Day: October 26, 2023

US Senator asks DOJ to consider criminal charges against Binance and Tether

US Senator Cynthia Lummis asks the Department of Justice (DOJ) to criminally charge crypto exchange Binance and USDT issuer Tether.
Lummis cites the two companies’ role in aiding illicit fundraising for terror.
Blockchain security and analytics firm Elliptic says a WSJ report “misrepresented” data.

The US Department of Justice should finish its investigation and consider criminal charges against crypto exchange Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says.

Senator Cynthia Lummis (R-WY), notes in a post on X today that she had sent a letter to the DOJ with a view of having the Justice Department charge the two crypto companies for being “intermediaries” in reported illicit financing of Hamas.

When it comes to illicit finance, crypto is not the enemy – bad actors are.

I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after reports they served as intermediaries for Hamas and engaged in illicit activities. pic.twitter.com/M3KGNFkpWc

— Senator Cynthia Lummis (@SenLummis) October 26, 2023

The letter, co-signed by Representative French Hill, Chair Subcommittee, House Financial Services, is part of a wider reaction to a recent Wall Street Journal report. The allegations in the report saw several lawmakers believe Hamas had raised millions of dollars in crypto funding before its attacks on Israel earlier this month.

But as blockchain analytics firm Elliptic noted in a blog post published on October 25, “there is no evidence to suggest that crypto fundraising” had resulted in the more than $130 million raised cited in the Wall Street Journal article.

Elliptic said its data and that from other platforms “has been misinterpreted.”

Tether wants mainstream media fact-checked

In an announcement published this afternoon, Tether said its stance against use of crypto in terrorism financing remains strong. However, it has urged the government to “fact-check” mainstream media misrepresentations about the topic.

The news release cited the stablecoin issuers cooperation with law enforcement, including Israel’s to freeze funds suspected to be meant for illicit activities.

“Crypto used by malicious actors accounts for a small drop in the huge ocean of illicit activity passing through the (willingly or poorly equipped) traditional financial industry. WSJ deceitful article tricked good actors with false information,” said Tether CEO Paolo Ardoino.

Nic Carter, partner at Castle Island Ventures, says crypto needs to stand up for itself in the wake of the latest regulatory developments. He shared on X:

Make no mistake. Journalists and senators lying about crypto financing terrorism and pinning the blame on us is an existential threat. If they win that information war there is no limit to government aggression. This is a battle we need to win. And the truth is on OUR side.

— nic 🌠 carter (@nic__carter) October 25, 2023

Brian Armstrong, co-founder and CEO of Coinbase, shares similar sentiments and believes one of the steps to getting it right here is for the WSJ to issue a retraction or correction.

The post US Senator asks DOJ to consider criminal charges against Binance and Tether appeared first on CoinJournal.

WINR Protocol price jumps 37%- here are the key network developments

WINR Protocol taps double-digit gains today, up 22% at the time of writing.
Gains of nearly 60% in the past month have come amid key network developments.
The protocol recently burned 70 million WINR tokens and launched the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.

WINR Protocol, a decentralised iGaming infrastructure platform powered by the WINR token, has seen significant market traction in the past week. Today, the price of the protocol’s native token jumped more than 22% in 24 hours to hit its highest price level since August.

WINR was trading around $0.05 at the time of writing, up 37% this past week and nearly +60% in the past 30 days. The token was however 57% down since its all-time high above $0.11 reached on March 21 this year.

The recent gains have come amid a series of major developments for the platform. Is this why WINR price has been rising? Let’s have a look.

Why is WINR Protocol price rising?

Cryptocurrencies saw a massive spike in volatility early this week, with mega cap altcoins catapulted to key levels after Bitcoin’s increase to $35,000. This outlook could have aided WINR bulls.

However, the altcoin appears to have been boosted by the platform’s several development milestones. Earlier this month, the protocol burned 70 million WINR tokens, permanently removing 7% of its maximum supply from circulation. 

