Top cryptocurrency news this week
At present there is about 17% of the total rolling offer of bitcoin now held by retail investors, according to general blockchain data provided by analytics firm Glassnode.
Will Clemente, analyst at Reflexivity Research, stated in response to the data:
Not perfect yet, but strong for a 12-year-old origin definitely heading in the right direction.
Bitcoin’s display is dispersed over time, while the base of currency holders is concentrated on whales over time.
The Glassnode chart shared by Clemente shows the percentage of bitcoin supply retained by retail investors in a steady rise from 2011.
Glassnode defines retail investors as individuals who hold less than 10 bitcoin in the portfolio, currently worth approximately $169,000.
Data from IntoTheBlock seems to support these numbers as well.
The IntoTheBlock page on Bitcoin distribution shows that addresses with 0-10 Bitcoin account for 17.3% of Bitcoin’s total supply.
This figure stood at less than 12% in early 2020, but began to grow significantly in 2022.
Other periods of high retail accumulation included late 2013 to early 2014, as well as late 2017.
Glassnode has previously defined “entities” as premium bitcoin owners, including blockchain title collections that are supposed to belong to the same owner.
In February 2021, Glassnode found that entities with less than 10 bitcoins accounted for 13.9% of the offer, a figure that was growing over the life of bitcoin.
Bitcoin has often been criticized for concentrating its ownership in the hands of large investors or so-called whales, which some believe detracts from pro-decentralization claims.
In November 2020, Bloomberg claimed that only 2% of accounts controlled 95% of all bitcoins.
Glassnode indicates in a direct response, that this number did not take into account the difference between individuals and wallet addresses including exchange platform addresses, which can retain bitcoin on behalf of thousands or even millions of users.
Bitcoin also appears to have a more equal supply distribution across different percentages of other cryptocurrencies, including Ethereum and Dogecoin.
According to CoinMarketCap, about 64% of DOGE and 38% of ETH are kept by addresses of less than 0.1% of total supply, compared to just 9% of total bitcoin.
Meanwhile, additional data from IntoTheBlock shows that owners of more than 100 bitcoin represent a shrinking share of total ownership over time – 69.5% in 2013 versus 59.8% today.
Has blockchain Solana (SOL) been abandoned by its developers?
After the recent decline in cryptocurrency rates, alternative cryptocurrencies were not delivered from this collapse either, and among the most prominent affected currencies is Solana SOL.
Solana was one of the hardest hit after the collapse of FTX and Alameda Research.
At present, a question arises among the Krypto community:
Have developers fled Solana cryptocurrency?
Solana’s market value has fallen dramatically, causing the currency arrangement to be paid in arrears, and Solana’s market value is even smaller than Shiba Inu (SHIB).
Bankman, who is a great supporter of Solana, has been able to make a bigger negative impact on the alternative digital currency than the network outage of the last two years.
Solana is defined as a highly supportive network of non-replaceable codes (NFT).
Solana is still NFT’s biggest blockchain.
Developers were another key support that SOL network still maintains.
Shortly after the collapse of the substitute currency SOL, developers remained active, and now it remains to be seen whether they still exist, just over a month after FTX’s bankruptcy was declared.
Is the development on Solana dying?
According to information from the Terminal Token data pool, the number of active developers of Solana software fell by more than 90% in 2022.
This ratio is interesting as it represents the exit of 2425 developers from the Solana Smart Contracts platform.
According to the same source, Solana was no longer interesting even before the FTX collapse.
Solana decided to attack the information provided and transmitted.
He told Toan Pham Minh, a software engineer at Kyber Network that the data provided by Terminal Token was closed-source and questionable.
Others inferred that Solana is one of the fastest developing alternative currencies.
Given the unique number of developers, who wrote, published and audited programmes on blockchain Solana, the situation was not the best for development on Solana’s network.
This is because Finbold data revealed that cryptocurrency ranked only ninth in development activity on GitHub.
The lead was in the hands of Cardano (ADA), Cosmos (ATOM) and Bulcadot (DOT), who finished first, second and third respectively.
While the situation is not at all nice for one of Ethereum’s most important killers, Solana is still in the game and struggling to stay away from the cryptocurrency cemetery.
The presence of developers on its network is a great motivation for this not to happen and for SOL to return to being the big star it was in 2021.
Solana was one of the best ecosystems through the monthly growth of developers.
Who will pay the FTX founder’s $250 million bail?
