We bring you the latest in the Web3 and AI industry, structured in bite-sized news that you can read in a minute!
Here’s what’s happening in Web3 and AI in 1 minute.
Web3
Binance Altcoin Dominance Climbs to 78%
1️⃣ Binance’s altcoin trading volume dominance has surged to 78% this month. Crypto analyst Burakkesmeci suggests this growth signals strong potential for an altcoin bull market in 2025, citing a steady rise from 50.80% in May 2024 as evidence of increasing interest.
Meta Shareholder Proposes Bitcoin Investment
2️⃣ A Meta shareholder has proposed that the company allocate a portion of its $72 billion cash reserves to Bitcoin as an inflation hedge. Peck argues that Meta is losing 28% of its cash assets to inflation and highlights Bitcoin’s superior performance compared to bonds.
Bybit Temporarily Halts Services in India
3️⃣ Bybit has announced a temporary suspension of its services in India, including trading, account openings, and order placements, due to regulatory pressures. The exchange assures users that fund withdrawals will remain unaffected during this period.
Crypto Markets Enter Banana Singularity
4️⃣ Raoul Pal, CEO of Real Vision, believes the crypto market is entering a Banana Zone, leading to a Banana Singularity characterised by a surge in altcoin prices. Pal predicts this phase will be followed by consolidation, similar to the 2016-2017 market cycle.
Litecoin’s X Account Briefly Hacked
5️⃣ Litecoin’s official X account was briefly compromised by a scam promoting a fake Litecoin token on the Solana network. The Litecoin team has since regained control and confirmed the hack occurred via a compromised delegated account.
New York AG Seeks $2.2M in Crypto Recovery
6️⃣ New York Attorney General Letitia James has filed a lawsuit to recover over $2 million in cryptocurrency stolen through a job scam. Victims were deceived into purchasing crypto and reviewing fake products under the pretext of remote work.
US States Propose Strategic Bitcoin Reserves
7️⃣ New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves as part of their state treasuries. Notably, the New Hampshire bill refers to “digital assets” to potentially minimise political resistance.
Singapore Blocks Polymarket Access
8️⃣ Singapore has restricted access to Polymarket, a crypto prediction market platform, citing unlicensed gambling concerns. This move is part of a broader effort to regulate illegal gambling activities within the country.
Artificial Intelligence (AI)
AI Deepfake Porn Scandal in Sydney
1️⃣ A male student at a Sydney high school has reportedly used AI to create deepfake pornographic images of female classmates, distributing them online. Authorities in New South Wales are investigating the case, raising concerns about legal loopholes.
Family of Late OpenAI Whistleblower Pursues Investigation
2️⃣ The family of Suchir Balaji, a former OpenAI researcher and whistleblower, has raised $140k in cryptocurrency donations to fund an investigation into his death. Balaji’s death was ruled a suicide. But his mother disputes this, citing a second autopsy that suggests foul play.
AI Deepfakes Fuel Misinformation During Wildfires
3️⃣ Deepfake AI is being used to spread misinformation during the California wildfires. Fabricated images, including the Hollywood sign being ablaze and false looting scenarios, have circulated online, causing panic.
Microsoft Acts Against AI Misuse
4️⃣ Microsoft is pursuing legal measures against cybercriminals who exploited generative AI to create harmful content. The company is targeting a group accused of bypassing safety protocols to misuse AI tools.
Midjourney Teases Major V7 Update
5️⃣ AI image generator Midjourney is nearing the launch of its V7 update, which promises to introduce new architecture, datasets, and refined language processing capabilities. The update may also include features such as video generation and real-time outputs.
Oh Raises $4.5M for AI and Web3 Creator Platform
6️⃣ Oh, a platform that merges AI and Web3 technologies, has secured $4.5 million in funding. It plans to empower creators by allowing them to develop and monetise AI-powered digital agents called “superModels” that can interact with users and build social media presences.
Tether Hires AI Filmmakers for Branding
7️⃣ Tether is recruiting AI filmmakers to strengthen its brand presence, using AI tools to produce dynamic videos highlighting Tether’s products and vision. This showcases Tether’s commitment to adopting AI technology for impactful marketing.
