On January 10, Flare Networks began distributing free FLR tokens to holders of XRP in a highly-anticipated airdrop event.To qualify, participants were required to provide proof of their XRP ownership through a screenshot taken in December 2020.Participating exchanges distributed the FLR tokens, but the value of the incentives was less than expected.Additionally, the FLR token reached an all-time high of $0.15 on the day of the airdrop, but within a week, its value had dropped 71.5% to trade at $0.00041 at the time of this writing.Airdrop Proved Costly For Coinbase Dissatisfied customers of cryptocurrency exchange Coinbase have launched a class action lawsuit against the company for failing to supply them with Songbird and Flare tokens.
According to a complaint filed with the United States District Court, Plaintiff Dallas Woody is leading the lawsuit on behalf of himself and others in similar situations regarding the Flare Airdrop.The lawsuit also names Coinbase CEO Brian Armstrong.The handling of the Flare project has also garnered criticism from members of the cryptocurrency community, with some referring to it as a Ponzi scam and others expressing disappointment with the limited incentives and tight deadlines for the coin.
Ripple’s Chief Technical Officer, David Schwartz, also recently took to Twitter to voice his disapproval of the airdrop and provide constructive criticism.He pointed out that under current regulations, there is no incentive to hold onto FLR tokens in order to receive additional airdrops, and that holders of Flare tokens have nothing to lose by selling them immediately.As the situation develops, it is increasingly appearing that the Flare project may be a Ponzi scheme, raising more questions and causing further problems for the industry.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.
Back to top button Crypto news Binance Completes 22nd Token Burn, Removes $620 Million Worth Of BNB From Circulation In a recent tweet, Binance announced that it has completed its 22nd BNB burn and first quarterly burn of 2023.When BNB was introduced in 2017, a promise was made to burn 100 million of the coin’s entire quantity, or half of it, and eventually leave only 100 million in circulation.
Each quarter, this commitment is automatically carried out and the Auto-Burn formula is used to determine the amount.According to a statement from Binance, 2.064 million BNB, or around $620 million at today’s values, have been taken out of circulation.In terms of BNB tokens, the 22nd burn broke the previous record set by the 14th, which occurred two years ago.BNB Auto-Burn Formula The Auto-Burn formula which is used by BNB provides an independently auditable, objective process.The figures are reported quarterly, and the mechanism is separate from the centralized Binance exchange.
A fraction of BNB Chain’s gas fees are still being burned in real-time by a bespoke mechanism.Based on the price of BNB and the quantity of blocks created on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned.The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem.
Binance, a cryptocurrency exchange, released it following an initial coin offering in 2017.The current price of BNB is $ 301.98 per token with a current market cap of $ 47.68B USD.BNB has broken the $300 resistance this weekend to reach $314 last Saturday and shows an upward movement.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Crypto news Alameda Liquidators Suffer Massive $11.5M Blow in Just 2 Weeks On January 13, the liquidators of Alameda Research lost $72,000 worth of digital assets as they were attempting to consolidate money into a single wallet on Aave.The liquidators made an effort to settle a borrow position, but due to an oversight, they withdrew further collateral, which placed the assets in danger of being liquidated.
A total of 4.05 Wrapped Bitcoin (WBTC) were lost during the loan’s two liquidations over the course of nine days, and they cannot be recovered by the loan’s creditors.Now, the latest info is saying that the liquidators have lost over $10 million.A report from blockchain security platform Arkham Intelligence estimates that the liquidators of Alameda Research have lost at least $11.5 million in trading capital since taking over the company’s accounts.According to Arkham’s findings, more than $4 million worth of these damages might have been avoided if the liquidators had instead of withdrawn collaterals chosen to liquidate the company’s wallet.Based on the company’s findings, two weeks before the takeover by liquidators, the Alameda wallet “0x997” had a short position of 9000 Ethereum (ETH) (worth $10.8 million at the time) against the collateral of $20 million Circle USD (USDC) and $4 million DAI (for a total value of $15.2 million).Since the 17th of January, the wallet has seen a series of setbacks, which has resulted in its present balance being in a deficit position of $1.1 million ETH relative to $1.4 million USDC, with a total value of $300,000.Arkham also said that this was the most recent liquidation in a series that spanned approximately two weeks when the account was under the custody of the Liquidator.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Crypto news Monex Group CEO Says They are Interested in FTX Japan Oki Matsumoto, CEO of financial services company Monex Group, reportedly expressed interest in the Japanese division of troubled cryptocurrency exchange FTX according to a Bloomberg article.“Generally speaking, we naturally are interested,” said the CEO.According to the report, FTX Japan is being put up for auction as part of the US bankruptcy proceedings.
As per a court document, there are about 41 parties interested in the company, 25 of whom have signed nondisclosure agreements with the creditors.Matsumoto sees potential in the Japanese crypto sector, predicting that the companies may begin investing in digital coins and using non-fungible tokens (NFTs) for advertising.When that time comes, he wants Monex to seize those chances and turn into one of the “few alternatives” for Japanese consumers.
To entice more cryptocurrency firms, Japanese officials announced last year that they will relax the listing requirements for virtual coins.
FTX Japan is a Japanese cryptocurrency exchange that provides services for both spot and futures trading.As of Nov.21, the division had approximately 17.8 billion yen ($139 million) in cash and deposits, and at the end of September, it had approximately 10 billion in net assets.Next month, the business is anticipated to enable consumer withdrawals.On January 10, a lawsuit made public the 115 organizations that had previously indicated interest in buying the exchange’s assets And last, it’s still uncertain who will submit the highest bid for FTX Japan.On December 15, 2022, attorneys for FTX started seeking approval to sell the four companies, citing worries about possible value erosion.The licenses of FTX Europe are currently revoked, and business revocation orders have also been issued for FTX Japan.
According to FTX attorney Andy Dietderich, the company has reportedly recovered almost $5 billion in cash, digital currency, and liquid securities assets thus far.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Top posts shares1 hour ago GBTC shares jump 10% in twelve days, narrowing discount to 40% Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy…Alpha report1 hour ago Rising Bitcoin Prices Cause Cascade Of Short Liquidations, Highest Ratio Of Short Vs.Long Wipeouts Since July 2021 The top two crypto assets have risen significantly in the past seven days, with bitcoin jumping 22.6% and ethereum increasing…Hacks2 hours ago SEC allegedly leaked crypto miner names, emails SEC allegedly leaked crypto miner names, emails Mike Dalton · 1 hour ago · 1 min read At least 650…Uncategorized3 hours ago Recession-Resistant Real Estate Investing Strategies Recessions cannot be avoided, that much is certain.
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