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0.00001276 BTC
Market Cap (Rank#279)
3,049 BTC
Vol 24h
30.1296 BTC
Circulating Supply
Max Supply
1h ago cryptodaily
SEC Charges Justin Sun With Securities Law Violation
Other charges of “wash trading” and “bounty program” have also been brought against the TRON Foundation and its founder by the SEC. TRX Is Unregistered Securities: SEC The U.S. Securities and Exchange Commission (SEC) has recently filed charges of securities law violation against TRON Foundation founder Justin Sun. The lawsuit has also named his other companies - BitTorrent and Rainberry Inc., along with Tron foundation for allegedly conducting the unregistered sale of what the SEC calls “crypto assets securities.” Although none of the court rulings have declared any cryptocurrency to be a security, the SEC has been determined to prove that it is so. The fact that Sun and his companies offered and sold the Tronix (TRX) and BitTorrent (BTT) tokens to the public has rubbed the SEC the wrong way, as it claims that these tokens should have been first registered as securities. Charged With Wash Trading The SEC has also alleged instances of extensive wash trading in these cases, where Sun and his companies tried to “fraudulently manipulate” the secondary market for TRX. This means that the defendants were simultaneously buying and selling the same crypto asset to dupe customers into believing that the platform experiences high volumes of trading activity. According to the regulatory body, employees at TRON Foundation conducted over 600,000 wash trades of TRX between the two accounts controlled by Sun himself. During this period, $4-6 million worth of TRX was washed daily under the direction of the CEO himself. SEC Alleges “Bounty Program” To top it all off, the SEC also charged eight celebrities for promoting the TRX and BTT tokens through an illegal “bounty program.” This means they were incentivized with TRX and BTT distributions to promote the tokens on social media, recruit others to the token’s Telegram and Discord channels, and create BitTorrent accounts. According to the SEC, these paid promotions did not disclose to the public the full nature of the incentivization received by the celebrities, and neither did they disclose the risks associated with such investments. The eight celebrities named in the charges are Lindsay Lohan, Jake Paul, DeAndre Cortez Way (aka Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo), and Aliaune Thiam (Akon). SEC Chair Claims Misconduct SEC Chair Gary Gensler addressed the matter in his latest statement, “As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities. At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used.” 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.
1h ago cryptodaily
What Is a Decentralized Autonomous Organization? How Does It Change the Game?
Crypto has come a long way, that is for sure. Ever since the first cryptocurrency launched and the first pizza bought with Bitcoin, the technology that empowers the crypto field has evolved in a way and with a surprising speed. These days, there are almost 25,000 cryptocurrencies in existence, and the number keeps growing. Plenty of crypto projects are launched daily, and most aim to solve various issues in the industry during the past years. Among all the new platforms launched every day in the crypto space, decentralized autonomous organizations seem to be making quite a buzz lately. Thus, what is a decentralized autonomous organization, how does it work, and why has this concept become so popular? What Is a Decentralized Autonomous Organization? Also called DAO, a decentralized autonomous organization is an entity with no central leadership. The members of a DAO usually have the same goal, and they all contribute to the decision-making process. Usually, decentralized autonomous organizations work based on a set of rules enforced on a blockchain. The first DAO was launched in 2016 when a group of developers came up with the idea of an entity that has and promotes one of the most valuable and popular blockchain-related characteristics: decentralization. This feature is what makes the whole DAO concept work the way it does and maintains its relevance in the crypto space. The simple fact that no central authority governs the decentralized autonomous organization encourages members’ participation in the project’s ecosystem. This way, such community-driven organizations can build incentivized communities around their concepts, allowing users to interact with other crypto enthusiasts from all over the world. Furthermore, a DAO constantly works to maintain its transparency. To do that, each vote is made publicly viewable so that every user can research how each vote goes, who votes for what, and which are the most active members. How Does a DAO Work? Usually, decentralized autonomous organizations rely on smart contracts that can streamline the whole decision-making process while also maintaining transparency. Those able to vote share the voting power according to the number of tokens they hold. For instance, while a user who holds 50 tokens will have a certain amount of power, one who holds thousands of that specific token will most certainly have a much bigger voting power for every vote occurring in the DAO’s ecosystem. And there is one simple reason for that: users who have invested significant amounts in a particular DAO will be encouraged to act in a way that will benefit the whole community, while those who hold fewer tokens will be incentivized to buy more to have more power in the ecosystem. And if there is a possibility that the users with higher power act badly and affect the community, they will put their investments at risk. Pros and Cons of DAOs Undoubtedly, DAOs have become popular for a reason: they are concepts that can benefit crypto users and the whole cryptocurrency industry. And one of the most essential and useful benefits of DAOs is the fact that such community-driven cryptocurrencies maintain a remarkable level of decentralization. The Pros of a DAO In the ecosystem of a