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🚀🚀🚀 #SEC Whistleblower Reveals Chai Payments App in Terra Ecosystem Didn’t Use Crypto 🚀🚀🚀
Four cryptocurrency tokens offered by Do Kwon and Terraform Labs, the company he co-founded, have been deemed unregistered securities in a recent summary judgment ruling by Judge Jed Rakoff of the U.S. Court for the Southern District of New York. The tokens in question include #TerraUSD (UST), $LUNA , wLUNA, and Mirror Protocol (MIR). Notably, the ruling dismissed the notion that Terra’s Mirror Protocol “mAssets” constituted security-based swaps.
The judgment highlighted a crucial revelation regarding the Chai payments platform, which Kwon often promoted as a real-world use case of the Terra #blockchain . The SEC presented evidence indicating that the Chai platform did not operate on the Terra blockchain as claimed. Payments were allegedly settled using traditional methods and then mirrored on the Terra blockchain through a server under Kwon’s control, according to an email from a Chai employee in May 2020.
Moreover, a whistleblower, identified as Chai’s Chief Product Officer, disclosed that a former Terraform employee who joined Chai revealed that “there’s no crypto going on within Chai.” The whistleblower claims to have confronted Kwon about Chai’s true nature in September 2021, with Kwon allegedly showing indifference.
Despite compelling evidence, Judge Rakoff acknowledged disputes of material fact, particularly concerning the credibility of whistleblowers. The defense argues that one whistleblower attempted to extort Kwon and Terra co-founder Daniel Shin after being terminated from Chai. Inconsistencies in the whistleblower’s account, including the source of information about Chai’s systems, also contribute to the disputes.
Terraform CTO Chris Amani contradicts claims, stating Chai used the blockchain. The court ruled Kwon and Terraform violated U.S. law for unregistered digital currencies. Summary judgment on SEC fraud claims denied, trial scheduled for January 29, 2024.
Source - Ruholamin Haqshanas @ruholamin-haqshanas
Website - Cryptonews
Four cryptocurrency tokens offered by Do Kwon and Terraform Labs, the company he co-founded, have been deemed unregistered securities in a recent summary judgment ruling by Judge Jed Rakoff of the U.S. Court for the Southern District of New York. The tokens in question include #TerraUSD (UST), $LUNA , wLUNA, and Mirror Protocol (MIR). Notably, the ruling dismissed the notion that Terra’s Mirror Protocol “mAssets” constituted security-based swaps.
The judgment highlighted a crucial revelation regarding the Chai payments platform, which Kwon often promoted as a real-world use case of the Terra #blockchain . The SEC presented evidence indicating that the Chai platform did not operate on the Terra blockchain as claimed. Payments were allegedly settled using traditional methods and then mirrored on the Terra blockchain through a server under Kwon’s control, according to an email from a Chai employee in May 2020.
Moreover, a whistleblower, identified as Chai’s Chief Product Officer, disclosed that a former Terraform employee who joined Chai revealed that “there’s no crypto going on within Chai.” The whistleblower claims to have confronted Kwon about Chai’s true nature in September 2021, with Kwon allegedly showing indifference.
Despite compelling evidence, Judge Rakoff acknowledged disputes of material fact, particularly concerning the credibility of whistleblowers. The defense argues that one whistleblower attempted to extort Kwon and Terra co-founder Daniel Shin after being terminated from Chai. Inconsistencies in the whistleblower’s account, including the source of information about Chai’s systems, also contribute to the disputes.
Terraform CTO Chris Amani contradicts claims, stating Chai used the blockchain. The court ruled Kwon and Terraform violated U.S. law for unregistered digital currencies. Summary judgment on SEC fraud claims denied, trial scheduled for January 29, 2024.
Source - Ruholamin Haqshanas @ruholamin-haqshanas
Website - Cryptonews
Introducing the R-DEE Protocol™ Network by Radiologex, a custom-made blockchain platform for the global healthcare IT industry, brought to you by Radiologex Technologies Ltd.
Radiologex Technologies Ltd. is set to initiate the eagerly anticipated distribution of RDGX tokens.
#blockchain #RDEE #RDGX #radiologex
Radiologex Technologies Ltd. is set to initiate the eagerly anticipated distribution of RDGX tokens.
#blockchain #RDEE #RDGX #radiologex
100k Transactions/s (TPS)?$AVAX can with Vryx! 💫
Ava Labs shakes up the game with Vryx, a groundbreaking scaling solution for the Avalanche #blockchain , targeting a whopping 100,000 TPS! 🚀🔥
Vryx's innovative pipelined transaction mechanism enhances scalability and efficiency, showcasing #AVAX labs' commitment to pushing the boundaries of blockchain ⚙️ technology.
This game-changing move is set to elevate the Avalanche blockchain, attracting more developers 💻 and sparking long-term implications for AVAX.
📈 Witness the Impact: Avalanche crypto's price is on the rise, surging ~20% post-announcement! 🚀📊 I bet this trend will continue as AVAX remains a top player for the long-term! 🚀 #AvalancheAVAX #Write2Earn 🚀
Ava Labs shakes up the game with Vryx, a groundbreaking scaling solution for the Avalanche #blockchain , targeting a whopping 100,000 TPS! 🚀🔥
Vryx's innovative pipelined transaction mechanism enhances scalability and efficiency, showcasing #AVAX labs' commitment to pushing the boundaries of blockchain ⚙️ technology.
This game-changing move is set to elevate the Avalanche blockchain, attracting more developers 💻 and sparking long-term implications for AVAX.
📈 Witness the Impact: Avalanche crypto's price is on the rise, surging ~20% post-announcement! 🚀📊 I bet this trend will continue as AVAX remains a top player for the long-term! 🚀 #AvalancheAVAX #Write2Earn 🚀
👉👉👉 Web Registry GoDaddy, #Ethereum Name Service Connect Domain Names With Crypto #wallets
The Ethereum Name Service (#ENS ), a domain name protocol operating on Ethereum, has struck a deal with GoDaddy, allowing users to link internet domains to their ENS addresses at no cost.
