Crypto Guides, Knowledge & Insights

Binance Terminates $1 Bn Voyager Acquisition Deal, Now What’s Next?

Voyager Digital, a defunct crypto lender, announced that Binance.US has cancelled its agreement to purchase assets from Voyager. As per the court-accepted reorganization plan, Voyager will offer clients a “toggle option” on its platform, allowing them to choose between receiving cash or cryptocurrency.　　Binance Ends $1B Voyager Deal　　Just a month ago, a U.S. bankruptcy judge approved the sale of Voyager Digitals assets to Binance.US, which would have resulted in customers receiving 73% of their funds back. However, claims from the defunct crypto exchange FTX and its subsidiary Alameda Research could have reduced this amount to 48%. Despite a 97% yes vote from the 6% of creditors who voted on Voyagers proposed plan, Binance.US has since canceled the agreement.　　The proposal for Voyager customers to transfer to Binance.US was subjected to significant scrutiny by regulatory authorities, prompting the Securities and Exchange Commission to allege that Binance.US was conducting unregistered securities trading within the US. This may have contributed to Binance.USs decision to terminate the agreement with Voyager Digital.　　The committee of unsecured creditors expressed their dissatisfaction with Binance.USs decision to cancel the deal in a tweet, and is reportedly considering legal action against the exchange. Voyager and the committee are now focused on utilizing

2023-04-26Deep Dive

Ava Labs CEO Calls for Crypto Regulators Who Can Read and Audit Code

Emin Gün Sirer, whose company developed the Avalanche (AVAX) layer-1 blockchain, addressed the annual Cornell Blockchain conference on New York Citys Roosevelt Island.　　Ava Labs CEO Emin Gün Sirer (Ian Allison)　　The blockchain and cryptocurrency space cannot consider itself mature until the day its regulators are able to read and audit code, Ava Labs CEO and founder Emin Gün Sirer told attendees of the annual Cornell Blockchain conference.　　“Regulators are nowhere near that stage now,” Gün Sirer said at the Friday event on New York Citys Roosevelt Island. “They are busy doing other funny tricks.”　　Crypto, particularly in the U.S., is in the gunsights of regulators following the collapse of the FTX exchange and other calamities that befell the space in 2022. But even the most draconian of clampdowns will not crush crypto, said Gün Sirer, whose company developed the Avalanche (AVAX) layer-1 blockchain.　　“Suppose we ban crypto altogether？” he said. “Generation Z is digital-first, and they will not allow this technology to go away. They have seen how amazing these new rails can be.”　　Several areas, Gün Sirer said, need to improve in order to get the next billion users into crypto, such as scalability, ease of use and adaptability. However, when asked about the

2023-04-25Deep Dive

Bitcoin - The Go-To Asset For the Next 2 Years?

As the fiat monetary system flounders, and cash in the bank buys less and less, more investors are flocking to Bitcoin, which just might have started its bull market.　　A Grave Banking Situation　　As the Federal Reserve has continued to push interest rates into the sky in order to try and gain control over inflation, the first banks have begun to fail. Without the timely intervention of the Fed and the U.S. Treasury, many more banks would have fallen.　　In fact, the situation is so grave that Treasury Secretary Janet Yellen has had to promise that depositors currency in the banks will be guaranteed, regardless of whether they meet or surpass the $250,000 limit for FDIC protection.　　However, it appears that this protection may not be given to every bank, and Yellen has stated that each bank will be evaluated as to its systemic importance. That said, it would appear that the Fed and the Treasury could have to supply another few trillion dollars in order to prop the banks up.　　Everyone needs to have a bank account and cash with which to pay for everyday necessities. Be that as it may, the intelligent investor would likely be reducing the amount of currency they have

