Witnessing the FTX collapse and volatility of the crypto market, German regulator Mark Branson has called for global crypto regulations.
 
The collapse of Bahamas-based FTX, which was widely regarded as one of the most reliable names in the industry until recently, has raised new concerns about the unregulated nature of crypto companies and what safeguards are in place to protect clients' assets. 

Crypto winter has severely affected the market resulting in ongoing crypto failures. Renowned firms have been closed due to liquidity issues. [FTX](/news/article/ftx-bankrupt-who-to-blame) is the latest in significant cryptocurrency failures this year, including hedge fund Three Arrows Capital, crypto lender [Celsius](/news/article/celsius-data-breach) Network, broker [Voyager](/news/article/crypto-lender-voyager-sells-assets) Digital and [Nuri bank](/news/article/nuri-bank-users-withdraw-funds).

## Mark Branson's statement at Frankfurt

According to German regulator Mark Branson, [crypto assets must be subject to global rules](https://www.bloomberg.com/news/articles/2022-11-14/german-regulator-bafin-sees-need-for-global-crypto-rules) if they are to be adopted by mainstream finance and exposed to banks and a broader range of investors.

At a Frankfurt event on Monday, the German regulator stated that the recent crash in digital assets was well-timed because the links between traditional finance and crypto are still limited, implying that it may not pose a risk to financial stability.

When asked about the fallout from [FTX](/news/article/ftx-collapse-blockfi-suspend-withdrawals) Group, Branson avoided mentioning any specific companies and said his comments applied to the industry as a whole.

Continuing his statement, Branson added that consumer protection is the most disturbing aspect noted in recent months.
The BaFin chief stated that cryptocurrency should either be shut out by building a "very, very strong wall" around the conventional banking system or by regulating the industry and seeing if "crypto money is in real competition with fiat money".

According to Branson, cryptocurrency is "massively susceptible to money laundering risks and doesn't have a handle on these". He stated that a set of rules for the industry would need to be addressed on a global scale rather than just in Europe.

Separately, Branson stated that despite recent issues in the cryptocurrency market, he does not anticipate a ripple effect affecting Germany's financial stability.


German Regulator Demands Crypto Regulation

The [Monkeyland](https://monkeylandnft.com/), a Metaverse game, has launched its NFT, taking social circles and many communities by storm. It has also attracted the involvement and interest of numerous KOLs and big Vs.

The Metaverse is rapidly evolving. Big names in technology, such as Facebook, Google, Microsoft, Apple, Sony, Tencent, and Huawei, have already implemented the most popular concept, "Metaverse".

## What is Monkeyland?

It is a collection of 3,999 ERC-721 non-fungible tokens on Ethereum. It is a monkey experimental P2E NFT game in which 3,999 monkeys are built, trained, and watched grow in the Metaverse. Monkeyland tokens can be earned by winning or engaging in other people's games.

## The popularity of "Monkey" NFT

The Monkey is immensely popular in the market and is generally in the top ten NFTs preferred by users. Monkey-related tokens have become a social media trend. They have attracted many celebrities, big Vs, famous athletes (including NBA Rookie of the Year LaMelo Ball), and other influential people to participate.

This "[Monkey](/news/article/how-to-buy-monkey-nft)" NFT's east wind naturally blows to Monkeyland NFT. Aside from the hot market caused by the overall environmental situation, the founder of Monkeyland put in place a detailed roadmap before the project's launch, clearly explaining its ownership. The advantages of NFTs include ground monitors, snipers, liquidity pools, and contract manufacturers.

## The wealth effect of Monkeyland NFT

NFT projects with "ecological" attributes are becoming increasingly popular as NFT participants become more interested in projects with utility (rather than just a piece of digital art).

When people purchase digital tokens, they are very concerned with whether they will make money, which sometimes exceeds their liking.

An NFT project will unavoidably draw attention from the outside world if it has a significant wealth effect. There are numerous examples of "small investment, big return". For instance, NBA Top Shot gained popularity after a LeBron James NFT card sold for a handsome $100,000.

Monkeyland has the same genes. You can make huge profits if you purchase the first batch of the NFT. There is still ample room for profit in the secondary market if you have a good eye.

## Monkeyland launch

Within three hours, the Otherside Metaverse sold 55,000 units of Monkeyland tokens, also recognised as the Otherdeed. The land cost 305 [ApeCoin](/news/article/gucci-accepts-apecoin-payment), worth about $5,800 at the time of minting, and grossed $317 million.

55,000 of the 100,000 Otherdeed NFTs have been purchased by more than 27,000 users, with the remaining 45,000 included in the airdrop open to existing BAYC and MAYC NFT holders.

Customers were required to complete a Know Your Customer (KYC) verification of NFT to arrive in the virtual world of the Otherside metaverse.

Holders of the [Bored Ape Yacht Club (BAYC)](/news/article/bored-ape-nft) and Mutant Ape Yacht Club (MAYC) were free to claim Monkeyland for 21 days.
According to Etherscan block explorer data, the Otherdeed sale increased the GAS fee on the Ethereum blockchain to 8,000 GWEI.

## The community effect

People with [Monkey](/news/article/lazy-monkey-nft)-related avatars have recently been seen on social media platforms. Monkeyland has a booming market and attracts a variety of big names in the business and movie industry due to its community effect.

Before this, it was challenging to imagine an NFT project that would inspire thousands of individuals to promote it voluntarily and actively and even express their love by changing their avatars.

## Is it a promising investment?

Monkeyland, the Metaverse game, promises huge profitable returns to its holders. The monkey avatars have taken social media by storm. Looking at the [Monkey NFTs](/news/article/monkeyball-nft) craze, we can say Monkeyland NFT can be a promising investment in the long run. 

But, it is always suggested to conduct in-depth market research before investing.


Monkeyland: Metaverse NFT Game

The exchange platform [Crypto.com is under investigation after sending $405 million to the wrong person](https://finance.yahoo.com/news/cryptocom-ftx-fiasco-233855168.html), raising concerns among crypto watchers in the wake of competitor exchange [FTX's](/news/article/ftx-vs-binance-liquidate-funds) bankruptcy filing on Friday.

Observers who closely examined the transaction theorised it was an attempt to inflate trading volume. The analyst who initially noticed the transaction was a [Coinbase](/news/article/coinbase-nft-platform) employee.

Before this Crypto.com investigation, the company made headlines when it sent $10.5 million by mistake instead of a $100 refund to a woman in Australia in December.

## Crypto.com investigation

CEO of Crypto.com Kris Marszalek claimed on Twitter that the transaction was an accident. A company representative told Yahoo Finance that money was sent to Gate.io, another cryptocurrency exchange, when it should have gone to an offline cold storage wallet.

