Cryptoassets Continuing Their Surge

For example, PSG has previously allowed fan token holders to choose motivational messages which go on the dressing room wall before key games, goal of the season, end of player season awards and receive personal video calls from star players.

Similar to other cryptoassets fan tokens can be sold or exchanged, allowing holders to release capital. However, much like other cryptoassets, price swings are common, leading some financial regulators to issue warnings to investors. 

PSG’s scheme saw a surge in the days preceding the move, with trading volumes exceeding $1.2bn – demonstrating fans’ excitement about the signing. 

AMC to accept payment in bitcoin

AMC, the US cinema chain that owns Odeon, has announced that by the end of the year it will allow customers to pay for film tickets and concessions in bitcoin. 

Whilst it is unclear whether this will apply to Europe, AMC has apparently been exploring the technology and “how else AMC can participate in this new burgeoning cryptocurrency universe”.

AMC follows in the footsteps of Microsoft (MSFT), Wikipedia and US mobile operator AT&T (T) by accepting the world’s largest cryptoasset as payment. Shares jumped 6% following the announcement before falling back. 

AMC has surged 1,500% this year following strong retail investor interest and its unwitting involvement in the Wall St Bets Reddit run.

$600m stolen...then returned in Poly Network hack

A bizarre chain of events has seen the biggest ever cryptoasset heist - before the funds were returned just a few days later. 

The Poly Network saw $600m stolen after hackers exploited a vulnerability in its smart contract. The hackers were seemingly able to override the contract instructions for each of the three blockchains, before diverting the funds to three wallet addresses - which were later traced and published by the Poly Network. 

But in under 48 hours the hackers started transferring assets back to the Network into a wallet which both parties controlled. Whilst there is a debate as to the motivation behind the attack (white hat hacking or pivoting due to difficulties laundering it), it rounds off a bizarre set of events which may prompt many blockchains to test their security levels in the coming days.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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