This article was paid for*

The new meme coin WienerAI continues to catch the attention of meme coin enthusiasts and smart money traders, thanks to its memable ensemble and cutting-edge AI utility. 

The strong demand for the meme coin is evident in its presale. WAI has now raised over $6 million in its ICO, which many experts are painting as a sign of its high upside potential. 

Indeed, some smart money traders are already signalling the possibility that WienerAI could potentially be the next 100x meme coin. 

Why Are Experts Bullish on WienerAI?

Smart money traders have been quick to recognize WienerAI’s unique fundamentals, which separate it from most other new cryptocurrencies available on the market. 

Most experts and crypto influencers reviewing the project have praised how WienerAI has been able to balance its memable exterior with cutting-edge AI utility. 

Indeed, the project’s mascot – a part dog, part sausage hybrid with a good boy smile – has caught the fancy of meme coin enthusiasts. However, it is its AI superpower that differentiates it from other pump-and-dump meme coins. 

The project is launching its own next-gen trading bot, which it claims will be the ChatGPT for traders. In fact, it even has a similar UI as ChatGPT to make users feel at home while using the application. 

More importantly, the WienerAI trading bot is designed to be just as comprehensive for traders as ChatGPT is for writers.

The developer team behind the project is portraying it as a canine companion, the perfect partner for investors during a bull market. They can ask any invest-related query and receive comprehensive in-depth responses. 

In fact, it could even suggest high-potential trading setups, thanks to AI-enhanced predictive trading. Traders won’t even have to leave the platform to place the trades, with seamless swaps enabled within the application. 

Additional benefits include MEV protection, a crucial tool while placing high-slippage trades, that is typically not available to small-scale investors. Token holders can enjoy all such benefits at zero cost, which is expected to serve as a massive incentive to keep holding the token. 

If this is not enough, investors can stake their holdings and earn lucrative passive income. As per the WienerAI staking dashboard, stakers are currently enjoying a reward rate of over 180%. 

Is WienerAI Legit or a Scam?

Despite being a new meme coin, WienerAI has done well to protect itself against major security risks. 

The WienerAI smart contract has been audited by Solid Proof and the audit report is published on the project website. The report reveals no security risks or centralization issues associated with the WAI smart contract

For instance, the owner of the contract has renounced its ownership. This means that the token’s fundamentals cannot be tampered with after its launch. The owner also cannot blacklist certain addresses, mint new tokens or pause trading. 

As previously mentioned, WienerAI’s Trading Bot and staking protocol incentivize long-term holding, reducing the risk of pump-and-dump price action. This is further strengthened by its community-centric tokenomics. 

For instance, 70% of the token supply has been explicitly reserved for the investors – 30% for the presale and 20% each for staking and community rewards. The remaining 30% will be allocated to the token liquidity and marketing. 

Several new meme coins such as $DJT have their developer teams holding over 50% of their tokens supply. In comparison, WienerAI makes no separate allocation for the team or any private sale. 

This further contributes to the project’s already impressive fundamentals and is one of the key factors behind its demand. It has also resulted in several smart-money traders backing it as the next 100x meme coin. 

Interested buyers looking to buy $WAI early at its presale discount price can head to the WienerAI website and use the over-the-counter widget. They can buy the meme coin on Ethereum or the BNB Smart Chain – however, only ETH buyers will be able to take advantage of the presale staking rewards. 

Visit WienerAI Presale

*Cryptonomist did not write the article or test the platform.

SPONSORED POST*

Amongst other figures that have voiced their Ripple (XRP) price prediction for this bull cycle, Google’s Gemini has also weighed in on the future value of the payment company’s cryptocurrency, specifically for July. 

The artificial intelligence-based conclusion is based on the ongoing suit between Ripple and the SEC and XRP’s market dynamics.

In the same vein, predictions have also emerged concerning a new leader in the AI sector, RCO Finance (RCOF), which is projected to achieve astounding growth as the crypto bull market pans out.

Let’s determine the prices of these top crypto coins by July 1st.

Gemini Foretells XRP’s Price On July 1st

Gemini, the AI model designed by Google, has forayed into the spotlight after sharing its perception about XRP’s posterity price by July 1st. The artificial intelligence expects XRP to trade around $0.60 at the stipulated timeframe, marking a 50% increase in the asset’s current price. This XRP price prediction comes amid several forecasts by top industry players about the asset.

Gemini cautions that this projection is speculative and should not be considered financial advice. Instead, investors should conduct due diligence on the asset before investing. 

The AI-based prediction is based on a few conditions: the vs. SEC suit, XRP’s lackluster activity, and a potential XRP ETF. In 2023, XRP recorded a notable bounce to $0.73 when the court declared it non-security instead of the SEC’s claim.

However, the market condition subsequently caused the asset’s price to slump drastically, with XRP diving as low as $0.46. Nonetheless, market players remain optimistic about XRP, with some believing the Ripple-owned coin could be the next asset to cop an ETF. 

If this occurs, XRP could replicate Bitcoin’s move after securing an ETF approval and surpass its old all-time high.

RCO Finance Dominates The AI Narrative With Its Advanced Robo-advisor

With speculations surrounding top cryptocurrencies like XRP, something similar is expected from RCOF, the native token of RCO Finance. However, before looking into RCOF’s price prediction, what is RCO Finance? RCO Finance is the new force to be reckoned with regarding AI integration and machine learning advantage.

RCO Finance is an AI-powered DeFi protocol offering personalized investment advice based on an individual’s financial standing. It features a vital tool to aid day-to-day investment moves dubbed robo-advisor. 

This robo-advisor is a machine learning program that scrutinizes market data and develops an investment strategy peculiar to a particular user in correlation with their volition.

Due to its modality as an AI-powered platform, RCO Finance does not require human intervention. The machine learning algorithm can learn about a person’s investment behavior, upgrade it where necessary, and make investment moves on behalf of such individuals. This procedure eliminates the hassle of sitting in front of a computer 24/7, saving time.

Moreover, investors can trade up to 12,500 different asset classes down to real-world assets and exchange-traded funds, which are the new fad. The best part? No KYC is needed. 

The platform also offers up to 50X leverage on trading to boost profit. Security-wise, RCO Finance (RCOF) was fully audited by SolidProof, a blockchain auditor, to ensure user safety.

RCOF’s Presale Is The New Investment Goldmine

The platform recently launched its token presale, allowing users to purchase RCOF at discounted prices. This exciting opportunity will make the 1,000X dream come true.

It becomes even more intriguing with an opportunity to get into the presale with a 30% discount if the RCOF30 promo code is used. Experts believe a $1,000 investment in RCOF’s presale can yield $30,000 upon launch—currently, the token trades at $0.0127 in Stage 1 of its presale.

Based on experts’ opinions, RCOF is expected to launch between $0.4 and $0.6, indicating a 3,000% return on investment at its current price. 

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

*This article was paid for. Cryptonomist did not write the article or test the platform.

BNB Chain has recently successfully activated the hard fork Haber, implementing BEP-336 which introduces blob-carrying transactions. This innovation is designed to optimize both data storage and processing on the network. 

In addition to improving efficiency, the hard fork Haber also results in a reduction of fees, making BNB Chain more competitive and attractive for users. Let’s see all the details below. 

BNB Chain activates BEP-336: new blob-carrying transactions in the hard fork

As anticipated, BNB Chain has successfully announced the activation of the hard fork Haber, introducing the BNB Evolution Proposal (BEP)-336. 

This update aims to improve data storage and processing on the blockchain network, with particular emphasis on reducing blockchain fees by up to 90%.

BEP-336, inspired by the Ethereum Improvement Proposal (EIP)-4844, introduces the concept of blob-carrying transactions, significantly simplifying the transaction verification process.

According to the statements of BNB Chain, the implementation of BEP-336 will lead to a drastic reduction in layer-2 costs on the BNB Smart Chain (BSC). The optimistic forecast is that network fees for the rollup layer-2 solution opBNB will be reduced to about $0.0001.

With this update, transactions will no longer be verified individually within each block, but within the linked BLOBs. 

We remind you that BLOBs represent temporary memory segments that acquire large blocks of data. Thus optimizing data storage and improving the overall efficiency of the network.

Differences with Ethereum’s EIP-4844 

This new approach, although similar to the EIP-4844 of Ethereum, has been specifically adapted for the BSC by BNB Chain. 

The BLOBs on BSC are managed exclusively by the BSC client and the pricing mechanism has been customized to meet the needs of the blockchain BSC.

Unlike Ethereum, BSC does not burn the base fee within the BLOBs, maintaining a different approach to handling fees.

The new update does not only concern the main network, but also includes BNB Greenfield. 