FTX founder Sam Pankman Farid was released yesterday by a New York judge under a $250 million bail payment agreement.
This led the Krypto community to ask a big question via Twitter:
Where did the money come from?
Did the founder of FTX not lose billions of dollars?
Will he benefit from FTX funds to pay his bail?
The short answer is as follows:
Nobody had to pay anything for his release, and there is no cash due – at least for now.
The Bankman Release Convention is an appearance guarantee, which promises to comply with specific restrictions while awaiting trial, and to appear when the time comes.
He had to offer 10% of the guarantee amount as security for the bond, but was not required to pay the actual payment.
The so-called habeas corpus was submitted to the Court.
A $250 million personal security bond is created guaranteed by four people, at least one of whom is not a member of the Bankman family.
At present, the only signatures are Alan Joseph Bunkman and Barbara Fried, the father and mother of Sam Bunkman Fred.
At a hearing Thursday in New York, federal prosecutors said the bail imposed on Bankman was the highest pre-trial bail ever.
Under United States law, the term “confirmation” means a release in which no advance payment is required or a bail arrangement, based solely on a written undertaking by the respondent to appear in court where necessary.
The bond document also sets out other requirements, including house arrest with website control, as well as restrictions on expenditure, commercial activities and firearms.
If Bangman does not commit to compliance, or fails to appear for trial, $250,000 will be charged due.
The first element of the guarantee to cover this amount is his parents’ home in Palo Alto.
Neither the address nor the value of the property are included in the court document.
However, one well-known home in Stanford is worth about $4 million.
Where will the signatories of Bankman Unique, including his parents, come from for the rest of the $250 million?
According to Reuters, the FTX team has $300 million worth of real estate in the Bahamas that they have purchased over the past two years.
It is unclear who is currently in charge of these assets.
Bankman faces eight criminal charges after U.S. prosecutors requested his extradition from the Bahamas.
The former head of the collapsed cryptocurrency company FTX allegedly committed fraud using customer funds to bet through the commercial branch Alameda Research which he also founded.
Prosecutors from the United States Attorney’s Office for the Southern District of New York have also charged “Bankman” with conspiracy to defraud the United States and violating campaign finance laws.
The founder of the FTX was known for donating to Democrats’ political campaigns, although it was later revealed that he also gave money to Republicans.
Now, some lawmakers are giving this money back.
Ethereum Classic retail strength decreased by nearly 50% in 3 months… how was the ETC price affected?
Ethereum Classic has experienced a significant decline in the rate of fragmentation strength.
After the network achieved a rocket rise in fragmentation force after the Ethereum transfer of the quota mechanism, the miners switched from Ethereum to Ethereum Classic, where they could no longer use their devices.
At the time, ETC’s retail rate grew by more than 200%, and now the network is seeing its retail rate drop again.
Ethereum Classic fragmentation strength decreased by approximately 50%:
On 16 September, the mining fragmentation rate of the Ethereum Classic reached an all-time new high of 199.4 terahash per second (TH/s) after rising steadily for more than a week.
With this growth, on-grid usage increased, leading to a staggering growth in the rate of the digital currency ETC.
However, as the Ethereum Network has settled on the Quota Proof Consensus (POS) mechanism, Ethereum Classic fragmentation makes a downward correction.
The retail rate is now down nearly 50% in the last three months to stay at 109.3 TH/s on December 22.
The decline can also be attributed to the bear market and the silent interest of investors.
Since the price of bitcoin reached less than $20,000, all cryptocurrencies in space have experienced a similar decline.
The Ravencoin Network is another proof of business proof networks and a decline in interest in them than before.
What about the price of ETC?
Ethereum Classic ETC, the original cryptocurrency of the Ethereum Classic network, has essentially been in a spiral in the last three months since Ethereum moved to proof of quotas.
Initially, as the network began to attract more attention, the price of ETC skyrocketed.
The price eventually peaked above $42 before the currency began another downward trend.
At current prices, it can be said that the ETC digital currency has lost more than 68% of its value as of September 2022 and the currency remains very bearish.
Much attention has also moved to Dogecoin, a cryptocurrency whose network relies on a proof-of-work mechanism.
Clearly, this increase in the price of DOGE spurred the miners to move to Dogecoin, and eventually get the mining share.
But as prices fell, so did retail power.
