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Grégoire
@Square-Creator-012244531
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Binance News
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Trader Reflects on August Market Volatility and Strategy
According to Odaily, trader Eugene Ng Ah Sio shared his recent trading experiences on social media, highlighting the significant market fluctuations in August. At the beginning of the month, Bitcoin's sharp decline to $50,000 triggered his stop-loss, which was set above $60,000. He attempted a long position around the mid-$50,000 range but was stopped out again, resulting in manageable overall losses. Subsequently, he successfully identified the bottom for SOL and ETH, achieving approximately a 10% return after an initial stop-loss.
On August 8, he executed a substantial long position in SOL, buying at $141 and selling at $157, yielding a profit of $3 million before returning to a closed position. Ng Ah Sio noted that the market's rapid fluctuations in August required high precision in execution, and his performance did not meet his expectations. Despite this, he plans to continue employing the same strategy of taking long positions before market shifts, as the potential rewards outweigh the risks. Looking ahead to September, he expressed uncertainty about the market and refrained from making long-term predictions.
On August 8, he executed a substantial long position in SOL, buying at $141 and selling at $157, yielding a profit of $3 million before returning to a closed position. Ng Ah Sio noted that the market's rapid fluctuations in August required high precision in execution, and his performance did not meet his expectations. Despite this, he plans to continue employing the same strategy of taking long positions before market shifts, as the potential rewards outweigh the risks. Looking ahead to September, he expressed uncertainty about the market and refrained from making long-term predictions.
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Earn up to 500 FDUSD with Binance.
#CryptoWatchMay2024
#CryptoWatchMay2024
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Binance Square Official
--
Share your #CryptoWatchMay2024 to win up to 500 FDUSD!
Join the #CryptoWatchMay2024 campaign and win up to 500 FDUSD! Make your list of top 5 tokens to watch on Binance in May 2024, providing insightful information about the projects, their price movements and future predictions. Make sure to feature at least one of the recent Binance additions: Renzo, BounceBit, Saga, Tensor, or Wormhole.
Campaign Period: 2024-05-03 00:00 to 2024-05-08 23:59 (UTC)
To Participate:
Use #CryptoWatchMay2024 while sharing your top 5 crypto list on Binance Square. Make sure to feature at least one of the recent Binance additions: Renzo, BounceBit, Saga, Tensor, or Wormhole.
Include:
1. Information about each project;
2. Recent price movements;
3. Future price predictions.
Guidelines:
Make certain your content is original, filled with insightful information, and based on real incidents. Posts with high engagement lacking original content may be disqualified.
Winner Selection:
Four posts generating the most interaction will each be rewarded with 125 FDUSD.
Terms and Conditions:
This campaign may not be available in your region.Submissions will be evaluated by a panel from the Binance Square team, based on topic relevance, formatting, research quality, factual sourcing, and originality. Content must also align with Campaign Rules.Winners of the week will be notified before next Friday via a push notification under Creator Center > Square Assistant. The FDUSD token vouchers will be distributed within 30 working days after the activity ends. Entries by Media & Project partners will not be considered for this campaign.The FDUSD token voucher rewards will be distributed within 21 working days after the activity ends. Users may check their rewards via Profile > Rewards Hub. The validity period for the token voucher is set at seven days from the day of distribution. Learn how to redeem a voucher.Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this activity, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right of final interpretation of this activity.Where any discrepancy arises between the translated versions of this announcement and the original English version, the English version of this announcement shall prevail.Additional promotion terms and conditions can be accessed here.
Campaign Period: 2024-05-03 00:00 to 2024-05-08 23:59 (UTC)
To Participate:
Use #CryptoWatchMay2024 while sharing your top 5 crypto list on Binance Square. Make sure to feature at least one of the recent Binance additions: Renzo, BounceBit, Saga, Tensor, or Wormhole.
Include:
1. Information about each project;
2. Recent price movements;
3. Future price predictions.
Guidelines:
Make certain your content is original, filled with insightful information, and based on real incidents. Posts with high engagement lacking original content may be disqualified.
Winner Selection:
Four posts generating the most interaction will each be rewarded with 125 FDUSD.