That is, a decentralized storage solution that will benefit from significant improvements in data management and storage thanks to “BlobHub”, a new data storage layer.

This important step occurs at a crucial moment for BNB, the native cryptocurrency of BNB Chain. 

On June 6, BNB reached a new all-time high of $717.48, marking a significant price milestone. However, on June 18, the price dropped to $579, with the current value of BNB stabilized around $605.

The increase in the price of BNB outperformed the general cryptocurrency market in the first week of June, recording a 19% rise compared to the modest 4.2% of the market as a whole. 

Despite this, traders remain cautious about the sustainability of this rally, constantly seeking indicators that can confirm the continuation of BNB’s growth.

Binance and the HODLer rewards campaign: BNB tokens on Simple Earn

Binance has recently introduced its new HODLer rewards program, aimed at users who hold and participate in Simple Earn using Binance Coin (BNB). 

This initiative is designed to reward BNB holders with tokens from selected projects with a wide circulation, about to be listed on Binance.

To participate, users must access the “Earn” section of Binance and subscribe to the Flexible or Locked Simple Earn products using BNB. 

Binance will inform users about the upcoming distributions of the HODLer Airdrop, providing complete details on the tokens they will receive. The program aims to support medium-small sized projects with solid foundations and active communities.

Before each airdrop, Binance will publish detailed announcements regarding the token distribution process.

To determine user rewards, Binance will take multiple random snapshots of user balances and total balances in the pools during the hour. These snapshots will calculate the hourly average balances of users’ Simple Earn products, both flexible and locked. 

The historical snapshots will be used to calculate the rewards to be distributed to users. It is necessary to complete the account verification (KYC) and reside in valid jurisdictions to participate in the HODLer Airdrop of Binance. 

Each airdrop will have a maximum participation limit in BNB per user, specified in each announcement.

In the event that multiple HODLer Airdrops are active simultaneously, users’ BNB assets in Simple Earn products will be distributed to ongoing projects, unless otherwise indicated. 

The token airdrop will be transferred to the users’ spot wallets before the projects are listed on Binance Spot.

The regulatory authority of the United Kingdom, the Financial Conduct Authority (FCA), has recently arrested two individuals suspected of being involved in a crypto fraud worth 1 billion pounds. 

The two suspects were questioned on bail by the FCA and subsequently released on bail. Let’s see all the details below. 

Crypto and fraud: an illegal business uncovered by the FCA of the United Kingdom

As anticipated, the Financial Conduct Authority (FCA) and the London police forces have arrested two individuals suspected of running an illegal crypto operation worth $1.3 billion.

The regulatory authority stated in a press release the following:

“It is believed that more than 1 billion unregistered cryptocurrencies have been bought and sold through this activity.”

The suspects, aged 38 and 44, were cautiously interrogated by the FCA and released on bail. During the investigations, the FCA inspected the offices associated with the two. 

Furthermore, the Metropolitan Police has seized several digital devices during searches in two residential properties in London. Investigations are ongoing and the FCA has declined to provide further details.

Regulations and expanded powers

Since January 2021, crypto asset services must be registered with the FCA according to its anti-money laundering regulations. So far, only 44 companies have managed to enter the register, despite over 300 companies having tried.

The United Kingdom has also recently granted the police greater powers to seize and freeze cryptocurrencies and items related to cryptocurrencies during investigations. 

Therese Chambers, executive director of the FCA for enforcement and market supervision, commented: 

“The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests demonstrate that we will do everything in our power to prevent cryptocurrency companies from operating illegally in the UK.”

The regulatory authority might rely more heavily on its executive powers after being called into question by the UK’s spending watchdog, the National Audit Office. 

This happened at the end of last year, for being too slow in taking executive actions. 

The arrest of these two individuals represents a clear signal of the FCA’s determination to combat fraud in the cryptocurrency sector. As well as ensuring that the British financial system remains safe and transparent.

The approval of the FCA for WisdomTree to list crypto products on LSE

Recently, WisdomTree received approval from the FCA to list its exchange-traded product (ETP) Physical Bitcoin (BTCW) and Ethereum (ETHW) on the London Stock Exchange (LSE).

The listing arrived only two months after the initial announcement from the LSE. Furthermore, it positions WisdomTree as one of the first issuers to secure a listing in crypto ETP with the FCA.

Reacting to this news, Alexis Marinof, Head of Europe at WisdomTree, emphasized that this listing is essential for the growth of the sector and will increase the participation of cryptocurrencies in the British market: 

“The approval of the FCA in this sense could lead to greater institutional adoption of the asset class, as many professional investors have not been able to gain exposure to Bitcoin and other cryptocurrencies due to regulatory limitations and uncertainty. We expect that the approval of the FCA of the prospectus of our cryptocurrency ETPs will remove these barriers to entry.”

The recent wave of regulatory approvals for crypto products worldwide seems to be driven, in part, by the success of Bitcoin ETFs in the United States, which have recorded significant inflows after their launch. 

This has prompted other financial centers, such as Hong Kong, to accelerate their own cryptocurrency investment offerings.

In particular, Hong Kong has recently approved ETF on Bitcoin and Ether with features such as in-kind transfers and multiple fiat currency denominations, allowing for more convenient investment options. 

The move by WisdomTree to list its ETPs on the LSE marks an important step towards greater accessibility and adoption of cryptocurrencies by institutional investors in the United Kingdom.

Petah Tikva, Israel, June 20th, 2024, Chainwire

Bring web3, a pioneering player in the cryptocurrency space, is thrilled to announce the successful expansion of its funding to further develop its platform and to boost its increasing cycle of strategic partners.

Bring, the first white-label crypto cashback provider today announced completion of a 1.1 million dollar SAFE round. This major milestone will solidify Bring’s commitment to innovation and its mission to revolutionize the crypto cashback ecosystem.

Bring’s innovative platform pays cashback when purchasing fashion, electronics, health and beauty, travel services, and much more from 450 retailers. Web3 wallets and exchanges integrate Bring’s white-label solution to offer their users a frictionless and intuitive cashback experience.

The platform offers a range of search options while showcasing top brands. Via Bring’s expertly designed search engine, users find the products, brands and services they love. Users can search for “laptops” or “shoes”, or for preferred brands like Apple or Nike, and then select from a curated list of stores providing crypto cashback on their desired items.

Users enjoy a seamless e-commerce experience, using their preferred payment methods to purchase in fiat. After completing a purchase, they receive their earned crypto directly into their web3 wallet or exchange, making the process both convenient and rewarding.

“We are excited to welcome our new partners. We are humbled by the desire of prominent figures to join our journey and are grateful for the continued support of our existing investors”, said Bring’s CEO, Meir (Iri) Zohar.                                                                        

A key partner is Starkware, a leading player in the blockchain industry. The investment is part of a strategic partnership aimed at integrating crypto cashback into the Starknet ecosystem, driving greater utility and accessibility for users worldwide.

“As a strategic partner, Starkware’s collaboration with Bring represents a significant breakthrough by integrating crypto cashback into the Starknet ecosystem. We’re thrilled to be part of this innovative venture and look forward to the impact it will have on the crypto landscape,” said Starkware’s CEO, Eli Ben-Sasson.

Another strategic partner is Uri Segal, Co-founder and CEO at QualityScore, a global performance-based digital marketing agency that specializes in pay-per-click (PPC) advertising.

“Proud to be a strategic partner in the success of Bring’s latest funding round, looking forward to working with the team to benefit QualityScore’s clients”, said QualityScore’s Co-founder and CEO, Uri Segal.

Bring is also welcoming 12A, an early-stage venture capital firm founded by the KamaTech team and prominent figures in the Israeli high-tech industry. Team-X, an Angel Syndicate led by Ariel Finkelstein, and several prominent angel investors.

These esteemed investors and organizations join V3ntures, Bring’s first investor and a major player in the blockchain space led by Michal Amar and Nathennel Elchaim.

Meir (Iri) Zohar summarized “With this infusion of capital and the collaboration of our partners, Bring is well-positioned to push the boundaries of blockchain innovation, accelerate its growth, and drive meaningful impact in the crypto landscape.”

About Bring

Bring is the creator of the world’s first white-label crypto cashback service for web3 wallets and exchanges. By partnering with Bring, wallets and exchanges offer their users to earn a variety of cryptocurrencies, in the form of cashback, from 450 retailers in fashion, electronics, jewelry, travel, software, home decor, beauty, and more.

