May 16 saw Reddit announce that it will provide OpenAI access to its Data API, which will supply real-time material from postings on the site and “bring Reddit content to ChatGPT and new products.”

As a trade, OpenAI will provide moderators and Reddit users with a slew of new artificial intelligence-powered services meant to increase user interaction.

Related: OpenAI Unveils ChatGPT’s Human-like Upgrade: GPT-4o Model

The AI startup was also announced by Reddit as its newest advertising partner.

Reddit dropped 5.45% on May 16, but Google Finance reports that following the collaboration announcement after the bell, it rose 11.05% to $62.61 in after-hours trade.

Similar to this deal, which reportedly cost $60 million, Reddit and Google inked it in February.

Long ago, Reddit set out to create revenue streams outside of selling advertising space and improve community involvement.

The agreement is made in the middle of increasing legal action against OpenAI and other AI companies for allegedly stealing private information and copyrighted property through their data-gathering techniques for model training.

According to various reports, on May 16, the biggest music publisher in the world, Sony, wrote letters to more than 700 companies, including AI developers OpenAI, Microsoft, and Google, stating that it had “reason to believe” they may have used its music “unauthorizedly” to train their models.

With scaling issues, the company closed down Community Points, a blockchain-based rewards program, last October.

In February, Reddit said it had Bitcoin (BTC) and Ether (ETH) in its monetary reserves and even let users pay with Ether and Polygon (MATIC) for some virtual goods.

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Investors have shown increased interest in Donut (DONUT) and Moons (MOONS) as Reddit, the popular social media platform, finally launched its highly anticipated initial public offering (IPO). This launch has led to significant price increases for the tokens on March 21.

DONUT is an ERC-20 token issued on the Ethereum (ETH) blockchain by the ethtrader forum. Participants receive DONUT tokens as monthly rewards for their contributions to the community, with eligibility based on the upvotes received on their content. According to CoinMarketCap, DONUT token saw a surge of over 28% following the news of Reddit’s IPO.

Admins of Reddit’s largest crypto community, CryptoCurrency, introduced MOONS tokens to incentivize increased activity among members. These tokens are distributed monthly based on the karma points accumulated by users. MOONS token witnessed an increase of at least 18% within 24 hours.

Reddit IPO Launches

According to Reuters, the IPO debuted at 38% above its expected price of $34 per share due to high demand, indicating strong interest in Reddit’s stock.

Last month, crypto.news reported that Reddit disclosed holding cryptocurrencies including Bitcoin (BTC), Ether, and Polygon (MATIC) on its balance sheet. These assets were disclosed in a February 22 IPO filing with the U.S. SEC.

Reddit stated that it acquired these tokens using excess cash reserves for experimenting with blockchain and crypto technology. The company mentioned that Ethereum and MATIC tokens were specifically purchased to settle certain goods and services expenditures.

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The native cryptocurrency of Reddit’s r/CryptoCurrency community, Moons (MOON), is experiencing a surge in value as it anticipates the launch of Celer’s bidirectional bridging feature. This feature will facilitate the movement of tokens between Arbitrum Nova and Arbitrum One.

Over the weekend, MOON reached a record high of 84 cents, surpassing its previous peak of 65 cents in July 2023, according to CoinDesk data. Currently, the cryptocurrency is trading at 50 cents, reflecting a 5% decline over the past 24 hours compared to the 7% gain in the CoinDesk 20 index.

Moons are ERC-20 tokens rewarded to users for their contributions to the r/CryptoCurrency subreddit. These tokens can be freely traded, tipped, or spent within the community.

Last month, r/CryptoCurrency announced that Celer, an interoperability protocol facilitating cross-chain fund and message transfers, would support MOON. The launch of the bridge, scheduled for March 20, will enable users to transfer their MOON tokens to the layer 2 scaling solution Arbitrum One blockchain without the usual one-week waiting period associated with Arbitrum’s official bridge.