Terms and Conditions:
This campaign may not be available in your region.Submissions will be evaluated by a panel from the Binance Square team, based on topic relevance, formatting, research quality, factual sourcing, and originality. Content must also align with Campaign Rules.Winners of the week will be notified before next Friday via a push notification under Creator Center > Square Assistant. The FDUSD token vouchers will be distributed within 30 working days after the activity ends. Entries by Media & Project partners will not be considered for this campaign.The FDUSD token voucher rewards will be distributed within 21 working days after the activity ends. Users may check their rewards via Profile > Rewards Hub. The validity period for the token voucher is set at seven days from the day of distribution. Learn how to redeem a voucher.Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this activity, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right of final interpretation of this activity.Where any discrepancy arises between the translated versions of this announcement and the original English version, the English version of this announcement shall prevail.Additional promotion terms and conditions can be accessed here.
Edward Snowden $BTC
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Crypto De Nostradame
--
Bullish
Urgent Privacy Warning from Edward Snowden to the Bitcoin Community!
*Edward Snowden, famous whistleblower, issued an urgent warning to the Bitcoin community about privacy at the protocol level
*This warning came after Wasabi Wallet announced that it would stop its coordination service in June 2024, and this decision raised significant concerns in the crypto space
*Snowden continues his long-standing defense of advanced privacy features in Bitcoin's underlying infrastructure
Edward Snowden is issuing an urgent warning to the Bitcoin community about protocol-level privacy following Wasabi Wallet's decision to discontinue its coordination service
Famous whistleblower Edward Snowden, who revealed mass surveillance programs, issued an important warning to the Bitcoin community. He argues that addressing privacy at the protocol level is running out of time. This warning is in response to Wasabi Wallet, a leading player in Bitcoin privacy solutions, announcing that it will discontinue its coordination service as of June 1, 2024
This decision, attributed to the company zkSNACKs, caused great concern in the crypto space. This decision affects people using other wallet clients connected to the zkSNACKs coordinator, these wallets include Trezor Suite and BTCPayServer. Despite the termination of the Coinjoin coordination service, Wasabi Wallet will continue to function as a BTC wallet with reduced privacy features
Snowden expressed genuine sadness upon hearing this news and suggested that Wasabi Wallet might explore options for implementing a decentralized coordinator or alternative configurations to maintain privacy protections. He emphasized the importance of urgently integrating protocol-level privacy measures into the Bitcoin protocol and has advocated for this critical development for years.
The well-known privacy advocate has long been a vocal advocate for increasing privacy in cryptocurrencies. Snowden has emphasized over the years the need to integrate advanced privacy features into Bitcoin's underlying infrastructure to protect users' financial sovereignty.
*Edward Snowden, famous whistleblower, issued an urgent warning to the Bitcoin community about privacy at the protocol level
*This warning came after Wasabi Wallet announced that it would stop its coordination service in June 2024, and this decision raised significant concerns in the crypto space
*Snowden continues his long-standing defense of advanced privacy features in Bitcoin's underlying infrastructure
Edward Snowden is issuing an urgent warning to the Bitcoin community about protocol-level privacy following Wasabi Wallet's decision to discontinue its coordination service
Famous whistleblower Edward Snowden, who revealed mass surveillance programs, issued an important warning to the Bitcoin community. He argues that addressing privacy at the protocol level is running out of time. This warning is in response to Wasabi Wallet, a leading player in Bitcoin privacy solutions, announcing that it will discontinue its coordination service as of June 1, 2024
This decision, attributed to the company zkSNACKs, caused great concern in the crypto space. This decision affects people using other wallet clients connected to the zkSNACKs coordinator, these wallets include Trezor Suite and BTCPayServer. Despite the termination of the Coinjoin coordination service, Wasabi Wallet will continue to function as a BTC wallet with reduced privacy features
Snowden expressed genuine sadness upon hearing this news and suggested that Wasabi Wallet might explore options for implementing a decentralized coordinator or alternative configurations to maintain privacy protections. He emphasized the importance of urgently integrating protocol-level privacy measures into the Bitcoin protocol and has advocated for this critical development for years.