decentralized autonomous organization, there is no leader, and no single user or entity controls everything. Instead, the power is distributed across the entire network, thus assuring that the project is achieving one of the 3 most popular crypto features: decentralization. When integrated with Web3, the DAO concept can do wonders. When every crypto project aims to revolutionize a specific topic, a decentralized autonomous organization focusing on Web3 will increase the level of decentralization in such spaces and will build new perspectives for Web3 users. A good example is MetFi, a DAO developed on Binance Smart Chain that aims to be the world’s first Metaverse and Web3 incubator, significantly investing in the next wave of Metaverse and Web3 unicorns. Launched in May 2022, MetFi constantly works to introduce increasingly more projects to its community and global network of advisors while also giving individuals the opportunity of experiencing the benefits of the Metaverse, Web3, and NFTs. And with decentralization usually comes equality. Each user can contribute to the evolution of a DAO’s ecosystem, no matter their holdings in the community. Any stakeholder can and is encouraged to share their ideas, while everyone will be able to see and vote for them. Furthermore, the fact that a DAO relies on smart contracts results in a high level of neutrality, as no user or entity controls the rules of such an ecosystem. Instead, after being built, the smart contracts are implemented, and there is no need for a third party to control or manage the activity of a decentralized autonomous organization. The Cons of a DAO However, there are some downsides to DAOs, too, and they cannot be forgotten. First, the fact that users have a specific voting power given according to their investment can lead to a concentration of voting power. For instance, assuming that a user holds over 50% of the circulating supply of a DAO and decides to vote in a particular way, their power will be able to cancel the other votes. Another downside of decentralized autonomous organizations does come as a result of one advantage of such projects. The fact that such community-driven cryptocurrencies get a good level of decentralization through the fact that every user has voting power affects the overall quality of transactions. When each transaction has to pass a voting process, the transaction time can be considerably higher. Final Thoughts Crypto is gaining remarkable popularity, which is not surprising, considering the innovations this field brings and the tremendous number of users open to learning more about the cryptocurrency industry. DAOs, or decentralized autonomous organizations, are community-driven cryptocurrencies not controlled by any central authority. Instead, all users have voting power according to their token holdings and can actively contribute to the decision-making process. DAOs aim and manage to maintain high levels of decentralization, equality, and neutrality, advantages that will incentivize increasingly more users to join such ecosystems. On the other hand, decentralized autonomous organizations have some downsides. For instance, the fact that every change in the ecosystem implies a vote in which all the users should participate can affect the transaction time. Moreover, sharing the power according to the tokens held can lead to a concentration of power and affect the community long-term. 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.
3h ago cryptodaily
eToro Raises $250M After Scrapping SPAC Deal
The crypto trading platform has successfully raised $250 million in funding at a total valuation of $3.5 billion. SPAC Cancelled; Funding Commenced The company had previously called off its plans to go public in 2022. At that time, its company valuation stood at a whopping $10.4 billion. The latest round of fundraising revealed that the valuation had dropped significantly to rest at $3.5 billion. eToro first announced its plans to go public back in March 2021. Back then, its valuation was calculated to be around $10.4 billion. However, in January 2022, the valuation got cut down by 15% to $8.8 billion. By the time July 2022 rolled out, the company had decided to terminate the SPAC deal due to the regulatory changes, resulting in further dropping of the company’s valuation. eToro’s AIA eToro has raised $250 million in an Advanced Investment Agreement (AIA), which is not your typical equity round. In an AIA, the investors pay discounted rates in advance to have shares allocated later. In this instance, the companies that have invested include ION Group, Social Leverage, SoftBank, and Spark Capital. These companies invested in the AIA back in 2021 as a backup in case the proposed SPAC did not pan out. The agreement between eToro and the investors was that if the SPAC transaction did not go through in two years and the company had not raised any additional capital, the AIA investment would be converted. Since then, the company terminated its SPAC agreement in July 2022. Even though there were reports of a private funding round for between $800 million and $1 billion, the company denied such claims. Therefore as per the agreement, the AIA investment has been converted. The State Of eToro The company has had a very uneven growth in revenue over the last three years, despite announcing its metaverse ambitions in 2022. It even had to delist certain crypto from its platform over regulatory issues in 2021. However, the management is still projecting a very positive view of its situation. Recently, eToro CFO Meron Shani released a statement in which he wrote, “At eToro, we need no reminder that markets are cyclical. The diversified nature of our multi-asset product offering ensured that commissions from equities and commodities partially offset the decrease in commissions from cryptoassets in 2022. It’s also worth noting that we were not impacted by the liquidity concerns which plagued many in the crypto industry.” 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.
6h ago cryptopotato
TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud
