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<ul class="summary-list"><li>There are many new terms and acronyms that have developed around <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. </li><li>For example, a PFP project is a profile picture project like Bored Ape Yacht Club. HODL means not selling.</li></ul>If you're inexperienced with NFTS, some terms may be confusing.I'm a full-time YouTuber focused on demystifying all things Web3, but when I was first learning about the Web3 space, it seemed like people were speaking a different language.Sharding? Rugpull? WAGMI? The jargon was a lot to absorb.So after scouring the internet for hours looking for answers, I pulled together a list of Web3 definitions so that even the most tech-averse folks can understand.<h2>Here are 50 terms you should know </h2><ol><li>Airdrop: To send someone free crypto things such as NFTs or tokens. This has nothing to do with Apple's airdrop feature. Sometimes airdropping gives NFT holders something special. But usually airdropping is for giveaways or a sketchy marketing tactic. </li><li>Alpha: This is another term for "insider information." If someone has "alpha," they have information the rest of the market hasn't found out about yet. </li><li>Ape in: To invest a lot of money into a new cryptocurrency or NFT project without doing the proper research first. It comes from the "apes together strong" meme. </li><li>Bearish: The belief that a project is going to lose value over time. </li><li>Blockchain: A type of database. Information is stored in groups (blocks) that can't be changed after they're created. The entire group of groups (chain of blocks = blockchain) is copied across many different computers so the data is public and safe.</li><li>Blue chip: As close to a "reliable" investment as you can get in the NFT space. These NFT projects are well-known and generally perceived as having a high value. Bored Ape Yacht Club, CryptoPunks, World of Women are considered bluechips. </li><li>Bullish: The belief that a project is going to gain value over time. </li><li>Coinbase: A popular platform to buy and sell crypto. </li><li>Crypto wallet: A place (app or physical item) where you can keep your crypto holdings (NFTs, Ethereum, etc.) A wallet is necessary to buy things (NFTs) with crypto. Some popular wallets are Coinbase Wallet and MetaMask.</li><li>Crypto wallet address: A public address you can give people so they can send crypto/NFTs to you. Usually it's a long alphanumeric string, but you can also purchase a shorter domain name if you want. For example, mine is aprilynne.eth. </li><li>Decentralized: Power is spread across many people instead of a through a single person. </li><li><keyword id="12561214" type="UNKNOWN" weightage="60" keywordseo="dao" source="Orion">DAO</keyword>: Short for "decentralized autonomous organization." This group's members votes are automatically tallied and used to decide on things. Sometimes actions are automatically taken. The code for all automatic actions are publicly available so everyone can make sure things are run correctly. </li><li>DAPP: Short for "decentralized application," it's an app built on the blockchain. Instead of data being collected/manipulated/sold by Big Brother (*cough, cough, Meta*), all data is stored publicly on the blockchain. </li><li>DEFI: Short for "decentralized finance." It basically means banking but without the fees/approvals for transactions and loans. You can lend, trade, and borrow crypto through public code that automatically stores/verifies transactions. </li><li>Diamond hands: Holding onto a high-risk NFT despite the pressure to sell. Sometimes people use this as justification when an NFT of theirs starts dropping in value. It originates from "diamonds are created under pressure."</li><li>Doxxed: When the true identities of a team behind an NFT project are revealed. Usually used to build credibility in a project.</li><li>Drop: The initial launch of a new collection or project.