Crypto799

Sam Altman's Worldcoin project is chopping its name in half and debuting a faster, simpler "Orb" to scan the irises of billions of people.

Now known simply as "World," the project's long-term goal remains the creation of an identity-verification system that lets people "prove their humanity" anonymously online. To get there it has already debuted a fleet of wonky Orbs that scan eyeballs of people who get WLD crypto tokens and a world ID in return.

At a media event, anchored by AI-darling Altman and his co-founder Alex Blania, World employees unveiled plans for "Orb 2.0." It will be faster to build with fewer parts, faster to run with better chips, and run on open source code.

"We need more orbs, lots more orbs, probably on the order of 1,000 more orbs than we have today," said chief designer Rich Heley. "Not only more orbs, but more orbs in more places."

World is opening "premium verification experiences" – essentially storefronts full of orbs – in Buenos Aires and Mexico City. It's also going to stage orbs in more day-to-day places, like a local coffee shop. People will also be able to summon orbs to their home through an app, "much like a pizza," Heley said.

While the orbs anchor World's humanity checkpoint, the project also plans to accelerate adoption of its world ID system by letting people onboard simply by submitting government IDs.

"Of course, they won't have used an orb so we won't really know they're human, we just know they're a thing that has a passport," said Chief Information Security Officer Adiran Ludwig. He later added this onboarding route has added checks to stop deepfakes.

A new product called World ID Deep Faces will let internet users confirm that the people they think they're talking to online aren't deep fakes – presuming of course they have a World ID.

The token WLD, fell about 5% after the presentation.

Binance Blocks Only 14% of Israel’s Crypto Wallet Freeze Requests
Binance, the world's largest cryptocurrency exchange, has recently come under fire for its refusal to comply with 86% of account block requests issued by Israeli authorities. These requests largely pertained to Palestinian wallets allegedly linked to illicit activities. However, Binance’s internal investigations revealed that the majority of these accounts were not involved in illegal operations, prompting the exchange to reject the majority of Israel’s requests.

 The Allegations Against Binance
In late August, Binance was accused of blocking all accounts held by Palestinian users and seizing their funds at the request of the Israeli Defense Forces (IDF). These allegations suggested that the exchange had frozen over 1,500 crypto wallets. However, Binance CEO Richard Teng quickly dismissed these claims, clarifying that only 14% of the requested accounts—roughly 220 wallets—were actually blocked.
Teng emphasized that Binance conducts its own thorough investigations before complying with government requests. These investigations are crucial, as Binance believes in ensuring user rights are protected while also adhering to international law. The company does not blindly accept requests without first determining whether there is legitimate evidence of criminal activity.
 Binance’s Investigation Process
Nils Anderson Röed, Binance's global head of financial investigations, explained that the exchange uses independent open-source intelligence research to verify claims made by authorities, including the IDF. According to Röed, discrepancies often arise between what the IDF claims and what Binance uncovers during its investigations. For instance, some wallets flagged for terrorism financing by the IDF were found by Binance to be associated with charitable organizations. In such cases, the financial investigations team works closely with legal experts and law enforcement to ensure a lawful and balanced response.
Binance’s Regulatory Challenges
This issue highlights the difficulties faced by Binance as it operates in various jurisdictions with differing regulations. While the exchange has committed to working with global authorities, the refusal to block 86% of the requested accounts has stirred debate around its compliance practices. Binance must navigate a delicate balance between regulatory demands and protecting the rights of its users.
 Conclusion
Binance’s decision to reject most of Israel’s account block requests illustrates its commitment to fairness and due diligence. By conducting thorough investigations before freezing accounts, Binance ensures that user rights are not violated without cause. However, this approach also highlights the ongoing regulatory challenges facing the cryptocurrency industry as it continues to evolve on the global stage.

Visit: CoinGabbar
@Binance Square Official #Binance #cryptonews #coingabbar

In a decisive move to promote fairness and transparency, Binance has permanently banned over 2.5 million users from its popular Airdrop Moonbix game due to unethical practices.
The announcement came yesterday, detailing the actions taken to eliminate cheating and ensure a fair competition for all players.

The Cleanup Operation

Binance's strict enforcement policies have led to the removal of top players and millions of others who used automated cheating tools, commonly known as scripts.
These tools enabled users to gain points without any errors, giving them an unfair advantage over legitimate participants. Thanks to Binance's advanced detection algorithms, suspicious activities were swiftly identified, leading to this widespread ban.