His Excellency Justin Sun has been accused by the SEC of manipulating the markets to pump the price of TRX and other tokens.
18h ago cointelegraph
SEC files lawsuit against Tron’s Justin Sun and celebrities over crypto securities offering
Among the celebrities who settled with the SEC for their alleged role in promoting TRX and BTT were actress Lindsay Lohan, YouTuber Jake Paul, and singer Akon.
1 day ago cryptodaily
Virtual Duo Babka and Nushi Honor Game Developers Worldwide at GDC
Los Angeles, United States, 22nd March, 2023, ChainwireGDC 2023 is finally in full swing, and a mysterious Oscars-style red carpet and stage are piquing the interest of global game developers. Thanks to a gamer grandma and her robotic feline buddy, this year, for the first time, game-makers of all sizes will have the chance to share the limelight and promote their games on stage, live stream, and on social media.Located in the prime location of the Moscone South lobby at GDC 2023, the stage is hosted by virtual influencer Babka. Her fellow time-traveling companion, Nushi, the cat, will also be in attendance and has taken the form of a robotic quadruped, crafted by esteemed Hollywood creature artist Salvatore Salamone, whose credits include The Dark Crystal: Age of Resistance and Avengers: Endgame. Babka and Nushi’s mission is to show the power of interactive technology and how games can transcend the screen, meeting thousands of game devs eager to get the word out about their newest game releases and upcoming projects. The duo will be at the show until Friday, March 24, 2023.Developers who walk the red carpet will get the chance to take a photo with Babka and Nushi, as well as conduct a video interview about their projects to be streamed on Twitch and promoted across various social media channels including Twitter, Instagram, and TikTok. Streams and footage will be shared under the hashtag #LivingLegends, encouraging influencers, gamers, and developers alike to give a shout-out to their favorite creators in a celebration of the global games industry’s creativity. Special giveaways are also up for grabs throughout the event.“Game developers are celebrities in the future, so much so that Nushi and I traveled back in time just to meet some of our favorites, which isn’t easy!” said time-traveling gamer grandma and virtual influencer Babka. “And when I say favorites, I mean everyone because we love all creators. GDC is not just a large get-together of the global games industry, it’s a celebration of it. So please drop by and tell the world about your amazing games, and also take a selfie with Nushi and me! Please. Seriously. We have traveled across the space-time continuum to meet you!”The event is open to GDC ticket holders and can be found at the Moscone Center in San Francisco in the Moscone South lobby. Starting Wednesday, March 22, Babka will be streaming on-site and online with Twitch influencers such as Esfand. Interviews, photos, and the #LivingLegends stories will be shared across social media. users can catch up with the latest events from the show floor by following Babka (@yo_babka) on Twitter and Instagram and Nushi the cat (@yo_nushi) on Twitter and Instagram accounts.About Babka and NushiBabka is a gamer, grandma, and virtual influencer who has traveled back to our present to meet her favorite game creators, #LivingLegends at #GDC23. Babka’s mission is to meet developers, promote their games, and help the entire industry find success. Babka was led to the present by Nushi, Babka’s dedicated scout, who took the form of a robotic cat and became the first animal consciousness to traverse time and the metaverse.ContactCEORana RahmanRaptor [email protected]
1 day ago cointelegraph
The impact of the Credit Suisse bank crisis on the crypto market
Cointelegraph analyst and writer Marcel Pechman explains how the Credit Suisse bank crisis will impact the crypto market.
1 day ago cointelegraph
Bitcoin $30K bets greet FOMC as analyst warns over long liquidations
Bitcoin may celebrate no matter what the Fed decides on interest rates, but the extent of longs that would be liquidated below $20,000 has one analyst worried.
1 day ago cryptopotato
Celsius Customers Will Receive Up to 72.5% of Their Crypto Back
The settlement would also bar those who accept it from ulterior legal action against Celsius.
1 day ago cointelegraph
Celsius custody account holders can receive 72.5% of their crypto, says bankruptcy judge
Should they opt in to the deal, Celsius customers cannot “pursue any litigation, including seeking relief from the automatic stay, turnover, or other claims or causes of action.”
2 days ago cryptodaily
Immutable Partners With Polygon For New zkEVM Ethereum Network
Web3 gaming company Immutable has entered into a strategic alliance with Layer-2 blockchain platform Polygon to work on a project that will onboard more gamers and developers into the Web3 space. Strategic Alliance Between Competing Networks The strategic partnership between the two leading companies in the blockchain space is focused on creating a new Ethereum scaling network to pair the upcoming Polygon zkEVM with the Immutable platform designed for web3 games. The project seeks to accelerate innovation and adoption in the still-new crypto gaming space. The President of Polygon Labs, Ryan Wyatt, also shared his perspective on the partnership and its role in the future of web3. He said, “[Polygon is] a very clean, well-polished end-to-end solution and market for game developers and gamers. There’s been some skepticism about where this can go and what is it going to look like…now you’re going to see it go into overdrive these next couple of years…for me, this is like the next evolution of mainstream adoption. You’re already starting to see blockchain games with higher fidelity.” Immutable Platform To Scale Ethereum Transactions Since the high traffic on the Ethereum blockchain often causes network congestion, adding to the overall costs, this partnership would help Immutable to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) on the Polygon blockchain. With Polygon’s zkEVM