Kraken CEO: ‘Defi Scams’ Must Take Their Losses as Way to ‘Enlightenment’ | News Bitcoin News

Kraken CEO: 'Defi Scams' Must Take Their Losses as Way to 'Enlightenment' | News Bitcoin News

Kraken CEO: 'Defi Scams' Must Take Their Losses as Way to 'Enlightenment'

Jesse Powell, chief executive officer of the world’s fourth-largest crypto exchange Kraken, has criticized decentralized finance (defi) projects, accusing them of being “scams” that enter the market too quickly, unprepared.

In a charged Oct. 26 tweet, Powell said the “scams” should not expect crypto exchanges to bail them out once things go wrong. Preferring to let the defi projects fail in order that they get “enlightened”, he thundered:

I will not accept your attempt at externalizing the cost of your hasty, reckless rollout. Invest in audits, insurance and please DYOR. Taking your losses is the only way to enlightenment.

Powell’s comments come after a series of hacks this year forced several defi protocols to plead for help from crypto exchanges to block the attackers from accessing the stolen money.

According to ICO Analytics, six decentralized finance protocols have been exploited nine times since February, with the attackers plundering a total of $82 million in multiple cryptocurrencies.

Lending platform Bzx has had the ignominy of being exploited repeatedly, at least on three separate occasions, losing a combined $9 million. In the hack of Sept. 14, which was Bzx’s third, the platform lost $8.1 million but it later recovered all the funds.

Some $25 million was looted from Dforce on April 19, though the attacker returned the money to the protocol. Andre Cronje’s Eminence lost $15 million on Sept. 29 while it was still work-in-progress – rather absurd that investors poured millions of dollars into an untested protocol.

Major defi projects Uniswap, Maker, and Balancer have all lost money to hackers. The latest exploit involves that of Harvest Finance, a $24 million heist. A common thread runs through the hack aftermath – defi protocols asking crypto exchanges to intervene and stop the cyber-criminals from accessing the stolen money.

Interestingly though, Kraken has listed several decentralized finance tokens despite Powell’s harsh criticism. Projects such as Compound (COMP), Yearn Finance (YFI), and Kyber Network (KNC) are quoted on the exchange, which had $477 million in traded volume over the past 24 hours.

What do you think about Jesse Powell’s defi comments? Share your thoughts in the comments section below.

Andre Cronje, Compound, Defi protocol, Defi scams, Dforce, hacked, Harvest Finance, Jesse Powell, Kraken, Kyber Network, Yearn Finance

Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

Source: news.bitcoin.com

Author: News

by
Jeffrey Gogo


Binance Scheme to Avoid Regulators Revealed In Leaked Documents

Binance Scheme to Avoid Regulators Revealed In Leaked Documents

On Thursday, Forbes reported a document obtained from the world’s biggest cryptocurrency exchange – Binance Holdings Limited. The document details an elaborate corporate plan designed to profit and intentionally deceive crypto investors from the U.S market, while also evading the country’s regulatory scrutiny. It is said that the document is anticipated to be created by Binance’s senior executives.

Binance, which recently launched the Venus DeFi platform in India, is presently responsible for around $10 billion in total crypto trades every day and its founder Changpeng Zhao “CZ” is one of the cryptocurrency billionaires.

According to the Forbes article, the 2018 document outlines an unnamed U.S company “Tai Chi entity” which would channel the profits to Binance through a network of corporations and distract regulators with a fake interest in compliance. While steps would be put in place to transfer profits in the form of licensing fees to the source company without revealing it to the financial regulator’s microscope.

When Forbes first reached out to the executives of the company, there was no response. But after the article was published by Forbes, CEO Changpeng “CZ” Zhao responded with multiple tweets asserting that Forbes’ reporting is bunk and claimed that, “Binance has always operated within the boundaries of the law.”

According to Forbes, US associated Binance.US is functioning under a corporate design corresponding to the “Tai Chi” network. US Chief executive Catherine Coley, who has been identified as having designed this document, declined to comment on Binance.US’s ownership.