A total of 70,000,000 WINR, which accounts for 7% of the maximum supply, has been permanently burned.

Feel the burn. pic.twitter.com/EfLokagsu0

— WINR (@WINRProtocol) October 16, 2023

Last week, the Arbitrum community voted to allow the Arbitrum Foundation grant WINR 462,000 ARB to incentivize developer activity.

These were then followed by this week’s release of the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.  The WINR Chain also announced on October 26 that its team was looking at becoming the “go-to execution layer for decentralized iGaming.”

With the WINR Game Engine, game providers can build their game logic on smart contracts and seamlessly integrate data with existing UIs,” the platform wrote in an announcement on X.

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BetFury drops $1,000,000 for its 4th Anniversary celebration

Willemstad, Curacao, October 26th, 2023, Chainwire

BetFury celebrates its 4th Anniversary and drops $1,000,000. Each user can share the main prize along with other profitable rewards. Users are invited to join BetFury’s big birthday crypto party and participate actively for a chance to win a share of the great prize.

Users can use the promo code ‘BIRTHDAY’ to dive into the world of opportunities and begin potentially earning from Rank 1.

The first 500 users to register on BetFury and enter the promo code ‘BIRTHDAY’ by November 9th will receive 1,000 BFGs in their bonus balance. They can then claim their registration bonus by making an X40 wager while playing on BetFury.

According to BetFury, as user activity increases, so does the chance of winning substantial rewards. The Drop event is scheduled for October 31st, with bonus accrual starting from the day users first log into the platform.

The 4-year journey

BetFury has united more than 2.2 million crypto enthusiasts and casino fans from around the globe. Over four years, the platform paid over $6.4 billion in bets and about $33.3 million in bonuses. These numbers demonstrate an elevated level of user trust and the high-quality work of the BetFury team. After the end of Mining, BFG, the native BetFury token, became a limited and valuable resource. Nowadays, it’s owned by over 300,000 investors. Based on this, BetFury has chosen the right vector of development, and further steps will be even more ambitious.

Birthday surprises

The main gift for all users will be the $1,000,000 Birthday Drop. However, the celebration will also be marked by the release of exclusive novelties. BetFury developers, like true chefs, added three delicious layers of cool features to the birthday cake.

New Bonus System: The platform introduces one of the most generous offers in the industry. The main idea is to combine various profitable bonuses and a convenient Bonus Calendar with daily goodies in one Bonus Cabinet.
NFT Lootboxes: Obtaining rare NFTs is quite difficult and expensive. The new feature will allow users to win Cyber Punk for pennies. Thus, users should concentrate on a fortune to become happy owners of unique NFTs.
New BetFury Staking (Up to 50% APR): BFG is renowned to be one of the most profitable crypto-earning tools. Now, the platform decided to make it even better. Users should stay tuned for exciting updates coming very soon.

About BetFury

BetFury is an ecosystem of crypto products for entertainment and additional income. The platform has a native BFG token with many utilities. BFG is listed on many crypto exchanges: PancakeSwap, Biswap, etc. The token has over 55,000 holders, and more than 3 billion BFG are in circulation.

BetFury offers over 8,000 Slots and Original games with one of the highest RTP in the industry (up to 99.02% RTP). BetFury also has 80+ kinds of Sports with odds better than the market average. Along with huge events, the platform provides profitable bonuses: Rakeback, Cashback up to 25%, and others.

 

Contact

Stacy Smith
BetFury
stacy.pr@betfury.io

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XETA Genesis yields millions via advanced high frequency trading algorithms

London, United Kingdom, October 26th, 2023, Chainwire

XETA Genesis is a DeFi platform that has been delivering monthly returns of up to 20% to investors in a year.

XETA Genesis was launched as XETA Capital in July 2022, under the leadership of Gavin Minty and the X user known as @Shotime2kX. The project has built a community of around 15,000 followers on X and 2,000 members on Discord since its inception.