New Measures in Place

To uphold the integrity of the game, Binance has introduced the following measures:

1. Players flagged for suspicious activity will be removed from the leaderboard immediately.

2. Offending players will be disqualified from winning any prizes during the current round.

3. Identity verification (KYC) has been made mandatory for all participants, ensuring that players cannot abuse the system by creating multiple accounts.

Community Reactions

While some players expressed shock at the bans, with a few claiming they were unfairly targeted, Binance’s crackdown has been widely praised by genuine players.
Many have applauded the platform’s commitment to creating a cheat-free environment, emphasizing that the removal of dishonest players enhances the overall gaming experience.

What This Means for Airdrop Moonbix

The sweeping ban shows that Airdrop Moonbix will be a fair and rewarding experience for those playing honestly.
With the removal of cheating methods, legitimate players can now compete on an equal footing, enjoying the game without the risk of exploitation.

Stay Updated

For the latest updates and announcements on Airdrop Moonbix, keep an eye on reliable sources.
Following official channels will ensure that you stay informed about the game’s progress and any upcoming events.

Join the Fun!

New participants can still register through a referral link and start with 800 bonus points.

Binance’s firm stance on cheating sets a new standard for fairness in both gaming and cryptocurrency communities.
With Airdrop Moonbix back on track, players can now expect an exciting and transparent experience, free from dishonest practices.

Disclaimer

This article is for informational purposes only and does not constitute financial or investment advice.

#Moonbixee #MoonbixJourney #BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC #moonbix

Nervos Network (CKB) went through an almost vertical rally this week, after a recent Upbit listing. Volumes on the South Korean exchange keep propping up the asset, causing temporary price disparities. 

Nervos Network (CKB) was the latest token to pop off, speeding ahead of the market’s recovery. CKB peaked at $0.020, but price action remains strong. In the past week, CKB also carried a premium on Upbit, rising as high as $0.04 in the Korean won equivalent. 

CKB rallied by more than 113% in the past week, doubling its trading volumes to nearly $600M in a single day. The asset, with its relatively low price, may have an even greater breakout, as its all-time peak is only at $0.036. 

Binance suspended CKB withdrawals again

Just after the Upbit trading, Binance withdrawals of CKB were suspended. Users complained of not being able to move their coins. In the past, Binance has suspended CKB withdrawals during turbulent times. 

This time around, Binance saw a surge in withdrawals right before suspending CKB, possibly due to a backlog of transactions. The first news of suspended transactions appeared in the past week, just before the CKB rally. At that time, CKB was already trading at a premium on some exchanges, with the potential for arbitrage. Bybit was also offering double the Binance rates, but not all traders managed to withdraw. 

Source: Binance Square

As a result of the sudden spike in trading, open interest on CKB expanded by a factor of 10, to $74.75M. Soon after the price rally, short positions also expanded as high as 60%, while causing a spike in lending fees. The CKB rally may thus either crash and fulfill the short positions, or go for an even bigger short squeeze.  

About a week after its launch, CKB already equalized its price on most trading pairs. Trading volumes were highly active, and Upbit took up more than 64% of all CKB activity.

The last time Binance suspended CKB withdrawals was in April, which coincided with the asset’s local price peak. Binance explained that the limitation on moving coins was due to congestion on the Nervos Network, caused by the minting of assets on the RGB++ protocol.

Nervos Network competes with L2 chains

Nervos Network is a relatively small project that combines native L1 and L2 modules. The project started trading in 2020, entering the space just as rollup layer-2 solutions were also growing. For that reason, Nervos achieved niche status and somewhat lower popularity. Despite this, CKB became a top 100 token.  

Nervos is not EVM-compatible, and is thus cut off from Ethereum’s liquidity in the form of bridged ETH or stablecoins. Despite this, Nervos has tried building a native infrastructure, with Yokai Swap as its main DEX. 

Nervos is also among the rare mined niche chains, seeing some support from big mining operations like F2Pool and Antpool. For now, the mining of CKB is relatively slow, with no influencer marketing. The chain has been growing mostly on organic hype, while the CKB token relies on centralized trading and enjoys highly liquid listings on top exchanges. 

