Following the JPEX fiasco, it appears that another crypto trading platform called Hounax reportedly scammed some Hong Kong investors, causing them to lose over $15 million. Meanwhile, some of the victims believe that the city-state regulator’s warning about the platform came after they already locked their money in Hounax. Hounax Crypto Exchange Allegedly Disappears With Customer Funds About 131 supposed investors between 19 and 78 years old fell victim to an alleged crypto scam by Hounax. According to a report by the South China Morning Post, the Hong Kong police received 88 complaints from the victims on Nov. 25, with the Securities and Futures Commission (SFC) getting 15 on Nov. 27 concerning Hounax. While the loss is said to be around HK$120 million ($15.4 million), the victim with the supposed biggest loss, as stated in the report, is a 69-year-old retired woman who invested $HK12 million ($1.54 million) or 10% of the total funds. According to one of the affected people surnamed Ng, the alleged scammers behind the cryptocurrency exchange built trust with the unsuspecting victims, and had accomplices who claimed (with demonstrations) that they could withdraw their money from the platform. Ng and another investor surnamed Wong said they felt relaxed after realizing that Hounax was listed in Canada and the United States as a “money service business,” and they were able to withdraw their funds in September. However, trouble started when investors realized that they couldn’t make withdrawals in November. The crypto platform had an investment deal that required investors to lock up their funds until Nov. 12. But the victims claimed that they could not withdraw their funds after the deadline, causing them to report the matter to the police. SFC Warning Came Late, Laments Victims The Hong Kong Securities and Futures Commission (SFC) on Nov. 1 included Hounax on its alert list as a “suspicious virtual asset trading platform.” According to the remark by the SFC: “The company claims to be a cryptocurrency trading platform that is in business cooperation with a financial institution and a venture capital firm when this is not in fact the case. It appears to target Hong Kong investors with pre-populated +852 field in its user log-in page and “Hounax Hong Kong” social media channels on Facebook, X (formerly Twitter), and YouTube.” But some of the people who put their money on Hounax lamented that the regulator’s warning was coming late after they already engaged with the firm and locked up their investments, as stated in the report. Also, two Hong Kong lawmakers, Doreen Kong Yuk-foon and Johnny Ng Kit-chong, noted that the SFC’s public warning was not enough, with Ng stating that the warning could have come earlier. The latest development comes shortly after the JPEX saga, with authorities receiving over 2,000 complaints from victims who claimed to have lost their funds to the company. While several arrests have been made in Hong Kong, Taiwanese police also apprehended the chief JPEX partner in Taiwan following complaints from 10 customers. The post Hong Kong Investors Fall Victims to Alleged $15 Million Crypto Scam appeared first on CryptoPotato.

Ever seen one of these abbreviations and wondered what it meant? 🔸FUD 🔸FOMO 🔸HODL 🔸BUIDL 🔸SAFU 🔸ROI 🔸ATH 🔸ATL 🔸DYOR 🔸DD 🔸AML 🔸KYC 👇👇👇👇👇HERE YOU ARE👇👇👇👇👇 1. Fear, Uncertainty, and Doubt (FUD): Spreading of fear and misinformation to gain an advantage. 2. Fear Of Missing Out (FOMO): The emotion you feel when you panic buy. 3. HODL: Buy and hold on to it for a long time! 4. BUIDL: Keep your head down and build the next financial system. 5. SAFU: Funds are safe! 6. Return on Investment (ROI): How much money you are making (or losing). 7. All-Time High (ATH): The highest price ever recorded! 8. All-Time Low (ATL): The lowest price ever recorded. 9. Do Your Own Research (DYOR): Don't trust, verify. 10. Due Diligence (DD): Smart people make decisions based on facts. 11. Anti Money Laundering (AML): Regulations that prevent criminals from hiding their money. 12. Know Your Customer (KYC): Regulations that make exchanges verify your identity. FOLLOW @News FOR MORE ~YOU CAN SUPPORT BITEAGLE NEWS BY TIPPPING US. THANK YOU!!! #safu #etf #Fomo

You’ve probably read the headlines about the $4.3 billion fine that Binance – the world’s largest crypto exchange – has agreed to pay the U.S. government. In my view, it’s worth every penny. With this fine, Binance has essentially bought its freedom. Binance is now legit. I have not read a single article that explains clearly what the deal means for crypto users – especially investors in the Binance token (BNB). (Full disclosure: I’m an investor.) Here’s what happened, and what it means for the coming age of crypto. A Brief History of Binance Binance was founded in 2017, during the heyday of crypto. Initial Coin Offerings were all the rage, when entrepreneurs would launch a new crypto company, mint new tokens to raise money (just like issuing shares in an IPO), then use the proceeds to build the company. Bitcoin was reaching new all-time highs, new tokens were launching every day, and a new class of “crypto trader” sprung up to provide liquidity between all these digital assets: buying, selling, and occasionally hodling them for the long-term. Changpeng (“CZ”) Zhao, a developer who worked on trading software for the Tokyo Stock Exchange, started Binance in the midst of this maelstrom. With Binance, users could buy, sell, and trade all the major cryptocurrencies, with Binance getting a cut out of each transaction. It was a money-printing machine. In the beginning, it was easy to open an account without providing much identification, which attracted both legitimate customers (by the millions) and illegitimate customers (the occasional money launderer, ransomware scammer, and terrorist financer.) Where Binance erred was in not implementing stricter customer checks, sooner: as the Department of Justice has documented, CZ prioritized growth of the company above compliance with the law. The company helped “VIP customers” (crypto whales moving a lot of money and generating hefty profits), even when their behavior seemed sketchy. And Binance seemed to know that money was illegally flowing between the U.S. and sanctioned countries like Iran. In CZ’s defense, the company spun off a subsidiary called Binance.US in 2019, blocking U.S. users from the Binance.com platform and redirecting them to Binance.US instead. The idea was that Binance.US would adhere to the more stringent U.S. regulations. The problem, according to the DOJ, was that determined U.S. users could still use Binance.com through a VPN or proxy tool, so the bad behavior continued … and Binance knew about it. Meanwhile, CZ made it a point to establish Binance in a kind of no-man’s-land, getting rid of any physical headquarters, and constantly staying on the move. He asked employees to use encrypted messaging services, so there was no paper trail. When the U.S. government began turning up the heat in 2021, CZ resisted, but eventually the threat of a massive lawsuit changed his thinking. He had just seen how a run