ChangpengZhao
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Binance founder, Changpeng Zhao, recently released a statement acknowledging the support received during his 4-month prison sentence. He expressed gratitude for the encouragement and emphasized that the crypto industry has entered a new phase. Zhao intends to complete his sentence, focus on education, and remain a passive investor in crypto. He highlighted the importance of compatibility and reassured users that funds are safe. #BTC #CryptoIndustry #ChangpengZhao #altcoins
🔥🔥🔥 #BinanceCEO #RichardTeng Ensures Users on Asset Safety Post Zhao's Exit: Richard Teng, the new interim CEO of Binance, has assured users that their assets are safe following the departure of #ChangpengZhao (CZ) as CEO. CZ stepped down from his position to focus on settling a probe by the U.S. Securities and Exchange Commission (SEC).
#CryptoNews🔒📰🚫 #BinanceSquare
#CryptoNews🔒📰🚫 #BinanceSquare
Binance’s NFT Generator Caps Out in Two Hours After Launch
Binance CEO Changpeng Zhao (CZ) announced the launch of a new Artificial Intelligence (AI)-powered Non-Fungible Token (NFT) platform, called Bicasso, in a Twitter post. He added that the product is still in beta and limited to 10,000 candies. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance’s product Bicasso is an NFT platform that allows marketplace users to create computer-generated images and mint them as NFTs. Bicasso is the result of combining AI and NFT technology.
“Beta version [is] live now,” said the Binance executive as he provided the link to Bicasso which was accessible only via the web browser. Bicasso was easy-to-use as the product was image and word prompted. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance product Bicasso is an NFT platform that allows market users to create computer-generated images and print them as NFTs. Bicasso is the result of combining AI and NFT technology. Zhao said as he urged his Twitter community to go ahead and try Bicasso., You can turn your creative vision into an NFT with AI Zhao invited his followers to share their creations with him saying, “Try it and show me what you make with it.” Many Twitter users were seen proudly posting their creations on the thread. However, some users encountered an error message stating that the system was busy and to try again. When these users pointed out the issue to CZ, he replied, “The team is working on it. The AI is busy,” and the AI is single-threaded. CZ also mentioned that the test version was limited to 10,000 candies, and many enthusiasts were disappointed that they missed the opportunity. Two hours after Binance’s CEO announced product testing, users interested in using Binance’s Bicasso were asked to join the waiting list. A message now states that product testing is closed.
#Binance #ChangpengZhao #NFT #nftcommunity #ai
“Beta version [is] live now,” said the Binance executive as he provided the link to Bicasso which was accessible only via the web browser. Bicasso was easy-to-use as the product was image and word prompted. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance product Bicasso is an NFT platform that allows market users to create computer-generated images and print them as NFTs. Bicasso is the result of combining AI and NFT technology. Zhao said as he urged his Twitter community to go ahead and try Bicasso., You can turn your creative vision into an NFT with AI Zhao invited his followers to share their creations with him saying, “Try it and show me what you make with it.” Many Twitter users were seen proudly posting their creations on the thread. However, some users encountered an error message stating that the system was busy and to try again. When these users pointed out the issue to CZ, he replied, “The team is working on it. The AI is busy,” and the AI is single-threaded. CZ also mentioned that the test version was limited to 10,000 candies, and many enthusiasts were disappointed that they missed the opportunity. Two hours after Binance’s CEO announced product testing, users interested in using Binance’s Bicasso were asked to join the waiting list. A message now states that product testing is closed.
#Binance #ChangpengZhao #NFT #nftcommunity #ai
CZ Criticizes Latest FUD Following Spread Of Unverified Gossip On Crypto Twitter
The CEO of #Binance which is the biggest cryptocurrency exchange globally, is currently dealing with a situation involving the propagation of fear, uncertainty, and doubt (FUD) on social media. This #fud is the result of unfounded rumors that he has been placed on Interpol's "red notice" list. For those who are not aware, a red notice is a request sent to law enforcement agencies worldwide, urging them to locate and arrest an individual on a provisional basis pending extradition, surrender, or any similar legal action.
The rumors have been further fueled by an image circulating on Twitter that purportedly shows a photo of #ChangpengZhao (CZ) on Interpol's red notice webpage. This photo has caused alarm and speculation among the public, with many believing that #CZ is facing severe legal issues.
However, CZ has now confirmed that the image is fake and has been created using photo manipulation software. As such, there is no evidence to suggest that he has been placed on Interpol's red notice list, and the rumors should be treated as baseless until further clarification is provided.
Crypto influencer Cobie tweeted a SHA256 hash with an encrypted message that stated, "Interpol Red Notice for CZ," which sparked rumors that the agency was looking for CZ.
According to Cobie, the message was only a rumor and an unlikely prediction, and nobody should have been able to see it.
“Have posted SHA256 hash of rumours >20 times in the last year without the secret being revealed – the point of a hash commitment scheme is nobody is supposed to be able to read them until after the secret is revealed… Well, it’s a ‘prediction’ and a rumor. It’s obviously impossible for it to be inside info without their being literal leaks at Interpol which seems unlikely.”
CZ advises anyone who are involved in the #cryptocurrency sector to disregard rumors and speculation that are not confirmed.
This news is republished from https://coinaquarium.io/
The rumors have been further fueled by an image circulating on Twitter that purportedly shows a photo of #ChangpengZhao (CZ) on Interpol's red notice webpage. This photo has caused alarm and speculation among the public, with many believing that #CZ is facing severe legal issues.
However, CZ has now confirmed that the image is fake and has been created using photo manipulation software. As such, there is no evidence to suggest that he has been placed on Interpol's red notice list, and the rumors should be treated as baseless until further clarification is provided.
