NewsBriefs - Fake DeepSeek token surges to $48M amid AI app craze

Jan 27, 1:55 PM Cointelegraph

Fake DeepSeek token surges to $48M amid AI app craze

The Solana-based token mimicking the Chinese AI app DeepSeek briefly reached a $48 million market capitalization on January 27, with a trading volume of $150 million, reported by Birdeye. The token, created on January 4, saw its valuation drop to $30 million subsequently. Despite attempts to associate the token with DeepSeek’s official X account and website, over 22,000 wallets still hold the token. A second fake token also leveraged the DeepSeek hype, achieving a $13 million market cap. DeepSeek has denied any association with these tokens, cautioning against potential scams.

Latest

• Jan 28, 7:13 PM The Block

  Aerodrome suspends two contributors over insider trading allegations in VVV token airdrop

  Aerodrome, a decentralized exchange operating on the Base network, suspended two contributors involved in the VVV token airdrop due to unusual trading patterns noted during the token's launch. The exchange flagged the activity within 30 minutes and proceeded with an internal investigation, leading to quick suspensions. Aerodrome has communicated its findings transparently and continues to investigate the irregularities. VVV, a privacy-focused AI project by Erik Voorhees, debuted its tokens on Base with Aerodrome providing liquidity.

  Expand Hide

  

• Jan 28, 11:32 AM The Block

  OpenSea launches OS2 platform with new XP system, grants early access to Gemesis NFT holders

  OpenSea has introduced its updated platform, OpenSea 2.0 (OS2), featuring a new user interface and an experience points system to boost user engagement. This private beta release grants priority access to Gemesis NFT holders, reflecting a rewards strategy targeting active users. Following a strategic shift amid a competitive NFT market, OpenSea aims to reclaim its dominant position, leveraging the XP system as a potential incentive for user interaction on the platform.

  Expand Hide

  

• Jan 28, 11:23 AM Cointelegraph

  Metaplanet announces $745 million fundraising to expand Bitcoin holdings

  Japanese company Metaplanet plans to raise approximately $745 million by issuing 21 million shares to fund the expansion of its Bitcoin holdings. The initiative is part of a broader strategy to increase its Bitcoin assets to 21,000 BTC by 2026, in response to the yen's declining value and to solidify its position as a leading corporate Bitcoin holder.

  Expand Hide

  

• Jan 27, 11:08 PM CoinDesk

  Senate confirms Scott Bessent as Treasury Secretary, likely prioritizing taxes before crypto policy

  Scott Bessent, recently confirmed as Treasury Secretary in President Donald Trump's administration, is poised to tackle crypto regulation but will prioritize tax policies initially. Despite not focusing on crypto during his nomination hearing, Bessent is well-regarded in the digital assets sector and has been tasked with leading US initiatives for a more favorable crypto oversight system. His role includes significant responsibilities in adjusting financial regulations to accommodate crypto policies and managing the Financial Crimes Enforcement Network, which targets crypto-related criminal activities.

  Expand Hide

  

• Jan 27, 9:39 PM The Block

  Tuttle Capital files for 10 new leveraged crypto ETFs, including TRUMP and MELANIA meme coins

  Tuttle Capital Management has applied for 10 different leveraged crypto exchange-traded funds (ETFs), covering a range of tokens such as XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot, BNP, Bonk, TRUMP, and MELANIA. Among these, the filings notably include first-time leveraged ETFs for Chainlink, Cardano, Polkadot, BNP, and Melania. Leveraged ETFs aim to amplify the returns of the underlying tokens using financial derivatives and debt. The approval and launch of these ETFs, expected by April unless rejected by the SEC, will test the regulatory boundaries set by the SEC's new crypto task force led by Hester Peirce.

  Expand Hide

  

• Jan 27, 4:55 PM Commodity Futures Trading Commission

  CFTC Acting Chairman Caroline Pham initiates public roundtables on prediction markets, digital assets, and more

  CFTC Acting Chairman Caroline D. Pham announced a series of public roundtables to discuss market structure innovations, including digital assets, prediction markets, and related issues. These initiatives aim to enhance transparency, gather extensive input from various stakeholders, and adapt regulatory frameworks to support US economic growth and competitiveness.

  Expand Hide

  

• Jan 27, 4:00 PM CoinDesk

  Bitcoin analysts view selloff as a buy opportunity amid DeepSeek AI scare

  Following a sharp decline in Bitcoin and other crypto assets, triggered by a Nvidia-led tech stock fall due to the efficient artificial intelligence model, DeepSeek, analysts are viewing the selloff as a buying opportunity. Bitcoin faced a rapid drop from $105,000 to below $98,000, raising concerns of a deeper pullback. However, professionals like Geoffrey Kendrick from Standard Chartered and analysts at LondonCryptoClub suggest that the fundamental market conditions support buying the dip. This sentiment is despite potential further challenges due to upcoming big tech earnings and the Federal Reserve's meeting outcomes.