on FTX crippled the company and landed Sam Bankman-Fried in prison. (In fact, he helped FTX crash and burn.) If it came to an FTX-style trial, customers might get spooked and withdraw all their funds, and that really would be the end of Binance. (It was also in the government’s best interest to settle: remember how the contagion from the FTX collapse spilled over to traditional banks as well.) So Binance and the U.S. government came to a deal. The Deal, Explained In plain English: U.S. customers will not be allowed to trade on Binance.com, and the government will appoint compliance monitors to audit and ensure that Binance is behaving, for real this time. U.S. customers will still be allowed to use Binance.US (if you’re reading this from the U.S., you can try Binance.com and Binance.US for yourself). Binance.US will, of course, be more closely monitored for compliance, which should be a good thing for customers. CZ will step down as CEO, to be succeeded by Richard Teng, a former CEO of Abu Dhabi’s financial services regulator. CZ still maintains his ownership stake in Binance, though he is giving up voting rights. And then there’s that pesky $4.3 billion fine. ($4,316,126,163, to be exact.) Binance claims it had set aside up to $8 billion for an eventual settlement, so apparently they were saving for a rainy day. The news media keeps saying Binance is making a “complete exit” from the United States, which is inaccurate. U.S. customers are some of Binance’s most valuable. They’re critical for the long-term growth of the company. To be clear, U.S. users cannot use Binance.com, but they can continue to use Binance.US. Which is the same way it’s been since 2019, only now with better compliance. But saying “Things remain exactly the same at Binance” does not make for a great headline. The Investor Takeaway I am supremely bullish on this turn of affairs. I don’t condone breaking the law, so I think Binance was absolutely wrong to help criminals get around their controls. When you build a company culture around skirting the edges of the law, it’s hard to wash that out of your system. That worries me. On the other hand, I learned a lesson from watching the rise of Uber under its founder Travis Kalanick. Here was another disruptive technology company breaking into a heavily-regulated market. At the time, taxis were terrible, and Uber truly provided a better customer experience. Under Kalanick, Uber played hardball to win new markets, often skirting or flouting the law. We should all feel conflicted about these moral dilemmas. Is it right or wrong for an enterprising entrepreneur to aggressively promote a better product — even if it means breaking laws that might be outdated or unfair? In the case of Uber, the taxi industry was ripe for disruption, Uber was a far superior product, and society benefited as a result. (In fact, I took a NYC taxi the other day, and was astonished at how much better the taxi experience has become – it’s a lot like taking an Uber.) Binance legitimately provides great products and services. It’s one of the most user-friendly, trustworthy crypto exchanges in the world. It keeps funds secure. It continually innovates, from high-yield staking products to its own blockchain. It even has its own charity. Would the company have become successful if it waited for U.S. regulators to catch up? The SEC still cannot even define whether a token is or is not a security. If you want to see the results of the “wait and see” approach, just look at U.S. banks. No crypto innovation. For me, this settlement allows the DOJ to score a political win, lets Binance play nice with the government, and releases the entire industry to move forward. This is why I am very pleased about Binance’s $4.3 billion fine. The company can afford it, and now there is an understanding in place. The U.S. government will monitor Binance, they’ll appoint a grownup CEO, and the company is now legit. (Remember, Uber ultimately ousted Travis Kalanick and brought in a grown-up CEO in Dara Khosrowshahi. The company launched an IPO and now its stock price is approaching all-time highs.) I’ll repeat those four important words: Binance is now legit. This is a huge deal. It’s worth every penny of the $4.3 billion. My belief is that investing in the BNB token is like investing in Binance. Now that Binance is “government approved,” my view is that the company will not only survive, but thrive. They have great products, an enormous competitive moat, and now they’re officially regulated. For my money, BNB is a better buy than ever. #binance #CZBinance #BNBecosystem $BNB

Binance is a significant cryptocurrency trading platform. With its user-friendly interface and vast choice of cryptocurrencies, Binance is a popular platform for beginners and experts. Binance's characteristics and benefits will be examined in this post. Recent years have seen cryptocurrencies' rise in popularity and relevance. Bitcoin and other digital currencies are attracting more individuals to this new financial frontier. Binance, a large cryptocurrency exchange, has helped facilitate this exploration. Its secure and quick trading system and large assortment of cryptocurrencies make it a trusted choice for digital asset buyers, sellers, and traders. Personal Journey of Discovering Crypto When I initially started looking into cryptocurrency, one of the first things I did was study up on blockchain technology. It took some time and effort to understand this complicated idea, but I finally got it when I kept at it and learned new things. The unpredictable character of the bitcoin market has added another layer of difficulty. Nevertheless, methods were devised to traverse and make educated investing judgements by diligently analysing and keeping up with market developments. Studying on my own, participating in online communities, going to webinars, and consulting with professionals were all parts of the process of becoming knowledgeable about cryptocurrencies. Welcome to Binance! One of the most prominent cryptocurrency exchange platforms is Binance . It offers many digital currencies for trading and has a simple interface for novices and experts. With its extensive trading tools, secure storage, and affordable costs, Binance is a trustworthy cryptocurrency platform. Binance makes buying, selling, and trading cryptocurrencies easy. The Features and Services Offered by Binance Among Binance's many features and services is access to a wide variety of tradable cryptocurrencies , from well-known ones like Bitcoin and Ethereum to more obscure ones. Users can execute trades with precision using Binance's advanced trading options, which include stop-loss orders and limit orders. Binance also offers consumers the ability to store their digital assets in highly secured cold wallets, which is a great security measure. In addition, the platform has reasonable costs, so traders may make the most of their profits. In sum, Binance is a great option for crypto traders of all skill levels because to its extensive set of products and services. The Reputation and Reliability of Binance in the Cryptocurrency Community