NFT News by Thebittimes.Com

The integration of web3 wallet s into mainstream trading platforms heralds a new era in digital finance, blending the realms of cefi and defi while also raising concerns about increased vulnerability to crypto fraud . According to Bitrace and WuBlockchain, the integration of web3 wallets into mainstream trading platforms like OKX and Binance signals a significant shift. This fusion of centralized finance and decentralized finance is reshaping user interaction with digital assets and decentralized applications. However, this transition is not without its pitfalls, particularly regarding fraud risks. Bitrace: Beware as Trading Platforms Launch Web3 Wallets, Intensifying Cryptocurrency Fraud Risks The launch of Web3 wallets by platforms like OKX and Binance signifies the integration of Centralized Finance (CeFi) and DeFi as an industry trend. However, while breaking down the… — Wu Blockchain (@WuBlockchain) November 28, 2023 You might also like: Report reveals reason ...

KPMG Canada partners with blockchain analytics firm Chainalysis to enhance fraud detection and risk management in the rapidly evolving digital assets sector. KPMG Canada has teamed up with blockchain analytics firm Chainalysis to combat the escalating threat of fraud and criminal activities associated with crypto currencies. We’re teaming up with @KPMG_Canada to provide organizations with a more comprehensive approach to mitigating fraud risks in crypto transactions. Read more:https://t.co/c9Odtt0cXl — Chainalysis (@chainalysis) November 22, 2023 The partnership is poised to enhance KPMG’s service offerings in blockchain monitoring, governance and risk management, directly targeting the need for stricter compliance with evolving crypto regulations and anti-money laundering initiatives. Kunal Bhasin, a partner at KPMG Canada, highlights this alliance as a bolster to their forensic investigation capabilities in the realm of crypto assets and blockchain technology. ...

Artificial intelligence is going to be a key component in cracking down on the growing number of counterfeit non-fungible tokens (NFTs). Beyond all the good a permissionless internet promises, it also makes it convenient for anyone to freely mint pirated nonfungible tokens (NFTs). There are in fact over 90 million fake copies of NFTs. Because in a permissionless system, what’s to stop bad actors from creating copymints to scam unsuspecting users or damage a brand’s reputation? Only the top 20 most copied NFT projects account for 8 million fake copies across NFT marketplaces. Source: Optic.xyz Since NFTs are valuable only because of their uniqueness, such copycat NFTs are fundamentally worthless for consumers. They imply a massive reputational cost besides financial loss for buyers and creators. This is particularly detrimental to a nascent and emerging industry like NFTs.  The “nonfungibility” and rarity of NFT assets are pivotal to their value proposition. These are the qualities b...