Quick tech updates every Monday and Thursday |
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Table of Contents • Sam Bankman-Fried gets arrested and may face up to 115 years in jail • Marketplaces that don’t honor royalties are plaguing the NFT space • Twitter's new colorful verification system • Meme of the Day |
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Sam Bankman-Fried is facing 115 years in prison |
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Sam Bankman-Fried, the former CEO of FTX, was arrested by the Royal Bahamas Police Force on December 12. This comes after SBF was charged with a crime by the US government. FTX scam has been described as one of America's biggest financial frauds. No fewer than eight charges were brought against SBF by the Justice Department. These include conspiring to commit wire fraud against lenders and clients, perpetrating commodities fraud, defrauding the US, breaking campaign finance laws, and engaging in securities and money laundering fraud. According to the prosecution, he may receive a term of up to 115 years in jail if found guilty on all eight counts. SBF's attorneys requested bail at a Magistrate Court in the Bahamas. They claimed that SBF had mental health issues, including insomnia and depression. Additionally, SBF was prepared to wear an ankle bracelet, according to his attorneys, who also suggested a $250,000 cash security. However, all this was useless as the judge refused to grant him bail. Bankman is facing extradition to the US. |
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Marketplaces that don’t honor royalties are plaguing the NFT space |
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One of the most attractive features responsible for making artists, musicians, and other creators adopt blockchain-based NFTs is in danger. Even though NFT creator fees are contracts, blockchain code cannot enforce those royalties; the documentation of each NFT simply demands a royalty, a practice that marketplaces have traditionally upheld during bull markets. On Oct. 27, LooksRare stated that it would stop collecting and disbursing artist royalties. Blur, a newly launched NFT marketplace on the Ethereum blockchain, is no different. Blur also doesn't respect the creator royalties because they believe it is unnecessary and slows down the process of trading NFTs. NFT artists and watchdog groups, like the cryptocurrency ecosystem Immutable X, are naming and shaming platforms that refuse to pay royalties, creating blacklists, and threatening mass divestment. "This is all telling of the ways in which ideologies from Web 2.0 are still in Web 3.0," says Margaret Murphy, a multidisciplinary artist and the head of community for EXPANDED.ART, a Berlin-based gallery and online platform. |
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Twitter's new colorful verification system |
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If you use Twitter, you've probably noticed a variety of new colored ticks this week. A gold tick, a blue tick, a gray tick, or no tick at all can now be seen next to a Twitter account's name. While the blue tick used to clearly show that an account belonged to a notable person, that isn't the case anymore.
Twitter Blue is a subscription service that gives users a "Blue Tick" of verification for a monthly fee of $8 through a web browser and $11 for iOS users. Subscribers have access to several features that regular account holders do not, such as the ability to modify tweets after they have been published.
In addition to the "blue tick," Twitter is also replacing the "official" badge on verified business accounts with a gold checkmark and a gray tick for government accounts. Xbox, Marvel Entertainment, and Sony are among the first few accounts to receive the gold tick. Although the Grey Tick has not yet been introduced, Twitter announced that it would do so shortly.
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Tesla's market valuation dips below $500B for the first time in 2 years |
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