Binance has built a solid reputation in the cryptocurrency community for its reliability and trustworthiness. With its robust security measures and track record of successfully handling large volumes of trades, Binance has earned the trust of millions of users worldwide. Its consistent performance and commitment to customer satisfaction have established it as one of the most reputable and reliable cryptocurrency exchanges in the industry. Personal Experience with Binance The reasons for choosing Binance as the preferred exchange platform I personally chose Binance as my preferred exchange platform due to its user-friendly interface and wide range of available cryptocurrencies. The platform offers a seamless trading experience with low fees and high liquidity, making it ideal for both beginner and experienced traders. Additionally, Binance's excellent customer support and educational resources have been instrumental in helping me navigate the world of cryptocurrency trading effectively. Furthermore, Binance's robust security measures and frequent audits give me peace of mind knowing that my funds are safe and protected. The platform also offers a variety of advanced trading features, such as stop-loss orders and margin trading, allowing me to execute complex trading strategies and maximize my potential profits. Moreover, Binance's mobile app provides convenience and flexibility, allowing me to trade on the go and stay updated with the latest market trends. Overall, Binance has proven to be a reliable and trustworthy exchange platform that has greatly enhanced my trading experience in the world of cryptocurrencies. The user-friendly interface of Binance makes it incredibly easy to navigate and execute trades. The platform is intuitive and well-designed, allowing users to quickly access the necessary information and tools. Whether you are a novice or an experienced trader, Binance's user-friendly interface ensures a smooth and hassle-free trading experience. #CryptoIsBetterWithBinance #Binance

Binance made the announcement that it will be launching its Web3 wallet at the beginning of November. The company said that the wallet would bring an extra billion people to product offerings from Web3. On the other hand, according to Bloomberg, MetaMask, which is the most popular cryptocurrency wallet in the world, has just 21 million active users. Then why would Binance anticipate reaching one billion? The grounds for making such a bold remark are straightforward: it is a product that Binance offers, it is handy, and there is a possibility that there will be a lot of improvements in the future that will make this wallet similar to Apple Pay in terms of its standardization. Let's jump right in. How does the Binance Web3 Wallet work? The Binance Web3 Wallet is a wallet that stores cryptocurrency in a custodial storage facility. In all honesty, if you have ever used a service like MetaMask, TronLink, Trust Wallet, or any other service that is comparable, accessing Binance's wallet will be a snap for you. It support 38 of the most prominent blockchains, enables token trading through decentralized exchanges (DEXs), and enables cross-chain bridging using Binance Bridge. Additionally, it allows for wire transactions to be made directly from Binance to Web3 Wallet and vice versa. Therefore, what are the advantages, and why would a centralized exchange such as Binance introduce a wallet that is designed exclusively for decentralized finance? You are able to use decentralized applications (dApps), such as Uniswap, Aave, Curve Finance, and many more. It is obvious that Binance's goal is to increase the number of users on its BNB Chain. You have the ability to purchase meme coins before to their registration on any centralized exchange. This means that you are able to send and receive any token, even if Binance or any other centralized exchange does not currently handle that particular token. On the other hand, this fantastic functionality comes with a number of severe drawbacks. First, regardless of what Binance may claim about self-custody, it is a wallet that is held in custody. Using multi-party computation (MPC) technology, the private key that controls your wallet address is divided into shards and saved on your device, in a cloud storage that is secured with a password, and on Binance's servers as well. This ensures that your wallet address is protected during the whole process. You will not even be able to decipher your private key or seed phrase, and you will not be able to back it up on paper in the same way that you can with conventional wallets that do not require custodial services. As is the case with ordinary backups, MPC makes it possible for you to retrieve your wallet in the event that you misplace your smartphone. Second, in order to use this wallet, you will be required to pass the Know Your Customer (KYC) test. Considering that your Binance Web3 Wallet is connected to your Binance account, the on-chain transactions that you conduct using your "Web3" wallet are not only pseudonymous; rather, they are accompanied with a label that includes your name and surname, in a figurative sense. Third, although it makes an effort to be the most comprehensive and cutting-edge wallet possible by supporting intricate chains like Axelar and Injective, it does not support Solana, NEAR Protocol, Tezos, and a few other chains that are highly popular. It is possible that the developers are unable to implement all of the chains that are supported by Binance due to technological constraints and deadlines; nonetheless, this circumstance appears to be somewhat peculiar. The consequences of the compromises are rather severe, as can be shown. This brings up an important question: how can this wallet, which is primarily generic, bring in an additional billion people to Web3? The answers are straightforward: the pool of crypto enthusiasts is small, and the majority of people do not care about any of the aforementioned topics. It is possible to implement the plan to attract one billion users. Now, let's talk about MPC that has a storage facility for private keys. Due to the fact that they are accustomed to placing their faith in centralized exchanges, banks, governments, and other institutions, the normies do not worry about self-custody. They are not prepared and are not willing to take care of their keys, and Binance is not compelled to use its wallet rather than Trezor, Bitcoin Client, or any other wallet that we like to use in order to feel secure. The onboarding process is made easier by multi-party computation. There are no peculiar terms to support, and there are no bottlenecks in the process. Create the wallet, add funds to it, and then farm those three to one hundred percent annual percentage yields on whatever decentralized finance platform you want. The majority of consumers are accustomed to going through Know Your Customer procedures. On each and every occasion, they are required to provide their identification, and there is no question that they would divulge their personal information to another individual for the very last time. A complicated denial of service strategy or anonymity? They frequently have difficulty with chores such as backing up their seed phrase, and they are inclined to farm or purchase whatever the wallet offers at the moment, even if doing so requires them to disclose their transactions to law enforcement organizations. It is true that the global ecosystem wallet that does not support some of the top ten chains appears peculiar; however, this is only the case if you are not familiar with the politics and controversies surrounding cryptocurrencies. The blockchains with which Binance has a positive relationship were added to the Web3 wallet, while the remaining chains were left off-board. There is a possibility that the team will add support for Solana (SOL) in the future; however, this is not the case at the moment. #Web3Wallet #crypto2023 #BinanceTournament