Crypto influencer Cobie tweeted a SHA256 hash with an encrypted message that stated, "Interpol Red Notice for CZ," which sparked rumors that the agency was looking for CZ.
According to Cobie, the message was only a rumor and an unlikely prediction, and nobody should have been able to see it.
“Have posted SHA256 hash of rumours >20 times in the last year without the secret being revealed – the point of a hash commitment scheme is nobody is supposed to be able to read them until after the secret is revealed… Well, it’s a ‘prediction’ and a rumor. It’s obviously impossible for it to be inside info without their being literal leaks at Interpol which seems unlikely.”
CZ advises anyone who are involved in the #cryptocurrency sector to disregard rumors and speculation that are not confirmed.
This news is republished from https://coinaquarium.io/
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📰📰📰📰📰📰
💰 Changpeng Zhao, known as CZ, will not be released from US prison on August 30, but is scheduled for release on September 29. He is currently incarcerated in a federal/cryptopolitan prison
#ChangpengZhao
💰 Changpeng Zhao, known as CZ, will not be released from US prison on August 30, but is scheduled for release on September 29. He is currently incarcerated in a federal/cryptopolitan prison
#ChangpengZhao
#Binance a major #cryptocurrency exchange, has converted some of its cash reserves into cryptocurrency, according to its CEO, #ChangpengZhao . This move is said to be a hedge against inflation and a way to invest in the industry they operate in.
Regardless Of Tough Battles, Cryptocurrencies Are Here To Stay Forever
With emerging technologies like Web3, Metaverse, and Decentralised Finance (DeFi) technologies, it is quite evident that cryptocurrencies are here to stay and that too for an infinite time.
Malicious intent, manipulating data, and unstructured and unauthorised use of finance led to the gradual bankruptcy of the well-known exchange platform.
Black Swan events like the Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem
The introduction of Cryptocurrency was like the discovery of fire or sliced bread. It is a one-of-a-kind, rare, phenomenal digital asset that functions on blockchain technology.
It has completely transformed the way investors look forward to financial independence. This could be seen as a way to freedom from the dictates of central banks and regulations. However, It always took investors on a roller coaster ride. Few of them became ‘instant’ millionaires while others are still in the process.
Since its arrival, cryptocurrencies are going through their worst crisis. Bitcoin faced a straight fall on the face in late 2020 and is yet to recover, the collapse of some so-called ‘stablecoins’ have put a question mark on the crypto industry. To make the industry even more volatile, the giant cryptocurrency exchange failed. Allegations of fraud layered on the FTX case.When it hit the bottom last year, it was all tears. With the collapse of FTX, the third-largest crypto exchange platform, and other crypto projects, the last year seems to be the darkest hour in the crypto sphere. It is filled with many ‘Hows’, ‘Whys’, and ‘Ifs’!
The Great Fall of #FTX and FTT
Sam Bankman-Fried(SBF) co-founded Alameda Research in September 2017, which made profits by hedging crypto assets. Looking at the exponential growth, SBF founded FTX Trading Ltd. (Futures Exchange), an exchange platform for cryptocurrencies. Other than providing exchange services, FTX created its native token, called FTT.A report revealed, the sister firm Alameda held a large portion of its assets in FTT tokens. After this report, a series of not-so-good events bombarded FTX. #ChangpengZhao (CZ), CEO - #Binance - the leading exchange announced the sale of all of his holdings of FTT. When FTX’s customers found out, they panicked and tried to withdraw their money. FTX could not handle such a massive amount of withdrawals and buckled under market pressures, inching closer to insolvency. When the layers of the case unfolded themselves, another shocking revelation was made. FTX’s bookkeeping system allowed them to secretly shift $10 Billion to Alameda without alerting anyone. Thus, it gradually slipped into bankruptcy, filed in November 2022. In a meager 8 days, the company had Zero valuation. The users were to bear a loss of almost 800 Million. Amongst all the hues and cries one can observe that the death of FTX was majorly because the face behind it misused the technology.
It is not wrong to believe that malicious intent, manipulating data, and unstructured and unauthorized use of finance led to the gradual bankruptcy of the exchange platform.
Terra #Luna Failure
Stablecoins are often assumed to be safe havens in the crypto space. Impliedly, they’re meant to have a fixed value. Terra was becoming one of the biggest red-hot crypto projects. The network and its founder, Do Kwon, took four years to get pride and prestige in the crypto world. In just a matter of a few days, it hit the bottom, crashing down.TerraUSD (also known as UST) and Luna are two sister coins on the Terra network.The idea was to leverage the arbitrage to take advantage of Luna and maintain the price of UST constant at $1. This would eliminate the requirement for the platform to maintain US dollar reservoirs. The platform would use built-in algorithms to monitor supply and demand market forces for both coins to maintain equilibrium. The belief was that Terraform Labs could use clever mechanisms along with billions in Bitcoin reserves to maintain the peg of UST without the backstop of the USD. As depositors lost faith in the tokens in May of 2022, They rushed for the exit in the cryptocurrency equivalent of a bank run. Media sources had begun to label the Terra stablecoin and Luna token a Ponzi scheme and a rug-pull scam.
Cryptocurrencies Are Here To Stay
The cryptocurrency sector has been through a rough patch this year, and while it has been shaken up, all of us can use the disruption as a learning experience. Moreover, this is seen as a welcome change. With emerging technologies like Web3, Metaverse, and Decentralised Finance (DeFi) technologies, it is quite evident that cryptocurrencies are here to stay, and that too for an infinite time!
The Bottom Line
It is a learned opinion now that cryptocurrency is not just a fad, it is not going to disappear anytime soon. The durability of crypto-assets will continue to evolve and transform with the technologies that support them. Black Swan events like Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem.
#coingabbar
Malicious intent, manipulating data, and unstructured and unauthorised use of finance led to the gradual bankruptcy of the well-known exchange platform.