One of the reasons for the slow mining is that Nervos is compatible with some of the top GPU processors. Nervos uses the Eaglesong algorithm, requiring a different set of equipment, often more accessible for large mining farms. 

The investment in GPU power goes toward AI tasks, leaving Nervos as a tradable asset. Specialized Nervos miners are also a big upfront investment, more suitable for long-term network supporters. 

Nervos offers both L1 and L2 building models

Nervos Network carries its own L1 mined layer, as well as a scalable L2 environment. The most common type of application on Nervos is infrastructure, allowing the inclusion of other features. 

Nervos carries Celer Network and Ankr versions, offering a mix of scalable tokenization and proof-of-work security. Nervos Network also functions as a DAO, which requires a minimal lockup period of 30 days for CKB, with a 2.65% annualized gains.

One of the functions of the DAO is to encourage locking up the tokens, while receiving a compensation for network inflation. Nervos has combined diminishing mining rewards with secondary issue of CKB, highly encouraging users to hold funds in the DAO for the long term. 

The only L2 app on Nervos is Godwoken, capable of wrapping the native CKB token for the Ethereum chain. Nervos also carries a small ecosystem of DeFi lending and two main DEXs. 

Cryptopolitan reporting by Hristina Vasileva

The fate of grassroots programmers: CZ's strange life
Changpeng Zhao, known as CZ in the industry, was just one of the many children who had climbed out of a poor family before he was known. He was no different from those teenagers who worked in gas stations and fast food restaurants in foreign countries. However, he relied on a ray of hope from fate and his extreme diligence to create a world in the chaotic world of cryptocurrency. People see him sitting on wealth and overlooking the market today, but they may not see the ups and downs behind him.
1. A grassroot encounters a cold for the first time
CZ was born in Lianyungang, Jiangsu Province, China, but the exact location is unknown. It is said that his family was poor and life was not easy, so he migrated to Canada with his parents. In this land, CZ tasted the cruelty of life early. He flipped burgers in McDonald's and counted change at gas stations late at night. His hands were covered with grease, but he did not despair. What he had in his head was computer code, not greasy money.

TL;DR

Binance will temporarily halt BNB Smart Chain deposits and withdrawals due to maintenance, but trading will not be affected.

BNB’s price is down amid a market slump, with a potential rally expected following the release of former CEO Changpeng Zhao from prison.

The Upcoming Effort

The world’s largest crypto exchange will conduct wallet maintenance for BNB Smart Chain (BEP20) on September 5. To support the process, it will temporarily halt deposits and withdrawals on the network. The maintenance is scheduled to take approximately two hours, and services will be resumed after completion.

“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users,” the company assured.

BNB Smart Chain is a platform developed by the exchange that offers compatibility with the Ethereum Virtual Machine (EVM). It enables developers to migrate their projects from Ethereum without needing to rewrite the code.

BNB Smart Chain operates alongside the BNB Beacon Chain (previously known as Binance Chain). The specific architecture allows users to transfer assets between the two chains, providing additional opportunities for trading and decentralized applications (dApps).

The native cryptocurrency of BNB Smart Chain is Binance Coin (BNB), which facilitates transaction fees and can be staked to participate in the network’s consensus mechanism. 

BNB Price Outlook

The asset started the year on the right foot, with its price surging from $312 on January 1 to an all-time high of approximately $710 in June. Back then, BNB’s market capitalization exceeded $100 billion, surpassing well-known companies like Starbucks, Dell, UBS, and more.

BNB Price, Source: CoinGecko

However, the token’s price headed south in the following months. It currently trades at around $500 (per CoinGecko’s data), representing a 6% decline on a daily scale. The retreat coincides with a broader slump of the entire cryptocurrency market, where Bitcoin (BTC) briefly dipped below $56,00, while Ethereum (ETH) tumbled to as low as $2,300. 

One factor that may trigger a renewed rally for BNB is the end of Changpeng Zhao’s prison sentence. Earlier this year, the former CEO of Binance was ordered to spend four months behind bars after he pleaded guilty to violating certain anti-money laundering requirements. Zhao (better known as “CZ”) is scheduled for release at the end of this month.

“BNB Position: Let’s play a game CZ out of jail pump,” one X user said.

The post Binance to Temporarily Suspend Deposits and Withdrawals on BNB Smart Chain Soon: Here’s Why appeared first on CryptoPotato.