technology, transaction costs will be lowered without losing the Layer-1 Ethereum compatibility. As a result, this would make sure that upcoming games are much faster, easier, and pose less risk for gaming studios without Immutable having to build its own alternative blockchain. It will also encourage more independent developers to get involved in web3 gaming. Once Rivals, Now Partners The partnership was revealed at the Game Developer Conference on Monday, where Immutable Co-founder and President Robbie Ferguson spoke at length on the matter, claiming that the partnership would combine the abilities and technologies of the two companies and result in a 100x to 1000x scaling of transactions. Although Immutable X and Polygon are competing scaling networks, both the presidents realized their common goal to scale Ethereum instead of competing against it as Layer-1 rivals. Therefore they joined forces to expand the capabilities of Ethereum instead of creating a new, custom network. Ferguson also said, “For us this is a pretty obvious play. We realized very quickly the scaling limitations of Ethereum, but we never wanted to compete with it…[That] made it a very easy philosophical alignment once we looked past the intense competition we'd had on the gaming front over the past couple of years.” 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.
2 days ago cointelegraph
Celsius lawyer and advisor fees on track to reach $144M, community responds
Software developer Cam Crews compiled data showing almost $102 million being filed with the courts and $42 million estimated to be filed eventually.
2 days ago cryptodaily
Flagstar to Take Over Signature Bank's Deposits
Signature Bank is again in the news a week after the New York State Department of Financial Services (NYDFS) shut down the bank in order to prevent a domino effect from Silicon Valley Bank's implosion last March 9. The NYDFS initially shut down the bank as part of a preventive measure in order to protect depositors and ensure that customers get their deposits back. The next step was the United States Federal Deposit Insurance Corporation (FDIC) announcement yesterday March 19 that Signature Bank's deposits and loans will be taken over by Michigan-based Flagstar Bank. The agreement will see $38.4 billion worth of deposits and $12.9 billion in loans taken over by Flagstar. This seems to be part of a bigger plan to combat the banking crisis that seems to be looming over the United States and prevent its further escalation. It might be recalled that a recent economic analysis on the Silicon Valley Bank (SVB) collapse said that as much as 186 banks in the US are at risk of insolvency. The Federal Reserve then announced a swap line network with the central banks of Japan, England, Canada, Switzerland, as well as the European Central Bank. How this all might unfold is still up for speculation. SVB's collapse caused a ripple effect in the crypto industry, while in the traditional financial sector, this effect was most notable in Switzerland, with the impact felt on Credit Suisse. As for whether cryptocurrency deposits will be affected, the FDIC has clarified that the deal does not include Signature's digital asset deposits. Previously, the agency has also stated that the decision for Signature's closure was not in any way related to cryptocurrency. But it should be noted that Signature, as well as SVB and Silvergate were among the top banks providing services to the crypto sector. Whatever the FDIC's motives are for Signature's closure and whether it will eventually include crypto deposits or not, the whole debacle just might point to a more optimistic view of cryptocurrency as an alternative to the traditional banking system, helmed as it is by the United States. The relationship between banking regulation and crypto firms has been a subject of contention for some time now. Fiduciary policies have often been at odds with the decentralization and freedom that cryptocurrencies promise. While many crypto firms have sought to distance themselves from traditional banks, others have increasingly embraced banking services, leading to accusations of a "sellout" within the crypto community. Historically, there has been an antagonistic relationship between crypto and banks, dating back to the inception of Bitcoin. Satoshi Nakamoto, the pseudonymous creator of Bitcoin, inscribed a message on the genesis block, referencing the UK Chancellor's bailout for banks: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." This message itself underscores the distrust of centralized financial institutions and the need for a decentralized alternative. As more crypto firms partner with banks or even become part of the banking system themselves, there is a growing concern that the original vision of cryptocurrencies is being compromised. By aligning with banks, these firms risk undermining the very principles that made cryptocurrencies attractive in the first place: decentralization, financial autonomy, and resistance to censorship. On the other hand, proponents of these partnerships argue that the integration of crypto services into the traditional financial sector is necessary for mass adoption and mainstream acceptance. They maintain that a balance can be struck between the regulatory demands of banking authorities and the unique features of cryptocurrencies.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. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no stakes in any of the digital assets and securities mentioned, and does not have any significant hold of own any cryptocurrency or token discussed.
2 days ago cryptodaily
DeFiChain Becomes One of the First Blockchains to Fully Integrate Euro Coin, a Euro-backed Stablecoin
