Search Results for: Solana

Binance Under Fire For Moving $1.8B Out Of Customer Collateral Without Disclosure

February 28, 2023 by Ammar Raza

The blockchain data examined by Forbes revealed that Binance, the world’s largest cryptocurrency exchange, moved $1.8 billion of collateral intended to back customers’ stablecoins for other undisclosed uses without informing customers. The move has left holders of over $1 billion of B-peg USDC tokens without collateral, despite being promised 100% backing by Binance.

Of the raided customer funds, $1.1 billion was channeled to Chicago-based trading firm Cumberland/DRW to transform collateral into its own BUSD stablecoin. Amber Group, Alameda Research, and Tron were among the other companies that received hundreds of millions of collateral that had been transferred.

The exchange’s Chief Strategy Officer, Patrick Hillmann, downplayed concerns about commingling different investors’ funds, implying that despite what balances may show in Binance’s publicly viewable exchange wallets, the firm has its own proprietary records to track funds.

This move had sparked concerns about the exchange’s solvency and trustworthiness, with class action lawsuits already filed against crypto-focused banks Silvergate and Signature over claims they aided Sam Bankman-Fried’s efforts to misappropriate customer funds before his exchange blew up.

The exchange’s efforts to demonstrate solvency through proof-of-reserves exercises have been undermined by having two sets of books, making it very difficult to verify the solvency it claims independently.

The move is reminiscent of FTX’s maneuvering before bankruptcy when its trading affiliate Alameda Research was alleged to have benefited from FTX’s disregard for pledges made to customers that their assets would remain separate from those of other exchange customers.

Additionally, Binance tokens (B-tokens) are compatible versions of stablecoins such as tether, with $3.2 billion in circulation, and popular cryptos, including ether, at $956 million. There are more than 90 other coins, many with much smaller circulations, where Binance versions have been created.

Binance CEO Responds To Forbes Accusations

However, Binance co-founder and CEO Changpeng Zhao took to Twitter the following day to tackle the “FUD” (fear, uncertainty, and doubt). Zhao wrote on Twitter that he was “reluctantly spending time on FUD again” and accused Forbes of intentionally misrepresenting facts and using negative spin.

I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done. 1/9
— CZ 🔶 BNB (@cz_binance) February 28, 2023

He went on to explain that the exchange’s users are free to withdraw their assets at any time and that their withdrawals are easily traceable on the blockchain. He also pointed out that users must deposit funds with Binance to withdraw them and that these deposit transactions are easily traceable as well.

Zhao further defended Binance’s reputation, stating that the exchange has “stood the test of time” and that users had safely withdrawn billions of dollars in December.

In addition, he mentioned that he had been spending time with industry leaders in Dubai and that Binance had implemented a new zero-knowledge (ZK) approach to proof-of-reserves, protecting user security and privacy.

Zhao expressed disappointment that Forbes continued publishing “baseless” articles and suggested that his Chinese ethnicity had been brought up unfairly in the article.

However, the Binance CEO’s response has been met with support from the cryptocurrency community, with many praising his transparency and commitment to addressing concerns about the exchange.

Metalpha & Litecoin Foundation Join Forces To Develop Eco-Friendly Mining Practices: Report

February 25, 2023 by Mishal Ali

Metalpha Technology, a cryptocurrency wealth management firm, collaborated with the Litecoin Foundation to create sustainable mining solutions for the Litecoin ecosystem, according to a February 24th report.

The partnership will focus on researching and developing financial derivative products, promoting the use of renewable energy, increasing energy efficiency, and reducing carbon emissions in mining on the Litecoin Network.

The Litecoin Foundation is a non-profit organization that maintains and improves the namesake blockchain’s products. Metalpha’s main objective is to develop financial derivative products for LTC tokens while also providing hedging products to crypto miners against market risk and lowering the environmental impact of mining.

It is especially important for miners who are experiencing a drop in crypto prices, as it has led to churn, making it challenging to convert high costs. The hedging products would enable miners to continue their operations and generate income despite market fluctuations.

The collaboration also includes working with universities and research institutions to promote sustainable blockchain innovation, enhance public education about the Litecoin network, and improve network awareness, adoption, and scalability.