While mainstream companies slowed their adoption of Web3 during the bear market, this agreement between ENS and GoDaddy, the largest internet domain registry, suggests a renewed interest in bridging #blockchain and traditional technologies.
Nick Johnson, ENS founder, illustrated the significance of this partnership by explaining how someone like Beyoncé could set up a wallet using her domain Beyonce.xyz on GoDaddy's platform, effectively making it her wallet identifier.
The ultimate goal is to expand beyond Ethereum and integrate more chains. Johnson envisions a future where users can set up text records for their .xyz or .com domains, creating a Web3 profile across various chains.
Despite an ongoing legal dispute with GoDaddy regarding the sale of the ENS domain "eth.link," Johnson emphasizes that disagreements on one issue don't preclude collaboration on others. The case remains unresolved in court.
Johnson advocates for embracing existing systems rather than reinventing everything from scratch. He believes that naming and Web3 are more effective when built upon existing infrastructure rather than trying to discard legacy systems.
Source - coindesk.com
#CryptoNews
The Ethereum Name Service (#ENS ), a domain name protocol operating on Ethereum, has struck a deal with GoDaddy, allowing users to link internet domains to their ENS addresses at no cost.
While mainstream companies slowed their adoption of Web3 during the bear market, this agreement between ENS and GoDaddy, the largest internet domain registry, suggests a renewed interest in bridging #blockchain and traditional technologies.
Nick Johnson, ENS founder, illustrated the significance of this partnership by explaining how someone like Beyoncé could set up a wallet using her domain Beyonce.xyz on GoDaddy's platform, effectively making it her wallet identifier.
The ultimate goal is to expand beyond Ethereum and integrate more chains. Johnson envisions a future where users can set up text records for their .xyz or .com domains, creating a Web3 profile across various chains.
Despite an ongoing legal dispute with GoDaddy regarding the sale of the ENS domain "eth.link," Johnson emphasizes that disagreements on one issue don't preclude collaboration on others. The case remains unresolved in court.
Johnson advocates for embracing existing systems rather than reinventing everything from scratch. He believes that naming and Web3 are more effective when built upon existing infrastructure rather than trying to discard legacy systems.
Source - coindesk.com
#CryptoNews
👉👉👉 #blockchain Startup Figure Technologies Seeks US Regulatory Approval for Interest-Bearing #stablecoin
Figure Technologies, a financial technology company founded by former #SOFI Technologies CEO Mike Cagney, is seeking approval from U.S. regulators to launch an interest-bearing stablecoin. If approved, Figure would become the first company to offer a stablecoin regulated as a security in the United States. The company filed a draft registration statement with the Securities and Exchange Commission (SEC) in October under the subsidiary name Figure Certificate Co.
The stablecoin is planned to be registered as "face-amount certificates," a type of fixed-income security, and issued using blockchain technology. Once approved, it will be available to both retail and institutional investors in the U.S. Figure Markets, the digital asset arm of Figure, is reportedly seeking to raise $50 million at a valuation of $250 million, with Jump Crypto potentially being considered as a lead investor.
Unlike traditional stablecoins pegged at a 1:1 ratio with the U.S. dollar, Figure's stablecoin will be redeemable at a value of 1 cent per certificate. Interest will accrue daily and be paid monthly to stablecoin holders, and the interest will be derived from reserves consisting of treasury securities, commercial paper, corporate debt, and other assets. The stablecoin is intended to be an alternative for payments and transaction settlements, offering yield backed by highly liquid, investment-grade assets.
It's important to note that approval for Figure's proposal is not guaranteed, and the application process is likely to contribute to ongoing debates on how stablecoins should be regulated in the U.S. President Joe Biden has identified oversight of the stablecoin sector as a priority, and Figure's initiative adds to the evolving landscape of digital assets and financial products.
Source - Cryptonews.com
#CryptoNews #BinanceSquare
Figure Technologies, a financial technology company founded by former #SOFI Technologies CEO Mike Cagney, is seeking approval from U.S. regulators to launch an interest-bearing stablecoin. If approved, Figure would become the first company to offer a stablecoin regulated as a security in the United States. The company filed a draft registration statement with the Securities and Exchange Commission (SEC) in October under the subsidiary name Figure Certificate Co.
The stablecoin is planned to be registered as "face-amount certificates," a type of fixed-income security, and issued using blockchain technology. Once approved, it will be available to both retail and institutional investors in the U.S. Figure Markets, the digital asset arm of Figure, is reportedly seeking to raise $50 million at a valuation of $250 million, with Jump Crypto potentially being considered as a lead investor.
Unlike traditional stablecoins pegged at a 1:1 ratio with the U.S. dollar, Figure's stablecoin will be redeemable at a value of 1 cent per certificate. Interest will accrue daily and be paid monthly to stablecoin holders, and the interest will be derived from reserves consisting of treasury securities, commercial paper, corporate debt, and other assets. The stablecoin is intended to be an alternative for payments and transaction settlements, offering yield backed by highly liquid, investment-grade assets.
It's important to note that approval for Figure's proposal is not guaranteed, and the application process is likely to contribute to ongoing debates on how stablecoins should be regulated in the U.S. President Joe Biden has identified oversight of the stablecoin sector as a priority, and Figure's initiative adds to the evolving landscape of digital assets and financial products.
Source - Cryptonews.com
#CryptoNews #BinanceSquare
zkSync Era protocol currently encountering network issues
The main network of the notorious ZkSync protocol has stopped working and has not produced blocks for more than 3 hours.
The developers confirmed the technical failure on Dec. 25 and stated that they were working to restore functionality. The project team promised that they would notify the community once more information became available about the problem. The reasons for the network failure are still unknown.
Notably, last month ChainLight, a blockchain security audit company, discovered a vulnerability in the zkSync Era protocol that could result in a potential loss of $1.9 billion if exploited.
Despite this, zkSync Era had many layers of security. This would make it difficult for anyone to actually use the exploit unless they were part of Matter Labs, the infrastructure team behind zkSync Era.
Last week, the developers of the Zilliqa blockchain platform reported a critical situation in the blockchain, which led to a stop in the production of blocks. They assured that users’ assets are safe, but asked to temporarily cancel deposits and withdrawals.
