MEXCBitcoin Custodian Nostr Assets Hits Pause on Fresh Deposits
In a recent development that has caught the attention of the cryptocurrency community, Bitcoin custodian Nostr Assets announced a temporary pause in accepting new deposits. This move comes in the wake of an unprecedented surge in user engagement and a contentious allegation from a key figure in the industry.
Nostr Assets Refutes Fiatjaf’s Scam Allegations
Nostr Assets, a platform facilitating transactions of Satoshis via the Lightning and Taproot Networks, has experienced a significant influx of new users. Since October 30, over 70,000 individuals have joined the platform, contributing to 280 Bitcoin in fresh deposits, an equivalent of approximately $11.8 million.
This remarkable growth has led the developers to caution users against making new deposits for the time being. An announcement on Telegram on December 5 emphasized the need for users to wait for further updates before proceeding with transactions on Nostr Assets.
Adding a twist to these developments, Fiatjaf, the creator of the Nostr protocol, accused Nostr Assets of running an affinity scam. Fiatjaf pointed out that despite using the Nostr name, Nostr Assets is not directly linked to the Nostr protocol, primarily used for interchanging social profiles across platforms. However, these claims have not been legally verified.
In response, Nostr Assets’ developers refuted these allegations, stating that using the Nostr, Taproot Assets, and Lightning technologies is integral to their operation. They emphasized that Nostr is an open-sourced, decentralized, and censorship-resistant network, open to development by any entity.
Unique Bitcoin Inscription Spurs NFT Growth
In related news, the total volume of non-fungible token (NFT) sales on the Bitcoin network recently surpassed the $1 billion mark. Concurrently, Ordinals, a meme token minted on the Bitcoin network, achieved a market cap of $1 billion. These milestones underscore the growing popularity of BRC-20 tokens, introduced by Web3 developer Rodarmor in January, representing a significant technological advancement in Bitcoin’s 15-year history.
Bitcoin Ordinals, employing a unique numbering system for each satoshi, facilitates the tracking and transfer of these units. The Bitcoin Inscription process, which attaches additional data to each satoshi, enables the creation of unique digital assets on the Bitcoin blockchain. It is important to note that the ORDI token listed on Binance is not associated with the developers of Bitcoin Ordinals.
Read Also: Bitcoin ETF: Grayscale CEO is Optimistic on Securing Approval
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Solana, Litecoin, HBAR ETFs by Bitwise, Canary, and Grayscale to Start Trading This Week
- Analyst Slams S&P’s ‘B-’ Rating for Strategy Inc, Says Bitcoin Treasury Model Is “Misunderstood”
- Metamask Airdrop Countdown Begins as Wallet Team Registers Token Claim Domain
- $2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Prediction If President Trump Announces Deal with China on October 30th- Can BTC Break $125k?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