Bankrupt cryptocurrency exchange FTX has received approval to sell approximately $873 million worth of trust assets as part of its efforts to repay creditors affected by its collapse in 2022. The decision was announced in a filing made on November 29th in a Delaware bankruptcy court. The assets to be sold comprise FTX’s holdings in various trusts issued by crypto asset manager Grayscale Investments and custody service provider Bitwise. Grayscale Investments’ trusts are valued at $807 million, while Bitwise’s assets are valued at $66 million. It’s important to note that the $744 million valuation mentioned in the court document is accurate as of October 25, 2023, and the assets have appreciated in value since then. This approval follows a motion filed by FTX debtors on November 3rd, requesting the sale of six cryptocurrency trusts, including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund. READ MORE: Bank for International Settlements Unveils Groundbreaking CBDC Privacy Protocols FTX currently holds more than 22 million units of GBTC, valued at $691 million, and 6.3 million shares of ETHE, valued at approximately $106 million. Additionally, FTX can now sell Grayscale’s Ethereum Classic Trust, Litecoin Trust, and Digital Large Cap Trust to generate funds for affected FTX customers. The exchange’s administrators, led by John J. Ray III, have been diligently working to recover assets since the collapse of Sam Bankman-Fried’s former cryptocurrency empire in November 2022. To date, approximately $7 billion in assets have been recovered, with nearly half of that amount coming from cryptocurrencies, totaling $3.4 billion. In June, FTX’s debtors estimated that the total misappropriated customer assets amounted to $8.7 billion. Meanwhile, Sam Bankman-Fried, the former head of FTX, was convicted on seven fraud-related charges on November 2nd and is scheduled to be sentenced on March 28, 2024. He remains in custody at Brooklyn’s Metropolitan Detention Center and has recently bartered four mackerels for a haircut while awaiting his legal proceedings. Discover the Crypto Intelligence Blockchain Council

Binance is one of the leading cryptocurrency exchange platforms in the world. It was founded in 2017 by Changpeng Zhao and has quickly gained popularity among traders and investors. With its user-friendly interface, wide range of supported cryptocurrencies, and advanced trading features, Binance has become a go-to platform for both beginners and experienced traders. Its strong security measures and commitment to innovation have made it a trusted and reliable platform in the cryptocurrency market. As Binance trading grows in popularity, more people are joining to earn. The dangers and drawbacks of buying Binance accounts must be acknowledged. This blog post discusses scams, fraud, and account suspension that buyers may confront when engaging in such acts. Readers may make informed judgments and protect their investments by recognizing the risks. The Risks of Buying Binance Accounts Binance account purchases include risks. Scams and fraud are serious threats. Since there is no method to check the account seller, you may buy a compromised or unlawful account. Account trading is strictly prohibited by Binance, and it can result in the suspension or termination of the acquired account, resulting in a complete loss of investment. Lack of Security and Potential for Account Hacking While buying Binance accounts may seem like a handy way to access the network, it is risky. Fraud is a major concern. These accounts are routinely sold by third parties, increasing the risk of frauds or compromise. You also risk being banned from Binance for breaking its terms of service. This may cause account funds or assets to be lost. Before buying a Binance account, be cautious and aware of the risks. Violation of Binance's Terms of Service and Potential for Account Suspension Unauthorized account trading is illegal in many places, therefore it might have legal ramifications. Buying a Binance account from a third party may also expose one's personal details to identity theft or fraud. Prioritize security and only transact through official channels to protect funds and personal data. Inability to Verify the Account's History and Potential Involvement in Illegal Activities Additional risks of buying a Binance account from an unauthorized source. Individuals risk money laundering or terrorist financing by opening an unfamiliar account. This can harm one's reputation and legal standing. To avoid injury, one must be cautious and avoid such trades. The Drawbacks of Buying Binance Accounts Buying things with an unauthorized Binance account can lead to a number of problems. First, the buyer's personal and financial information may have been stolen from the account. Second, these accounts might have a past of fraud, which could get them banned or suspended from the platform. Lastly, Binance's terms of service say that you can't buy accounts from sketchy sources. This makes it a risky and unreliable way to trade cryptocurrencies. Lack of Control and Ownership Over the Account May result in unlawful account modifications or transactions without the buyer's knowledge. Since the buyer relies on the original account owner for security, they cannot guarantee their funds' protection. The buyer may also lose access to Binance's core features and perks without account ownership, restricting their trading options and growth. Potential Loss of Funds Due to Unverified Sellers Buying a Binance account also carries a high risk. You can't verify the seller or account funds without proper verification. This makes the consumer exposed to frauds and fraud, which could cost them a lot of money. Avoiding these dangers requires caution and thorough investigation before engaging in such transactions. Limited Access to Account Features and Benefits Another drawback of owning a Binance account is limited account features and advantages. The buyer may not be able to access certain features or privileges of the original account user. This can limit the buyer's account use and cause missed chances or operational issues. Alternatives to Buying Binance Accounts These alternatives allow users to access Binance's features and benefits without buying an account. Binance