Day: January 25, 2024

GBTC profit-taking almost concluded, JPMorgan says

JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows.
Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking.
Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level.

The selling pressure that hit Bitcoin (BTC) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan.

A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with Grayscale’s GBTC shows the expected profit-taking has already occurred.

GBTC outflows reducing, but…

On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg’s senior ETF analyst Eric Balchunas said was the “lowest bleed since day one.” While still a large figure, the amount decline showed the outflows were “seemingly trending down,” he added.

On January 25, Balchunas noted that while GBTC outflows had continued to trend down, the other ETFs had also recorded a significant dip in inflows. 

According to James Seyffart, BlackRock took in only $66 million on day 9 of its IBIT spot ETF trading, with the group of spot Bitcoin ETFs that began trading on January 11 seeing a net outflow of $158 million.

The good news: GBTC outflows trending down. The bad news: so are the Nine’s. That leaves us with TOTAL ROLLING NET FLOWS of +$824m. Also $ARKB and $BITB crossing half a billion is remarkable. For any normal launch in first month that’s considered blockbuster-level success. https://t.co/jPtlxhMtwP

— Eric Balchunas (@EricBalchunas) January 25, 2024

But in their note, JPMorgan says that with $4.3 billion in outflows so far, GBTC has surpassed analysts’ estimates of $3 billion. Given this outlook, it is possible the rough patch occasioned by the GBTC hemorrhage is done, Panigirtzoglou wrote. 

Bitcoin price traded at $39,878 at 1:30 pm ET on Thursday, still struggling to reclaim the $40k mark after Wednesday’s dump to lows of $38,600. The current price level sees BTC hover nearly 20% down since breaking lower from highs of $49k.

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Beam wallet brings Amazon and Shopify purchases to users

Beam wallet has acquired Join, an app that allows users to shop and pay with stablecoins anywhere.
The acquisition allows Beam wallet users to shop online at Amazon and Shopify among other merchants and pay using stablecoins.
Beam has announced early access, with roll out expected in February.

Eco, the developer of self-custody wallet Beam, has announced its acquisition of Web3 app Join, making it possible for Beam users to shop and pay for purchases online at Amazon and Shopify using stablecoins.

According to an announcement the Beam wallet team made on Thursday, the acquisition of Join brings checkout onchain. This facilitates a better shopping experience for users without compromising on the benefits of decentralization, the platform said in a threat on X.

1/ BIG NEWS: we’ve acquired @join to enable shopping online with stablecoins.

It’s time to bring checkout onchain. No more waiting for the rest of the world to catch up.

Want to be the first to spend stablecoins on Amazon? Read on 👇

— Beam (@beam_eco) January 25, 2024

Andy Bromberg, CEO at Beam, said that acquiring Join allows the digital wallet that targets making payments with crypto easier and global, to add shopping to its features.

Payments is crypto’s killer use case, and soon you’ll be able to shop anywhere online with stablecoins,” Bromberg said in a post on his X account. “Beam is the most cash-like digital payment experience out there. We started with P2P payments, and now, @DSTNYgroup and the Join team are bringing their decade of crypto commerce experience into the fold,” he added.

Beam has announced early access for the feature, with those on the waitlist getting access from February. The wallet app did not however specify the date on which this new feature will roll out.

Beam wallet is available on the Optimism and Base networks.

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Lif3 Accelerates DeFi Adoption and Innovation with BitFinex Listing

Roadtown, British Virgin Islands, January 25th, 2024, Chainwire

Followed by LIF3’s Token Migration to Ethereum Network for Enhanced Market Accessibility

Today, $LIF3 (pronounced Life), a ground-breaking and complete omni-chain DeFi Layer-1 Curated Blockchain ecosystem, announces its recent listing on Bitfinex (https://trading.bitfinex.com/t/LIF3:USD), a premier digital asset trading platform, after recently migrating to the Ethereum Network from Fantom.

This announcement coincides with Lif3’s vision and commitment to breaking down barriers to cryptocurrency, enabling easier adoption for consumers entering DeFi, through the Lif3 Mobile App. Lif3 provides a platform for exclusive event access, on-ramping, investing, trading, earning, gaming, and off-ramping.

