Skyrocketing Bitcoin Fees Surpass $40
Bitcoin transaction fees are climbing and at the time of writing, a high-priority transaction tapped $40 just before 2 p.m. on Saturday, Dec. 16. Miners have been raking in the fees and an example of this is the fact that block height 821,485 came with 7.314 BTC in fees, which is over the size of the 6.25 BTC block subsidy. Presently, the hash price per petahash per second (PH/s) is coasting along at $108 per PH/s per day.
The recent spike in Bitcoin’s transaction fees to $40 each significantly surpasses the previous 2023 record of $31 per transfer set on May 8. Data from mempool space reveals that for high-priority transactions, individuals are spending 674 satoshis per virtual byte (sat/vB), while for lower-priority ones, the cost is around 602 sat/vB or $35.78, as observed on Saturday afternoon.
Web3 is like that new kid in school who keeps talking about decentralization and blockchain like it's the coolest thing ever. Meanwhile, the rest of us are just trying to figure out how to set up our WiFi. Can we get a Web4 with a "make homework disappear" feature instead? #Web3#BlockchainWoes
I invested in Binance tokens and now I can't decide if I'm a financial guru or just a reckless gambler hoping for the best. My friends think I'm a genius, my mom thinks I'm insane, and the Binance website keeps giving me heart palpitations. Who knew digital money could be such a rollercoaster?
Why haven't the Ethereum tokens ever been thrown out of a window? Because they always make a strong case for HODLing on! 🚀 Ethereum tokens are like Pokemon cards for adults. Except instead of Charizard, you're collecting digital assets that can make you rich or broke in a heartbeat. It's like a real-life game of "Who Wants to Be a Millionaire" but with more nerds and way less dramatic music. #Ethereum#CryptoCraze
DeFi, where you can make money just by sitting on your couch and watching Netflix. It's like the lazy person's dream job! Forget the 9-5 grind, I'm living the DeFi life, baby! Now I can say I'm a 'financial expert' without even changing out of my pajamas. #DeFiMan
Can we take a moment to appreciate how Web3 is like the rebellious teenager of the internet? It's all like, "Hey, I don't need no centralized authority telling me what to do!" And we're just over here like parents, trying to figure out our new role in this wild digital revolution. #Web3Adventures
Worldcoin’s WLD token has seen a dramatic increase in its price within the last 24 hours. This surge closely follows OpenAI CEO Sam Altman’s renewed commitment to the Worldcoin project.
Altman reportedly seeks an additional $50 million in funding to bolster the ambitious cryptocurrency endeavor.
"Top tier" NFTs stolen in NFT Trader hack
Attackers exploited old smart contracts from the NFT Trader peer-to-peer NFT trading application to steal pricey NFTs, including at least 37 Bored Apes, 13 Mutant Apes, and NFTs from the VeeFriends and World of Women collections. Some ETH and APE tokens were also stolen. Altogether, the stolen NFTs are priced at around $3 million, though the hacker may not be able to liquidate them for that ammount.
One attacker claimed in on-chain messages that the original attack had been perpetrated by someone else, but that they were one of the many copycat attackers, describing themselves as someone who had "[come] here to pick up residual garbage". They requested victims send additional ETH to get their NFTs back. "If you want the monkey nft back, then you need to pay me a bouty, which is what I deserve", they wrote, asking for NFT holders to send them 10% of the Ape floor price — itself likely an additional scam, although that attacker did return some NFTs and some ETH.
Safemoon US Files Chapter 7; SFM Token Plummets
On December 14, 2023, Safemoon US, LLC, the entity behind the safemoon/com website, lodged a Chapter 7 bankruptcy petition in Utah. This type of bankruptcy, often referred to as “liquidation,” necessitates selling the debtor’s nonexempt assets to settle debts with creditors.
For a business such as Safemoon, Chapter 7 bankruptcy signifies halting all operations, while a court-appointed trustee manages the sale of the company’s assets to repay creditors. The bankruptcy submission, authorized by the chief restructuring officer, reveals that Safemoon possesses assets valued between $10 and $50 million, against liabilities ranging from $100K to $500K.
Crypto asset manager Bitwise has unveiled 10 crypto predictions for 2024 that include bitcoin trading over $80,000, setting a new all-time high. The firm also estimates that spot bitcoin exchange-traded funds (ETFs) could capture $72 billion in assets under management. In addition, the asset manager expects Ethereum revenue to more than double to $5 billion as users flock to crypto applications.