In June 2019, Binance had revealed plans to release a US exchange which was registered with US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The next day, the exchange revised the terms of service and prohibited US users from gaining access to Binance’s global hub. 

As per Forbes, the Tai Chi document explicitly calls for the “strategic” use of a virtual private network (VPN) to obscure trader’s locations as a way to sidestep the regulatory scrutiny by the Securities and Exchange Commission and New York State Department of Financial Services. Further alerts the employees of Binance against operating in the U.S to reduce “enforcement risks.” 

In addition to this, CZ has in many tweets supported the use of VPN, in June 2019 tweet, he stated VPNs are “a necessity, not optional.” Forbes additionally asserts the document has an “expounded strategy for diverting” US regulators. 

At first, Binance was based in Malta, but its headquarters location has been uncertain for the majority of the year. Changpeng Zhao has been quite secretive on the affairs of public appearances. 

Source: coincrunch.in

Author: CCI Contributors


Apex Crypto News - The New Bullrun Rushes Investors Towards Securypto

Apex Crypto News – The New Bullrun Rushes Investors Towards Securypto

PRESS RELEASE. With Round 1 Fully Sold Out, Investors scramble to get on board of Securypto IEO. In a world where datahacks have become the norm rather than the exception, anonymity has become a necessity. Securypto project is making headlines across major news media for its remarkable innovative approach to encrypted messaging.

As the security expert and the Lead Dev of Securypto pointing out:

“It’s not just WhatsApp, almost everything connected to the internet is at risk of cyberattacks. That’s what easily can be concluded following continuation news about the messaging platforms been targeted by spywares and hacks. The unfortunate reality is that most messaging apps have vulnerabilities that can be exploited by sophisticated cyber spies, No messaging service is bulletproof”

The Securypto story – Rise of the underdog

Amid the hype of countless ICOs of projects without a product or even a use case in 2018, Securypto went against the grain and kept the focus on delivering a working product and released his own Android Encryption App DigiSafeGuard earlier this year without any founding.

The past two years has seen the Securypto team laboring over its blockchain platform and conducting innumerable tests and even offering a 10BTC reward to anyone that could break their encryption (which to this date no one has succeeded in doing so).

Consistent hard work has paid off and the securypto platform has been steadily rolling out update after update and with the listing on the exchange the next logical step is here for both the team and investors and the community. Having grown a strong following throughout its developing stages, last week, the Securypto project saw its IEO reach a level of fervour unheard of in today’s IEO narrative, as loyal supporters rallied behind the project’s token sale.

Securypto’s IEO success serves as a testament to good old-fashioned persistence and hard work. As Henry Ford put it, “Quality means doing it right when no one is looking.”

Keeping community at the forefront

As finally token holders will be able to start making deposits in preparation for trading. Available trading as SCU/ETH pairs are confirmed at Bilaxy and Uniswap exchange which will open for trading after IEO. In the meantime, Securypto remains committed to making listing partnerships with credible exchanges vetted to be safe for users, keeping the community always at the forefront of any listing decisions.

Exchange listings

“Bilaxy is a world-class digital asset trading platform and we are proud to be listed on such a reputable exchange. For the DEX supporters, we have selected UniSwap, the leading decentralized permissionless exchange.” stated earlier by Lead Dev of Securypto.

Bilaxy support has quite been unprecedented , “Bilaxy has always been the home of crypto hidden gems, and we are happy to support more promising blockchain projects with our various financial services like trading, staking and more. Anonymity is a scarce commodity in this day and age and we have seen Securypto’s potential to develop a model where you take back control of your data and send and receive truly anonymous encrypted data.

