Day: October 19, 2023

New York AG sues Gemini and Genesis for alleged $1 billion fraud

The New York Attorney General Letitia James filed the lawsuit against Gemini, Genesis and DCG on Thursday.
It’s alleged the crypto firms lied to investors and concealed losses of over $1 billion.

New York Attorney General Letitia James has sued Gemini, Genesis Global Capital and Digital Currency Group over allegations that the crypto companies defrauded over 230,000 investors, 29,000 of them from New York.

Crypto companies lied to investors

In the lawsuit the AG filed on Thursday, the companies perpetrated the more than $1.1 billion fraud scheme by concealing losses and repeatedly lying to investors. Gemini Earn customers were greatly impacted when Genesis paused withdrawals in December last year.

I’m suing cryptocurrency companies @Gemini, @GenesisTrading, and @DCGco for defrauding 230,000 investors out of more than $1 billion. 
 
This is yet another example of the harms of an unregulated crypto industry.https://t.co/ysLVm8nujr

— NY AG James (@NewYorkStateAG) October 19, 2023

According to the top New York prosecutor, despite Gemini’s own analyses showing that Genesis’ loans were not only undersecured but also “highly concentrated with one entity, Sam Bankman-Fried’s Alameda,” the company did not warn its customers about it. Rather, the crypto exchange continually assured customers that the earn program constituted a low-risk investment.

Withholding the information from investors extended to Genesis, and its former CEO Soichiro Moro. Genesis parent company, recently embroiled in a tussle over customer funds with Gemini, has is also looped into the accusation. The lawsuit also charges DCG CEO Barry Silbert.

These cryptocurrency companies lied to investors and tried to hide more than a billion dollars in losses, and it was middle-class investors who suffered as a result,” James said. She added:

My office will continue our efforts to stop deceptive cryptocurrency companies and to push for stronger regulations to protect all investors.”

The lawsuit against the three companies is the New York Ag’s latest crackdown on crypto firms. Some of the recent actions have been against crypto platform CoinEx, Coin Café, KuCoin and Nexo.

The post New York AG sues Gemini and Genesis for alleged $1 billion fraud appeared first on CoinJournal.

Memeinator raises over $750k as the stage-4 presale nears completion

TL;DR

Memeinator’s presale is now at stage four and the team has raised more than $770k.

The cryptocurrency market continues its mixed performance this week.

The cryptocurrency market has been experiencing a positive performance over the past few days. Bitcoin continues to trade above the $28k mark while the total cryptocurrency market cap stands at $1.08 trillion.

Memeinator’s presale continues to record excellent results as stage four now nears completion. 

What is Memeinator?

Memeinator is a Web3 project that is piquing the interest of investors at the moment. The project is leveraging the recent growth of the meme coin industry and intends to provide users with a wide range of utilities. 

The team is on a mission to destroy worthless memes and become one of the leading meme tokens in the the world.

Memeinator wants to set itself apart from the thousands of other meme coins in the crypto space that have no real-world use case. The project will leverage AI technology to identify worthless memes, allowing investors to know them and steer clear of them. 

According to the team, the project would target a market cap of $1 billion or more in the medium to long term. Their whitepaper already contains a detailed roadmap that shows how the team intends to achieve its objectives. 

The Memeinator presale launched three weeks ago and it is currently in its fourth stage. The native token was sold for $0.01 in the first presale stage and is now going for $0.0118. The price will rise to $0.0485 by the end of the presale, giving early investors a massive 132% ROI at listing. 

Memeinator’s presale nears $800k in three weeks

The Memeinator presale launched roughly three weeks ago and the team has raised nearly $800 so far. Investors can purchase the Memeinator token (MMTR) using ETH, USDT and USDC stablecoins. 

At the moment, MMTR is available to investors on the BNBChain and Ethereum blockchains. Users can purchase the tokens by simply connecting any of the supported wallets to the Memeinator website and purchase the tokens using ETH, USDT and USDC coins. 

Click here to read more about the Memeinator presale.

Why are investors interested in the Memeinator presale?

Investors are showing interest in the Memeinator project thanks to its unique value proposition to users. The MMTR token is set to be very active within the Memeinator ecosystem

Memeinator could gain a massive following amongst degens, speculators and crypto natives. The project is set to take advantage of AI to analyse and evaluate memes across the internet. The low-quality memes will be replaced or destroyed. 

