Overview

• Non-fungible token (NFT)-based fantasy game and marketplace Sorare: Football has partnered with the Premier League in a multi-year licensing deal.
• Fans will be able to build custom teams to win “big rewards” as if they were professional club owners.
• The licensing contract is for four years, and Sorare will pay the Premier League tens of millions of pounds a year to secure the rights.

Sorare’s Background

Sorare, which is backed by players such as Kylian Mbappé and Lionel Messi, has partnered with over 300 football clubs and teams around the world, including Europe’s top leagues. This means that Sorare Managers can play with Premier League stars of their choice in either Premier League or global competitions.

Crypto Chaos

The partnership between Sorare and the Premier League came at a time of great turmoil for the crypto industry. Prices of major cryptoassets have certainly gone up in January but various other issues and worries still remain due to numerous crypto companies and projects failing last year, leading to bankruptcies and staff layoffs within the industry as well as legal and regulatory issues outside of it.

Richard Masters’ Statement

Richard Masters, Chief Executive of the Premier League was quoted by Financial Times saying, “To be frank, I don’t love the craziness of the last six to 18 months.” He added that “you get lots of organisations and companies thinking short term and jumping into the new cool tech for the wrong reasons, then leaving fans with a bad taste in their mouth.”

Conclusion

Despite all these events happening within the crypto industry at present, football does not seem to mind partnering with Sorare Global Fantasy Football – so much so that it signed a four year licensing contract worth tens of millions per year with them.

• The United Nations High Commissioner for Refugees (UNHCR) has adopted the Cardano blockchain to raise funds for displaced people around the world.
• By taking part in the Cardano staking program, users can donate to the cause while still retaining ADA tokens.
• This development could benefit the Cardano token as people around the world buy ADA for staking purposes.

The Cardano token (ADA), the eighth-largest cryptocurrency with a market capitalization of $13.2 billion, has seen a robust 45.5% growth in the past 30 days. With the crypto market experiencing a slight 0.9% increase in the past 24 hours, one could be tempted to think the token is headed for a slump. However, with the recent development of the United Nations High Commissioner for Refugees (UNHCR) tapping into the Cardano platform, the token is poised to break through the $10 mark soon.

The UNHCR is an international organization dedicated to protecting the rights of forcibly displaced people around the world. To further this cause, the organization has adopted the Cardano blockchain as an alternate approach to raising funds. By taking advantage of the Cardano staking program, crypto users can donate to the cause while still retaining their ADA tokens in a smart contract for a period of time.

This development is a major breakthrough for the Cardano token, as it could attract more people to buy the token for staking purposes. It’s a win-win situation for both the token, and the people in need, as the token experiences a surge in demand and the displaced people get the necessary aid.

Apart from aiding people in need, the Cardano blockchain is also expected to bring about positive developments in the crypto world. For instance, it is touted to be the first platform to develop a smart contract solution for a regulated financial institution. This would enable the institution to utilize the Cardano blockchain to securely store and manage customer data, which could help to improve the trust and transparency of the financial system.

In conclusion, the recent development of the United Nations High Commissioner for Refugees tapping into the Cardano blockchain has opened up a wide range of possibilities for the cardano token. With the potential of the token increasing with each passing day, it is only a matter of time before the ADA token reaches the $10 mark.

– Cryptocurrencies are a manifestation of a magical thinking born out of a financial crisis.
– There were mistakes and mediocrities made during a period of declining and zero-interest rates, and these were obscured or forgiven.
– Hawkers are pitching new vehicles and new ways of taking companies public without the usual regulatory scrutiny, promising greater returns while dismissing greater risks.

The global financial crisis of the late 2000s and early 2010s was a period of economic hardship that left many people feeling frustrated and helpless. It’s no surprise that some of these people have turned to cryptocurrencies as a way to take control of their finances and access the tools of modern finance. In his opinion piece for The New York Times, Mihir A. Desai, a professor at Harvard Business School and Harvard Law School, looks at this phenomenon and calls it “magical thinking.”

Desai argues that the rise of cryptocurrencies is a response to the mistakes and mediocrities of the financial crisis, which were obscured or forgiven while speculative assets with low probabilities of success inflated in value enormously. He refers to these assets as “shiny new vehicles” such as stablecoins and new ways of taking companies public without the usual regulatory scrutiny, which are being sold with the promise of greater returns while ignoring the greater risks.

Desai warns that this magical thinking may be misguided and that investors need to exercise caution and understand the risks involved in investing in cryptocurrencies. He also acknowledges that while it may not be intentional, the financial crisis is ever-present and the cracks in the system persist. He concludes by saying that those new investors need to understand the perverse world they were born into, and not just nurse a grudge against capitalism.

It’s clear that the rise of cryptocurrencies is an indication of the desire for greater control over one’s finances, as well as a search for an alternative to traditional financial systems. While there are risks involved, it’s important to recognize the potential for cryptocurrency to disrupt the current system and provide an alternative to those who may have been left out of the traditional economy. The key is to be well-informed and to understand the risks involved.

