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Between mid-July and Base’s public introduction in August, more than 500 scam tokens, like BASEPEPE (BPEPE) and Baby Yoda (YODA), were deployed on the blockchain, as reported by Solidus Labs,
Around 300 of these tokens enabled their creators to generate an unlimited number of coins, unbeknownst to Base users, significantly impacting the tokens’ values.
Moreover, about 60 tokens prevented buyers from reselling them on exchanges.
The scam tokens collectively generated approximately $3.7 million in trading volume and yielded around $2 million in profits, according to Solidus. 
PayPal suspends crypto buying services in the UK
Starting October 1, 2023, PayPal will no longer support cryptocurrency purchases for it's users from the United Kingdom. This action is consistent with the company's obligation to comply with local financial legislation.
While the measure is planned to last until the start of 2024, PayPal remains hopeful about restoring the service. During the suspension, users are free to either hold their existing cryptocurrencies without any associated fees or sell them if they choose. 
In a three-month span beginning in March 2023, the FBI shifted gears in their investigations involving digital currencies. Those efforts have led to the confiscation of an estimated $1.7 million in cryptocurrencies such as BTC, ETH, USDT, XMR, and DAI.
Some of these were traced back to Binance-affiliated wallets. Notably, the Eastern District of Virginia saw the most substantial single seizure of 428.5 ETH. 
Social media giants, like Facebook, rely on a vast global moderation teams to sift out damaging content, from child pornography materials to severe violence.
The implementation of GPT-4 might be the key to revolutionizing this workflow.
"The process [of content moderation] is inherently slow and can lead to mental stress on human moderators. With this system, the process of developing and customizing content policies is trimmed down from months to hours," assert OpenAI representatives.
Access to the OpenAI API now enables individuals to forge their distinct AI-driven moderation frameworks. 
Yesterday on Twitter, Elon Musk confessed that his call-out for a fistfight was just a jest that, evidently, went a bit too far.
Musk mentioned that after suggesting a face-off with Mark at the Colosseum, Zuckerberg shot down the idea without batting an eye, citing he was "traveling."
"Is there anywhere he will fight?" Musk tweeted.
Meanwhile, Zuckerberg voiced his frustrations on Threads, implying Musk isn't serious about the showdown, citing some impending surgery and being elusive about confirming a final date.
"I'm going to focus on competing with people who take the sport seriously," Zuckerberg writes.
Such spectacles would even make Cirque du Soleil green with envy. 
House Democrats have initiated a working group dedicated to artificial intelligence (AI) with the aim to craft legislation surrounding this tech.
The group, chaired by Representative Derek Kilmer, will explore leveraging AI for growth while ensuring job security for those impacted by AI advancements.
A primary concern is the rise of AI-generated misinformation, especially deepfakes. Liquity USD (LUSD): A DeFi Stablecoin Review
Liquity USD, or LUSD, is a stablecoin that maintains a 1:1 peg with the US dollar. It's used by the Liquity lending protocol as the primary asset for issuing loans backed by Ethereum (ETH). When LUSD is repaid, the loan is resolved, and the ETH collateral is returned to the owner at its nominal value. 
US House Financial Services Committee members, led by Chair Patrick McHenry, are seeking clarity from the SEC and FINRA about how Prometheum secured a special purpose broker-dealer (SPBD) license.
They're probing if the SEC used Prometheum as a model firm to support Gary Gensler's stance that existing laws suffice for crypto regulation in the U.S.
Despite Prometheum's claims of being pivotal for regulated digital asset offerings, the lawmakers pointed out that the firm hasn't served any customers yet. Also they raised concerns about potential ties between Prometheum and the Chinese Communist Party.
The committee has requested related documents and communication records by Aug. 22. 
China's provisional AI guidelines, termed "Generative AI Measures," take effect today. Among the 24 measures, AI service platforms must register and undergo security reviews before public launch.
AI-generated content will need labels, and data must come from legitimate sources respecting intellectual property and user privacy. Service providers are accountable for content on their platforms. 