This announcement coincides with Lif3’s vision and commitment to breaking down barriers to cryptocurrency, enabling easier adoption for consumers entering DeFi, through the Lif3 Mobile App. Lif3 provides a platform for exclusive event access, on-ramping, investing, trading, earning, gaming, and off-ramping.

Bitfinex listing

The Bitfinex listing allows for professional traders to trade $LIF3 through a top tier exchange.

Deposits for LIF3 will commence on January 23, 2024, at approximately 1:30 PM UTC. Trading is scheduled to start on January 25, 2024, at approximately 3:30 PM UTC, with LIF3 being tradable against US Dollars (LIF3/USD) and Tether tokens (LIF3/USDt).

“The addition of LIF3 to our offerings is a significant step in our commitment to embracing innovative financial solutions. LIF3’s features include crypto swapping, yield farming, and a secure mobile wallet”, said Henry Child, Head of Tokens.. “This listing underscores our commitment to advancing the DeFi space with cutting-edge solutions,” he added.

To obtain access to $LIF3 on Bitfinex, customers can visit: https://trading.bitfinex.com/t/LIF3:USD

Ethereum migration

The Lif3 protocol has recently migrated to Ethereum from Fantom Network. This move is not just a change of platform but a leap towards broader market accessibility and ease of trading of the $LIF3 token. According to the team behind Lif3, the transition simplifies the purchasing process for users, enabling easier acquisition of LIF3, and paves the way for Lif3’s further expansion.

The migration to Ethereum also marks a new chapter in Lif3’s journey. It represents a move towards a platform with a more extensive user base, offering increased exposure and potentially higher transaction volumes. This shift is about harnessing the strengths of Ethereum’s ecosystem, providing Lif3 users with easier methods of acquiring $LIF3 and improved reliability, crucial for DeFi transactions.

“This Bitfinex listing in addition to the migration to Ethereum will expand Lif3.com and its market accessibility while enhancing efficiency in cryptocurrency transactions through consumer DeFi, unlocking more opportunities within the dynamic world of decentralised finance and beyond. We are not only excited for the recent migration to Ethereum, in addition to being available on Fantom, BNB Chain and Polygon – but also opening up a larger market and simplifying the purchase process for users, particularly in acquiring mainstream tokens like USDT and ETH”, says Kean Laurens, Head of Product.

“The early stage of DeFi adoption presents unique challenges, including the complexity of swapping, staking, and bridging various chains. Recognizing Ethereum’s widespread recognition and trust factor, Lif3 aims to reduce entry barriers and foster a smoother transition into its ecosystem. Lif3 was conceived with a clear mission to make DeFi interactions and investments seamless and safe, especially for newcomers. Our visionaries in the crypto realm identified a need to simplify the on-ramping process and offer a unified platform for various DeFi activities,” emphasises Kean.

Lif3 ecosystem

Lif3.com is a complete, omni-chain DeFi ecosystem, Curated Layer-1 blockchain, and a self-custody wallet available on the App Store and Google Play – unlocking the potential of Web3 through consumer DeFi, iGaming and the Entertainment Sectors.

Now available on multiple blockchains: Ethereum, Polygon, BNB Chain, and Fantom – Lif3 offers a comprehensive suite of DeFi products that transcends beyond a mere platform and an entire curated ecosystem.

The ease of use for consumer DeFi, broader market accessibility and adoption are some of the key missions for Lif3. Through the use of a consumer focused and easy to use DeFi wallet, this results in a heightened efficiency in cryptocurrency transactions, signifying a quantum leap for both Lif3 and the future of digital finance in the Web3 space.

“As an investor and Lif3 enthusiast, I am thrilled Lif3 is officially listed on Bitfinex, a renowned platform that shares Lif3’s commitment to innovation and excellence in addition to the Layer Zero partnership, in supporting the migration to the Ethereum Network. This listing signifies a crucial quantum leap in providing increased visibility and accessibility to a broader audience of investors and other Web3 enthusiasts alike, for a more seamless experience in using blockchain. As the Lif3 ecosystem continues to advance its mission in reshaping the future of finance, this announcement is poised to catalyse further growth and innovation,” says Harry Yeh, Managing Director of Quantum Fintech Group.

