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OpenSea, one of the largest non-fungible token market platforms, has suspended its XP reward program for bidding and listing NFTs after receiving a strong community backlash. Earlier this week, the NFT marketplace launched its updated marketplace “OS2” and started allowing users to earn XP tokens through bidding and listing NFTs. The XP reward program stirred a heated discussion on X (formerly Twitter,) causing many non-fungible token floor prices to plunge. In a February 18 blog post, Dfinzer, the Chief Executive Officer of OpenSea NFT marketplace, confirmed that he and his team have halted the XP reward system for bidding and listing NFTs in the platform after receiving massive crypto community backlash. The NFT marketplace OpenSea launched its highly anticipated updated marketplace “OS2” alongside its native token $SEA over the past week. At the time, the market platform announced an upcoming token airdrop. As part of its upcoming airdrop, the team started allowing crypto users to earn XP tokens by bidding and listing NFTs. Unfortunately, traders quickly identified ways of manipulating the XP system, including engaging in high-frequency flipping of NFTs with minimal losses to maximize their XP rewards. This illegal practice led to high-frequency trading, with top XP farmers flipping NFTs in seconds. This form of wash trading pushed the marketplace volume to artificial highs, causing significant damage to NFT floor prices. In response to deteriorating floor prices, the global NFT community criticized OpenSea for prioritizing volume and fees over the long-term health of the NFT ecosystem. The OpenSea marketplace team has responded to this illicit practice by a group of farmers and halted the farming system. While addressing the controversy, Dfinzer remarked: “We understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward.” Before summarizing, the top OpenSea executive shared that the second round of shipments is now going out to a subset of users who bought NFT collections on the OS2. But this time, the reward system is improved, with XP multipliers given to NFT holders who have held an NFT from a top volume project for over 3 months. The NFT community has embraced this formula. In response to the recent OpenSea update, many NFTs have recorded some positive growth.

DefiTuna co-founder Moty Povolotski has alleged that Kelsier Ventures, Meteora, and M3M3 coordinated a series of meme coin launches on Solana to extract $200 million in profits at the expense of unsuspecting investors. In a series of tweets on Feb. 17, Moty revealed that Kelsier Ventures had invested $30,000 in DefiTuna last month, but upon discovering Kelsier’s activities, DefiTuna refunded the investment and severed all ties. Kelsier Ventures, led by CEO Hayden Davis, is a key entity in the Libra token launch. In a recent interview with Coffeezilla, Hayden admitted that the team sniped during the Libra token launch. “I have personally gone the extra mile by risking myself and everything we built over at DefiTuna to try and get key players to speak up and start naming the bad actors and weeding them out,” the DefiTuna founder stated. The founder disclosed the existence of “a massive spiderweb of influencers who are banking millions from the Meteora community enabled by the leadership team of Ben.” According to Moty, Ben, or Ben Chow, planned to resign after the Libra scandal. A video obtained by SolanaFloor and later quoted by Moty shows that he told Ben about Hayden’s alleged meme coin misconduct. Ben appeared to be surprised by the news, denied any involvement by himself or Meteora, and said he regretted connecting Hayden with other projects. Following Moty’s tweets and the footage, Meow, the pseudonymous co-founder of Jupiter DEX, announced that Ben resigned from his role at Meteora. Meow strongly denied any involvement of Jupiter or Meteora in insider trading, financial wrongdoing, or inappropriate token distribution. According to the evidence shared with SolanaFloor, Kelsier approached DefiTuna through a Lebanon-based employee to provide liquidity for M3M3, a platform allegedly owned by Chow. Projects launching on M3M3 were allegedly required to allocate a portion of the token supply to Kelsier’s group, as detailed by Moty. Screenshots indicate that $2.4 million was extracted from community members through the MATES and AIAI token launches, with both tokens dropping 95% since launch. In the Melania meme token case, Kelsier provided DefiTuna with 1% of the total supply, worth $100 million at peak, requesting an anonymous sale through Orca LP tokens as NFTs to avoid on-chain tracking. Hayden, however, told Coffeezilla that his team did not profit from the Melania token launch. When questioned about Kelsier’s total profits from M3M3, Moty stated: “Like if you take into account AIAI + MATES + ENRON + Bunch of other projects … + Melania + LIBRA…over 200M? And there are plenty more projects.”

John Deaton responds to criticism that XRP is a centrally controlled security. He cites his legal battle against the SEC and offers to clarify securities law. The debate highlights ongoing uncertainty surrounding crypto regulation. Pro-XRP attorney John Deaton has dismissed criticism that claims that XRP “is a centrally controlled security.” Deaton’s pushback came in response to Jason Calacanis, a crypto commentator, who asserted XRP shouldn’t get the same treatment as Bitcoin. Calacanis claimed that securities laws would become meaningless if the SEC allowed XRP to trade freely. He warned that startups and funds could take advantage of this by offloading large token supplies onto retail investors while keeping control over the majority. Calacanis doubled down, suggesting XRP should only be for savvy investors who truly grasp the potential downsides. Deaton, who famously challenged the SEC’s stance against XRP and won, dismissed Calacanis’s concerns. Showing his legal chops, Deaton pointed out that a federal judge appointed by former President Barack Obama cited his legal efforts in the ruling 2023 that favored XRP. Adding a bit of playful challenge, … The post Deaton Fires Back at Bitcoin Maxi for Claiming XRP is a ‘Centrally Controlled Security’ appeared first on Coin Edition.

🚀 This is huge news! Grayscale launching a Pyth Trust is a major validation for Pyth as a leading oracle project. This means institutional investors can now gain exposure to PYTH through a regulated investment vehicle without directly holding the token. Some key takeaways: 🟪NAV per share: $10.29 🟪PYTH per share: ~50 PYTH 🟪Management fee: 2.5% 🟪Assets Under Management (AUM): $10.28M This could be a game-changer for PYTH adoption and price action. What do you think? 🚀 #Pyth #Crypto #Grayscale

Token of the day $ACH 👀🔥🔥