Singapore, Singapore, 20th March, 2023, ChainwireDeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has announced the debut of the Euro-backed stablecoin Euro Coin (EUROC) on its native blockchain. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.On DeFiChain, the EUROC will have the same support as the USDC and USDT. It means Cake DeFi will act as a custodian and issue dEUROC, a dAsset representing the EUROC stablecoin on the DeFiChain DEX. Users will also be able to transfer it from Ethereum to DeFiChain and vice-versa via the Quantum Bridge. In the near future, DFX Swiss, a gateway between fiat and crypto, will also add an easy Euro to EUROC on-ramp for DeFiChain users.Full rewards became available on Block #2,772,200 at ~10AM UTC on Monday, March 20th. The dEUROC-dUSD pair will get 5% of the dAsset block rewards while the dEUROC-DFI will get 0.74% of the crypto block rewards. The actual APRs could vary based on the block reward allocation dedicated to the new pools.Andreas Osberghaus aka mrgrauel, a community member and the Creator of the DFIP to bring EUROC to DeFiChain, said, “Having a Euro stablecoin on DeFiChain has been a long-standing desire within the community, aiming to simplify the entry process for new users from the Eurozone. That's why I decided to set up a DFIP (DeFiChain Improvement Proposal). Now, no one is forced to convert to US dollars or take on currency risk any longer.”The special DeFiChain Improvement Proposal (DFIP) to bring EUROC to DeFiChain received an overwhelming response from the community, with 96.51% of the 1,862 votes in its favor.The Euro Coin (EUROC) maintains a 1:1 ratio with the Euro, meaning for every Euro-backed stablecoin issued, the issuer Circle holds an equivalent amount of Euro in reserve. There has been a growing demand for the Euro-backed stablecoins in the crypto ecosystem. The dEUROC can either be held as an investment, traded on the DeFiChain DEX, or used for Liquidity Mining to earn attractive rewards.The availability of EUROC will help bring more liquidity on the DeFiChain DEX. It will allow users to invest with Euro instead of USD, improving the user experience for most European users and accelerating adoption. Users will be able to use EUROC to easily move Euro liquidity on-chain, accept and make euro payments globally, and access crypto capital markets for trading, borrowing, lending and more.DeFiChain is a fully decentralized blockchain with on-chain governance. Since its mainnet launch in May 2020, the project has seen an enthusiastic involvement from the community in almost all aspects of the blockchain, from masternodes, projects, tools, governance, economic ideas, to code governance. Its codebase has been developed in an open source manner, and widely peer-reviewed and discussed by many.About DeFiChainDeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent, and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized loans. The DeFiChain Foundation's mission is to bring DeFi to the Bitcoin ecosystem.For more information, visit: Website | Twitter | Discord | GitHubContactBenjamin [email protected]
3 days ago cryptodaily
Bitcoin sails on upwards unperturbed by bank collapses
After losing 3 bank providers for the crypto industry in quick succession, Bitcoin has continued to move up in price regardless. Where is the crypto price plunge? It might have been thought that to all intents and purposes crypto would have plumbed the depths in price, given that the sector lost its 3 biggest fiat on/off ramps in the space of just several days. When the FDIC took over and shuttered Signature bank, the government, its regulators, and the banking industry, must have breathed a massive sigh of relief while thinking that at least this drastic action will have put paid to the crypto sector, at least for the time being. However, nothing of the kind appears to have happened as yet. Bitcoin is still serenely climbing higher, having got to $28,200 at time of going to press, and is seemingly ready to take on the next resistance at around $28,700. Gold, a barometer of the failing banking system Stock markets have opened this morning and Gold has just crossed the $2,000 level. The all-time-high at around $2,077 is surely ready to be broken. One obvious reason for this is that Gold is real money, and not a fiat paper currency that loses its value over time. Gold also has no counterparty risk, and just like Bitcoin, it doesn’t need any middlemen to be able to fulfil a contract. It is not the liability of anyone or any entity, and no matter what happens economically, it will hold its value, just like it’s been doing for millenia. Bitcoin is Gold, and some … Bitcoin has the same attributes as Gold, with the addition that it is far more scarce. It is digital, so it can be sent to anyone worldwide in a very short time, and the fees for doing so are very small. It is perfectly portable, and a holder will have access to it no matter where in the world they might go. It crosses national borders without any government, their agencies, or banks being able to stop it. Priceless and difficult to obtain These attributes are so valuable as to be almost priceless to the individual who wants to protect themselves from the appalling excesses of the fiat-backed monetary system. Only the direct intervention of central banks has managed to prop up the banking system for now. Trillions of dollars in value have been promised or given to failing banks, further robbing ordinary people of their purchasing power. How much longer the system can continue to endure is anyone’s guess, but fail it will. Bitcoin, Gold, and Silver are the only sound monies. Obtaining them is going to become ever more difficult. 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.
6 days ago cryptodaily
Sued Over FTX Promotions: The Case Of Finance YouTubers
