Nostr Assets made headlines by announcing a temporary suspension of new deposits. This move follows an unprecedented surge in user engagement, prompting over 70,000 new users to join the platform since October 30, contributing an influx of 280 Bitcoin, approximately $11.8 million.

Nostr Assets Faces Allegations and Responds

Despite the surge in user activity, Nostr Assets posted an announcement on Telegram dated December 5, urging caution among users and advising against making new deposits until further updates are provided.

Telegram screenshot of Nostr Assets Temporarily Halting Bitcoin Deposits.

Concurrently, Fiatjaf, the creator of the Nostr protocol, accused Nostr Assets of orchestrating an affinity scam. Fiatjaf’s allegations centered on allegedly using the Nostr name without a direct connection to the Nostr protocol, primarily used for social profile interchange across platforms. However, these claims remain unverified from a legal standpoint.

In response to Fiatjaf’s accusations, Nostr Assets’ developers refuted the allegations, emphasizing the integral use of Nostr, Taproot Assets, and Lightning technologies within their operations. Moreover, they asserted that the Nostr network is open-sourced, decentralized, and resistant to censorship, available for development by any entity.

Bitcoin’s NFT Milestones and Ordinals’ Rise

Simultaneously, the Bitcoin network witnessed significant growth in the non-fungible token (NFT) sector, with total sales surpassing $1 billion. Notably, Ordinals, a meme token minted on the Bitcoin network, achieved a market cap of $1 billion.

Furthermore, these milestones highlight the increasing popularity of BRC-20 tokens, introduced by Web3 developer Rodarmor in January, marking a significant technological advancement in Bitcoin’s 15-year history.

Ordinals, employing a unique numbering system for each satoshi, facilitates seamless tracking and transfer of these units. The Bitcoin Inscription process, allowing additional data attachment to each satoshi, facilitates the creation of unique digital assets on the Bitcoin blockchain. Importantly, the ORDI token listed on Binance has no association with the developers of Bitcoin Ordinals.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.