For more information about Bring and its latest developments, Users can visit https://www.bringweb3.io/

About Starkware

StarkWare Industries is an Israeli software company specializing in cryptography. It is at the forefront of zero-knowledge-proof technology development, aimed at addressing the scalability challenges of blockchain. StarkWare focuses on building a new blockchain platform, following the successful launch of their STRK token.                                                                                     

Users can learn more about Starkware by visiting StarkWare’s Official Website | Twitter | Linkedin

Starkware: marketing@starkware.co

Contact

Media Contact
David Amichai
Bring Web Ltd
davida@bringweb3.io

The issuers of stablecoin are a significant source of demand for United States (USA) Treasury securities, ranking 18th as the largest holder of US debt.

This phenomenon highlights the growing role of stablecoin in the global economy. Furthermore, it raises new concerns regarding the management of debt by the Washington government. Let’s see all the details below.

The growing concerns about Washington’s (USA) debt management and the growth of stablecoin 

As anticipated, the issuers of stablecoin emerge as a source of demand for United States Treasury securities. Meanwhile, concerns about Washington’s debt management are growing.

According to the data from Tagus Capital, issuers now cumulatively hold more than 120 billion dollars in United States Treasury securities.

This makes them the 18th largest holder of U.S. debt in the world, ahead of nations like Germany and South Korea. 

Tether, the issuer of USDT, the main cryptocurrency in the world pegged to the dollar by market value, holds alone about 91 billion dollars in Treasury.

Circle, the issuer of USDC, holds short-term U.S. debt, including repurchase agreements. This amounts to 29 billion dollars, according to Tagus Capital.

The legislation on stablecoin is among the cryptocurrency bills closest to becoming law in the United States.

Hopes remain alive that Congress will approve a new law on stablecoins before this year’s elections.

Doubts about the law on stablecoin

In April, Patrick McHenry, a key member of Congress, demonstrated optimism regarding the fact that the United States would pass a law on stablecoin by the end of the year.

However, the attempts to include a regulation of stablecoin in an unrelated reauthorization bill have failed. 

McHenry stated that “we are so close on this, we just need a legislative calendar, so we can bring things to the finish line in the Senate.” 

Tom Emmer, Majority Whip in the House of Representatives, suggested that the ‘lame duck session’ could be the opportune moment to attach legislation to a bill that must be passed. 

We remind that the lame duck session occurs in the transition period after the elections, before the elected president takes office in January 2025.

Increasing public debt and concerns

The public debt of the United States has surpassed the threshold of 34 trillion dollars at the beginning of this year and has grown rapidly, increasing by about 1 trillion dollars every 100 days.

It is expected that interest payments on the debt, also known as the cost of servicing the debt, will reach 892 billion dollars in 2024. The growing debt has prompted the Treasury to increase bond supplies from 2023.

On Tuesday, the Congressional Budget Office stated that the national debt could reach 50 trillion dollars by 2034. This would be equivalent to 122% of the annual economic output.

At the beginning of this year, COB warned that the growing concerns about debt could lead to a Liz-Truss style market chaos. Characterized therefore by the sharp drop in the US dollar and political uncertainty.

Cryptocurrency experts have long echoed a similar sentiment. In particular, stating that concerns about debt and the loss of confidence in Treasuries could stimulate the widespread adoption of alternative assets like Bitcoin and gold.

The issuers of stablecoin are therefore in a position of growing relevance in the global financial landscape.

Influencing therefore not only the cryptocurrency market, but also the traditional financial markets and the management of the United States public debt.

In other words, their continuous expansion and the evolution of regulation will be crucial themes to follow in the coming years.

This week, a couple of news items have been released that allow for positive predictions on the price of Ethereum and the upcoming ETFs: the first is the imminent stock market debut of the ETFs, and the second is the SEC’s decision to no longer consider it a security. 

The institutional question

Of the two pieces of news, the most important is the second, because as far as ETFs are concerned, it is expected that they will arrive sooner or later, after the approval in May.

It is such an important issue for Ethereum that it directly involves institutional investors as well.

In fact, there are several investors who cannot expose themselves to assets that could be recognized as unregistered securities, and therefore withdrawn from the markets. 

With the SEC’s withdrawal from proceeding with its investigation on Ethereum, and with the approval of spot ETH ETFs, there are no longer any doubts that ETH should also be considered a commodity.

Therefore, as stated by the CEO of Bitget, Gracy Chen, this shift could open the door to institutional investments in Ethereum and other altcoins.

Already the transition to Proof of Stake (PoS) had made it a more attractive asset for institutions seeking returns, similar to how they do with bonds, but now this institutional interest could also extend to other altcoins, improving their liquidity and market capitalization.

Therefore, the conclusion of the SEC investigation on Ethereum 2.0 could also have a significant impact on the altcoin market. 

The positive forecasts on Ethereum and ETFs after the SEC’s renunciation

Furthermore, the conclusion of the investigation without a negative verdict for Ethereum provides a greater degree of regulatory clarity in the USA, even though the country still does not have a clear and specific legal framework for the crypto sector.

This could further increase investor confidence in Ethereum and other altcoins, as Ethereum’s status often sets a precedent for other criptovalute.

According to the CEO of Bitget, moreover, such a scenario should also provide greater stability to the crypto market. Since Ethereum is not classified as a security, the immediate risk of a regulatory crackdown has been greatly reduced, and this stability could also benefit the broader altcoin market, encouraging investments and the development of various projects.

Chen also adds another positive consequence for the crypto ecosystem. 

In fact, the altcoins closely linked to the Ethereum ecosystem, such as those involved in decentralized finance (DeFi) and second-layer solutions, could register increased activity and interest. The stability and continuous development of Ethereum provide a solid foundation for the prosperity of these projects.

By now, it is clear that layer-2 are the future of Ethereum, and that they are already starting to play a very important role in the present as well. 

The landing of the ETF

According to some hypotheses, the new spot ETH ETFs in the USA should land on the stock exchange on July 2, that is, in about two weeks. 

Although it is now a widely anticipated event, and practically a given, the date is still uncertain. 

It is worth noting that when shortly after mid-May it became known that the SEC, in a completely unexpected way, seemed to be inclined to approve them, the price of Ethereum did register a jump, but it was decidedly contained. 

In a few hours, it went from $3,100 to $3,500, then climbed to almost $3,900 in the following two days. 

These figures, however, did not seem great, especially because they are far from the annual highs of 2024, namely the almost $4,100 recorded in March. 

In fact, over the following weeks, the price of ETH fell to below $3,400, which is a figure higher than that of mid-May but not by much. 

However, a couple of days ago there was a small rebound that brought the price above $3,600, but even this does not seem to be a sufficient figure to be able to affirm that the markets have already begun to test the actual landing of ETFs on the stock exchange. 

SEC: The effect of ETFs on Ethereum price forecasts

The most plausible explanations should be two. 

Or the markets have not yet really started to price the actual landing on the stock exchange of spot ETH ETFs in the USA. 

Or they fear that they will not turn out to be a success like those on Bitcoin. 

On the other hand, for example, on the Hong Kong stock exchange at the end of April, both the ETFs on BTC spot and those on ETH spot were launched simultaneously, with the latter performing much less well. However, these are figures that are too small to be representative. 

Furthermore, now that the SEC has raised the white flag, new opportunities are opening up for ETH, especially regarding institutional investments. 

And so the first hypothesis returns to the post, namely that the markets have not yet fully priced in the actual stock market debut of the ETFs. 

It should still be remembered that after the listing, the price of ETH could also correct a bit, because the Grayscale Ethereum Trust might start liquidating ETH just as the Grayscale Bitcoin Trust liquidated enormous quantities of BTC after being listed on the stock exchange at the beginning of January. 

In Germany, according to Arkham’s data, it appears that the government has transferred 425 million dollars in Bitcoin. The transactions see part of the sum sent to other crypto-exchange addresses and the other part sent to the original wallet address. 

Germany: Arkham identifies transactions for $425 million in Bitcoin by the government 

In Germany, it seems that a government agency has transferred $425 million in Bitcoin. Specifically, the sum was transferred to another wallet, returning part of it to the original wallet and sending part of it to the wallets of two crypto-exchanges.

According to the blockchain analysis platform, Arkham, the address has been identified as belonging to the German Federal Criminal Police Office (BKA). The BKA had previously seized nearly 50,000 BTC from a piracy site. 

The data shows BTC transactions totaling 64 million dollars, sent to Kraken and Bitstamp, indicating that there is an intention to sell. 

Another 6,500 BTC were, instead, moved from the wallet address belonging to the BKA to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd”, and then back to itself.

Germany: Bitcoin transactions by the government and Arkham’s identification

The address identified by Arkham as BKA or the German Federal Criminal Police Office refers to the story of the incredible seizure of Bitcoin in Germany.

In practice, in January 2024, the German authorities managed to confiscate as many as 50,000 Bitcoin linked to a piracy site.