Esports Tournament Supercup.gg

Lif3.com is also pleased to announce that Lif3 has teamed up with MetaNews and acquired an official licence by Krafton for the PUBG mobile tournament Super Cup, this falls in line with its vision to expand its reach and adoption with the esports user base. The competition will kick off on January 26 and is set to run until January 29, 2024.

The Lif3 ecosystem includes an architecture for esports which will bridge the gap from antiquated payment processors which cannot satisfy the need for micro-payments required for esports to operate in Web3 between amateur gamers, fans and their favourite esports organisations.

To learn more, visit https://supercup.gg/

About LIF3.com

Lif3.com is a complete, omni-chain DeFi ecosystem, Curated Layer-1 blockchain, and a self-custody wallet available on the App Store and Google Play – unlocking the potential of Web3 through consumer DeFi, iGaming and the Entertainment Sectors. To learn more, visit https://lif3.com

Twitter:

https://twitter.com/Official_LIF3

Lif3 News and Updates:

https://lif3.com/news

How to Buy LIF3 with ETH or USDT on Ethereum:

https://support.lif3.com/hc/en-us/articles/8874195179279-How-to-Buy-LIF3-with-ETH-or-USDT-on-Ethereum

For official LIF3 logos and branding please visit: 

https://docs.lif3.com/brand-assets

Media Contact

media@lif3.com

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

Bitfinex to List Lif3: 

https://blog.bitfinex.com/media-releases/bitfinex-to-list-lif3/

For official Bitfinex logos and branding:

https://www.bitfinex.com/press/#press-downloads

About LayerZero Labs

LayerZero Labs is the team that launched the leading blockchain messaging protocol LayerZero. LayerZero’s advanced messaging infrastructure seamlessly connects over 30 blockchains and facilitates transparent and secure cross-chain messaging from one easy-to-use interface. Since going live in March 2022, the LayerZero protocol has processed more than 20 million messages with thousands of mainnet contracts being deployed by thousands of developer teams. Backed by leading venture capital firms including a16z, Sequoia, Binance Labs, Christie’s, Lightspeed, Opensea, Bond, Samsung Next, and GBV, LayerZero was recently valued at $3 billion. Developers building on LayerZero can create interoperable, omnichain dApps, which will lead to the establishment of a unified digital asset ecosystem. Visit LayerZero to learn more.

 

Contact

Media Relations
Chantel Elloway
Lif3 Labs Limited
media@lif3.com

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UK accelerates Digital Pound design amid privacy concerns and banking criticism

Treasury and BOE intensify efforts to explore CBDC feasibility and design options.
Emphasis is on privacy and security in the CBDC design process.
Discrepancies over holding limits highlight debates within the banking sector.

The United Kingdom is ramping up efforts to develop its own Central Bank Digital Currency (CBDC), known as the Digital Pound or Britcoin, amidst growing privacy concerns and criticism from banking institutions.

The move signals a pivotal moment in the UK’s exploration of digital currencies as it navigates the complexities of modernizing its monetary system.

Digital Pound design work underway

The UK Treasury and the Bank of England (BOE) have announced a significant step forward in the development of a digital version of the pound. Acknowledging the need for further study, officials are intensifying efforts to explore the feasibility and design options for a CBDC. This decision follows a consultation process that garnered over 50,000 responses, reflecting widespread interest and engagement in the initiative.

Privacy and security remain paramount considerations in the design process. The government and BOE are committed to addressing public apprehensions, particularly fueled by concerns over privacy infringement. Measures will be taken to ensure that the digital pound prioritizes user privacy and security, with safeguards in place to protect personal data and prevent unauthorized access.

Holding limits for companies and individuals

One contentious issue surrounds the proposed holding limits for individuals and companies. While the UK government has suggested individual CBDC holding limits ranging from £10,000 to £20,000, commercial banks have voiced concerns. Banks advocate for lower limits, citing potential risks to financial stability and the possibility of triggering bank runs during times of crisis.

The discrepancy in holding limits reflects broader debates within the banking sector regarding the impact of CBDCs on traditional banking operations. Building societies, in particular, express apprehension, as existing legislation mandates a balance between deposits and lending. The introduction of a CBDC could disrupt this balance, potentially destabilizing the sector.

