burned – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Thu, 19 Jun 2025 21:40:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 burned – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Nobitex Hack Ends in Full Source Code Leak and Burned Crypto https://earlybirdsinvest.com/nobitex-hack-ends-in-full-source-code-leak-and-burned-crypto/ https://earlybirdsinvest.com/nobitex-hack-ends-in-full-source-code-leak-and-burned-crypto/#respond Thu, 19 Jun 2025 21:40:55 +0000 https://earlybirdsinvest.com/nobitex-hack-ends-in-full-source-code-leak-and-burned-crypto/

On June 19, a hacking group that supports Israel has followed through on its threat to leak the full source code of Iranian crypto exchange Nobitex after admitting to stealing around $100 million from the platform.

The group, known as Gonjeshke Darande, shared the files through a post on X.

They said, “Time is up, full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN”.

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Along with the code, they also released privacy-related settings, a list of servers, and scripts used to manage blockchain wallets. This information could increase risks for anyone who still has funds on the exchange.

As part of the follow-up, the group claimed it had destroyed most of the stolen funds instead of keeping them. According to a separate X’s post, “8 burn addresses burned $90 million from the wallets of the regime’s favorite sanctions violation tool, Nobitex”.

Gonjeshke Darande stated that the reason behind the attack was Nobitex’s reported links to the Iranian government and its role in helping the country bypass global sanctions.

On June 19, Nobitex shared on X that no additional losses had occurred since the incident. The exchange also stated that it plans to resume services within five days, although it noted that internet disruptions across the country are slowing down recovery work.

Additionally, Iran’s central bank recently announced new operating hours for all local crypto exchanges. What did it say? Read the full story.

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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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]]> https://earlybirdsinvest.com/nobitex-hack-ends-in-full-source-code-leak-and-burned-crypto/feed/ 0 42986 Four years in, Meta has burned through $45 billion chasing its metaverse dream https://earlybirdsinvest.com/four-years-in-meta-has-burned-through-45-billion-chasing-its-metaverse-dream/ https://earlybirdsinvest.com/four-years-in-meta-has-burned-through-45-billion-chasing-its-metaverse-dream/#respond Mon, 14 Apr 2025 02:52:31 +0000 https://earlybirdsinvest.com/four-years-in-meta-has-burned-through-45-billion-chasing-its-metaverse-dream/

Bottom line: More than four years after Mark Zuckerberg rebranded Facebook as Meta to chase his metaverse vision, the company has poured tens of billions into the effort – with little to show for it. The ongoing losses have raised serious doubts about the strategy and its long-term viability.

Insiders say the metaverse project has become a financial sinkhole, consuming $45 billion by early 2025. That’s nearly equal to the combined market caps of social media rivals Snap and Pinterest – or the amount Elon Musk paid to acquire Twitter. Worse, Zuckerberg warned in last year’s earnings report that losses would continue to “increase meaningfully,” whatever that means.

Yahoo Finance spoke to over a dozen former high-level Reality Labs employees, who described the wing as dysfunctional and disorganized. Frequent leadership changes and constant reshuffling reportedly sowed chaos, with many managers brought in from other Meta divisions despite lacking AR and VR expertise.

One former research employee described the work environment as “chaotic,” with “local heroes” from divisions like Instagram promoted to lead virtual reality teams despite lacking relevant experience. Another ex-staffer said Meta recklessly “plays employee bingo,” assigning AR and VR roles to people who “don’t really understand it.” This combination of unqualified leadership and an unclear product strategy has significantly contributed to the division’s staggering losses.

Financial disclosures show the branch’s losses have surged over the last several years – more than $6 billion in 2020, $10 billion in 2021, $13 billion in 2022, and $16 billion in 2023. The division lost another $3.8 billion in just the first quarter of 2024, wiping out its total revenue from 2022 and 2023 combined.

Despite rising expenditures, the division’s annual revenue has declined steadily since 2021 due to weak sales and continued failure to gain mainstream traction. Wall Street analyst Gene Munster of Deepwater Asset Management told Yahoo Finance that the division is a “financial disaster” dragging down Meta’s stock.

While some investors have remained patient, betting on the long-term promise of AR and VR, that optimism is starting to fade. Barring rapid mainstream adoption, losing $10-15 billion annually on Zucckerberg’s metaverse pipe dream is unsustainable.

]]> https://earlybirdsinvest.com/four-years-in-meta-has-burned-through-45-billion-chasing-its-metaverse-dream/feed/ 0 30656 Crypto.com CRO faces backlash amid 70 billion burned token restore, 87% early voters say ‘no’ https://earlybirdsinvest.com/crypto-com-cro-faces-backlash-amid-70-billion-burned-token-restore-87-early-voters-say-no/ https://earlybirdsinvest.com/crypto-com-cro-faces-backlash-amid-70-billion-burned-token-restore-87-early-voters-say-no/#respond Mon, 03 Mar 2025 15:00:58 +0000 https://earlybirdsinvest.com/crypto-com-cro-faces-backlash-amid-70-billion-burned-token-restore-87-early-voters-say-no/

Cronos, the Layer 1 blockchain linked to Crypto.com, faces strong opposition over a proposal to restore 70 billion CRO tokens burned in 2021.

Early voting results on Mintscan show that 87% of participants have rejected the plan.

Cronos’ strategic reserve proposal

The proposal states reinstating the burned tokens will create a Cronos Strategic Reserve.

Crypto.com’s CEO Kris Marszalek said:

“Cronos allocates a $5 billion stockpile to make America the World Capital of Crypto.”

Cronos developers argue that this aligns with Cronos’ long-term vision and supports its growth strategy. If approved, the total supply of CRO would return to 100 billion, with the tokens held in an escrow wallet.

The reserve would be subject to strict control measures, including a new five-year lockup period. This would extend the vesting timeline to 10 years, incorporating a linear vesting mechanism that distributes monthly tokens via the Cosmos SDK on Cronos POS Chain.

Additionally, adjustments to CRO emission parameters would ensure validator rewards remain unchanged despite the increase in circulating supply.

The voting process is scheduled between March 3 and March 17, 2025, with implementation expected to follow shortly after.

Meanwhile, Cronos’ move is part of its broader strategy to position itself as the leading blockchain for AI-driven applications. The project also aims to secure a spot exchange-traded fund (ETF) listing and plans to launch a stablecoin in Q3 2025, followed by an ETF application submission in Q4.

Community pushback

Despite Cronos’ strategic goals, the proposal has sparked controversy.

Mintscan data shows that more than 500 million CRO tokens have been used in the vote, with 490 million—87%—opposing the move. Only 4%, or around 25.5 million CROs, have supported it.

The backlash has been evident across social media, where Wyll Bilderberg, a CRO advocate, said:

“A burn is a burn, burnt tokens shouldn’t be brought back to life. I’m almost never against anything happening on Cronos, but today, I’m against it, big time! If this pass, it’s will just be a confirmation that Cronos is heavily centralized, and so can’t be trusted.”

However, the proposal has unexpectedly impacted CRO’s market performance. According to CryptoSlate data, the token surged 15% during the reporting period, reaching $0.08434 as of press time.

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