In his statement on January 16, Phantom CEO Brandon Millman said:

“Our mission has always been to make crypto more accessible, intuitive, and safe for everyone. This latest round of funding allows us to invest further in innovation and ultimately modernize consumer finance.”

Investment Focus Areas

Phantom plans to focus on these innovations with this investment:

• Social Discovery Feature: This feature, which will enable users to have a more interactive experience, will be launched soon.
• Peer-to-Peer Payments: Solutions are being developed to simplify P2P payments.

App Store Prominence

Phantom Wallet briefly became the second most popular app in the Apple App Store’s “Utility Apps” category on November 20. This success coincided with the period when the total crypto market value approached $4 trillion.

New Blockchain Integration

Phantom announced on December 6 that it began supporting Sui, a Layer-1 blockchain. This brought the number of blockchains supported by Phantom to four, along with Bitcoin, Ethereum, and Solana.

Phantom’s Founders and Vision

Founded in San Francisco in 2021, Phantom was brought to life by Brandon Millman (CEO), Chris Kalani (Product Director), and Francesco Agost (Technology Director). The company also provides custody services that allow users to secure their non-fungible tokens (NFTs).

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The post Phantom Wallet Reaches $3 Billion Valuation appeared first on Coin Engineer.

Whitelists can have different meanings depending on the context, as they are typically related to a specific service, event, or information.

What Is Whitelist?

In the cryptocurrency world, a whitelist refers to a list of approved individuals who have the right to participate in a particular event. This list may include participants for an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or approved withdrawal addresses on exchanges. The purpose of the whitelist is to ensure that only individuals who meet certain criteria are allowed to participate.

Participation often requires conditions such as having a specific amount of funds, a good account history, a referral code, or an invitation.

In the case of an ICO, the whitelist includes a list of registered and approved users who are granted the right to participate in the pre-sale or ICO. Some cryptocurrency projects may implement a whitelist phase for those looking to distribute their tokens to the public. This process allows projects to verify potential token buyers and ensure they comply with the token distribution requirements.

How Does a Whitelist Work?

Ransomware, phishing, and malware threats have become security risks that require attention in everyday life. To defend against such malicious software, personal security measures need to be enhanced. One such measure is the whitelist. But how does it work?

A whitelist is a list based on predefined strict rules and is managed under the control of an administrator. Administrators create a list that defines which sources, programs, and applications can be accessed by users. This list can be dynamically updated according to needs.

The list is applied to operating systems, network devices, or server software. This ensures that each incoming user request is monitored and checked to see if it matches the whitelist. If the request is on the whitelist, the user can proceed; however, if the request is not listed, the transaction is rejected.

Whitelist in the Context of NFTs

The use of a whitelist is not limited to ICOs and IEOs; it also plays an important role in the Non-Fungible Token (NFT) world. An NFT whitelist is a list of approved individuals who are authorized to participate in transactions in a specific NFT marketplace or sale. This list is typically managed by the entity releasing the NFT and is used to limit which individuals can buy or sell NFTs.

Whitelisting is applied to offer certain buyers priority or exclusive access to NFT sales or events.

Advantages of a Crypto Whitelist

There are several key benefits to being included in a crypto whitelist. First, it provides priority access to an ICO, IEO, or NFT sale. This can be a significant advantage, especially when the number of tokens or NFTs is limited.

Being on the whitelist can also provide an additional layer of security, particularly for withdrawal addresses. Allowing withdrawals only to whitelisted addresses can help enhance the security of your cryptocurrency transactions.

How to Join a Crypto Whitelist

Joining a crypto whitelist typically starts with providing your personal information, which may include your name, email address, and sometimes a government-issued ID. This information is used to verify your identity and confirm that you meet the participation requirements.

In the case of NFT whitelists, you may need to demonstrate active participation in the project, such as engaging with the project’s community or participating in community discussions.

Whitelist and Network Security

Whitelisting is also a common practice in network security, where IP addresses or domain names with access to specific files or systems are listed.

In the NFT context, the whitelist may include wallet addresses authorized to mint an NFT. The smart contracts of NFT collections check whether a wallet is on the whitelist, only allowing approved addresses to mint NFTs.

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The post What is a Whitelist? Cryptocurrency and NFT Terms appeared first on Coin Engineer.

Allegations and Scheme Details

The United States Attorney’s Office in the Southern District of New York reportedly said in a June 6 statement that the defendants, Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan, allegedly drove up the prices of 10,000 NFTs on false promises that they would create a video game before transferring the funds out and abandoning the project.

“Digital art is new, but old regulations still apply: it is unlawful to make false promises for money […] NFT fraud is no game; those guilty will be held responsible,” said U.S. Attorney Damian Williams.

FBI Assistant Director James Smith added: “Ghosting customers without fulfilling a promise not only reflects poor business integrity, it also violates the implicit trust buyers place in sellers when purchasing a product.”

Allegedly stolen from the rug pull, around 800 Ether (ETH) valued at $2.7 million at the time was taken overall.

Execution of the Fraud

“They apparently pocketed the money, never developed the game, and took investor money,” Williams added.

The U.S. Attorney’s Office thinks that Atcha, Waleedh, and Hassan hauled in more than $2 million from Evolved Ape NFT sales on the first day, which fell in the heart of “NFT summer.”

The U.S. Attorney said the “roadmap” and “phase” subsections on its website helped to give the NFT initiative credibility. “Phase 5” promised that only Evolved Ape NFT holders would be able to access a fighting game that Evolved Apes would release.

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Investors were left stranded when the Evolved Apes website was removed less than two weeks later, on October 5, 2021.

Attempts to Cover Up

Fascinatingly, Waleedh moved the pilfered money to a personal, custodied wallet address, but the bitcoin exchange stopped him from taking the money out.

Originally intending to “investigate the source,” the customer support staff reenabled the withdrawal feature when Waleedh falsely claimed he needed the money to cover his grandmother’s cancer treatment, according to the U.S. Attorney’s Office.

The three defendants are expected to turn over $875,850 in Tether (USDT) kept at wallet address “0x519…6ed70.”

Charges of money laundering and wire fraud each carry a potential 20-year jail term in New York.

The post Three Britons Accused of NFT Fraud and Money Laundering in the US appeared first on Coin Engineer.

Settlement Details and Legal Standpoints

In a June 4 X post, Gharegozlou stated that a class group of investors claiming the company sold unregistered securities had reached a settlement agreement with the company.

Gharegozlou pointed out that the legal discovery of the class action revealed the NBA Top Shot Moments NFTs Dapper created were on “a decentralized public network,” meaning the tokens “are not securities in the same way trading cards are not securities.”

The June 3 settlement agreement submitted to a New York District Court reveals Dapper Labs is ready to pay the $4 million settlement sum should the plaintiffs—led by Jeeun Friel—agree to quit alleging the NFTs were securities.

Business Adjustments and Future Implications

Dapper also makes business changes to ensure the distribution of the Flow blockchain, depositing and transferring ownership of any remaining Flow (FLOW) tokens to the Flow Foundation. It also promised to implement an annual staff training course covering federal securities rules, which is obligatory by nature.

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District Judge Victor Marrero, who is handling the matter, still has to approve the deal.

“Beyond our win today, effective communication with legislators and regulators determines the direction of our industry and open digital systems,” Gharegozlou added. “Dapper Labs will keep interacting at all levels to help guarantee appropriate approaches to this new technology.”

The post Dapper Labs Settles $4 Million Lawsuit, CEO Reaffirms NBA Top Shot NFTs Are Not Securities appeared first on Coin Engineer.