FAKE NFT Sold for $138K | Bull run Continues | Bitcoin News 01/10/21

Bitcoin News: 1st October 2021

  • Did BTC just boomed? Is it still October or are we calling it GreenOtocber? Bitcoin is up by almost 10% and is performing far better than many alts!
  • In the basement of the Tehran stock exchange, illegal crypto mining equipment was discovered.
  • Some users Claimed more $COMP than usual due to bugs leading to a loss of approximately $70 Million
  • With the help of celebrity creators, TikTok has joined the NFT Brigade.
  • El Salvador has begun mining Bitcoin using volcanic energy for the first time.
  • A rumoured 17-year-old artist sells $138,000 worth of counterfeit NFTs and then vanishes.

Illegal Crypto Mining Equipment Discovered in Tehran

After bitcoin mining machines were discovered at the TSE’s headquarters, Ali Sahraee, the director of Tehran’s stock exchange, reportedly announced his resignation. However, according to some local sources, he was sacked as a result of a police crackdown. Several machines were installed last year “for research purposes,” according to the exchange’s board of directors.

As per Iran International, Sahraee stated,

“To offer an opportunity for more investigations about cryptocurrency mining at the stock exchange and to help the stability of the markets, I offered my resignation to the board of directors, which accepted it.”

According to reports, the raids were part of a targeted operation aimed at addressing the problem of illegal mining. Furthermore, Iran mines about 7% of the world’s cryptocurrencies, the majority of which is done illegally. Elliptic, a blockchain analytics business, previously claimed that the country’s blockchain economy generates $1 billion in income and is used to circumvent international sanctions.

Tehran
Bitcoin news: Tehran

Compound Finance Loses $70 M due to a Bug

Some users Claimed more $COMP than usual due to bugs leading to a loss of approximately $70 Million. After a flaw in its computer software caused the network to overpay millions of dollars in COMP as liquidity mining incentives, the decentralised finance (DeFi) lending protocol Compound saw its token COMP drop by around 10% on Thursday.

According to statistics provider DeFi Pulse, Compound is the world’s fifth-largest decentralised financial system, with moreover $9 billion in value secured. Compound, like many other DeFi platforms, compensates some users with tokens in exchange for using the platform and generating liquidity.

Following a recent upgrade, a new programme that distributes liquidity mining rewards has a fault, leading some users to “get way too much,” according to Robert Leshner, founder and CEO of Compound Labs.

According to Leshner, the flaw could affect up to 280,000 COMP, or $84.6 million based on the token’s current pricing. All supplied and borrowed assets, on the other hand, are untouched, he stated.

Furthermore, the founder is threatening the users who got extra tokens to return them while keeping 10% of the amount, else they will be reported to the IRS.

Robert Leshner Twitter
Robert Leshner Twitter

TikTok has joined the NFT Brigade

TikTok, a popular social media site, has collaborated with online creators, celebrities, and media figures such as Lil Nas X, Gary Vaynerchuk, and Grimes to create a limited-edition collection of non-fungible tokens.

In October, TikTok’s Top Moments will be released.

The NFTs will be auctioned weekly beginning October 6 with the TikTok Top Moments, which will feature six culturally significant TikTok videos. Different artist collaborations will be included in the one-on-one videos, such as rapper Lil Nas X with artist Rudy Willingham and Canadian musician Grimes with Brittany Broski (also known as Kombucha Girl). TikTok has picked Immutable X as their blockchain partner, a Layer 2 scaling solution for Ethereum that claims to be carbon neutral in NFT trading. The six main films from the NFT drop will also be on display at the Museum of the Moving Image in a TikTok show.

NFTs curated on TikTok

The social media business revealed the upcoming auction in a statement on its drop site, as well as the motivation for choosing the NFT route.

TikTok NFT
TikTok NFT

El Salvador starts BTC mining using Volcanic energy

El Salvador has made significant progress in the cryptocurrency business, having mined the first Bitcoin using volcanic energy.

President Nayib Bukele announced the achievement in a tweet, including a screenshot of the mined Bitcoin while stressing that more testing and installation are still underway.

“We’re still testing and installing, but this is officially the first Bitcoin mining from the #volcanode,” said Bukele. 

El Salvador starts BTC mining using Volcanic energy
El Salvador starts BTC mining using Volcanic energy

17-year-old Artist Sells $138,000 Worth of FAKE NFTs

Coming to today’s final news, a supposedly 17-year-old 3D digital artist pulled off a “rug pull,” failing to deliver on a project and vanishing with all of the money.

The rug in question was Iconics, an NFT project. It offered to send out 8,000 NFTs with “high-quality art.” The artwork consisted of 3D models of figurines from the chest up, with roughly 14 examples being shown in the Discord channel.

A popular account in the Solana NFT community, Sol Big Brain tweeted, “Damn.. @IconicsSol just RUGGED. Did a presale for 2K at .5 and made off with I think 1000 SOL” 

“Sorry to anybody who took the L here. I minted a bunch also as the art looked good. Lesson Learned.”

Since the NFT mint, the Iconics Discord channel has been deactivated, the general chat has been disabled, and the Iconics Twitter account has been destroyed.

The artist appears to have made off with roughly 1,000 Solana (SOL), which is worth about $138,000. According to blockchain statistics, the money has already been distributed amongst various accounts.

FAKE NFTs SOLD
FAKE NFTs SOLD

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Read Yesterday’s news here.

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Prabhat Tiwari
I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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