A class action lawsuit is claiming that prominent finance Youtubers who promoted the FTX exchange on their channels should be held accountable. Sued For Promoting “Unregistered Securities” Several popular finance YouTubers have landed in legal hot water with a new class action lawsuit that seeks to hold them responsible for promoting the now-defunct crypto exchange FTX on their channels. The statement filed by the plaintiff points out, “Though FTX paid Defendants handsomely to push its brand and encourage their followers to invest, Defendants did not disclose the nature and scope of their sponsorships and/or endorsement deals, payments and compensation, nor conduct adequate (if any) due diligence.” The lawsuit also claims that the named defendants conspired with FTX to mislead customers into believing that funds held on the platform were safe and not under investigation as unregistered securities. The matter of cryptocurrency being classified as “unregistered securities” have been highly controversial, with the SEC gunning for this classification. If they are successful, then all future promoters of any crypto product would require to disclose the amount they were paid for every promotion. Gunning For Celebs And Influencers The ones named in the class action lawsuit are Graham Stephan, Andrei Jikh, Jaspreet Singh, Kevin Paffrath, Ben Armstrong, Brian Jung, Jerremy Lefebvre, and Tom Nash. Some of these YouTubers have millions of subscribers on their channels, and their videos on FTX have garnered hundreds of thousands of views. Furthermore, the talent management company handling the promotion of FTX, i.e., Creators Agency LLC and its founder Erika Kullberg have also been named in the lawsuit. The plaintiff Edwin Garrison is a private investor who has filed multiple lawsuits against individuals and public figures connected to FTX, like Tom Brady, Stephen Curry, Shaquille O’Neal, Larry David, Kevin O’Leary, and other celebrities who had promoted FTX. He has also filed a lawsuit against former FTX CEO Sam Bankman-Fried. Government Bodies Taking Strict Action Bankman-Fried already has several other lawsuits filed against him, including multiple fraud charges from government bodies like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Federal Trade Commission (FTC) clearly states that social media influencers must clearly disclose paid promotions on their videos or posts. Certain influencers and celebrities have even gotten into trouble for not disclosing this aspect of the product they have been paid to promote. For example, Kim Kardashian was charged by the FTC for not disclosing that she was paid to promote EthereumMax’s EMAX token. It cost her $1.26 million in fines for the product promotion, which only brought in $250,000 for her. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
6 days ago cryptodaily
SingularityNET ($AGIX) Launches $RJV Utility Token, Surges 150%
In an environment where the majority of the cryptocurrency market is grappling with the ongoing crypto winter and challenges within the banking sector, Rejuve.AI ($RJV), an artificial intelligence token with connections to Cardano, has experienced remarkable traction, all while of course, also experiencing some degree of volatility. At the time of writing, the token's price has skyrocketed by roughly 153% within the past 24 hours, reaching a new all-time high (ATH) of $0.1132, according to data from CoinMarketCap. The token's recent surge can be traced back to its successful Token Generation Event (TGE), which followed a series of community funding round events. The token's design is linked to both Ethereum (ETH) and Cardano (ADA), leveraging the capabilities of two leading proof-of-stake (PoS) Layer 1 protocols. Rejuve itself was launched by SingularityNET ($AGIX) as a utility token, with the prospect of accelerating the extension of human health and lifespans. SingularityNET's thrust, in terms of the social impact it aims to achieve, is quite straightforward: to enable individuals to easily "create, share, and monetize" AI services through a globally accessible AI marketplace. The current enthusiasm surrounding the Rejuve.AI protocol and token can be attributed to the crypto market's broader excitement in terms of artificial intelligence ecosystems and projects. With the introduction of OpenAI's ChatGPT and GPT-4 algorithmic models, numerous crypto projects are pivoting towards AI, devising solutions and applications to advance the frontiers of both AI and blockchain technology. The convergence of AI and blockchain technology has garnered support from numerous proponents, and it is this intersection that Rejuve.AI is currently exploring. However, while the integration of artificial intelligence (AI) within the Web3 ecosystem offers numerous benefits that have the potential to revolutionize the way we interact with decentralized networks and applications, there are several factors that we (humans, yes, all too human humans) need to stay wary of. The unethical use of artificial intelligence, especially in the context of Web3 and blockchain development, may lead to unintended consequences and threats. This may also be countered given how recent deployments of OpenAI's GPT-4 model were used to debug smart contract code, opening the possibility of outsourcing or automating code audits to large language models which contain vast libraries and databases of smart contract code, even those which may be too obscure or may be reserved only for those who have been developing smart contracts since its heydays sometime between 2013 and 2014, which was when Ethereum and other derivatives first sprang. In this instance, AI-driven applications may be exploited for malicious purposes, such as manipulating markets, facilitating illegal activities, or creating fraudulent dApps. Moreover, the mass use of AI can amplify existing biases and inequalities, as algorithms may inadvertently reinforce discriminatory patterns present in training data. Another potentially incriminating quandary with the use of AI for Web3 and blockchain development is this: the centralization of AI development and resources can potentially undermine the decentralized nature of Web3, resulting in power imbalances and compromised security. Consequently, it is crucial to approach AI integration in Web3 with caution, ensuring ethical and responsible use to prevent negative outcomes. 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. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no stakes in any of the digital assets and securities mentioned, and does not have any significant hold of own any cryptocurrency or token discussed.
8 days ago cryptopotato
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About Celsius?