The spokesperson explained that the movement of funds from the Crypto.com custody system is only possible between approved and whitelisted addresses that are attached to its cold wallets, hot wallets (connected to the internet), and corporate accounts at third-party exchanges."

Nonetheless, the transaction triggered crypto investors, who drove Crypto.com's exchange token (CRO-USD) price down by 24% in the last 24 hours. Bitcoin (BTC-USD) also decreased by less than 2.5% over the same period, while ether (ETH-USD) dropped by 2.5%.

## Exchanges publish "Proof of Reserves"

The Crypto.com investigation also follows a rush by several exchanges to publish their "Proof of Reserves," demonstrating that they are not using investor funds during the week following FTX's collapse.

On Thursday, [Crypto.com](/news/article/crypto.com-news-uk-approval) released its Proof of Reserves in its wallets, claiming to have $3 billion in total customer assets. According to the exchange wallets tracked by blockchain analytics platform Nansen, the figure was $2.55 billion as of Saturday, a 15% drop.

Proof of Reserves has long been used by some cryptocurrency exchanges, including the [Kraken](/news/article/kraken-review) exchange based in the US. However, depending on the frequency and amount of a company's disclosed balance sheet, the measure may still be insufficient.

According to CEO and co-founder of Chainlink Labs Sergey Nazarov, Proof of Reserves can prove solvency. It shows, he said, if the assets a company claims to have are available in real time.

Michael Anderson, a co-founder of the crypto venture capital firm Framework, said the mechanism is 'great', as long as there is proof of liabilities and assets.

However, he added: "It gives you a portion of the story."

Anderson continued: "It helps people know if a company is using its customer assets as collateral to borrow money."


Crypto.com Under Investigation

[Revolut](https://www.revolut.com/) is a new virtual bank with millions of customers. It is an "alternative to traditional banks" because it provides free and instant financial services to people who travel internationally or want to live a global lifestyle. But is it good for crypto?

While the worldwide banking system has remained unchanged for centuries, Revolut is bringing about positive change by allowing you to avoid the time-consuming and bureaucratic bottlenecks of traditional banking. The platform provides you with financial flexibility, allowing you to take control of your finances.

## Revolut: The banking app

[Revolut](/news/article/revolut-bank-uk-crypto) is a banking app that allows you to spend and transfer money worldwide in real-time. It is licenced in two countries: Lithuania and Australia. The platform operates in Poland, Lithuania, Bulgaria, Croatia, Estonia, Cyprus, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia.

Revolut, founded in July 2015 by Nikolay Storonsky (a former trader at Credit Suisse), aims to provide mobile and online banking, allowing clients to avoid the high fees charged by traditional banks. The platform includes a pre-paid card that can be topped up with bank transfers or an existing credit/debit card. Users can also send money instantly or request payments from their accounts.

## Revolut crypto fees

Paying Revolut fees for your cryptocurrency asset activities can become very expensive, especially if you trade cryptocurrencies frequently.

As stated in the company’s cryptocurrency terms, when you purchase cryptocurrencies through the app, it will exchange them at a partner exchange (such as [Coinbase](/news/article/coinbase-singapore-approval) or Bitstamp).

You can exchange cryptocurrencies on these partner platforms without a middleman (Revolut). However, when we dig deeper and look at cryptocurrency fees on these exchanges, we find that they are still higher than on eToro.

In short, such a structure increases Revolut's costs and raises safety concerns if something unexpected occurs. You may have to pay multiple fees per transaction depending on the amount you want to exchange: 

1.	A fair usage fee.
2.	A transaction fee.
3.	A Bid-Ask spread.

## Can you move cryptocurrency from Revolut to a wallet?

Sending crypto from [Revolut](/news/article/revolut-news-approved-eea) to a wallet gives you more control and protection over your crypto assets, especially if you keep them in a cold wallet like Ledger or Trezor. 

However, Revolut crypto transfer to a wallet is not yet available to all users. The availability of withdrawals is determined by your location and the type of paid plan you have. 

Assume you live in a country where crypto withdrawals are permitted (i.e., the UK). You should know some fees and limits when using the app to withdraw cryptocurrency.

1.	Crypto withdrawal fees: The platform charges a "Network fee" and a "Service fee" when withdrawing cryptocurrencies. You can view the estimated total costs on the confirmation page before the withdrawal.

2.	Limits on crypto withdrawals: There are currently restrictions on the total amount you can withdraw from the platform. £500 is the daily cap, and £1,000 is the monthly cap.

## Is Revolut good for crypto?

Revolut is not a good option for cryptocurrency because of the high fees, absence of the withdrawal feature (in most countries), and limited selection of crypto assets. 

The 1.99% fee for purchasing and the 1.99% fee when selling cryptocurrencies are way too high, an overall of 4% at least for one trade. By switching to the [eToro](/news/article/etoro-fees) platform, you can drastically reduce the amount of fees you pay.

Although there is a possibility to upgrade your account type to Premium or Metal and pay lower fees, it is still more expensive.



Is Revolut Good for Crypto?

[CoinBureau](https://www.coinbureau.com/) is a website dedicated to delivering educational and informational blockchain guides to users worldwide.
Its team of writers is passionate about all things blockchain and loves nothing more than sharing their knowledge with the readers. They want to make blockchain more accessible than ever before.

If you're interested in learning more about blockchain or want to stay up-to-date on the latest news and trends, then CoinBureau is the website for you. 

## Different types of content on CoinBureau

On CoinBureau, you'll find different content that helps you learn more about blockchain technology and the cryptocurrency ecosystem. It has articles that discuss the [latest news](/news) and events in the world of crypto and tutorials that will help you get started with Bitcoin and other cryptocurrencies.

It also has a website section dedicated to helping you find the [best crypto exchanges](/news/article/best-exchanges-for-crypto-uk) and wallets. Suppose you're looking for a more hands-on learning experience; it has a range of video tutorials taking you through the basics of blockchain technology and cryptocurrency trading.

Whatever your level of knowledge, it has content that can help you advance your knowledge of the world of blockchain.

## Categories covered by CoinBureau

The website covers five categories: mining, reviews, trading, DeFi, and news.

The mining section answers questions you may have about crypto mining. The [review section](https://www.coinbureau.com/review/) covers the reviews of cryptocurrency and blockchain projects. 

The trading section covers how you can trade efficiently by understanding the knowledge of trend lines and more. The DeFi section will help you to understand how it is trying to overthrow traditional centralised finance.

The guides section helps readers to find better exchanges and blockchain projects. Finally, the news section covers all the latest news that affects the crypto world.

