Insider NFT Trading Is a Thing Now

Insider NFT Trading Is a Thing Now

Chinese cryptocurrency news platform 8BTC also claims to have analyzed the wallet activity allegedly connected to Chastain and says that he netted the equivalent of some $67,000 in Ether coin (ETH).

After a brief online furor, OpenSea responded to users complaints with a blog post, published Wednesday, that promised changes. The post does not openly identify Chastain as the person involved in the dealings. Instead, it says:

“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly. This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident so that we have a full understanding of the facts and additional steps we need to take.”

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The company further stated that it had instituted new rules that forbid OpenSea team members from buying or selling specific NFT products while the company is promoting them, or from “using confidential information” to buy and sell them.

In my own humble opinion, NFTs are already such an exorbitant waste of time and money (often derided as digital Beanie Babies for hapless rich people) that a development like this doesn’t seem all that surprising. The relatively regulation-less sphere of crypto ensures that behavior that would be illegal in other industries is, in NFT-land, just a shitty, albeit lawful, price of doing business.

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Litecoin Price Thrown Into Chaos After Hoax Announcement of Partnership with Walmart

No, Walmart Is Not Adopting Litecoin

It’s unclear at this time who may be responsible for the hoax announcement. At the time of publication, Walmart hadn’t returned Gizmodo’s request for comment. We will update this story if they get back to us.

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Apple’s Stranglehold on In-App Purchases Smacked Down in Epic Court Decision

The injunction will take effect in 90 days. Apple could, and likely will, appeal the decision.

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In an emailed statement to Gizmodo, an Apple spokesperson wrote, “Today the Court has affirmed what we’ve known all along: the App Store is not in violation of antitrust law. As the Court recognized ‘success is not illegal.’ Apple faces rigorous competition in every segment in which we do business, and we believe customers and developers choose us because our products and services are the best in the world.”

“We remain committed to ensuring the App Store is a safe and trusted marketplace that supports a thriving developer community and more than 2.1 million U.S. jobs, and where the rules apply equally to everyone,” the Apple spokesperson added.

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In late August, Apple had already proposed a settlement in a separate lawsuit that would have allowed developers to use registration data such as email to inform users of ways to pay outside the App Store—which would serve as a workaround of sorts to shelling out nearly a third of every transaction to Apple but would be a far cry from the kind of changes ordered by the new injunction. In a settlement in yet another case with the Japan Fair Trade Commission announced last week, Apple conceded that it would allow developers of subscription-based apps that provide content like movies, music, newspapers, and e-books to link within the app to other payment portals. However, that settlement did not cover iOS games—a massively lucrative market for in-app purchases.

It’s not clear, as of this moment, how wide the ramifications will be beyond the App Store specifically. Google, which also booted Fortnite from its Play Store in response to Epic’s moves, is facing a similar lawsuit that has yet to be resolved.

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As flagged by the Verge, Gonzalez Rogers also resolved another baffling dispute in the case: Whether or not the Fortnite character Peely the banana, who is technically naked because his bare peel is his skin, would have to wear clothes while appearing in court. The issue arose when an Apple attorney cross-examining an Epic executive quipped that Apple had opted to show Peely wearing a tuxedo in his “Agent Peely” cosmetics, as it was more appropriate for federal court. (No one wears tuxedos to court but My Cousin Vinny, but hey.) An attorney for Epic, responding to the joke, later asked the executive if there is “there anything inappropriate about Peely without clothes,” to which he responded, “It’s just a banana man.”

Gonzalez Rogers wrote in an aside in the ruling that the court agreed that “as Peely is ‘just a banana man,’ additional attire was not necessary but informative.” So that’s settled.

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This is a breaking news story and will be updated…

All $610 Million Stolen in Historic Crypto Heist Has Been Returned, Poly Network Says

Poly Network Reports All Its Hacked Assets Have Been Returned

Things have arguably been less fun for Poly, which promised the hacker a $50,000 reward—not to mention a literal job at the company—in return for a $200 million chunk of the assets earlier this month. This was on top of the previous $500,000 offer that the hacker had already turned down, insisting that it would be better off donated “to the technical community who have made contributions to blockchain security.”

The company said in its blog post that it has “officially started the process” of returning most of the funds to users that were affected—not including the roughly $33 million in Tether currently frozen that the crypto-provider froze shortly after being caught up in the hack. Poly assured users that Tether “is in the process of confirming the final unfreezing process with us.” After that, all of the purloined assets will make their way back into circulation, Poly’s users will go back to trading, and the entire saga will officially come to a close. And when it does, hopefully, everyone involved will take their security just a bit more seriously.

Poly Network confirmed to CNBC that they wouldn’t be holding Mr. White Hat legally responsible, even though they carried out what’s arguable the biggest crypto caper of all time. The $610 million in stolen assets surpassed two of the other major cases we’ve seen recently, including the roughly $535 million stolen from Coincheck, a Japanese crypto exchange, and the $450 million stolen from Mt. Gox before it filed for bankruptcy in 2014.

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Unlike each of those cases, though, Poly was lucky enough to be hit by a hacker who was less interested in turning a profit, and more interested in, well, having fun. 🙂