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FTX’s lawyers allege Daniel Friedberg allowed its executives’ criminal activities to fly under the radar for years.

Robert Leshner, CEO of the decentralized lender Compound, has registered a plan with the U.S. Securities and Exchange Commission to sell short-term government bonds that would use the Ethereum blockchain as a secondary record-keeper.

Bitcoin’s market cap makes up 52% of the total crypto market, the highest level since April 2021.

The centuries-old auction house Sotheby’s is unveiling a new blockchain-based program for generative artists. 

Dubbed the Gen Art Program, Sotheby’s will feature the work of two to three generative artists per year in fully on-chain auctions using the generative asset creator Art Blocks Engine.

The auction house will have the first-ever auction for the program on July 26, when it will sell 500 pieces from generative artist Vera Molnár. At 99 years old, Molnár has experimented with algorithms and generative work since the 1960s. 

“Generative art has played a central role in the evolution of digital art, and has featured prominently throughout our digital art offerings, including an auction dedicated to gen art in April 2022 which featured Vera Molnár’s debut NFTs,” Sotheby’s Head of Digital Art and NFTs Michael Bouhanna told The Block via email. “The launch of the Gen Art Program allows us to further showcase and support the leading gen artists working today with exclusive offerings of new works, and, in addition to our traditional auctions, provides additional ways to engage with collectors and spotlight artists. 

Only ETH payments accepted

The sale will take place fully on-chain through the auction house’s curated NFT platform Sotheby’s Metaverse. Only ETH payments will be accepted.

Sotheby’s found recent success with generative art through the sale of “The Goose,” a highly sought-after NFT from generative artist Dmitri Cherniak. The auction house sold off the NFT for $6.2 million earlier this month. The defunct crypto hedge fund Three Arrows Capital, or 3AC, used to own the NFT, originally purchasing it for $5.8 million.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Decentralized exchange DYDX said Wednesday that it would launch the public testnet of its Cosmos-based blockchain next week. 

The DYDX Chain, built in the Cosmos ecosystem, completed its Milestone 4 and contains over 40 validators running the platform’s software. The testnet is set to launch ahead of schedule at 1:00 p.m. ET (17:00 UTC) on July 5, the platform said on Twitter.

Some of the functions to be tested at launch include connecting wallets, viewing the order book, placing market orders and viewing account information. At launch, the public testnet will only work with Bitcoin and Ethereum markets, but DYDX plans to include over 30 more markets through future network upgrades. 

DYDX launched the private testnet in March to work with a small number of external validators to test functionality, DYDX wrote in a blog post. It’s aiming to launch its mainnet, which completes Milestone 5, in September.

In 2022, DYDX brought in $466.3 billion in cumulative transaction volume, a 140% increase from the year prior, The Block previously reported. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Republic Crypto and Upside are debuting ERC-1404 Prime as a future forward token standard.

Artificial intelligence is already having a big impact on society, but it also has the potential to harm. Blockchain technology may help create safer, more effective AI systems.

The spot bitcoin ETF filings by BlackRock and other financial services giants ensured bitcoin would finish Q2 in positive territory. Now the SEC’s decision on the applications will likely play a big role in digital asset prices for the remainder of the year.

Apple had threatened to eject the bitcoin-friendly social media app from its App Store by June 27 unless Damus removed the ability to receive bitcoin tips via “zaps” on content posts.

An advisory body on technology issues within the Commodity Futures Trading Commission is set to discuss decentralized finance and a recent win in the regulator’s case against Ooki DAO.

The CFTC’s Technology Advisory Committee plans to meet July 18 at its Washington D.C. headquarters.

“Decentralized finance (DeFi) models such as decentralized autonomous organization (DAO) and the Commission’s recent Ooki DAO case will be discussed, in addition to other DeFi issues,” CFTC Commissioner Christy Goldsmith Romero, the committee’s sponsor, said in a Wednesday statement. 

CFTC and DeFi 

The committee will discuss Ooki DAO about a month after a federal judge ruled in favor of the CFTC after that DAO failed to respond to an enforcement action taken by the regulator. That judgment set a precedent that other DAOs could be held liable for legal violations as a “person” under the Commodity Exchange Act.

Enforcement actions against Ooki DAO received pushback from some, including crypto investment firm Paradigm which argued the CFTC can not hold individual DAO participants liable and has to show that they did something to violate the law. 

Goldsmith Romero said the committee will also hear from technology experts on topics including artificial intelligence and decentralized finance. The committee also plans to introduce three subcommittees, including one specifically on digital assets and blockchain technology, according to the statement. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.