Later that day, the project team reported that they had identified a problem that would take several hours to resolve. As a result, they managed to restore the functionality of the network, which had not processed blocks for more than half a day.
#ZkSync #Network #blockchain #BlockchainGovernance #CryptoScoop
The main network of the notorious ZkSync protocol has stopped working and has not produced blocks for more than 3 hours.
The developers confirmed the technical failure on Dec. 25 and stated that they were working to restore functionality. The project team promised that they would notify the community once more information became available about the problem. The reasons for the network failure are still unknown.
Notably, last month ChainLight, a blockchain security audit company, discovered a vulnerability in the zkSync Era protocol that could result in a potential loss of $1.9 billion if exploited.
Despite this, zkSync Era had many layers of security. This would make it difficult for anyone to actually use the exploit unless they were part of Matter Labs, the infrastructure team behind zkSync Era.
Last week, the developers of the Zilliqa blockchain platform reported a critical situation in the blockchain, which led to a stop in the production of blocks. They assured that users’ assets are safe, but asked to temporarily cancel deposits and withdrawals.
Later that day, the project team reported that they had identified a problem that would take several hours to resolve. As a result, they managed to restore the functionality of the network, which had not processed blocks for more than half a day.
#ZkSync #Network #blockchain #BlockchainGovernance #CryptoScoop
Terra (LUNA) Issues Important Notice to NFT Projects: Details
#BTC LUNA was up 0.67% in last 24 hours to $0.66 at time of writingDisclaimer: 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. Terra (#LUNA+4.07% ) has issued an important notice regarding non-fungible token (NFT) projects that are built on its network. The notice, which was posted by the official Terra X handle, alerts NFT projects to a new era launching on the Terra network.As stated in the announcement, interchain NFTs are coming to Cosmos, powered by cross-chain NFT platform Ark Protocol. Terra would likewise stand to benefit from this new era of InterChain #nfts .📢 Attention Terra NFT projectsInterchain NFTs are coming to Cosmos, powered by Ark Protocol. If you'd like a chance for your collection to be included in Ark Protocol's next phase, join their Discord and create a ticket to introduce your collection!https://t.co/juNHa5o4U1— Terra 🌍 Powered by $LUNA 🌕 (@terra_money) January 10, 2024This is because Terra NFT-related projects would get a chance to showcase their NFTs across multiple chains; Ark Protocol will be selecting collections per chain for its next phase.Chris Amani, CEO of Terra, relays this same notice on X, bringing the attention of NFT creators to this important announcement.Following the implosion of its ecosystem in May 2022, Terra (LUNA), the new Terra #blockchain launched after the fall, is committed to rebuilding from the rubble of its once glorious empire.In 2023, various #community proposals and updates were implemented. This trend can be seen at the start of 2024, as a scroll through Terra's X feed reveals new upgrades and developments in the first 10 days of 2024.Station, a web application built to interact with Terra Core and other supported chains, has gotten a new release: Station v3 Extension, marking the initial phase of the Station v3 rollout.Station v3 is now available for download in the Chrome Web and Microsoft Edge stores, according to the statement. The v3 dashboard and mobile apps are expected to be released in the following weeks.Despite these developments, the Terra (LUNA) price remains subdued, continuing the declines that began in early December 2023. LUNA was up 0.67% in the last 24 hours to $0.66 at the time of writing.
🔥🔥🔥 #Ethereum co-founder #VitalikButerin calls for 33% increase in gas limit
During a Reddit Ask-Me-Anything (AMA) session organized by the Ethereum Foundation's Research Team on January 10, Ethereum co-founder Vitalik Buterin proposed a "modest" increase in the Ethereum gas limit, aiming to enhance network throughput.
Buterin pointed out that the gas limit had not been raised for almost three years, marking the longest period without an increase in the protocol's history. During the AMA, he suggested that a reasonable adjustment would be to raise the gas limit to approximately 40 million, compared to the current limit of 30 million, as reported by Etherscan. This implies a 33% increase.
The Ethereum gas limit defines the maximum amount of gas that can be utilized for executing transactions or #SmartContracts within each block. Gas serves as the fee required for conducting transactions or executing contracts on the Ethereum #blockchain .
The gas limit is crucial for maintaining optimal network performance and synchronization by preventing blocks from becoming overly large. Validators have the ability to dynamically adjust the gas limit within specific parameters as they produce blocks.
Increasing the gas limit theoretically allows more transactions to be included in each block, potentially enhancing the overall throughput and capacity of the network. However, it also raises concerns about increased hardware loads and the potential for network spam and attacks.
As of now, average gas prices on Ethereum are around 35 gwei or $1.89, according to Etherscan. These prices have been on the rise since the beginning of 2024, especially for complex smart contract operations.
Source - cointelegraph.com
#CryptoNews🔒📰🚫 $ETH
During a Reddit Ask-Me-Anything (AMA) session organized by the Ethereum Foundation's Research Team on January 10, Ethereum co-founder Vitalik Buterin proposed a "modest" increase in the Ethereum gas limit, aiming to enhance network throughput.
Buterin pointed out that the gas limit had not been raised for almost three years, marking the longest period without an increase in the protocol's history. During the AMA, he suggested that a reasonable adjustment would be to raise the gas limit to approximately 40 million, compared to the current limit of 30 million, as reported by Etherscan. This implies a 33% increase.
The Ethereum gas limit defines the maximum amount of gas that can be utilized for executing transactions or #SmartContracts within each block. Gas serves as the fee required for conducting transactions or executing contracts on the Ethereum #blockchain .
The gas limit is crucial for maintaining optimal network performance and synchronization by preventing blocks from becoming overly large. Validators have the ability to dynamically adjust the gas limit within specific parameters as they produce blocks.
Increasing the gas limit theoretically allows more transactions to be included in each block, potentially enhancing the overall throughput and capacity of the network. However, it also raises concerns about increased hardware loads and the potential for network spam and attacks.
As of now, average gas prices on Ethereum are around 35 gwei or $1.89, according to Etherscan. These prices have been on the rise since the beginning of 2024, especially for complex smart contract operations.