However, with this partnership, Metalpha and Litecoin Foundation aims to pave the way for a more sustainable and responsible approach to cryptocurrency mining.

Litecoin Added to Rubic’s Cross-Chain Platform

Rubic, the cross-chain technology aggregator, has announced the addition of Litecoin to its platform. This news comes as part of a larger announcement that Rubic is integrating with ChangeNOW.io, which will allow the platform to support a total of 100+ available networks.

We’ve added @Bitcoin, @Ripple, @dfinity, @Cardano_CF, @dogecoin, @solana, @Polkadot, @litecoin, @monero, @NEARProtocol, @Algorand, and @zilliqa.

This will be the beginning of our upcoming 100+ integrated #blockchains, and it’s all happening this week. pic.twitter.com/IX6SoB4Qtx
— Rubic (@CryptoRubic) February 21, 2023

The addition of Litecoin and several other major cryptocurrencies to the Rubic platform is a significant development for the company. With the integration of Bitcoin, Ripple, Dfinity, Cardano, Dogecoin, Solana, Polkadot, Monero, NEAR Protocol, Algorand, and Zilliqa, Rubic will be able to support a wider range of blockchain technologies.

This integration will also add native tokens for the upcoming blockchains, including BTC, LTC, NEAR, DOGE, ADA, XRP, LUNA, DOT, ALGO, and XTZ. This is a major milestone for Rubic, as it will significantly expand the range of tokens available on the platform.

According to Rubic, cross-chain swaps will only be possible to the newly integrated blockchains from any of the previously integrated 26 blockchains this week. However, by the beginning of March, cross-chain swaps will be supported in both directions.

This announcement is exciting news for the crypto community, as it highlights the growing importance of cross-chain technology. With the addition of Litecoin and several other major cryptocurrencies to the Rubic platform, users will now have more options to choose from when it comes to trading and swapping cryptocurrencies.

However, Rubic’s integration with ChangeNOW.io and adding Litecoin and other major cryptocurrencies to the platform represent a significant step forward for the company and the broader cryptocurrency ecosystem.

Hong Kong’s Crypto Trading Proposal Raises Concerns Over Liquidity & Index Construction

February 24, 2023 by Mishal Ali

On February 23rd, the Securities and Futures Commission (SFC) of Hong Kong released a proposal that would allow retail investors to trade crypto assets. But only those that are classified as “large-cap” and included in at least two approved indices, as per a blog post by Kaiko.

The SFC’s definition of “large-cap” remains unclear, but the proposal narrows down the universe of potential tokens that could be available for trading. Some of the indices hold relatively illiquid altcoins, which may not meet the liquidity criteria for large-cap assets.

Crypto Tokens That May Be Included In The New Criteria

According to the SFC, compliant exchanges may include tokens like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Polkadot, Solana, Cardano, Avalanche, Polygon, and Chainlink for retail investors to purchase.

These tokens have been identified in at least two of the top five crypto indices, and they have seen renewed flows from Asia, resulting in open interest for all three rising by about 15% in the last week.

While market cap alone is insufficient to measure the value of tokens, liquidity is an essential factor that should be considered. Liquidity is one of the criteria for index construction in traditional finance, and it should be no different in crypto.

The inclusion of tokens like Bitcoin Cash, Polkadot, and Litecoin has raised concerns about their liquidity, which may not meet the criteria for large-cap assets.

The fact that Bitcoin Cash is included in three of the top five crypto indices is a cause for concern, and a more robust approach to index construction is needed that accounts for liquidity alongside market cap.

Like, For OKB, the exchange token for OKX was recently included in the top 10 tokens on CoinGecko and other ranking sites due to an update of their circulating supply figure.

It increased its market cap by over $9bn, moving it inside the top 10. However, using liquidity metrics alongside market cap would rule OKB out of consideration.

Although short-term market movements are being driven by US investors, the news coming out of Hong Kong bodes well for the long-term prospects of crypto. However, some tokens that fall under the SFC’s new rules may not be of the highest quality in terms of both fundamentals and liquidity.

