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  • 📱Solana's Second Phone Already Has 60,000 Pre-Orders

📱Solana's Second Phone Already Has 60,000 Pre-Orders

Plus: Quantum Cats is doubling its mint price while Fake IDs are bypassing KYC

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Solana isn’t just crypto - it’s also your new favorite way to watch cute cat videos.

Let’s digest:  

1. Solana’s New Phone Already has 60,000 pre-orders

2. ‘Quantum Cats’ Already Selling for Double Their Mint Price

3. AI Creates Fake IDs Capable of Bypassing KYC for Crypto Exchanges

📈 MARKETS

NFT Market Flash

Market Flash

📰 TODAY’S TOP STORY

Solana’s New Phone Already Has 60,000 Pre Orders

Solana Phone

Solana Mobile has reported significant interest in its upcoming 'Chapter 2' crypto phone, with 60,000 preorders placed within three weeks of its announcement.

This device is the successor to the Solana Mobile Saga, marking the next advancement in Solana's endeavor to integrate crypto with mobile phones.

  • Solana released a smartphone in May 2023 that was meant to be a phone that was ‘Web 3 on the go.’

  • The phone keeps your crypto wallet’s seed phrase safely stored on the phone, even barring Android’s operating system from accessing it.

  • The phone was originally released with over a dozen dApps on it (decentralized applications)

  • It was priced at $599 (although it resells on eBay for $5,000)

The Chapter 2 model, announced on January 16, aims to provide users with an affordable option for accessing crypto-supporting software on a physical phone, priced at $450.

Shipping for the new device is scheduled to begin in 2025.

The main reason the phone resold for $5,000 was due to a mass amount of $BONK tokens being stored in them… Looks like they’ll be taking a similar approach here:

  • Solana Mobile has introduced a referral leaderboard system to engage the community ahead of Chapter 2's launch.

  • The top 1,500 referrers will receive a non-transferrable Element NFT and opportunities for rewards from various teams within the Solana ecosystem.

  • Mad Lads, Jupiter, Tensor, and Backpack are all contributing to the prizes.

On Tuesday we reported the success that Farcaster (a decentralized social media platform) has seen in the past week…

A decentralized mobile phone might just be the perfect place for a dApp like Farcaster to release on!

Go Deeper: Real-World Use Cases for the Solana Phone

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 🟠 Bitcoin

“Quantum Cats” Are Already Selling for Double Their Mint Price

Quantum Cat

Talk about landing on your feet!

The "Quantum Cats" Ordinals project, from Taproot Wizards, has secondary sales prices exceeding twice the initial minting price.

Despite experiencing technical difficulties during the week-long mint, the Ordinals are trading at prices over $10,000 each on the NFT marketplace Magic Eden.

  • The collection saw the lowest price on Magic Eden reach 0.243 BTC ($10,481), compared to the original sale price of 0.1 BTC ($4,400).

  • Magic Eden reported a trading volume of 115 BTC ($5M+) shortly after the NFTs were distributed to their initial owners, with 507 still available for purchase.

  • The complete minting of the 3,000 "Quantum Cats" potentially generated approximately $13 million in revenue for the Taproot Wizards project.

Launched by Casey Rodarmor in early 2023, the Ordinals protocol has introduced a new wave of enthusiasm for utilizing Bitcoin, traditionally less programmable than blockchains, for NFT minting and storage.

🏦 REGULATION

AI Creates Fake IDs Capable of Bypassing Crypto Exchanges’ KYC Processes

OnlyFake ID

A recent report has identified a new service named OnlyFake that uses AI to generate fake IDs, including driver's licenses and passports from 26 countries.

These AI-generated IDs have been reported to successfully pass the Know Your Customer (KYC) verification processes of various cryptocurrency exchanges, offering them for as low as $15.

OnlyFake AI-generated ID

  • An investigation by 404 Media demonstrated these IDs to bypass the KYC verification on the OKX exchange.

  • The issue has caught the attention of several crypto exchanges and financial service providers, including Kraken, Bybit, Bitget, Huobi, and PayPal.

  • OnlyFake maintains that its services are intended for entertainment purposes, such as use in movies and TV shows, and not for the creation of forged documents for illegal activities.

Despite this claim, the rapid generation of fake documents and the ability to manipulate image metadata pose significant challenges for platforms relying on KYC.

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💡 INSIGHT

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