## Two hubs of CoinBureau

The CoinBureau website is an ocean of crypto content. It provides its visitors with information through two hubs, which are:

### Resource Hub

Here you will find the best evergreen cryptocurrency information available. It covers everything related to blockchain and cryptocurrency. The platform is ideal whether you want to learn about mining or trading, need a how-to guide, or want to research your favourite project.

### Video Library

With more than one million subscribers, CoinBureau has the world's largest cryptocurrency YouTube channel and consistently produces the best videos for your consumption. And it keeps all of those informational videos in this hub for your convenience.

## Conclusion

CoinBureau is a growing community with more than 695K followers on Twitter, 2.07 million subscribers on YouTube, and 196K subscribers on Telegram. The site has a one-stop solution for cryptocurrency enthusiasts with content news for all the readers from beginner to pro level.



CoinBureau: Making Blockchain Info Accessible

Cryptocurrency trading bot [Bitcoin Bank](https://the-bitcoin-bank-pro.com/) attempts to increase traders' accuracy and, consequently, their chances of profiting from the market. By spotting market patterns and assisting traders in taking advantage of them, the bot focuses on increasing the trader's success rate.

It was created to assist traders in identifying the ideal times to enter and exit trades, focusing on speed and accuracy. However, the robot's flexibility has also been praised as a critical aspect by its creators. The development team asserts that it offers both manual and automatic trading possibilities. As a result, novice and seasoned traders should find the bot quite helpful.

## How does the Bitcoin Bank function?

The bank bot uses artificial intelligence and machine learning to manage trades throughout its platform. It aims to identify market data patterns and suggest when to enter and quit trades.

It is important to note that the platform uses Contracts for Difference (CFDs) while trading. These financial derivative instruments allow you to buy certain assets, like Bitcoin, at a later time and for a specific price.

The cryptocurrency trading bot aims to ease the process and make it less complicated for users to navigate the market. The platform's creators boast a 60% success rate for their high-frequency trading system with AI and machine learning drive. 
The platform collaborates with a network of crypto brokers concerning day trading cryptocurrencies. These brokers are in charge of trade management, execution, and position size, among other things.

## Minimum deposit for the Bitcoin Bank

The minimal deposit amount is $250. This cost is comparable to that of other [cryptocurrency trading](/articles/learn-moni/cryptocurrency-trading-strategies) bots.

Also, note that the demo trading tool is subject to this minimum deposit requirement. Thus, you must pay the $250 first deposit if you intend to use the [Bitcoin](/news/article/bitcoin-price-uk) Bank robot and evaluate its feature set.

## Customer support

The bot's creators assert that they have a customer service number that users may call if they encounter any issues. However, we cannot confirm that this support line is functional. We advise you to check out the support options on Bitcoin Bank when you join up, as most crypto trading bots include phone and email service.

Also, get in touch with them before you start trading. You should choose a [cryptocurrency exchange](/news/article/best-exchanges-for-crypto-uk) platform that is accessible whenever you need it. You must approach this bot carefully as a novice trader. Given how volatile cryptocurrency trading is, you should only invest money at your own risk with proper study and investigation.

## Review analysis

Look up its reviews on the internet. You'll find many websites praising it without any proof, testimonies, or genuine reviews. 

Also, it's tough to find it getting accreditation from any credible sources. Now, we don't say it's a scam. However, there is always room for paid promotions in the form of review articles. This is just speculation; you should take every piece of information with a pinch of salt if it concerns your money.



Bitcoin Bank: Should You Use the Trading Bot?

[DeGods](https://www.degods.com/) NFT is a deflationary collection of gods dressed in a creative aesthetic of modern streetwear that meets ancient deity vibes, emphasising community utility. The collection has more than 4,300 owners and is one of the most popular Solana projects on both OpenSea and Magic Eden.

There are currently 9,465 NFTs, as the team has burned the remaining 535 DeGods NFTs. They have characteristics that range from Common to Uncommon, Rare, Super Rare, and Mythic. The Divine Robe, Heaven Background, Night Vision Goggles, Mythic Helmet, Smoke Ring, and other Super Rare and Mythic traits are included in the collection. The Medusa Head is the rarest trait in the collection.

DeGods NFT can be purchased on the [Magic Eden](/news/article/magic-eden-expands), Alpha Art, OpenSea, and [Solanart](/news/article/solanart-nft-marketplace) marketplaces.

## DUST

DUST is the DeGods community token designed to further the project's utility. It is a [Solana](/news/article/solana-nft) blockchain SPL token with a zero starting supply. The team intends to limit the supply of DUST to 33,300,000. The only way to mine DUST is staking a DeGods or DeadGods NFT. 

## What are DeadGods?

DeadGods are the new version of DeGods NFT. The upgrade allowed collectors to purchase a "fine art" version of their existing NFT. 

DeGods holders could pay 1,000 DUST (the community's utility token) to obtain the new version of their NFTs (which featured the same rarity but had their attributes re-illustrated). 

Because the DeadGods NFTs were added to the metadata of collectors' original NFTs, they are considered identical and cannot be sold separately. As a result, the addition of DeadGods did not dilute the collection's supply while increasing its value. It gave holders a much-needed boost and drew the attention of many people outside the community. The new NFTs resemble undead and decaying versions.

## DeDAO

DeDao is the community's autonomous decentralised organisation. It is supported by the DeGods' 9.99% marketplace fee, divided into two parts. The 3.33% goes directly to the core team, while the remaining 6.66% goes to DeDAO to help fund project development.

The DeDAO leadership comprised DAO Leads, the DeAlpha Team, and the Divine Council. It also holds community raffles and collaborates to make DAO acquisition decisions.

## Is DeGods a worthy investment?

DeGods can be a decent investment because of their deflationary basis. To preserve the value of holders' investments, the creators have implemented special measures such as the Paper Hand Bitch Tax. 

Furthermore, the ability to eventually convert DeGodz into DeadGods, which generates even more DUST, adds to the benefits of ownership.

DeGods holders may benefit from market news and events for other NFTs. This has been particularly revealed by the recent launch of y00ts, developed by the same mastermind as DeGods, thereby drawing more attention to the NFT due to the launch. Future market events may generate additional interest in this NFT. With all these considerations, DeGods NFTs could be a wise long-term investment.


DeGods NFT: A Solana Project

Solana announced several launches during the ecosystem's yearly gathering at Breakpoint 2022 in Lisbon as it prepares to enter the mainstream. During the conference, the company unveiled its roadmap, which includes the introduction of smartphones, [partnerships with Google Cloud](https://coinculture.com/au/business/solana-announces-google-partnership/) and decentralised application stores (dApps).