The well-known privacy advocate has long been a vocal advocate for increasing privacy in cryptocurrencies. Snowden has emphasized over the years the need to integrate advanced privacy features into Bitcoin's underlying infrastructure to protect users' financial sovereignty.
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$SOL
LIVE
Coinaute
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The price of Solana ($SOL) is "preparing for a violent breakout, 🚀📉
The price of Solana ($SOL) is "preparing for a violent breakout," according to a popular cryptocurrency analyst known for accurately predicting the 2018 crypto market bottom. In a recent post shared on the microblogging platform X (formerly Twitter), the analyst, who operates under the pseudonym Bluntz Capital and boasts over 250,000 followers, displayed a Solana price chart indicating the cryptocurrency is forming higher lows after three corrective waves.
Bluntz employs Elliott Wave Theory, a form of technical analysis suggesting that the price movements of an asset occur in a specific five-wave pattern. This theory, developed in the 1920s by Ralph Nelson Elliott, posits that market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression in the direction of the dominant trend followed by a three-wave corrective phase. These fractal wave patterns are based on the psychology of the masses.
Recently, Bluntz also hinted that Bitcoin's price might reach a new all-time high "within the next 1 to 2 weeks," following his prediction of a "maximum pain scenario" for Bitcoin, which would occur before a "true rise." On the microblogging platform, he suggested that the scenario would involve BTC losing its recent peak, prompting investors to buy the dip in anticipation of further increases, believing it to be some sort of triangular breakout.
It's noteworthy that Bluntz famously predicted in June 2018 that the bear market, which saw Bitcoin's price drop from a near all-time high of $20,000, would bottom out with the coin trading at $3,200. This prediction was nearly accurate, as BTC hit this target in December of the same year.
Bluntz employs Elliott Wave Theory, a form of technical analysis suggesting that the price movements of an asset occur in a specific five-wave pattern. This theory, developed in the 1920s by Ralph Nelson Elliott, posits that market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression in the direction of the dominant trend followed by a three-wave corrective phase. These fractal wave patterns are based on the psychology of the masses.
Recently, Bluntz also hinted that Bitcoin's price might reach a new all-time high "within the next 1 to 2 weeks," following his prediction of a "maximum pain scenario" for Bitcoin, which would occur before a "true rise." On the microblogging platform, he suggested that the scenario would involve BTC losing its recent peak, prompting investors to buy the dip in anticipation of further increases, believing it to be some sort of triangular breakout.
It's noteworthy that Bluntz famously predicted in June 2018 that the bear market, which saw Bitcoin's price drop from a near all-time high of $20,000, would bottom out with the coin trading at $3,200. This prediction was nearly accurate, as BTC hit this target in December of the same year.
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Codebase by#Avalancheis hosting its first demo day on May 30 #AVAX $AVAX
LIVE
Avalanche_CN
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Come see the future of groundbreaking projects building on Avalanche 🔺 Codebase by Avalanche is hosting its inaugural Demo Day May 30th, alongside the Consensus Conference in Austin. We’re inviting our closest ecosystem members to come support the 15 selected cohort companies, who will present and pitch for a $400k investment prize pool! Apply to RSVP for the event:
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LIVE
Hashdeer1
--
Most of you guessed right 🔥
The currency is #Rez
I do not like to share projects for many reasons, but the nice thing about the projects that are posted on the Binance platform is that your risk is low and you can make a respectable profit, and the topic is simple and not complicated. You just need to store a Stake in BNB and it will give you the coins as a reward.
The Binance platform also carefully chooses projects, and this is good. I will post more information today about the currency, and may God grant you success❤️
If you do not have an account on the platform, here is the link
☀️
#Binance:
https://accounts.binance.info/register?ref=YMCCASKT
#RENZOLAUNCHPOOL
The currency is #Rez
I do not like to share projects for many reasons, but the nice thing about the projects that are posted on the Binance platform is that your risk is low and you can make a respectable profit, and the topic is simple and not complicated. You just need to store a Stake in BNB and it will give you the coins as a reward.