also allows direct account creation. Users can fully control their account and use all platform features this way. Try asking experienced traders or joining Binance trading communities for advice. Users can maximise trading potential without buying accounts by learning from others and staying informed. Creating a New Binance Account to Ensure Security and Ownership Creating a new Binance account is the safest option because users have full control over their assets and data. This lets them use two-factor authentication to secure their account. Creating a new Binance account is the ideal approach to prioritize security and preserve full control over trade. Utilizing Binance's Account Verification Process for Additional Security Another efficient account protection method. Users can secure their accounts by submitting identification and passing verification. This helps Binance prevent unwanted access and ensure safe trading for all users. Therefore, Binance's account verification process is recommended to increase security and control over trade. Seeking Assistance From Binance's Customer Support for Any Account-related Issues Essential for trading security. Binance's 24/7 customer support service can answer account security questions. Their support team is available to reset passwords, resolve suspicious activity, and offer security advice. Users may guarantee account concerns are fixed quickly and effectively by contacting Binance's customer care, thus securing their trading experience. Conclusion Even though Binance's customer service team works hard to keep accounts safe, it's important to know that buying Binance accounts can be very risky. Some of these risks are possible scams, stolen account information, and not being held responsible if problems happen. It is always best to make and handle your own Binance account so that you have full control and are less likely to fall for false activities. #Binance #DYOR #SAFU

Crypto exchange FTX has been approved to sell $873M of its assets to repay creditors A bankruptcy court in the US has given an order approving crypto exchange FTX to sell about $873M of its assets to repay its creditors. According to a Nov. 29 filing in a Delaware bankruptcy court, the bankrupt crypto exchange FTX has been given an approval order to sell about $873 million of its trust assets and use the proceeds to repay creditors affected by the exchange’s collapse in 2022. The $873 million in assets will be sourced from FTX’s stakes in various trusts issued by crypto asset manager Grayscale Investments – valued at $807 million, and custody service provider Bitwise – valued at $66 million. Order authorizing FTX Trading to sell trust assets.   As seen in the document above, the Delaware bankruptcy court document references a total of $744 million in assets instead of $873 million – this is due to the valuation figure being as of Oct. 25, 2023. The assets have increased in value since.  The approval comes nearly four weeks after FTX debtors filed a motion to Judge John Dorsey on Nov. 3 requesting the sale of the six cryptocurrency trusts — including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW). See Also: FTX Users Sued New Targets In Class-Action Lawsuit To Recover Lost Funds FTX currently owns over 22 million units of GBTC, Grayscale’s flagship Bitcoin product, now worth $691 million, while its 6.3 million shares of ETHE are now worth around $106 million. FTX’s shares in Grayscale and Bitwise were worth $744 million as of Oct. 25, but the valued has increased since   Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN) and Digital Large Cap Trust (GDLC) are the three other trusts that FTX can now sell to recoup funds for impacted FTX customers. FTX’s administrators, headed by John. J Ray III, has been working to recover assets since Sam Bankman-Fried’s former empire collapsed in November 2022. So far, around $7 billion in assets has been recovered, with nearly half of that coming in the form of cryptocurrencies ($3.4 billion). In June, FTX’s debtors estimated the total amount of customer assets misappropriated was $8.7 billion. Meanwhile, Bankman-Fried was convicted on seven fraud-related charges on Nov. 2 and is set to be sentenced on March 28. He remains in Brooklyn’s Metropolitan Detention Center for the time being. The post US Court Orders Crypto Exchange FTX To Sell $873M Of Assets To Repay Creditors appeared first on BitcoinWorld.

Bankrupt cryptocurrency lending platform Celsius has started withdrawals for select users in a crucial development for the company and its clients amid financial instability and legal issues. According to a filing in the United States Bankruptcy Court for the Southern District of New York, participants in its custody program falling under “Class 6A General Custody Claims” and “Class 6B Withdrawable Custody Claims” are now eligible for fund withdrawals, with a deadline for withdrawals set for Feb. 28, 2024. Eligible participants can withdraw 72.5% of their cryptocurrency holdings minus transaction fees. Customers who opposed the reorganization plan were excluded. Instead, a litigation administrator will handle their assets independently for a duration of six months. Following its bankruptcy filing in July 2022, the platform has navigated various legal obstacles. In March, a settlement plan was endorsed, pledging deposit account holders 72.5% of their funds in two installments throughout 2023. In a subsequent update, creditors approved the company’s reorganization plan in September, paving the way to distribute around $2 billion in Bitcoin (BTC) and Ether (ETH). The company’s equity will be transferred to NewCo, overseen by the Fahrenheit consortium. In a Nov. 20 announcement, Celsius said the core business of the NewCo company proposed under its restructuring plan will be Bitcoin mining rather than staking. Celsius has been maneuvering through bankruptcy proceedings and legal challenges from multiple regulatory entities. The U.S. Securities and Exchange Commission, the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission all filed lawsuits against the company and its CEO, Alex Mashinsky, primarily centered on accusations of customer deception. Although Celsius reached a settlement of $4.7 billion with the FTC, Mashinsky will face a criminal trial. Magazine: Crypto’s ‘pro-rioter’ glitch artist stirs controversy — Patrick Amadon, NFT Creator