Black Swan events like the Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem
The introduction of Cryptocurrency was like the discovery of fire or sliced bread. It is a one-of-a-kind, rare, phenomenal digital asset that functions on blockchain technology.
It has completely transformed the way investors look forward to financial independence. This could be seen as a way to freedom from the dictates of central banks and regulations. However, It always took investors on a roller coaster ride. Few of them became ‘instant’ millionaires while others are still in the process.
Since its arrival, cryptocurrencies are going through their worst crisis. Bitcoin faced a straight fall on the face in late 2020 and is yet to recover, the collapse of some so-called ‘stablecoins’ have put a question mark on the crypto industry. To make the industry even more volatile, the giant cryptocurrency exchange failed. Allegations of fraud layered on the FTX case.When it hit the bottom last year, it was all tears. With the collapse of FTX, the third-largest crypto exchange platform, and other crypto projects, the last year seems to be the darkest hour in the crypto sphere. It is filled with many ‘Hows’, ‘Whys’, and ‘Ifs’!
The Great Fall of #FTX and FTT
Sam Bankman-Fried(SBF) co-founded Alameda Research in September 2017, which made profits by hedging crypto assets. Looking at the exponential growth, SBF founded FTX Trading Ltd. (Futures Exchange), an exchange platform for cryptocurrencies. Other than providing exchange services, FTX created its native token, called FTT.A report revealed, the sister firm Alameda held a large portion of its assets in FTT tokens. After this report, a series of not-so-good events bombarded FTX. #ChangpengZhao (CZ), CEO - #Binance - the leading exchange announced the sale of all of his holdings of FTT. When FTX’s customers found out, they panicked and tried to withdraw their money. FTX could not handle such a massive amount of withdrawals and buckled under market pressures, inching closer to insolvency. When the layers of the case unfolded themselves, another shocking revelation was made. FTX’s bookkeeping system allowed them to secretly shift $10 Billion to Alameda without alerting anyone. Thus, it gradually slipped into bankruptcy, filed in November 2022. In a meager 8 days, the company had Zero valuation. The users were to bear a loss of almost 800 Million. Amongst all the hues and cries one can observe that the death of FTX was majorly because the face behind it misused the technology.
It is not wrong to believe that malicious intent, manipulating data, and unstructured and unauthorized use of finance led to the gradual bankruptcy of the exchange platform.
Terra #Luna Failure
Stablecoins are often assumed to be safe havens in the crypto space. Impliedly, they’re meant to have a fixed value. Terra was becoming one of the biggest red-hot crypto projects. The network and its founder, Do Kwon, took four years to get pride and prestige in the crypto world. In just a matter of a few days, it hit the bottom, crashing down.TerraUSD (also known as UST) and Luna are two sister coins on the Terra network.The idea was to leverage the arbitrage to take advantage of Luna and maintain the price of UST constant at $1. This would eliminate the requirement for the platform to maintain US dollar reservoirs. The platform would use built-in algorithms to monitor supply and demand market forces for both coins to maintain equilibrium. The belief was that Terraform Labs could use clever mechanisms along with billions in Bitcoin reserves to maintain the peg of UST without the backstop of the USD. As depositors lost faith in the tokens in May of 2022, They rushed for the exit in the cryptocurrency equivalent of a bank run. Media sources had begun to label the Terra stablecoin and Luna token a Ponzi scheme and a rug-pull scam.
Cryptocurrencies Are Here To Stay
The cryptocurrency sector has been through a rough patch this year, and while it has been shaken up, all of us can use the disruption as a learning experience. Moreover, this is seen as a welcome change. With emerging technologies like Web3, Metaverse, and Decentralised Finance (DeFi) technologies, it is quite evident that cryptocurrencies are here to stay, and that too for an infinite time!
The Bottom Line
It is a learned opinion now that cryptocurrency is not just a fad, it is not going to disappear anytime soon. The durability of crypto-assets will continue to evolve and transform with the technologies that support them. Black Swan events like Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem.
#coingabbar
🔥🔥🔥 #Binance and #SEC still in contentious battle, but there’s a turn
The ongoing legal battle between Binance and the United States Securities and Exchange Commission (SEC) has taken a dramatic turn, with court filings revealing intense disputes over evidence production and the deposition of key witnesses. At the heart of the matter is the SEC's claim that Binance, through its parent entity BAM Trading Services, has not fully disclosed essential documents, particularly regarding how Binance.US handles custody and liquidity of assets. Binance argues that it has complied with the consent order, while the SEC is accused of overreaching its investigative scope.
The clash extends to the depositions of former BAM executives, including CEO Brian Shroder and CFO Jasmine Lee. BAM contends that the SEC has already conducted a sufficient number of depositions, while the prospect of Binance co-founder #ChangpengZhao taking the stand adds complexity. Zhao, who stepped down as CEO and faces legal challenges, recently had a humanitarian leave request denied by the court due to concerns about his significant wealth and international connections.
This legal battle is more than a corporate dispute; it serves as a litmus test for cryptocurrency industry regulations. As each legal maneuver unfolds, it highlights the tension between innovation in the digital currency space and evolving regulatory frameworks. The outcome of this case may set precedents that reshape how cryptocurrency exchanges operate and how regulators oversee the market. The Binance-SEC saga is a pivotal moment in the ongoing narrative about the future of finance, striking a balance between freedom and regulation in the digital age. With Binance's fate and regulatory implications hanging in the balance, this legal epic is far from over, and its consequences will reverberate throughout the cryptocurrency world.