The UK’s pursuit of a digital pound underscores its commitment to innovation in monetary systems while addressing the evolving needs of consumers in an increasingly digital economy. As the design phase progresses, stakeholders will continue to navigate challenges and opportunities, ensuring that the digital pound aligns with the UK’s broader economic objectives and regulatory framework.

In the global landscape, the UK’s initiative places it alongside other countries exploring CBDCs, such as the European Central Bank’s digital euro project. With digital currencies gaining momentum worldwide, the UK’s strategic approach to CBDC development reflects a proactive stance in shaping the future of finance.

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Swan Bitcoin announces mining business, revealing 750 BTC mined

Swan Mining started its operations in the summer of 2023, and has mined over 750 BTC.
Currently, it has 4.5 exahash and expects to exceed 8 exahash by March.

Swan Bitcoin, a US-based investment platform focused Bitcoin (BTC), has announced Swan Mining, the company’s mining arm that had been operating in stealth mode.

The company’s Bitcoin mining arm launched its operations in July 2023, the company said in a press release on Thursday, noting that it has so far mined over 750 bitcoins.

Swan Mining currently contributes 4.5 exahash to the Bitcoin network, the firm added. The mining unit expects its mining capacity to increase to more than 8 exahash by March, 2024.

Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly,” Swan founder and CEO Cory Klippsten said:

Swan also eyeing public listing

According to today’s announcement, Swan Mining’s business uses a funding model that has no debt. Also notably, the mining platform has legally segregated its entities from the rest of Swan Bitcoin’s business.

Swan, which has seen a rapid expansion over the past year, with its revenue surpassing $125 million, says it’s eyeing a Series C financing. Targeted for conclusion over coming months, raised capital will be split between the company’s financial services, mining, and acquisitions divisions.

Klippsten has also hinted at Swan’s push for a US public listing, with the company looking at the next 12 months.

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Polygon’s AggLayer protocol for blockchain integration, set to launch in Feb

Polygon introduces AggLayer protocol for seamless blockchain integration.
AggLayer aims to unify liquidity and enhance user experience across platforms.
Potential MATIC decline could be offset by the positive sentiment surrounding AggLayer launch.

Polygon Labs is set to launch a game-changing protocol named AggLayer, aimed at transforming blockchain integration and enhancing interoperability across platforms. This innovative development comes at a crucial time as Polygon’s native cryptocurrency, MATIC, faces potential bearish pressure.

AggLayer promises to streamline blockchain operations, addressing fragmentation and scalability issues prevalent in the current ecosystem.

AggLayer: simplifying blockchain integration

AggLayer, a pioneering blockchain aggregation layer, is slated to debut in February. Designed as a centralized protocol, AggLayer aggregates zero-knowledge (ZK) proofs from connected chains, thereby improving interoperability across various blockchain platforms.

By unifying liquidity and enhancing user experience, AggLayer aims to tackle the challenges posed by fragmented networks and scalability limitations.

Polygon acknowledges the evolving nature of blockchain architecture, transitioning from monolithic to modular designs, and now to AggLayer. While monolithic architectures offered integration and interoperability, they faced scalability and security concerns. Modular architectures addressed some of these issues but introduced fragmentation challenges.

Until now, blockchain scaling had 2 paradigms: Monolithic & Modular

Introducing the next one: Aggregation

A novel solution combining the benefits of monolithic & modular designs by unifying liquidity via safe, near-instant atomic cross-chain txs using ZK proofs.

Feb Mainnet 👇… pic.twitter.com/mE0qssoWyJ

— Polygon (Labs) (@0xPolygonLabs) January 24, 2024

AggLayer represents a novel approach, synthesizing the benefits of both monolithic and modular architectures to create a more flexible and interconnected framework.

Impact on MATIC price                     

In light of Polygon’s AggLayer announcement, attention also turns to MATIC’s price dynamics. Currently trading at $0.73, MATIC faces bearish pressure as it hovers below the crucial support level of $0.75. Technical analysis suggests a potential 41% decline, attributed to a bearish Head and Shoulders pattern.

Polygon price chart

However, AggLayer’s imminent launch offers a glimmer of hope for MATIC’s price trajectory. As Polygon enhances interoperability and streamlines blockchain operations with AggLayer, positive sentiment within the crypto community could potentially reverse MATIC’s bearish momentum. 

