The crypto market has slightly recovered over the weekend, with the price of Bitcoin briefly exceeding $64,000 before slightly pulling back.
Ethereum is following the same path, while altcoins like Solana, Tron, and Toncoin are strengthening. Several developments in the crypto ecosystem drive these price movements.
Here are some of the latest news, events, and trends in Webs, DeFi, the crypto market, and the broader blockchain industry today.
ZKsync and Avalanche’s Discord Server Compromised Hours After Polygon
Ethereum layer-2 scaling solution Polygon, layer-1 network Avalanche, and ZKsync recently witnessed a compromise on their Discord servers.
On August 25, 48 hours after Polygon’s Discord exploit, Avalanche announced on X that its Discord server had been hacked. It urged users to desist from interacting with the Discord channel or clicking any links to avoid it.
According to Avalache’s Discord Channel screenshots, some scammers posted links to scam AVAX token distribution schemes. The attacker claimed that anyone can claim AVAS tokens for free by clicking on the link.
About one hour later, community lead Ben Well revealed that Avalanche’s team had identified and fixed the problem. Well noted that the team was also making efforts to restore the server.
An hour after Avalanche’s Discord channel hijack, layer-2 blockchain ZKsync faced a similar exploitation. According to the report, ZKsync’s Discord channel was also hacked.
The hackers shared links to a fake round 2 airdrop, promising free ZK tokens to users.
Gavin Wood Is Introducing Proof-of-Ink, A Privacy-Preserving Tattoo
Parity Technologies is introducing a new privacy solution called Proof-of-Ink. Proof-of-Ink is a digital identity solution that helps preserve user privacy, essential for wider Web3 adoption.
Proof of Ink: A new Web3 privacy-preserving individuality mechanism.https://t.co/C7rvoYaVhq
— Parity Technologies (@paritytech) August 23, 2024
It works with a unique tattoo, which proves a person’s digital citizenship.
Gavin Wood, a co-founder of Ethereum and the founder and CTO of Parity Technologies, shared this during a speech at the Berlin Web3 Summit. Wood revealed that Proof-of-Ink will launch in Q4 2024.
Further, Wood mentioned that two other digital identity solutions are under development and will possibly launch next year. However, he didn’t provide details about their mechanism.
The upcoming proof-of-ink is not a regular kind of tattoo. It’s like a unique, secure, private individual password to Web3.
Moreover, Proof-of-Ink aims to solve one of the missing puzzles in Web3 mainstream adoption. It will make Web3 more secure, decentralized, and private, boosting user confidence and encouraging adoption.
Fetch.ai Introduces Innovation Lab with $10M in Startup Funding
Fetch.ai, a decentralized machine learning platform, announced the opening of the Innovation Lab. The Innovation Lab is a new hub for AI advancement and will be situated in San Francisco, California.
Launching The Innovation Lab by https://t.co/kJ9URVpOul in SF!🚀
Advancing AI and driving innovation to create value at scale with:
• Ambassador Innovator Club
• Internship Incubator Programme
• Startup AcceleratorSite https://t.co/uLINLPK5ZM
Blog https://t.co/xnP90dQ1WY pic.twitter.com/9aB2r42Idb— Fetch.ai (@Fetch_ai) August 23, 2024
The innovation hub will support startups developing AI-powered agent tech solutions that use artificial intelligence to perform specific tasks. According to the announcement, Fetch.ai will allocate $10 million yearly to projects focused on developing AI agents.
Fetch.ai CEO Humayun Sheikh commented on the development. According to Sheikh, Fetch.ai aims to fund and support startups working on AI agent advancements.
This development seems to be driving the price of Fetch.ai (FET) today, which has increased by over 11%.
NFTs Sales Volume Skyrockets as Cryptocurrencies Recover from Week-long Slump
NFTs weekly sales volumes have picked up following a steep decline in 2024. CryptoSlam data shows that on August 26, NFT sales volume for the top 5 blockchains, Solana, Ethereum, Mythos Chain, and Polygon, increased.
Polygon led with seven-day sales increasing by over 123%. Ethereum trailed closely, with NFT sales increasing by 32.79%, while Solana spiked by 12.13%.
Meanwhile, the general crypto market cap has declined slightly after a robust start earlier today, August 26. After rising to $64,860 in the early hours of today, Bitcoin dipped sharply to around $63,600. However, it now trades around $63,900, vying to reclaim $64,000.
Ethereum towed a similar path, rising to $2,790 earlier before pulling back slightly. Meanwhile, coins like Tron (TRX), Solana (SOL), Chainlink (LINK), FLOKI, and FET are among today’s top gainers.
Fetch.ai’s native coin (FET) emerged as #1 in the top gainers’ list, with a 24-hour price increase of 11.32%
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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