Source - cryptopolitan.com
#CryptoNews #BinanceSquare
The ongoing legal battle between Binance and the United States Securities and Exchange Commission (SEC) has taken a dramatic turn, with court filings revealing intense disputes over evidence production and the deposition of key witnesses. At the heart of the matter is the SEC's claim that Binance, through its parent entity BAM Trading Services, has not fully disclosed essential documents, particularly regarding how Binance.US handles custody and liquidity of assets. Binance argues that it has complied with the consent order, while the SEC is accused of overreaching its investigative scope.
The clash extends to the depositions of former BAM executives, including CEO Brian Shroder and CFO Jasmine Lee. BAM contends that the SEC has already conducted a sufficient number of depositions, while the prospect of Binance co-founder #ChangpengZhao taking the stand adds complexity. Zhao, who stepped down as CEO and faces legal challenges, recently had a humanitarian leave request denied by the court due to concerns about his significant wealth and international connections.
This legal battle is more than a corporate dispute; it serves as a litmus test for cryptocurrency industry regulations. As each legal maneuver unfolds, it highlights the tension between innovation in the digital currency space and evolving regulatory frameworks. The outcome of this case may set precedents that reshape how cryptocurrency exchanges operate and how regulators oversee the market. The Binance-SEC saga is a pivotal moment in the ongoing narrative about the future of finance, striking a balance between freedom and regulation in the digital age. With Binance's fate and regulatory implications hanging in the balance, this legal epic is far from over, and its consequences will reverberate throughout the cryptocurrency world.
Source - cryptopolitan.com
#CryptoNews #BinanceSquare
🚨 Major news for Binance! 🚨
The ousted CEO, Changpeng Zhao, and the exchange Binance face a staggering $2.7 billion penalty for money laundering charges imposed by a US court. The penalty includes a clawback of $1.35 billion for illegal transaction fees and a $1.35 billion fine. 😱
Even Zhao pays $150 million from his personal account to dodge legal troubles. 🤑⚖️ However, the financial hit isn't the only worry; Zhao might face up to 10 years in jail for alleged US regulation violations. 🛑🏛️
A travel ban is in place, fearing escape to his Dubai home. 🌍 Former SEC official John Reed Stark highlights the court's concerns about Zhao's flight risk. This legal battle, involving billions and potential imprisonment, marks a pivotal moment for Binance and its former leader, Zhao, whose future is on the line. ⚠️💰
#Binance #CryptoLegalBattle #ChangpengZhao #Crypto #CryptoNews🔒📰🚫
The ousted CEO, Changpeng Zhao, and the exchange Binance face a staggering $2.7 billion penalty for money laundering charges imposed by a US court. The penalty includes a clawback of $1.35 billion for illegal transaction fees and a $1.35 billion fine. 😱
Even Zhao pays $150 million from his personal account to dodge legal troubles. 🤑⚖️ However, the financial hit isn't the only worry; Zhao might face up to 10 years in jail for alleged US regulation violations. 🛑🏛️
A travel ban is in place, fearing escape to his Dubai home. 🌍 Former SEC official John Reed Stark highlights the court's concerns about Zhao's flight risk. This legal battle, involving billions and potential imprisonment, marks a pivotal moment for Binance and its former leader, Zhao, whose future is on the line. ⚠️💰
#Binance #CryptoLegalBattle #ChangpengZhao #Crypto #CryptoNews🔒📰🚫
#Binance #ChangpengZhao
Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison Tuesday after he pleaded guilty last year to violating federal money laundering laws along with his company which also pleaded guilty to sanctions violations.
Seattle-based U.S. District Judge Richard Jones handed down Tuesday’s sentence, which was far below the three-year sentence prosecutors were seeking, according to multiple reports.
Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison Tuesday after he pleaded guilty last year to violating federal money laundering laws along with his company which also pleaded guilty to sanctions violations.
Seattle-based U.S. District Judge Richard Jones handed down Tuesday’s sentence, which was far below the three-year sentence prosecutors were seeking, according to multiple reports.
📣📣📣 Binance and Kraken settle with US authorities over money laundering charges.😀😀😀
On November 21, 2023, Binance, the world's largest #cryptocurrency exchange, agreed to pay $4.3 billion to settle criminal charges with US authorities. The charges stem from a long-running investigation into Binance's alleged violations of anti-money laundering laws and sanctions regulations. As part of the settlement, Binance's founder and CEO, #ChangpengZhao , also known as CZ, has stepped down from his position.
In addition to Binance, the cryptocurrency exchange Kraken also settled with US authorities on November 21, 2023. Kraken agreed to pay $30 million to settle a civil lawsuit filed by the US Securities and Exchange Commission (SEC). The SEC alleged that Kraken had failed to properly register its staking services with the agency.
The settlements with Binance and Kraken are a sign that US authorities are taking a tougher stance on cryptocurrency regulation. In recent years, there have been growing concerns about the use of cryptocurrencies for money laundering and other illicit activities. The settlements are likely to have a significant impact on the cryptocurrency industry, and they could lead to further regulatory scrutiny of cryptocurrency exchanges.
Here is a summary of the key points from the settlements:
- Binance agreed to pay $4.3 billion to settle criminal charges with US authorities.
- Binance's founder and CEO, Changpeng Zhao, has stepped down from his position.
- Kraken agreed to pay $30 million to settle a civil lawsuit filed by the SEC.
- The settlements are a sign that US authorities are taking a tougher stance on cryptocurrency regulation.
#binancenews #BinanceSquareTalks #CryptoNews
On November 21, 2023, Binance, the world's largest #cryptocurrency exchange, agreed to pay $4.3 billion to settle criminal charges with US authorities. The charges stem from a long-running investigation into Binance's alleged violations of anti-money laundering laws and sanctions regulations. As part of the settlement, Binance's founder and CEO, #ChangpengZhao , also known as CZ, has stepped down from his position.