The Binance platform also carefully chooses projects, and this is good. I will post more information today about the currency, and may God grant you success❤️
If you do not have an account on the platform, here is the link
☀️
#Binance:
https://accounts.binance.info/register?ref=YMCCASKT
#RENZOLAUNCHPOOL
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Megadrop open! 😜🎁 $BB #BouceBit
LIVE
Binance Announcement
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The BounceBit (BB) Megadrop is now open: subscribe to BNB-locked products or complete Web3 quests to participate!
IMPORTANT: Binance will be the first platform to list the token mentioned in this announcement. Any announcement of the sale of this token before the indicated date constitutes false advertising. Conduct your own research to ensure the safety of your funds.
Dear Binanciens, Dear Binanciens,
Binance is pleased to announce the first project on [Binance Megadrop](https://www.%suffixOrigin%/%locale%/megadrop), BounceBit (BB), a BTC restaking blockchain. Users can start participating in the BounceBit Megadrop from 04/26/2024 at midnight (UTC). The BounceBit Megadrop page should be available on [l’application de Binance](https://binance.onelink.me/y874/803c5d7d) in five hours.
Dear Binanciens, Dear Binanciens,
Binance is pleased to announce the first project on [Binance Megadrop](https://www.%suffixOrigin%/%locale%/megadrop), BounceBit (BB), a BTC restaking blockchain. Users can start participating in the BounceBit Megadrop from 04/26/2024 at midnight (UTC). The BounceBit Megadrop page should be available on [l’application de Binance](https://binance.onelink.me/y874/803c5d7d) in five hours.
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13 years ago to the day… $BTC
LIVE
Crypto Web3 Today
--
Bullish
Satoshi Nakamoto Delivered Final Words on Bitcoin 13 Years Ago Today.
Thirteen years ago, on April 23, the enigmatic figure known as Satoshi Nakamoto delivered his final instructions on the Bitcoin (BTC) ecosystem. This landmark moment, occurring just four months after Nakamoto's last public statement in December 2010, marked a pivotal juncture in the trajectory of the world's leading cryptocurrency.
In emails revealed from former Bitcoin Core developer Mike Hearn, Nakamoto expressed a sense of passing the torch, stating, "I've moved on to other things. It's in good hands with Gavin and everyone."
Speculation abounds regarding Nakamoto's motivations for stepping back from the project. Some suggest a divergence in vision, particularly in light of efforts to align Bitcoin with initiatives like WikiLeaks donations. Others point to external pressures, such as the reported CIA inquiry into Gavin Andresen, a key figure in the cryptographic community.
Good hands.
Regardless of the reasons behind it, the period following Nakamoto's departure witnessed a meteoric rise in Bitcoin's prominence. From its humble origins, Bitcoin surged in popularity, capturing the imagination of tech enthusiasts and investors.
The cryptocurrency's price skyrocketed, reaching unprecedented heights and establishing a new paradigm in digital finance.
Today, Bitcoin stands as a testament to Nakamoto's vision, a decentralized force reshaping economies and challenging traditional financial paradigms.
Despite numerous attempts to unmask the elusive creator, Nakamoto's identity remains shrouded in mystery, adding to the intrigue surrounding Bitcoin's origin story. Whether Nakamoto will ever step out of the shadows and reveal himself to the world remains one of the most intriguing mysteries in the crypto space.
Thirteen years ago, on April 23, the enigmatic figure known as Satoshi Nakamoto delivered his final instructions on the Bitcoin (BTC) ecosystem. This landmark moment, occurring just four months after Nakamoto's last public statement in December 2010, marked a pivotal juncture in the trajectory of the world's leading cryptocurrency.
In emails revealed from former Bitcoin Core developer Mike Hearn, Nakamoto expressed a sense of passing the torch, stating, "I've moved on to other things. It's in good hands with Gavin and everyone."
Speculation abounds regarding Nakamoto's motivations for stepping back from the project. Some suggest a divergence in vision, particularly in light of efforts to align Bitcoin with initiatives like WikiLeaks donations. Others point to external pressures, such as the reported CIA inquiry into Gavin Andresen, a key figure in the cryptographic community.
Good hands.
