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After BONE, Shiba Inu’s PAW Imprints On Gate.io

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Shiba Inu’s PawSwap [PAW] is set to go live on the South Korean exchange Gate.io. The exchange also revealed airdropping PAW tokens worth $30,000 to celebrate the occasion.

Following the announcement, the token skyrocketed by a whopping 150%, according to CoinMarketCap. Right now, the meme token is ranked 6687 on this leading crypto reference platform.

Pawswap is inspired by the Shiba Inu and is slated to be the first multi-chain decentralized exchange [DEX] built on Shibarium, an upcoming Layer 2 blockchain, focused on increasing transaction speed and lowering costs to grow the Shiba Inu ecosystem.

The listing also comes after another token of the Shiba Inu trifecta BONE scored entry in the South Korean crypto firm as reported by TronWeekly.

BONE is to serve as the governance token for Shibarium and will be used as payment for transactions. The price of the token jumped by over 33% percent after the news of this listing.

Compared to that, PAW went up a lot much more. At the time of this writing, PAW is trading at $0.00000137 and is up by over 10% in the last 24 hours.

Initially launched on the ETH network, PAW recently expanded its footprint by deploying on both the BSC and Polygon networks.

PAW symbol for their token was introduced by the PawZone project, which is currently building an NFT marketplace for Shibarium.

That being said, news surrounding Shiba Inu’s upcoming scaling protocol has also impacted the meme ecosystem’s burn rate.

Here’s Why Shiba Inu’s Burn Rate Is Down

Despite the fact that fewer SHIB tokens are being burned each day this week, the burn rate of the Shiba Inu meme token continues to be high.

As of right now, the SHIB burn rate is almost 20% lower than it was in the early hours of 23 Feb.Yet, there are a number of potential reasons why the SHIB army may not now be able to burn more meme tokens.

They include the SHIB price oscillating with a noticeable amplitude and the community’s diversion from burn prevention due to news of the impending Shibarium launch.

Some members of the SHIB community are unsure if it will really happen this week or even if it will happen at all in the upcoming few months.

The release of the Shibarium beta this week was confirmed by the lead developer Shytoshi Kusama last weekend.

Your pension might not be as safe as you think!

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Your pension might not be as safe as you think! 2

Pension funds are a massive bubble and are unsustainable. Recently, in October 2022, UK pension funds almost collapsed. And not only the UK pensions are in trouble. Pension funds all around the world face massive problems. According to the World Economic Forum, the global shortfall of pension savings in 2015 were estimated to be $70 trillion. In their report from 2017 “We’ll Live to 100 — How Can We Afford It?”, they forecasted this shortfall to reach $400 trillion by 2050. This would be more than quadruple the current global GDP.

What if people live longer and fewer children are being born?

One major problem for pension funds is that peoples’ life expectancy is growing. Thus, the total pension payout would increase. Someone needs to pay for that. And combined with another major problem — fewer children being born — it could become catastrophic. Bruce Wilds writes in his article “Pensions Are The Biggest Ponzi Scheme Of Man” that South Korea tried to tackle this problem by investing $113 billion from 2006 until 2018 on urging people to get more children. Another common response is to raise the minimum age for pension payouts or to reduce the height of pension payouts. And you have very little influence on it.

Your pension isn’t guaranteed — you are being robbed

It would be a shame if you worked your entire life building your pension to get nothing in return. Unfortunately, this scenario becomes increasingly realistic. To sum it up, your pension fund:

  • always needs new money entering the pyramid to pay those who are already in it. Like a Ponzi scheme
  • plays with your money to make a profit for itself
  • is like a casino: if you lose your life before sixty-five, it takes your money
  • might go bankrupt. Money gone…

A great book to read and learn more about why you should not trust your classic pension fund is “Who Stole My Pension?” by Robert Kiyosaki and Edward Siedle. 

Sacrifice for a guaranteed pension

Are you also done with the old Ponzi scheme like, high risk pension funds? Sacrifice for the right to a guaranteed pension!

The sacrifice for a guaranteed pension is an online event from February 20th until May 20th, to make a digital statement. To participate, you need to send ETH, USDC, USDT, or HEX on the Ethereum blockchain to the given address: 0x0dEED0EfaFA3Ec083CFa5AB16492896f7543E426. Before sending, verify the address by comparing it with the address provided on https://pensionsacrifice.com/. Your sacrifice is registered digitally as points. These points have no monetary value but might surprise you with an airdrop.