## Latest Solana crypto news: 

### 1.     Smartphone launch

The [Solana](/news/article/solana-phantom-wallet-guide) mobile team stated, "It's made for the people" when announcing the release of its smartphones. According to the sources, pre-orders for smartphones will start in 2023. The company still needs to make the official date public.

The smartphone stands out for its ability to securely store crypto [wallet](/news/article/best-ethereum-wallet) secret keys. A Qualcomm processor with an Arm-based system-on-chip (SoC) will power the smartphone, enabling increased productivity.

### 2.	Google to become a Solana node validator soon    

Google stated that it would run a block-producing Solana validator enabling it to participate in and validate the network.
In addition to joining the ecosystem as a validator, Google Cloud has collaborated with the company to integrate its [Blockchain](/news/article/what-is-blockchain) Node Engine.

Google Cloud's Blockchain Node Engine is a fully managed node-hosting service that eliminates the need for complex node operations. Previously, the service provided turnkey node hosting for Ethereum and its burgeoning developer ecosystem.

Including Solana in the Blockchain Node Engine will significantly cut the time required to run a Solana node, making it available to a wider range of users.

The company also disclosed that it is currently indexing and bringing network data into BigQuery.

### 3.	DApp store to enhance Web3 user experience

The company announced the launch of the dApp Store in preparation for [Web3](/news/article/what-is-web-3.0-crypto) disruption. 

On the latest Solana crypto news, SOL- the native token rose more than 15%.



Solana crypto news: Google becomes Solana validator

World of Women NFT is the epitome of purpose-driven NFT art. It describes itself as a "thriving community" celebrating "representation, inclusivity, and equal opportunities for all".

Yam Karkai founded these non-fungibles in 2021, and since then, they have been skyrocketing in popularity.

World of Women NFTs are generated randomly using a sequence of 11 traits, making each piece unique. Each NFT has a different level of rarity, which allows for further randomisation and, as a result, influences the resale price.

World of Women started as a collectable NFT project of 10,000 generative PFPs made available on OpenSea. They comprised 200 visual assets drawn by hand by WoW artist and co-founder Yam Karkai. The project aims to foster a diverse and positive community for all and encourage women to explore the opportunities on Web3.

The blue-chip NFT project is rapidly growing. Karkai and the WoW team expanded their community's universe in March 2022 by releasing World of Women Galaxy- a collection of 22,222 NFTs created using NFTs from the original collection. The WoW Galaxy collection also comprises 16 1/1 NFTs called Champions and Guardians that were hand-drawn by Karkai.

## What made World of Women so famous?

There are several reasons why World of Women NFT became so popular. One is that, in an NFT space dominated by men, many women were looking for a project that would speak to them. WoW is the NFT ecosystem's leading women-led project. It has arguably done a better job of onboarding women into a Web3 environment heavily biased along gender lines before the project's existence. The community had awaited a project like this to emerge to give women a prominent voice in the crypto world.

The second reason is that many high-profile celebrities jumped on board with the project and began using PFPs on their social media accounts. The project has received support from Eva Longoria, Shonda Rhimes, Napheesa Collier, Reese Witherspoon, and others. Gary Vee, a well-known collector, has acquired 15 NFTs from both collections. These events undoubtedly assisted in raising awareness of the community, firmly securing its current level of fame.

Witherspoon was so fascinated by the project that, in February, she announced that her production company, Hello Sunshine, would collaborate with WoW to expand their universe into various intellectual property types, including feature films and TV series.

## WoW NFT utility

Apart from the eye-catching art, original WoW NFT holders receive various in-community benefits. To begin with, collectors own their image and all rights to it, which means they can use it as they wish, including for commercial purposes.

Holders also gain access to exclusive Worlds of Women Artdrops, a monthly collaboration between WoW and established artists in the community. These WoW-collaboration NFTs were released in "seasons" and came from seven "worlds" with varying themes: Night Realm, Golden Star, Rainbow Orb, and more. 

Another benefit is that possessing a genuine 800x800 WoW NFT grants collectors exclusive access to the 4000x4000 pixel file of the same artwork. This allows users to produce high-resolution prints, derivatives, or anything else they desire. Additionally, WoW NFT owners had the chance to win one of 100 framed prints that Karkai had personally signed. 

Owners of WoW NFTs with rare attributes can also join various clubs. The first is the Curator's Club, in which members choose an artist from whom the WoW Fund will purchase artwork monthly. Members of the Royalties Club, of which only 19 NFTs are eligible, have access to a fund whose proceeds are divided equally among club members.

These are derived from 50% of all secondary sales from the original WoW collection. Finally, the Investor's Club distributes 50% of profits generated by the World of Women Fund to members every month. The primary goal of the Wow Fund is to highlight local artists.

WoW Galaxy NFTs have utility and perks, such as owners being invited to a major gala event in the summer of 2022. Also, holders can access private channels in the project's Discord, allowlist opportunities, concert ticket discounts, and more. WoW Galaxy NFT holders, like with the original collection, own their artwork in every way. Collectors can also contribute to the DAWoW, the project's governing board.

The project team has also revealed surprise airdrops, exclusive access to merchandise for Galaxy owners, and a Sandbox metaverse version of WoW Galaxy NFT characters for NFT holders from both collections.

## WoW works for organisations

World of Women NFT has donated 2.5% of all primary sales. They've given more than $40,000 to She's the First, an organisation supporting local solutions to educate and empower girls in 26 countries.

They also gave a whopping $44,000 to Too Young to Wed, an organisation that deals with child marriage. Charity auctions are also held. GaryVee won one auction, and the proceeds ($44k) were donated to the Rockflower fund.

They also have an emergency fund of $500k to help humanitarian causes in various conflict zones worldwide. This fund has aided people in Ukraine, Yemen, Gaza, and many other places.

## What is the future of the World of Women?

The Sandbox connection indicates where the project will go next. The WoW website says they are "heavily investing in the metaverse." In March 2022, they revealed a new collaboration with the Sandbox to co-found the WoW Foundation.

The WoW Foundation will receive $25 million from the Sandbox over five years. The funds will be used to improve women's representation in decentralised spaces. The initiative is built on four pillars:

•	Giving back to charity organisations.

•	Boosting the ecosystem by supporting artists and funding projects.

•	Voicing to raise awareness of women-centric causes.

•	Educating newcomers.

In addition, 10% of all WoW Galaxy sales will be donated to the foundation.

The WoW Foundation will serve as an incubator, offering mentoring and free online lessons on Web3 topics via the Sandbox, with participants earning an "NFT diploma." Participants in the fund will also have the opportunity to develop business opportunities through the Sandbox's network of partners.