2023-04-25Deep Dive

Amazon NFT Marketplace Launch Delayed

Amazons NFT marketplace launch has been pushed back to May, delaying its original launch date of April 24th. The Amazon Digital Marketplace will initially be available to US customers and will eventually roll out to other countries. This delay follows a previous postponement in late 2022 due to market challenges following the FTX exchange collapse in November of that year.　　The decision to delay the launch was made to ensure the readiness of the platform and to avoid technical errors and other issues caused by unforeseen events.　　Amazon Delays Launch of its NFT Marketplace　　Amazon has pushed back the launch of its NFT marketplace, known as the “Amazon Digital Marketplace,” from April 24 to May 15. The delay is reportedly due to readiness concerns. The launch of Amazons Digital Marketplace has been eagerly awaited by the crypto community, particularly the NFT space. According to an internal source from the e-commerce giant, there are some technical and commercial obstacles to overcome.　　Originally, Amazon had intended to launch its NFT marketplace with 15 collections. However, the tech giant has decided to feature 80 collections on its platform, including popular ones such as Bored Ape, Mutant Ape, World of Women, Beeple, and Pudgy Penguins. It has been

2023-04-25Deep Dive

Binance launches ChatGPT-powered ‘Sensei’ chatbot

On April 24, Binance announced the launch of a chatbot named “Sensei,” powered by ChatGPT technology. The purpose of the chatbot is to assist users of the Binance exchange in accessing information that is available on Binance Academy, the companys blockchain education platform.　　To access Sensei, users can click on the robot icon located at the bottom right-hand corner of any of Binance Academys pages. Upon receiving a prompt, the chatbot will provide an AI-generated summary and display links to three relevant articles available on the Binance Academy website.　　In March, Binance CEO Changpeng Zhao hinted at the possibility of expanding the companys use of AI. He specifically mentioned AI being utilized for customer support and compliance. Additionally, Binance offers an AI art service called Bicasso that enables users to create non-fungible tokens (NFTs).　　However, Binance is currently facing charges from U.S. regulators regarding certain information provided to its users. Among the allegations is that Binance suggested in personal conversations and on guide pages that users utilize VPNs to circumvent laws.　　If Binance employs ChatGPT and other AI tools in an inappropriate manner, it may attract further criticism from regulatory authorities.　　Looking for more information about cryptocurrencies？ WikiBIT offers you a one-stop service! Not only

2023-04-25Deep Dive

Hydrogen Technology Corporation Fined $2.8 Million in SEC Crypto Market Manipulation Case

The United States Securities and Exchange Commission (SEC) and Hydrogen Technology Corporation, a company charged with manipulating the price of cryptocurrencies, have settled their seven-month legal dispute with a $2.8 million settlement. On April 20, in a case initiated by the SEC, the New York District Court Judge decided against Hydrogen Technology Corporation and its former CEO Michael Ross Kane, ordering them to pay $2.8 million in remedies and civil penalties.　　Disgorged earnings, or proceeds from illegal activity, totaling over $1.5 million, are included in the settlement sum, along with a penalty of more than $1 million. Michael Kane, the CEO of Hydrogen, also consented to pay a $260,000 personal penalty. Prejudgment interest makes up the remaining amount.　　The SEC first filed its lawsuit against Kane in September 2022, alleging that he engaged in a plan to influence the volume and price of Hydrogens ERC-20 token Hydro (HYDRO) by employing market maker Moonwalkers Trading Limited. The SEC claimed that Kane and Moonwalkers CEO Tyler Ostern worked together to fabricate signs of brisk market activity after Hydrogens Hydro coins were distributed. In 2018, this distribution was accomplished via direct-to-market sales, bounty programs, and airdrops.　　Tyler Ostern, the CEO of Moonwalkers Trading Limited, the Hydrogen

2023-04-24Deep Dive

The Grand Bazaar in Istanbul Now Allows Payments in Bitcoin

Bitcoin (BTC) and Tether (USDT) have recently been embraced by merchants at the Grand Bazaar, one of the worlds largest and oldest covered malls, situated in Turkey. As the Turkish liras value continues to plummet, locals are flocking to Istanbuls Grand Bazaar to exchange their currency, with images of stores accepting Bitcoin and USDT appearing on Twitter.　　The countrys unconventional monetary policy last year saw interest rates cut while other nations increased theirs, contributing to the liras ongoing depreciation. In a bid to avoid government-controlled banks, Turks are paying a higher premium than the official exchange rate to acquire US dollars. This premium rate has reached its peak since last year.　　President Recep Tayyip Erdogans stringent financial regulations have revived the Grand Bazaar, which was once at the epicenter of global trade in the 15th century. This development has also led to a new parallel exchange rate for the Turkish lira among the myriad of antique shops, jewelry boutiques, trinket-selling kiosks, and leather merchants that populate the covered marketplace. As restrictions on local banks intensify ahead of a crucial election, this parallel rate is becoming increasingly entrenched.　　Due to the heavy-handed management of the legal exchange market, more dollar sales have been diverted