</li><li>DYOR: Short for "do your own research." This is a disclaimer, and honestly pretty good advice,often added to the end of an opinion on an NFT project. Its pronounced like Dior the brand. </li><li>DOT ETH (.eth): A personal crypto wallet address someone can purchase. For example, my Ethereum wallet address is aprilynne.eth. </li><li>Ethereum: A popular blockchain used for NFTs often criticized for its slow, expensive transactions. Also home of Ether (ETH), the second most popular cryptocurrency. </li><li>Flip: Buying an NFT and selling it quickly rather than holding it with the intent to try to make immediate profits. It's a pretty common yet risky strategy. </li><li>Floor: The NFTs at the floor price of a collection. </li><li>Floor price: The lowest market price for NFTs within a collection. Often used as a rule-of-thumb measure of the value of an NFT project. </li><li>Floor sweep: When someone buys all of the NFTs of a collection at the floor price. Buyers can do this because they believe in the project. Sellers can do this to artificially inflate the floor price of the NFT collection. </li><li>FOMO: Short for "fear of missing out." It's an emotional factor that drives someone to irrationally buy into a project. </li><li>FUD: Short for "fear, uncertainty, doubt" and is used to express concerns about the legitimacy/value of an NFT project. For example, someone can come into an NFT Discord server and spread FUD.</li><li>Gas fee: Basically a transaction fee for crypto (Ethereum) transactions. The busier the Ethereum network, the more expensive the gas fee. This is one of the most complained-about feature of the Ethereum network. </li><li>GM: Short for "good morning," it's a popular greeting on NFT Twitter. It signals that someone is online. </li><li>HODL: A misspelling of "hold" that caught on and earned the acronym "hold on (for) dear life." The term signals that someone is not selling, despite potential volatility and uncertainty. </li><li>LFG: Short for "let's fucking go." Usually used to hype up an NFT project. </li><li>Marketplace: A platform for buying and selling NFTs. Popular NFT marketplaces include OpenSea, Rarible, and Magic Eden. </li><li>MetaMask: A popular crypto wallet. MetaMask has a logo that looks like a fox. </li><li>Metaverse: A virtual world where you have an avatar and you can buy things, play games, and even build businesses. Many different companies (*cough, cough, Meta*) are trying to make a metaverse that "wins" and will become mainstream. </li><li>Minting: Taking a digital asset and putting it onto the blockchain to create an NFT. </li><li>Mooning: Describes the trend when numbers go up. It means growing in price very quickly. </li><li>NGMI: Short for "not gonna make it." It's used to roast people and projects that won't last long in the NFT space. </li><li>OpenSea: A popular NFT marketplace. Currently only supporting NFTs on the Etherium and Polygon blockchains.</li><li>Paper hands: Selling NFTs under pressure. Usually used by "diamond hands" as a roast against people who actually sell. </li><li>PFP project: Short for "profile picture project." These are collections launched with the intent of being avatars that people can use as their Twitter profile picture to flex ownership. </li><li>Polygon: A blockchain used for NFTs that's popular for its lack of gas fees. Technically built on top of Ethereum. </li><li>Pump and dump: A nefarious scheme to artificially "pump" (drive up) the price of an NFT project before selling everything at once, effectively "dumping" the price while making a profit. </li><li>P2E: Short for "pay to earn." You get paid in crypto/NFTs for playing certain kinds of games.</li><li>Road map: A public general plan for an NFT project. Usually gives insight into the timeline and the <keyword id="12326608" type="UNKNOWN" weightage="60" keywordseo="utility" source="Orion">utility</keyword> of the project. </li><li>Rugpull: An NFT project gone wrong. People lie about an NFT project in order to lure others into buying in. Once they've collected the money, they abandon the project, leave with the cash, and everyone is left sad and broke. </li><li>Sharding: Breaking down a single NFT into smaller pieces, or shards so a group of people can buy and own an NFT that is otherwise too expensive to be bought in its entirety. </li><li>Solana: A popular blockchain for NFTs known for its cheap, fast transactions. </li><li>Smart contract: Public code attached to an NFT that runs by itself. Usually how the utility of an NFT is enforced. Useful because you don't have to trust the individual behind a project — you just need to trust the code that you can see and verify yourself.</li><li>Staking: A way to earn passive income by locking up your NFTs on the blockchain for a period of time. You can earn rewards for this in the form of crypto. </li><li>To the moon: A celebratory term used when prices of an NFT project are going up and up. </li><li>Utility: Underlying value of an NFT. Utility is the perks, products, services, benefits, or rights associated with owning an NFT. For example, some NFTS come with 30% off of future products, membership to a private fund, access to an online course, access to private events, or copyright rights to a brand.</li></ol>Aprilynne Alter is an NFT YouTuber and startup founder.