It is important for the SFC to take liquidity into account when implementing these rules, as some tokens with strong fundamentals and liquidity may be excluded simply because they are not part of the designated indices.

Tokens that meet the new regulatory criteria are likely to see increased investment and a boost in investor sentiment. Additionally, Asia may emerge as a promising hub for the next wave of crypto investment.

Fake ChatGPT Tokens Doing The Rounds Lure In Crypto Enthusiasts

February 22, 2023 by Aishwarya shashikumar

Despite having no official affiliation with the programme, dishonest market participants are seeking to capitalise on the current ChatGPT craze in technological circles by releasing phoney tokens with the name of the artificial intelligence chatbot on them.

These tokens have been released in the last several weeks in their hundreds. Of them, 132 unique tokens have been released on the BNB Chain, 25 on the Ethereum blockchain, and ten unique tokens on other blockchains such the Cronos, Solana, Arbitrum, and OKChain. These fraudulent transactions come in response to the decision by software behemoth Microsoft to incorporate OpenAI chatbots for search services on Microsoft’s web browsers.

While ChatGPT was developed by OpenAI, Microsoft’s own chatbot is a custom tool that is reportedly superior to ChatGPT that is available to the general public.

But, con artists are not passing up the chance to profit from the buzz. Despite warning signs, a number of “BingChatGPT” have been issued, seeded with liquidity, and are witnessing trading volumes of thousands of dollars.

Peckshield, a blockchain security company, announced in a tweet on Monday that it had discovered dozens of newly generated #BingChatGPT tokens, of which 3 appeared to be honeypots and 2 had hefty sale taxes.

#PeckShieldAlert PeckShield has detected dozens of newly created #BingChatGPT tokens, of which 3 appear to be #honeypots & 2 have high sell tax. 2 of them have already dropped over -99%.
Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk
— PeckShieldAlert (@PeckShieldAlert) February 20, 2023

In the bitcoin world, honeypots are smart contracts that promise to leak their cash to any user who transfers more money to them.

ChatGPT Tokens Scammed As Tax

A user selling $100 worth of a token receives only $50 worth, with the remaining “taxed” amount going to the creator of that smart contract. On the other hand, sales tax refers to the purposeful amount of money taken by an illegal smart contract when a related token is sold. Typically, these amounts are higher than 50%.
According to statistics from DEXTools, over 170 tokens bearing the ChatGPT name are currently available on decentralized exchanges like Uniswap and PancakeSwap.

The most well-known one is issued on Ethereum and has a market valuation of over $250 million, over 300 unique holders, and $600,000 in liquidity. A different BNB Chain-version has a market capitalization of $24 million and liquidity of $246,000. Trade volumes on such bogus tokens, and in some cases, scams, are a sign that the ideal of cryptocurrency betting is still a reality.

Read About The Ethereum Code: How Does The Inclusion Of Bots Enhance Trading?

February 22, 2023 by Akash Anand

The year 2023 has gotten off to a great start, financially speaking, for anyone who has invested in cryptocurrency trading. For sure, automated trading systems like Ethereum Code certainly played a significant role in these successes.

Although 2018 is coming to a close, it is not too late to learn how to profit from the cryptocurrency market.

Consider an automatic trading system like the Ethereum Code if all you desire is to follow the multitudes of investors across the world who are making daily gains thanks to the turbulent cryptocurrency market. Do you not know what this is? Why? Because it has only recently been released to the public! Have a look below to find out!

Ethereum Code: What Is It?

The majority of us are putting in extra, but at modest wages, so we know how difficult it is to launch a firm from nothing. This is the reason so many individuals are searching for other ways to increase their financial stability.

From this vantage point, automated cryptocurrency trading platforms can be really beneficial. In an effort to familiarize our readers with a system they may not be familiar with, we have chosen to give the Ethereum Code a try today. This system has received a lot of positive attention since its release.

How Does the Ethereum Code Function?

In the course of our evaluations, we looked at the Etherium Code and were pleasantly astonished by its capabilities. To learn how this algorithmic trading system actually functioned, our group set up trading sessions. You can also visit the website.