Carpe Diem Pension might be the savior

Carpe Diem Pension is an automated pension fund that relies on pre-determined rules that can never be changed. Not by anyone. Never.

It is currently under development and is planned to launch on the Pulse blockchain in 2024.

Carpe Diem Pension is a supporter of the sacrifice initiative. It might reward sacrificers with an airdrop of its cryptocurrency XCD. This is not a promise or guarantee. If you sacrifice, you should have no expectations from the work of others.

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Terra Founder Slapped With Lawsuit Over $40B Loss

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Continuing its whip on troubled crypto firms, SEC charged Terra founder Do Kwon for alleged fraud to the tune of $40 million to its investors.

In a complaint filed in the Southern District of New York, the agency’s chair Gary Gensler alleged that the Singapore-based Terraform Labs and its boss Do-hyung failed to provide the public “with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD.”

“We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors,” it added.

Often regarded as crypto’s most volatile event, on May 12, 2022, stablecoin UST and crypto asset LUNA of the Terra Ecosystem collapsed in a matter of days, wiping out the savings of countless people.

The excess supply of LUNA and the rapid depegging of UST made investors lose confidence. As a result, the prices of both assets spiral and got delisted from leading exchanges.

According to SEC’s allegations, Kwon and his firm Terraform hatched a plan to lure investors and raised billions of dollars from Apr. 2018 to May 2022.

An “interconnected suite” of crypto asset securities, such as securities-based swaps that mimicked U.S. stocks and most notably, the so-called “algorithmic stablecoin” TerraUSD, are offered and sold as a means of raising money from investors.

The firm showcased stablecoin UST as a “yield-bearing” coin, that promised to pay interest of up to 20 percent, SEC stated in its complaint.

Terra Founder Remained Defiant

In the lawsuit submitted to the federal court for the Southern District of New York in Manhattan, Kwon and Terraform was accused of breaking the Securities and Exchange Act’s registration and anti-fraud provisions.

SEC enforcement director Gurbir Grewal said in the press statement.

Today’s action not only holds the defendants accountable for their roles in Terra’s collapse, which devastated both retail and institutional investors and sent shock waves through the crypto markets but once again highlights that we look to the economic realities of an offering, not the labels put on it.

Kwon faced tremendous legal and social pressure for his role in the Terra crash. Citizens from various jurisdictions — including South Korea, Singapore, and the United States are taking legal action against him, including an Interpol arrest warrant.

Since then, the beleaguered founder has remained evasive about his whereabouts. With regard to the latest lawsuit, Kwon has not made any comments, at the time of writing this article.

Ripple CEO Hails Regulatory Efforts Outside The U.S.

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CEO of blockchain payment firm Ripple Brad Garlinghouse heaped praise on the regulatory developments happening outside the United States.

Garlinghouse in his series of tweets stated that the positive changes in the last few weeks, from nations across the globe, are “energizing”.

He then cited examples of nations like Dubai, Australia, the UK, South Korea, and Brazil whose governments, as per him, have undertaken steps to bring better licensing and custody for crypto and bolster consumer protection.

Garlinghouse took a shot at US regulators commenting,

….these regulators are providing leadership and doing the work that we are desperately missing in the US – unsurprisingly, this is where companies like Ripple are growing!

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Ripple CEO Hails Regulatory Efforts Outside The U.S. 4

The tweet was in context to the recent developments surrounding Kraken‘s settlement with the US regulator SEC, ending its staking program and agreeing to pay $30 million in disgorgement, prejudgment interest, and civil penalties.

The developments have sparked concerns among crypto-industry participants that a charge brought by the U.S. Securities and Exchange Commission against crypto exchange Kraken may lead to a blanket ban on digital-asset staking.

Several leading crypto exchanges, like Binance and Coinbase, offer staking services, where they provide custody of users’ cryptocurrencies and stake them.

Additionally, decentralized staking service providers, such as Lido Finance, also allow users to safeguard their own cryptocurrencies while participating in staking. 

Ripple Lawsuit Against The SEC Will Seal XRP’s Fate

Market participants are awaiting more regulatory moves because it is unknown if the SEC will merely target centralized staking service providers like Kraken or outlaw staking altogether in the United States.

Others that have confronted the SEC head-on, like Ripple, have consistently challenged the SEC’s stance on cryptocurrencies.

Since 2020, the San Francisco-based payment firm and the organization have been embroiled in a contentious legal battle over the alleged sale of XRP coins.