Regardless of the reasons behind it, the period following Nakamoto's departure witnessed a meteoric rise in Bitcoin's prominence. From its humble origins, Bitcoin surged in popularity, capturing the imagination of tech enthusiasts and investors.
The cryptocurrency's price skyrocketed, reaching unprecedented heights and establishing a new paradigm in digital finance.
Today, Bitcoin stands as a testament to Nakamoto's vision, a decentralized force reshaping economies and challenging traditional financial paradigms.
Despite numerous attempts to unmask the elusive creator, Nakamoto's identity remains shrouded in mystery, adding to the intrigue surrounding Bitcoin's origin story. Whether Nakamoto will ever step out of the shadows and reveal himself to the world remains one of the most intriguing mysteries in the crypto space.
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Halving Bitcoin today at 2:30 a.m.
$BTC
$BTC
LIVE
Criptoaldia
--
Bitcoin Halving Sparks Renewed Interest in Crypto Education
The recent Bitcoin halving has generated renewed interest in crypto education, with a number of initiatives aimed at empowering people with knowledge about the fascinating world of cryptocurrencies. This highly anticipated event has not only highlighted the importance of understanding how Bitcoin works, but has also unleashed a wave of enthusiasm to learn more about the opportunities and challenges presented by the crypto market.
The Bitcoin halving has served as a stark reminder of the inherent scarcity of this cryptocurrency and the importance of its unique design in the financial world. As more people become familiar with the key concepts behind halving, it opens the door to a broader conversation about the need for crypto education to empower individuals in the digital age.
The Bitcoin halving has served as a stark reminder of the inherent scarcity of this cryptocurrency and the importance of its unique design in the financial world. As more people become familiar with the key concepts behind halving, it opens the door to a broader conversation about the need for crypto education to empower individuals in the digital age.
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LIVE
Criptoaldia
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Binance Announces Innovative Early Access Program for Web3 Rewards
Binance, one of the world's leading cryptocurrency giants, has taken a bold step into the future by launching an early access program designed to reward pioneers of Web3 technology. This revolutionary initiative not only promises to drive adoption of the decentralized web, but also offers participants the opportunity to be part of a global movement towards a more inclusive and democratized digital ecosystem.
The Binance Early Access Program represents an open invitation to all those who wish to explore the endless possibilities of Web3 technology. By joining this initiative, users will have the opportunity to access exclusive rewards and participate in innovative projects that are shaping the future of the Internet.
The Binance Early Access Program represents an open invitation to all those who wish to explore the endless possibilities of Web3 technology. By joining this initiative, users will have the opportunity to access exclusive rewards and participate in innovative projects that are shaping the future of the Internet.
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Free Red Packet on #Binance ! 🎁🎁
Click on the link to receive your gift 🎁
https://s.binance.com/B15cEfTf
Click on the link to receive your gift 🎁
https://s.binance.com/B15cEfTf
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LIVE
Binance Square Official
--
[Alert! #ProtectCommunityStandards ]
We've noticed that some users continue to disregard our community rules by posting inappropriate content or engaging in prohibited actions despite reminders. We are sharing some common violations as examples.
Following community rules are important, thank you for keeping Binance Square a safe place. Refer to the Community Management Guidelines if you'd like to know more.
We've noticed that some users continue to disregard our community rules by posting inappropriate content or engaging in prohibited actions despite reminders. We are sharing some common violations as examples.
Following community rules are important, thank you for keeping Binance Square a safe place. Refer to the Community Management Guidelines if you'd like to know more.
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🚨 - A zero-day vulnerability discovered on iOS would allow passive infiltration of your smartphone via iMessage.
It is recommended to disable#iMessageto protect your crypto assets ⚠️
Source: Journal du Coin
#ios #TRUSTWALLET #apple #info #news
It is recommended to disable#iMessageto protect your crypto assets ⚠️
Source: Journal du Coin
#ios #TRUSTWALLET #apple #info #news
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For those who want to discover $AVAX
#avalanche ( $AVAX ) What is it?
Avalanche claims to be “the fastest smart contract platform in the blockchain industry in terms of transaction completion time” thanks to the multiple consensus mechanisms it uses. It provides more reliable and scalable services by using three different blockchains within the platform. AVAX, Avalanche's native token, is used as both a reward and payment system within the network.
