News

According to Cointelegraph, cryptocurrency-friendly messaging platform Telegram is experiencing significant outages, with numerous users reporting difficulties accessing content on the app. Data from Downdetector indicates that hundreds of users began reporting server connection issues around 10:30 am UTC on October 3. The most common problems included sending and receiving messages and other connection-related issues within the app.Source: Outage.ReportOutage.Report noted on X that Telegram has been down since 10:22 am UTC, affecting users in countries such as Ukraine, Belarus, Poland, Kazakhstan, Russia, Netherlands, and Germany. This recent outage follows a smaller disruption detected on October 2, as per Downdetector's information.The outages coincide with Telegram CEO Pavel Durov's recent disclosure that the platform has been sharing the IP addresses of criminals with authorities since 2018. Durov is currently under investigation in France, facing six charges related to illicit activities on the messaging platform, with French prosecutors indicting him on August 28.This is a developing story, and further updates will be provided as more information becomes available.

According to Cointelegraph, Visa has introduced its Visa Tokenized Asset Platform (VTAP), a service designed to facilitate the issuance and management of fiat-backed tokens. Announced on October 3, the platform aims to support a variety of tokenized assets, including stablecoins and central bank digital currencies (CBDCs). Visa's VTAP is tailored for both institutional investors and central banks, providing a comprehensive infrastructure for the secure minting, transfer, and settlement of digital assets across both public and permissioned blockchains. Vanessa Colella, Visa's global head of innovation and digital partnerships, expressed enthusiasm about the initiative, stating, "We're excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations." Currently, VTAP is in a sandbox phase, with institutions like Banco Bilbao Vizcaya Argentaria (BBVA) testing its core functionalities. The platform is expected to enter a live pilot phase with select customers in 2025, utilizing the public Ethereum blockchain. This story is still developing, and more details will be provided as they become available.

According to Foresight News, security firm CertiK has released its latest report titled 'Hack3d: Q3 2024 Web3.0 Security Report.' The report highlights that the third quarter of 2024 witnessed 155 security incidents, resulting in losses amounting to $753 million. This marks an approximate 9.5% increase in total losses compared to the previous quarter. The report identifies phishing attacks and private key leaks as the primary causes of asset losses during this period, accounting for $668 million of the total losses. As of the end of the third quarter, the cumulative losses for 2024 have approached $2 billion.

According to Cointelegraph, luxury car manufacturer Automobili Lamborghini has unveiled a new Web3 platform named 'Fast ForWorld,' enabling its cars to be utilized in blockchain games. On October 2, Lamborghini announced a collaboration with Web3 gaming company Animoca Brands. This project marks Lamborghini's first interoperable blockchain-based implementation of their iconic vehicles in gaming. The two companies will develop a digital collectible platform called Fast ForWorld, which will operate with Motorverse, an Animoca Brands subsidiary managing a digital vehicle ecosystem. Gamers will be able to buy, sell, and drive Lamborghini cars in various Motorverse games, including Torque Drift 2, REVV Racing, the Motorverse Hub, and Fast ForWorld’s proprietary experience. The initial version of Fast ForWorld is set to go live on November 7, featuring a 3D wallet for storing items and interacting with digital cars. Lamborghini initially announced its partnership with Animoca Brands on August 8, aiming to explore new Web3-based brand engagement initiatives. Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized that Lamborghini is among the first brands to adopt Motorverse's interoperability standards. Siu stated that the partnership will create a truly interconnected Web3 gaming experience for motorsports fans and gamers, making Lamborghini collectibles accessible and playable across various virtual environments. This collaboration is expected to serve as a blueprint for interoperable digital vehicles and set a new standard for digital engagement. The announcement comes as Web3 games continue to attract millions of users. For instance, the Telegram clicker game Hamster Kombat has onboarded over 300 million users, while another Telegram clicker game, Catizen, reached 800,000 paying users within its first six months. As the gaming sector grows, other brands are also entering the Web3 gaming space. Shoe retailer Puma recently partnered with the Web3 soccer game UNKJD, integrating Puma’s brand into in-game content, including the creation of Puma-based characters with new skins and skills.

