordinals protocol is a significant step in resolving the issue of 'cursed inscriptions.' With over 71,000 previously unrecognized marks becoming eligible for trade, we anticipate a positive shift in the market dynamics. This development showcases the continuous evolution of blockchain technology and its ability to address challenges

Bitcoin Ordinals, similar to non-fungible tokens (NFTs), have gained attention due to their rarity and collectability. Users use these inscriptions to seek unique slices of data that are permanently embedded into the Bitcoin Blockchain and which they expect will increase in value over time. Since the beginning of the inscription hype earlier this year, around 10.8 million ordinal inscriptions have generated a staggering $45.5 million in transaction fees, according to Dune Analytics.

On May 28th, Casey Rodarmor announced in separate statements that he would step down from his position as Ordinals creator and hand the reins over to Raphjaph.

Bitcoin Ordinals aims to resolve the long standing issue of curse inscriptions with its latest protocol upgrade. This development is not simply expanding the availability of previously unsupported inscriptions, but also making them more useful and valuable to the Bitcoin Ordinals protocol. It will be interesting to see how these inscriptions and their associated assets contribute to the wider bitcoin ecosystem as markets continue to evolve.

#bitcoin #NFTs #CryptoScope #Morfolabs

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SEC takes aim at Binance and Coinbase over securities violations.

Coinbase also charged for the unregistered offer and sale of securities in connection with its staking-as-a-service program. According to the regulator, Binance failed to register as a securities exchange and operated illegally in the United States. The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program. 

The United States Securities and Exchange Commission (SEC) filed a suit against Binance, its U.S. platform and CEO Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5. In addition, the SEC alleges in the suit that Binance failed to register its Binance.com platform as an exchange or a broker-dealer clearing agency. Further, it claims Binance and BAM Trading Binance.US legal entity failed to register Binance.US as an exchange, broker and clearing agency. CZ was sued as a “controlling person.”

According to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law. The SEC’s complaint also alleges that Coinbase’s holding company, Coinbase Global Inc. (CGI), is a control person of Coinbase and is thus also liable for certain of Coinbase’s violations. The SEC’s complaint also alleges that Coinbase’s holding company, Coinbase Global Inc. (CGI), is a control person of Coinbase and is thus also liable for certain of Coinbase’s violations.

Among the allegations behind the charges are claims that Binance failed to restrict U.S. investors from using Binance.com and that Binance.US engaged in wash trading through its “primary undisclosed ‘market-making’ trading firm Sigma Chain,” which is owned by CZ. In addition, the suit claims that funds from Binance and Binance.US were commingled in an account controlled by CZ-associated Merit Peak Limited. 

These charges echo complaints filed by the Commodity Futures Trading Commission on March 27. CZ denied those charges in a detailed blog post. The SEC is demanding permanent enjoinment on Binance and CZ from further activities, disgorgement of ill-gotten gains with interest and financial penalties.  The suit claims that tokens traded on the Binance exchange were securities. Those tokens are BNB, BUSD, Solana, Cardano, Polygon, Filecoin, Cosmos, the Sandbox, Decentraland, Algorand, Axie Infinity and COTI. Binance and Binance.US responded separately to the suit. Binance. 

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The SEC's lawsuit against Binance and Coinbase underscores the importance of regulatory compliance in the crypto industry. Unregistered securities operations can have serious consequences, and it's crucial for platforms to adhere to the legal requirements to protect investors and maintain market integrity.

US stated in a tweet the SEC’s claims are its “latest example of regulation by enforcement.” The suit “is baseless and we intend to defend ourselves vigorously”. Also, “Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong,” Binance.com said. “The SEC’s actions here appear to be in service of an effort to rush to claim jurisdictional ground from other regulators and investors do not appear to be the SEC’s priority.” 

Allegations against Binance are not new. An SEC investigation of Binance reportedly began in June 2022. Binance has called reports of mismanagement of funds “conspiracy theory.” Lastly, the SEC appreciates the assistance of the multi-state task force of ten state securities regulators led by California that also includes Alabama, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.

#Binance #SEC #Coinbase #CryptoScope #Morfolabs

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Unlock a new era of gaming innovation with the Crypto Scope x Zabava Labs partnership. Together, we're reshaping the gaming landscape and pushing the boundaries of what's possible

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With Zabava Labs’ impressive portfolio, including the groundbreaking SoMove augmented reality rhythm dance game, and Crypto Scope’s commitment to exploring the potential of web3 technologies, this partnership is set to unlock new possibilities in the gaming industry.

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Zabava Labs is a blockchain agnostic studio specializing in creating immersive game experiences and community building tools. With a focus on innovation and leveraging blockchain technology, Zabava Labs aims to revolutionize the gaming industry and connect with the next generation of gamers. Their flagship project, SoMove, showcases the potential of blockchain gaming and is a testament to Zabava Labs’ commitment to pushing the boundaries of gaming experiences.

Gaming meets blockchain in an unprecedented collaboration between Crypto Scope and Zabava Labs. Join us as we redefine the future of gaming, empowering players and revolutionizing the industry. The possibilities are endless - Crypto Scope

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