Ripple refutes the charge and maintains that XRP is used in its business to allow international transactions between banks and other financial institutions and should not be viewed as an investment contract.

Last December, Ripple and the SEC submitted their final round of briefs seeking a summary judgment to the case, respectively accusing each other of breaching the law.

The judge is likely to make a ruling in favor of either side, avoiding a trial, or putting the matter before a jury.

The Battle Over Bitcoin: Ray Dalio’s Remarks Ignite Debate on Digital Asset’s Future

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According to a recent interview on CNBC’s Squawk, Ray Dalio, the founder of Bridgewater Associates, made a bold statement about Bitcoin. He said that the digital asset “has no relation to anything” and is simply a “tiny thing that gets disproportionate attention.”

Dalio also pointed out that the value of Bitcoin, which currently stands at less than one-third of Microsoft stock, is not an effective store of wealth. 

He added that the world is facing a crisis of money, as everyone knows it, and there is a need for a solution. Dalio thinks that fiat is in trouble, but Bitcoin and stablecoins are not the answer. 

The crypto community took to Twitter to voice their opinions, with some disagreeing with Dalio’s assessment of the world’s largest cryptocurrency.

One Twitter user wrote:

Bitcoin is the solution to the monetary problem Ray Dalio is looking for. Censorship-resistant, open, neutral, finite, and not controlled by anyone. Anything new will be controlled by some entity and subject to manipulation.

Another Twitter user was influenced by Dalio’s insight into the history of money, calling it an “orange pill.” They believe that the interview demonstrates that the billionaire is close to fully understanding BTC.

However, the ongoing discussion about the value and usefulness of BTC highlights the divided opinions in the financial world. While some see it as a revolutionary tool that can change the financial landscape, others view it as a speculative investment with no real substance.

Regardless of one’s stance, it’s clear that the debate over the role of BTC in the financial world is far from over. As more investors and experts continue to weigh in on the issue, the future of this digital asset remains uncertain.

Dalio’s Fluctuating Views on Bitcoin

Dalio’s opinions on Bitcoin have been inconsistent over the years. In 2021, he went from describing it as an “impressive invention” to speaking about a potential ban on Bitcoin in the US and choosing gold over it. 

However, in 2022, he recommended a 1% to 2% allocation of Bitcoin in investor portfolios, praising its resilience against hacks and lack of competition in the market.

Despite Dalio’s doubts, the crypto community remains optimistic about Bitcoin’s potential as a solution to the issues with fiat currency. As the debate continues, it will be interesting to see if Dalio’s views on Bitcoin continue to evolve.

Related Reading | GOPAX Acquisition, Binance Makes Major Comeback To South Korean Market: Report

Bithumb’s XRP Power Play: Over 260 Million Coins Transferred Amid Controversy

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In a stunning display of crypto-currency prowess, anonymous power players known as “whales” have made massive moves in the XRP market. 

According to data from Whale Alert, these whales have transferred a staggering 260 million XRP in a matter of days. The largest transfer was reportedly made by the Bithumb exchange, whose owner is currently facing legal troubles.

As reported by TronWeekly, The owner of Bithumb, South Korea’s second-largest cryptocurrency exchange, has been accused of manipulating the stock prices of affiliated companies, and an arrest warrant has been issued by prosecutors in Seoul. 

The inquiry is examining claims of financial misconduct by leaders of Bithumb, with a focus on Chairman and owner Kang Jong-hyun, who is believed to have manipulated stock prices through convertible bond issuance.

This sudden surge in the XRP movement has many in the crypto community speculating about the motives behind these transactions. Some believe that the whales may be attempting to manipulate the market, while others see it as a sign of growing interest and invested in the cryptocurrency.

Regardless of the reasons behind the transfers, it is clear that the cryptocurrency market is still very much in its infancy and subject to significant fluctuations. 

Whale Alert: Latest XRP Transfer  

According to the latest data, the 160,000,000 XRP transferred was worth $65 million, which is a substantial amount of money. These type of movements of cryptocurrency always attract attention and makes people question the purpose of these transactions. 

Additionally, a massive amount of XRP was also transferred between several prominent cryptocurrency exchanges. According to blockchain records, 39,500,000 tokens, worth a staggering $16 million, were transferred from Bitso to an unknown wallet.

In a seemingly coordinated move, 30,000,000 XRP, worth $12 million, was then transferred from that same unknown wallet back to Bitso. And in yet another surprising twist, 33,000,000 XRP, valued at $13 million, was transferred from that same unknown wallet to Bitstamp.