This is the equivalent at that moment of about 2 billion euros that ended up in the digital wallet of the police, with the suspects who carried out the transaction seemingly voluntarily.  

Obviously, precisely because of the record sum, this remains at the moment the largest seizure of cryptocurrency in the history of Germany. 

Specifically, the confiscated BTC were linked to two individuals, one German and one Polish, accused of running a piracy site until 2013. Not only that, the German authorities believe that the Bitcoin were purchased with the proceeds from the distribution of pirated material through their site. 

The revelation about the crypto addresses of Tesla and SpaceX 

Last March 2024, Arkham Intelligence had instead announced that it had identified the crypto addresses of the companies Tesla and SpaceX, containing almost 20,000 Bitcoin.

Specifically, the exact figure at that moment was 19,794 BTC for a market value of over 1.3 billion dollars at that time. 

It concerns as many as 68 addresses that would refer to Tesla, while another 28 addresses to SpaceX. 

Arkham confirmed that the on-chain data matched the financial statements of the two Elon Musk companies. 

Singapore, Singapore, June 20th, 2024, Chainwire

SphereX, a pioneering decentralized exchange (DEX), is thrilled to announce the launch of its testnet. This significant step forward invites crypto enthusiasts and traders to experience the innovative features of SphereX in a secure, simulated environment. The testnet launch marks a pivotal phase in SphereX’s development, setting the stage for a new era in decentralized finance (DeFi).

Revolutionizing Trading with Advanced DEX Features

In the face of the evolving landscape of centralized exchanges (CEXs), SphereX introduces a robust solution that draws closer to the usability and functionality of traditional platforms while enhancing security and decentralization. With the introduction of independent Zk rollup technology, on-chain KYC, and a DAO-focused economic model, SphereX’s testnet is designed to address the rigorous demands of today’s DEX users.

Key Features and Benefits

SphereX introduces a suite of groundbreaking features designed to address the current limitations of traditional DEXs while optimizing the trading experience:

High Security: SphereX incorporates cutting-edge Zk rollup technology, bolstering transaction security and reliability, allowing users to trade with peace of mind.

Liquidity Solutions: Through its independent SDK tools and API interfaces, SphereX connects seamlessly with market makers, enhancing trading depth and flexibility for users.

On-Chain KYC: Implementing on-chain KYC with DID technology, SphereX enhances ecosystem transparency and curtails illicit activities, ensuring user identity authenticity.

Premium Economic Model: SphereX prioritizes retail investors with a DAO-based governance model, offering token holders incentives like fee reductions and profit-sharing, enriching the trading ecosystem.

Making Significant Leap in Trading Simplicity

Recognizing the critical need for competitive pricing and execution in the DEX derivatives market, SphereX’s testnet introduces a suite of features that elevates trading efficiency to rival that of CEXs:

Efficient Matching Engine and Diverse Order Types: The platform ensures rapid order execution and offers multiple order types to enhance trading strategies and risk management.

Advanced Security Measures: Incorporating multiple layers of security, including cold wallet storage, multi-signature technology, and continuous monitoring, SphereX prioritizes the safety of user assets.

“We are excited to unveil the SphereX testnet and demonstrate the unique capabilities of our platform to the global crypto community,” said Kai, CEO of SphereX. “The launch of the SphereX testnet is a pivotal milestone in our journey to set new standards in the world of decentralized exchanges. Our platform combines speed, security, and user-centric design, making it ideal for today’s dynamic trading landscape. We invite traders globally to participate in this transformative journey and help shape the future of DeFi.”

SphereX is dedicated to enhancing loyalty and engagement by giving back to its community, reinforcing its commitment to a user-first philosophy. The platform is designed to recognize and reward active participation, aiming to build a strong, supportive community around its innovative features. SphereX also integrates feedback mechanisms directly into its ecosystem, allowing users to influence development priorities and operational enhancements. This approach not only empowers users but also fosters a sense of ownership and belonging, essential for nurturing loyalty and encouraging long-term engagement within the DEX landscape.

As SphereX continues to innovate and expand its offerings, the platform is poised to attract significant user engagement, mirroring the successful adoption trends seen in other leading DEXs. SphereX’s strategic development and the robust performance of its testnet promise a future where decentralized trading platforms can truly compete with centralized counterparts in both functionality and user experience.

About SphereX

SphereX is a decentralized crypto exchange designed to provide users with a more secure, efficient, and user-friendly platform for trading digital assets. SphereX boasts a unique combination of capabilities that include off-chain matching for lightning-fast trade execution, on-chain settlement for enhanced security, and cross-margin trading to optimize capital utilization. To learn more about SphereX, users can visit the SphereX website, and for updates, news, and promotions follow SphereX on X and Telegram.

Contact

SphereX Marketing
contact@sx.xyz

Yesterday Jeremy Allaire, CEO and co-founder of Circle, a cryptographic company involved in the issuance and management of the stablecoin USD Coin (USDC) published a post on X in which he explains to be “more bullish than ever on the crypto sector”.

In particular, according to what was reported by the American entrepreneur, stablecoins could reach up to 10% of the total value of the world’s economic money, establishing themselves as the dominant asset class for digital payments.

Let’s see all the details below.

Jeremy Allaire of Circle on the future of crypto: stablecoins like USD Coin will represent 10% of the world’s economic money

Jeremy Allaire, CEO and co-founder of Circle, stated in a post on X that he is particularly optimistic about the future of both stablecoins and crypto in its broader sense.

The highest representative of the stablecoin USD Coin (USDC), CEO of Circle, argues that the development of decentralized payment systems that use cryptocurrencies as the underlying exchange asset can drive the social and economic development of the entire world, just as the internet did with the birth of networks and the empowerment of open software.

Allaire also believes that blockchain technology is ready with its applications to reach a large scale, now that it has reached its third generation phase while more and more developers are working to explore and improve possible integrations with the real and digital world.

The patron of Circle is confident that, despite the crypto industry still being in the early stages of its establishment in the global financial landscape, we could witness a true wave of mass adoption and technological growth in the next decade.

According to him, the adoption of cryptocurrencies could increase to “ billions of users” on “millions of applications” in the next 10 or more years, with much more trading activity on decentralized exchanges executed by smart contracts on public blockchain infrastructures.

Here is how it begins in the post published:

“I am more bullish than I have ever been about crypto”

I’m more bullish than I have ever been about crypto.

I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.

I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what’s…

— Jeremy Allaire (@jerallaire) June 19, 2024

Allaire, after a long experience in the world of the internet for 35 years and after working for over a decade on the development of the USD Coin (USDC), has come to the conclusion that in the future stablecoins will represent  10% of “global economic money” and will be used daily for common payments.

The founder of Circle focused on the fact that most digital payment companies are working to include blockchain technology around their infrastructures, with the intent of leveraging the trustless advantages of public chains and the scalability of stablecoins.

The next 10 years will be crucial according to him for the evolution of the crypto payments landscape: the addressable market size is in the order of billions of dollars, with banks that could leverage an efficient means for sending remittances and reducing the costs of cross-border trade. 

By 2035 Allaire expects a stablecoin market of 100 trillion dollars, with the credit intermediation market gradually shifting from fractional reserve lending to on-chain credit markets.

In order for the optimistic forecast of 10% by the head of Circle to become reality by 2034, the stablecoin market should grow at least with a compound annual growth rate of 47.7%, although the estimate does not take into account the growth of the 80 trillion dollar money market.

According to data from World Population Review, the current stablecoin market, which amounts to 162 billion dollars, represents just 0.2% of the size of the money market.

The market share of USDC and the possible growth in Europe in the coming months

At the time of writing the article, USD Coin (USDC) managed by Circle, represents the second cryptocurrency in the world by market capitalization, with a value of 34.5 billion dollars, second only to Tether, which leads the ranking with 117.6 billion dollars.

Counting only the digital environment of the blockchain of Ethereum, USDC increases its market share by encompassing 26.8% of the entire supply of stablecoin distributed on ERC-20 tokens, with USDT maintaining the lead despite a slight reduction.

DAI, FDUSD, TUSD, PUYSD and USDe are the stablecoins that follow the top two stable coins in the crypto market, but they differ significantly from the market shares of USDC and USDT.

Source: https://www.theblock.co/data/stablecoins/usd-pegged/share-of-total-stablecoin-supply

It is worth noting how Circle’s currency, despite having a smaller market capitalization compared to the stablecoin competitor of tether, boasts a significantly higher monthly trading volume throughout 2024.

Especially from April onwards, the volumes in USDC have more than tripled compared to those recorded in USDT, supporting the fact that the former is more frequently used for on-chain transactions, while the latter finds greater utility in CEX and offshore exchanges.