We first confirmed the Ethereum Code’s ease of use. There is no longer any doubt in our minds that this platform can be used by anyone, regardless of prior experience or education in the field of online trading.

In order to begin trading operations and to allow the site to trade cryptocurrencies, all the user must do is set their preferred trading settings and press the action button.

There is no need for any human participation whatsoever as the software processes marketing research, technical and structural analyses, and the closing and opening of trades automatically.

How To Execute Your First Trade With the Ethereum Code?

Ethereum Code account creation is a breeze. This takes only about three minutes, and then you may check out the trading platform right now!

Enrollment

You can sign up for the Ethereum Code by visiting their official website. Simply sign up for nothing by completing the form on the main page. To keep your account safe, make sure to use two-factor authentication (email and SMS) and a strong password.

Deposit

Put money into your Ethereum Code account through one of their recommended, licensed brokers. There is a €250 minimum deposit to access the trading platform, however, bigger sums can be invested to accommodate experienced traders’ needs.

Invest

After funding your account, you’ll have the platform available in both demonstration and live modes for testing purposes. Initially, the software’s functionality will be investigated using fictitious monies. In the latter instance, your trading techniques can be applied either automatically or manually.

Is Ethereum Code A Genuine Trading Platform?

This analysis of an automated trading solution indicates that the service is legitimate and worthy of trust. Like other well-established platforms like Bitcoin Lifestyle and Bitcoin Trader, this one has shown that it can help its consumers make money through careful market analysis and precise order placement.

It’s a hub that facilitates trades with a high probability of success, allowing you to make money. It was important to the platform’s creators that they be approachable to their users, as this would lend credibility to the site and inspire trust in the platform’s services.

If you post a question on the site, a member of staff who can answer it will get in contact with you as quickly as they can. This is encouraging since it shows the platform is serious about providing a secure trading environment where users of all skill levels can prosper.

With regard to user data security, this programme employs some of the greatest methods currently available. Modern encryption methods are used for all data storage. Similarly, the robot demonstrates high degrees of accuracy of up to 99.5%, which may be the key to its success.

The Prime Features Of Ethereum Code & How To Employ Them?

Simplicity Of Use

Some aspects of the Ethereum Code explained its user-friendliness. Our primary finding is that one does not need expert-level knowledge of finance to succeed with the Ethereum Code. More importantly, the entire process, from signing up to making a deposit to cashing out your winnings, can be completed in about ten minutes.

Evaluation of Progress

We also looked at how often this robot made money for us in trading situations. According to our research, the Ethereum Code is consistently reliable, and you can request a withdrawal of your funds at any moment, no matter how much they are worth.

Providing Assistance to Clients

Our Ethereum Code study team was impressed by the efficiency and competence of the crew behind the scenes. Support agents are available 24/7 by chat, phone, and email to answer questions and address concerns.

The Final Thoughts

Now is the time for the judge to hand down their decision. The team that evaluated Ethereum Code has stated that they are completely content with this service and that they would suggest it to anyone who is interested in earning additional income to supplement their primary source of support.

After looking into many different facets of the tool, such as its success rate, security, trading efficiency, customer support, and usability, we came to the conclusion that it was the easiest software to work with.

To begin, we recommend that users who are new to the platform invest only the basic minimum, which is € 250. If everything continues to go according to plan, the growth in their capital will be sufficient to allow them to reinvest their profits.

Weekly Market Watch: Bitcoin & Ethereum’s Bulls Gain Momentum, Low Cap Tokens Experience Growth

February 20, 2023 by Saeed Ul Hassan

The previous week showed a more positive outlook for the crypto markets, with both Bitcoin and Ethereum seeing upward momentum. Although smaller market-cap coins initially saw notable growth at the beginning of the week, any progress made was ultimately wiped out by the week’s end.

During the previous week, the cryptocurrency community was abuzz with talk about two low cap coins, BLUR and FLOKI, which had garnered significant attention. However, as the week drew to a close, both coins experienced substantial losses, reversing their double-digit gains and ending up in the red on the daily chart.

FLOKI, a token themed around dogs, saw a surge in price on February 16th, reaching its highest levels since January 2022. On that day, the price of FLOKI rose by 65.43% in the last 24 hours and 75% in the previous seven days, with a 176% increase in trading volume over the past 24 hours.