In addition to Binance, the cryptocurrency exchange Kraken also settled with US authorities on November 21, 2023. Kraken agreed to pay $30 million to settle a civil lawsuit filed by the US Securities and Exchange Commission (SEC). The SEC alleged that Kraken had failed to properly register its staking services with the agency.
The settlements with Binance and Kraken are a sign that US authorities are taking a tougher stance on cryptocurrency regulation. In recent years, there have been growing concerns about the use of cryptocurrencies for money laundering and other illicit activities. The settlements are likely to have a significant impact on the cryptocurrency industry, and they could lead to further regulatory scrutiny of cryptocurrency exchanges.
Here is a summary of the key points from the settlements:
- Binance agreed to pay $4.3 billion to settle criminal charges with US authorities.
- Binance's founder and CEO, Changpeng Zhao, has stepped down from his position.
- Kraken agreed to pay $30 million to settle a civil lawsuit filed by the SEC.
- The settlements are a sign that US authorities are taking a tougher stance on cryptocurrency regulation.
#binancenews #BinanceSquareTalks #CryptoNews
Trending
Very important statements from Binance CEO 'CZ'
Binance CEO #ChangpengZhao (CZ) has addressed claims that Binance significantly sold down #bitcoin (BTC) in reaction to growing rumours and accusations making the rounds in the cryptocurrency community. A price decline of 7% for Bitcoin has been attributed to these assertions.
CZ responded on Twitter by retweeting a thread from user ZkHopium, who presented a thorough analysis refuting the accusations and identifying the situation's core causes.
The ZkHopium thread clarifies the circumstances around the Venus Protocol liquidation of Binance Coin (BNB). It indicates that the exploit took place on the #Binance Smart Chain (BSC) on October 6th, 2022, producing 2 million BNB.
Of this sum, 900,000 #BNB were put on Venus Protocol to borrow USDT and USDC valued about $150 million. In retaliation, the BNB network destroyed more than 2 million BNB, which at the time was worth around $550 million, thereby eliminating these tokens from circulation.
Venus Protocol approved a governance proposal naming BNB Chain as the sole liquidator for the loan in order to speed up the liquidation procedure. The liquidator's wallet was then replenished by BNB Chain with 30 million BUSD in December 2022, 30 million USDT in June 2023, and 30 million USDT on August 21, 2023.
A collateral component or liquidation threshold is a part of the Venus Protocol's liquidation process. Liquidators can progressively liquidate up to 50% of the collateral when triggered, earning an extra 10% of the collateral's value in fees.
ZkHopium's study points up a number of important elements that distinguish this example from others. One liquidator in particular is not motivated to engage in market dumping, to start with. Second, no bots are used to front-run the liquidations; instead, they are carried out manually.
Moreover, considering the amount of the loan, the liquidation tranches are anticipated to be substantially lower than the 50% mark.
Regarding the claims, #CZ acknowledged ZkHopium's thorough investigation and stressed the "insignificance" of the effect a $30 million liquidation would have on the price of Bitcoin.
CZ said that the majority of incentives are given in BNB and that Binance does not issue BTC. Although $30 million represents less than 0.001% of Bitcoin's daily trading volume, he emphasised that the purported concern of a substantial influence on the price of BTC is incorrect.
The chart above shows that BNB is now trading at $217 at the time of writing. For the previous 24 hours, it has just slightly decreased by 0.2%.
Bitcoin Hovers Almost $26,000 Despite Slight Decline
By market capitalization, Bitcoin, the most valuable cryptocurrency, is presently valued at $26,000 and has declined by 2.4% since briefly reaching the $26,700 level.
Keith Alan, a co-founder of the research and analysis company Material Indicators, has made the following observations on the market scenario despite the present low levels of volatility:
The economic data that was provided this morning had little effect on volatility, but it will help shape the story that Jerome Powell will tell on Friday when he speaks at Jackson Hole.
The Jackson Hole Symposium is approaching, and interest in Federal Reserve Chairman Jerome Powell's remarks is growing. As a result, the Bitcoin market is starting to exhibit symptoms of heightened activity.
Keith Alan contends that while the economic data won't have an immediate impact on volatility, it will influence Powell's speech's narrative.
As the Bitcoin market gets closer to the weekend, this expectation will probably cause it to become more volatile. As Powell's speech progresses, traders and investors are preparing for any market swings in the anticipation that his remarks may have a substantial influence on the cryptocurrency market.
CZ responded on Twitter by retweeting a thread from user ZkHopium, who presented a thorough analysis refuting the accusations and identifying the situation's core causes.
The ZkHopium thread clarifies the circumstances around the Venus Protocol liquidation of Binance Coin (BNB). It indicates that the exploit took place on the #Binance Smart Chain (BSC) on October 6th, 2022, producing 2 million BNB.
Of this sum, 900,000 #BNB were put on Venus Protocol to borrow USDT and USDC valued about $150 million. In retaliation, the BNB network destroyed more than 2 million BNB, which at the time was worth around $550 million, thereby eliminating these tokens from circulation.
Venus Protocol approved a governance proposal naming BNB Chain as the sole liquidator for the loan in order to speed up the liquidation procedure. The liquidator's wallet was then replenished by BNB Chain with 30 million BUSD in December 2022, 30 million USDT in June 2023, and 30 million USDT on August 21, 2023.
A collateral component or liquidation threshold is a part of the Venus Protocol's liquidation process. Liquidators can progressively liquidate up to 50% of the collateral when triggered, earning an extra 10% of the collateral's value in fees.
ZkHopium's study points up a number of important elements that distinguish this example from others. One liquidator in particular is not motivated to engage in market dumping, to start with. Second, no bots are used to front-run the liquidations; instead, they are carried out manually.
Moreover, considering the amount of the loan, the liquidation tranches are anticipated to be substantially lower than the 50% mark.