The United States’ approach to cryptocurrencies could do more harm than good and they risk losing major players by the time they “get their act together,” Cardano founder Charles Hoskinson has said. “When you look at some of the U.S. regulators, in particular, they’ve done a really good job of alienating most of the industry. They aren’t clear at all,” Hoskinson told Cointelegraph on the sidelines of the recent Abu Dhabi Finance Week. Charles Hoskinson with Cointelegraph Arabic journalist Hermi De Ramos at the Abu Dhabi Finance Week. Source: Cointelegraph He took a jab at the perceived inconsistency in applying decentralization standards by the U.S. Securities and Exchange Commission (SEC), stressing that Cardano (ADA) did not conduct an initial coin offering (ICO) and saying ADA vouchers were sold in Japanese territory with no U.S. participation. “I guess, apparently, that’s under U.S. jurisdiction,” Hoskinson said. “There was an airdrop, but people then sold on Binance and Bittrex… According to the recent court ruling with Ripple, that’s not an investment contract. So it was never really clear how that applies.” Hoskinson also pointed out that Ethereum, which he said conducted an ICO for their Ether (ETH) token without implementing mandatory Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, and Bitcoin (BTC) were labeled non-security for “some reason.” He said: “There are a lot of facts and circumstances that are insanely ambiguous, and it seems like it’s just the monster of the week. And if they can’t have success with a layer-one, like Ripple, then they go hit the exchanges… That's not really a well-formed policy.” On Nov. 20, the SEC filed a complaint in a federal court, alleging that crypto exchange Kraken commingled customer funds and failed to register with the regulator. In the complaint, the SEC listed 16 cryptocurrencies it considered securities, ADA. Hoskinson contends that the registration process with the SEC is vague as “it’s not possible to actually operate these systems in a reasonable way.” He argued: “How can any issuer understand who holds the cryptocurrency when they have no control over the distribution? How can you do KYC and AML on every single person in an open decentralized protocol? If the issuer goes out of business and the protocol still operates, what happens? Who registers? Asked what he wants to see from regulators, Hoskinson said they have to introduce clear, unambiguous policies and implement an open door policy between the crypto industry, regulators and legislators to resolve issues and, if necessary, update laws to reflect emerging technologies. But while he believes litigation will continue, Hoskinson is positive that the regime and policies will change over time: “What we’ll likely see is a law passed that removes the ambiguity like the [Financial Innovation Act]... and there will be some regime that between the CFTC and the SEC to sort all of this out.”

#BinanceTournament Leading cryptocurrencies like Bitcoin and Ether traded flat over the past week even after #cryptoexchange giant Binance agreed to a record $4.3 billion settlement with U.S. authorities, according to analysis by research firm K33.Analysts said the landmark agreement unveiled on November 21st showed sanctions violations and illegal money transfers but no mishandling of client funds. As such, it poses little risk of spreading contagion across digital asset markets, as happened amid the #ftx implosion last year.“The settlement has nothing to do with mishandling customer funds and won’t have any contagious effects in the future,” wrote K33 senior analyst Vetle Lunde and vice president Anders Helseth in the latest market update.Bitcoin and Ethereum prices remain buoyant at around $38,000 and $2,000, respectively, in the days after regulators publicized years-long investigations into Binance’s anti-money laundering procedures and sanctions compliance. The relatively muted impact affirms that Binance’s transgressions seem isolated rather than systemic.BNB plunged amidst Binance dramaHowever, the firm’s $BNB token did shed nearly 14% following the announcement of the costly settlement that cements a pivot away from the U.S. market. Binance founder Changpeng Zhao also stepped down as chief executive while retaining a substantial ownership stake.But Lunde and Helseth contend that Binance, boasting over 120 million users globally, still represents a pillar of crypto infrastructure likely to rebound in 2024, even with its American operations winding down.“Binance’s strong user base points towards Binance remaining a cornerstone of the crypto market structure as we advance into 2024,” the K33 report concluded.That said, the researchers highlighted that Binance already experienced a slipping market share in 2022 amid intensifying regulatory attention. Its portion of non-U.S. exchange volumes sank below 45% from around 70% previously, based on data from research firm The Block.For now, crypto markets seem reassured by the scope of penalties levied exclusively against Binance, rather than foreshadowing another existential crisis. Only the coming months will reveal whether depleted consumer confidence or frozen assets destabilize the #exchange itself, despite its towering status and still unmatched scale. #Wormhole

Tola Capital — a venture capital firm focused on artificial intelligence (AI) enterprise software investements, has announced the successful closure of its third fund, securing $230 million in capital commitments. The funding is the VC’s largest amount raised to date and the primary focus will now be on investing in seed and early-stage startups that explore the potential of AI to enhance enterprises. Founded in 2010 by a former Microsoft enterprise IT strategy head, Tola Capital comprises a team of experienced software operators who previously built and led cloud and enterprise software businesses at Microsoft. The firm has been actively involved in AI since its inception, having invested in startups leveraging AI technologies, including Pulumi, Klarity, Simpplr and Nooks. Tola Capital’s previous two funds yielded over a dozen exits, including Clipchamp, a video software company acquired by Microsoft; OSIsoft, a data management company acquired by AVEVA; and Hybris, an e-commerce customer tool acquired by SAP. The new fund is poised to invest in 25 to 30 companies, allocating between $1 million and $4 million for seed-stage companies and $5 million to $15 million for Series A and B. To date, the firm has already deployed capital to eight companies, including Arcus, ESG Flo, FeatureByte, Fetcher, Holistic AI, Langsafe, Lumeus and Zilla. Cumulatively, including the newly raised fund, Tola Capital has amassed a total of $688 million in investments. The firm’s primary investment focus remains on the enterprise framework of AI, encompassing areas such as responsible AI, AI security and app layer AI. Momentum Grows for AI in Enterprise Software According to the IDC report, the global AI software market is projected to generate nearly $792 billion in revenue by 2025. Moreover, the AI applications in enterprise software have captured the attention of Big Tech companies, who are actively exploring the field. This week, Amazon unveiled its latest AI chatbot, Q, created to aid users in business intelligence, programming, and configuration use cases. This initiative follows the earlier introductions of Microsoft‘s Copilot for Azure and Google Cloud’s Duet AI—both serving as chat-driven assistants for cloud customers. Despite the downturn in the fundraising environment over the past year, the significant interest in AI recently has demonstrated that it is an opportune time for companies to raise new funds. The post Tola Capital Secures $230 Million in Funds to Support Enterprise Software Focused AI Startups appeared first on Metaverse Post.