FLOKI 7D graph coinmarketcap — Source: CoinMarketcap

Additionally, the market cap grew by 65%. Currently, the coin has experienced a downturn, with about a 6% decrease in the last 24 hours, but it’s still up by 108.9% on the weekly chart.

The BLUR non-fungible token (NFT) marketplace launched its native token last week, and users who were awarded token allotments received “care packages.” Blur tokens began trading on February 14th, reaching a high of $5.02 per token. However, the coin has since dropped more than 97.16% from its all-time high and 5% on the daily chart.

BLUR 7D graph coinmarketcap — Source: CoinMarketcap

However, several altcoins with also low-cap coins on the list of weekly gainers have shown substantial growth, with Conflux (CFX) leading the pack, followed by Filecoin (FIL) and The Klaytn (KLAY) in third place. Other tokens have also experienced significant gains.

The native cryptocurrency of the Conflux network, CFX, has been making waves in the crypto market, experiencing a surge of 294.54% over the past week and showing unique bullish signs.

The rise in price was sparked by Conflux’s announcement on February 15th that it plans to build blockchain-based SIM cards (BSIM cards) in partnership with China’s Telecom, the second-largest wireless carrier in China.

As of Monday, CFX was trading at $0.2132, experiencing a 25% increase in the past 24 hours and a remarkable 114.67% surge in the 24-hour trading volume. The token reached its peak of $0.2378 and ended the week at $0.2263 after starting at $0.05184, displaying a robust and impressive performance.

CFX 7D graph coinmarketcap — Source: CoinMarketcap

However, some market analysts caution that the token’s current rally may not be sustainable, with the support level at $0.090 considered unstable. A potential break below this mark could lead to a drop to $0.050 in the coming days.

Meanwhile, as the Filecoin network continues to progress in the crypto market, it has garnered the community’s attention as a weekly gainer. Filecoin’s native cryptocurrency, FIL, has seen a significant surge of about 70% in the past week as it rallies ahead of the launch of the Filecoin Virtual Machine (FEVM) on the Filecoin mainnet.

Currently trading at $8.49, FIL reached its peak of $9.40 and ended the week at $8.44 after starting at $4.92, showing a strong and impressive performance. Despite experiencing a 3% decrease in the last 24 hours, the token’s trading volume has gone up by 50%.

FIL 7D graph coinmarketcap — Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Klaytn (KLAY) at 35%, Solana SOL at 25%, and Polkadot DOT, with an increase of 20%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

After experiencing three consecutive weeks of consolidation without any significant gains, Bitcoin has made a strong comeback this week by surpassing the key resistance level of $25,000, marking a robust performance.

BTC 1D graph coinmarketcap 6 — Source: CoinMarketcap

Bitcoin recently reached an 8-month high on February 16th, but according to data analyst Santiment’s tweet, this bullish trend was accompanied by a significant amount of euphoria that may have caused a temporary peak in value.

The tweet suggests that the positive sentiment on social media platforms may have been overdone, leading to a local top. Additionally, negative commentary earlier in the month caused a temporary dip in Bitcoin’s value, with many investors losing faith in its long-term prospects.

Similar to Bitcoin, Ethereum has experienced a significant surge in value in the past week, reaching an impressive 5-month high on February 16th, according to another tweet by data analyst Santiment.

The rise in Ethereum’s value is notable as it follows the significant #merge event that merged Ethereum’s mainnet with the Ethereum 2.0 beacon chain. Additionally, the data indicates that a high concentration of ownership remains in the market, with shark and whale addresses holding nearly 47% of the supply.

CoinMarketCap data shows that Bitcoin is currently trading at $24,473.30, with a slight decrease of 0.50% over the past 24 hours but a 12.49% increase over the past seven days. While ETH is being traded at $1,692.55, experiencing a 0.07% decrease in the past 24 hours and a 12.14% increase in seven days. Additionally, both leading coins are experiencing a 50% growth in the 24-hour trading volume.

ETH 1D graph coinmarketcap 1 — Source: CoinMarketcap