Early investors in Memeinator could be big winners thanks to the unique tokenomics approach the team adopted. The MMTR token comes with some exciting features, including deflationary mechanisms and rewards for holders. The team has already revealed that 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Is the Memeinator a good buy? 

Memeinator could be an excellent buy for investors thanks to the project’s unique offering in the cryptocurrency space. As a meme coin that is leveraging AI, Memeinator could provide excellent value to investors in the medium and long term.

The team are working to make Memeinator a billion-dollar project and if that happens, early investors could be winners in the medium to long term. 

The post Memeinator raises over $750k as the stage-4 presale nears completion appeared first on CoinJournal.

Doge Uprising ($DUP) Announces Presale Launch: A Trailblazing Crypto Project Uniting Manga, Web3, Smart Staking, and NFTs

Boston, Massachusetts, October 19th, 2023, Chainwire

Doge Uprising ($DUP) is a brand new crypto presale set to make its mark in Q4. This project stands out from the crowd with its unique features. Its detailed roadmap paints a vibrant picture of a Web3 universe enriched by an exclusive NFT collection and an interactive manga series.

Doge Uprising’s defiant rise in the memecoin revolution

2023 has been a fantastic year for meme coins. Pepe Coin ($PEPE) soared into the top 100, gaining huge popularity in early 2023, while many new projects like Wall Street Memes ($WSM) have raised millions within months of launch. On top of this trading volumes have reached a two-year high, suggesting that now is the perfect time to announce a new crypto project.

Doge Uprising is rewriting the presale and meme coin narrative by turning it into a space that’s defiant, rebellious, and strong. It’s establishing itself as a top coin with real utility, setting it apart from other projects on the market. With an extensive roadmap ahead, Doge Uprising has created an ecosystem that spans a whole universe for its users to explore.

The story behind Doge Uprising

The real magic propelling this project is its immersive story – which the community can experience first-hand with Doge Uprising’s interactive manga series.

Doge Uprising takes us to a dystopian 2045 where Mark Zuckerberg has a technocratic rule over the world. Yet, beneath his surveillance, an uprising stirs. A collective of people worked tirelessly to bring down his reign, harnessing the power of Doge Mechas to do so. These huge machines symbolize defiance and are powered by the powerful $DUP token, supplied by their ally Elon Musk. The $DUP token serves as the lifeblood of each Doge Mecha. Without it, they’re mere metal and code husks. The ‘Doge Uprising’ symbolises more than just the end of Zuckerberg’s rule, it shows resilience, strength, and determination.

Doge Uprising’s community benefits

As the Doge Uprising creators understand that community is key to success, they’ve designed a project that’s fulfilling and engaging for all users.

The Doge Uprising community can immerse themselves in the interactive manga series, delving into the project storyline in a way never seen before in crypto. Or, they can purchase Doge Mecha NFTs, personally overseen by the Head Engineer 0xPepe, to become pilots themselves. This unlocks exclusive content and provides further access to the captivating dystopian world. Doge Uprising believes in rewarding its community, ensuring that all members feel inspired.

Doge Mecha NFTs will soon become mintable directly on the Doge Uprising website using ETH, allowing users to access Doge Uprising’s exclusive community content and become leaders in this space.

The revolutionary $DUP token

Doge Uprising has chosen to harness the power of the ERC-20 blockchain, ensuring compatibility with other d’apps on the Ethereum blockchain. This seamlessly integrates the project into the blockchain framework and keeps Ethereum as the backbone of the project.

60% of the token distribution will go towards the presale, 20% towards exchanges, 5% to development, and 10% to airdrops. The total supply of $DUP is 450M and a vesting schedule will make sure that token distribution is fair and transparent. Marketing and development tokens will be vested over a year, gradually unlocked to boost the project, whereas presale tokens will be fully available at the time of purchase.

Doge Uprising: Redefining crypto with innovation and potential

Doge Uprising is expected to take off, rewriting crypto as the community knows it. The project creators saw the success of Pepe Coin and decided to take meme coins a step further. This is the first cryptocurrency to integrate manga, a Web3 universe, smart staking, and NFTs. The Doge Uprising community can truly immerse themselves in a way that has never been seen before. As the Doge Uprising universe expands it could become an extremely valuable asset.