Regarding the claims, #CZ acknowledged ZkHopium's thorough investigation and stressed the "insignificance" of the effect a $30 million liquidation would have on the price of Bitcoin.
CZ said that the majority of incentives are given in BNB and that Binance does not issue BTC. Although $30 million represents less than 0.001% of Bitcoin's daily trading volume, he emphasised that the purported concern of a substantial influence on the price of BTC is incorrect.
The chart above shows that BNB is now trading at $217 at the time of writing. For the previous 24 hours, it has just slightly decreased by 0.2%.
Bitcoin Hovers Almost $26,000 Despite Slight Decline
By market capitalization, Bitcoin, the most valuable cryptocurrency, is presently valued at $26,000 and has declined by 2.4% since briefly reaching the $26,700 level.
Keith Alan, a co-founder of the research and analysis company Material Indicators, has made the following observations on the market scenario despite the present low levels of volatility:
The economic data that was provided this morning had little effect on volatility, but it will help shape the story that Jerome Powell will tell on Friday when he speaks at Jackson Hole.
The Jackson Hole Symposium is approaching, and interest in Federal Reserve Chairman Jerome Powell's remarks is growing. As a result, the Bitcoin market is starting to exhibit symptoms of heightened activity.
Keith Alan contends that while the economic data won't have an immediate impact on volatility, it will influence Powell's speech's narrative.
As the Bitcoin market gets closer to the weekend, this expectation will probably cause it to become more volatile. As Powell's speech progresses, traders and investors are preparing for any market swings in the anticipation that his remarks may have a substantial influence on the cryptocurrency market.
🔥🔥🔥 Binance sees $956 million in outflows after Zhao steps down to settle #US probe.
Binance, the world's largest #cryptocurrency exchange, experienced significant outflows of funds following the news that its CEO, #ChangpengZhao , had stepped down and faced prison time as part of a settlement with US authorities over illicit finance allegations.
According to data from crypto analytics firm Nansen, investors withdrew a staggering $956 million from Binance in the 24 hours following Zhao's announcement. This substantial outflow highlights the uncertainty and apprehension among investors regarding Binance's future amidst the ongoing regulatory scrutiny and leadership changes.
The US Department of Justice (DOJ) had been investigating Binance since at least 2018 for its alleged involvement in money laundering and other illicit financial activities. As part of the settlement, Binance agreed to pay $4.3 billion to the DOJ and to implement stricter compliance measures.
Zhao's departure is a significant blow to Binance, as he was considered the driving force behind the exchange's meteoric rise to prominence. His exit has raised concerns about the company's ability to navigate the increasingly complex regulatory landscape and maintain its position as the industry leader.
The recent outflows also underscore the inherent volatility of the cryptocurrency market, where investor sentiment can be swayed by the slightest perceived risk. Binance's ability to regain investor confidence will depend on its ability to effectively address the regulatory concerns and demonstrate its commitment to compliance.
Only time will tell whether Binance can emerge unscathed from this latest challenge and reclaim its position as the dominant player in the cryptocurrency exchange landscape. However, the recent outflows serve as a stark reminder of the delicate balance between innovation and compliance in the ever-evolving world of crypto.
#CryptoNews🔒📰🚫 #BinanceSquareTalks
Binance, the world's largest #cryptocurrency exchange, experienced significant outflows of funds following the news that its CEO, #ChangpengZhao , had stepped down and faced prison time as part of a settlement with US authorities over illicit finance allegations.
According to data from crypto analytics firm Nansen, investors withdrew a staggering $956 million from Binance in the 24 hours following Zhao's announcement. This substantial outflow highlights the uncertainty and apprehension among investors regarding Binance's future amidst the ongoing regulatory scrutiny and leadership changes.
The US Department of Justice (DOJ) had been investigating Binance since at least 2018 for its alleged involvement in money laundering and other illicit financial activities. As part of the settlement, Binance agreed to pay $4.3 billion to the DOJ and to implement stricter compliance measures.
Zhao's departure is a significant blow to Binance, as he was considered the driving force behind the exchange's meteoric rise to prominence. His exit has raised concerns about the company's ability to navigate the increasingly complex regulatory landscape and maintain its position as the industry leader.
The recent outflows also underscore the inherent volatility of the cryptocurrency market, where investor sentiment can be swayed by the slightest perceived risk. Binance's ability to regain investor confidence will depend on its ability to effectively address the regulatory concerns and demonstrate its commitment to compliance.
Only time will tell whether Binance can emerge unscathed from this latest challenge and reclaim its position as the dominant player in the cryptocurrency exchange landscape. However, the recent outflows serve as a stark reminder of the delicate balance between innovation and compliance in the ever-evolving world of crypto.
#CryptoNews🔒📰🚫 #BinanceSquareTalks
👉👉👉 Embattled Binance Founder #ChangpengZhao Launches ‘Giggle Academy'
Changpeng "CZ" Zhao, the founder of #cryptocurrency exchange Binance, who stepped down as CEO in November following a settlement over federal money laundering charges, revealed plans on Monday to launch a new nonprofit online education platform called Giggle Academy.
In a tweet, Zhao expressed his vision for Giggle Academy, aiming to make basic education accessible and entertaining for children worldwide. He emphasized that the project would offer free, gamified, and adaptive education from grade 1 to 12. Zhao also announced that Project Giggle is hiring and highlighted the opportunity to work directly with him.
The announcement comes amidst Zhao's ongoing legal proceedings related to charges of failing to maintain an effective anti-money laundering program at Binance. Despite these challenges, Zhao remains enthusiastic about Giggle Academy, outlining an ambitious goal to provide free online education to underserved communities globally.
The concept paper for Giggle Academy underscores the importance of addressing global illiteracy rates, particularly in regions like South Asia, West Asia, and sub-Saharan Africa, where a significant portion of illiterate adults reside. The initiative aims to offer courses on core subjects and additional topics like emotional intelligence, finance, and blockchain.