Arbitrum operates two layers on the Ethereum blockchain – Arbitrum One and Arbitrum Nova. The former is optimized for DeFi trading activities, while the latter focuses on reducing transaction costs for high-throughput decentralized applications.

Currently listed on Arbitrum Nova, MOON holders will soon be able to bridge their coins from Nova to One and vice versa. Arbitrum One boasts higher liquidity, with $3.43 billion worth of cryptocurrencies locked in its decentralized finance ecosystem, compared to Arbitrum Nova’s $2.09 million, as per DeFiLlama.

Bridging MOON to Arbitrum One will expose the cryptocurrency to a wider range of DeFi applications while minimizing the risk of potential shutdowns, as explained in r/CryptoCurrency’s official post.

Users who bridge MOON to Arbitrum One will retain voting power, while distribution and tipping of the token will continue over Nova due to its lower transaction costs.

Additionally, investor interest in the community token may have been influenced by Reddit’s impending initial public offering (IPO) on March 21, which Reuters reports is four to five times oversubscribed, indicating potential for a debut valuation of $6.5 billion.

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This steps, which solidify Reddit’s position as an innovator in the social media space, corresponded to the platform’s initiation of going public in the United States. On Thursday, Reddit announced a significant milestone after nearly twenty years of its establishment by sharing the necessary documents for the public offering with the public.

In 2021, a financing round for Reddit valued the company at $10 billion. However, no information had yet been shared about the market value the company is aiming for in the share sale it will perform in the near future.

Reddit’s this move reflects its confidence in the platform’s future and the desire to evaluate potential opportunities in the digital assets market. This development has excited the world of cryptocurrencies. These strategic investments show that Reddit aims to enrich the user experience and increase the platform’s financial diversity.

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A false Rabby Wallet, reported to be fraudulent to the unaware users of the Apple App Store, reportedly causing disaster.

It has been confirmed that the Rabby Wallet team of DeBank confirmed on 16th February, that any application listed in the current store is fake, and its official app is currently being reviewed.

A FAKE iOS app has resurfaced. Please note that our iOS app is still under review.

Identify the real app by Developer: DeBank (Android) & DeBank Global Pte. Ltd. (iOS).

For secure downloads, ONLY use our official website: https://t.co/FZmFjG2o5X https://t.co/OX9HxHo354

— Rabby Wallet (@Rabby_io) February 16, 2024

The fake app currently appears in the App Store as “Rabby Wallet & Crypto Solution” by a company named “Solution Development” and its version history shows it has been listed in the store for at least four days.

However, despite many users reporting the fake app to Apple, the app still seems to exist.

A man named “u/manolodf”, a concerned user, started a topic on Reddit on 18th February and warned others about the fake wallet app. He also posted the same topic on the Apple discussion board and shared screenshots from users who lost funds due to the malicious app.

“Such nonsense should NEVER occur in the Apple Ecosystem, how can a fake Crypto Wallet steal people’s money by pretending to be real,” he asked.

The fake Rabby Application app in the App Store (Not First Time)

A victim said, “This morning I was defrauded of about $5,000 by this fake app. I filed a support request to Apple because the app had been previously reported several times and I want to see if there’s any refund method”.

Another user complained on X platform, “I lost 10% of my portfolio due to the fake Rabby_io app from the Apple store,”.

A NFT collector “bthemouth”, reported that their wallets were drained after importing the seed phrase of the fake Rabby app. The user shared an address alleged to belong to a suspected hacker; this address contained ETH worth about 14 Ether, close to $40,000 at the time of writing.

So today I was drained by a fake wallet on @Apple appstore. It was a wallet that resembled @Rabby_io and imported my seed in there. after that, the person behind the scam managed to removed most of my assets

So be careful with wallets even on app store (I thought a wallet was a…

— bthemouth (@bthemouth) February 16, 2024

This is not the first time a fake Rabby wallet has entered the App Store. According to the warnings given by the Rabby team, the app also appeared in App Store in October and December 2023.

