Rate Limited
Social media platform Twitter has imposed temporary restrictions on the daily number of posts users can read due to significant instances of data scraping and system manipulation, as stated by executive chairman Elon Musk. However, these limits have since been revised and increased.
In It to Win It
BlackRock has refiled its Bitcoin ETF application, this time naming Coinbase as its surveillance-sharing partner. This decision comes after the SEC criticized previous proposals for lacking adequate surveillance-sharing agreements, which are essential in preventing market manipulation.
How Times Have Changed
Data from Nansen reveals a notable decline in royalty payments for NFT creators, with peak weekly earnings plummeting from 28,000 ETH ($76 million) in April 2022 to 2,000 ETH ($3.8 million) in June 2023. This decline has been attributed to the emergence of royalty-optional marketplace Blur and the change in policy on leading platform OpenSea, where collectors have the option to contribute more to creator royalties, although this practice appears to be uncommon.
Brain Drain
Several key executives at Binance, including General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for compliance Steven Christie, have departed from the company due to concerns over CEO Changpeng Zhao's handling of the U.S. Department of Justice (DOJ) investigation. Their departures follow the earlier resignation of Matthew Price, a former IRS agent who was leading Binance's global investigations and intelligence team.
A New Place to Thread!
The Threads app, developed by Meta as an alternative to Twitter, has launched earlier than expected. The app aims to compete with Twitter's recent rate limit changes, which have frustrated users by imposing restrictions on the number of posts they can read per day. One notable feature of the Threads app is its seamless onboarding process, as it immediately links to users' Instagram accounts, addressing the challenge of building a new social network from scratch.
