Blockchain & cryptocurrency market summary news – April 17
PayPal quietly revises NFT transaction protection policy
PayPal has quietly changed its NFT transaction protection policy. Under the new policy effective May 20, 2024, PayPal will limit sponsorship of NFT purchases. Specifically, NFT purchases will no longer be covered by PayPal's user protection policy. Additionally, NFT sales over $10,000 will not be guaranteed by the company against the risk of counterfeiting, refunds, or fraud. This marks a change in the rights and protections for PayPal users when trading NFTs.
a16z mobilizes 7.2 billion USD for investment expansion plan
Andreessen Horowitz Investment Fund (a16z) has succeeded in raising 7.2 billion USD for its investment expansion plan. This amount will be allocated to many different areas. Of which, 3.75 billion USD will be for growth fund, 1.25 billion USD for Artificial Intelligence (AI) infrastructure, 1 billion USD for application fund (Consumer, Enterprise, Fintech), 600 million USD for a fund to support multi-industry startups called "American Dynamism", and 600 million USD to invest in the gaming field.
Andreessen Horowitz also plans to raise more capital focused on cryptocurrency and biotechnology in 2025. The fund has been actively investing in crypto projects and developing zero-knowledge solutions to drive scale. blockchain.
A Vietnamese person is suspected of being behind the Prisma Finance hack
A Vietnamese person is suspected of being involved in the hack of Prisma Finance, a decentralized lending protocol, that caused more than 11 million USD in losses. This information was posted by on-chain detective ZachXBT on Twitter. According to his post, the hacker requested a bounty that is higher than the standard for good hackers (whitehat), and if met, the project would not have enough liquidity to refund users.
ZachXBT analyzed the transactions and source addresses to find the hacker's connection to other attacks. The Prisma team is synthesizing personal information and collecting evidence to sue the suspect according to Vietnamese and Australian laws. Recent hacks have highlighted the importance of building a regulatory framework in the cryptocurrency industry.
