71 day ago • cryptopotato
Crypto Trader Capitalizes on Elon Musk’s Twitter Bio Change, Profits $1M
Musk's profile change gained attention, driving a surge in TROLL token - 251% increase in under 24 hours and 13,208% rise in six days.
98 days ago • zycrypto
Worldcoin Halts Orb Services in India, Brazil and France Amid Regulatory Shifts
In a move prompted by regulatory concerns, Sam Altman's Worldcoin project has temporarily disabled its biometric verification feature using orbs for users in India, Brazil, and France.
134 days ago • cryptopotato
‘Proof-of-humanity’ to Boot Bad Bots Off Chain and Digital Identity for Crypto to Thrive
[PRESS RELEASE – Amsterdam, Netherlands, November 16th, 2023] Today, Australian company Blue Biometrics Pty Ltd (Blue) and Dutch Layer-1 Blockchain Network, LTO Network (LTO) announced their collaboration to deliver a cross-chain proof-of-humanity solution. Together, they aim to weed out bad bots and meet the growing need for identity and fraud prevention for crypto assets. Customers […]
141 day ago • cryptopotato
Preserving Paradise: Fundecor’s Alliance with Blockchain Jungle Saves 62,500 Sq Meters of Biodiversity
[PRESS RELEASE – San José, Costa Rica, November 9th, 2023] In a remarkable move to safeguard biodiversity, FUNDECOR has partnered with Blockchain Jungle and Biota Nexus, resulting in the protection of 62,500 square meters of Costa Rica’s pristine ecosystems. This strategic alliance has been a groundbreaking achievement in the realm of sustainable development and environmental […]
141 day ago • cryptodaily
Preserving Paradise: Fundecor’s Alliance with Blockchain Jungle Saves 62,500 Sq Meters of Biodiversity
Preserving Paradise: Fundecor’s Alliance with Blockchain Jungle Saves 62,500 Sq Meters of Biodiversity
155 days ago • cointelegraph
Crypto firms have already breached new UK promo rules 221 times, says FCA
Many of the firms the FCA warned were breaching the new rules appear to be dubious high-yield return schemes, but legitimate firms have seen warnings too.
176 days ago • cryptopotato
MEXC Ventures Invests 8 Figures in Toncoin and Launches Strategic Partnership with TON Foundation
[PRESS RELEASE – Zug, Switzerland, October 4th, 2023] MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has announced a significant investment in The Open Network, the largest layer-1 investment the firm has ever made. This investment works alongside a strategic partnership with The Open Network (TON) Foundation. This symbiotic partnership represents the shared […]
181 day ago • cryptopotato
Celsius’ Valuation Advisor Greenlights Debtors Assets and Liabilities Assessment Value
Cohen, a mathematician and biologist, verified Celsius Network's fair value as creditors approved $2B Bitcoin and Ethereum return.
227 days ago • cryptodaily
SEC Takes Action Against UK Company Over Audit
The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm over the auditing of music streaming service Akazoo.
The firm's CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, who advocate for wider crypto adoption, have also been implicated for their roles in a flawed audit of the music streaming entity, Akazoo Limited. All parties involved have opted for a settlement with the SEC.
Akazoo revenue overstated
Diving into the details, the SEC's findings reveal that Crowe U.K. had given Akazoo's 2018 financial statements a clean bill of health. However, post Akazoo's public debut in 2019 through a merger with a special purpose acquisition entity, discrepancies emerged.
Akazoo's 2018 financial records boasted a whopping $120 million in revenue, a figure that was later debunked, revealing only trivial revenue figures. The SEC's probe highlighted that Crowe U.K.'s audit team lacked the requisite experience and training in Public Company Accounting Oversight Board (PCAOB) standards.
The oversight became evident when the team missed glaring warning signs, such as accepting fabricated agreements and dubious confirmation letters from Akazoo without the necessary scrutiny.
Failings and penalties
The SEC's findings also spotlighted the roles of Bostock and Stallabrass. Bostock, as the lead for the Akazoo audit, was found lacking in his supervisory duties, documentation, and professional care. On the other hand, Stallabrass, responsible for reviewing the audit's quality, failed to conduct a comprehensive review.
Eric Werner, the Regional Director of the Fort Worth Regional Office, commented on the situation, emphasising the role of Crowe U.K. in lending an unwarranted legitimacy to Akazoo, facilitating its entry into the public trading arena. He stressed the SEC's commitment to holding such gatekeepers accountable to prevent financial deceptions from infiltrating public markets.
In the settlement, without admitting to any wrongdoing, Crowe U.K., Bostock, and Stallabrass have agreed to pay penalties amounting to $750,000, $25,000, and $10,000, respectively. They've also committed to refraining from any future violations related to the Exchange Act and Regulation S-X. Additionally, Crowe U.K. will voluntarily withdraw its PCAOB registration and introduce measures concerning new client acquisitions.
Both Bostock and Stallabrass face suspensions from practising before the SEC as accountants, with potential reinstatements after five and two years, respectively.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
227 days ago • cryptodaily
SEC Takes Action Against UK Company Over Audit
The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm over the auditing of music streaming service Akazoo.
The firm's CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, who advocate for wider crypto adoption, have also been implicated for their roles in a flawed audit of the music streaming entity, Akazoo Limited. All parties involved have opted for a settlement with the SEC.