The live price of Celsius (CEL) today is 0.361311 USD, and with the current circulating supply of Celsius at 238,863,519.83 CEL, its market capitalization stands at 86,303,929 USD. In the last 24 hours CEL price has moved -0.023915 USD or -0.06% while 745,089 USD worth of CEL has been traded on various exchanges. The current valuation of CEL puts it at #279 in cryptocurrency rankings based on market capitalization.

Learn more about the Celsius blockchain network and how it works or follow the price of its native cryptocurrency CEL and the broader market with our unique COIN360 cryptocurrency heatmap.

Co-founded in 2017 by Alex Mashinsky, S. Daniel Leon and Nuke Goldstein, Celsius is an Ethereum-based community-centric platform claiming to provide transparent and curated financial services that aren’t offered by conventional financial institutions. Its mission is to build an active self-governed community of lenders and borrowers, wherein everyone benefits from a blockchain-based efficient financial ecosystem. The platform can be used from within the web browser or through the Celsius Crypto Wallet app available for Android and iOS platforms.

Celsius’ native token CEL is based on Ethereum’s ERC-20 token standard and functions as a utility token within its ecosystem. Celsius distinguishes itself by offering financial services based on terms that are no longer provided by traditional financial institutions, including low fees, fairer loans, higher returns and faster transactions. 