As the crypto space continues to mature, the question on many investors’ minds is, “What should we anticipate from Aave (AAVE)?” This inquiry forms the basis of our exploration into the Aave price prediction. In this analysis, we will delve into the factors influencing Aave’s value, examine market trends, and consider potential catalysts that may impact its trajectory. We will unravel the mysteries surrounding Aave’s future, as we aim to provide you with valuable insights into what might lie ahead in the realm of this innovative decentralized financial ecosystem. Fundamentals of Aave (AAVE) Before delving into the Aave price prediction, let’s first understand what Aave is and how it works. The Aave platform, built on the Ethereum blockchain, functions as a decentralized lending protocol. Users can generate interest on their crypto assets by depositing them and also have the option to borrow against these assets. Interest rates are determined by the market, and the Aave protocol guarantees that borrowers consistently repay more than they receive. This trustless and transparent system records all transactions on the blockchain for accountability. Established in 2017 in Switzerland, Aave underwent a rebranding in September 2018, previously being recognized as ETHLend. Diverging from conventional lending platforms, Aave eliminates the need for credit checks or traditional financial data. Notably, it doesn’t mandate conventional collateral either. Borrowers have the flexibility to utilize their crypto assets as collateral, enabling individuals with crypto funds to easily access lending services. Moreover, Aave employs a distinctive protocol known as “flash loans.” These are brief-term loans that can be borrowed and repaid within a single transaction, proving particularly advantageous for traders seeking swift capitalization on market opportunities. Finally, the platform incorporates an inherent staking mechanism, allowing Aave users to accrue interest on their crypto holdings. This serves as an incentive for users to retain their assets within the platform, contributing to the vitality and resilience of the Aave ecosystem. Collectively, these attributes distinguish Aave as an exceptional and potent lending platform, poised for substantial growth. In operation since January 2017, Aave has experienced notable progress in recent months. Presently, the protocol boasts a user base exceeding 100,000 individuals, with assets totaling over $5 billion securely held within its contracts. What is AAVE Crypto? AAVE, a native token of the Aave network, is built on the Ethereum blockchain in accordance with the ERC-20 token standard. The possession of AAVE tokens by platform users yields several benefits, such as reduced platform fees. Notably, AAVE serves as a governance token, providing users with the authority to participate in voting on decisions that can significantly impact the platform’s evolution. Recognized as one of the prominent protocols within the DeFi space, Aave’s native token, AAVE, stands out as one of the most widely used tokens on the Ethereum network. According to experts’ Aave price prediction, the future prospects for AAVE appear exceptionally promising as the corporate vision for it is grand and expansive. With numerous innovations on the horizon, the market trajectory for AAVE exhibits optimistic indicators. Notably, experts have offered sanguine long-term predictions for this cryptocurrency, fostering confidence among investors and traders to actively engage in AAVE within a buoyant market. Aave, designed to simplify the intricacies of the decentralized ecosystem, is strategically crafted with the overarching goal of delivering multifunctional and multipurpose advantages across various facets of life. Aave Price Analysis and Trends The intricate dynamics of the crypto market are intricately tied to user psychology, influencing sentiments that have a profound impact on prices. Aave price prediction, much like any other crypto price forecast, is subject to the ebb and flow of the crowd’s collective mindset. The inertia that favored Aave in the past year has evolved into a foundation of customer trust, yielding profits for astute investors and traders. The downtrend that marked Aave’s trajectory in 2022 dissipated against the backdrop of its technological solutions. A notable and closely monitored characteristic of Aave is its propensity for erratic and fluctuating behavior. Exhibiting robust bullish trends, it manages to surprise with occasional bearish movements. As of the latest data available, the current price of Aave stands at $97.98, securing AAVE’s position at No. 43 in the expansive crypto ecosystem. Aave boasts a circulating supply of 14,644,958 AAVE, accompanied by a market cap of $1,435,234,543. Over the past 24 hours, the cryptocurrency has witnessed a 3.91% increase in its current value. Impressively, AAVE has sustained a positive upward trend over the last 7 days, registering a growth of 10.1%. Looking at the past month, the price of AAVE has surged by 17.52%, contributing a substantial average increment of $13.51 to its present value. This sudden growth suggests that the coin holds the potential to solidify its position as a valuable asset. Aave Price Predictions 2023 to 2030 Among the myriad of digital currencies, Aave has emerged as a prominent player, capturing the attention of investors, analysts, and enthusiasts alike. Let’s take a look at Aave price predictions from 2023 to 2030 and delve into the factors influencing Aave’s valuation, the evolving trends within the broader crypto ecosystem, and the potential catalysts that could shape the asset’s performance in the coming years. Aave Price Prediction 2023 Following an in-depth analysis and meticulous Aave coin price forecast for the year 2023, it is anticipated that Aave could attain a pinnacle value of $97.75, while concurrently establishing a floor at $86.36 by the culmination of the aforementioned year. The computed average estimation for the Aave coin’s price in 2023 hovers around the approximate value of $88.85. This forward-looking analysis considers various market dynamics, technological advancements, and broader economic trends Aave Coin Price Prediction 2024 Drawing upon our comprehensive analysis and meticulous examination of market trends, our Aave price prediction for the conclusion of 2024 posits that AAVE exhibits the potential to scale to an apex price point of $215. Despite this optimistic outlook, it is imperative to acknowledge a conceivable downside scenario, with a potential dip to $126. On average, our forecasted projection for Aave’s price in 2024 hovers around the moderate value of $166. This nuanced assessment takes into consideration various factors influencing the cryptocurrency landscape, providing a holistic perspective for investors and enthusiasts alike. Aave Price Prediction 2025 In accordance with our meticulously crafted Aave coin price prediction for the year 2025, the forecast indicates a spectrum of potential values for AAVE. The projected range spans from a conservative minimum of approximately $229 to an optimistic maximum of around $320. Delving deeper into the analysis, the calculated average expected trading price for the Aave token in 2025 is estimated to hover around the intermediary value of approximately $260.  