About SCU

SCU, which stands for Securypto Token, is a utility token that enables users send and receive encrypted messages and data with it’s app DigiSafeGuard. The app itself already allows you to do that but the utility token enables a anonymity layer on top of it which makes it a perfect instrument for everyone that cares about their privacy to send and receive data. Early feedback from early adapters shows that mostly people who live in restrictive countries make use of this application like North Korea and places where censorship is very high and freedom of speech is a luxury where Securypto has given them a voice. Whistleblowers have also commended it’s ease of use and high level of encryption and how it makes it easy to use as Whatsapp but the moment you send the message it looks like your message goes into a wormhole and the receiver gets the message and no one can discover the path it has taken from sender to receiver making it impossible for anyone to track the message or decrypt it. It comes then as no surprise why both the community and investors have been excited about the development and launch of IEO and listing SCU on Bilaxy and Uniswap. As Initial Coin Offering of Securypto Tokens has been started, this golden opportunity is getting massive attention from the cryptocommunity all over the world.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Source: apexcryptonews.com


INX applies for token listing on Canadian Securities Exchange

INX applies for token listing on Canadian Securities Exchange

Subject to approval of the Canadian Securities Exchange (CSE), INX Limited said today that it will apply for the listing of its digital security, the INX Token on the CSE, according to a release shared with AMBCrypto. If it is approved, CSE will be the first of many other exchanges that will join and list the token. 

In addition to this, CEO of Canadian Securities Exchange, Richard Carleton said that the CSE was working towards catering to digitized capital markets. He said in a statement: 

…Digital securities represent a logical evolution in how investment instruments are constructed, issued, and traded on a regulated marketplace. It comes as no surprise that new product innovations are originating from Israel, where the culture of entrepreneurship and technical leadership are a perfect fit with our exchange.

Meanwhile, amid a digital asset offering that is a security and also features characteristics of a utility token, INX intends to launch a regulated digital asset platform for both trading and primary issuance.

In recent news, INX had been cleared by the U.S. Securities Exchange Commission (SEC) for its Ethereum-based security token IPO. Following this, INX’s $117 million IPO became the first of its kind to be approved by the U.S. regulator. INX intended to use the net proceeds from the IPO to launch the aforementioned regulated trading platform.  

INX Limited had recently said that it would acquire the Chicago-based Openfinance Securities, a broker-dealer, that launched a digital securities trading platform. President and founder of INX, Shy Datika believed that Openfinance had earned the respect of Wall Street, the blockchain community, and U.S. regulators and that these feats would allow INX to offer investors more access to liquidity. 

However, with the pending approval of the token listing Datika stated how each listed security could be “seamlessly” traded on multiple exchanges and that it provided much higher access to capital and liquidity for each trading asset. 

Source: cryptotimeless.com

Author: by admin


The New Bullrun Rushes Investors Towards Securypto

The New Bullrun Rushes Investors Towards Securypto

PRESS RELEASE. With Round 1 Fully Sold Out, Investors scramble to get on board of Securypto IEO. In a world where datahacks have become the norm rather than the exception, anonymity has become a necessity. Securypto project is making headlines across major news media for its remarkable innovative approach to encrypted messaging.

As the security expert and the Lead Dev of Securypto pointing out:

“It’s not just WhatsApp, almost everything connected to the internet is at risk of cyberattacks. That’s what easily can be concluded following continuation news about the messaging platforms been targeted by spywares and hacks. The unfortunate reality is that most messaging apps have vulnerabilities that can be exploited by sophisticated cyber spies, No messaging service is bulletproof”

The Securypto story – Rise of the underdog

Amid the hype of countless ICOs of projects without a product or even a use case in 2018, Securypto went against the grain and kept the focus on delivering a working product and released his own Android Encryption App DigiSafeGuard earlier this year without any founding.

The past two years has seen the Securypto team laboring over its blockchain platform and conducting innumerable tests and even offering a 10BTC reward to anyone that could break their encryption (which to this date no one has succeeded in doing so).

Consistent hard work has paid off and the securypto platform has been steadily rolling out update after update and with the listing on the exchange the next logical step is here for both the team and investors and the community. Having grown a strong following throughout its developing stages, last week, the Securypto project saw its IEO reach a level of fervour unheard of in today’s IEO narrative, as loyal supporters rallied behind the project’s token sale.

Securypto’s IEO success serves as a testament to good old-fashioned persistence and hard work. As Henry Ford put it, “Quality means doing it right when no one is looking.”