However, in Q2 2022, Celsius faced liquidity issues amidst the wider crypto market contagion that caused the platform to freeze withdrawals and look for potential bailouts or mergers/deals before announcing bankruptcy.

CEL price

CEL price remained below 1 cent for close to two years after its March 2018 launch. It breached the $0.1 resistance for the first time in Dec 2019, and closed the year near $0.15 level. CEL coin’s first major price surge came in September 2020, when boosted by the larger crypto market bullish sentiment, it began a 9-month long rally and peaked at an all-time high (ATH) of $8.05 on June 4, 2021. CEL’s fully diluted valuation crossed $5.5 billion on that occasion. 

According to our CEL live price chart, the token registered an overall downward trend after the June 2021 high, and its value plummeted down to $4.50 by December 31 that year. 2022 didn’t bring much cheer for the CEL price either, and it has been consistently breaching multiple support levels, under market-wide bearish pressure, and retreated further down to $0.6 and then around $0.20 in June 2022 as Celsius froze user withdrawals and filed for bankruptcy.

However, by August 2022, CEL price had moved above $2, as the community attempted to squeeze CEL shorts and help it gain upward momentum.

How CEL works

Celsius platform is powered by its native CEL (ERC-20) token which functions as the backbone of its ecosystem. It serves as the platform’s utility token, and users owning CEL are incentivized for holding it and using it for various purposes. Some of the important utilities of CEL token are:

  • Borrowers can avail discounts if they choose to pay back their debt through CEL.

  • Lenders who choose to accept CEL tokens as interest on their lent crypto assets can earn higher interest.

Apart from the above, CEL holders can also use these tokens to avail Premium Membership in Celsius’ tier-based loyalty program. It works as a ranking system comprising 4 different tiers – Bronze, Silver, Gold and Platinum. Your tier is determined based on your CEL token balance and each tier comes with a certain percentage of bonus interest rewards (on lent assets) and discounts on loan interest. 

Being deployed on the Ethereum blockchain, Celsius benefits from the security features of Ethereum. Its ‘Earn’ service allows users to earn up to 17% as Annual Percentage Yield (APY) on their deposited assets. Besides that, users can also borrow funds starting at just 0.1% APR. There are also provisions for sending/receiving payments, buying cryptocurrencies and swapping crypto assets using the Celsius platform. 

CEL news, updates and highlights

In a significant development for the Celsius network, the platform raised $400 million in a Series B funding round held in October 2021. The funding was obtained at a company valuation of $3 billion, and was led by the Canada-based CDPQ (Caisse de dépôt et placement du Québec) and WestCap, a growth firm. The investment helped Celsius prove its credibility to regulatory authorities of Kentucky, Texas, New Jersey and Alabama. In November 2021, Celsius Network expanded its funding round from $400 million to $750 million as a result of oversubscription.

The next major CEL news came on June 13, 2022 when Celsius informed its community via a detailed memo on its blog that it was pausing all transfers, swaps and withdrawals on the platform due to extreme market conditions. The company claimed that it was taking the step to put Celsius in a better position to honor its withdrawal obligations, over time.  

Frequently asked questions about CEL

  • Can you mine or stake CEL?

No, you cannot mine CEL tokens, however, it’s possible to stake CEL through various DeFi service providers, for consistent staking rewards.

  • Which are the best CEL wallets?

CEL is an ERC-20 token and can be safely stored in any Ethereum-compatible crypto wallet including MetaMask, Trust, Ledger and Trezor wallets.

  • How can I use CEL tokens?

You can stake your CEL tokens to earn staking rewards or get discounts/benefits on the Celsius platform while lending or borrowing crypto assets.

  • How to buy CEL?

The ideal way of buying CEL is through established crypto exchanges where you can trade multiple assets like ADA, ETH, BTC, USDT and others, for CEL.

Celsius Price0.361311 USD
Market Rank#279
Market Cap86,303,929 USD
24h Volume852,814 USD
Circulating Supply238,863,519.83 CEL
Max Supply695,658,160 CEL
Yesterday's Market Cap84,978,345.90 USD
Yesterday's Open / Close0.379676 USD / 0.355761 USD
Yesterday's High / Low0.379676 USD / 0.347059 USD
Yesterday's Change
-0.06% ( 0.023915 USD )
Yesterday's Volume745,088.62 USD
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