Source - cointelegraph.com
#CryptoNews🔒📰🚫 $ETH
Zeitgeist Integrates With Polkassembly to Gamify Polkadot Governance
#BTC 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. @wisegbevecryptonews9 #Polkadot prediction market Zeitgeist has announced an integration with Polkassembly to shake up decentralized governance. As a result, users will be able to profit from Polkadot governance decisions by using Zeitgeist’s prediction market to correctly guess their outcome.Thanks to the integration, incentives for participating in and monitoring Polkadot governance decisions will grow. This should drive greater decentralized voting by token-holders, maximizing #community engagement. It will also add some spice to the outcome of decisions, giving Zeitgeist users a direct financial incentive to keep tabs of Polkadot activity.Transforming the Zeitgeist for Polkadot GovernanceZeitgeist features dozens of prediction markets covering everything from the likelihood of #blockchain exploits to the outcome of sporting events. Current markets include whether Tyson Fury will beat Oleksandr Usyk in their February 17 bout; whether Blast Bridge will be exploited; and whether SBF will be sentenced to 50 years or more.Polkadot governance decisions are also now eligible for the prediction market treatment. Governance-related markets are already live on Zeitgeist. One concerns whether Referendum 385, a community memecoin marketing campaign, will pass and if so whether the proposers will deliver on the promises made in the proposal. So far, the market has accrued 3.35K in $DOT volume.Another governance market that’s live concerns whether Lunar agency will deliver on Proposal 385 concerning $DED marketing. As Polkadot activist Giotto De Filippi urges, “The implied probability is that the delivery is 90% likely. If you’re a critic of Lunar I encourage you to bet against and take the money.”Gamifying Governance One Vote at a TimeWithin any blockchain #ECOSYSTEM , governance decisions create winners and losers. While some proposals pass virtually unopposed, others are highly contentious. For example, the “whale wars” that were ignited over Polkadot OpenGov saw major stakeholders clash in governance decisions. Thanks to Zeitgeist, more members of the Polkadot community can participate in governance indirectly through having skin in the game.Zeitgeist CEO Logan Saether explains:“The integration allows easy access to ongoing referenda, with an added feature for making predictions on the proposal’s outcome. We’re aiming for most of these markets to be denominated in DOT, facilitating participation for the Polkadot community.”Zeitgeists’s prediction markets will be directly integrated into the Polkassembly user interface. This means that users of the Polkadot OpenGov system will be able to leverage their insights to make predictions and be rewarded every time they accurately call the outcome.There’s money to be made from mastering the art of prediction markets. The Zeitgeist leaderboard charts the top earners for the year to date. Top of the leaderboard is Valkyrie, who has participated in 10 markets and won almost $1,000. The next entrant has participated in an impressive 26 markets and earned more than $500 so far.The teams at Zeitgeist and Polkassembly are now finalizing the integration which is expected to be completed soon, heralding a new era for Polkadot governance.
To celebrate its third birthday and the launch of its latest game, “Illuvium: Beyond”, AAA blockchain game Illuvium is offering a special deal for NFT collectors: Mint 1, Get 1 Free campaign for all gamers.
#Illuvium #blockchain #nft #Illuvium2024
#Illuvium #blockchain #nft #Illuvium2024
Online Casino and Cryptocurrency Fuel Transnational Crime
Cryptocurrency, Online Casino and Organized Crime in Southeast Asia
A recent United Nations Office on Drugs and Crime (UNODC) report has unveiled a disturbing trend in East and Southeast Asia, shedding light on the pivotal role of online casino, cryptocurrency, and illicit financial activities. Titled ‘Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden, Accelerating Threat,’ the study underscores the interconnectedness of these elements, contributing to the rise of transnational organised crime in the region.
Casino Landscape Transformation into Online Casino
The UNODC analysis estimates that over 340 licensed and unlicensed land-based casinos were operational in Southeast Asia in early 2022. However, a significant shift towards online casino platforms and limitless casino offering live-dealer streaming and proxy betting services, has been observed. The formal online betting market is projected to surpass $205 billion by 2030, with the Asia Pacific region leading this growth. One of the online casino that is known for betting is ignition casino and it’s also known for ignition casino no deposit bonus.
Crypto’s Role in Illicit Economy
According to coin gabbar the surge in underregulated online casino platforms and crypto transactions has revolutionised the illicit economy, enabling faster and anonymized transactions. Criminals are capitalising on the scalability and digitization of casino and crypto solutions, intensifying criminal activities across Southeast Asia, particularly in the Mekong region.
Money Laundering Challenges
Jeremy Douglas, UNODC Regional Representative for Southeast Asia and the Pacific, highlighted how online casino and limitless casino have become links for money laundering, allowing major organised crime groups to move and launder massive volumes of state-backed fiat and cryptocurrencies. The report points out that Southeast Asia’s economic development has inadvertently created opportunities for organised crime, emphasising the risks in the Mekong countries with a history of illicit economic activity. The crypto market needs to be made more secure from these illicit activities.
Diversification into Cyberfraud
The report reveals the diversification of illegal online casino operations into cyberfraud and cryptocurrency laundering. Evidence suggests organised crime influence in areas controlled by armed groups in Myanmar. The swift integration of technology, including mirror websites, cryptocurrencies, and third-party betting software, facilitates the establishment of online casinos in East Asia, irrespective of local betting regulations.
Cross-Border Challenges and Crackdowns
The trend has led to a surge in illegal cross-border betting activities, prompting intensified law enforcement efforts. The report warns of the complexity in determining jurisdiction, citing an example where an organised crime syndicate operates websites hosted in one country, licensed in another, and with customers in a third. Chinese authorities have been proactive in addressing these challenges, arresting over 75,000 suspects involved in illegal cross-border betting in 2020, with subsequent crackdowns in 2022 and 2023.
Call for International Collaboration
The escalating numbers underscore the challenges authorities face in curbing the proliferation of online betting. The report emphasises the need for international collaboration and stronger regulatory measures to address the global nature of the issue. Urgent coordinated efforts are required to tackle the growing threat posed by the expanding online casino landscape in the region.
