SEC Targets OpenSea with Wells Notice Over NFTs

SEC Targets OpenSea with Wells Notice Over NFTs

OpenSea, one of the largest NFT marketplaces, has been served a Wells Notice by the SEC, indicating potential legal action against the platform. The SEC’s move suggests that it considers some NFTs on OpenSea to be securities, a classification that could have broad implications for the digital art and collectibles market.

OpenSea CEO Devin Finzer expressed shock over the SEC’s stance, arguing that such a sweeping action could harm innovation and the livelihoods of countless creators. He emphasized the company’s readiness to fight the charges and defend the NFT community. Finzer also pledged $5 million to help cover legal fees for NFT creators who might face similar actions.

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TON Faces Back-to-Back Outages Due to DOGS Launch

The Open Network (TON) experienced its second major outage in 24 hours on Wednesday, halting block production for over three hours due to network congestion caused by the DOGS meme coin. This followed a six-hour outage on Tuesday, which also resulted from an overload linked to the DOGS token's launch, pushing TON’s blockchain to its limits.

Both outages prompted exchanges like Binance and Bybit to temporarily suspend TON transactions, raising concerns about the network's ability to handle high transaction volumes. To resolve the issue, TON validators were instructed to restart their nodes with specific configurations. The network has since resumed block production, but the incident highlights potential issues under heavy load.

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Stacks Releases Nakamoto Upgrade After Several Delays

After months of anticipation, Bitcoin’s Layer 2 network, Stacks, has begun activating its Nakamoto upgrade, promising a great boost in transaction speeds. This upgrade will decouple Stacks’ block production from Bitcoin, increasing the speed of block confirmations by 120 times, reducing the average time from ten minutes to just a few seconds.

Operators have a specific window, known as Stacking cycle 92, to fully implement the upgrade before it becomes mandatory. The Nakamoto release also sets the stage for the introduction of sBTC, a new programmable Bitcoin asset that will enhance Stacks' utility in the DeFi ecosystem. Despite the technological advancements, the price of Stacks’ native token STX has dropped.

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Hamster Kombat Announces September Token Airdrop Date

Hamster Kombat, a popular Telegram-based crypto game, has scheduled its long-awaited token airdrop for September 26, after a series of delays. The game's developers announced that 60% of the airdrop will be allocated to players, with the rest reserved for market liquidity, partnerships, and rewards. Initially planned for July, the airdrop was postponed due to technical challenges.

Hamster Kombat has gained substantial traction, boasting over 50 million daily active users across 190 countries, although concerns about the presence of bots remain. The game’s rise to popularity was inspired by the success of Notcoin, another Telegram-based game that saw immense participation in its token airdrop.

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Data of the Day

According to a recent report by CoinGecko, the PolitiFi coin category has skyrocketed 782.4% in 2024, dwarfing the meme coin market's 90.2% growth over the same period. Despite this surge, PolitiFi coins still account for just 1.5% of the $45.6 billion meme coin market.

ConstitutionDAO (PEOPLE) leads with a market cap of $385.6 million, followed by MAGA (TRUMP) and MAGA Hat (MAGA), which have also seen significant increases. MAGA (TRUMP) spiked 22.3% on May 30 after Trump’s guilty verdict, while MAGA Hat rose 1,292.1% since its launch in May.

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More Breaking News

• The CEO of South Korean crypto custody firm Haru Invest is in critical condition after being stabbed during a court hearing amid fraud allegations.
• Vitalik Buterin suggests that crypto identity solutions could address the issues associated with large but flawed crypto airdrops.
• Lemniscap, a crypto-focused venture capital firm, raised $70 million for its largest fund to date, aimed at investing in early-stage startups.
• BNB Chain has launched a bridge in collaboration with three cross-chain technology providers to enhance interoperability, liquidity, and attract DeFi projects.
• Starknet's latest 'Bolt' upgrade introduces parallel execution, allowing multiple transactions to be processed simultaneously on its Layer 2 chain.
• Renzo Protocol launched its governance token REZ on Solana, leveraging Wormhole for seamless cross-chain transfers from Ethereum.
• A wallet linked to Ethereum’s Genesis block launched a memecoin, which quickly reached over $100 million in market capitalization before stabilizing.

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