Two Government Moves Seize Crypto Fund

The German and U.S. governments have garnered attention for their recent transfers of substantial cryptocurrency holdings. On July 1, the German government moved 1,500 BTC, valued at approximately $95 million, to various crypto exchanges. Concurrently, the U.S. government transferred 3,375 ETH, worth around $11.75 million, from seized funds to an unknown address. These significant transactions highlight ongoing governmental activity in the crypto market.

Julian Assange Freed but On-Chain Movement Demand Fund Transparency

As Julian Assange's prison term concludes, an on-chain movement demands transparency on funds raised for his defense. Following Assange's release from Belmarsh prison, the AssangeDAO (JUSTICE) token surged over 60% within 24 hours. The WikiLeaks founder, detained for over 1,900 days due to alleged U.S. Espionage Act violations, now has supporters calling for a detailed report on defense fund expenditures.

 
The decentralized autonomous organization (DAO) was formed in December 2021 to financially support Assange's legal battles. According to core contributor Silke Noa, donors contributed approximately 16,593 Ether (ETH), valued at over $56 million in today's market. The Wau Holland Foundation managed and distributed around $37 million of these funds via a Safe (formerly Gnosis) multi-sig address, yet full transparency on spending is still awaited.

"Security reasons might have justified the lack of transparency to protect Julian's case in the past," Noa commented on X following Assange's release. She, along with others, urges the Wau Holland Foundation to disclose fund allocations for the defense efforts.

Assange, an early Bitcoin (BTC) investor, saw cryptocurrency as an alternative investment and payment method. In the early 2010s, he invested in BTC and considered accepting crypto payments following censorship from major financial entities like MasterCard. His release, facilitated partly by a DAO initiative, highlights crypto's potential as a transformative force in real-world scenarios.

StakedVaults: Elevating Your Financial Potential

StakedVaults: Elevating Your Financial Potential

Embark on a journey of financial growth with StakedVaults, where lending and staking your USD yields daily profits at an enticing APY range from 5% to 29%. With contract periods spanning 3, 6, or 9 months, tailor your portfolio strategy to suit your needs and goals.

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Why Choose StakedVaults?

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BFCeXchange.co - The better way to staking USDT

Staking USDT (Tether) can be a way to earn passive income in the cryptocurrency market. Here's a general outline of the process to stake USDT at many platform including BFCeXchange:

1. Choose a Staking Platform:

   - Start by selecting a reputable staking platform or cryptocurrency exchange that supports USDT staking. Ensure the platform you choose offers secure and transparent staking services.

2. Create an Account:

   - Sign up and create an account on the chosen platform if you don't already have one. Complete the necessary identity verification procedures if required.

3. Deposit USDT:

   - Deposit USDT into your exchange or staking platform wallet. Make sure you use the correct deposit address provided by the platform.

4. Select Staking Option:

   - Navigate to the staking or savings section of the platform. Choose USDT as the asset you want to stake.

5. Choose Staking Period:

   - Decide on the staking period. Some platforms offer flexible staking, allowing you to withdraw your funds at any time, while others have fixed staking periods.

6. Initiate Staking:

   - Enter the amount of USDT you want to stake and confirm your staking options, including the duration and terms.

7. Stake USDT:

   - After confirming the staking terms, proceed with staking your USDT. The platform will lock your funds for the chosen duration.

8. Earn Staking Rewards:

   - Once your USDT is staked, you'll start earning staking rewards. These rewards may be paid out daily, weekly, or at the end of your staking period, depending on the platform.

9. Monitor Your Staking:

    - Keep track of your staking performance and rewards through the platform's dashboard. Some platforms allow you to reinvest your earnings automatically.

10. Withdraw Staked Funds:

    - At the end of the staking period or during flexible staking, you can withdraw your staked USDT and any accrued rewards to your exchange wallet.

Remember that staking USDT involves certain risks, such as the security and reputation of the staking platform and the potential for fluctuations in USDT's value. It's essential to choose a reliable platform and conduct thorough research before staking your assets.

Please note that the specific steps and options for staking USDT may vary depending on the platform you choose, so always refer to the platform's guidelines and user interface for precise instructions. Suggested platform is BFCeXchange.