Giggle Academy plans to leverage gamification to enhance student engagement and provide an adaptive curriculum to encourage subject specialization. Additionally, the platform will utilize #Blockchain -based "soul-bound tokens" to certify student achievements.
Zhao's educational initiative received mixed reactions in the crypto community, with some launching Solana memecoins inspired by the Giggle brand. He stressed the importance of accessible education and announced job openings for the Giggle Academy, including roles like Senior Game Developer and Gamification Product Manager.
Source - decrypt.co
#CryptoNews🔒📰🚫 #BinanceSquareTalks
Changpeng "CZ" Zhao, the founder of #cryptocurrency exchange Binance, who stepped down as CEO in November following a settlement over federal money laundering charges, revealed plans on Monday to launch a new nonprofit online education platform called Giggle Academy.
In a tweet, Zhao expressed his vision for Giggle Academy, aiming to make basic education accessible and entertaining for children worldwide. He emphasized that the project would offer free, gamified, and adaptive education from grade 1 to 12. Zhao also announced that Project Giggle is hiring and highlighted the opportunity to work directly with him.
The announcement comes amidst Zhao's ongoing legal proceedings related to charges of failing to maintain an effective anti-money laundering program at Binance. Despite these challenges, Zhao remains enthusiastic about Giggle Academy, outlining an ambitious goal to provide free online education to underserved communities globally.
The concept paper for Giggle Academy underscores the importance of addressing global illiteracy rates, particularly in regions like South Asia, West Asia, and sub-Saharan Africa, where a significant portion of illiterate adults reside. The initiative aims to offer courses on core subjects and additional topics like emotional intelligence, finance, and blockchain.
Giggle Academy plans to leverage gamification to enhance student engagement and provide an adaptive curriculum to encourage subject specialization. Additionally, the platform will utilize #Blockchain -based "soul-bound tokens" to certify student achievements.
Zhao's educational initiative received mixed reactions in the crypto community, with some launching Solana memecoins inspired by the Giggle brand. He stressed the importance of accessible education and announced job openings for the Giggle Academy, including roles like Senior Game Developer and Gamification Product Manager.
Source - decrypt.co
#CryptoNews🔒📰🚫 #BinanceSquareTalks
🇺🇸🏦 The federal court in Seattle cites former Binance CEO Changpeng Zhao's guilty plea for violating the Anti-Money Laundering Act, but it remains unclear if he will be allowed to leave the U.S. before his scheduled sentencing on February 23. Zhao previously admitted to charges of AML and sanctions violations, with Binance agreeing to pay a record $4.3 billion fine. As part of the agreement, Zhao is set to pay a $150 million fine and step down as Binance CEO. 🚫💼 #BinanceTrends #ChangpengZhao #AMLViolation
XRP Rides the Wave of Victory: Ripple Labs Triumphs in a Historic SEC Case
In an unexpected turn of events, #Ripple Labs Inc celebrated a ground-breaking victory against the U.S. Securities and Exchange Commission (SEC), marking a notable milestone for the crypto industry. The U.S. District Judge Analisa Torres ruled that Ripple's sale of its XRP tokens on public exchanges did not infringe federal securities law. Following the decision, the value of XRP rocketed by 75% on Thursday afternoon, according to data from Refinitiv Eikon.
This news couldn't have come at a better time for the crypto sector. The verdict brings hope to numerous other crypto firms battling with the SEC over the regulatory jurisdiction over their products.
Meanwhile, the announcement triggered the renowned U.S. crypto exchange, Coinbase, to reopen XRP trading on its platform. Paul Grewal, Coinbase's chief legal officer, commented on the case via Twitter, stating, "We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist." This announcement influenced Coinbase stock to surge by 24%, closing at $107 per share on Thursday.
In light of this event, #ChangpengZhao , CEO of #Binance, took to Twitter to declare, "Binance never delisted XRP." Binance, the leading player in the crypto sphere, celebrated its 6th anniversary yesterday. CZ's announcement could serve as a regretful reminder for those exchanges that chose to delist XRP in the past due to Fear, Uncertainty, and Doubt (FUD). As these developments unravel, it's clear why Binance stands at the forefront of the industry - a result of their correct decisions, resilience against FUD, and relentless effort.
Brad Garlinghouse, the CEO of Ripple, hailed the ruling as not only a significant win for Ripple but a critical triumph for the entire U.S. cryptocurrency industry.
The SEC, on the other hand, was satisfied with a part of the ruling, stating that Ripple violated federal securities law by selling XRP directly to sophisticated investors. However, the decision to appeal the ruling will be considered once the final judgment is issued.
Ripple's #XRP sales were deemed not to constitute securities under the law as there was no reasonable expectation of profit tied to Ripple's efforts. This puts other digital currencies on notice and opens the door for further discussions on token regulation.
However, the SEC did manage to score a partial win as Judge Torres deemed that Ripple's sales of XRP worth $728.9 million to hedge funds and other sophisticated buyers were unregistered securities sales.
This landmark ruling could set the tone for other legal battles between crypto companies and the SEC. Furthermore, it raises new calls for Congress to clarify the status of digital assets, which the crypto industry has been long advocating for. As Tom Emmer, the House of Representatives Majority Whip, rightly pointed out on Twitter, "a token is separate and distinct from an investment contract it may or may not be part of," and it's high time to make it law.
The development surrounding the Ripple Labs case will undoubtedly influence the course of cryptocurrency regulation in the U.S. Despite the ongoing uncertainty, one thing is clear: this ruling and its implications will reverberate through the crypto industry for years to come.