Kevin Kelly, Delphi Digital's co-founder, suggests the crypto market is entering a new cycle. He highlights the consistency in crypto market timings, from peak-to-trough bottoms to recovery durations.
Using Bitcoin as a reference, Kelly describes a typical cycle: a new all-time high, an 80% drawdown, a recovery to the previous high in two years, and a rally to a new peak. This cycle aligns with broader business cycles.
Kelly also draws parallels between Bitcoin's price peaks and the ISM Manufacturing Index.
Despite potential short-term setbacks, Kelly remains optimistic about the market's outlook for the next 12-18 months. 
Dasset, a cryptocurrency exchange in New Zealand, has left its users unable to access their holdings. Attempts to log onto the official site redirect customers to the webpage of the law firm Grant Thornton.
A released statement details that Grant Thornton will control the liquidation process of the exchange. It has immediate plans to cooperate with all customers to safeguard all the residual funds.
"Dasset’s management says a significant reduction in asset values and trading levels impacted its ability to trade profitably. It was determined the appointment of liquidators was in the best interests of all stakeholders," Grant Thornton highlighted. 
Under the new regulations, stablecoin transfers will require up to three business days. This rule has caused bewilderment within the blockchain community.
However, officials state that this restriction is consistent with the pace of standard domestic money transfers and will also apply to stablecoin redemptions.
"The redemption timeline is intended to strike a balance between responsiveness to users’ requests and ensuring there is enough time for the SCS issuer to do so in an orderly manner under various stress situations," added the regulator. 
acobi Asset Management Lists Europe’s First Spot Bitcoin ETF on Euronext Amsterdam Exchange.
“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets,” says the company’s CEO, Martin Bednall.
Well, now it’s the USA’s turn! 
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has released a final regulatory framework for single-currency stablecoins (SCS) under its regulation.
MAS stated that the framework’s goal is to guarantee “a significant level of value stability” for stablecoins.
This framework will be applicable to all stablecoins tied to the Singapore Dollar or any other G10 currency issued within Singapore. 
As he awaits his trial scheduled for October 2nd, Sam Bankman-Fried finds himself in the Brooklyn Metropolitan Detention Center, notorious for its unsafe and unsanitary conditions.
In the past two days, two notable developments have emerged:
Yesterday, his legal team sought approval from a federal judge to allow him access to antidepressants while in detention.
According to a letter from his doctor, Sam has been receiving psychiatric treatment since February 2019 and “has a history of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder (ADHD).”
Meanwhile, federal prosecutors claim that Bankman-Fried used funds taken from FTX customers to contribute more than $100 million to political campaigns before the 2022 U.S. midterm elections.
Antidepressants won’t help here either. 
A year has passed since WhiteBIT's exchange token was unveiled on August 14th.
In this brief time, the team behind it didn't just rest on their laurels; they launched a blockchain, making WBT's first anniversary a celebration of a genuine coin!
Facing the challenges of a prolonged bear market head-on, WBT swiftly carved out its own space, gaining a legion of ardent supporters.
Its market standing? A noteworthy triple of its inaugural IEO pricing and a 5th rank amidst centralized exchange tokens, as chronicled by CoinGecko.
We salute this shining star and hope for further ascent, delighting all crypto enthusiasts who set the level! 
The SEI token, having just been released, now finds itself in the 85th spot in terms of market capitalization, as reported by Coinmarketcap. It's also making its presence felt in daily trading, occupying the seventh position with a volume of $1,6 billion.
While current metrics paint a promising picture for the project, it's worth noting that the cryptocurrency arena frequently sees such developments. Therefore, it's wise to approach this news with measured optimism. 
The current market landscape marks an unprecedented decline in liquidity, according to Bloomberg Intelligence's senior macro strategist, Mike McGlone.
If this pattern holds throughout 2023, he warns of a potential sharp descent in Bitcoin prices, which would ripple through Ethereum, XRP, and the general cryptocurrency domain.
“What should be early indications of recessionary times? The best indication should be bitcoin and that’s where I’m looking for the bleeding occasion from bitcoin and it’s still kind of showing what I expected.”
“Picture December: Recession looms, Fed hesitates on easing due to inflation,” said McGlone. 