2023-04-24Deep Dive

Are cryptocurrencies better than fiat currencies?

By: Damian Okonkwo　　Introduction 　　The advent of cryptocurrency has changed the world of finance today; giving users more control over their assets. Given the great ease and speed obtainable in carrying out transactions using Cryptocurrencies, many now supposethat cryptocurrencies are superior to fiat currencies, which are issued by governments and central banks. In this article, we will examine the arguments for and against cryptocurrencies being better than fiat currencies.　　Are cryptocurrencies better than fiat currencies？　　Before delving into offering our views on this, let us examine the pros and cons of cryptocurrencies.　　Pros of Cryptocurrencies 　　A major advantage of cryptocurrencies over fiat currencies is their decentralized nature. This means they are not controlled by any government or central authority. Instead, they operate on a peer-to-peer network, which means that transactions can take place without the need for intermediaries. This makes cryptocurrencies more secure and resistant to fraud and theft.　　Another advantage of cryptocurrencies is their anonymity. Transactions made using cryptocurrencies are not linked to a persons identity, which means that they are more private than transactions made using fiat currencies. This is particularly useful for people who want to keep their financial transactions confidential.　　Cryptocurrencies are more easily accessible than fiat currencies. They can be practically

2023-04-24Deep Dive

What Taylor Swift Can Teach You About Investing

What Taylor Swift Can Teach You About Investing　　The megastar reportedly dodged a catastrophic deal with FTX by asking one simple question.　　Angry victims of the FTX swindle are looking for restitution from the celebrity spokespeople who pitched the failed exchange, in a lawsuit that names Larry David, Tom Brady and Shaquille ONeill, among others. One name not on that list is Taylor Swift, who was offered a reported $100 million sponsorship deal with the offshore crypto exchange – but dodged embarrassment and potential legal fallout by exercising some basic skepticism.　　Swift reportedly asked FTX representatives, “Can you tell me that these [listed assets] are not unregistered securities？” in the course of negotiations, which ultimately failed. That‘s according to Adam Moskowitz, the plaintiff’s lawyer in the FTX endorsements suit, speaking to The Block‘s Frank Chaparro. Moskowitz describes learning about the incident in the discovery phase of the suit, and I haven’t seen confirmation from Taylor Swifts camp.　　But even if it‘s a bit of a just-so story, there’s a wealth of wisdom in this little parable. It wouldnt be the first time Swift showed herself to be a brilliant and sharp-elbowed businesswoman on top of her musical talent – for instance, having muscled her

2023-04-24Deep Dive

Could the United States anti-crypto stance spread to Europe?

Now that the U.S. government has fully thrown off the veil and is openly hostile to crypto. Could it use its vast power to influence governments in Europe to follow a similar line？ The U.S. Gloves Are Off　　The U.S. has thrown its cap in the ring as regards its anti-crypto feelings, and so now it is obvious why the Securities and Exchange Commission (SEC), headed up by Chairman Gary Gensler, has been so obstructive towards crypto companies, and why it has used the blunt tool of enforcement rather than sit down and discuss how these companies can comply with regulations.　　It would seem that this U.S. administration has made the decision to try and eradicate crypto from its shores, possibly from the perspective of trying to defend the dollar from what it might perceive as the threat of superior payment systems arising out of the amazing innovations in the crypto sector.　　The SEC appears to be spending an inordinate amount of its time on a tiny crypto asset class, at a time when the banking system in the U.S. is on the edge of collapse. Gensler is asking for far more resources to be given to his watchdog agency in order to

2023-04-24Deep Dive

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