This is no ordinary crypto presale announcement. Doge Uprising has a unique thirst for change and flair for defiance. This project has the potential to garner significant interest from a wide audience, which could contribute to its perceived value. Doge Uprising has the potential to be a valuable addition to any portfolio, particularly given its early stage.

About Doge Uprising

Doge Uprising was founded by a team passionate about Manga, technology, and art. The team created a platform that integrates Manga storytelling with the capabilities of a Web3 universe and the uniqueness of NFTs.

For more information visit Doge Uprising’s ($DUP):

Website
Telegram
Twitter
Discord

 

Contact

Journalist
Rafael Derhi
Doge Uprising
Rafaelderhi@dogeuprising.co

The post Doge Uprising ($DUP) Announces Presale Launch: A Trailblazing Crypto Project Uniting Manga, Web3, Smart Staking, and NFTs appeared first on CoinJournal.

Primex, the protocol for spot margin trading on DEXs, launches its mainnet beta

New York, USA, October 19th, 2023, Chainwire

Non-custodial protocol for spot margin trading Primex Finance announces the launch of its long-awaited mainnet Beta. Representing a significant milestone for the protocol, the latest version has been deployed on Polygon’s PoS chain. Consequently, traders can utilize the Primex app and access spot margin trading on the Uniswap, Balancer, Curve, Sushiswap, Quickswap, and Meshswap DEXs.

Connecting Lenders with Traders, Primex enables Traders to utilize Lender liquidity for leveraged spot trading on existing DEXs while benefiting from CEX-like tooling and interfaces. In exchange for supplying assets to the protocol, Lenders earn interest on deposited digital assets. With Primex, Lenders take advantage of high lending APYs and the ability to diversify their portfolio based on their risk appetite via Credit Buckets, specialized liquidity pools that connect lenders with margin traders.

The protocol achieves decentralized trade execution through a network of community-hosted Keepers. Instead of using centralized order books (CLOB), Keepers are responsible for executing all automated trades and liquidating Traders’ risky positions to protect Lender funds. Besides non-custodial spot margin trading, Primex will enable other leveraged operations across various DeFi protocols in future versions.

In conjunction with the mainnet Beta, Primex Finance is also launching its Liquidity Mining Program. This program is essential for accumulating early Lender liquidity and trading volume, and it consists of rewards for bucket launch participation and Early Lenders and Traders rewards. Participants in the Liquidity Mining Program will be eligible for Early Primex Tokens (ePMX) based on their roles and activities. In the future, holders will have the ability to exchange the ePMX they have earned for fully functional Primex Tokens (PMX).

In addition to the Liquidity Mining Program, Primex also launches an on-chain Referral Program that plays an important role in the mainnet Beta’s launch. The referrers are eligible for a commission paid from the protocol revenue for activities generated by the referees, while referees will benefit from exclusive NFTs that can be utilized to reduce protocol fees and increase lender interest. The connection between referrers and their referees is stored in a smart contract, ensuring both sides are rewarded for their activity.

“Dedicated months of hard work have led to the launch of the mainnet Beta, turning a distant goal into a reality. Primex’s first mainnet finally enables undercollateralized, fully decentralized lending for trading purposes. Now, with the launch of the mainnet Beta, traders can utilize a rich feature set and interfaces for trading on their favorite DEXs with leverage,” stated Dmitry Tolok, Co-founder of Primex.

About Primex Finance

Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEXs. It connects lenders with traders, enabling traders to utilize lender liquidity for leveraged trading on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to enhance flexibility for their trading strategies.

For more information visit Primex Finance’s:

Official Website
Twitter
Discord

 

Contact

CMO
Anton Demenko
Primex Finance
info@primex.finance

The post Primex, the protocol for spot margin trading on DEXs, launches its mainnet beta appeared first on CoinJournal.

Shiba Memu’s presale tops $3.95 million as stage two nears completion

TL;DR

The cryptocurrency market has performed well since the start of the week.

Shiba Memu’s presale has now surpassed the $3.95 million mark, with stage two now near completion.

The cryptocurrency market is experiencing a rollercoaster week so far but Bitcoin has maintained its price above the $28k level. Shiba Memu’s presale has now surpassed the $3.95 million mark and stage two will soon be completed.

Shiba Memu begins its $100k giveaway

The Shiba Memu team announced via X (formerly Twitter) on Thursday that its $100k giveaway contest is now underway. The team is seeking away $100k worth of SHMU tokens to the lucky participants as it looks to boost engagement in its project. 