Akazoo revenue overstated
Diving into the details, the SEC's findings reveal that Crowe U.K. had given Akazoo's 2018 financial statements a clean bill of health. However, post Akazoo's public debut in 2019 through a merger with a special purpose acquisition entity, discrepancies emerged.
Akazoo's 2018 financial records boasted a whopping $120 million in revenue, a figure that was later debunked, revealing only trivial revenue figures. The SEC's probe highlighted that Crowe U.K.'s audit team lacked the requisite experience and training in Public Company Accounting Oversight Board (PCAOB) standards.
The oversight became evident when the team missed glaring warning signs, such as accepting fabricated agreements and dubious confirmation letters from Akazoo without the necessary scrutiny.
Failings and penalties
The SEC's findings also spotlighted the roles of Bostock and Stallabrass. Bostock, as the lead for the Akazoo audit, was found lacking in his supervisory duties, documentation, and professional care. On the other hand, Stallabrass, responsible for reviewing the audit's quality, failed to conduct a comprehensive review.
Eric Werner, the Regional Director of the Fort Worth Regional Office, commented on the situation, emphasising the role of Crowe U.K. in lending an unwarranted legitimacy to Akazoo, facilitating its entry into the public trading arena. He stressed the SEC's commitment to holding such gatekeepers accountable to prevent financial deceptions from infiltrating public markets.
In the settlement, without admitting to any wrongdoing, Crowe U.K., Bostock, and Stallabrass have agreed to pay penalties amounting to $750,000, $25,000, and $10,000, respectively. They've also committed to refraining from any future violations related to the Exchange Act and Regulation S-X. Additionally, Crowe U.K. will voluntarily withdraw its PCAOB registration and introduce measures concerning new client acquisitions.
Both Bostock and Stallabrass face suspensions from practising before the SEC as accountants, with potential reinstatements after five and two years, respectively.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
227 days ago • cryptodaily
Uniswap Fires Developer At The Heart Of FrensTech Rug Pull
Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull.
The developer in question, AzFlin, or Allen Lin, orchestrated a rug pull hours after initiating the deployment of the FrensTech meme coin.
Uniswap Moves To Fire AzFlin
Allen Lin, the Uniswap developer at the center of the storm surrounding the FrensTech meme coin rug pull, has lost his job at Uniswap. The sacking was confirmed in a post on X by Uniswap founder Hayden Adams, with Uniswap moving quickly to distance themselves from the actions of their former employee.
“Wanted to let people know this person is no longer with the company. Not behavior we support or condone.”
AzFlin lost his job at the decentralized exchange following the FrensTech meme coin rug pull that saw investors lose 14 ETH, valued at around $25,900. The meme coin was launched on the social platform of the Coinbase Layer-2 base program, friend.tech.
How The Rug Pull Was Orchestrated
A pseudo-anonymous user on X going by the name UniswapVillain initially made the Uniswap community aware of the fact that AzFlin had rug-pulled a meme coin project just hours after creating it. UniswapVillain noted that AzFlin initiated the rug pull by withdrawing support that was previously added to enable the trading of the FRENs token. Once the project had accumulated 14 ETH in fees, AzFlin removed liquidity and pocketed all the funds collected by the project.
The rug pull was orchestrated via the Hop Protocol, a decentralized bridge that allows users to transfer tokens between different blockchains. Furthermore, UniswapVillain added that the developer did not just remove liquidity from the project and meme coin. He also sold all the coins from which he had withdrawn the liquidity. He also added that the situation was particularly concerning, given AzFlin’s association with Uniswap, one of the most prominent decentralized exchanges.
“Frenstech (@FrensTech) $FRENS was deployed a few hours ago by the dev, @AzFlina Uniswap employee. One hour and four minutes ago, he effectively rugged the project, moving 14 ETH off of Base chain through HOP. Multiple people have confirmed he is the dev, and there were numerous early Uniswap employee followers on Twitter. He removed liquidity he added from fees and pocketed 14 ETH of fees. He sold the tokens he removed from liquidity even. This is wild to me that someone who is doxxed and works for Uniswap would do this.”
AzFlin Calls Sacking Net Neutral
An unremorseful AzFlin called his sacking “net neutral,” boasting that he had gained 600 new followers and the status of a crypto villain on X. While people have wondered why someone who is doxxed and works for Uniswap would do this, AzFlin has remained unrepentant. The bad actor simply gave an update about losing their job on Twitter.
“Got fired from UniSwap but gained new followers and Crypto Twitter villain status.”
He also changed his bio on X, adding the words AzFlin “Unemployment arc” and further commented on the issue:
"To those who think I rugged 14E: that came from dev taxes. It belonged to me. I know whatever I say, the low IQ CT narrative has already been spun. I will not comment further on this anymore, everything is on chain.”
The Growing Menace Of Rug Pulls
Rug pulls have become increasingly common in the crypto space in recent times, primarily impacting newer tokens and decentralized exchanges. This comes against the backdrop of major cryptocurrencies such as Bitcoin and Ethereum making record price moments that are not actionable, leaving investors desperate for a hefty profit. This is why traders should not buy into the hype of new projects and tokens pushed by influencers. Instead, they must do their own research and invest in reputable projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.