## Bottom line

The WoW universe has become a cultural powerhouse in the NFT ecosystem. It shows no signs of losing momentum. Yam Karkai and her team have crafted a project to be proud of in a uniform NFT ecosystem. With luck, it will continue to inspire women worldwide to build, create, and take advantage of Web3 opportunities.


World of Women NFT Ultimate Guide

The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) officially [launched](https://meaacba.org/new-crypto-and-blockchain-association-launched-in-abu-dhabi/) on November 8 in the Abu Dhabi Global Market (ADGM), a free economic zone based in the city's centre subject to its own set of civil and commercial laws. The zone was designed to further the growth of fintech companies in the United Arab Emirates (UAE).

According to its website, the nonprofit will aim to facilitate regulatory solutions, create commercial opportunities, and invest in education to support industry growth.

## How did the Middle East, Africa and Asia Blockchain Association come about?

The association will be led by board chairman Jehanzeb Awan, founder of an international risk and compliance consulting firm headquartered in Dubai.

Other supporting the association include Binance's regional head of Middle East and North Africa (MENA), Richard Teng, Crypto.com's general manager of Middle East and Africa, Stuart Isted, and Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region.

Awan said he hopes the organisation will bring a collaborative and community-based approach to further industry growth in the MENA region and "create wide-reaching benefits for this highly dynamic and exciting space."

"The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal, tax, and advisory firms to address the most pressing challenges," he added.

ADGM's chairman Ahmed Jasim Al Zaabi, also stated that MEAACBA's addition would contribute to a much more "progressive financial sector" in the region.

MEAACBA's launch comes as the Financial Services Regulatory Authority (FSRA) — the financial regulator of ADGM's free economic zone — published a set of "Guiding Principles" on its approach to [navigating the regulatory complexities](https://cointelegraph.com/news/abu-dhabi-regulator-introduces-guiding-principles-for-crypto) by the digital asset industry in September.

The principles are said to be "crypto-friendly" while still complying with some of the strict international standards on Anti-Money Laundering (AML) and [Counter-Terrorism Financing (CFT)](https://cointelegraph.com/news/tech-savvy-terrorists-are-using-crypto-to-finance-their-horrible-deeds-un-official) by the United Nations.

## MENA-The fastest-growing crypto market

According to a recent study, the MENA region is also the [fastest-growing cryptocurrency market](https://cointelegraph.com/news/middle-east-and-north-africa-are-fastest-growing-crypto-markets-data) in the world. During 12 months from July 2021 and June 2022, transaction volume in MENA reached $566 billion, an increase of 48% from the previous 12 months.

The use case for cryptocurrencies in many of these emerging markets has come in the form of savings preservation and remittance payments to counter the effects of inflation in volatile economies.



Middle East, Africa and Asia Blockchain Association launch

[Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix) has vanished from the Bloomberg Billionaires Index after his estimated personal wealth fell nearly 94% in a single day to $991.5 million.

Bankman-Fried was worth an estimated $15.2 billion before his company's cash crunch, but according to Bloomberg, $14.6 billion was lost overnight. SBF became one of the crypto industry's darlings due to his rapid rise to financial success and eccentric personality.

## Binance to acquire Sam Bankman-Fried’s FTX

With the market moving as it is, it may take some time for bulls to recover, especially since the circumstances surrounding FTX's insolvency and whether or not CZ can bail out SBF remains unclear.

[FTX](/news/article/ftx-uk-warning) was reportedly seeking funding from Silicon Valley and Wall Street billionaires to cover the bank run on its exchange, according to [Semafor](https://www.semafor.com/article/11/08/2022/before-deal-with-rival-ftx-scoured-wall-street-silicon-valley-billionaires-for-1-billion-lifeline). This is surprising given that SBF previously stated that FTX's client holdings are not invested anywhere. However, it appears that one of the world's largest exchanges was looking for $5-6 billion to cover the liquidity crisis.

Meanwhile, Binance CEO CZ announced his intention to purchase FTX after concerns about the Bahamas-based exchange's apparent insolvency grew, causing withdrawals to slow and FTT tokens to plummet. However, they have signed a non-binding letter of intent, which means CZ can back out of the deal if FTX's problems are more severe than anticipated.

Prior to this, CZ announced on Sunday his plan to [sell off his remaining FTT token holdings](/news/article/ftx-vs-binance-liquidate-funds), which he acquired as part of his exit from FTX.

## What does this mean for cryptocurrency?

Even if [Binance](/news/article/guide-to-binance-uk) acquires [FTX](/news/article/what-is-ftx), antitrust laws may apply, and it is still being determined whether both entities can proceed with the merger.

Furthermore, FTT's bleeding appears unabated (down 70% for the day), which may make the exchange unappealing for acquisition, especially if most customers have already left.

Suppose this turns out to be another case of retail suffering massive losses. In that case, regulators may be compelled to impose stricter rules, further restricting the freedom crypto has relished in recent years.


Sam Bankman-Fried lost $14.6 billion overnight

[VeeFriends](https://veefriends.com/) has grown to be one of the largest NFTs in volume and community size since its launch in 2021. The founder, Gary Vaynerchuk, also known as GaryVee, became well-known by investing in start-ups experiencing rapid growth. In 2021, he was among the first people to show interest in the NFT market and the potential of Web3.

GaryVee's project, VeeFriends, was launched in 2021 to unite like-minded NFT collectors and celebrate each collection's unique human traits. It was one of the first promises of IRL utility for an NFT, as it doubles as a VeeCon ticket.

VeeFriends and Vaynerchuk have since grown to other NFT collections, but VeeFriends Series 1 remains the most popular and valuable.

## VeeFriends NFT: What is it?

GaryVee's VeeFriends was founded to build a community around Gary's business and creative passions through NFTs. Now, it is one of the most successful NFT membership use cases.

VeeFriends is the umbrella name for GaryVee's NFT collection, which debuted on Tuesday, 11 May, 2021. The VeeFriends brand includes Mini Drops, Book Games, and a large-scale "Series 2" collection, all of which stem from the initial drop of 10,255 VeeFriends tokens.

Within the first collection, or "Series 1," there is a special set of tokens known as G.O.O. (Gary Originally Owned). GaryVee reserved 1,242 tokens (more than 12% of the supply) for his collection, implying that only 9,013 NFTs were initially available.

Each token in the Series 1 is based on one of 268 characters created by Vaynerchuk as representations of human traits that he admires. Gary Vee's NFTs also provide their owners with a variety of benefits.

## VeeFriends Series 1

Series 1 consists of 10,255 NFTs divided into 268 characters. The collection is divided into three levels: Access (300 NFTs), Gift (555 NFTs), and Admission (9,400 NFTs). Of these, 1,242 NFTs belong to Gary and are labelled Gary Originally Owned (G.O.O.), making them more valuable than others.