If MATIC manages to maintain support above $0.65 or bounce back from $0.70, it could invalidate the bearish pattern and pave the way for price appreciation, potentially surpassing $0.80.

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Taki DAO partners with Flowdesk to enhance TAKI liquidity

Taki DAO says the partnership with Flowdesk will help supercharge liquidity for TAKI, the native token of the Taki Games ecosystem.
The partnership follows TAKI’s expansion to Polygon in December. 

Taki DAO and Flowdesk, a full-service digital asset trading technology firm with market making and OTC services, have announced a key partnership that will see the latter extend its market making services to the TAKI token.

The integration means Flowdesk now provides liquidity for TAKI, the native token of the Taki Games Network. TAKI powers Taki Games’ rewards across its ecosystem of popular mobile games, Taki DAO announced on Thursday.

“Taki Games is on a mission to bring gaming’s 3B users and $200B in revenues on chain, which means that liquidity is crucial to absorbing increasing sizes of TAKI purchases to power our rewards system. We’re excited to see Flowdesk partner with the TAKI DAO to help make this system more seamless for our users, and to serve as a model for the rest of the gaming industry,” Weiwei Geng, the CEO of Taki Games, said in a statement.

Taki Games eyeing greater liquidity for TAKI

Amid its quest to grow TAKI liquidity across its ecosystem, Taki Games recently partnered with Polygon based DEX platform QuickSwap. 

In December, Taki Games announced its TAKI token was expanding to Polygon. The expansion featured a new native token and redesigned tokenomics. Taki said this move would see the mobile gaming network tap into the broader Web3 gaming, with users benefiting from new TAKI rewards.

Taki Games also announced a merger with Unite as well as revealed the acquisition of multiple gaming studios.

The partnership with Flowdesk adds to this effort, with the trading technology provider’s liquidity now key to Taki Games’ expansion plans for Web3 gaming. Taki DAO says increased demand and adoption of Taki Games has pushed TAKI token volumes higher. TAKI trading volumes surpassed $13 million in early January.

TAKI traded at $0.017 at the time of writing, having surged by more than 3% after the news to reach highs of $0.018. TAKI is up 85% in the last 30 days. The token reached an all-time high of $0.2948 in April 2022.

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10 Decentralized Applications Integrate Sui’s Groundbreaking “zkLogin” Google Authentication

Grand Cayman, Cayman islands, January 25th, 2024, Chainwire

Gaming, Ecommerce and DeFi applications are leveraging Sui’s singular social authentication to eliminate the biggest hurdle blocking mainstream audiences from web3.

Sui, the rapidly ascending Layer-1 blockchain created by the leaders of Facebook’s Diem project, today announced that over 10 decentralized applications (dApps) in the Sui ecosystem have integrated zkLogin, the first-of-its-kind primitive that makes Web3 login as simple as signing in with familiar web credentials such as Google or Twitch.

Sui continues to advance zkLogin, adding new providers and additional features such as multi-sig capability and more. Thanks to these recent additions, it’s estimated that thousands of users will now be able to use zkLogin and experience one of the world’s first one-click onboarding into crypto.

“zkLogin is a native utility unique to Sui that empowers developers to offer users the ability to use the same social logins they use everywhere else to authenticate with web3 applications,” said Kostas Chalkias, Co-Founder & Chief Cryptographer of Mysten Labs, the a16z and Circle-backed company that created the Sui Network. “As we enter the next phase of adoption, the existence of tools like zkLogin will become a prerequisite to onboard mainstream users into the decentralized web.”

Among the wallets that now support zkLogin are Chrome-based wallets such as Ethos Wallet and Sui Wallet. zkLogin is now also integrated into mobile applications (both on Play Store and AppStore) by using Suiet and Surf Wallet.

Similarly, web3 gaming experiences such as Suilette and Quantum Temple are using zkLogin, to give their users an easier, more intuitive onboarding experience.

Lastly, DeFi applications on Sui are also taking advantage of this unique strength of Sui. Well-known protocols like DegenHive, Blockbolt, Aftermath, Navi, and BlueFin have integrated the technology, allowing users to manage their digital assets and participate in financial activities without the hassle of managing private keys.