Second Bank Closure Due To Uncertainty

The United States (US) authorities shut down New York-based financial institution Signature Bank yesterday, CNBC news channel reported.

Signature Bank which is a major lender in the cryptocurrency sector, is closed to prevent the banking failure from spreading further.

"We also announced similar systemic preventive measures for Signature Bank in New York which was closed today (yesterday) by state banking authorities," the Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said in a joint statement.

The move came two days after the largest bank in Silicon Valley, SVB closed.

Banking authorities said all Signature Bank depositors will have full access to their savings. Similar assurances were given to depositors of the collapsed SVB bank that they would get their money back.

"All depositors in this institution will be paid. As with the settlement with SVB, no losses will be incurred using taxpayers' money," the authorities said.

Authorities closed SVB last Friday and took over its deposits in the biggest banking failure in the US since the 2008 financial crisis and the second largest in history.

The dramatic move comes days after Signature Bank reported difficulties, sparking panic withdrawals by depositors.

Signature Bank is one of the leading banks in the cryptocurrency industry and the largest besides Silvergate which announced its bankruptcy last week. Silvergate has a market value of US$4.4 billion (RM19.7 billion) as of last Friday after selling 40 percent of its assets this year.

As of December 31, Signature Bank had total assets of US$110.4 billion (RM495.1 billion) and total deposits of US$88.6 billion (RM397.7 billion), according to securities filings.

In order to limit the damage and contain a larger crisis, the Treasury and the Federal Reserve established an emergency program to support Signature Bank and SVB deposits through the Federal Reserve's emergency powers.

FDIC deposit insurance funds will be used to pay depositors, many of whom do not take out additional insurance following the government's guarantee that they will pay depositors up to US$250,000 (RM1.1 million) per account.

Silicon Valley Bank Announces Closure of Operations

Silicon Valley Bank (SVB), one of the leading banks in the technology and innovation sector, announced today that it will be closing its operations due to financial difficulties. The bank, which has been a prominent player in the venture capital and startup ecosystem, cited a challenging business environment as the primary reason for its closure.

In a statement, SVB CEO Greg Becker said, "We have made the difficult decision to close our operations and wind down our business. The decision was not taken lightly, but we believe it is the right course of action given the current economic climate and the challenges we face."

SVB has been a leading provider of banking and financial services to startups and venture capital firms, with a focus on the technology and innovation sector. The bank has been instrumental in financing many of the biggest names in Silicon Valley, including Uber, Airbnb, and SpaceX.

The news of SVB's closure comes as a shock to the technology and innovation community, which has long relied on the bank for its expertise and resources. Many startups and venture capital firms are now scrambling to find alternative sources of financing and support.

The closure of SVB also highlights the challenges facing traditional banks in the face of disruption from fintech startups and alternative finance providers. Many banks are struggling to adapt to changing market dynamics and shifting customer preferences, which are increasingly driven by digital channels and new technologies.

The exact timeline for the closure of SVB's operations has not been disclosed, and it is unclear what will happen to the bank's employees and clients. However, Becker emphasized that SVB will work to ensure a smooth transition and minimize any disruption to its clients and partners.

The closure of SVB represents a significant loss for the technology and innovation sector and underscores the need for continued innovation and adaptation in the financial services industry.

Circle's $3.3 Billion Funding Round Stuck in Limbo After Regulatory Scrutiny

Circle, the leading global financial technology firm that recently announced a $3.3 billion funding round led by Silicon Valley Bank, has hit a snag as regulators scrutinize the transaction. The funding round, which was oversubscribed and positioned Circle as one of the most valuable companies in the cryptocurrency industry, is now stuck in limbo as the company works to address regulatory concerns.

Sources close to the matter indicate that the regulatory scrutiny is focused on Circle's stablecoin, USDC, and concerns around its compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Circle has been a vocal advocate for regulatory clarity in the crypto industry and has worked closely with regulators to ensure compliance with relevant laws and regulations.

In a statement, Circle CEO Jeremy Allaire acknowledged the regulatory scrutiny and expressed confidence that the company would be able to address any concerns. "We understand the need for robust regulatory oversight in the crypto industry and are committed to working with regulators to ensure compliance with applicable laws and regulations. We are confident that we will be able to resolve any issues and move forward with our growth plans."