California authorities call for “MyConstant” to stop offering cryptocurrency lending service
Due to possible violations of the state securities law, the California Department of Financial Protection and Innovation (DFPI) ordered the cryptocurrency lending platform “MyConstant” to stop selling a number of cryptocurrency-related products available to it.
In a press release dated December 21, DFPI stated that it had ordered MyConstant to cease and refrain from providing a brokerage service for peer-to-peer loans and interest-bearing cryptocurrency accounts.
According to DFPI, the company violates California Securities Act and California Consumer Financial Protection Act.
DFPI reported that it issued the order.
The Ministry of Consumer and Financial Institutions (DPFI) charged that “MyConstant” violated a state financial rule when it offered and sold peer-to-peer lending work known as the Loan Matching Service.
It was also reported that “MyConstant” had been involved in unauthorized loan brokering, given the fact that the platform had incentivized lenders to lend without appropriate permits.
Authorities also encountered a problem with cryptocurrency fixed interest products of the cryptocurrency lender.
For these products, they are where the consumer deposits cryptocurrencies (such as stablecoins and paper currencies) and guarantee a fixed annual interest return on their investments.
These cases were said to be examples of the offer of “MyConstant” and the sale of securities that were not eligible for an exemption.
DFPI issued a press release on December 5 indicating that “MyConstant” does not have a license from DFPI to operate in California.
This was the first announcement that DFPI was investigating MyConstant.
The latest action comes less than a month after the California-based company went through difficult times, announcing on November 17 that rapidly deteriorating market conditions led to heavy withdrawals and that it was unable to continue running its business as usual.
The latest action comes less than a month after this announcement.
At the time, the platform also said that it had reduced the volume of business it was doing, including suspending withdrawals, and that no deposit or investment requests would be handled at that time.
When asked at the time, the platform stated that it would continue to manage its cryptocurrency-backed loans.
This will include ensuring compliance with borrowers, processing loan repayments, restoring borrowers’ collateral (when their loans are paid in full) and liquidating borrowers’ collateral in the event of borrowers’ default.
MicroStrategy bought bitcoin to avoid liquidation according to analyst Peter Schiff.
Economist and analyst Peter Schiff dealt another blow to Bitcoin’s digital asset and MicroStrategy, a public company that invests heavily in digital currencies.
Schiff has always been vocal about his contempt for bitcoin, and has now turned his attention to MicroStrategy and its former CEO, Michael Saylor.
Why did MicroStrategy buy bitcoin?
Through a series of tweets, Peter Schiff revealed to his more than 890 thousand Twitter followers the real reason why Michael Saylor and MicroStrategy moved toward investing in Bitcoin.
According to the analyst Schiff, Michael Saylor bought bitcoin actually trying to save the company from liquidation.
He also criticized the company, saying it had nothing to do but open a leveraged speculative position on bitcoin’s digital asset.
As expected, Schiff’s statements towards bitcoin were met with disgruntled responses about what he said.
One user has taken to the comments section to defend MicroStrategy’s decision as one that has been made so you can acquire the scarce and most acclaimed assets the world has ever seen.
Schiff replies that bitcoin was by no means rare and undesirable.
He also added that bitcoin was a way to lose money.
Schiff preferred to defend gold as a better option for investors.
Dan Hilde, Bitcoin’s hardliner, responded to the economist saying:
[Gold] is not scary and undesirable.
If you want to invest your money, there are many ways to do it.
You don’t need to buy [gold].
Saylor and buy bitcoin:
Michael Saylor is arguably one of bitcoin’s most vociferous bulls.
The former CEO of MicroStrategy stated that his decision to buy bitcoin was based on the belief that a digital asset was the future of finance.
In addition, Saylor revealed that he personally owned bitcoin before MicroStrategy started buying cryptocurrencies, where his personal property served as proof of the asset’s profitability.
Because the company expects the price of bitcoin to rise over time, it believes it will serve as an effective hedge against inflation in the long term.
Saylor himself referred to bitcoin as “digital gold,” saying:
We find global acceptance, brand recognition, ecosystem vitality, network dominance, architectural flexibility, technical facilities, and the community spirit of bitcoin as compelling evidence of its superiority as an asset class for those seeking a long-term store of value.
MicroStrategy’s decision to invest in bitcoin also helped boost the company’s popularity, moving from a background company to one of the most popular names among cryptocurrency enthusiasts.
MicroStrategy is currently the public company with the largest bitcoin holdings in the world.