Celebrate as we may, let's remember that the crypto landscape is far from static. In the meantime, eyes remain on Ripple, and indeed, the rest of the crypto industry, as we continue to navigate these uncharted waters.
This news couldn't have come at a better time for the crypto sector. The verdict brings hope to numerous other crypto firms battling with the SEC over the regulatory jurisdiction over their products.
Meanwhile, the announcement triggered the renowned U.S. crypto exchange, Coinbase, to reopen XRP trading on its platform. Paul Grewal, Coinbase's chief legal officer, commented on the case via Twitter, stating, "We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist." This announcement influenced Coinbase stock to surge by 24%, closing at $107 per share on Thursday.
In light of this event, #ChangpengZhao , CEO of #Binance, took to Twitter to declare, "Binance never delisted XRP." Binance, the leading player in the crypto sphere, celebrated its 6th anniversary yesterday. CZ's announcement could serve as a regretful reminder for those exchanges that chose to delist XRP in the past due to Fear, Uncertainty, and Doubt (FUD). As these developments unravel, it's clear why Binance stands at the forefront of the industry - a result of their correct decisions, resilience against FUD, and relentless effort.
Brad Garlinghouse, the CEO of Ripple, hailed the ruling as not only a significant win for Ripple but a critical triumph for the entire U.S. cryptocurrency industry.
The SEC, on the other hand, was satisfied with a part of the ruling, stating that Ripple violated federal securities law by selling XRP directly to sophisticated investors. However, the decision to appeal the ruling will be considered once the final judgment is issued.
Ripple's #XRP sales were deemed not to constitute securities under the law as there was no reasonable expectation of profit tied to Ripple's efforts. This puts other digital currencies on notice and opens the door for further discussions on token regulation.
However, the SEC did manage to score a partial win as Judge Torres deemed that Ripple's sales of XRP worth $728.9 million to hedge funds and other sophisticated buyers were unregistered securities sales.
This landmark ruling could set the tone for other legal battles between crypto companies and the SEC. Furthermore, it raises new calls for Congress to clarify the status of digital assets, which the crypto industry has been long advocating for. As Tom Emmer, the House of Representatives Majority Whip, rightly pointed out on Twitter, "a token is separate and distinct from an investment contract it may or may not be part of," and it's high time to make it law.
The development surrounding the Ripple Labs case will undoubtedly influence the course of cryptocurrency regulation in the U.S. Despite the ongoing uncertainty, one thing is clear: this ruling and its implications will reverberate through the crypto industry for years to come.
Celebrate as we may, let's remember that the crypto landscape is far from static. In the meantime, eyes remain on Ripple, and indeed, the rest of the crypto industry, as we continue to navigate these uncharted waters.
Changpeng Zhao's Net Worth Surges During Prison Term
Forbes estimates Changpeng Zhao, former Binance CEO, earned approximately $25 million per day during his 117-day prison sentence, violating the Bank Secrecy Act.
Net Worth Estimates:
- Forbes: Increased by $3 billion to $61 billion
- Bloomberg: Decreased to $30.8 billion
Discrepancy due to varying valuations of:
- Crypto assets
- Equity in Binance-affiliated companies
#ChangpengZhao #Binance #NetWorth #PrisonTerm
Net Worth Estimates:
- Forbes: Increased by $3 billion to $61 billion
- Bloomberg: Decreased to $30.8 billion
Discrepancy due to varying valuations of:
- Crypto assets
- Equity in Binance-affiliated companies
#ChangpengZhao #Binance #NetWorth #PrisonTerm
Changpeng Zhao's Wealth Grows in Prison
Forbes: $25M/day, $61B net worth
Bloomberg: $30.8B net worth
Discrepancy due to asset valuations.
#ChangpengZhao #Binance #Wealth #Prison
Bloomberg: $30.8B net worth
Discrepancy due to asset valuations.
#ChangpengZhao #Binance #Wealth #Prison
🚨 Binance Founder CZ to Be Released Soon 🚨
Big news in the crypto world! Changpeng Zhao (CZ), the founder of Binance, is scheduled for release on September 29, 2024. His return is expected to shake things up for Binance and the broader crypto market. After legal challenges involving U.S. financial laws, CZ’s release could bring renewed confidence to Binance users and traders alike. Analysts predict that this could lead to higher trading volumes and a shift in Binance’s strategy. As Binance continues to face regulatory pressures, CZ’s leadership may be more crucial than ever!
#Binance #CZRelease #CryptoNews #ChangpengZhao #BinanceUpdate
Big news in the crypto world! Changpeng Zhao (CZ), the founder of Binance, is scheduled for release on September 29, 2024. His return is expected to shake things up for Binance and the broader crypto market. After legal challenges involving U.S. financial laws, CZ’s release could bring renewed confidence to Binance users and traders alike. Analysts predict that this could lead to higher trading volumes and a shift in Binance’s strategy. As Binance continues to face regulatory pressures, CZ’s leadership may be more crucial than ever!
#Binance #CZRelease #CryptoNews #ChangpengZhao #BinanceUpdate
🚨 Binance Founder Changpeng Zhao Surrenders to Low-Security Federal Prison in California
Changpeng Zhao, the founder of Binance, has surrendered to a low-security federal prison in Lompoc, California. This follows his sentencing to four months in prison for violating anti-money laundering laws. The decision is part of a broader legal settlement with U.S. authorities, which included significant fines for both Zhao and Binance. Stay tuned for more updates on this development.
#binance #ChangpengZhao #Crypto
Changpeng Zhao, the founder of Binance, has surrendered to a low-security federal prison in Lompoc, California. This follows his sentencing to four months in prison for violating anti-money laundering laws. The decision is part of a broader legal settlement with U.S. authorities, which included significant fines for both Zhao and Binance. Stay tuned for more updates on this development.
#binance #ChangpengZhao #Crypto