• According to a recent report, the crypto space lost a total of $3.9 billion in 2022 due to hacks, frauds, scams, and rug pulls.
• Five major exploits alone accounted for 59.8% of all losses in the year, with hacks representing 95% of all crypto lost.
• The most targeted blockchains were BNB Chain and Ethereum, representing 63.3% of all blockchain attacks.

The crypto industry has been hit hard with losses due to fraud, hacks, scams, and rug pulls in recent years, with the losses in 2022 reaching a staggering $3.9 billion. This figure is more than 50% lower than the losses reported in 2021, which totaled over $8 billion.

A recent report by Immunefi, a bug bounty and security services platform for the Web3 ecosystem, uncovered the staggering amount of crypto losses in 2022. The report revealed that five major exploits alone accounted for 59.8% of all losses in the year, with hacks representing 95% of all crypto lost.

DeFi platforms were the main target of successful exploits, accounting for 80.5% of the total losses in the year. In total, DeFi lost $3.18 billion in 2022, representing a 56.2% increase from 2021.

Meanwhile, BNB Chain and Ethereum were the two most targeted blockchains last year, with 65 and 49 incidents, respectively. Together, BNB Chain and Ethereum represented over half of the blockchain attacks at 63.3%. The FTX-backed Solana project was the third most targeted blockchain, with 13 incidents.

In addition to the major hacks, scams and rug pulls also contributed to the losses in the crypto space. Crypto scams alone accounted for $51 million in losses, while rug pulls resulted in $173 million in losses.

Overall, 2022 has been a difficult year for the crypto industry. Despite the losses, the industry has continued to demonstrate its resilience and the number of people investing in crypto is on the rise. In order to ensure the safety of digital assets in the future, it is important for the industry to continue to focus on security, with more bug bounty programs and security services being implemented. With the right precautions in place, the industry can look forward to a more secure and profitable future.

• The Chinese government has announced plans to launch its own version of a state-backed “non-fungible token (NFT)” marketplace on January 1.
• Beijing won’t be using blockchain to power its platform, and it wants to do away with crypto as the marketplace’s currency in favor of fiat.
• Private sector secondary markets for “digital collectibles” exist in China, with the fiat yuan being used in these spaces in place of crypto assets.

The Chinese government has recently announced plans to introduce its own version of a state-backed, non-fungible token (NFT) marketplace. This announcement was made after the Hangzhou Internet Court ruled that virtual items such as NFTs can be legally recognized as property. The China Digital Asset Trading Platform is set to go live on January 1, and it will become an official “secondary market for digital assets that comply with national regulations”.

China has effectively banned crypto trading, so the government is looking to cherry-pick technological advances associated with crypto and the blockchain space by introducing its own version of an NFT marketplace. However, this marketplace will not be powered by blockchain, and crypto assets will not be used as its currency. Instead, the government wants to do away with crypto and introduce fiat as the currency.

Private sector secondary markets for “digital collectibles” already exist in China. In these spaces, transactions are recorded on centralized ledgers rather than public blockchain networks, and the fiat yuan is used in place of crypto assets. Major tech companies have been encouraged to label their products as “digital collectibles” rather than NFTs in an effort to reduce speculation on NFT prices.

All in all, the Chinese government is looking to take advantage of the technological advances associated with the blockchain space while still maintaining a certain level of control over the market. It will be interesting to see how the China Digital Asset Trading Platform performs once it goes live on January 1.

• Shark Tank star Kevin O’Leary’s Twitter account was hacked on Thursday, promoting a crypto giveaway scam.
• The tweet provided a link that instructed respondents to first send their own digital assets to verify their wallet addresses, to receive the giveaway prizes.
• Crypto giveaway scams are one of the most prevalent forms of scams in the industry and often involve hacked accounts of famous people, politicians, celebrities, and companies that are used to promote fake giveaways.

On Thursday, the Twitter account of Shark Tank star Kevin O’Leary was hacked and used to promote a crypto giveaway scam. The now-deleted tweet claimed that O’Leary was giving away 5,000 BTC and 15,000 ETH, accompanied by an image featuring the famed investor himself. The tweet provided a link that instructed recipients to first send their own digital assets to verify their wallet addresses, in order to receive the giveaway prizes.

Crypto giveaway scams are one of the most prevalent forms of scams in the industry and often involve the accounts of famous individuals, politicians, celebrities, and companies being hacked and used to promote fake giveaways. In the past, scammers have impersonated well-known figures such as Elon Musk, Michael Saylor, and CZ to promote fraudulent schemes using fake accounts. Notably, the latest scam reportedly used the same website from a previous scam which impersonated the Tesla CEO.

Once people have sent their funds, no money is sent back and the scammers make away with the funds. This has caused an immense amount of losses and damage to individuals who have been duped into believing the scam and sent their money to the scammers. As such, it is important to be extremely vigilant and cautious when dealing with cryptocurrency and engaging with any giveaway or offer that looks too good to be true. Furthermore, it is important to remember to only trust and engage with official accounts of well-known individuals and companies to ensure the security of your funds.