All of the NFTs in this collection have human characteristics that Gary admires and believes can bring happiness. The Admission NFTs are classified into five rarities: Core, Rare, Spectacular, Very Rare, and Epic, with Epic being the rarest. 

Like most others, each Admission NFT in this collection has amusing animal names such as Karma Kiwi, Keen Kingfisher, Quick Quail, Zestful Zebra, Confident Cobra, Conviction Cockroach, and so on.

Courtside Cat, Keynote Koala, Poker Pirate, Shadow Me Scorpion, and other names are used for Access NFTs. These Access NFTs are utility NFTs that provide Gary with one-on-one access on various occasions.

This collection is available on [OpenSea](/news/article/nft-hackers-passports) for purchase or acquisition using ETH, WETH, DAI, and USDC. 

## Book Games NFT collection

The Book Games were released in August 2021. The Series 1 collection was minted on [Ethereum](/news/article/the-merge-ethereum-nft-impact) (layer 1), whereas the Book Games is a layer 2 NFT minted on Immutable X (an Ethereum layer 2 chain) to reduce gas fees. The game's scope was inspired by his book "Twelve and a Half," making it a valuable tool in the VeeFriends ecosystem.

He used the game to incentivise his community to buy copies of the book in order to receive NFTs because he linked his book to the ecosystem. This collection, according to Gary, contains 125,000 burnable game tokens, and the game can be played indefinitely.

An airdrop announcement stated that for every 12 books ordered by any user during a one-day promotional period, the buyer would receive one NFT. Gary used this strategy to sell one million copies of the book in less than 100 days.

The Book Games collection is divided into three categories: Attributes, Spectacular, and Token Frame. The Spectacular divisions are the same as in Series 1: Bubble Gum, Diamond, Gold, Hologram, and Lava.

Accountability, Ambition, Conviction, Curiosity, Empathy, Gratitude, Humility, Kind Candor, Kindness, Optimism, Patience, Self-awareness, Tenacity, and Special are the 14 attributes that the book's character may drive.

## Mini Drops 

According to Gary, VeeFriends Mini Drops is a sub-collection of VeeFriends that focuses on collaboration, scarcity, and cultural longevity. It is a limited-edition collection distributed to Series 1 collectors as an airdrop.

## VeeFriends Series 2

Series 2 is a massive collection of 55,555 NFTs derived from Series 1. Series 2 includes 236 characters from Series 1 and 16 new characters, totalling around 252 characters. Except for Gift Goat, each character in Series 2 has a total supply of 220 NFTs, with the exceptional Gift Goat having 555 1/1 NFTs.

Series 2 has 76 backgrounds, nine poses, and eight spectacular characters, compared to Series 1's five and one property (984 G.O.O.). Emerald is the first of these Spectacular characters to be revealed, followed by Bubble Gum, Hologram, Diamond, Lava, Gold, and another yet to be announced.

The opportunity to mint Series 2 at 0.335 ETH plus gas costs was given to community members who already owned Series 1 and Book Games. Holders of Book Games (also known as Friend list) received 32,000 NFTs, and the Series 1 holder received 10,255 NFTs. Each collection was given a specific number of NFTs.

On 18 April, 2022, 10,000 NFTs worth of unminted coins was added to the public supply. The 16 newly added characters, totaling 3,300 NFTs, were minted on 27 April, 2022, after the public minting on 25 April, 2022.

## Bottom line

VeeFriends has become one of the market's most influential and distinctive NFT collections. Gary Vee worked hard to establish his name in the [Web3](/news/article/web3-games) industry by meticulously attaching real-world utilities to his NFT collections.

In addition to the projects mentioned above, Gary hosted a special conference in Minneapolis from 19-22 May 2022. The speakers included well-known individuals like Steve Aoki, Danny Cole, Kevin Smith, and Beeple.

This also gave rise to VeeCon, a different NFT ticket that served as a pass for the event to which community members were already granted access. Except for the Book Games, which can be found on VeeFriends and TokenTrove, all of Gary's collections are accessible on OpenSea. The [NFT](/news/article/prime-ape-planet-nft) collection commands a high premium price, as it is associated with GaryVee.





VeeFriends NFT: A Comprehensive Guide

The [US Feds](/news/article/us-fed-crypto-rates-hike) announced Monday that it had [seized approximately $3.36 billion worth of Bitcoin stolen](https://www.nbcnews.com/now/video/feds-announce-seizure-of-3-36-billion-in-stolen-bitcoin-152877125774) during an unannounced 2021 raid on James Zhong's home.

Zhong pled guilty on Friday to one count of wire fraud, with a maximum prison sentence of 20 years.

According to the Feds, on November 9, 2021, US authorities seized approximately 50,676 Bitcoin, valued at more than $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia. It is the Feds' second-largest financial seizure to date, following its February announcement of $3.6 billion in allegedly stolen [cryptocurrency](/news/article/impact-of-cryptocurrency-on-society) linked to the 2016 hack of the [crypto](/news/article/crypto-hacks-peak-hacktober) exchange Bitfinex.

The raid was part of an investigation led by the United States Attorney's Office in Manhattan into the whereabouts of thousands of missing coins linked to Silk Road founder Ross Ulbricht. 

[Bitcoin](/news/article/bitcoin-prime-review) was trading more than $60,000 at the time of seizure, boosting the worth of the loot for investigators by billions of dollars. The digital currency is currently worth around $21,000. As per current data, the seizure is worth just 1 billion dollars. 

## How much Bitcoin, other crypto and cash was stolen? 

Zhong began his criminal behaviour in 2012 when he defrauded Silk Road, a website known for trading drugs and cryptocurrencies, out of more than 53,000 Bitcoin. According to court documents, he set up a series of Silk Road accounts to mask his identity. He carried out 140 transactions quickly to trick the platform into releasing Bitcoin into those accounts. Zhong then transferred the [digital currency](/news/article/cbdc-uk) into other accounts under his control.

Prosecutors claim that 50,000 Bitcoin were found in an underground safe and a single-board computer in a popcorn tin beneath a pile of blankets in Zhong's bathroom cabinet. He has since surrendered over 1,000 more coins and agreed to assist prosecutors in accessing the remaining coins and providing technical assistance.

Zhong agreed to sign over his 80% business ownership to the government as part of his plea deal for the Silk Road fraud. According to the forfeiture order, prosecutors also seized 25 Casascius coins worth 174 Bitcoin and $661,900 in cash. On Friday, Zhong was set free after posting a $310,000 bond.