The company owns 130,000 bitcoins as of September 30, 2022, worth more than $2.1 billion at current market prices.
With a cumulative income of nearly $4 billion, the company records more than $1.7 billion in unrealized losses following a recent market downturn.
Read also:
50% of bitcoin holders in loss mode… why is this percentage positive for bitcoin?
The price of bitcoin has fluctuated, as cryptocurrency struggles with macroeconomic forces with unexpected new developments in the cryptocurrency industry.
The number one cryptocurrency in terms of market value has seen one of its deadliest years, but maintains a positive outlook for 2023.
At the time of writing, Bitcoin (BTC) trades at $16,800 while continuing its occasional movement in the last 24 hours.
In higher time frames, cryptocurrency records some losses as it was rejected from the simple 50-day moving average (SMA) at around $17,800.
Will bitcoin see better days in 2023?
According to a recent report from Queen Pace, bitcoin was flexible in the face of current market turmoil.
Although the US Federal Reserve (Fed) has raised interest rates, a high inflation environment and the collapse of big companies in the cryptocurrency ecosystem, bitcoin has remained flexible, and the Queen Pace report also states:
Bitcoin remains one of the primary reserve currencies in the cryptocurrency economy.
This became evident several times during the year when overindebted players across the market such as CeFi lenders, hedge funds and venture capital funds became forced vendors.
Bitcoin’s ability to withstand the collapse of these companies and entities, including the bankruptcy of some of Bitcoin’s largest mining companies, indicates its long-term success.
Regardless of these events, Queen Pace claims that bitcoin continued to be adopted in 2022.
Bitcoin outperformed some of the world’s major currencies in the macroeconomic landscape.
As shown in the chart below, bitcoin price saw better performance than Euro (EUR) and Japanese Yen (JPY) in 2022.
This performance enhances Bitcoin’s long-term bullish thesis and its vital role as a global asset.
Bitcoin hits critical milestones:
Comparing current price performance and bitcoin fundamentals, QueenPace identified that many bitcoin holders are confused.
Currently, about 50% of bitcoin investors are in the red (in loss mode), which may provide a solid base for the overall market bottom.
In previous bear markets, this percentage averaged 53% of bitcoin holders at a loss.
In this sense, bitcoin and the crypto market could be headed to an “inflection point,” according to the Queen Pace report, which also states:
These represent key inflection points for bitcoin performance, before later periods of price hikes.
We believe this measure provides important insights into the status of the current cycle.
RBI President reaffirms ban on cryptocurrencies and warns of next financial crisis
The Indian government and regulators have been skeptical of the country’s use and movement of private digital assets.
Indian authorities have already imposed a 30% tax on capital gains gained from cryptocurrency trading in India.
Today, the Governor of the Central Bank of India issued a warning on the upcoming financial crisis, with the President of the Reserve Bank RBI saying:
The recent collapse and negative developments in the crypto industry confirm the position that they should be banned.
… should also be wary of a potential financial crisis, which could come from private digital assets.
The President of the Reserve Bank of RBI has also confirmed that he continues to hold the same view regarding digital assets and wants to ban them.
Cryptocurrency had no underlying value.
Private digital assets are high risks to macroeconomic and financial stability.
Reserve Bank President RBI reported the recent decline in the cryptocurrency market and highlighted the major FTX collapse.
Cryptocurrencies exceeded and broke the system.
At the same time, the RBI president argued that he had not yet heard any credible argument for the Krypto market’s public interest.
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One of the largest mining companies is filing for bankruptcy protection
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Core Scientific filed for Chapter 11 bankruptcy protection in Texas on Wednesday, December 21.
Core Scientific is one of the largest publicly listed cryptocurrency mining companies in the United States of America, Core Scientific has decided to file for bankruptcy due to low cryptocurrency prices and high energy prices leading to a deterioration in the company’s financial resources.
notwithstanding the $72 million funding from the lender “. Riley “last week to avoid bankruptcy, the cryptocurrency mining company was unable to operate efficiently, leading it to work on restructuring, CNBC reported.
Core Scientific plans to continue mining until it restructures its balance sheet.
Core Scientific’s market value fell to $78 million on Tuesday, after valuing at $4.3 billion in July 2021 when it went public.
CORZ’s share price has fallen by more than 98% in the past year.
On Tuesday, the share price closed at $0.21, up 3.07%.