To know more, visit: CoinGabbar
#BTC #cryptocurrency #coingabbar #blockchain
A recent United Nations Office on Drugs and Crime (UNODC) report has unveiled a disturbing trend in East and Southeast Asia, shedding light on the pivotal role of online casino, cryptocurrency, and illicit financial activities. Titled ‘Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden, Accelerating Threat,’ the study underscores the interconnectedness of these elements, contributing to the rise of transnational organised crime in the region.
Casino Landscape Transformation into Online Casino
The UNODC analysis estimates that over 340 licensed and unlicensed land-based casinos were operational in Southeast Asia in early 2022. However, a significant shift towards online casino platforms and limitless casino offering live-dealer streaming and proxy betting services, has been observed. The formal online betting market is projected to surpass $205 billion by 2030, with the Asia Pacific region leading this growth. One of the online casino that is known for betting is ignition casino and it’s also known for ignition casino no deposit bonus.
Crypto’s Role in Illicit Economy
According to coin gabbar the surge in underregulated online casino platforms and crypto transactions has revolutionised the illicit economy, enabling faster and anonymized transactions. Criminals are capitalising on the scalability and digitization of casino and crypto solutions, intensifying criminal activities across Southeast Asia, particularly in the Mekong region.
Money Laundering Challenges
Jeremy Douglas, UNODC Regional Representative for Southeast Asia and the Pacific, highlighted how online casino and limitless casino have become links for money laundering, allowing major organised crime groups to move and launder massive volumes of state-backed fiat and cryptocurrencies. The report points out that Southeast Asia’s economic development has inadvertently created opportunities for organised crime, emphasising the risks in the Mekong countries with a history of illicit economic activity. The crypto market needs to be made more secure from these illicit activities.
Diversification into Cyberfraud
The report reveals the diversification of illegal online casino operations into cyberfraud and cryptocurrency laundering. Evidence suggests organised crime influence in areas controlled by armed groups in Myanmar. The swift integration of technology, including mirror websites, cryptocurrencies, and third-party betting software, facilitates the establishment of online casinos in East Asia, irrespective of local betting regulations.
Cross-Border Challenges and Crackdowns
The trend has led to a surge in illegal cross-border betting activities, prompting intensified law enforcement efforts. The report warns of the complexity in determining jurisdiction, citing an example where an organised crime syndicate operates websites hosted in one country, licensed in another, and with customers in a third. Chinese authorities have been proactive in addressing these challenges, arresting over 75,000 suspects involved in illegal cross-border betting in 2020, with subsequent crackdowns in 2022 and 2023.
Call for International Collaboration
The escalating numbers underscore the challenges authorities face in curbing the proliferation of online betting. The report emphasises the need for international collaboration and stronger regulatory measures to address the global nature of the issue. Urgent coordinated efforts are required to tackle the growing threat posed by the expanding online casino landscape in the region.
To know more, visit: CoinGabbar
#BTC #cryptocurrency #coingabbar #blockchain
🗓Exactly 15 years ago today, the Bitcoin network was created 💪
Satoshi Nakamoto mined the starting block of the chain, known as the Genesis Block 📊
Happy Birthday #Bitcoin!
#Satoshi_Nakamoto #BTC #blockchain
Satoshi Nakamoto mined the starting block of the chain, known as the Genesis Block 📊
Happy Birthday #Bitcoin!
#Satoshi_Nakamoto #BTC #blockchain
🔥🔥🔥 #TerraClassic Community Burns 1.1 Billion $LUNC in a Single Week
The Terra Classic ($LUNC ) community recently executed a significant token burn, incinerating more than 1.1 billion tokens valued at over $100,000. This move aimed to reduce the total supply of the #cryptocurrency to 6.81267 trillion as part of ongoing efforts to boost its token price to $0.1.
As reported by cryptocurrency investor AlexCryptoBull on X (formerly Twitter), the community burned 1 billion LUNC tokens within a week, coupled with staking an additional 7.1 billion LUNC. Token burns are a strategy employed by certain crypto communities to decrease a token's circulating supply, potentially fostering price growth by maintaining or increasing demand while reducing overall supply. In this case, the burned tokens were sent to "dead wallets," eliminating them from circulation.
Major industry players, including Binance, have supported the LUNC burn initiative by removing over 1 billion tokens from circulation through celebrated transactions. Terra Classic's tokenomics involve an automatic mechanism that sends tokens to dead addresses with each transaction. The quantity of tokens sent is proportionate to the current circulation, ensuring a continual reduction in the total token supply and theoretically increasing their value due to growing scarcity.
It's essential to note that the original Terra ecosystem experienced a collapse last year and subsequently rebranded to Terra Classic. A new, forked #blockchain retained the Terra brand. Following the ecosystem collapse, the circulating supply surged from 340 million tokens to 6.9 trillion. To counteract inflation, $LUNC supporters implemented a 1.2% tax burn on all network transactions.
The Terra Classic community is actively advocating for increased adoption, even initiating a petition for listing on the Coinbase cryptocurrency exchange. In recent months, LUNC token burns have expanded through various community-led projects, including Terra Casino, Cremation Coin, and DFLunc.
Source - cryptoglobe.com
#CryptoNews #BinanceSquare
The Terra Classic ($LUNC ) community recently executed a significant token burn, incinerating more than 1.1 billion tokens valued at over $100,000. This move aimed to reduce the total supply of the #cryptocurrency to 6.81267 trillion as part of ongoing efforts to boost its token price to $0.1.
As reported by cryptocurrency investor AlexCryptoBull on X (formerly Twitter), the community burned 1 billion LUNC tokens within a week, coupled with staking an additional 7.1 billion LUNC. Token burns are a strategy employed by certain crypto communities to decrease a token's circulating supply, potentially fostering price growth by maintaining or increasing demand while reducing overall supply. In this case, the burned tokens were sent to "dead wallets," eliminating them from circulation.
Major industry players, including Binance, have supported the LUNC burn initiative by removing over 1 billion tokens from circulation through celebrated transactions. Terra Classic's tokenomics involve an automatic mechanism that sends tokens to dead addresses with each transaction. The quantity of tokens sent is proportionate to the current circulation, ensuring a continual reduction in the total token supply and theoretically increasing their value due to growing scarcity.