Avalanche provides its solutions to its users by using different methods together. The first of these is that the Avalanche network consists of three interoperable blockchains. These are X-Chain, C-Chain and P-Chain.
Compared to executing all processes on a single chain, the fact that three blockchains play different roles is one of the biggest factors in making the Avalanche network faster and more scalable.
This feature is combined with two different consensus mechanisms tailored to the needs of the blockchains used. Avalanche and Snowman consensus protocols are the primary reason for increased network scalability and transaction speeds.
Avalanche claims to be “the fastest smart contract platform in the blockchain industry in terms of transaction completion time” thanks to the multiple consensus mechanisms it uses. It provides more reliable and scalable services by using three different blockchains within the platform. AVAX, Avalanche's native token, is used as both a reward and payment system within the network.
Avalanche provides its solutions to its users by using different methods together. The first of these is that the Avalanche network consists of three interoperable blockchains. These are X-Chain, C-Chain and P-Chain.
Compared to executing all processes on a single chain, the fact that three blockchains play different roles is one of the biggest factors in making the Avalanche network faster and more scalable.
This feature is combined with two different consensus mechanisms tailored to the needs of the blockchains used. Avalanche and Snowman consensus protocols are the primary reason for increased network scalability and transaction speeds.
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$FIL
LIVE
Cointelegraph
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Filecoin Foundation Launches Chinese Legal Inquiry Into STFIL Incident
Filecoin Foundation, a nonprofit that promotes the development of Web3 storage protocol Filecoin, “has a lawyer in China” and is investigating the reported detention of Filecoin Liquid Staking (STFIL) team members, according to an April 13 social media post from foundation senior fellow Danny O’Brien.
Withdrawals from the STFIL protocol stopped working in early April after a developer wallet made several unscheduled upgrades and moved $23 million worth of Filecoin (FIL) tokens to an address whose owner is unknown. On April 8, the STFIL team announced that core technical members was detained by local Chinese police and that the mysterious upgrades and transfers had occurred during these detentions. This announcement left many users of STFIL wondering how they could recover funds.
In the post, O’Brien stated that “FF has a lawyer in China who has been looking into the incident,” adding that the foundation has “high confidence” that members of the STFIL team are in police custody. The foundation has not been able to confirm whether the police possess the funds, but they expect to know this information in “upwards of a week.” The foundation plans to allow its attorney to represent all staking providers and leasers in any court proceedings related to the incident.
O’Brien promised to share more information once the plan's details are finalized. He also asked staking providers who lost funds to provide contact details through a Google Doc or Slack Channel set up for this purpose.
Source: Filecoin Foundation senior fellow Danny O’Brien.
Filecoin is a decentralized storage protocol that allows PC owners to rent out their hard disk space to users with data storage needs. It requires storage providers to provide FIL tokens as collateral to guarantee that they store data per their agreements.
FIL holders can lend out their tokens to the storage providers, in which case they earn a portion of the fees collected. This process is called “FIL staking.”
STFIL is a protocol that pools FIL tokens and stakes them through a network of trusted storage providers. When users deposit FIL into the STFIL protocol, they receive STFIL tokens in exchange. When the protocol is functioning correctly, these STFIL tokens can be redeemed for their underlying deposited FIL plus accumulated staking rewards. However, this redemption process stopped functioning in April, after the unauthorized upgrades and transfers were made.
STFIL is not the only Web3 protocol to encounter criminal legal action in China. Users of the Multichain cross-chain bridging platform saw more than $1.5 billion of their crypto frozen after Chinese police arrested the protocol’s development team. The funds have still not been recovered.
Fantom Protocol, one of the biggest depositors to Multichain, filed for bankruptcy in March in an attempt to pursue at least some of the lost Multichain funds through litigation. According to Fantom co-founder Andre Cronje, it may take “years” for investors to obtain a court order that can force police to hand over the funds.