  Expand Hide

  

• Jan 27, 3:01 PM The Block

  Abstract Chain launches Ethereum Layer 2 mainnet

  Abstract Chain, an Ethereum Layer 2 network developed by Igloo Inc., has now launched on the mainnet. Built using ZKsync's ZK rollups, it offers low-cost, scalable transactions tailored for Web3 applications, especially community-driven ones. Igloo Inc., owner of the Pudgy Penguins NFT collection, designed Abstract Chain to enhance user experience through features like account abstraction, allowing wallet operation via smart contracts and user-friendly access options, including social logins. The network also introduced The Portal, a blockchain platform simplifying instant wallet creation and dapp access.

  Expand Hide

  

• Jan 27, 1:55 PM Cointelegraph

  Fake DeepSeek token surges to $48M amid AI app craze

  The Solana-based token mimicking the Chinese AI app DeepSeek briefly reached a $48 million market capitalization on January 27, with a trading volume of $150 million, reported by Birdeye. The token, created on January 4, saw its valuation drop to $30 million subsequently. Despite attempts to associate the token with DeepSeek’s official X account and website, over 22,000 wallets still hold the token. A second fake token also leveraged the DeepSeek hype, achieving a $13 million market cap. DeepSeek has denied any association with these tokens, cautioning against potential scams.

  Expand Hide

  

• Jan 27, 2:31 AM Cointelegraph

  Breaking Bad star’s X account hacked, used to promote fraudulent memecoin

  Dean Norris's X account was hacked and used to promote a fraudulent memecoin named DEAN, which was involved in a pump and dump scheme. The scheme falsely leveraged Norris's image to endorse the coin, leading to its temporary spike in market cap to $8.43 million before collapsing. Norris refuted any connections to the memecoin or its promotions, confirming his account's security breach and subsequent misuse.

  Expand Hide

  

• Jan 25, 11:40 AM Virtuals Protocol

  Crypto AI agent platform Virtuals Protocol expands to Solana, launches new features

  Virtuals Protocol has announced its expansion to the Solana blockchain, known for its high speed and scalability. This strategic move includes the introduction of the Meteora Pool for enhanced trading opportunities and the establishment of a Strategic SOL Reserve, where 1% of trading fees are converted to SOL to support the platform's agents and creators. Virtuals Protocol aims to empower builders and drive innovation, particularly through the Virtuals AI Hackathon and grants of 42K $VIRTUAL tokens for projects on Base and Solana.

  Expand Hide

  

• Jan 25, 2:00 AM PRNewswire

  Nasdaq-listed Thumzup Media allocates up to 90% of surplus cash to Bitcoin holdings

  Thumzup Media Corporation, listed on Nasdaq under the symbol TZUP, announced that its Board of Directors has authorized allocating up to 90% of the company's surplus cash to Bitcoin. This decision is part of their ongoing Treasury Asset Strategy to strengthen financial stability and shareholder value by investing in Bitcoin as a long-term store of value. The move aligns with larger market trends and regulatory landscapes, highlighted by recent US governmental commitments to advancing digital financial technology.

  Expand Hide

  

• Jan 24, 9:35 PM The Block

  Nasdaq submits filing to allow in-kind redemptions for BlackRock's Bitcoin ETF

  Nasdaq has submitted a rule amendment on behalf of BlackRock to enable in-kind redemptions for the iShares Bitcoin Trust, a significant modification from the current cash-based process. This change could streamline operations by allowing direct transfers of Bitcoin instead of its sale for cash, pending approval from the SEC.

  Expand Hide

  

• Jan 24, 7:45 PM Cointelegraph

  Ripple requests April 16 deadline for cross-appeal brief in SEC legal battle

  Ripple Labs has formally asked for an April 16 deadline to file its cross-appeal brief in its ongoing lawsuit with the US Securities and Exchange Commission. This development highlights the case's significance in the crypto sector and occurs amidst discussions on potential SEC withdrawals from certain crypto enforcement actions.

  Expand Hide

  

• Jan 24, 8:00 AM CoinDesk

  Vitalik Buterin advocates for stronger ETH focus in Ethereum's scaling strategy

  Vitalik Buterin, the co-founder of Ethereum, emphasized the need for Ethereum's scaling plans to enhance support for its native token, ether (ETH), to boost its value. In a recent post, Buterin proposed a multi-pronged strategy to establish ETH as the primary asset across Ethereum's Layer 1 and Layer 2 networks and suggested using it as primary collateral in applications. He recommended incentivizing Layer 2 networks to contribute a portion of their fees to the Ethereum ecosystem through mechanisms like fee burning and staking. Despite the rising scrutiny of the Ethereum Foundation amid competitive pressures, Buterin also suggested increasing the number of Ethereum blobs and setting a minimum price for them to generate additional revenue.

  Expand Hide