In all this, the data from “visaonchainanalytics” show how the number of transactions executed on both fronts is more or less similar, therefore this means that the users of USDC have used larger amounts.

Source: https://visaonchainanalytics.com/transactions

In the coming months, the gap between the two big stablecoins in the sector could further reduce, especially in the European territory where the MiCA (Markets in Crypto Assets) regulation is officially coming into effect on June 30, 2024.

With MiCa, several stablecoin issuers, including Tether, would encounter various compliance problems with the new regulation and could be excluded from the crypto exchange markets: in this regard, OKX and UpHold have already confirmed the delisting of USDT in their trading pairs.

USDC seems to be the only stable coin in the crypto landscape that fully meets the criteria imposed by MiCa, and consequently has a good chance of being advantaged in Europe compared to its competitors.

In this sense we expect that the marketcap of USDC will rise in the coming months, to the detriment of that of USDT and other stablecoins that could register some losses.

https://t.co/8ddbiuJAiO

— Jeremy Allaire (@jerallaire) June 19, 2024

In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.

In this article we talk about an incredible story: a few days ago the auditing company Certik identified a flaw in the security systems of the crypto exchange Kraken that could lead to a serious hack.

After conducting some tests for 3 days and executing a “white hack” attack worth 3 million dollars, Certik contacted Kraken to inform it of the bug, but initially refused to immediately return the stolen amount.

The exchange in crypto immediately contacted law enforcement treating the situation as a criminal case, while the cryptographic security firm insists that it is a typical test of a “bounty program.” Now the funds seem to have been returned.

Let’s see everything in detail below.

The 3 million dollar hack against the crypto exchange Kraken: Certik is responsible, but refuses to return the money

This story begins on June 9, 2024, when the crypto exchange Kraken receives an informal communication from a “security researcher” who claims to have discovered a vulnerability on the platform that could have caused a large-scale hack.

As reported in a post-mortem tweet by Nick Percoco, Chief Security Officer of Kraken, the researcher had highlighted a flaw in the security systems of the deposits (unable to distinguish different states of internal transfer), which allows users to inflate their balance and withdraw more coins than they actually have available. The exchange immediately took action to resolve the issue, and in just 47 minutes a team of experts managed to fix the bug.

Here is what Percoco reported:

“the bug allowed a malicious attacker, under the right circumstances, to initiate a deposit on our platform and receive funds into their account without fully completing the deposit. To be clear, no customer assets were ever at risk”

Kraken Security Update:

On June 9 2024, we received a Bug Bounty program alert from a security researcher. No specifics were initially disclosed, but their email claimed to find an “extremely critical” bug that allowed them to artificially inflate their balance on our platform.

— Nick Percoco (@c7five) June 19, 2024

So far everything is normal, except that the same security company web3 where the researcher who contacted Kraken works, before officially reporting the bug, would have carried out several hacks on the platform for a total of 3 million dollars.

Immediately after the publication of Percoco’s post, the well-known auditing firm Certik immediately took responsibility for the incident and revealed its crucial role in the matter.

Certik allegedly “tested” Kraken’s defense mechanisms by carrying out a large-scale attack, and withdrawing large quantities of MATIC tokens from 3 different accounts, then cleaning the traces of the funds through the Tornado Cash mixer.

 As explained by the security manager of the exchange, after fixing the problem, Kraken asked Certik to return the funds, but she initially refused.

Despite this, Certik insists that its activity is in line with the principles of “white hack”.

Apparently Certik did not mention the role of the 3 account exploiter in the incident, despite having performed the withdrawal tests in the 3 days prior to the communications with Kraken.

The security researcher who spotted the bug, would have asked for a substantial bounty for having identified a major flaw that could have imploded into a heavy hack, but Kraken insisted on getting their funds back.

Since the auditing company refused to return the loot, and indeed seemed to have moved to hide the evidence of the hack, the exchange decided to treat the situation as if it were a criminal case by notifying the competent authorities and law enforcement.

The web3 security company had asked the exchange for a bounty reward equal to the amount speculated that this bug could have caused if it had not been disclosed, infuriating the exchange platform team.

Percoco commented on his X profile about what happened, showing all his opposition towards Certik’s behavior:

“This is not white hacking, this is extortion”.

We’ll not disclose this research company because they don’t deserve recognition for their actions. We are treating this as a criminal case and are coordinating with law enforcement agencies accordingly. We’re thankful this issue was reported, but that’s where that thought ends.

— Nick Percoco (@c7five) June 19, 2024

The denial by Certik: funds returned despite some employees having received threats from the Kraken team

Certik, after introducing itself as the company responsible for identifying the flaw in the deposit systems, immediately denied what Kraken reported, highlighting its “white hack” role and its positive intentions.

The company revealed that it had set up a large-scale hack, for an amount of 3 million dollars, solely for the purpose of testing the exchange’s defense, but it also emphasized that it never refused to return the loot but rather wanted to ensure that everything was executed correctly.

Certik said she was amazed by the potential negative impact that the bug could have caused, but especially by the fact that Kraken’s alarms were never triggered. This was stated in a post: 

“Millions of dollars can be deposited into ANY Kraken account. A huge amount of crypto (worth over 1M+ USD) can be withdrawn from the account and converted into valid cryptos. Worse still, during the multi-day testing period, no alerts were triggered”.

Furthermore, the auditing firm explained that a member of the exchange team had threatened their own researcher to return the amount within an unreasonable time frame (6 hours) without, however, providing a repayment address.

This took place after, days after the hack, the two companies had a call to try to find a solution and resolve the matter.

CertiK recently identified a series of critical vulnerabilities in @krakenfx exchange which could potentially lead to hundreds of millions of dollars in losses.

Starting from a finding in @krakenfx's deposit system where it may fail to differentiate between different internal… pic.twitter.com/JZkMXj2ZCD

— CertiK (@CertiK) June 19, 2024

Apparently, what triggered the chaos was the amount of the bounty reward proposed by Kraken, which was not considered appropriate to the effort made and the potential exploit prevented. As reported by a spokesperson for Kraken to Coindesk:

“We involved these researchers in good faith and, in line with a decade of managing a bug bounty program, we had offered a considerable bounty for their efforts. We are disappointed by this experience and are now working with law enforcement to recover the assets from these security researchers”.

Today Certik published another post with some FAQs to further clarify their position and remove any doubt.

The security company reiterates that it has “consistently” confirmed that it would return the stolen amount, and states that now all the funds are back in Kraken’s hands.

These funds were sent back to the sender in 734.19215 ETH, 29,001 USDT, and 1021.1 XMR, while the exchange had expressly requested to send 155818.4468 MATIC, 907400.1803 USDT, 475.5557871 ETH, and 1089.794737 XMR, for a total equivalent value greater by about 100,000 dollars.

Q&A to recent CertiK-Kraken whitehat operations:

1. Did any real user lose fund？
No. Cryptos were minted out of air, and no real Kraken user’s assets were directly involved in our research activities.

2. Have we refused to return the funds?
No. In our communication with…

— CertiK (@CertiK) June 20, 2024

Kraken remains firm on its concept of ethics of “white hacking” and maintains that the bullying carried out by Certik can be identified as extortion.

The Bounty program of the exchange indeed requires third parties to find the problem, exploit the minimum amount necessary to test the bug (without executing a 3 million dollar hack), return the resources, and provide details on the vulnerability.

Binance, the popular crypto-exchange, has received a fine of 2.25 million dollars in India. The Indian Financial Intelligence Unit (FIU-IND) states that Binance provided services to Indian customers without complying with the country’s anti-money laundering regulations.

Binance: from India comes a fine to the crypto-exchange of 2.25 million dollars 

The Financial Intelligence Unit of India (FIU) announced that Binance received a fine of 2.25 million dollars, for not complying with the country’s anti-money laundering regulations. 

Specifically, the fine imposed is 188.2 million rupees and sanctions the popular crypto-exchange for multiple violations of the Prevention of Money Laundering Act (PMLA) of 2002. 

Binance operates in India as a provider of virtual digital asset services, and should maintain and report transaction records as a guarantee of solid anti-money laundering (AML) measures.

However, it seems that from the investigation by the Indian FIU, Binance did not comply with its obligations while it continued to serve its services to Indian customers. 

The fine comes after Indian authorities issued warrants to Binance, as well as several other offshore crypto-exchanges, removing the latter from India for their illegality earlier this year. 

Binance: in India arrives the fine of $2.25 million to the crypto-exchange for not complying with anti-money laundering regulations

The fine of 2.25 million dollars to Binance came after the Indian financial regulatory authority issued charges against the crypto-exchange. 

