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Crypto

Proof of Play to shut down, saying it failed to prove blockchain games are sustainable

Blockchain game developer Proof of Play is shutting down. It said it failed to release a product proving that blockchain-based games can contribute to the spread of a large-scale decentralised internet. The company plans to open-source the Pilot Nation game, smart contracts, internal software development tools and a significant portion of its artwork. The independent Pilot Nation Foundation will continue supporting the PIRATE token and operating the website.

Crypto

U.S. NFT startup founder indicted over alleged misuse of investor funds

A founder of an NFT startup has been indicted on allegations he diverted millions of dollars of investor funds to personal expenses, including payments on a Miami condominium loan and a DJ hobby. According to a report by The Block, Miami resident Taji Tarsha was indicted on Aug. 5 on securities fraud and wire fraud charges, each carrying a maximum sentence of 20 years. Prosecutors say he misled investors about how funds would be used.

Crypto

Wemix dollar authority takeover caused by proxy contract initialize flaw

Wemix Team said it identified a proxy-structure smart contract initialize-function flaw as the cause of a July 26 takeover of administrative rights over two Wemix dollar-related contracts. The attacker changed administrator addresses, obtained minting and swap permissions and minted 5,225,524.9997 WEMIX$ through repeated flash loans and swaps. Confirmed losses transferred externally were 723,244.4936 USDC.e and 34,752.3199 WEMIX. Services are to resume sequentially.