In a similar case, on February 14th, it was reported that a fake Curve Finance app had been discovered and listed in the Apple App Store.

It was reported that nearly $600,000 was stolen by a fake Ledger Live app that infiltrated Microsoft’s app store in November 2023.

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“We saw some opportunities for Community Points in the future, but unfortunately, the necessary resources were not justifiable,”

“This effort has been added following the regulatory environment. The moderators and communities supporting Community Points have collaborated incredibly – but the product is no longer suitable for scaling.”

Community Points will be phased out by early November and were introduced to Redditors as an opportunity to “own” a part of their communities. Initially launched in 2020, Community Points were rewarded to users engaging positively in selected subreddits and were used to encourage better content and discussion. Points could essentially be exchanged with Ethereum tokens stored in Reddit’s Vault, functioning like a cryptocurrency wallet.

Once issued, neither Reddit nor moderators could retrieve a user’s Community Points. Points could be used in unique features like memberships unlocking special badges and animated emojis. Once spent, points were “burned.”

Community Points were displayed as a “reputation” metric next to usernames to signify top contributors in communities. Since the points were on the blockchain, the program intended to allow users to display their “reputations” anywhere online and could be embedded in other sites or apps. Even if banned from Reddit, points would still exist on the blockchain, but users would lose access to their Vaults, rendering the points useless.

However, scaling Community Points posed a significant challenge for Reddit. The pilot program initially used Ethereum, which had high transaction fees and limited bandwidth.

“For example, putting all Reddit users on the main Ethereum network would not be feasible and would be costly,” it was stated on the Community Points page. “Therefore, we have intensely researched decentralized, secure, yet highly scalable solutions.”

In 2022, Reddit moved Community Points to Arbitrum Nova, built on Ethereum. “This allows for the implementation of scaling technologies that enable ultra-low-cost transactions, very high energy efficiency, and strong security guarantees,” as stated in the FAQ. But even this was not practical for Reddit. Since launching Community Points, Reddit initiated several community incentives like the moderator rewards program and Contribution Program, offering real money rewards by converting Reddit gold and karma points to cash. Under the Contribution Program, Redditors who earn at least 10 gold in no less than 30 days can request a monthly withdrawal. Reddit users with more than 5,000 karma points (total votes) can earn $1 per head.

You may be interested in: OrdinalsBot Secures $3 Million Seed Funding to Fuel Bitcoin Inscriptions Ecosystem

“We are still continuing to enhance community management and ways to empower communities and their contributions,” said Rathschmidt. One of our reasons behind this product’s discontinuation is that we’ve already launched or are actively investing in a range of products that achieve what the Community Points program was trying to do; these are being adopted and understood more easily.”

He added that these features should be available for any community’s use, just like what Community Points could purchase. When the program is entirely discontinued, beta participants will no longer see their Points in their Vaults, and they will no longer earn points in their community. Rathschmidt couldn’t give an exact number of the subreddits being cut but said you could “count them on your fingers and have a few fingers spare.”

This is not the only reward program they’ve ended this year. Earlier this year, Reddit announced it was ending its coin system, which users could use to give Gold and other currencies to other users. This announcement came after protests across the site against Reddit’s API changes, resulting in more than 8,000 subreddits being shut down for 48 hours, and was quite unpopular among already disgruntled Reddit users. Rewards and existing coins under the previous reward program were available until mid-September. Reddit announced the Contribution Program later that month.

Rathschmidt emphasized that the company didn’t remove Community Points for the Contribution Program but did so to prioritize programs that are more beneficial and scalable for more users. “This is just one example. Now, we can scale a series of products that are trying to achieve what the Community Points program was trying to do – like subreddit karma and gifs,” he said. “Many of the benefits of Community Points are already integrated into the platform.”

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