Silicon Valley Bank, which led the funding round, declined to comment on the regulatory scrutiny.

The news of Circle's funding round being stuck in limbo comes as a blow to the company and to the broader crypto industry, which has been riding a wave of investor interest and mainstream adoption in recent months. The regulatory scrutiny also highlights the ongoing challenges that the crypto industry faces in navigating complex and evolving regulatory frameworks.

The outcome of the regulatory scrutiny remains unclear, and it is uncertain how long it may take for Circle to resolve any issues and move forward with its growth plans. However, the company's commitment to compliance and its track record of working with regulators suggest that it will be able to weather this setback and continue to play a leading role in shaping the future of finance.

TRC20 token smart contract code that can be used to create a new token

Here's a sample TRC20 token smart contract code that can be used to create a new token on the Tron blockchain using the Solidity programming language:

This code defines a TRC20 token with a name of "My Token", a symbol of "MTK", and a total supply of 1,000,000 tokens with 18 decimal places. It includes the standard functions for transferring tokens, approving token transfers, and transferring tokens on behalf of another address. 

Note that deploying a smart contract on the blockchain can be complex and should only be done by experienced developers after careful consideration of the potential risks and benefits. This code is for educational purposes only and does not constitute legal or financial advice.

Crypto Exchange ErisX Planning Launch of Futures Trading

Chicago-based crypto exchange ErisX has notified its members and participants that it will start trading futures digital currency products in a strangely low-key announcement.

On Dec. 16, ErisX reached out to its members, informing them of its intent to start trading crypto futures tomorrow, Tuesday, Dec. 17. The notice is strange, considering that it appeared without the fanfare one would expect of the launch of such a major product, leaving doubt only magnified by the history of the exchange, as well as rival LedgerX.

In July, the TD Ameritrade-backed crypto exchange procured a derivatives clearing organization (DCO) license from the United States Commodity Futures Trading Commission (CFTC).

Laurian Cristea, General Counsel at ErisX, remarked at the time that when crypto futures become available, the exchange will offer a single platform that accommodates both spot and futures trading. ErisX CEO Thomas Chippas added:

“ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models [...] This reflects the structure that institutional investors expect from other asset classes and will help drive these markets toward greater relevance and accessibility.”

Just a week before ErisX received its license, competitor LedgerX procured its own DCM license when the CFTC approved the application of LedgerX LLC for designation as a contract market.

However, in a controversy between LedgerX and the CFTC it came out that the Commission had not yet approved LedgerX’s physically-settled bitcoin futures product. LedgerX had said on July 31 that its physical futures offering went live on its Omni trading platform, but the CFTC suggested that this could not have occurred.

In September, the controversy continued when LedgerX’s claimed that the agency’s former chairman, Christopher Giancarlo, obstructed the approval of its amended DCO registration because of personal bias against LedgerX CEO Paul Chou.

Bitcoin Is Facing Major Crossroad as Sell-Off Proves Relentless

Bitcoin is nearing a critical juncture as its recent sell-off shows few signs of abating.

The largest digital token is nearing a crucial inflection point as its price inches closer to the lower band limit of the Trading Envelope Indicator. The gauge smooths moving averages to map out higher and lower limits, with a break below the lower band potentially preceding a retreat similar to the one seen on Sept. 24, when the coin fell 12% in one day. A bounce off the lower limit, on the other hand, could signal support at that level and, possibly, a rally similar to the one seen on Oct. 25, when Bitcoin posted a 15% gain.

Whichever way it moves, Bitcoin is nearly certain to see one thing: more trading as its price ebbs closer to the lower level limit, the indicator suggests.

Cryptocurrency prices have been under pressure recently, with Bitcoin losing more than 20% over the past month. Other cryptocurrencies have also sold off after Chinese authorities took fresh steps to crack down on the trading of digital assets. Bloomberg News reported last week that at least five local exchanges there have already halted operations.

Crypto faithfuls got another dose of bad news after U.S. authorities arrested a member of the Ethereum Foundation for violating international sanctions after he traveled to North Korea to give a cryptocurrency talk.

Warning: Don't Confuse These Two Kinds Of Digital Assets

If you visit crypto websites or ask casual observers, you might come away thinking there are thousands of "cryptocurrencies" in the world.