Withdrawals from the STFIL protocol stopped working in early April after a developer wallet made several unscheduled upgrades and moved $23 million worth of Filecoin (FIL) tokens to an address whose owner is unknown. On April 8, the STFIL team announced that core technical members was detained by local Chinese police and that the mysterious upgrades and transfers had occurred during these detentions. This announcement left many users of STFIL wondering how they could recover funds.
In the post, O’Brien stated that “FF has a lawyer in China who has been looking into the incident,” adding that the foundation has “high confidence” that members of the STFIL team are in police custody. The foundation has not been able to confirm whether the police possess the funds, but they expect to know this information in “upwards of a week.” The foundation plans to allow its attorney to represent all staking providers and leasers in any court proceedings related to the incident.
O’Brien promised to share more information once the plan's details are finalized. He also asked staking providers who lost funds to provide contact details through a Google Doc or Slack Channel set up for this purpose.
Source: Filecoin Foundation senior fellow Danny O’Brien.
Filecoin is a decentralized storage protocol that allows PC owners to rent out their hard disk space to users with data storage needs. It requires storage providers to provide FIL tokens as collateral to guarantee that they store data per their agreements.
FIL holders can lend out their tokens to the storage providers, in which case they earn a portion of the fees collected. This process is called “FIL staking.”
STFIL is a protocol that pools FIL tokens and stakes them through a network of trusted storage providers. When users deposit FIL into the STFIL protocol, they receive STFIL tokens in exchange. When the protocol is functioning correctly, these STFIL tokens can be redeemed for their underlying deposited FIL plus accumulated staking rewards. However, this redemption process stopped functioning in April, after the unauthorized upgrades and transfers were made.
STFIL is not the only Web3 protocol to encounter criminal legal action in China. Users of the Multichain cross-chain bridging platform saw more than $1.5 billion of their crypto frozen after Chinese police arrested the protocol’s development team. The funds have still not been recovered.
Fantom Protocol, one of the biggest depositors to Multichain, filed for bankruptcy in March in an attempt to pursue at least some of the lost Multichain funds through litigation. According to Fantom co-founder Andre Cronje, it may take “years” for investors to obtain a court order that can force police to hand over the funds.
$NEAR
LIVE
NEAR Protocol
--
All You Need to Know: NEAR @ Token2049 - Dubai 🇦🇪 After making waves at TOKEN2049 Singapore last year, NEAR is bringing the full force of its innovative and rapidly growing ecosystem to TOKEN2049 Dubai. Here's all you need to know: First up, if you prefer a longer read take a look at the blog released by the NEAR Foundation on NEAR's presence at Token2049! https://pages.near.org/blog/near-ecosystem-kicks-up-a-sandstorm-at-token2049-dubai/ ⭐️April 18th - AI x Web3: Pioneering Decentralized Intelligence Join Illia Polosukhin and a bunch of folks way smarter than this social media intern as they explore decentralized AI. Expect the black dragon to rep just what NEAR can do to save us from AI overlords. https://checkout.token2049.com/agenda/session/1301423 ⭐️April 19th - Sweat Economy's Billion-User Blueprint NEAR Foundation COO Chris Donovan sits down with Oleg Fomenko, the founder of Sweat one of the most used dApps in Web3, to discuss their plan to t̵a̵k̵e̵ ̵o̵v̵e̵r̵ ̵t̵h̵e̵ ̵w̵o̵r̵l̵d̵ bring a billion into Web3! https://checkout.token2049.com/agenda/session/1327628 ⭐️AND YES, THERE'S A BOOTH Meet some of the giga brains behind NEAR and some of the incredible teams building on it at the NEAR booth, April 18th - 19th. Now, you can read exactly what was written here but in a more formal style on the Luma page: https://lu.ma/d1mzjpw3
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$FIL
LIVE
Criptoaldia
--
Filecoin Foundation Deploys Legal Offensive in China
The cryptocurrency sphere is shaken once again with an event that shakes the foundations of the digital world. Filecoin Foundation, the titan of blockchain technology, has unleashed a legal offensive in China to unravel the mystery behind the STFIL incident. This event, which has caused waves of speculation, is now under the direct scrutiny of legal experts as the Filecoin Foundation seeks compelling answers in the heart of one of the most influential cryptocurrency markets in the world.
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