Andrew Tate vs SB Fraudman

Whose's Worse?

January 06, 2023

Welcome to No Rug News NFT Newsletter. Weekly NFT digest, emerging artists, & community - You'll find all the interesting and buzzing conversations in Web3 while you sit back and enjoy! Follow our Twitter for giveaways & exclusive whitelists!

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  • Compass Mining, a popular Bitcoin firm, Wins $1.5M in law suit Against Dynamics Mining

  • David Marcus, a Bitcoin advocate states-“Crypto Winter” will not end in 2023

  • Ethereum co-founder Vitalik Buterin gives a hopeful vision for the future of crypto

  • OpenSea’s Chief Executive Officer says the future of NFTs is brighter compared to that of cryptocurrencies

Sam Bankman Reportedly Cashes Out $684k After being released on bail

Watcher Guru

According to on-chain data from blockchain explorers, crypto wallets linked to Sam Bankman Fried and his crippled entities (Alameda Research and FTX exchange) have suddenly risen to life with massive transactions. Coincidentally, these wallets have become active just days after the alleged con artist SBF was released on a $250 million bail collateralized by his parents’ house, Cointelegraph reports.

The bizarre transactions raised multiple questions from the entire crypto community. Most importantly, the way the funds were transacted makes the whole scenario more astonishing. First, a wallet address believed to belong to Alameda Research was identified and isolated to swap ERC-20 tokens for ETH and stablecoin USDT. These cryptos were then siphoned to DeFi protocols instant exchangers and mixers.

On-chain data shown in the image above indicates that one particular address, 0x64e9…, received more than 600 ETH from wallets belonging to Alameda Research. Some funds were anonymously swapped to USDT, and the remaining amount was sent to ChangeNow, an instant crypto exchanger. ZachXBT also confirmed the transactions initiated by Alameda to convert funds to BTC on DEXs. The on-chain data analyst flagged the transactions on Twitter.

Sam Bankman Fried Seemingly broke his bail-out terms

SBF was released on a $250 million bail collateralized by their family home. Sam was given conditions to maintain his bail, which involved a limited expenditure of not more than $1,000 without the court’s approval. Sam has since refused to be in charge of the transactions stating that he no longer has access to the accounts’ crypto wallet addresses. However, if he initiated the transaction, he could be going against the terms issued to him by the jury concerning his bail release.

Artist Spotlight: Gui Marconi

Guilherme Marconi is a Brazilian NFT curator and artist showing great potential in the NFT space. The NFT enthusiast is a senior art creator at Nifty Island. In addition, he is the co-founder of Global Studio NFT. The artist is passionate about the general industry of digital art. His love for NFTs has allowed him to get featured with some of the largest brands in the world. He has worked on 2D art collections for 15 years with expertise attracting companies such as Nike, a top shoe manufacturer that currently leads apparel brands in the web3 space.

He has also worked with other major industry players, including Absolut Vodka, AT&T, Puma, Mazda, and Coca-Cola. Gui claims to develop art collections in general for fun.

Gui has his brand embedded on his website, showcasing his creative art pieces. Art lovers and NFT enthusiasts can readily place bids through the website as well as purchase exclusive art. Gui uses light, bright colors for creative details involving culture. He also creates NFTs from modern cars, including current features and colors, to finish the pieces in style.

Essential links: Twitter, website 

Web3 will boost crypto adoption; here is why.

NewsBTC

Although the crypto jargon has been on a steep recline, experts believe the industry will recover soon. The rise and development of Web3 platforms and services will significantly help cryptocurrencies such as Bitcoin and Ethereum gain more traction and expand further. Web3 platforms, such as online blockchain Play-to-Earn, utilize cryptocurrencies to power their blockchain ecosystems. Some are entirely built on smart contracting platforms such as Ethereum and Solana. Web 3 has developed into a better form of technology than previous technologies, web1 and web2.

Web3 promotes decentralization which is a collective feature of cryptocurrencies such as Bitcoin. The founder of Lumos Labs, Kaavya Prasad, stated that the decentralized web3 technology uses smart contracts to execute intelligent activities on the ledger network. Web3 is also bringing multi-chain cryptocurrencies together, giving these digital assets more utility.

Sponsored Content: Today's newsletter was sponsored by MetaWin.

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