Aave Crypto Price Prediction 2026 Seasoned crypto analysts, leveraging their expertise and insights into the historical price trends and fluctuations of Aave, have conducted a meticulous examination. This scrutiny has led to a nuanced Aave price prediction for the year 2026. The analysis indicates a potential downturn, with the minimum projected price of AAVE potentially dropping to $253. On the flip side, an optimistic scenario envisions the maximum price soaring to $390. The computed average for the anticipated trading cost of Aave in 2026 is expected to settle around the moderate value of approximately $306. Aave Price Prediction 2027 Derived from our meticulous AAVE prediction for the year 2027, cryptocurrency analysts anticipate a dynamic range of potential values for Aave crypto. The price forecast suggests an upper echelon, with the maximum projected price hovering around approximately $462, while a conservative downside envisions a minimum price of approximately $351. On average, the anticipated trading price for Aave in 2027 is poised to settle at around the moderate figure of $390. Aave Coin Price Prediction 2028 Drawing insights from our extensive Aave crypto price prediction for the year 2028, experts in the field forecast a spectrum of potential values for AAVE coin. The analysis indicates a projected lower threshold, with the potential low for AAVE coin estimated to be around $400. On the optimistic end of the spectrum, the maximum price is anticipated to reach approximately $520. Providing a balanced perspective, the average price projection for the AAVE token in 2028 is expected to converge around the moderate value of approximately $455.  Aave Price Forecast 2029 According to our forward-looking AAVE price prediction for the year 2029, the trajectory of the Aave price appears to sustain its upward momentum, signaling the potential for a noteworthy ascent. Projections indicate an optimistic scenario with the AAVE coin attaining a maximum value of $685. Meanwhile, a more conservative perspective suggests a minimum value of around $545, underscoring a potential floor for the cryptocurrency. Balancing these extremes, the average anticipated value of the AAVE coin in 2029 is expected to stabilize at approximately $586. Aave Price Prediction 2030 As we approach the culmination of the year 2030, notable upward momentum is anticipated for the AAVE token. According to our comprehensive Aave coin price prediction for 2030, a substantial rise is forecasted, with the maximum price of AAVE potentially reaching approximately $780. On the flip side, a more conservative outlook suggests a projected minimum trading price of $705, establishing a potential lower threshold for the token. Balancing these extremes, the average trading price for the AAVE token in 2030 is expected to settle at around $745. Is AAVE Crypto a Good Investment? Delving into the inquiry of whether AAVE crypto constitutes a prudent investment choice involves a nuanced examination of various factors. The historical performance of Aave in the market serves as a significant point of contemplation for many investors pondering the viability of AAVE as an investment option. While providing a conclusive answer to this query is not straightforward, several considerations, such as Aave price predictions, can guide the decision-making process. First and foremost, the formidable strength of AAVE lies in its adept team of seasoned developers, who have not only articulated a compelling roadmap but have also demonstrated a commendable ability to execute it effectively. This track record enhances the credibility of AAVE as a project with substantial potential. Furthermore, AAVE has been on a trajectory of rapid growth, evidenced by a staggering tenfold increase in lending volumes over the past year. This growth trajectory is indicative of the project’s dynamism and adaptability to evolving market conditions. In the grander scheme, AAVE emerges as a robust project with promising upside potential. However, it is imperative to approach any investment decision with due diligence. As with all investments, conducting thorough research, understanding the intricacies of the project, and staying abreast of market dynamics are crucial steps in making an informed choice. The landscape of cryptocurrencies is dynamic, and individual circumstances and risk appetites vary, underscoring the importance of personalized research before committing to any investment decision. Where and How to Buy AAVE Coin? After discovering our comprehensive Aave price predictions, you might be wondering where to buy AAVE coin. Aave boasts listings on renowned exchanges such as Binance, Coinbase, Bybit, KuCoin, and OKX, showcasing its presence and recognition in the cryptocurrency landscape. Since its inception, Aave has consistently demonstrated performance metrics that align with the growth trajectories observed in established cryptocurrencies like Bitcoin and Ethereum. Functioning as a facilitator for decentralized exchanges, Aave plays a pivotal role in enhancing the efficiency and cost-effectiveness of trades. Its listing empowers these exchanges, enabling them to operate with heightened speed and security, establishing a foundation of trustworthiness. Undoubtedly, Aave’s influence extends beyond the present, shaping the future landscape of digital assets through its decentralized exchange capabilities. Beyond decentralized exchanges, Aave serves as a dynamic Lending and credit-scoring platform for merchants. This functionality equips traders with the tools to assess the creditworthiness and reliability of potential borrowers. By providing insights into transaction histories, Aave facilitates informed lending decisions, allowing tokens to be extended to individuals with a higher likelihood of timely repayment. In essence, Aave’s multifaceted role in the cryptocurrency ecosystem positions it as a key player driving innovation and reliability in digital finance. Conclusion Overall, the exploration into Aave’s future and its potential trajectory has revealed a decentralized financial ecosystem with unique attributes and promising growth prospects. Aave’s innovative lending protocol, distinct features like flash loans, and the integration of its native token, AAVE, contribute to its position as a notable player in the dynamic cryptocurrency landscape. The comprehensive Aave price predictions from 2023 to 2030 provide a nuanced outlook, suggesting a range of potential values and highlighting the optimism surrounding Aave’s future. In essence, Aave emerges as a compelling project with the potential to shape the future of decentralized finance. However, as with any investment, careful consideration and personalized research are crucial for informed decision-making in the ever-evolving landscape of cryptocurrencies. DISCLAIMER: This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader. #AAVE