Not only that, it seems that the report with written and oral statements from the director of Binance, and its available corporate documents, has also been examined. 

In any case, Binance had obtained the registration from the anti-money laundering regulatory authority of India just last May 2024, along with KuCoin. 

These two crypto-exchanges were the first offshore entities related to cryptocurrencies to receive such registration in the country. The motivation of the regulatory authority for granting such registration was that both confer a bit more credibility to the system. 

Return to India “at all costs”

This fine is in addition to another penalty already announced last April 2024, before Binance obtained its registration in India.

In fact, even at that time, Binance stated it was ready to pay the 2 million dollar fine as part of its strategy to become a compliant and registered entity, according to Indian financial regulations. 

This strategic move would have helped the popular crypto-exchange to re-enter the market in India, after being excluded along with nine others at the beginning of 2024. 

The crypto Shiba Inu (SHIB), Ripple (XRP), and Binance Coin (BNB) have attracted particular attention thanks to their recent developments and future potential. This article explores the latest news regarding these three cryptocurrencies, based on authoritative sources.

Shiba Inu, Ripple e Binance Coin: analysis of the crypto

According to a recent article, Shiba Inu (SHIB) and Dogecoin (DOGE) show signs of being more bull compared to Bitcoin. 

This is due to various factors, including a strongly engaged community and several marketing initiatives that have helped keep the focus high on these cryptocurrencies. In particular, Shiba Inu has benefited from a series of announcements and collaborations that have strengthened investor confidence. Additionally, the expansion of its ecosystem, with the introduction of ShibaSwap and other DeFi functionalities, has increased the utility of the SHIB token.

Ripple (XRP) continues to be one of the most discussed cryptocurrencies, especially in relation to its potential IPO (Initial Public Offering). As reported by Watcher Guru, if Ripple decided to go public, the value of XRP could see a significant increase. 

This is because an IPO would increase transparency and investor confidence, attracting additional capital. Furthermore, Ripple has formed partnerships with various governments, improving its position as a reliable solution for cross-border payments. These collaborations could act as a catalyst for greater adoption of XRP, further supporting its price.

Binance Coin (BNB), the native token of the Binance platform, has shown an impressive performance despite the regulatory challenges faced by the exchange. Recently, the price of BNB fell below 600 dollars, but many analysts are optimistic about its recovery potential. 

According to Watcher Guru, BNB could once again surpass the $600 threshold thanks to various factors, including the introduction of new features on the Binance platform and initiatives such as airdrops for BNB holders. Additionally, the integration of BNB into various DeFi projects and the continuous development of the Binance ecosystem could support its price in the long term.

Comparative analysis

When comparing SHIB, XRP, and BNB, it is important to consider the different dynamics that influence each cryptocurrency. SHIB and DOGE, for example, are often driven by speculation and community involvement, while XRP and BNB are more tied to the fundamentals of their respective platforms and their technological developments.

Shiba Inu (SHIB): Mainly driven by the community and marketing initiatives. The expansion of its DeFi ecosystem is a key factor for its future.

Ripple (XRP): Supported by solid partnerships and potential regulatory developments, an IPO could be a significant turning point.

Binance Coin (BNB): Benefits from the continuously growing ecosystem of Binance and the initiatives that encourage holding BNB.

Conclusion

The cryptocurrencies Shiba Inu, Ripple, and Binance Coin represent three unique cases in the altcoin landscape. Each has its strengths and challenges, but all show significant potential for the future. 

Investors interested in these cryptocurrencies should carefully consider the fundamentals of each and monitor future developments to make informed decisions.

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The growth of the cryptocurrency market does not fade away from the attention of investors, especially with the emergence of new forms of meme coins that combine humor and relatively high investment opportunities. Amidst the vast landscape of virtual currencies, the analysts’ top picks suitable for investment are Dogecoin, Raboo, and PEPE, for various reasons. Dogecoin remains a beloved pioneer, Raboo is celebrated for its innovative features, and PEPE is gaining momentum with its fresh approach. Read on to find out more about these analysts’ top picks. 

Dogecoin’s recent market performance 

The memecoin market still credits Dogecoin as a pioneer of its kind. However, recent trends are showing mixed results. Currently trading around $0.1219, Dogecoin has decreased by 18.07% over the past seven days. Nonetheless, amidst the market uncertainties, Dogecoin continues to flaunt prominence in the market with a healthy trading volume, of over $17bn, which contributes to affirmative notions regarding the constant engagement of the members of the crypto community.

Considering the nature of Dogecoin’s longevity, the features that impact its operations include active community support, extensive media coverage, and conformity to the trends. These elements have played a role of ensuring that it is useful even with the ever creative cryptocurrencies around the corner. While moving forward, the use of charitable donations through Dogecoin and the growing correlation of the token with commerce platforms may add to the greater assertion of Dogecoin in the cryptocurrency market, which may affect future market trends.

Pepe’s growing momentum 

PEPE has recently seen a notable increase in its market performance, positioning it as a rising star in the meme coin sector. Presently, it is trading in the market at  $0.00001123. Also, PEPE has gained an outstanding 19.30% over the last one month. This has quickly moved PEPE to the 23rd largest crypto asset with a market capitalization of $4.73 billion. 

The following are some of the factors which can explain this growth in the PEPE’S circulation due to strategic development and use of technology. New partnerships have expanded its reach and utility, while updates to its technology have improved transaction efficiency and security. In addition, PEPE has engaged in strategic marketing campaigns that have enhanced its marketing appeal to a wider market. All of these factors have contributed to a heightened investor interest and confidence for PEPE, signaling a brighter future for the development of the coin in the cut throat cryptocurrency market.

Raboo emerges as analysts top pick 

Raboo has rapidly captured attention in the cryptocurrency market with its innovative approach and significant growth. Currently in Stage 4 of its development, Raboo’s price has surged to $0.0048, marking a 60% increase since its initial launch. This growth is supported by a strong community of over 8,000 registered users and 2,500 token holders, with a total of over $1.6 million raised. Analysts also predict a 100x surge. These figures not only demonstrate Raboo’s growing popularity but also its potential as a significant player in the meme coin market.

Raboo stands out due to its unique features, including AI-backed technology that enhances user engagement and decision-making, along with a Post-to-Earn feature that rewards users for their contributions, and a robust SocialFi ecosystem that integrates social interactions with financial incentives. These innovative elements make Raboo more than just a meme coin; Raboo provides real utility and opportunities for users to earn while participating in its ecosystem. As Raboo continues to develop and expand its features, it is poised to grow rapidly and reshape the landscape of the meme coin sector.

Conclusion 

Dogecoin, Raboo, and PEPE have emerged as standout choices among cryptocurrency analysts, each bringing unique features and robust market positions. Dogecoin continues to charm with its pioneering community spirit, Raboo impresses with innovative tech like its AI-backed platform, and PEPE shows strong momentum with strategic enhancements. Staying updated on these trends and innovations is crucial for making smart investment decisions. For those looking to enrich their portfolios, Raboo stands out as a particularly promising option due to its rapid growth and engaging features. Invest in Raboo today.

You can participate in the Raboo presale here.

Telegram: https://t.me/RabootokenPortal

Twitter: https://twitter.com/Raboo_Official

*This article was paid for. Cryptonomist did not write the article or test the platform.

The crypto exchange Binance has filed an appeal in Canada against the 4.4 million fine imposed by Fintrac. 

Reported by Bloomberg citing Canadian Press as the source.

Canada: The million-dollar fine to the crypto exchange Binance

In May, the Canadian financial markets regulatory authority, Fintrac, had fined the exchange for AML and CFT violations. 

The fine imposed was 6 million Canadian dollars (CAD), corresponding to approximately 4.4 million US dollars (USD). 

The Canadian regulatory authority has accused Binance of facilitating 5,902 transactions of at least 10,000 CAD, from June 2021 to July 2023, without being registered in their records. Registration would be mandatory to carry out this type of activity in Canada, and thus the accusations have been made.

In the official statement from Fintrac in May, it was stated that the reason for the fine was Binance’s non-compliance in Canada with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related regulations.

Furthermore, it was reported that the Canadian regulatory authority had found that Binance Holdings Limited had committed some administrative violations, such as the failure to register with FINTRAC itself as a foreign money services business, and the failure to report large virtual currency transactions equal to or greater than $10,000. 

Therefore, the exchange was not accused of money laundering, but only of not reporting significant transaction amounts to the Canadian authorities. Although these transactions are not necessarily related to money laundering or terrorism financing, the lack of reporting meant that the authorities could not verify it. 

The reaction of Binance

Already in May of last year, Binance had announced its intention to exit the Canadian market precisely due to regulatory concerns. 