According to a person familiar with the company’s situation, the company continues to achieve a positive cash flow.
However, cash is insufficient to pay off the financing debt owed by the mining equipment it leased.
Core Scientific will not filter and operate normally until a deal is reached with major investors, who own the majority of the company’s debt.
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How did the BNB digital currency perform with the uncertainty and uncertainty surrounding the Benance platform?
Benance’s platform has suffered from a lot of suspicion and uncertainty FUD in recent days, with serious accusations against it that have negatively affected the total market value of BNB’s digital currency.
The BNB digital currency has lost about 10% of its value in the last seven days.
Although this decline is not unusual or contrary to the general format of other digital currencies, other cryptocurrencies have experienced similar declines and even worse.
What happens with Benance?
The company that created BNB and its Chief Executive Officer (CZ), may be sued in the United States as part of an investigation into the company’s compliance with the country’s money laundering laws.
US authorities are investigating whether the cryptocurrency trading platform failed to follow anti-money laundering laws and sanctions imposed on countries, individuals and companies.
This was enough to bring great panic to the people who entrusted their investments to Benance.
For example, last week, about $1.14 billion net was withdrawn from the cryptocurrency trading platform.
It should be noted that “CZ” has talked about this, saying that this is not a big problem, because this is a natural market movement.
The platform then saw many withdrawals in larger quantities.
But this was not the only event that brought negativity to the cryptocurrency trading platform last week.
Some Benance users reported abnormal trading of some cryptocurrencies on the platform.
Rumors were that abnormal trades might have arisen from pirates.
The attackers had stolen the API keys for some users through 3Commas.
As a result, they used these accounts to execute trades.
This news was denied by CZ.
How did these negative events and rumours affect BNB?
Although the price of BNB fell, as mentioned earlier, the BNB alternative currency was not the biggest loser in the first 10 cryptocurrencies.
Dogecoin (DOGE), for example, has lost 19% of its market value.
As such, recent movements look more like FUD than something that should alarm Benance currency investors.
Benance has already shown great flexibility, with large withdrawals occurring within a few days, something that can lead to the blowing up of a small cryptocurrency trading platform.
This is also taken into account by investors who maintain confidence in BNB and its future.
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Bitcoin price is more likely to fall if it continues to trade below $ 17 thousand
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Bitcoin settled below the $17,200 subsidy level and then moved to a downward zone.
Bitcoin’s price fell below support levels of $17,000 and $16,800.
The price continued to fall below the support level of $16,500 and settled below the simple moving average per 100 hours.
Bitcoin Price Tests Region $16,200:
Bitcoin form a bottom near $16,260 and the price now corrects losses.
There was a slight increase in the price of bitcoin above the resistance zone of $16,500.
The price then rose above Fibonacci’s correction level by 50%, the latter down from $16,865.
Bitcoin currently trades above $16,700 and above the simple moving average per 100 hours.
On the lower side, there is support near the area of $16,650.
Clear movement above $16,800 may require movement towards the $17,000 resistance level.
The following main resistance is near $17,240, above which the price may rise and rise towards $18,000.
If bitcoin fails to survive and exceeds the resistance level of $16,800, there may be more negativity.
There is support on the underside near the $16,400 level.
The following major support is also located near the $16,250 area.
In case of a downward breakthrough below the support level of $16,250, bitcoin may fall towards the $16,000 level and could drop further around $15,500.
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Benance US agrees to buy Voyager’s digital assets
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The American branch of Benance entered into an agreement with “Voyager Digital” to obtain its assets.
The cryptocurrency exchange rate offer means there is a way to unlock Voyager customers’ money as soon as possible.
Just earlier last November “CZ” confirmed that the United States Benance would make an offer to acquire Voyager’s assets.
Today, in an official announcement, Voyager confirmed that Benance will acquire its assets, and the statement “-” Said Brian Schroeder “CEO and President of Binance US reads as follows:
Our offer is a reflection of our guiding principle that customers must come first.
Our goal is simple: to return cryptocurrencies to users as quickly as possible. […] We hope our selection will end a painful bankruptcy process that has unfairly dragged customers into it without any fault of their own.
When the transaction closes, users will have seamless access to their digital assets on the Binance.US platform as they will continue to receive future payments from Voyager’s ownership.
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Ohio Senator: Cryptocurrency ban could be on the table in USA
During a recent appearance on NBC’s Meet the Press, Senator Sherrod Brown (D-Ohio) and Chairman of the Senate Committee on Banking, Housing and Urban Affairs stated:
Banning cryptocurrencies may be on the table.