So far, there are over 9,000 entries for the contest with 18 days left. Those holding $100 worth of SHMU are eligible to participate in this contest.

🎉 The Shiba Memu $100k shindig is underway, and the good times are rolling.🚀

Dive into the ongoing excitement—join now or be left with just the echoes of the celebration! 🎈

😈ENTER NOW: https://t.co/6C0EDwsVsp#Giveaway pic.twitter.com/2k0Q0oTwGA

— Shiba Memu (@shibamemu) October 19, 2023

What is Shiba Memu?

Shiba Memu is a meme token project that has attracted hundreds of investors in recent months. The presale has topped the $3.95 million mark and will reach the $4 million milestone soon.

Shiba Memu seeks to develop a platform that will use AI and blockchain technology to create a marketing genius. According to the development team, Shiba Memu will handle the various marketing activities of agencies. The use of AI will ensure Shiba Memu works 24/7 to generate exciting content to help companies and individuals market their products and services. 

The team decided to launch as a meme project following the recent popularity of meme coins like Shiba Inu and Dogecoin. Over the last four years, the market cap of meme coins grew from practically $0 to reach the $35 billion mark in 2023. 

Shiba Memu differs from many meme coins because it offers real-world use cases to its users. Shiba Memu has utility and will solve real-world problems for companies and individuals. 

Users can take advantage of the various marketing features Shiba Memu will offer them. Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

At the moment, the project operates on two major blockchains, Ethereum and BNB Chain

Shiba Memu’s presale tops $3.95 million

The Shiba Memu presale has been recording massive growth in recent weeks. It recently crossed the $3.95 million mark and stage two is now close to completion. 

Per the development team, the funds raised from the presale funding rounds would be used to develop its products. The Shiba Memu AI technology would be the major recipient of the funds generated from the presale events as it is the platform’s primary product. 

Click here to find out more about Shiba Memu’s presale event. 

Should you invest in Shiba Memu right now?

Bitcoin and the other major cryptocurrencies have performed well so far this week despite the fake report on a spot Bitcoin ETF approval. Shiba Memu’s interest continues to go up as its stage-two presale stage now nears completion. 

Cryptocurrency investors prepare for next year’s Bitcoin halving and Shiba Memu could be one of the biggest winners if the bull market returns. 

The post Shiba Memu’s presale tops $3.95 million as stage two nears completion appeared first on CoinJournal.

UAE’s Ras Al Khaimah launches free zone for digital assets and Web3

Ras Al Khaimah, UAE, has introduced RAK DAO, a free zone dedicated to digital assets and Web3.
RAK DAO will offer entrepreneurs 100% ownership of their businesses and a unique regulatory framework.
The UAE continues to attract global crypto and Web3 firms through progressive regulatory measures.

Ras Al Khaimah, one of the seven Emirates of the United Arab Emirates (UAE), has unveiled its latest initiative to diversify its economy by launching the RAK Digital Assets Oasis (RAK DAO), a dedicated free zone for digital and virtual asset companies.

In a move to attract global crypto players, the emirate is positioning itself as a forward-thinking hub for emerging technologies.

A purpose-built free zone for digital assets

RAK DAO is poised to become the world’s first free zone solely dedicated to digital and virtual asset companies, creating a purpose-built ecosystem for entrepreneurs from around the globe.

This free zone is designed to support companies involved in cutting-edge technologies, including the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other Web3-related businesses.

Entrepreneurs within the free zone will have 100% ownership of their businesses and enjoy unique tax schemes and regulatory frameworks. While RAK DAO is expected to begin with non-financial activities, it may introduce financial activities at a later stage, underlining the emirate’s commitment to innovation and regulatory compliance.

UAE’s attraction for crypto and Web3 firms

The UAE has been actively courting crypto and blockchain firms with a progressive regulatory environment.

Dubai introduced a virtual assets law and the Virtual Asset Regulatory Authority to safeguard investors and establish industry standards. Additionally, the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC) have their own financial regulators, offering attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority went ahead and even launched headquarters in The Sandbox in May 2022.

Several crypto firms have since secured operational licenses to operate in Dubai. Some of the companies that have acquired licenses to operate in Dubai include Binance, which was the first to acquire an MVP license in Dubai, Crypto.com, and OKX.