However, Fintrac previously pointed out that the company had several opportunities to register in Canada in order to operate legally, but it did not complete such registration within the stipulated deadlines. 

On September 25, 2023, Binance officially ceased all operations in Canada, but according to Fintrac until that day it had been operating in violation of Canadian regulations. 

Several months have passed since then, and only last month Fintrac concluded its investigation and imposed the fine of 6 million CAD on the exchange. 

Binance, however, has been out of the Canadian market for months now, and therefore has decided to oppose this sanction. 

Thus, he decided to file an appeal against the fine with an appeal to the Federal Court in which he claims that he no longer offers his services to those based in Canada, and that any current involvement in the Canadian market is marginal compared to his global business.

The precedents in the USA

Something very similar to Binance has also happened in the USA. 

In the United States, however, the fine imposed was about 4 billion dollars, and the exchange agreed to pay. 

It should not be forgotten that there is still a version of the exchange dedicated to the US market, Binance.US, and that the USA is the largest financial market in the world. 

In Canada, only 39 million people live, which is almost a tenth compared to the 333 million of the United States of America. 

It is therefore absolutely understandable the different attitude that the exchange is reserving for the two markets, and the two countries, given that the Canadian market could be almost completely abandoned and then ignored, while the US market remains a point of reference. 

By now Binance, through Binance.US, is still really not very active in the USA, so much so that its exchange dedicated to the US market currently has daily trading volumes of less than 6 million dollars, compared to over 2 billion of Coinbase and the 15 billion of the international version of Binance. 

Despite this, the company has nevertheless decided to comply with the impositions of the US authorities, while instead it has decided to oppose those of the Canadian authorities, despite a fine a thousand times lower. 

SPONSORED POST*

Cryptos In The Next Bull Run (DTX, ONDO, ARB)

With crypto enthusiasts anticipating the next crypto bull run, experts are releasing reports to help guide investors to top altcoins whose prices may increase significantly. DTX Exchange (DTX), ONDO, and Arbitrum (ARB) are some tokens likely to deliver supersized coin earnings. 

Let’s explore DTX, ONDO, and ARB.

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DTX Exchange Pulls Investors To Public Presale With Appealing Coin Earnings

As the cryptocurrency market grows, new entrants deliver far-reaching impact. DTX Exchange is one of the latest platforms joining the market with futuristic features and revolutionizing the investment world. With over 120,000 assets listed on its platform, unmatched leverage, and automated accurate trading strategies, DTX enables access to TradFi and DeFi assets on one platform and massive profitability. 

Moreover, DTX Exchange is a marketplace that welcomes veteran and newbie traders of all asset classes. It is easy to use, secure, confidential, and compliant with international financial regulations. Further, it offers a native ERC-20 token, DTX, to speed up and lower platform transaction costs and boost investment returns with its staking and arbitrage capabilities. 

These features have attracted investors to DTX Exchange’s ongoing public presale. As a result, DTX has already closed its first presale, and its second round has pulled in over $700,000 a few days after opening. Moreover, its 25% price bonus and enticing giveaways continue to draw investors to the promising new token, likely to deliver massive profits in the crypto bull run. 

>>> BUY DTX TOKENS HERE <<<

ONDO Outlook Impresses Investors As It Leads RWA Tokenization 

ONDO’s price has jumped by 1,362.4% in the last six months as it becomes the market leader in RWA tokenization. Moreover, the total value locked (TVL) on ONDO increased from $352 million to $506 million between May and June. These significant value surges are attributed to ONDO’s innovation in the RWA field, as crypto regulation discussions focus on digitizing TradFi assets. Moreover, ONDO has experienced massive corporate investor interest, confidence, and investment. 

Despite the increase in its metrics, ONDO’s price fell 28.6% from $1.47 to $1.05 in June. The price drop is attributed to profit-taking after its impressive price rally. Despite the price drop, traded volumes continue to indicate substantial market demand. It leads market experts to conclude that now is the best time to buy ONDO, as it is on the verge of a turnaround to deliver even higher gains. 

Besides leading in RWA, its USDY token continues to gain prominence in the crypto market after becoming a payment option on Shopify.

Technical analysis indicates a bearish market sentiment, with its price likely to drop in the short term. However, experts anticipate a turnaround and predict it will reach a new ATH in the $2 range in the next crypto bull run. 

Arbitrum Holders Optimistic It Will Soar To New Levels

ARB is among the tokens crypto enthusiasts expect to provide significant profits in the next crypto bull run. As an Ethereum scaling layer-2 solution, investors anticipate a massive price surge when Ethereum ETFs start trading. 

Arbitrum experienced a price increase of 38% from $0.85 to $1.17 between May and June. The price rise is due to rising demand, with crypto enthusiasts buying ARB to prepare for the next crypto bull run. 

With the bullish ARB market sentiment, experts expect Arbitrum’s price will keep rising. Crypto price prediction forecasts a rise to $1.7 by the end of the year. 

Buy DTX Now For Massive Gains In The Next Crypto Bull Run

DTX Exchange’s public presale promises a 500% gain if you buy now. Savvy investors have already purchased millions of tokens with a 25% uptake in Stage 2. With tokens valued at $0.04 and its anticipated listing price at $1, now is the best time to buy DTX.

Do you want more details about DTX?

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*This article was paid for. Cryptonomist did not write the article or test the platform.

The case of Tornado Cash has attracted particular attention and solidarity: the crypto community has mobilized to support the developers of Tornado Cash, creating a legal fund of 2.3 million dollars to help them defend themselves against the accusations made against them. 

This event highlights a crucial issue for the entire sector: can writing code be considered a crime?

The case of Tornado Cash and the response of the crypto community

Tornado Cash is a privacy protocol for Ethereum that allows users to mix their transactions to enhance confidentiality.

This tool, like other mixers, has been designed to protect the anonymity of transactions on the blockchain. However, its nature has attracted the attention of regulatory authorities, concerned about the potential use of these tools in money laundering and other illegal activities.

Recently, the founders and developers of Tornado Cash have been hit with legal charges that include facilitating illicit activities through the platform. Authorities claim that the protocol has been used to hide illegal transactions, indirectly involving its creators in these activities.

The crypto community reacted strongly to these accusations, arguing that the mere writing of code should not be considered a crime. Their main argument is that the creators of technological tools should not be held responsible for the way these tools are used, especially when the original intention is to protect privacy and improve security.

To support this position, the community has raised a legal fund of 2.3 million dollars. This fund is intended to cover the legal expenses of the sviluppatori di Tornado Cash, offering them the opportunity to adequately defend themselves in court. The fundraising has been seen as an act of solidarity and a strong signal to regulatory authorities: the crypto community is ready to defend its members and the fundamental principles of decentralization and privacy.

The freedom of coding and innovation

The case of Tornado Cash has sparked a broader debate on the responsibility of software creators. Many legal experts and supporters of criptovalute emphasize that considering code writing as a crime could have disastrous consequences for technological innovation. If developers have to fear legal repercussions for every tool they create, innovation could slow down drastically, hindering technological progress.

One of the most important aspects of the discussion is the freedom of coding. Historically, writing code has been seen as a creative and intellectual act, similar to writing a book or composing a song. The ability to express ideas through code has been a driving force behind many of the technological innovations of recent decades.

The crypto community, supporting the developers of Tornado Cash, is also defending this freedom. The message is clear: coding should not be criminalized and developers should not be prosecuted for the actions of third parties who use their tools in unintended or illegal ways.

The result of the Tornado Cash case will likely have far-reaching implications for the cryptocurrency industry and technological development in general. If the authorities manage to establish a precedent where writing code can be considered a crime, many other projects and developers could find themselves in similar situations.

On the other hand, if the developers of Tornado Cash manage to defend themselves successfully, it could be a significant victory for the crypto community and for the freedom of coding. This case could establish an important legal precedent that protects the rights of developers and further promotes technological innovation.

Conclusions

The mobilization of the crypto community in support of the developers of Tornado Cash with a legal fund of 2.3 million dollars is a powerful example of solidarity and defense of the fundamental principles of decentralization and privacy. 

While the legal case continues, the entire cryptocurrency sector watches closely, aware that its outcome could influence the future of technology and innovation. Tornado Cash’s legal battle is much more than a simple judicial matter; it is a fight for the freedom to code and for the right to innovate without fear of legal persecution.

FIFA announces its rebrand to FIFA Collect and, in collaboration with Modex, dives into Web3, integrating blockchain technology. 

FIFA: the official rebranding and the dive into Web3 and blockchain in collaboration with Modex

The International Federation that governs the world of football, FIFA, has announced the official rebranding of its digital collecting platform: FIFA Collect. 