The consistent performance of XETA Genesis can be attributed to high-frequency trading algorithms. The project applies it across a diverse spectrum of financial markets – forex, gold futures, gold ETFs, and other precious metals.

Using DeFi, XETA Genesis makes the fertile opportunities in TradFi accessible to the masses. It enables them to leverage the technical expertise and resources of the project for affordable investments.

According to the team, the company has generated over $44 million for investors using its nuanced technical expertise. The average monthly return rate is much higher than the industry standard at 20%. There is a wide range of investment options, beginning with an accessible entry point of $250 to $250,000+.

Users can withdraw their returns on the platform every 28 days (XETA cycle). The XETA Genesis dashboard allows real-time monitoring of investments and returns.

Genesis accounts vs. Genesis pools

Users can join the ecosystem via Genesis accounts or Genesis pools on Avalanche or Ethereum. Since conventional cryptocurrencies are susceptible to market volatility, XETA Genesis uses the stablecoin USDC as the mode of deposits and withdrawals.

XETA Genesis accounts

Genesis accounts are designed for small-scale investors. It offers various membership tiers with costs ranging from $250, $500, and $1,000 in USDC.

The potential returns from XETA Genesis account holders can range up to 20% within each 28-day cycle. Investors can make withdrawals at the conclusion of each XETA cycle. All XETA Genesis accounts will expire after a one-year duration.

If investors would like to continue earning returns, they must renew their membership by making a new deposit. All Genesis accounts entail a $25 monthly maintenance fee and a 2.5% withdrawal fee. It is important to note that principal amounts from Genesis accounts cannot be withdrawn.

The company announced it will close users account and forfeit their balance if the monthly membership fees go unpaid.

For example, a XETA Genesis Account with a $1,000 USDC deposit has the potential to yield a 100% return on investment within a year (at a 20% monthly ROI), even after accounting for withdrawal and maintenance fees.

XETA Genesis pools

XETA Genesis pools provide an alternative way to earn returns through the platform and are part of the XETA Fund (XF). Better suited for medium to large-scale investors, they offer different tiers of investment.

$10,000 – Offers up to 5% monthly returns.

$50,000 – Provides up to 10% monthly returns.

$100,000 – Yields up to 15% monthly returns.

$250,000 – Promises up to 20% monthly returns.

Genesis pools charge a monthly management fee (2.5% of the principal balance) and withdrawal fees. Users have the flexibility to withdraw their principal with Genesis pools.

If a user deposits $10,000 into a XETA Genesis pool and let their 5% returns compound over a year without any withdrawals for the next 12 months, the balance would be approximately $16,000 at the end of that period.

Wrapping up

Both Genesis accounts and Genesis pools offer various opportunities this year. The choice between the two ultimately comes down to user’s financial situation and risk tolerance.

If users wish to delve deeper into the project, there’s also the option to schedule a consultation with a member of the XETA team.

About Xeta Genesis

XETA Genesis is a project from XETA Ltd, which is headquartered in Belize. Leaders Gavin Minty and @Shotime2kX frequently show up on YouTube videos and address any doubts and questions the community may have. Additionally, users can engage with Discord coordinators around the clock. XETA Genesis has positive testimonials on its official Discord group.

As one of the most lucrative platforms that make high-frequency trading accessible to retail investors, XETA offers a compelling investment opportunity this year. Integrating USDC stablecoin as its currency, the platform provides a degree of insulation against broader market fluctuations.

Users are welcomed to Visit Xeta Genesis Website 

Disclaimer:

Like all investments, XETA Genesis comes with risks. So it is important to not allocate more funds than you can afford to lose.

Contact

Xeta Genesis
info@xetagenesis.com

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Crypto.com offers Aston Martin F1 merch pack ahead of Mexico GP

Crypto exchange Crypto.com is giving away an Aston Martin F1 merchandise package to celebrate its partnership with the team.
10 participants stand to win a merchandise pack ahead of Mexico GP.

