#FraudAlert #Arbitrator #CS #CS_is_Bot #P2P I have recently been robbed by a merchant who has very good customer feedback and a very large number of successful P2P trades. I myself have a number of successful trades with him. Here I share the story, how a tricky trader is fooling the whole Binance customer service (CS) system. In our latest P2P trade, the seller refused to acknowledge funds transferred to his account. Instead, he said he has not provided me with an account for transfer of funds. Actually, he did in the P2P Chat. When I approached him on a private channel. He asked me to cancel the trade because of his lost bank account access and assured me that he will return the funds in a few days. I was alarmed and didn't concede to his request. Instead, I filed an appeal for release of almost PKR 65000 worth of USDt. Because, I suspected him for telling lies and making stories. He proved my suspicion very right. All of sudden, the merchant (seller) started abusing me with fraud allegations on P2P chat and started threatening me with dire consequences. He threatened me to block on Binance and much more. My appeal is under review since 23rd April and Binance arbitrator is disappointing me too. For the last three days the seller has been presenting irrelevant information to customer service representatives (CS) and not showing transaction history of 23rd April instead showing transactions of 24th and 25th of April in screenshots and recorded videos.
It is pretty obvious to catch cheating on behalf of the seller but CS has concluded that the transaction is yet not received in the seller's account. (This seller is actually presenting fake credentials to the Binance also, changes accounts very often. One of his accounts is under investigation by cyber crime wing of FIA Pakistan. I have also reported him to FIA, but such cases take very long time in Pakistan due to hefty bribe by such fraudulent gangs.) Because of his poor arbitration when I suspected the CS if he is a real person or a computer program; he did not responded to my query. I suspect Binance CS representative is a bot and the seller knows it because of his vast experience in P2P trading. That is why he is presenting irrelevant material as a proof which can't be judged by a bot. On the other hand, I have presented all the evidence clearly but CS still concludes that funds are not received in the seller’s account. Only a bot can be fooled by inconstant data. I don't know what will be the final decision by the Binance arbitrator but one thing is clear. It is a computer program or bot, not a real person because a real person will take no time to fix this trivial issue and conclude judiciously based on presented facts. Share it to save traders from Merchant Fraud on Binance! (I will keep updating you on this peculiar fraud as it progresses.) Final Thought! The seller has finally released the USDt and apologised on private channel. But Binance arbitrator is not a real person. It is biased towards the Merchant and did not bother to evaluate the proofs presented by both of us.
Be cautious while P2P trading. Traders usually threaten the buyer and can potentially freeze accounts on Binance but the can not deal with banking system of Pakistan. Bank complaint can save you from tricky merchants. Just complaint that you are victim of online fraud and freeze the account of seller instead wasting your time on Binance arbitration. On Binance, the merchants have advantages over buyers. #FraudAlert #Arbitrator #CS #CS_is_Bot #P2P
Seller Scam Alert! I am also scammed by a seller, he has received funds as confirmed by my bank. But not sharing relevant bank account statements. He is fooling Binance CS arbitrator by posting irrelevant information. I guess arbitrator is a bot because a person can easily judge the truth.
Here is complete details. Please share it also to save buyers from clever sellers/merchants. https://www.binance.com/square/post/7296524761497?ref=746250022&utm_campaign=app_square_share_link&utm_source=copyLink
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Both are stable coin intended to have value equel to a US dollar 💵. #Write2Earn #USDt #USDc #CeFi #DeFi 1️⃣ USDC has low adoption and trading pairs. 2️⃣ USDC is back by reserve and regulated like fiat currencies by authorities. 3️⃣ USDC is subject to conventional risks because of centralization and single owner entity. 4️⃣ USDT is not backed by proven reserves and therefore higher risk (like other cryptocurrencies). 5️⃣ USDT is well established, while USDC is growing in popularity for its compliance and transparency. Community trust is the everything if some coin losses it due to any issue it will doom! What is the downside of USDC? USDC, like other stablecoins, faces common drawbacks such as centralization risks due to its management by a single entity, Circle, and regulatory risks linked to the evolving financial regulation landscape. It also carries counterparty risks, relying on the trustworthiness of Circle and its banking partners. In addition, USDC is tied to the traditional financial system, inheriting its vulnerabilities, and is subject to smart contract risks inherent in blockchain technology. While offering stability, it lacks the high return potential of more volatile cryptocurrencies, presenting a limited use case primarily as a stable medium of exchange or store of value.
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UMA Launches Oval Solution for Decentralized Oracles in DeFi Protocols 6:00 AM・Jan 24, 2024
According to Foresight News, decentralized oracle UMA has introduced the Oval solution, allowing DeFi protocols to access the value generated during oracle updates by utilizing 'oracle extractable value' (OEV). The Oval solution is a collaborative effort between UMA and Flashbots.
The new solution aims to improve the efficiency of decentralized finance protocols by enabling them to tap into the value generated during oracle updates. This is achieved through the use of oracle extractable value, a concept that allows DeFi protocols to benefit from the information provided by decentralized oracles.
UMA's partnership with Flashbots, a research and development organization focused on minimizing the negative externalities of current MEV extraction techniques, has led to the development of the Oval solution. This collaboration aims to enhance the overall performance of DeFi protocols and promote a more efficient and secure ecosystem for decentralized finance.