According to Cointelegraph, Ava Protocol, a Web3 infrastructure provider, has announced a partnership with Soneium, a layer-2 blockchain developed by Sony Block Solutions Labs. This collaboration aims to integrate Ava Protocol’s intent-based, no-code automation into the Soneium Spark incubation program, which is designed to support developers and creators. The partnership is expected to simplify blockchain technology for both developers and non-technical users. Ava Protocol’s intelligent, intuitive automation will enhance privacy, composability, and significantly lower transaction costs. This will allow creators and developers to monetize and manage their work more efficiently, minimizing complexity and reducing transaction costs. Users will be able to leverage blockchain technology through simpler smart contract execution on Soneium, making it accessible to individuals with varying levels of technical expertise. Soneium is designed to provide high-performance, scalable, and secure access to decentralized finance (DeFi), non-fungible tokens (NFTs), and other creator economies. The open-source blockchain aims to serve various needs across all verticals, including recurring payments, NFT updates, and support for complex smart contract conditions. The integration with Ava Protocol will further enhance Soneium’s capabilities by executing transactions and smart contracts based on predefined conditions. This includes support for recurring payments, stop-loss orders, yield harvesting, and dynamic NFT updates and minting. While the collaboration aims to improve the capabilities of both entities, Soneium’s market adoption and scalability remain untested. The reliance on predefined conditions for Web3 automation may limit its flexibility for future use cases, and its complexity could pose challenges for non-technical users. In addition to this partnership, Sony Block Solutions Labs entered a collaboration with Circle on September 15 to boost the adoption of Circle’s USD Coin (USDC).

According to Cointelegraph, Big Tech companies like Apple and Alphabet, Google's parent company, are anticipated to utilize artificial intelligence (AI) to sustain their industry leadership, as per a white paper released by Cathie Wood’s investment firm ARK Invest on October 1. The document, authored by ARK’s chief futurist Brett Winton, delves into the disruptive potential of AI and outlines a framework for identifying such technologies.Winton's report highlights how major technology firms are likely to enhance their AI capabilities to maintain their market dominance, while also acknowledging potential pitfalls in these strategies. He identifies three core properties of disruptive technology platforms: significant cost reductions, penetration into new or underserved markets, and business models that delay monetization and may initially appear financially unattractive. These characteristics often enable smaller firms to compete with industry giants, even when the latter recognize the technology’s potential and attempt to leverage it for business gains.Winton emphasizes that AI is a highly disruptive technology, noting that it has experienced the steepest cost decline curve of any technology in history. He states that the cost to operate AI models with equivalent performance has been halving every four months, a trend expected to continue throughout the decade. This rapid decline in costs is compared to Moore’s Law in the semiconductor industry, which suggests that semiconductor costs halve every 18 to 24 months. Winton asserts that the AI revolution is progressing four to six times faster.The report also discusses how incumbent tech companies often allow startups to de-risk new technologies before adopting them on a larger scale. Winton points out that Google and Apple have taken this approach with AI. For instance, Google did not publicly release a large language model until OpenAI had been in the market for over three years. Despite marketing efforts, Google’s performance lagged behind OpenAI, with the most advanced Google model costing customers over 40% more in per-unit performance compared to OpenAI’s model.While Google has trailed OpenAI, Apple has yet to launch a large language model. Winton anticipates that Apple will introduce its first modern AI-driven products in the fall of 2024. He notes that a slower approach does not necessarily mean a competitor will lose the race, as companies like Google and Apple have valid reasons for delaying AI features. One reason is the risk associated with releasing a product that performs unpredictably, which can be concerning for companies with carefully developed reputations. However, Winton questions whether this cautious approach will enable Big Tech firms to introduce widely performant AI systems, concluding that incumbents may prefer less disruptive technologies, potentially to their detriment.

According to Odaily, Sygnum has announced that it is the first bank to support Web3 wallet recovery, allowing users to access their cryptocurrencies even if they lose their signature keys. The team stated, 'Through a partnership with multi-signature wallet provider Safe, Sygnum now acts as a designated 'recoverer,' enabling users to approve Sygnum Web3 recovery to regain access in case of wallet loss.'

According to BlockBeats, on October 1, the blockchain identity verification platform Humanity Protocol announced on social media that it has launched its testnet. Users can now register for a Human ID. In a few weeks, they will also be able to register their palm prints through the application.

According to PANews, SoftBank Vision Fund has agreed to invest $500 million in OpenAI's latest funding round. Prior to this investment, OpenAI was valued at $150 billion. This marks SoftBank's first investment in a company led by Sam Altman. Thrive Capital is the lead investor in this round, contributing over $1 billion. Other participants in the funding include Tiger Global, Coatue Management, and Microsoft.

According to PANews, October will witness significant developments in the Web3 sector, including major token unlocks, policy announcements, and industry events. Notably, Celestia's token unlock is expected to reach an impressive $1 billion, drawing substantial market attention. Additionally, the confirmation hearing for FTX's restructuring plan and the release of September's seasonally adjusted non-farm payroll data are anticipated to have profound impacts on market trends.