Big mistake!

Yes, they're all digital assets. And yes, they look similar on the surface. But less than one-tenth are true cryptocurrencies. So, before you invest another penny, you need to understand not only the differences, but also a few of the nuances.

There are two basic kinds:

Digital assets of the first kind are what we consider true cryptocurrencies. We call them "coins."

They include Bitcoin, Ethereum, Cardano, EOS and others — digital money, which could someday function like dollars, euros or yen, but with much more transparency, efficiency and monetary discipline.

Physically speaking, they're just data saved on computer hard drives following rules defined by specialized software. But that, in itself, should not be particularly surprising. The same is true for the money in your bank account, brokerage account or whole life insurance policy.

What's unique is that the data is not stored in a central location or owned by a single organization. It's automatically replicated and stored on countless computers all over the internet in a way that's virtually hack-free, accessible to everyone and, ideally, controlled by no one.

These coins live on what's called "public blockchains," or more broadly speaking "public distributed ledgers." There are hundreds of them. And many are supported by serious teams of developers.

Digital assets of the second kind are not true cryptocurrencies. Many people call them "ICOs." We call them "tokens."

They have some of the same physical properties as the coins. But with a couple of exceptions, which we'll get to in a moment, they're little more than receipts for financial donations.

These tokens are touted like stocks that you buy in a company. But most are really like tokens that kids get at Chuck E. Cheese Pizza.

Still, in 2017 and 2018, issuers raised more funds with tokens than was raised by all venture capital firms globally, although this trend slowed down considerably in 2019.

There are thousands in existence, and the overwhelming majority are either failures or scams.

Don't ignore the variations and exceptions!

No naming conventions in the world of cryptocurrencies can ever be as simple as analysts like us would like to make them seem. There are always twists, turns, variations and exceptions. Here are the main ones:

Centrally Managed Coins

The best example is what's happening in the banking industry.

Banks and other financial institutions are large, centrally controlled, highly regulated institutions. They are naturally uncomfortable — and arguably incompatible — with digital assets that are completely open to anyone and controlled by no one.

"How in the heck do we enter into a contract with no one?" they ask. "And who do we go to when there's a glitch?"

The Ripple company is the leader in offering a hybrid solution for these institutions. Ripple's coin, called XRP, is technologically similar to other coins. But it's managed and maintained by the Ripple company. That not only offers banks the advantages of enhanced security, efficiency and speed, but it also gives them an organization they can deal with. Facebook's Libra is another ledger that intends to work along similar lines.

Tokens To Coins

Among the thousands of tokens in the world today, most will always be tokens and nothing more. But there are special-purpose tokens that are very different: They're earmarked to be exchanged for actual coins at a predetermined date in the near future.

Here's an example of how it works: EOS is an advanced coin that boasts faster speeds and better scalability than Ethereum. In June of 2017, its sponsors announced they were going to launch the coin in June of 2018. But they needed to raise funds to finance the development.

So, they held an Initial Coin Offering (ICO) for an EOS token on the Ethereum network and raised $4 billion. Then, when they launched EOS on its own "Mainnet," they swapped the Ethereum-based tokens for EOS coins.

This raises the question: Was the Ethereum-based EOS a token or a coin? In our cryptocurrency ratings model, we treat it as a coin.

Security Tokens

The biggest problem with ordinary tokens has now become blatantly obvious: Most investors thought they would get a chance to participate in the success of a company, like owning common stocks.

Story continues

But too many were taken to the cleaners. They got no ownership shares, no dividends, and no right to protest mismanagement. Not even protection against outright theft.

Now, however, the industry has a very viable solution: They're encoding into the software new features, including investor rights and protections. They're registering the tokens as if they were securities. And they're on their way to creating what could someday be digital common stocks.

So far, there are just a handful. But soon, they're bound to become the norm, replacing tokens in most cases.

Whether project issuers choose to build investor protections and real functionality into their tokens, or whether they choose to register their digital assets as securities is immaterial.

The bottom line is tokens are slowly evolving to become more useful, and some are even starting to emerge as viable investments.

So, stand by for our in-depth reviews of the most promising tokens. But for the most part, stick with our highest rated coins.