It's essential to note that the original Terra ecosystem experienced a collapse last year and subsequently rebranded to Terra Classic. A new, forked #blockchain retained the Terra brand. Following the ecosystem collapse, the circulating supply surged from 340 million tokens to 6.9 trillion. To counteract inflation, $LUNC supporters implemented a 1.2% tax burn on all network transactions.
The Terra Classic community is actively advocating for increased adoption, even initiating a petition for listing on the Coinbase cryptocurrency exchange. In recent months, LUNC token burns have expanded through various community-led projects, including Terra Casino, Cremation Coin, and DFLunc.
Source - cryptoglobe.com
#CryptoNews #BinanceSquare
🚀🚀🚀 #ElonMusk Weighs in on #NFT Technology — Here’s What He Thinks 🚀🚀🚀
Elon Musk commented on the structure of non-fungible tokens (NFTs), suggesting that embedding JPEG images into a blockchain establishes exclusive ownership. Responding to a question about NFTs, Musk playfully acknowledged concerns about NFTs being akin to "web links leading to data you don’t truly possess."
NFTs, which gained attention during the 2021 bull market, typically use centralized databases to link JPEG images to unique non-fungible token hash IDs. Musk highlighted that investors hold these hash IDs, not the actual media content. Some #blockchain projects, however, directly embed NFT items into the blockchain.
For instance, an NFT enthusiast encoded a video clip of Musk's remarks into an Ordinals Inscription on Bitcoin’s blockchain. Bitcoin Ordinals represent a fusion of NFT data inscription, introducing security and transparency to the NFT ecosystem on the widely recognized Bitcoin blockchain.
A Coinbase report on December 14 indicated a significant shift in NFT activities towards the Bitcoin chain, suggesting growing interest in Bitcoin Ordinals for owning and exchanging digital assets in the NFT landscape.
Source - Jimmy Aki @jimmy-aki
Website - Cryptonews
#CryptoNews🔒📰🚫 #BitcoinUpdate $BTC
Elon Musk commented on the structure of non-fungible tokens (NFTs), suggesting that embedding JPEG images into a blockchain establishes exclusive ownership. Responding to a question about NFTs, Musk playfully acknowledged concerns about NFTs being akin to "web links leading to data you don’t truly possess."
NFTs, which gained attention during the 2021 bull market, typically use centralized databases to link JPEG images to unique non-fungible token hash IDs. Musk highlighted that investors hold these hash IDs, not the actual media content. Some #blockchain projects, however, directly embed NFT items into the blockchain.
For instance, an NFT enthusiast encoded a video clip of Musk's remarks into an Ordinals Inscription on Bitcoin’s blockchain. Bitcoin Ordinals represent a fusion of NFT data inscription, introducing security and transparency to the NFT ecosystem on the widely recognized Bitcoin blockchain.
A Coinbase report on December 14 indicated a significant shift in NFT activities towards the Bitcoin chain, suggesting growing interest in Bitcoin Ordinals for owning and exchanging digital assets in the NFT landscape.
Source - Jimmy Aki @jimmy-aki
Website - Cryptonews
#CryptoNews🔒📰🚫 #BitcoinUpdate $BTC
Democracy Goes Digital: Can Blockchain Secure the Vote in 2024's Super Election Year?
With over 64 countries, including giants like India and the US, holding elections in 2024, the world is preparing for a democratic super year. Amidst rising concerns over election integrity, a new whisper emerges: can blockchain revolutionize the way we vote?
Blockchain, the technology behind cryptocurrencies, offers a secure and transparent voting system. Votes cast are recorded on a tamper-proof ledger, reducing fraud and boosting trust. Pilot programs have shown promise, but challenges like scalability and digital inclusivity remain.
Despite hurdles, the urgency is clear. 2024 could be a turning point for digital democracy. With careful implementation and public education, blockchain may just become the missing piece in rebuilding trust and securing our votes. The future of democracy might just be a click away.
This Blog retains the crucial elements: the scale of 2024 elections, the potential of blockchain for secure voting, and the need for careful implementation.
#crypto2024 #blockchain
With over 64 countries, including giants like India and the US, holding elections in 2024, the world is preparing for a democratic super year. Amidst rising concerns over election integrity, a new whisper emerges: can blockchain revolutionize the way we vote?
Blockchain, the technology behind cryptocurrencies, offers a secure and transparent voting system. Votes cast are recorded on a tamper-proof ledger, reducing fraud and boosting trust. Pilot programs have shown promise, but challenges like scalability and digital inclusivity remain.
Despite hurdles, the urgency is clear. 2024 could be a turning point for digital democracy. With careful implementation and public education, blockchain may just become the missing piece in rebuilding trust and securing our votes. The future of democracy might just be a click away.
This Blog retains the crucial elements: the scale of 2024 elections, the potential of blockchain for secure voting, and the need for careful implementation.
#crypto2024 #blockchain
#DoYouKnow
What is #blockchain ?
It is decentralized and distributed digital ledger technology that is used to store information/data/transaction across multiple computers simultaneously to ensure transparency, security, and immutability. These transactions are grouped in blocks and are linked together using cryptography principles, creating a chain, hence named as BlockChain.
#SupportQualityContent
#learning
What is #blockchain ?
It is decentralized and distributed digital ledger technology that is used to store information/data/transaction across multiple computers simultaneously to ensure transparency, security, and immutability. These transactions are grouped in blocks and are linked together using cryptography principles, creating a chain, hence named as BlockChain.
#SupportQualityContent
#learning
Is Solana Headed for a Winter or a Spring: Decoding the Crypto Conundrum
Solana, the high-speed blockchain darling, has left investors shivering in recent months. After reaching dizzying heights in 2021, the token has been on a steady descent, plunging over 70% from its all-time high. But is this just a temporary blip or a sign of things to come? Dive into the charts with me as we decipher the technical tea leaves and explore the factors brewing in Solana's crypto cauldron.
Charting the Downward Spiral
A quick glance at the Solana chart paints a gloomy picture. The once-mighty token has been locked in a relentless downtrend since October 2023, etching a series of lower highs and lower lows. This "death cross" pattern, where the short-term moving average dips below the long-term one, sends shivers down even the most seasoned crypto spines.