It remains to be seen how these recent developments will impact the XRP market and the crypto industry as a whole, but one thing is for certain, the crypto space is always full of surprises, and the anonymous whales are always making big moves, leaving the rest of us to speculate on their intentions.

Related Reading | Institutions Driving 85% Of Bitcoin Buying, Signals New Bull Market – Matrixport Report

Bithumb Owner Arrest Warrant Issued For Alleged Stock Price Manipulation

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The owner of South Korea’s second-largest cryptocurrency exchange, Bithumb, has been accused of manipulating the stock prices of several affiliated companies, leading to an arrest warrant being issued by prosecutors in Seoul, local media reported on January 25th.

The report stated that the investigation, which is looking into allegations of embezzlement by Bithumb executives, has led to an arrest warrant being requested for Kang Jong-hyun, the chairman and owner of Bithumb.

On January 25th, the Seoul Southern District Prosecutor’s Office Financial Investigation Division 2, led by Chief Prosecutor Chae Hee-man, charged Kang and two other executives with embezzlement, breach of trust, and fraudulent transactions under the Act on the Aggravated Punishment of Specific Economic Crimes and the Capital Markets Act.

Kang, who is the older brother of Kang Ji-yeon, CEO of Bithumb affiliates Inbiogen and Bucket Studio, is suspected of playing a central role in manipulating the stock prices of these companies through the issuance of convertible bonds. He is also known for being a hot topic in the media due to dating rumors with actor Park Min-young.

According to the report, in October of last year, prosecutors seized and searched the offices of Bithumb affiliates Vident, Inbiogen, and Bucket Studio as part of their investigation into allegations of company money being stolen and stock prices being manipulated by Kang. Vidente is the largest shareholder of Bithumb Holdings, with a 34.2% stake, and Inbiogen and Bucket Studio are also major shareholders.

 Former Bithumb Chairman And $100M Fraud Charge

This is not the first time that Bithumb executives have faced legal trouble. In January 2021, former Chairman Lee Jung-Hoon was acquitted on charges of committing a $100 million fraud related to the exchange.

However, he was indicted in July 2021 and was facing a prison sentence of eight years for the alleged theft of money from cosmetic surgeon Kim Byung-Gun during an acquisition deal.

To make matters worse, Bithumb’s largest shareholder, Park Mo, was found dead outside his home in South Korea in December 2022 after being named as a suspect in an investigation into embezzlement and stock manipulation. Local media reported that he had taken his own life.

The arrest of Kang In-sik and his sister is a serious blow to Bithumb. The exchange has not yet commented on the matter, but it remains to be seen how these developments will impact the company and its users.

Related Reading |  Binance Linked To $346M Transactions with Alleged Money Laundering Exchange: Report 

Shiba Inu Integrated In Robinhood’s Newly Launched Web3 Wallet

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Shiba Inu [SHIB] along with several leading assets of the altcoin troupe has gained entry into Robinhood’s web3 wallet, Johann Kerbrat, the trading firm’s General Manager announced.

The new wallet launched by Robinhood is a smartphone app that facilitates users to swap and transfer crypto, and view owned NFTs and crypto.

For now, the app is being slowly rolled out to over 1 million waitlisted users via an access code, according to the trading firm. It was previously released in beta to just 10,000 waitlisted customers in September.

Initially, the Robinhood Wallet began its journey on Polygon, an Ethereum sidechain, to offer swaps without network fees. It has just recently added support for Ethereum.

Additionally, the Robinhood app listed integrated more than 50 ERC-20 tokens, including Shiba Inu. Customers can now transfer tokens from the Robinhood app and other platforms to their Robinhood Wallet, including COMP, MATIC, SOL, UNI, USDC, and more.

And that made sense given that the Robinhood Wallet was made to compete with the well-known Ethereum wallet application, MetaMask.

“We built this product to solve the challenges that many users had using competing products, which include unintuitive design and high fees,” Kerbrat told in a media statement. “We heard from our beta users that other products in the market are too complicated and difficult to use.”

As for the memecoin Shiba Inu, the token gained much attention when it was listed on the Robinhood app in April of last year, much to the delight of the SHIB community.

Shiba Inu’s Listing On Robinhood Hogged Limelight

It is worthwhile to recall that the Shiba army raised the hype with a Change.org petition to list the dog-themed cryptocurrency on the commission-free investing app that gained nearly 600,000 signatures.