Crypto.com has announced an Aston Martin F1 giveaway as it celebrates its partnership with the Formula One team. The merch pack is available via a campaign period between October 25 and October 29, the crypto exchange noted in a blog post.

We’re buzzing with anticipation about the upcoming Formula 1 Gran Premio de la Ciudad de México 2023, and are celebrating the event — and the Aston Martin Aramco Cognizant Formula One team’s efforts in the constructor championship — with a giveaway!”

The Mexico Grand Prix is near, and we’re celebrating with a #giveaway.

🏆Enter to win a #CryptoCom x @AstonMartinF1 merch pack

How to participate👇

🏁 Guess what positions @alo_oficial and @lance_stroll will finish at the #MexicoGP
🔵 Like and RT
✅ Follow @cryptocom pic.twitter.com/Pn4hM3OWDs

— Crypto.com (@cryptocom) October 25, 2023

According to the exchange, ten lucky people stand a chance to win a co-branded merchandise package. To win, one has to correctly predict the performance of Lance Stroll and Fernando Alonso at the Mexico Grand Prix. 

Participation is optional and is accessible on X (formerly Twitter), with interested users not asked to make any purchases. Crypto.com says it will randomly select winners, and inform them directly via X on 31 October.

Cronos (CRO) and Aston Martin Cognizant Fan Token (AM)

A look at the Crypto.com market shows the native token Cronos (CRO) traded around $0.059 on Thursday morning, about 3.5% up in the past 24 hours and 16% higher in the past week. 

Meanwhile, the price of Aston Martin Cognizant Fan Token was $0.58, with a 24-hour price gain of -0.5% and 7-day change of +5%.

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Sam Bankman-Fried testifying today in the FTX fraud trial

Sam Bankman-Fried set to testify in FTX fraud trial.
Prior statements BY SBF are under scrutiny as he testifies under oath.
Key testimonies accuse him of fund misappropriation.

Former FTX CEO Sam Bankman-Fried (SBF) is today scheduled to testify in the ongoing criminal FTX fraud trial. SBF is facing allegations of misusing customer and investor funds to over $8 billion, leading to FTX’s Chapter 11 filing in November 2022.

As the trial unfolds, the spotlight is now on Sam Bankman-Fried as he prepares to take the stand to defend himself against the serious allegations brought against him. His testimony comes after a series of developments in the trial, including the testimony of former colleagues and insiders who have accused him of directing actions that led to the alleged misappropriation of funds.

What Bankman-Fried has previously stated

In the wake of FTX’s collapse, Bankman-Fried sought to explain the situation to the public, contending that the cryptocurrency market’s implosion in 2022 played a significant role in the downfall.

He asserted that he was only vaguely aware of the events and denied any intention to defraud customers or investors. However, these statements were met with scepticism, as they were made in a non-legal context. SBF was arrested in The Bahamas and later extradited to the US where a court case against him has been ongoing.

Today’s testifying will take place in a legal context, under oath, which starkly contrasts with his earlier public statements. This sets the stage for a rigorous examination of his claims and credibility. The defence will aim to emphasize that he did not intend to defraud anyone, arguing that the situation spiralled out of control.

Key witnesses have testified against SBF

Throughout the trial, several key witnesses, including former Alameda Research CEO Caroline Ellison, former FTX Director of Engineering Nishad Singh, and former FTX Chief Technology Officer Gary Wang, have testified under oath that Bankman-Fried not only knew about but also directed actions related to the alleged misappropriation of customer funds. Their testimonies have presented a significant challenge to Bankman-Fried’s defence.

It also emerged that FTX used billions in customer funds for Binance stake buyback.

As the defence takes its turn, it plans to call witnesses, including financial expert Joseph Pimbley and Bahamas-based attorney Krystal Rolle. These witnesses are expected to support Bankman-Fried’s defence and provide further insight into the events leading to FTX’s collapse.