Breaking Barriers, Breaking Hearts:
The recent breach of the $100 support level, like a dam giving way, unleashed a wave of selling pressure. This key psychological barrier, once considered impenetrable, now lies shattered, leaving investors wondering where the bottom might be.
Whispers of Bearish Patterns:
Zooming into the chart, we see ominous shadows lurking. The head-and-shoulders pattern, a bearish harbinger, rears its ugly head, suggesting a continuation of the downtrend. The descending triangle, another unwelcome guest, reinforces this bearish sentiment, squeezing the price into a tightening coil, potentially primed for a sharp drop.
Volume Speaks, Though Softly:
Trading volume, the lifeblood of any market, tells a curious tale. While generally subdued, it spiked slightly at the $100 breakdown, hinting at increased selling pressure. However, the overall low volume suggests a lack of conviction, leaving the future trajectory uncertain.
Technical Indicators Flash Red:
The technical gauges are far from optimistic. The RSI, a measure of overbought or oversold conditions, languishes below 50, indicating Solana might be oversold but with little immediate bullish momentum. The MACD, a trend indicator, paints a bearish picture, and the stochastic oscillator, ever the drama queen, plunges downward, amplifying the bearish whispers.
Beyond the Charts: A Cocktail of Uncertainties
While the technicals paint a bleak picture, Solana's future is far from set in stone. A potent cocktail of external factors adds another layer of complexity to the equation.
Crypto Market Jitters: The broader cryptocurrency market remains volatile, susceptible to sudden swings in sentiment. A general downturn could drag Solana down further.Regulatory Clouds: Regulatory crackdowns on crypto by governments worldwide cast a shadow of uncertainty, potentially dampening investor appetite.Blockchain Brawl: Solana faces stiff competition from Ethereum and other blockchains vying for dominance. Their advancements could chip away at Solana's market share.
So, is Solana doomed to a crypto winter, or will spring eventually bloom?
The crystal ball remains cloudy, but here's the takeaway:
The technicals suggest a bearish bias in the short term.External factors add layers of uncertainty.Long-term prospects depend on market dynamics, technological advancements, and regulatory landscapes.
For investors, cautious optimism is key. Solana's fundamentals remain strong, its development team is active, and the blockchain space is still evolving rapidly. However, buckle up for potential turbulence in the near future. Remember, crypto winters can bite, but they can also pave the way for a vibrant crypto spring. Do your own research, manage your risk, and keep your eyes peeled for the next plot twist in this unfolding crypto saga.
For more Blockchain Technical and Fundamental analysis, visit www.scentia.io
#Solana #TechnicalAnalysis #BearMarket #Cryptocurrency #blockchain
Charting the Downward Spiral
A quick glance at the Solana chart paints a gloomy picture. The once-mighty token has been locked in a relentless downtrend since October 2023, etching a series of lower highs and lower lows. This "death cross" pattern, where the short-term moving average dips below the long-term one, sends shivers down even the most seasoned crypto spines.
Breaking Barriers, Breaking Hearts:
The recent breach of the $100 support level, like a dam giving way, unleashed a wave of selling pressure. This key psychological barrier, once considered impenetrable, now lies shattered, leaving investors wondering where the bottom might be.
Whispers of Bearish Patterns:
Zooming into the chart, we see ominous shadows lurking. The head-and-shoulders pattern, a bearish harbinger, rears its ugly head, suggesting a continuation of the downtrend. The descending triangle, another unwelcome guest, reinforces this bearish sentiment, squeezing the price into a tightening coil, potentially primed for a sharp drop.
Volume Speaks, Though Softly:
Trading volume, the lifeblood of any market, tells a curious tale. While generally subdued, it spiked slightly at the $100 breakdown, hinting at increased selling pressure. However, the overall low volume suggests a lack of conviction, leaving the future trajectory uncertain.
Technical Indicators Flash Red:
The technical gauges are far from optimistic. The RSI, a measure of overbought or oversold conditions, languishes below 50, indicating Solana might be oversold but with little immediate bullish momentum. The MACD, a trend indicator, paints a bearish picture, and the stochastic oscillator, ever the drama queen, plunges downward, amplifying the bearish whispers.
Beyond the Charts: A Cocktail of Uncertainties
While the technicals paint a bleak picture, Solana's future is far from set in stone. A potent cocktail of external factors adds another layer of complexity to the equation.
Crypto Market Jitters: The broader cryptocurrency market remains volatile, susceptible to sudden swings in sentiment. A general downturn could drag Solana down further.Regulatory Clouds: Regulatory crackdowns on crypto by governments worldwide cast a shadow of uncertainty, potentially dampening investor appetite.Blockchain Brawl: Solana faces stiff competition from Ethereum and other blockchains vying for dominance. Their advancements could chip away at Solana's market share.
So, is Solana doomed to a crypto winter, or will spring eventually bloom?
The crystal ball remains cloudy, but here's the takeaway:
The technicals suggest a bearish bias in the short term.External factors add layers of uncertainty.Long-term prospects depend on market dynamics, technological advancements, and regulatory landscapes.
For investors, cautious optimism is key. Solana's fundamentals remain strong, its development team is active, and the blockchain space is still evolving rapidly. However, buckle up for potential turbulence in the near future. Remember, crypto winters can bite, but they can also pave the way for a vibrant crypto spring. Do your own research, manage your risk, and keep your eyes peeled for the next plot twist in this unfolding crypto saga.
For more Blockchain Technical and Fundamental analysis, visit www.scentia.io
#Solana #TechnicalAnalysis #BearMarket #Cryptocurrency #blockchain
Our all predictions about $SOL got true... 🤩😍🚀🚀🚀...
Follow #MarsNext for more educational & analytical content for #cryptocurrencry and #blockchain tech....
Follow #MarsNext for more educational & analytical content for #cryptocurrencry and #blockchain tech....
🔥🔥🔥 #web2 Platforms Aim To Make #Web3 Development Easy, But Will This Hurt The Industry? 🔥🔥🔥
Potential Benefits:
1. Increased Accessibility: Web2 platforms can broaden the developer base for Web3 projects, fostering faster innovation and diverse applications.