According to Odaily, Sota Watanabe, CEO of Startale Labs, announced on X that Masaaki Taira, a member of Japan's ruling Liberal Democratic Party and former head of a Web3 project team, is likely to become Japan's Digital Minister next week. This development is seen as a positive sign for the future of Web3 in Japan. Taira is well-versed in Web3 and has consistently supported the industry.

According to PANews, the Web3 sector experienced significant financial losses in the third quarter of 2024 due to cyber attacks, phishing scams, and project-related rug pulls. As of September 25, the total losses amounted to $730 million. The primary incidents included 23 major attacks resulting in approximately $430 million in losses, three rug pull events causing around $4.24 million in losses, and phishing scams leading to about $295 million in losses. Centralized exchanges (CEX) were the most affected, with three attacks causing losses of approximately $297 million, accounting for 40.6% of the total attack-related losses. Ethereum remained the most targeted blockchain, with 21 attacks and phishing incidents resulting in $348 million in losses, representing 47.6% of the total losses. Private key leaks were the most common attack method, with five incidents causing $305 million in losses, making up 41.7% of the total attack-related losses. Only about $16.9 million of the stolen funds have been frozen or recovered, while the majority (approximately 78.9%) remain in the attackers' blockchain addresses. Compared to the same period in 2023, the total losses in Q3 2024 saw a slight decrease from $889 million to $730 million. Factors such as the decline in cryptocurrency prices contributed to the reduction in total losses. However, the overall security situation in the Web3 sector remains concerning. Out of the more than 20 attacks in Q3, 18 were due to contract vulnerabilities. It is recommended that project teams seek professional security audits before launching their projects.

According to PANews, decentralized identity project Worldcoin has announced the launch of its Orb verification services in Guatemala, Poland, and Malaysia. The Orb verification, which involves iris scanning, is now complemented by a new feature called Face Auth. Face Auth is an addition to the World ID suite, enabling other applications to verify if the person using the ID is the same individual who was authenticated through the Orb device at a Worldcoin center. This process utilizes information stored on the user's phone, ensuring data privacy and preventing potential fraud from stolen devices.

According to Odaily, the blockchain gaming platform Tabi has officially launched its V2 'Yoake' testnet. During the V1 testnet phase, the project attracted over 1 million $GG token holders, more than 2 million wallet addresses, and recorded a total transaction volume exceeding 110 million. Tabi aims to build on Telegram and LINE to promote large-scale consumer-facing dApp applications and achieve cross-platform and blockchain interoperability.

According to Cointelegraph, emerging Web3 metaverse platforms like Decentraland and the Sandbox have the potential to address the growing loneliness epidemic in the digital age. Bay Backner, Head Producer at Decentraland and assistant university professor, emphasized the potential of these platforms to create more genuine online connections during an exclusive interview at the European Blockchain Convention in Barcelona. Backner highlighted the importance of self-actualization and connection in virtual worlds, referencing Maslow's hierarchy of needs. She noted that the compelling nature of these virtual environments is why people become passionate about the connections they make within them. Despite the proliferation of Web2-specific social media platforms, loneliness remains a significant issue globally. In the United States, 30% of individuals aged 18 to 34 report feeling lonely daily, according to a September 2024 poll by the American Psychiatric Association’s Healthy Minds Monthly. Additionally, a 2018 Cooper Vision survey found that the US population spends approximately 42% of their waking hours looking at screens. Decentralized metaverses could foster tighter online communities compared to traditional social platforms, thanks to the community-oriented ethos of blockchain and Web3. Backner stressed the importance of developing decentralized, community-owned alternatives to centralized platforms like Fortnite. She expressed concerns about the direction of capitalism and the need to explore alternative models. Decentraland’s Mana (MANA) token is currently the fourth-largest metaverse token, with a market capitalization exceeding $613 million, according to CoinGecko data. Social media usage has also seen a significant increase, growing from an average of 90 minutes daily in 2012 to 143 minutes in 2024, according to Statista. Despite the promise of revenue for users' time spent playing, Web3 or play-to-earn games have yet to achieve mainstream adoption. Backner attributed this to a lack of gameplay-focused projects with solid foundations. She emphasized the need for the Web3 gaming industry to improve its communication, particularly regarding the benefits of blockchain and digital assets within gaming environments. Currently, Pixels is categorized as the largest metaverse platform, with over 1.37 million monthly unique active wallets, according to DappRadar data.