50 cryptocurrency and NFT terms you need to know

It's a new week, readers! Today we're looking at how a facial recognition company with a $7.2 million ICE contract <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">exposed dozens of peoples' data</a>, and explaining why <a href="https://www.insider.com/pwn2own-hacking-tesla-contest-cybersecurity-tesla-2022-5">the world's best hackers are competing to break into a Tesla</a>.Let's get started.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5"></a>1. Trust Stamp exposed dozens of people's information in a data breach. Insider has learned that the government contractor, which provides facial recognition and surveillance tools for agencies like Immigration and Customs Enforcement, left the personal information of <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">several dozen people exposed on a breached database</a>. <ul><li>The breach — which included names, birthdays, home addresses, and driver's license data — comes shortly after Trust Stamp won a <a href="https://www.businessinsider.com/ice-7-million-contract-trust-stamp-facial-recognition-location-tracking-2022-5">lucrative $7.2 million annual contract with ICE</a>.</li></ul><ul><li>Trust Stamp's CEO, Gareth Genner, said the exposed database was for prospective customers to test its product, and that most entries were "clearly invented data."</li></ul><ul><li>However, Insider independently authenticated the data and discovered <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">several dozen entries were of real people</a>. </li></ul><a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">Read more about the data breach here.</a> In other news:<a href="https://www.businessinsider.com/amazon-testing-program-flex-drivers-deliver-from-mall-retailers-reports-2022-5"></a><div type="image" title="An Amazon Flex sign is shown with vehicles behind." height="3993" width="5325" msid="91742601" hostid="261"></div>2. Amazon tests having drivers make deliveries from local malls. As per Bloomberg, the trial involves using Amazon Flex drivers to pick up packages from retail locations instead of Amazon delivery stations. <a href="https://www.businessinsider.com/amazon-testing-program-flex-drivers-deliver-from-mall-retailers-reports-2022-5">Here's what we know.</a> 3. Leaked Slack messages show Bolt's head of talent is out after just 5 months. Jennifer Christie, one of the <a href="https://www.businessinsider.com/how-bolt-made-change-4-day-work-week-top-exec-2022-1">pioneers of the company's 4-day workweek</a>, is leaving Bolt to "pursue another opportunity more aligned with her career." <a href="https://www.businessinsider.com/bolt-chief-people-officer-leaving-after-less-than-5-months-2022-5">Here's what we learned from the leaked messages.</a>4. Hackers are competing to break into a Tesla. Pwn2Own's 15th anniversary hacking competition is taking place this week, with $600,000 up for grabs and a Tesla — for those who manage to hack it. <a href="https://www.insider.com/pwn2own-hacking-tesla-contest-cybersecurity-tesla-2022-5">Many of the world's top hackers have gathered in Vancouver for the contest</a>.5. VCs are doubling down on Web3, despite billions of dollars lost in the crypto market. As the <a href="https://www.businessinsider.com/bitcoin-crypto-stock-market-crash-bubble-price-prediction-valkyrie-investments-2022-5">crypto market plunged</a>, VC funding to Web3 startups boomed. <a href="https://www.businessinsider.com/vc-investing-web3-startups-funding-crypto-market-crash-2022-5">This is why investors believe the future of crypto is still ripe for opportunity. </a>6. Meta told employees they can't discuss abortion at work in groups of more than 5 people. As per The Verge, Meta has told employees they can only discuss abortion at work with a single "trusted" colleague in a private setting. <a href="https://www.businessinsider.com/meta-restricts-abortion-discussion-five-people-roe-wade-2022-5">Here's everything we know about the directive</a>.7. Industries seem shaky at the moment, but experts believe <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> talent has a reason to stay calm. <a href="https://www.businessinsider.com/leaked-facebook-memo-details-hiring-freeze-negative-business-impacts-2022-5">With news of layoffs across the industry</a>, the landscape appears precarious. However, slowing growth can also present opportunities. <a href="https://www.businessinsider.com/what-to-know-about-tech-jobs-landscape-2022-5">Here's what job candidates need to know.</a>8. YouTube takes down more than 70,000 videos and 9,000 channels related to the war in Ukraine. As per the Guardian, YouTube has removed videos that described the war as a "liberation mission" for violating content guidelines, and suspended channels associated with Russia's Ministries of Defence and Foreign Affairs. <a href="https://www.theguardian.com/technology/2022/may/22/youtube-ukraine-invasion-russia-video-removals">This is why YouTube took the unprecedented action.</a>Odds and ends:<a href="https://www.businessinsider.com/f150-lightning-electric-ford-truck-tour-walkaround-coolest-parts-2022-5"></a><div type="image" title="F-150 Lightning" height="2249" width="3000" msid="91742602" hostid="261"></div>9. All the coolest features of Ford's F-150 Lightning. From a fold-down work surface to a little Easter Egg only hawk-eyed owners will spot, the F-150 is packed with great features. With a lot to choose from, <a href="https://www.businessinsider.com/f150-lightning-electric-ford-truck-tour-walkaround-coolest-parts-2022-5">here are our favorite parts of Ford's revolutionary electric pickup.</a>10. 50 cryptocurrency and NFT terms you to know. Sharding? Rugpull? Polygon? The latest Web3 jargon often seems like a different language, but we've got a guide that will help you translate all the latest news. <a href="https://www.businessinsider.com/bitcoin-nft-crypto-web-3-terms-you-should-know-2022-5">These are the terms you need to know.</a>What we're watching today:<ul><li>Zoom Video Communications, XPeng Inc., and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here. </a></li><li>The ARPA-E Energy Innovation Summit is getting <a href="https://www.arpae-summit.com/">underway in Colorado</a>.</li><li>Forbes' CIO summit is <a href="https://www.forbes.com/connect/event/2022-cio-summit/">set to begin today</a>.</li><li>The 5th International Conference on Energy Production and Management is <a href="https://www.wessex.ac.uk/conferences/2022/energy-production-and-management-2022">beginning virtually</a>.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Hallam Bullock in London (Feedback or tips? Email hbullock@insider.com or tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>.)