But a total ban on cryptocurrencies would be difficult.
The Ohio senator stressed that Krypto posed a threat to national security.
In late November, Brown urged Treasury Secretary Janet Yellen to help rein in cryptocurrency companies following the FTX implosion.
In 2014, Senator Joe Manchin wrote a letter to federal regulators, demanding a blanket ban on bitcoin after the collapse of Mt.Gox, the latter being the world’s largest cryptocurrency exchange at the time.
But between 2014 and 2022 many data have changed, with even cryptocurrency critics admitting that the industry is now very strong.
MP Brad Sherman recently said the government had refrained from banning bitcoin in its early days, but cryptocurrency promoters were now spending a lot of money on lobbying efforts to do so.
Governments can ban or restrict the use of cryptocurrencies, as some countries have done.
Each country has a different approach to the crypto market based on its own fiscal and regulatory policies, but in general, governments may impose different restrictions when it comes to regulations.
In addition, some countries may take additional steps such as banning cryptocurrency exchanges.
Last year, Federal Reserve Chairman Jerome Powell said he had no intention of banning or restricting cryptocurrencies.
Increase the number of Bitcoin ATMs worldwide and the growth of its installation process over the years
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The number of Bitcoin ATMs has increased across the globe in parallel with the evolution of the cryptocurrency industry.
The world saw the first machine of this kind in October 2013.
The industry has since expanded apace, leading to increased interest in digital currencies, and thus more ATMs.
Currently, there are 39,678 such devices spread across 84 countries, and more than 85% of them are located in the United States of America.
Increase in the number of crypto ATM devices:
According to the latest data, most bitcoin ATMs are located in North America.
In the world the United States of America there are 34,298 devices, the bulk of which are concentrated in the country’s financial centres, such as:
New York, Los Angeles and Miami.
The northern neighbour – Canada – ranks second with 2,704 ATMs.
followed by Spain (270), Poland (214) and El Salvador (212) to complete the top five.
It is not surprising that the small Central American country found a place on the list after bitcoin became regarded as a legal currency.
In Asia, the highest density of bitcoin ATMs is found in China’s Special Administrative Region – Hong Kong – where there are 154 machines.
For its part, Japan has had no organs on its territory for more than four years.
Local authorities closed all digital currency ATMs at the beginning of 2018 when hackers attacked the Coincheck digital currency trading platform.
But in August this year, they relaxed their position and allowed some devices to be installed in Tokyo and Osaka.
Interestingly, Singapore, which aims to become a cryptocurrency hub, does not have bitcoin ATMs.
The country’s largest financial regulator – MAS – banned cash-to-cryptocurrency conversion stations.
As mentioned above, the first bitcoin ATM was installed on October 29, 2013, in the Vancouver Cafe, Canada.
The number of devices has slowly risen to more than 500 by the end of 2015, while in December 2017 it reached nearly 2,000 worldwide.
The 2018 downward market slowed the pace of expansion of bitcoin ATMs, but its number began to rise again in the following years.
By the end of 2020, there were more than 12,600 ATMs worldwide.
This figure doubles more than 3 times in 2022.
Now FTX creditors can redeem up to 40% of their money
According to reports from the global investment banking company – Jefferies Group – FTX creditors can recover up to 40% of their lost money.
In an interview with “The Block” said “Joseph Femenia” global head of distressed debt trading at “Jefferies” there is light at the end of the tunnel for FTX creditors who can recover between 20% and 40% of their assets.
The Executive Director, who set up a five-person team to work on issues related to the bankrupt company FTX, explained that the figures could change once there was new data on FTX’s balance sheet.
Femenia estimated that FTX owed between $10 billion and $13 billion to creditors.
He explained that between 5% and 10% of this amount should be paid to relevant lawyers and officials so that they can address customer issues.
The CEO reminded the victims of the multi-billion dollar “Madoff” Ponzi scheme recovered more than $14 billion but paid more than $1.5 billion in administrative fees (about 10% of the total amount).
The bankruptcy of FTX was described by U.S. prosecutors as one of the largest financial frauds in American history, with FTX causing a dramatic drop in the market and leaving many investors empty-handed.
According to court documents, the former crypto giant owes the top 50 creditors more than $3 billion.