“zkLogin is a game-changer in Web3 and particularly in DeFi,” said Zabi Mohebzada, Co-Founder at Bluefin. “With zkLogin, users only need a Google account to sign up and trade. No wallets are required. This enables us to unlock the security benefits of decentralized trading for a much broader universe of investors.”

Launched in 2023 as one of the first industry solutions for Web2-based authentication for Web3, zkLogin makes it possible for users to join the Sui ecosystem without having to install separate wallets or memorize and manage seed phrases.

 

Contact

Sui Foundation
media@sui.io

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AltLayer (ALT) token skyrockets 5,380% on Binance following airdrop and listing

ALT token on Binance surged 5,380% from $0.006 to $0.3288 in minutes.
AltLayer’s six-day farming schedule and airdrop preceded the explosive surge.
Binance swiftly integrated ALT into Simple Earn and Convert, with plans for Margin, Futures, and Auto-Invest.

In a staggering turn of events, AltLayer’s native token, ALT, witnessed an unprecedented surge on the Binance trading platform, skyrocketing by an astonishing 5,380% within minutes of its listing.

This meteoric rise comes hot on the heels of a successful six-day farming schedule and a strategic airdrop, propelling AltLayer into the spotlight of the crypto world.

The explosive rise of AltLayer (ALT)

AltLayer’s ALT token, designed for decentralized rollups, opened for trading on Binance at a modest $0.006. However, the crypto asset defied all expectations, quickly reaching $0.3288 with a trading volume of $43.78 million in under one minute.

Screenshot of AltLayer price on Binance 

The surge reflects immense market interest and confidence in AltLayer’s protocol.

This unprecedented growth on Binance is attributed to the culmination of a six-day farming schedule that concluded last Friday, offering 500,000,000 ALT tokens through an airdrop. Participants staked their BNB and FDUSD tokens in separate pools during this period. Following the farming schedule, ALT was listed against various pairs, including Bitcoin, BNB, TRY, and stablecoins USDT and FDUSD.

AltLayer’s Binance integration

Binance, recognizing the potential of AltLayer, swiftly integrated ALT into its Simple Earn and Convert services. This move is set to enhance ALT’s accessibility and utility for a broader range of users. Moreover, Binance has ambitious plans to include ALT in its Margin, Futures, and Auto-Invest services between January 25 and January 27, marking a significant step in the token’s journey.

AltLayer’s unique concept of “Restaked Rollups,” which bolsters the security and crypto-economic finality of rollups from various software stacks, is a testament to its commitment to addressing scalability challenges in the blockchain space.

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US Judge denies Changpeng Zhao travel to UAE despite $4.5B Binance equity offer

CZ’s travel to UAE was denied by a US judge despite a $4.5B Binance equity offer.
Concerns over flight risk were cited due to Zhao’s substantial wealth and ties abroad.
Sentencing for CZ, facing 10-18 months in prison, is set for February.

Binance founder Changpeng ‘CZ’ Zhao faces a legal hurdle as a US federal judge rejects his request to travel to the UAE, despite offering $4.5 billion in Binance equity as security. The denial comes amid Zhao’s guilty plea to anti-money laundering charges and impending sentencing, adding complexity to his legal saga.

Changpeng ‘CZ’ Zhao was pleading to travel to the United Arab Emirates for a family emergency and had $4.5 billion in Binance US equity as security.

CZ’s flight risk concerns and sentencing

The rejection of Zhao’s travel request underscores concerns about potential flight risks. A federal judge in Seattle had previously ruled that Zhao must remain in the US pending his sentencing, citing his substantial wealth abroad and minimal ties to the United States.

Zhao’s sentencing, scheduled for February, could result in a 10 to 18-month prison term under federal sentencing guidelines. His guilty plea and resignation from the Binance US board also necessitated Binance’s exit from the US market and a hefty $4.3 billion penalty for anti-money laundering violations.

The denial to travel outside the US continues to compound Changpeng ‘CZ’ Zhao’s legal troubles. The decision underscores concerns about flight risks and adds complexity to Zhao’s legal saga, which includes a guilty plea to anti-money laundering charges and an impending sentencing. As Zhao navigates these challenges, the future of Binance and his standing in the cryptocurrency community remain uncertain.

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