Keeping community at the forefront

As finally token holders will be able to start making deposits in preparation for trading. Available trading as SCU/ETH pairs are confirmed at Bilaxy and Uniswap exchange which will open for trading after IEO. In the meantime, Securypto remains committed to making listing partnerships with credible exchanges vetted to be safe for users, keeping the community always at the forefront of any listing decisions.

Exchange listings

“Bilaxy is a world-class digital asset trading platform and we are proud to be listed on such a reputable exchange. For the DEX supporters, we have selected UniSwap, the leading decentralized permissionless exchange.” stated earlier by Lead Dev of Securypto.

Bilaxy support has quite been unprecedented , “Bilaxy has always been the home of crypto hidden gems, and we are happy to support more promising blockchain projects with our various financial services like trading, staking and more. Anonymity is a scarce commodity in this day and age and we have seen Securypto’s potential to develop a model where you take back control of your data and send and receive truly anonymous encrypted data.

About SCU

SCU, which stands for Securypto Token, is a utility token that enables users send and receive encrypted messages and data with it’s app DigiSafeGuard. The app itself already allows you to do that but the utility token enables a anonymity layer on top of it which makes it a perfect instrument for everyone that cares about their privacy to send and receive data. Early feedback from early adapters shows that mostly people who live in restrictive countries make use of this application like North Korea and places where censorship is very high and freedom of speech is a luxury where Securypto has given them a voice. Whistleblowers have also commended it’s ease of use and high level of encryption and how it makes it easy to use as Whatsapp but the moment you send the message it looks like your message goes into a wormhole and the receiver gets the message and no one can discover the path it has taken from sender to receiver making it impossible for anyone to track the message or decrypt it. It comes then as no surprise why both the community and investors have been excited about the development and launch of IEO and listing SCU on Bilaxy and Uniswap. As Initial Coin Offering of Securypto Tokens has been started, this golden opportunity is getting massive attention from the cryptocommunity all over the world.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post The New Bullrun Rushes Investors Towards Securypto appeared first on Bitcoin News.

Source: www.clublaura.com


Gemini And TaxBit Partner to Bring Automated Crypto Tax Reports

Gemini And TaxBit Partner to Bring Automated Crypto Tax Reports

Cryptocurrency exchange and custodian service provider Gemini is now working with TaxBit to help automate crypto tax reporting. The New York based crypto company took the step after a rise in the number of tax audits targeting individual crypto traders.

The new partnership will bring automated crypto tax audits for users, solving issues with manual reporting which are prone to human errors. TaxBit’s technology will make it easy to get rid of the tax dilemma for users and make crypto taxes more easily aligned with IRS formats. Gemini will use Tax Center Suite from TaxBit to automate tax forms and filing. The system makes audits easy and provides automatic regulatory updates as well. The Tax Information reporting solution will also protect Gemini customers from discrepancies in reporting taxes.

Tyler Winklevoss, Gemini CEO commented on the partnership and said,

“TaxBit’s software automates the calculations required for crypto tax reporting, helping reduce the pain point of crypto tax for our users. Investors will also be able to see real-time tax implications of any trades they make on Gemini.”

TaxBit comes with a tax liability dashboard which gives users better visibility of the tax impact on their crypto transactions. It also helps users in filing accurate tax returns. It keeps monitoring the tax liability of the users and also highlights a potential tax refund. The tax impact of crypto transactions is shared with users in real-time and shares trade alerts with users whenever a tax-saving opportunity is available.

TaxBit is backed by the Winklevoss Twins, founders of Gemini crypto exchange. This new partnership could help users in the upcoming tax season. Accounting professionals working with crypto consumers will also have sources for reconciling crypto balances and transactions. The US tax authorities have been working extensively to clamp down crypto traders. The Internal Revenue Service (IRS) has already sent letters to taxpayers who failed to report their income accurately and didn’t pay taxes originating from crypto transactions.

Source: www.cryptovibes.com


Kraken CEO: 'Defi Scams' Must Take Their Losses as Way to 'Enlightenment' | News Bitcoin News


Rating: 0
xc false
Slider: 0

Leave a Reply

Your email address will not be published. Required fields are marked *