According to PANews, on September 21, during the CryptoRoma conference in Rome, Gate.MT CEO Giovanni Cunti delivered a keynote speech urging the acceleration of Web3 technology adoption in Italy. His call to action sparked lively discussions and positive responses among attendees. In his speech, Cunti reviewed the 15-year development history of Web3 technology, highlighting the significant opportunities and innovation potential within Rome's emerging Web3 ecosystem. He engaged with the audience on the progress of local Web3 projects and shared his insights on how Italy can lead in this global transformation wave. “I am pleased to see the growing interest in Web3 technology in Italy,” Cunti stated. “By sharing knowledge and enhancing collaboration, we can expedite the adoption process of Web3, stimulate more innovation opportunities, and drive economic growth in Europe.” Gate.MT aims to continue playing a crucial role in Europe, leading the wave of innovation in the Web3 sector. Cunti added, “Although the current adoption rate of Web3 is not high, its development potential is considerable.” Gate.MT focuses on providing secure and compliant services, dedicated to advancing and leading the Web3 ecosystem across Europe. Under the upcoming Markets in Crypto-Assets (MiCA) regulatory framework, Gate.MT is actively preparing to expand its operations across the European Economic Area, with a strong emphasis on compliance and security. Gate.MT has been registered in Italy since February 2024 and has held MFSA regulatory approval in Malta since 2018. Cunti previously mentioned that Gate.MT is “fully committed to ensuring smooth compliance with MiCA regulations.” Disclaimer: This content is for informational purposes only and does not constitute investment advice or an offer, solicitation, or recommendation of any products or services. Always seek independent professional advice before making any investment decisions. The products and/or services mentioned in this article may not be available in your country or region.

According to Foresight News, data-centric blockchain Glacier Network has announced a partnership with on-chain AI oracle Canyon Network to simplify the integration of AI and decentralized applications (dApps). Glacier Network aims to provide Canyon Network with foundational AI data infrastructure and vector databases through this collaboration, enhancing data availability and security while addressing key challenges faced by AI-driven applications. This partnership highlights the practical use cases of GlacierDB, GlacierAI, and GlacierDA. Previously, Foresight News reported that Glacier Network completed an $8 million angel and seed round funding in June this year, achieving a valuation of $100 million. Additionally, Glacier Network has been selected for the University of California, Berkeley's 2024 Blockchain Xcelerator.

According to BlockBeats, on September 27, Stride, a liquidity staking protocol within the Cosmos ecosystem, announced its expansion to Berachain. Due to the non-transferable nature of Berachain's governance token, BGT, Stride has introduced a liquid version of the token, named stBGT.

According to Cointelegraph, the music industry has been proactive in adopting emerging technologies at the intersection of Web3 and culture. Audius, a decentralized, community-owned, and artist-controlled music-sharing and streaming service, has announced that artists can now be directly paid for their content via stablecoin. This marks a significant development in the integration of Web3 into the music industry. On September 25, Audius announced the successful completion of its private beta phase, which began in November 2023. This update allows artists on the platform to have full control over their pricing and enables them to receive payments in USD Coin (USDC). Fans can use their credit cards to pay artists directly in USDC, and artists can then convert the stablecoin into any currency of their choosing. Additionally, the rollout introduces a community revenue-sharing model, where 10% of each payment will be directed to the Audius community treasury. Governance decisions will determine how these funds are allocated in the future. Audius co-founder and CEO Roneil Rumburg expressed enthusiasm about the platform’s flexibility, noting that artists have already used it to create innovative opportunities. For example, Kato On The Track, an early adopter and beta user, successfully leveraged the marketplace to sell downloads and beats, generating revenue outside traditional streaming models. Rapper MadeinTYO also used Web3 tools on the Audius platform to engage with his community by hosting a contest, allowing him to maintain greater control over his music while fans used his stems to create their own songs. Independent labels like DistroKid, EMPIRE, and Ninja Tune have already signed onto the platform, enabling their artists to capitalize on its features. Moreover, Audius recently secured licensing agreements with major performing rights organizations such as Kobalt, ASCAP, BMI, and SESAC, which could further legitimize its role within the broader industry. Earlier this year, Cointelegraph conducted a one-on-one interview with Rumberg, where he shared his vision of a future music industry that is fully decentralized, community-driven, and embracing AI. In June, Cointelegraph also interviewed several musicians who have been actively using Web3 tools to broaden their reach and enhance their experience as artists. While platforms like Spotify and Apple Music have long dominated the streaming market, the rise of decentralized solutions like Audius could slowly challenge these business models.