Crypto
Crypto

Ripple CTO Seeks Community Nod For XRPL AMM Feature, OpenSea Unaware Of Ex-Employee’s Involvement In $60M Rug Pull

Here are some of the major developments from the world of crypto over the past few days

David Schwartz, chief technology officer at Ripple, has argued in favour of the XRP Ledger (XRPL) automated market maker (AMM) feature. He has, however, said that he would implement it only if there is support from the community, adding that the changes could be implemented in as little as two weeks.

Schwartz mentioned the XRPL’s AMM feature on X (previously Twitter). He described AMMs as an intriguing aspect of decentralised finance in his initial essay.

XRP serves as the native asset of the decentralised Blockchain known as the XRP Ledger. It is popular for being quick and scalable, making it appropriate for many financial applications, including remittances and cross-border payments.

OpenSea Unaware Of Ex-Employee’s Involvement In $60M Rug Pull

Non-fungible token (NFT) platform OpenSea has said it is not aware of any proof implicating a former employee in the infamous AnubisDAO rug pull in 2021.

On October 6, 2023, an anonymous user, NFT Ethics tagged OpenSea in a discussion on X (previously Twitter), requesting that it react to claims that Kevin Pawlak, the company’s former head of ventures, is connected to the fictitious persona "0xSisyphus" and was engaged in “various dubious business dealings”.

The Blockchain analytics accounts NFT Ethics and Lookonchain said that Pawlak and 0xSisyphus were instrumental in marketing the AnubisDAO project to investors just before the project transferred the recently raised assets to a number of external wallets.

The NFT Ethics thread made an effort to demonstrate how Pawlak’s alleged involvement in the AnubisDAO rug grab was planned along with other developers and how the money was laundered using the meme coin Pepe (PEPE).

However, an OpenSea spokesperson told CoinTelegraph that they were unaware of Pawlak’s involvement in any such activities, adding that Pawlak had a “limited scope” while working there.

“Kevin is a former employee who left the company in June 2023. He had a limited scope while at OpenSea — where he worked in a non-management position. We have no awareness of his involvement with the projects in question,” the spokesperson said.

South Korea’s Upbit Crypto Exchange Massive Target Of Attacks

Hackers have targeted South Korean cryptocurrency exchange Upbit more than 159,000 times in the first half of 2023. The figure is more than double the volume recorded in the first half of 2022 and a massive 1,800 per cent increase from the same period in 2020, according to Dunamu, the company that owns Upbit.

According to a report published on October 9, 2023 by the South Korean Yonhap News Agency, the numbers were sent to South Korean Representative Park Seong-jung of the People Power Party by Dunamu.

Upbit is one of the biggest cryptocurrency exchanges in South Korea, along with Bithumb, Coinone, and Gopax, and has a 24-hour trading volume of $1.2 billion.

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