2. Improved Efficiency: Utilizing Web2 tools can automate tasks, enhancing development speed and software quality by enabling developers to focus on core logic.
3. Reduced Costs: Easier Web3 application development on Web2 platforms may lower entry costs, promoting adoption and stimulating innovation.
Potential Drawbacks:
1. Centralization: Inherent centralization of Web2 platforms contradicts Web3 principles, creating new points of control and failure.
2. Limited Learning: Overreliance on Web2 tools may hinder developers from gaining a deep understanding of #blockchain technologies crucial for Web3 innovation.
3. Vendor Lock-In: Dependency on specific Web2 platforms might stifle innovation and competition as developers find it challenging to switch tools.
4. Privacy Concerns: Web2 platforms, collecting user data, may pose privacy issues for Web3 applications built on them.
Additional Considerations:
1. Development of open-source tools for Web3 can address centralization and vendor lock-in concerns.
2. Education programs emphasizing blockchain fundamentals alongside Web2 tools usage can ensure developers contribute meaningfully to Web3.
3. Ongoing discussions are crucial for the healthy and sustainable evolution of the Web3 industry.
#CryptoNews🔒📰🚫 #BinanceSquare
Potential Benefits:
1. Increased Accessibility: Web2 platforms can broaden the developer base for Web3 projects, fostering faster innovation and diverse applications.
2. Improved Efficiency: Utilizing Web2 tools can automate tasks, enhancing development speed and software quality by enabling developers to focus on core logic.
3. Reduced Costs: Easier Web3 application development on Web2 platforms may lower entry costs, promoting adoption and stimulating innovation.
Potential Drawbacks:
1. Centralization: Inherent centralization of Web2 platforms contradicts Web3 principles, creating new points of control and failure.
2. Limited Learning: Overreliance on Web2 tools may hinder developers from gaining a deep understanding of #blockchain technologies crucial for Web3 innovation.
3. Vendor Lock-In: Dependency on specific Web2 platforms might stifle innovation and competition as developers find it challenging to switch tools.
4. Privacy Concerns: Web2 platforms, collecting user data, may pose privacy issues for Web3 applications built on them.
Additional Considerations:
1. Development of open-source tools for Web3 can address centralization and vendor lock-in concerns.
2. Education programs emphasizing blockchain fundamentals alongside Web2 tools usage can ensure developers contribute meaningfully to Web3.
3. Ongoing discussions are crucial for the healthy and sustainable evolution of the Web3 industry.
#CryptoNews🔒📰🚫 #BinanceSquare
👉👉👉 #Japanese Crypto Advocate Wins Parliament Seat
Takeshi Fujimaki, a prominent advocate for #cryptocurrencies in Japan, has secured a seat in the House of Councilors, the lower parliamentary house. Despite losing his seat in the 2019 election, Fujimaki has been reinstated under proportional representation rules following the passing of a sitting lawmaker.
A 73-year-old champion of crypto and #blockchain initiatives, Fujimaki has been vocal about various issues, advocating for crypto tax reform, approval of US-style crypto ETFs, and the widespread adoption of pro-crypto business policies. In 2019, he urged the government to eliminate taxes on crypto-to-crypto trading and waive taxes on micropayments conducted in cryptocurrencies.
Having previously served as the Tokyo branch manager of international financial institutions, Fujimaki emphasizes the importance of blockchain and crypto assets for Japan's future growth. He believes these sectors could play a crucial role in attracting global capital and talent, ultimately revitalizing the country's economy.
Fujimaki's push for crypto #ETFsApproval is centered on the idea that such offerings could enhance Tokyo's tax revenue. He, a former aide to George Soros, gained attention in 2019 when he presented a petition on crypto tax reform to both houses of parliament.
The momentum for crypto adoption in Japan is not limited to Fujimaki, as several other politicians express interest in fostering the crypto sector. Yuichiro Tamaki, the Leader of the opposition Democratic Party for the People, advocates for promoting Web3 and taxing cryptocurrencies at a flat rate of 20%. Various crypto exchanges in Japan and MPs, including Shun Otokita of the Japan Innovation Party, are calling for changes to the country's crypto tax laws. The ruling Liberal Party's web3 taskforce is also signaling its intention to seek government adjustments to how individuals pay crypto-related taxes.
Source - Cryptonews.com
#CryptoNews
Takeshi Fujimaki, a prominent advocate for #cryptocurrencies in Japan, has secured a seat in the House of Councilors, the lower parliamentary house. Despite losing his seat in the 2019 election, Fujimaki has been reinstated under proportional representation rules following the passing of a sitting lawmaker.
A 73-year-old champion of crypto and #blockchain initiatives, Fujimaki has been vocal about various issues, advocating for crypto tax reform, approval of US-style crypto ETFs, and the widespread adoption of pro-crypto business policies. In 2019, he urged the government to eliminate taxes on crypto-to-crypto trading and waive taxes on micropayments conducted in cryptocurrencies.
Having previously served as the Tokyo branch manager of international financial institutions, Fujimaki emphasizes the importance of blockchain and crypto assets for Japan's future growth. He believes these sectors could play a crucial role in attracting global capital and talent, ultimately revitalizing the country's economy.
Fujimaki's push for crypto #ETFsApproval is centered on the idea that such offerings could enhance Tokyo's tax revenue. He, a former aide to George Soros, gained attention in 2019 when he presented a petition on crypto tax reform to both houses of parliament.
The momentum for crypto adoption in Japan is not limited to Fujimaki, as several other politicians express interest in fostering the crypto sector. Yuichiro Tamaki, the Leader of the opposition Democratic Party for the People, advocates for promoting Web3 and taxing cryptocurrencies at a flat rate of 20%. Various crypto exchanges in Japan and MPs, including Shun Otokita of the Japan Innovation Party, are calling for changes to the country's crypto tax laws. The ruling Liberal Party's web3 taskforce is also signaling its intention to seek government adjustments to how individuals pay crypto-related taxes.
Source - Cryptonews.com
#CryptoNews
