Latest Crypto News: Coinbase CEO Says SEC Told It To Delist Everything But Bitcoin, 99-Year-Old Computer Generated Imagery Pioneer’s NFTs Sell For $1.2M

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

Latest Crypto News: Coinbase CEO Says SEC Told It To Delist Everything But Bitcoin, 99-Year-Old Computer Generated Imagery Pioneer’s NFTs Sell For $1.2M

Coinbase CEO Brian Armstrong has said that the US Securities and Exchange Commission (SEC) had told the crypto exchange to delist all cryptocurrencies on its platform except for Bitcoin.

In a July 31, 2023 interview with the Financial Times, Armstrong said that the US securities regulator wanted the crypto exchange to delist the nearly 250 tokens on its platform prior to filing a lawsuit against the exchange.

At the time, the SEC reportedly said it believes “every asset other than Bitcoin is a security. We said, well how are you coming to that conclusion? Because that’s not our interpretation of the law,” Armstrong said.

He recounted that the regulator said, “We’re not going to explain it to you; you need to delist every asset other than Bitcoin,” Cointelegraph reported.

It’s a similar view held by SEC Chair Gary Gensler, who claimed in a February New York Magazine interview that “everything other than Bitcoin” is a security under the agency’s remit.

99-Year-Old Computer Generated Imagery Pioneer’s NFTs Sell For $1.2M

Computer-generated non-fungible tokens (NFTs) created by Hungarian artist Vera Molnár, 99, in collaboration with Martin Grasser sold out in less than one hour during Sotheby’s Dutch auction for a total of 631 Ethereum or around $1.2 million.

According to the auctioneer, the “Themes and Variations” collection features 500 collectibles generated via an algorithmic combination of 170 colour palettes and recursive grids. 

The auctioneer wrote: “Themes and Variations is an expansion of Molnár’s 2% d’ordre generative protocol that explores the power of the grid and randomness of colour. Molnár further developed the system by incorporating the appearance of letters (N, F, T), playfully chosen for this series as a reference to the technological vehicle of NFTs.”

Born in Budapest in 1924, Molnár was one of the first pioneers of computer-generated imagery, having started the practice in 1959. She previously lectured at the University de Paris and has had her works displayed in major European exhibitions. Molnár ventured into the realm of NFTs in 2022. 

She said: “After decades of exploring how systems and computers can generate artistic outputs, I see this collaboration with Sotheby’s and Art Blocks as a culmination of those efforts, providing a new way to generate never-before-seen, unique abstract forms that are defined by the controlled randomness of machine programming—the essence of the algorithm.”

The collection has surpassed 589 ETH in volume traded on secondary markets such as OpenSea. 

BNB Smart Chain Hit With Copycat Vyper Attack, $73K Exploited

The BNB Smart Chain (BSC) has reportedly suffered copycat attacks due to a vulnerability in the Vyper programming language, following a similar vein to the exploit on the decentralised finance (DeFi) protocol Curve Finance.

Amid the exploits carried out on Ethereum, Blockchain security firm BlockSec tweeted on July 30, 2023 that around $73,000 worth of cryptocurrencies on BSC across three exploits had also been stolen. The vulnerability was caused by a malfunctioning reentrancy lock on Vyper versions 0.2.15, 0.2.16 and 0.3.0, which is used by a number of DeFi pools.

The attack comes on the heels of similar exploits targeting liquidity pools on Curve Finance, which have racked up losses exceeding $41 million, according to current BlockSec estimates.

The programming language is believed to be one of the most widely used for Web 3.0 projects. It was designed for the Ethereum Virtual Machine and could affect other protocols that use the afflicted Vyper versions.