10 Things in Tech: Trust Stamp data breach

<ul class="summary-list"><li>Illicit <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> addresses received $14 billion last year, up nearly 80% from $7.8 billion in 2020, a new study from <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> shows.</li><li>But total crypto transaction volume also ballooned 550% to $15.8 trillion last year.</li><li>"The amount of legitimate activity grew much faster than the amount of criminal activity," Kim Grauer of Chainalysis told Insider.</li></ul>The cryptocurrency market saw stunning growth in 2021 as coins from bitcoin to dogecoin hit record highs. But along with this rally came a steep rise in illicit activity, a new study from Chainalysis shows.In 2021, crypto-based crimes hit a new all-time high with illicit addresses receiving $14 billion, nearly 80% higher compared to the $7.8 billion seen in 2020.However, the crypto analytic and forensics firm also pointed out that total crypto transaction volume ballooned 550% to $15.8 trillion last year."The amount of legitimate activity grew much faster than the amount of criminal activity," Kim Grauer, head of research at Chainalysis, told Insider. She added that given the growth of the space, the increase in crimes has never been smaller in comparison to legal transactions. Still, illicit activities continued to be rampant. And criminal abuse of digital assets threatens broader institutional adoption as regulators all over the world clamp down on crypto, Chainslysis said. Crimes that Chainalysis observed in 2021 included the ongoing threat of ransomware and NFT-related frauds. But two other trends in particular stood out last year: scamming and stealing funds, with decentralized finance being the common denominator. <div type="image" title="Chainalysis" height="458" width="1122" msid="88737648" hostid="261"></div>ScammingThe value of crypto that scammers duped from victims totaled $7.8 billion in 2021 -- an 82% rise compared to 2020. More than $2.8 billion of this amount came from <a href="https://www.businessinsider.in/cryptocurrency/news/squid-game-cryptocurrency-trading-at-to-0-scammers-make-2-1-million/articleshow/87479063.cms">rug pulls</a>, a new type of scam in which creators quickly cash out their gains after developing what seemed like a legitimate token.This scam was laid bare when the top boss of Turkish crypto exchange <a href="https://markets.businessinsider.com/news/currencies/thodex-massive-crypto-losses-ceo-missing-istanbul-crypto-exchange-2021-4">Thodex</a> fled Istanbul, leaving almost 400,000 unable to access their accounts. Other than that one incident, which accounted for 90% of all rug-pull revenue last year, every other <keyword id="12896582" type="UNKNOWN" weightage="60" keywordseo="rug-pull" source="Orion">rug pull</keyword> tracked by Chainalysis involved <keyword id="11899100" type="UNKNOWN" weightage="60" keywordseo="defi" source="Orion">DeFi</keyword> projects, the study said. Grauer said a possible reason why scams are prevalent in DeFi may have to do with smart contract code governing the protocols. She said anyone equipped with the technical skills to create DeFi tokens can have them listed in exchanges despite not having a code audit, which is when an external party analyzes and confirms the credibility of a certain project."A lot of the code that is writing these protocols is public and open-sourced," she told Insider. "So anyone can go over them and look for bugs in the code that they can then exploit."Another reason is just the rapid growth of the space. DeFi transaction volume leapt 912% in 2021, thanks to decentralized tokens like shiba inu that have spurred speculation. Stealing fundsThen there is outright theft, and the revenue from stealing crypto jumped 516% to $3.2 billion in 2021.Roughly $2.2 billion -- 72% of last year's total -- were stolen from DeFi protocols, Chainalysis said. That's up from just under $162 million in 2020.Chainalysis also saw explosive growth in DeFi protocols being used for laundering illicit funds in 2021, a practice that only saw scattered examples in 2020. In fact, money laundered shot up 1,964% compared to 2020."I hope next year we don't see this much hacking of DeFi protocols because I hope that through data like these people will realize the importance of taking security measures to protect their platforms," Grauer told Insider.

The stunning growth of cryptocurrency markets in 2021 also came with an 80% rise in crypto crimes, new analysis shows

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50 cryptocurrency and NFT terms you need to know

Aprilynne Alter

10 Things in Tech: Trust Stamp data breach

Hallam Bullock

The stunning growth of cryptocurrency markets in 2021 also came with an 80% rise in crypto crimes, new analysis shows

Isabelle Lee

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