Coinbase has obtained regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization.
This approval allows Coinbase to function as a Futures Commission Merchant (FCM) and provide eligible US customers with access to crypto futures through its platforms.
With this approval, Coinbase becomes the first crypto-native platform to offer a combined solution featuring traditional spot crypto trading and regulated, leveraged crypto futures for their US verified customers. 
RocketSwap, a DEX on the Base Layer 2 network, suffered a hack, losing 471 ETH ($862,000). The team identified lapses, including offline signatures during launchpad deployment and storing private keys on the server.
While some accused the team of a potential rug pull, RocketSwap blames a third-party hacker who brute-forced a server to extract private keys.
Post-hack, the hacker moved assets to Ethereum, creating a meme token, "LoveRCKT", which saw a brief price surge on Uniswap before plummeting. 
Crypto miners in the U.S. have initiated the Digital Energy Council to lobby for miner-friendly policies amidst ongoing crypto regulation debates.
The council aims to advocate for sustainable energy development, grid resilience, U.S. competitiveness, and national security.
This move comes as President Joe Biden's administration proposes a 30% excise tax on mining operations, citing societal harms. Additionally, Democratic lawmakers criticize miners for environmental concerns. The U.S. Department of Justice is escalating its legal fight against the founder of FTX, employing intimate writings from his ex-girlfriend Caroline Ellison, who once managed investment company Alameda Research.
From October 2nd, the court will see evidence pulled from Caroline's personal documents. A notable inclusion is a list termed "Things Sam is Freaking Out About," pointing towards alleged financial misconduct at FTX. The case's evidence will also feature undisclosed recordings and messages from FTX insiders. 
Stated to be a staggering 10 times faster than Solana, the network accomplishes transaction finality in just 250 milliseconds.
Trading of the blockchain's native token (SEI) has started on different centralized exchanges, and it's now valued at approximately $0.19.
There's also news of an airdrop, but claiming will be permitted only after the "initial warm-up period."
The time frame for this warm-up has not yet been revealed. 
Dubai is launching an aggressive campaign to attract tech giants in artificial intelligence and Web3, offering hefty subsidies that could cover as much as 90% of commercial licensing fees.
The Dubai International Financial Centre (DIFC) has been assigned the duty of issuing these licenses, and its executives look forward to engaging foreign businesses and investors with optimism. EthereumPoW (ETHW) Coin Review
On September 15, 2022, Ethereum introduced a pivotal upgrade, transitioning from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), dubbed "The Merge." However, some in the crypto community resisted this shift, seeing it as a deviation from Satoshi Nakamoto's foundational principles, and chose to retain the original algorithm. 
This initiative aimed at countering anti-crypto legislation by mobilizing the community.
Coinbase’s long-term plan is focused on cultivating a grassroots movement and building an engaged community that advocates for positive legal changes and crypto-friendly regulations.
This initiative marks the nation’s first ever independent on-chain advocacy organization, driven by and for crypto enthusiasts.
As of now, the initiative boasts 54 161 supporters on its webpage. 
In collaboration with its subsidiary Zynga, acquired for $12.7 billion last year, Take-Two is launching “Sugartown,” a web3 game built on Ethereum, marking the debut of a “major mobile game developer” crafting a crypto-based game “from the ground up.”
Players will utilize Ethereum (or ERC-721) tokens to access the game, stake for energy, and earn in-game currency.
Access tokens named Oras will also be minted this year as part of an initial release. AI in the Automotive Industry: Robotaxis and Beyond
As night settles over certain districts of San Francisco, streets come alive with futuristic taxis that lack a human touch behind the wheel. These aren't just test vehicles; they're commercial robotaxis steered by AI. While such scenes are currently limited in the U.S., it seems that Asian manufacturers are edging ahead in the race toward automotive automation. Never miss any of the latest cryptocurrency news, in-depth crypto market analysis, and breaking updates on blockchain technology. From Bitcoin price trends to emerging NFT projects and DeFi developments, GNcrypto has everything to keep you informed and ahead. Stay informed and ready to seize the next big opportunity in the crypto world!