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We know it's tough keeping up with everything that is going on in the Web3 space; that’s why at NFT Sydney, we strive to bring you the juiciest news through our newsletters. Stay in the loop by subscribing here.

Kim Kardashian Fined $1.3 Million For Promoting A Crypto Project

Kim Kardashian is the latest celebrity to cross paths with the Securities and Exchange Commission (SEC) after promoting a crypto project, EthereumMax, which the agency deems a security. According to Nelson Rosario, an attorney that runs a crypto-focused practice, by targeting the celebrity, the agency can reach “a lot of people” owing to her popularity.

Kardashian promoted EtehreumMax, which has no relations with Ethereum, despite the name over Instagram to her millions of followers without disclosing she was paid to. Therefore, on top of the hefty fine, she is not supposed to promote any cryptocurrency for the next three years.

See the full story here.

BNB Bridge Exploited, Leading To Loss Of Millions

A BNB bridge, BSC Token Hub, the bridge that connects the old Binance Beacon Chain and BSC, currently known as BNB Chain, has been exploited, leading to a loss of over $500 million in BNB. The hacker exploited the bridge to mint two lots of 1 million BNB tokens directly to their address.

At the time, the 2 million BNB tokens were worth about $583 million; however, the hacker managed to steal only $127 million before losing access to the rest of the funds. The Binance team quickly responded after noticing the “irregular activity” and paused activity on DeFi’s 3rd largest L1 for 8 hours.

See the full story here.

The Importance Of Twitter To Crypto As An Industry

Twitter serves different purposes for different factions. To most, it’s a social media platform that limits users to only 140 words per tweet, leading to endless threads if you want to say more. For this reason, it's more suited for breaking news. However, Twitter plays a more significant role in the crypto industry than any other sector. It’s where you need to be to keep up with all the ongoings within the crypto space.

Crypto Twitter or CT is the term used to refer to all the crypto-affiliated individuals and projects engaging within the community. Like crypto, it doesn’t sleep, and you will find all types of characters here, from jokers to die-hard proponents of various projects, to top influencers, the people behind the technology, and so on. No matter what you think, CT offers people a chance to create allegiances and make deals and creates a sense of community for various stakeholders, from traders, investors, content creators, project founders, etc.

Also, there is lingo involved, and you need to be part of a given community to understand what is being discussed. There is a lot of value to be found, like high-quality newsletters like the ones we create here at NFT SYD, and a lot of noise that can leave you drained. So, you need to filter what you consume. By doing this, you will find more value than possible anywhere else.

See why Brady Dale believes Twitter serves as the town hall of crypto here.

Sound Launches A Developer Kit To Aid Creators On Sound Protocol

Sound is a permissionless, open-source, modular smart contract framework that aims to serve musicians and creators in general. A week after Sound unveiled the Sound Protocol, the platform has released its developer kit accompanied by documentation to guide creators to build on top of the protocol. The documentation contains everything an artist needs to build their own music NFT or digital collectibles.

See the docs here.

Why You Should Be Careful Accepting Airdropped NFTs With Enticing WETH Offers

If you are into NFTs, chances are you have encountered airdrops with enticing WETH offers that seem too good to be true. Therefore, you have wondered if it's safe to accept them. There is a lot of misconception about what happens if you accept such offers, with some speculating that you are likely to lose any other NFTs you might hold. However, this isn't the case, according to OxQuit, who specializes in educating the masses on smart contracts.

You won't lose your NFTs since ERC20, 721, and 1155 tokens implement a similar transfer/approve standard. However, the offers are scams, as you might have suspected, and you should be hesitant before accepting them. The scam lies elsewhere in the description of the NFT, which will lure you to the actual website of the scammers, where any action there is likely to drain your wallet.

See more on this on this thread.

The Aussie Web3 Space Comes To Life On Twitter Following AussieFollowAussie Hashtag

Over the weekend, the Aussie Web3 community came to life thanks to the aussiefollowaussie hashtag, where individuals that share the same interests, in this case, NFTs, got to find each other and interact, building what will probably be long-term engagements. Due to the time difference, Aussies have had to adjust their sleeping routines to catch up with the ongoings of the NFT space in the areas that control the trend, such as the US and Europe. Others have had to attend events in the “epicenters” to keep abreast with the space without realizing there are other Aussies with similar interests around.

#aussiefollowaussie

Disclaimer: The information provided in this newsletter is for general informational purposes only and should not be construed as financial, investment, or other professional advice. Any reliance you place on the information provided is strictly at your own risk. The content is not intended to be a substitute for professional advice or judgment and should not be relied upon for that purpose. NFTSYD makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the newsletter or the information, products, services, or related graphics contained in the newsletter for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will NFTSYD and its contributors be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this newsletter.