In today’s crypto news digest: Meta has decided to become more independent and plans to create its search engine based on artificial intelligence. At the same time, Circle has released a framework for converting ERC-20 assets into confidential packaged versions. Read more in the article.
Truth Terminal Founder’s Account Hacked to Promote Scam
On 29 October at night, the X account of Truth Terminal founder Andy Ayrey was hacked to promote a fake meme coin.
A post was published from his account announcing the launch of a new token named Infinite Backrooms (IB) with the meme coin’s contract address. A phishing link was also posted from the account, after which the attacker left several offensive comments to the community.
The IB token was launched on the pump.fun platform. Thanks to the ‘advertising’ on the page of the Terminal of Truth founder, the asset’s capitalization reached $24.6 million at that time. The address from which the token was launched was initially bought by 124.6 million IBs for $38,400. In a little less than an hour, its owner sold these tokens for $641,000, according to DEX Screener. Thus, his net profit was $602,500.
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According to The Block, Ayrey confirmed the hack in a now-deleted post. He also noted that the attacker probably used a SIM replacement for this purpose. This means that two-factor authentication was disabled on his page.
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Meta is Building its Own AI-powered Search Engine
Tech giant Meta is considering creating its search engine based on artificial intelligence. As noted, the goal is to reduce its dependence on existing search products, including Google and Microsoft’s Bing. This was reported by The Information on 28 October, citing an anonymous source familiar with the matter.
As noted, the new search engine will create artificially intelligent spoken summaries of the latest information and current events and deliver them to users through the Meta chatbot. According to the source, over the past eight months, a dedicated team of Meta engineers has been working to build a database of relevant information for the new search engine.
Meta’s decision to launch its search engine follows similar moves by several other major AI players, including Sam Altman’s OpenAI.
Coinbase to Sponsor NBA Team
The American cryptocurrency exchange Coinbase has announced that it has become the official sponsor of the famous NBA team Golden State Warriors.
As part of the agreement, the cryptocurrency exchange’s branding will be placed on the main stand of the Chase Warriors Centre and on limited edition merchandise, Coinbase reports. The trading platform will also host online giveaways and game-day activations for Warriors fans. This agreement deepens Coinbase’s existing long-term partnership with the NBA, as the cryptocurrency industry is experiencing a widespread resurgence in sports marketing deals.
The deal marks a significant return of cryptocurrencies to the world of sports following the sensational collapse of FTX, an exchange that had previously partnered with the Warriors on an innovative fundraising campaign based on non-fungible tokens (NFTs). While the FTX crash led to the cancellation of many sponsorship deals, according to CoinGecko, the industry has seen a gradual resurgence in sponsorships recently.
Some of the important partnerships that have taken place in recent years include Crypto.com‘s sponsorship of the UEFA Champions League for the 2024-27 cycle, WhiteBIT‘s partnership with FC Barcelona, OKX‘s collaboration with Manchester City FC, Bitget’s partnership with LaLiga, etc. Sports sponsorship is an effective marketing strategy for cryptocurrency companies seeking to reach a wide and diverse audience. Participation in sports allows cryptocurrency companies to align with positive values such as teamwork, dedication, and healthy competition.
Circle Presents ERC-20 Token Privacy Solution
Circle Research, in partnership with Inco Network, has released a framework for converting ERC-20 assets into confidential packaged versions. Confidential ERC-20 Framework tools hide user balances and transaction amounts.
To ensure compliance with regulatory requirements, you can delegate access to accounts to auditors, law enforcement agencies, and other authorized persons. The solution provides programmable rules for the transfer of funds, which can include anti-money laundering measures, set limits, and other options at the level of the smart contract.
The framework uses fully homomorphic encryption (FHE) integrated with EVM as an intelligent contract execution environment. The technology allows arbitrary calculations with data without decrypting it.
The developers believe that the Confidential ERC-20 Framework’s privacy features can be widely used in the financial sector. Possible use cases include employee payroll, payments to suppliers along the supply chain, and P2P transfers such as Venmo.
Alchemy Pay Plans to Launch L1 Blockchain
Cryptocurrency payment provider Alchemy Pay has announced that it will launch a first-tier blockchain called Alchemy Chain to support the ‘growing needs’ of its business operations.
In a statement, Alchemy Pay said the blockchain will be built using the Solana Virtual Machine (SVM) architecture. The company said this will ensure interoperability between off-chain storage and blockchain-based transactions.
In addition, the firm stated that its goal is to create a system in which “fiat currencies and cryptocurrencies coexist without friction.” The company intends to include a second-tier solution for account mapping and data synchronization to serve large-scale business applications.
In addition, according to the company, the ACH token will serve as a first-level utility token on the blockchain in the future. The cryptocurrency will be used by users to pay for gas. But the corporation also stated that consumers will be able to pay for gas with fiat money. In addition, the business has pledged to introduce a system of earning in stablecoins.
According to Alchemy Pay representatives, users will be able to earn income. Alchemy Pay claims that users will be able to easily convert profits and other online income into fiat currency, as well as pay gas bills and transactions using $ACH or fiat money.
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Vladislav Hryniv
Vladislav Hryniv is a digital journalist. For several years, he has worked as a copywriter for Web3 companies, where he gained interest in the industry. Currently, he writes articles on blockchain technology, finance, statistics, and digital asset analytics for various publications.