Feds seize $3.36B Bitcoin stolen in crypto scam

A free NFT giveaway rewards users who take part in the promotion. Free NFT is the new meta in 2022. Everyone wants to reward their community with exciting prizes, whether they are whales, influencers, or brand-new [NFT projects](/news/article/upcoming-solana-nft-projects).

## How to get a free NFT giveaway

The project determines it. Some giveaways are only available to NFT holders, whereas others are intended to attract new community members. In either case, they both seek the same thing: exposure.
There are two types of giveaways you can join:

1.	Retweet and like contests

The rules for these contests are simple and clear. Typically, the project team will ask participants to like and retweet a specific post. Tagging others in the comments section or following other accounts is also sometimes required.

Some organisers reward multiple winners with NFTs, cryptocurrencies, or even cash.
Twitter influencers, projects, and even marketplaces regularly hold such contests. You can find them on Twitter by searching "NFT giveaway”.

2.	Fan art contests

Nowadays, many digital asset initiatives and influencers hold fan art contests. Participants must create original works of art to win NFTs and other exciting prizes. The artwork submissions must frequently draw inspiration from the organisers' projects.

For example, [Deadfellaz's](https://www.deadfellaz.io/) famous "Draw the Undead" derivative art contest required participants to create artwork based on their NFTs. Nonetheless, the team allowed non-holders to participate by drawing inspiration from two of the collectables.

Of course, these competitions require time and effort. They are, however, an excellent way for an artist to gain exposure.

## Who is handing out free NFTs?

Giveaways can be found everywhere these days, from Discord to Twitter and even Reddit. But who is organising these competitions, and where can you find them?

Two types of creators organise them. They are: 

1.	NFT projects giveaways

Giveaways are an effective strategy for growing one's audience, and projects are aware of this. Most new projects run giveaways on Twitter or Discord to gain more followers. Some giveaway their first-ever NFT collectables, while others distribute money, cryptocurrencies, or other resources.

2.	NFT influencer giveaways

Most NFT influencers are as concerned with their community as their projects. Indeed, their free NFTs could be surprisingly inventive!

GaryVee, for example, offered a free [VeeFriends](https://veefriends.com/) for every 12 copies of his book sold during the first 24 hours. This clever campaign made his book "Twelve and a Half" a best-seller, while buyers received free collectables.

However, you should double-check the influencer's account before participating in a giveaway.

## Free NFT giveaway - Legitimate?

"It depends" is the brief response. The digital market is still new to many people compared to other markets, and scammers are aware of this. Unfortunately, thousands of [digital wallets](/news/article/crypto-wallet-multiple-currencies) or accounts have been compromised by hackers.

One of their tricks, for example, is to host free NFT giveaways that requires you to connect your wallet to a specific platform. This should raise a red flag because legitimate influencers or projects do not request personal information or a digital wallet connection in exchange for a giveaway.

Second, keep an eye out for the giveaway prize. If, as the old cliche goes, something seems too good to be true, then guess what? It probably is. Naturally, some initiatives and influencers can be kind, but few would provide large cash prizes.

## Bottom line

NFT giveaways are a fantastic way to grow a community while rewarding current members. You can enter free Twitter contests that require liking and retweeting posts or compete in art competitions to show your talent.

NFT projects and influencers frequently host giveaways, but double-check their accounts before participating! 


Is a Free NFT Giveaway Legit?

The CEO of [Binance](/news/article/guide-to-binance-uk) tweeted on Sunday that he will sell the remaining FTX token holdings he acquired as part of his exit from Alameda's sister company, FTX, last year.

## FTX vs Binance: Binance to sell off FTX token holdings

The exchange plans to sell off its FTX token holding. Changpeng "CZ" Zhao did not specify how much of the token holding his company would sell. 

The company received the funds in FTT as part of its exit from an early equity position in FTX that it had held since 2019. According to Zhao, FTX purchased Binance's stake in the company for $2.1 billion in FTT and BUSD—the stablecoin native to Binance's exchange.

The decision comes after weeks of criticism directed at [Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix), for regulatory plans he put forth in a blog post recommending DeFi restrictions. He has since agreed to revise his regulatory stance.

Due to market conditions and limited liquidity, CZ expects the liquidation to take several months. He also stated that it would be done in a way that attempts to minimise the market impact on FTT.

According to CoinGecko, [FTX](/news/article/ftx-uk-warning) native token has dropped 9.5% in the last day to $23.03 from $25.55, bouncing off a drop of around $22 on Sunday.

According to Etherscan, 22,999,999 FTT, worth $584 million, were transferred from a wallet to Binance's exchange on Saturday. As per CoinGecko, this is the equivalent of 17% of the circulating supply of the token. CZ confirmed that the funds were transferred as part of the exchange's plan to liquidate its stance in its holdings.

## FTX CEO response to rumours

Caroline Ellison, CEO of Alameda Research, responded to the rumours on Saturday by [tweeting](https://twitter.com/carolinecapital/status/1589264375042707458) that Alameda had more than $10 billion in assets "not reflected" on the leaked balance sheet. Ellison said that Alameda had unnamed hedges in place and had already given back the majority of their outstanding loans.

In a Sunday Twitter thread, Zhao stated that liquidating its position in FTT was not intended to be a dig at its competitor.

Caroline Ellison [offered](https://twitter.com/carolinecapital/status/1589287457975304193?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589287457975304193%7Ctwgr%5E0c48a34558db0fa0aa1e49b2de077b6568e651f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F11%2F06%2Fbinance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition%2F) to purchase Binance's remaining FTT for a fixed price of $22 if Zhao also wanted to "minimise the market impact" of the move.

Binance has been the most active exchange in terms of FTT volume in the last 24 hours. According to CoinGecko, Binance accounted for 6.3% of FTT's trading volume, or $95.4 million, in the previous 24 hours.

FTX vs Binance clash: Binance to liquidate funds

[Liverpool Football Club](https://www.liverpoolfc.com/) made history with the launch of its groundbreaking first official NFT collection, the LFC Heroes Club.

The team developed two types of digital collectibles to ensure that NFTs are available to all its supporters. One is a set of 24 one-of-a-kind "Legendary" NFTs. The other is a collection of generative "Hero Edition" NFTs that combine multiple player illustrations to create an exceptional digital collectable for each supporter.

The LFC Heroes Club Collection shows the Liverpool team in cartoon avatars. Holders of tokens have access to a variety of recurring benefits.

This was a huge step forward for Liverpool and the [blockchain](/news/category/blockchain-news) industry, and it's exciting to wait and watch how the NFT industry matures and grows with time.

## What is the Liverpool Football Club NFT?

Liverpool thinks technology can close the gap with its global fan base. Hence, in April 2022, Liverpool FC unveiled its first official NFT line. It claimed that the 'LFC Heroes Club' will allow supporters to become a part of an 'innovative fan community'. This included access to a community forum, one-of-a-kind experiences, virtual hangouts, tournaments, and retail discounts.