Ras Al Khaimah’s RAK DAO complements the more than 40 multidisciplinary free zones in the UAE, further positioning the country as a destination of choice for crypto, blockchain, and Web3 enterprises.

Applications for RAK DAO are open, offering entrepreneurs and digital asset companies a new opportunity to thrive in this burgeoning industry. This initiative signifies the UAE’s commitment to fostering innovation and embracing the future of finance and technology.

The post UAE’s Ras Al Khaimah launches free zone for digital assets and Web3 appeared first on CoinJournal.

Ripple drops another 2% today: a descending triangle points to more downside

Ripple’s bearish momentum continues
A descending triangle points to a drop to $0.4
A head and shoulders pattern paints a gloomy picture for Ripple

There is no break from the bearish momentum in the cryptocurrency market. Unless you are invested in Bitcoin, the suffering from being on the long side of any other coin has been tremendous. 

Take Ripple (XRP/USD), for example. 

After spiking close to $1 during the summer, it quickly returned all its gains. Basically, a classic pump-and-dump price action, enough to attract late newcomers to the party, only to see their investment quickly disappear. 

More problematic is the recent price action. It gives no signs of the bearish pressure easing anytime soon. 

Just the opposite, as the market appears to form a bearish continuation pattern – a descending triangle. 

Ripple chart by TradingView

Descending triangle points to a quick move to $0.5

As a bearish continuation pattern, a descending triangle hints at more downside to come. Its measured move equals the length of the longest segment of the triangle – in this case, it signals a drop to $0.4. 

The main feature of such a triangle is the fact that bounces from horizontal support are smaller and smaller until, eventually, support gives way. 

On an even bigger scale, the descending triangle might just be the right shoulder of a head and shoulders pattern. If that is the case, the spike during the summer months close to the $1 area would be the head of the pattern. 

If a head and shoulders pattern does materialize, Ripple has much more room to the downside than bullish investors would want to assume now. 

The post Ripple drops another 2% today: a descending triangle points to more downside appeared first on CoinJournal.

FTX trial: FTX used billions in customer funds for Binance stake buyback

FTX is accused of using customer deposits to repurchase Binance stake.
An accounting professor hired by the US Department of Justice reveals over a billion dollars came from customer funds for the share buyback.
FTX’s proposed recovery plan offers hope, aiming for a 90% asset return to customers affected by the exchange’s bankruptcy.

In a shocking revelation, the ongoing legal proceedings surrounding the defunct cryptocurrency exchange FTX have unveiled that the exchange allegedly used customer funds to buy back its stake held by Binance.

This development has raised serious concerns about the handling of customer deposits within the crypto industry.

Customer funds diverted for Binance share repurchase

During a court hearing, it was disclosed that FTX, a crypto exchange that filed for bankruptcy in November 2022, employed customer deposits to repurchase its shares from competitor Binance. Binance CEO Changpeng Zhao in November 2022 acknowledged that his company had received over $2.1 billion in Binance USD (BUSD) stablecoins and FTX’s FTT tokens as part of this transaction.

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4

— CZ 🔶 Binance (@cz_binance) November 6, 2022

The revelation has led to intense scrutiny and legal action, with an accounting professor from the University of Notre Dame, Peter Easton, being hired by the US Department of Justice to trace the flow of billions of dollars between Alameda, the parent company of FTX, and the exchange. Professor Easton confirmed that user deposits were redirected for various purposes, including reinvestment in businesses and real estate, political contributions, and charitable donations.

The most significant revelation, however, was that over a billion dollars for the share repurchase had come directly from customer funds held by FTX. This has raised concerns about the exchange’s financial practices and the protection of customer assets.

FTX’s recovery plan

Amidst the controversy surrounding the use of customer funds, FTX’s estate has proposed a settlement plan to address the loss of customer assets when the exchange declared bankruptcy in November 2022. The plan aims to provide a 90% return of assets to affected customers, potentially offering relief to those who suffered losses during the exchange’s collapse.

This development signifies a potential path forward for affected customers and highlights the ongoing efforts to resolve the fallout from FTX’s bankruptcy. The legal and regulatory proceedings will be pivotal in determining the fate of this proposed recovery plan and the ultimate distribution of customer assets.

The post FTX trial: FTX used billions in customer funds for Binance stake buyback appeared first on CoinJournal.


Verified by MonsterInsights