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
Ethereum May Outperform Bitcoin in January
1️⃣ TradingView data suggests the ETH/BTC ratio could climb in January 2025, according to crypto analyst Michael van de Poppe. If it surpasses 0.04, ETH may see increased inflows while BTC consolidates, possibly sparking an “altcoin run” in Ethereum’s ecosystem. Spot Ether ETFs may also outperform Bitcoin ETFs next year.
Bitcoin Price Fluctuates Around $98K
2️⃣ Bitcoin hovered near $98,000 on 25 December as traders enjoyed Christmas gains. On-chain platform CryptoQuant noted growing interest from South Korean investors, contributing to a “Kimchi Premium.” However, continued outflows from US spot Bitcoin ETFs have dampened the rally’s momentum.
Hacker Steals $500K in Memecoin Scams
3️⃣ Blockchain investigator ZachXBT reports a hacker stole $500,000 through memecoin phishing scams. The attacker compromised 15 X accounts via fake copyright notices, redirecting users to phishing sites. They then used the accounts to post memecoin scams, netting the stolen funds.
Memecoins Dominate Investor Interest in 2024
4️⃣ A CoinGecko study reveals memecoins captured the largest share of investor interest in 2024, with nearly one-third focused on these speculative tokens. Solana-based memecoins were especially popular, followed by tokens on Coinbase’s Base. Interest in AI-related crypto fell but still claimed a 13% share.
Montenegro Court Denies Do Kwon’s Appeal
5️⃣ Montenegro’s Constitutional Court rejected Do Kwon’s appeal against extradition, upholding an earlier decision. Kwon, co-founder of Terraform Labs, faces fraud charges tied to the $40 billion Terra Luna collapse in 2022. Both the US and South Korea have requested his extradition.
Crypto Ownership Surpasses 30% in South Korea
6️⃣ Cryptocurrency users in South Korea reached 15.6 million in November, exceeding 30% of the population. The increase is attributed to Donald Trump’s US presidential election victory, which many believe will lead to more favourable crypto regulations.
Turkey Enacts Stricter Crypto AML Regulations
7️⃣ Turkey has introduced stricter anti-money laundering rules for cryptocurrency, requiring user identification for transactions over 15,000 liras (£275). Crypto platforms may suspend transactions if user details are not provided. The law aims to combat money laundering and terrorism financing.
US Spot Bitcoin ETFs See Continued Outflows
8️⃣ US spot Bitcoin ETFs recorded their fourth day of outflows, totalling $338.4 million on 25 December, with $1.52 billion leaving these funds in four days. In contrast, spot Ether ETFs saw net inflows of $53.5 million on the same day.
AI
Crypto and AI Growth May Strain Energy Grids
1️⃣ Cryptocurrency mining and AI data centres are increasing electricity demand across North America, says the North American Electric Reliability Corporation (NERC). This growth risks energy shortfalls, especially in high-concentration areas like Texas. NERC advises better forecasting and expanded demand-side management to maintain reliability.
Yann LeCun Named Emerge’s Person of the Year
2️⃣ Yann LeCun, Meta’s Chief AI Scientist, has been named Emerge’s 2024 Person of the Year for his contributions to AI and his stance on AI regulation. LeCun argues for regulating applications rather than foundational models to foster innovation and dismisses fears about catastrophic AI superintelligence.
Italy Fines OpenAI for Privacy Issues
3️⃣ Italy’s data protection agency has fined OpenAI €15 million for breaching the EU’s GDPR. OpenAI failed to notify authorities of a data breach and lacked adequate legal and age verification mechanisms. It must now run a public campaign to inform users about ChatGPT’s data collection practices and rights.
LIFT Network’s AI Agents Decode Soccer
4️⃣ LIFT Network has launched blockchain-powered AI agents capable of analysing real-time datastreams, including video. These agents can interpret complex aspects of football, such as the offside rule, and detect brand logos in real-time, cutting data extraction costs. This opens opportunities in branding, gaming, and prediction markets.
OpenAI’s o3 Achieves Human-Level Scores
5️⃣ OpenAI’s new model, o3, scored 87.5% on the ARC-AGI benchmark, nearing the threshold for artificial general intelligence. While some see this as a step toward AGI, others argue it relies on extensive data and “planning tricks” rather than genuine reasoning. The debate over true AGI continues.
TeraWulf Leases Data Centres for AI Revenue
6️⃣ Bitcoin miner TeraWulf is leasing 70 megawatts of its data centre capacity to AI and cloud provider Core42, diversifying into AI services. This shift comes amid rising Bitcoin mining costs. Infrastructure will power up in stages from 2025, tapping into growing AI-driven computing demand.
Ethereum Maxis Predict ETH Surge in 2025
7️⃣ Ethereum enthusiasts anticipate a breakout year in 2025, driven by network upgrades, AI agents, and favourable US regulations under Trump’s presidency. The Pectra upgrade, set for early 2025, will enhance speed and efficiency. Ethereum’s dominance in stablecoins and tokenisation is also expected to fuel growth.
aelf Launches No-Code Framework for AI Agents
8️⃣ Blockchain platform aelf has unveiled aevatar Intelligence, a no-code tool for developing AI agents. The framework aims to simplify AI creation for all users. With AI oracle AetherLink, aelf ensures these agents can interact across platforms and blockchains, advancing decentralised AI applications.