Apart from Robinhood, the token scored several listings across well-known crypto exchanges, for instance, Bitstamp last Oct.

The largest European exchange had launched SHIB trading in other markets prior to its bringing the token to the US. customers.

As reported by TronWeekly, the asset gained further prominence in terms of fiat transactions by being revived by Upbit, a well-known cryptocurrency exchange in South Korea.

The trading platform added the popular token to its list of fiat transactions. 

Binance & Gopax Acquisition Status Uncertain, Repayment of Funds at Risk

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An employee of Binance has reportedly stated that the acquisition of Gopax, a South Korean-based crypto exchange, has yet to be determined, according to WU Blockchain.

It has been noted that Gopax is currently in need of approximately $47 million in order to repay its wealth management product customers. If Binance is unable to provide the necessary funding, it is possible that investors may experience losses.

It has been previously reported by TronWeekly that Binance, a leading global cryptocurrency exchange, is planning to enter the Korean market through the acquisition of Gopax, a Korean exchange. The acquisition was reportedly in its final stages, with due diligence completed and procedures being confirmed.

Binance Acquisition Of Gopax Exchange

South Korean media outlet Chosun has confirmed that cryptocurrency exchange GoPax must pay back up to KRW 60 billion (approx. 47 million) to its customers.

According to the report, following the collapse of FTX in November of last year, Genesis Global Capital, the management company for GoFi, ceased repayment and GoFi deposits became insolvent. Genesis has repeatedly promised to repay the funds, but it is uncertain if they will be able to do so.

The funds, which include principal, interest, and delay interest, must be returned for both fixed and free-form products and are based on the closing price of virtual assets at the time of payment suspension. 

On November 23, KRW 33.8 billion was calculated as the amount to be repaid for suspended fixed-type products, made up of KRW 33.1 billion in principal and KRW 700 million in interest. 

When this amount is subtracted from the total repayment fund of KRW 60 billion, KRW 26.2 billion remains. This remaining amount is based on the closing price on November 16 and corresponds to the repayment of principal and interest for free-form products.

The acquisition of Gopax by Binance is expected to be equal to or greater than the total amount of GoFi repayments. However, if GoPax is unable to secure the necessary funds from Binance, which is reportedly in talks to acquire the company, domestic investors may suffer losses. 

Turkish CBDC: Successful First Phase Using The Digital Turkish Lira Network As Payments

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The Central Bank of the Republic of Turkey (CBRT) announced on December 29th that the first-phase research for their new central bank digital currency (CBDC) was successful. Payments using this Digital Turkish Lira Network were successfully completed.

In September 2021, as part of a research project titled Central Bank Digital Turkish Lira Research and Development, CBRT first disclosed that it was examining the advantages of adopting a digital Turkish Lira.

CBRT stated in a September press statement that it would create a prototype of a “Digital Turkish Lira Network” and conduct restricted closed-circuit pilot testing with technology stakeholders.

In addition, they plan to carry out trials that may broaden their scope to include topics like blockchain technology, the application of distributed ledgers in payment systems, and integration with immediate payment systems. At that time, they said that “the results of the first phase will be announced in 2022 after the tests are completed.”

However, after successful first payment transactions, in the first quarter of 2023, the bank plans to carry out the limited, closed-circuit pilot testing with technology stakeholders. 

The bank will announce the advanced phases of the pilot project in 2023, which will further increase participation and expand the Digital Turkish Lira Collaboration Platform to include specific banks and financial technology firms.

According to the press release:

Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems. 

Moreover, the press release asserts that the legalities behind the Digital Turkish Lira are imperative to its success. Therefore, studies surrounding the economic and legal attributes of this currency, as well as technological necessities, will be conducted throughout 2023.

The Potential Of CBDC Adoption

According to Atlantic Council’s research, countries are thinking about alternatives to the dollar as a result of financial sanctions on Russia. There are currently nine cross-border wholesale CBDC tests and seven cross-border retail initiatives, which is rough twice as many as in 2021.

Over twenty nations will make considerable progress toward launching a CBDC in 2023. Australia, Thailand, Brazil, India, South Korea, and Russia plan to start or continue pilot testing in 2023. Next year, a pilot program from the ECB is also anticipated.

Additionally, as of December 2022, every G7 economy would have advanced to its development level of CBDC. Currently, the CBDC development process is underway in 18 of the G20 nations, and seven of those have already begun pilot programs. 

However, nearly every G20 nation has contributed fresh resources over the previous six months and made considerable advancements in these programs.

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