Some of the prominent names exposed to the bankrupt company FTX are:
Temasek و Tiger Capital و BlackRock و Thoma Bravo و Sequoia Capital…
What if Benance’s platform is exposed to the same as FTX and Terra?
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In the cryptocurrency market, a lot of things can change in a few hours.
In May, cryptocurrency company UST and LUNA crashed after Sam Bunkman Fred, founder of bankrupt cryptocurrency trading firm FTX.com, participated in market manipulation.
There is still no obvious reason why TerraUSD and LUNA collapsed, but it is believed that Alameda Research was responsible for a large part of the UST sale orders, which benefited from the drop in LUNA prices in May.
Now, with regard to the frightening idea of the subject of our article:
What if Benance, one of the most popular cryptocurrency exchanges, goes bust like FTX and Terra?
The fact is that if Benance goes bust, it will have a very significant impact on the entire digital currency market.
Each currency traded on Benance will be affected in one way or another.
Bitcoin, Ethereum and Ripple will run hard and will also drop with them the top 100 currencies listed in Penance and the worst drop may be the BNB digital currency drop from Penance.
In other words, most of the cryptocurrencies trading on Benance will be affected by low liquidity as traders look to move their money away from the trading platform.
This may cause some cryptocurrencies to lose value, while others may remain relatively unaffected.
Attacking Benance:
Benance’s original digital symbols BNB showed a dramatic decline, with the price of BNB falling below $230 earlier to re-climb and up nearly 4% today.
Benance’s net outflow of cryptocurrencies was estimated at $3.7 billion in the previous week, with $2 billion over the past hours according to Nansen data.
Regarding the uncertainty surrounding Benance, many investors question whether their money will be safe in the event of a collapse.
If the collapse occurs, it is unclear who will be responsible for the lost money.
In addition, as Binance.com is an unregulated platform and has been warned by many global regulators including the UK, Singapore, Japan, Malta, Hong Kong and others, it is difficult to know how to use the existing fund to ensure the safety of users’ funds.
Benance and Security Procedures:
Benance travelled long miles to deploy reserve proof as a way to verify her clients’ property.
After Benance updates, Powell of Kraken stated that proving the PoR reserve would not be helpful without platform responsibility.
Powell insisted that Merkle Tree would not be productive without being monitored by external auditors to ensure that accounts with negative balances were not included in the platform.
Benance noted that the publication of proving the reserve in its initial form is an attempt to enhance confidence and reliability in the industry.
In conclusion, it can be said that it is advisable to be careful with your investments and monitor developments regarding crypto companies including the Benance platform.
It would also be wise to diversify the portfolio, invest in cryptocurrencies and save them in portfolios outside trading platforms.
MetaMask users can now buy in-app cryptocurrencies using Paypal
Yesterday, Wednesday, December 14, Web 3 ecosystem developers and blockchain engineering company ConsenSys announced that they have collaborated with Paypal in a new way that allows users to buy cryptocurrencies via MetaMask.
This PayPal integration with MetaMask will allow users a simple and convenient way to buy cryptocurrencies.
For now, this update is only available to MetaMask users in the US and will be rolled out to all customers in the coming weeks.
This also makes MetaMask the first web portfolio 3 benefits from Paypal.
The new update and upgrade of “MetaMask”, currently allows the purchase of ethereum (ETH) only.
“MetaMask” is a user-driven digital wallet that is very popular with krypto users.
The portfolio also allows millions of crypto enthusiasts to interact with other applications such as play and earning, NFT markets, decentralized finance applications (DeFi), and decentralized independent organizations (DAO).
Encrypted wallet service providers are now looking to expand and diversify payment options via the “MetaMask” mobile app.
Lorenzo Santos, Product Manager at MetaMask stated:
This integration with Paypal will allow our users in the US not only to buy cryptocurrencies seamlessly through MetaMask, but also to easily explore the Web 3 ecosystem.
Recently, users of “MestaMask” expressed their displeasure with ConsenSys privacy policy.
This happened after ConsenSys confirmed that it collects user data for web portfolio services.
Two days ago, ConsenSys unveiled the knowledge-free Ethereum Virtual Machine (zkEVM) network for its own experimental test.
This will allow developers to deploy and manage their decentralized apps directly using tools such as MetaMask, Truffle and Infura.
Will the price of Bitcoin (BTC) re-climb or fall further next weekend?
Donald Trump announces his collection of personal NFT
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