In the days ahead, the trial outcome will be closely watched, as Sam Bankman-Fried attempts to present his case and respond to the allegations made against him. His testimony, now under the scrutiny of the legal system and facing opposing testimonies, is expected to play a pivotal role in determining the verdict in this high-profile case.

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Deutsche Bank and Standard Chartered pilot SWIFT alternative for digital currencies

Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions.
UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs.
UDPN, with 25 participating organizations, aims to enhance digital currency transactions.

Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies.

These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions.

How the UDPN works

UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions between a wide spectrum of digital assets, ranging from stablecoins on public blockchains to central bank digital currencies (CBDCs).

In a cross-border currency transfer scenario, the sending institution converts the value into a token, which is then transferred into a smart contract managed by UDPN. This smart contract, in turn, releases the intended target currency without the need for a centralized messaging system like SWIFT.

Crucially, the Universal Digital Payments Network does not merely operate in isolation. It serves as an interoperability bridge between disparate blockchain networks, offering an essential link that is often missing in the blockchain and digital currency ecosystem. Additionally, it applies established decentralized digital identity standards (DIDs) to participants, ensuring that transactions take place within a secure and regulated environment.

Organizations participating in the UDPN pilot

Deutsche Bank and Standard Chartered are not alone in this endeavor.

The UDPN currently boasts around 25 participating organizations, including banks from the United States, Australia, Latin America, and Europe. These entities are actively involved in conducting roughly ten proof-of-concept tests concurrently.

This initiative marks another significant stride in the financial industry’s efforts to streamline and standardize the management of blockchain-based transactions in private settings. By focusing on interoperability and decentralized identity standards, UDPN may provide a compelling solution for digital currencies to communicate effectively and securely, ultimately paving the way for more efficient cross-border transactions.

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Circle, BitoGroup, and Taiwan FamilyMart launch ‘Points-to-Crypto’ service

Circle, BitoGroup, and Taiwan FamilyMart join forces to launch a ‘Points-to-Crypto’ service in Taiwan.
‘Points-to-Crypto’ service allows for the conversion of FamilyMart’s FamiPoints into digital currencies like USDC.
The partnership empowers the Taiwanese community to embrace digital fintech innovations.

A groundbreaking partnership between Circle Internet Financial, BitoGroup, and Taiwan FamilyMart is set to transform the loyalty points economy in Taiwan, making it more accessible and valuable for consumers while advancing the adoption of cryptocurrencies.

In Taiwan, the loyalty points ecosystem has become an integral part of daily life, particularly in the context of the nation’s high-density convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, loyalty points’ accumulation and redemption are highly valued by consumers. In 2021, 87% of users engaged in points accumulation, with 99% of them frequently redeeming points for products. This underscores the importance of loyalty points in the Taiwanese market.

Points-to-Crypto Service and the loyalty points industry

To enhance the value and accessibility of loyalty points, Circle Internet Financial, a global fintech company, has partnered with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.

This partnership introduces a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange. Customers can now convert their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC, a stablecoin issued by Circle. Notably, this conversion process eliminates the loss of value that loyalty points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to venture into the world of cryptocurrencies.

The collaboration’s primary goal is to empower the Taiwanese community to seamlessly participate in the digital economy and embrace digital fintech innovations. By integrating USDC into the ‘Points-to-Crypto’ service, this partnership aims to offer convenience and utility to the Taiwanese market.

BitoGroup, a company with nearly 800,000 members and a dominant market share, operates a range of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). This partnership not only signifies a transition from physical to online experiences but also reinforces Taiwan’s position as a leader in the digital economy, advancing the Web3 era.

Taiwan FamilyMart, with over 17 million members, is committed to continually enhancing the value of FamiPoints and offering more diverse and convenient avenues for loyalty point utilization. This collaborative effort introduces a wider range of virtual currencies that FamiPoints can be exchanged for, positively impacting the loyalty points economy in Taiwan.

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