LFC Heroes is the club's charity's second-highest earner. The dynamic manager Jürgen Klopp and the team are portrayed as superheroes in the NFT collection.

The "Legendary" NFTs, made up of 24 heroes, were made available during the sale window through a live auction.

## What benefits would you have if you purchased the Liverpool FC NFT?

You can now become a part of the LFC [fan community](/news/article/music-nfts-fans-community) by purchasing an NFT. The Liverpool Football Club NFT collections have various benefits, including virtual hangouts, competitions, guest appearances, shop discounts, and a Discord chat where collectors can communicate with other members.

Half of LFC's revenues from the 'Legendary' auction go to LFC Foundation, which funds life-changing philanthropic and community programs. An extra 10% of LFC's limited edition 'Hero' sale and 10% of any future resale royalties also go to LFC Foundation.

The benefits of owning an [NFT](/news/article/apple-crypto-and-nft-rules) include access to exclusive content and merchandise and the opportunity to join the LFC Heroes Club fan community.

## Why did the Liverpool FC NFTs see substantial price drops?

The "Legendary" and "Hero Edition" digital collectables were made available for the first time during a three-day sale which ended on Friday, 1 April, 2022, at 2 pm BST. But the club's NFT launch, which appeared ambitious at first, rapidly devolved into a catastrophe, resulting in some supporters losing money, igniting intense resentment. Since just 9,000 of the 171,072 NFTs produced by Liverpool were sold in their first week of availability, the project was an abject failure.

These NFTs were the subject of a significant marketing push, with Liverpool promoting them as a fun and inventive way to celebrate being a Reds supporter. However, if you analyze their campaign, you would find that the advertising was missing one crucial component - a description of what purpose they serve.

Liverpool hasn't necessarily closed the door on a return to the NFT space.

Billy Hogan, the CEO of Liverpool, hinted during the summer that the club hadn't ruled out a return to the NFT market.

Also, Drew Crisp, senior vice president of digital marketing, media, and technology at Liverpool, acknowledged that the launch had been a bit of a learning curve.



Does Liverpool Football Club NFT Hold Value?

Instagram is set to launch nonfungible token-related tools that allow NFT minting and trading. 

Instagram parent company Meta [announced](https://www.facebook.com/creators/2022-launching-new-creator-tools) at its Creator Week 2022 event on November 2 that the platform would allow its creators to create "digital collectables" and sell them "both on and off Instagram."

## Instagram to launch NFT minting and trading toolkit

Meta claims that creators will have an "end-to-end toolkit" for creating, displaying, and selling NFTs on the platform and that the Polygon blockchain has been chosen as an initial partner for this functionality.

According to the company statement, Meta will first roll out the new NFT features to a chosen group of artists and content creators before making them available to a wider audience. Those selected for early access to the new Instagram NFT features are photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria.

In addition to [Ethereum](/news/article/the-merge-ethereum-nft-impact), Flow (FLOW), and [Polygon](/news/article/polygon-nft-drops-2022), Meta has revealed its support for the Solana blockchain and its widely known wallet, Phantom.

Support for video NFTs will be added, allowing retrieval of NFT metadata from OpenSea to display collection names and descriptions on Instagram.

Stephane Kasriel, Meta's head of commerce and financial technology, stated that Meta will not charge fees to create or trade digital assets until 2024 and that blockchain gas fees for purchasers will be covered by Meta "at launch." However, he did not specify how long the launch timeline would be.

Kasriel also stated that digital asset trading would still be subject to app store charges referring to [Apple's 30% commission on NFT sales](/news/article/apple-crypto-and-nft-rules), which has been heavily criticised for being higher than the average 2.5% commission imposed by marketplaces such as OpenSea.

Buyers will not be able to buy Instagram NFTs using [crypto](/news/article/crypto-wallet-multiple-currencies) through the app because both Google and Apple only allow in-app purchases using fiat currencies. Both prohibit buttons, external links, or other actions that enable users to avoid commissions.

Meta has not disclosed how much of a commission it intends to take from NFT sales, nor has it revealed the details of its creator royalty's system. It is also unclear whether it will follow recent [NFT marketplace](/news/article/magic-eden-expands) pushes to move to opt-in royalty models.




Instagram plans to launch NFT minting and trading

According to the most recent statistics, October has broken all records for crypto exploits and the number of digital assets stolen, living up to its new name of "Hacktober."

PeckShield, a blockchain security company, [tweeted](https://twitter.com/PeckShieldAlert/status/1587112410082512897) some alarming data on October 31. The company stated that $2.98 billion in digital assets had been stolen, almost twice the $1.55 billion lost in 2021.

According to the report, October 2022 saw 44 exploits affecting 53 protocols. In just one-month, malicious actors stole $760M. However, $100M was refunded. 

March has been the second-highest month for hacked funds after October, with $710M stolen. Most of this came from the Ronin bridge exploit, which resulted in the theft of $625M in crypto assets.

According to PeckShield, the top October exploit was the [BNB Chain](/news/article/bnb-chain-security-system), which lost $586M. The second major exploit of the month was the Mango Markets DeFi protocol, despite an agreement with the exploiter to return some funds and [fix the crypto hack](/news/article/bankman-fried-crypto-hack-fix).

## DeFiYield's Rekt crypto hack data

According to [DeFiYield's Rekt Database](https://defiyield.app/rekt-database), there were several other notable exploits in October. These include the $60 million rug pull of the [Freeway crypto](/news/article/freeway-crypto-halts) yield platform, [Transit Swap](/news/article/crypto-hacker-transit-swap), which lost $29 million, Team Finance, which lost $13 million; and Moola Market, which lost $9 million.
 
On November 1, DeFiYield published its [report](https://blog.defiyield.app/report-over-1b-lost-in-october-in-crypto-scams-d27d03c15efd) outlining the dire circumstances surrounding the hackfest that took place the previous month.
 
The report states that over $1 billion was lost to crypto scams, including rug pulls, Ponzi schemes, and direct protocol exploits. DeFiYield reported 35 incidents, 15 of which were rug pulls.
 
On a more upbeat note, the report noted that in 2022, nearly $890 million in cryptocurrency funds had been recovered.

Chainalysis declared Hacktober "the biggest month" for crypto hacks.

Chainalysis, a leading blockchain analytics firm, has previously declared [October "the biggest month" for cryptocurrency hacks](/news/article/crypto-hacks-peaking-october). According to the data released by the firm, the total value hacked reached $718 million by the middle of the month.
 
 
 



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