Web3đFriday Buzz: Bitcoin Soars, Ripple Rumbles, Worldcoin Rebrands, and EigenLayer Hack Alerts!
1. Global Bitcoin ETPs see their largest seven-day inflow since July.
2. SEC files a last-minute appeal in the Ripple caseâsparking outrage among the XRP community.
3. Sam Altmanâs Worldcoin rebrands as âWorldâ and unveils an updated iris-scanning Orb.
4. EigenLayerâs X account gets compromised, distributing a malicious airdrop link.
Keep reading for deeper insights!đ
Happy Friday! As the week wraps up, the Web3 space continues to make waves with some significant updates. From Bitcoin exchange-traded products (ETPs) hitting a record inflow to a major rebranding effort by Worldcoin, thereâs plenty to unpack. The SEC's ongoing legal battle with Ripple has stirred up strong reactions from the XRP community, and a recent security breach at EigenLayer has raised concerns about malicious airdrop links. Join us as we explore these developments and what they mean for the future of cryptocurrency and decentralized technologies. Letâs jump right in!
1. Global Bitcoin ETPs see their largest seven-day inflow since July.
Bitcoin and Ethereum ETFs are witnessing a surge in inflows, marking a significant shift in market activity. Bitcoin ETPs recorded their largest inflow since July, with 25,675 BTC ($1.74 billion) added in just seven days. Spot ETFs alone pulled in $1.9 billion since October 14, equivalent to 48 days of mined Bitcoin supply. This momentum is driven by factors like expectations of Fed rate cuts and optimism around Donald Trumpâs pro-crypto stance in the upcoming U.S. election. Ethereum ETFs are also seeing strong inflows, with BlackRock and Fidelity leading the charge, signaling growing investor confidence in both crypto giants.
James Van Straten
2. SEC files a last-minute appeal in the Ripple caseâsparking outrage among the XRP community.
The SEC has filed an appeal challenging parts of the Ripple ruling, focusing on XRP sales to institutions and non-cash transactions, though retail sales remain unaffected. The July 2023 ruling by Judge Torres determined that XRP sales to retail investors did not violate securities laws, marking a key win for Ripple. However, the SEC aims to reverse other aspects of the decision related to institutional sales and executive transactions. The appeal has sparked backlash from the XRP community, criticizing the SECâs delayed filing. Rippleâs chief legal officer assured that the âXRP is not a securityâ ruling remains intact.
Sebastian Sinclair
3. Sam Altmanâs Worldcoin rebrands as âWorldâ and unveils an updated iris-scanning Orb.
Worldcoin has rebranded to "World" and introduced a new iris-scanning Orb powered by Nvidia to enhance identity verification. The updated "World Network" includes three pillars: World Chain, World ID, and Worldcoin, focusing on a future where verified humans remain at the core of AI development. The new Orb offers improved fraud detection, 5G connectivity, and better privacy with features like removable SD cards for auditing. Additionally, World ID 3.0 introduces tools like World ID Credentials for passport-based verification and Deep Face for fraud prevention. These advancements support decentralization and aim to make identity verification more secure, scalable, and inclusive worldwide.
Duncan Riley
4. EigenLayerâs X account gets compromised, distributing a malicious airdrop link.
EigenLayerâs X account was hacked, spreading a fake airdrop campaign that directed users to malicious links. Onchain investigator ZachXBT quickly warned users not to engage with any links from the compromised account. The fraudulent post, promoting eligibility for a previous airdrop, was deleted shortly after, indicating attackers lost access. However, the damage might already be done, given EigenLayerâs significant presence with over $11 billion in total value locked (TVL). Users are urged to stay vigilant and avoid suspicious links as the protocol works to address the breach.
Zoltan Vardai
As we close out this weekâs Web3 Roundup, it's clear that the landscape of cryptocurrency and decentralized technologies is as dynamic as ever. The surge in Bitcoin ETP inflows signals growing investor confidence, while the Ripple case continues to provoke passionate responses from the community. Worldcoin's rebranding and innovation showcase the ongoing evolution of identity verification in the crypto space. However, the EigenLayer security incident serves as a crucial reminder to stay vigilant against potential threats. Weâll keep an eye on these stories and more, so be sure to stay tuned for further updates in the ever-changing world of Web3. Happy weekend!