The big day has arrived! @FIFAcom has announced the evolution of FIFA Collect, bringing together some significant changes onto the platform, in collaboration with @modex_tech:

Rebranding of the platform into FIFA Collect to boost synergies with the FIFA world.

… pic.twitter.com/8cVi36BbHf

— FIFA Collect (@FIFACollect) June 19, 2024

“The big day has arrived! @FIFAcom has announced the evolution of FIFA Collect, bringing some significant changes to the platform, in collaboration with @modex_tech:  

Rebranding of the platform to FIFA Collect to increase synergies with the FIFA world.

Official opening of FIFA Collect to all clubs and federations of the world.

Exploration of further ways to leverage Web3 and blockchain technologies to generate scalable value in the near future.

Modex is ready to rewrite the rules of the game alongside FIFA, with ambitious and revolutionary future projects. Join us on this extraordinary journey.

In the announcement, FIFA Collect also announces the strategic integration of Web3 and blockchain technology into its main operational structures, all in collaboration with Modex. 

Specifically, through the Web3 platform of digital collecting, fans will have the unique opportunity to own and interact with the digital pieces of their favorite football clubs and federations. 

In this way, FIFA Collect aims to enhance fan engagement and interaction to an unprecedented level.

FIFA and Modex together to leverage the advantages of Web3 and blockchain technology generating value 

The announcement goes on to state that the collaboration between FIFA Collect and Modex will serve to explore further ways to leverage Web 3.0 and blockchain technologies to generate scalable value in the near future.

Starting today, June 20, Modex and FIFA will share new projects at the  FIFA Plage at the Sport Beach forum in Cannes. 

In reality, FIFA Collect on Modex already exists and in the past has made headlines for some important collections.

Among others, there is the NFT collection for the FIFA Club World Cup Saudi Arabia 2023, which saw two launches in December 2023. The first featured as many as 100 rarer Non-Fungible Tokens that also offered the chance to secure tickets for the 2026 World Cup final.

The second launch, on the other hand, consisted of 900 NFTs issued on the Polygon network, made available on the OpenSea marketplace. This collection included the memorable moments of the tournament and the digital version of the memorabilia. 

The partnership with Algorand

In September 2022, then, FIFA had announced its collaboration with the blockchain Algorand, again to launch the NFT collection of FIFA Collect. 

Here too, new NFTs depicting the most significant moments of the FIFA World Cup matches have been put up for sale, both for the men’s and women’s tournaments. 

A few months later, with the start of the 2022 FIFA World Cup in Qatar, the Algorand blockchain had recorded an increase of +15%. 

Hong Kong, Hong Kong, June 20th, 2024, Chainwire

Zeek has completed a USD 3M seed funding round from investors including OKX Ventures, Animoca Brands, and Mask Network

Zeek will be changing the way social collaboration works in SocialFi through the use of reputation mechanisms

The Tier-0 Genesis NFT collection, limited to 250, will be dropped later this month

Zeek, a decentralized collaboration network for on-chain social bounty and reputation, has successfully completed a USD 3M seed funding round ahead of its official launch in July.

Investors include OKX Ventures (as part of its strategic investment in Everest Venture Group’s consumer-oriented products, which includes Zeek), Animoca Brands, Mask Network, Arche Fund, Summer Ventures, Blockchain Coinvestors, Aspen Digital, CatcherVC, Panony, Spacebar, Hardbank and super angels including Jason Kam of Folius Ventures, Ivan Li of Comma3 Ventures and Donny Chi of WeMade.

“Backing the Zeek team resonates with our goal of supporting bold founders in building the future of the open internet, and it is definitely an exciting opportunity to participate in the nascent growth of something new in the SocialFi space. Our confidence in the team’s vision and execution capabilities strengthens our commitment to helping their growth,” said Thanh Le, the Founder of Nighty Eight.

“We see significant potential in consumer-oriented initiatives like Zeek that blend real use cases with gamified experiences in social and gaming contexts. Zeek’s decentralized collaboration economy promotes organic collaboration through on-chain bounties. By monetizing the idle value of social networks and personal skills, it creates new opportunities for all participants. We are confident that this will make disruptive technologies accessible and enjoyable for mainstream audiences,” said Suji Yan, the Founder & CEO of Mask Network

In the world of Web3, users are constantly encouraged to do their due diligence before trusting a person, platform, or any information they see, which is easier said than done. Zeek aims to solve this through its on-chain reputation construct, recognizing users who create value through social collaboration.

Powered by OpenSocial Protocol, Zeek is a social network that allows users to unlock the value of their intelligence, network, access, and time through on-chain social bounty mechanics and reputation called Wish and Rizz.

(Image 1: ‘Wish’ on discovery page)

Social value is created as users create and participate in ‘Wishes’, which can be applied for different purposes, whether to seek out information and insight or expand your network and connections. Users will then be able to gain ‘Rizz’ through contributions and engagements in the network, which will naturally construct a social reputation layer for everyone and act as an on-chain recognition of the social value the user creates. 

‘Rizz’ is an embodiment of karma whereby the more you give, the more you should be given in forms of economic incentive and measurable influence. Zeek’s product and token are designed to foster such collaboration and construction of on-chain reputation.

With Zeek, users will be able to check the reliability of a person based on the reputation they have built, creating a whole new way to enforce trust in the Web3 world. 

“The future of SocialFi is to create new social economies through the financialization of existing social behaviors and hence, we have built Zeek as we believe the endgame of SocialFi is the reputation layer, which bridges the gap between social influence and on-chain identities,” said Angus Ko, CEO of Zeek.

Zeek is anticipated to officially launch in July, with its Private Beta running from the present until the launch date. Currently, users are able to pre-register via their X and Discord accounts here. Additionally, Zeek’s Tier-0 Genesis NFT collection, limited to 250, will be dropped later this month.

About Zeek

Zeek is a decentralized collaboration economy incentivizing reputation, and powered by innovative social bounty mechanics called ‘Wishes’. Individual behaviors and engagements contribute to the construction of a reputation layer called ‘Rizz’, which can be monetized and utilized to gauge credibility, reliability, and influence.

Twitter | Website

Contact

PR Manager
Kelvin Yeo
Everest Ventures Group
kelvin.yeo@evg.co

In the context of the upcoming 2024 presidential elections, former United States President Donald Trump has renewed his stance on Bitcoin, emphasizing the crucial importance for the United States to take a leadership role in the cryptocurrency sector. 

Bitcoin: a strategic resource for Donald Trump

Donald Trump has recognized the strategic potential of Bitcoin not only as a digital currency, but also as a technological and financial resource. During several recent speeches and interviews, he highlighted how Bitcoin and cryptocurrencies can represent an opportunity to strengthen the US economy and ensure its competitiveness on a global level.

“If we do not become leaders in Bitcoin, other countries will surpass us in this critical sector, Bitcoin represents the future of digital transactions and financial security, and we must ensure that we are at the forefront” 

Trump stated in one of his recent public appearances. 

The position of Trump fits into a broader context of technological innovation and economic policy.

Trump also emphasized the importance of creating a regulatory framework that encourages the adoption of cryptocurrencies, while at the same time protecting investors and preventing fraudulent activities. His vision involves a balanced approach that promotes innovation without compromising financial stability.

The criticisms and the public debate

Despite his enthusiasm for Bitcoin, Trump’s position has sparked a heated debate. Some critics argue that cryptocurrencies can be used for illegal activities and that their volatile nature poses a risk to investors. Others, however, see Bitcoin as a threat to traditional financial institutions and to government control over monetary policy.

Trump responded to these criticisms by emphasizing the need for clear and transparent regulations that can mitigate the risks associated with cryptocurrencies. He also highlighted how technological innovation can help develop solutions for these problems, transforming Bitcoin into an opportunity rather than a threat.

A crucial point in Trump’s speech is the comparison with other countries. Countries like China and Russia are already exploring and implementing technologies based on blockchain and cryptocurrencies. China, in particular, has launched its own digital currency, the Digital Yuan, and is heavily investing in the development of advanced technological infrastructures.

Trump warns that if the United States does not act quickly, they risk being overtaken by these countries in the race for technological leadership.

“We cannot afford to fall behind, we must invest in research and development, create a favorable environment for start-ups, and ensure that the United States is the center of innovation in Bitcoin and blockchain”

Conclusion

The push by Donald Trump for the United States to take on a leadership role in the Bitcoin sector reflects an ambitious vision for the economic and technological future of the country. His pro-Bitcoin stance represents a significant shift from his previous views on cryptocurrencies and could significantly influence the political and economic debate in the years to come.

Regardless of personal opinions on Bitcoin, it is clear that cryptocurrencies and blockchain technology are becoming increasingly important in the global economy.