Forbes estimates Changpeng Zhao, former Binance CEO, earned approximately $25 million per day during his 117-day prison sentence, violating the Bank Secrecy Act.

Net Worth Estimates:

- Forbes: Increased by $3 billion to $61 billion
- Bloomberg: Decreased to $30.8 billion

Discrepancy due to varying valuations of:

- Crypto assets
- Equity in Binance-affiliated companies

#ChangpengZhao #Binance #NetWorth #PrisonTerm

Forbes: $25M/day, $61B net worth
Bloomberg: $30.8B net worth

Discrepancy due to asset valuations.

#ChangpengZhao #Binance #Wealth #Prison

In an unexpected turn of events, #Ripple Labs Inc celebrated a ground-breaking victory against the U.S. Securities and Exchange Commission (SEC), marking a notable milestone for the crypto industry. The U.S. District Judge Analisa Torres ruled that Ripple's sale of its XRP tokens on public exchanges did not infringe federal securities law. Following the decision, the value of XRP rocketed by 75% on Thursday afternoon, according to data from Refinitiv Eikon.

This news couldn't have come at a better time for the crypto sector. The verdict brings hope to numerous other crypto firms battling with the SEC over the regulatory jurisdiction over their products.

Meanwhile, the announcement triggered the renowned U.S. crypto exchange, Coinbase, to reopen XRP trading on its platform. Paul Grewal, Coinbase's chief legal officer, commented on the case via Twitter, stating, "We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist." This announcement influenced Coinbase stock to surge by 24%, closing at $107 per share on Thursday.

In light of this event, #ChangpengZhao , CEO of #Binance, took to Twitter to declare, "Binance never delisted XRP." Binance, the leading player in the crypto sphere, celebrated its 6th anniversary yesterday. CZ's announcement could serve as a regretful reminder for those exchanges that chose to delist XRP in the past due to Fear, Uncertainty, and Doubt (FUD). As these developments unravel, it's clear why Binance stands at the forefront of the industry - a result of their correct decisions, resilience against FUD, and relentless effort.

Brad Garlinghouse, the CEO of Ripple, hailed the ruling as not only a significant win for Ripple but a critical triumph for the entire U.S. cryptocurrency industry.

The SEC, on the other hand, was satisfied with a part of the ruling, stating that Ripple violated federal securities law by selling XRP directly to sophisticated investors. However, the decision to appeal the ruling will be considered once the final judgment is issued.

Ripple's #XRP sales were deemed not to constitute securities under the law as there was no reasonable expectation of profit tied to Ripple's efforts. This puts other digital currencies on notice and opens the door for further discussions on token regulation.

However, the SEC did manage to score a partial win as Judge Torres deemed that Ripple's sales of XRP worth $728.9 million to hedge funds and other sophisticated buyers were unregistered securities sales.

This landmark ruling could set the tone for other legal battles between crypto companies and the SEC. Furthermore, it raises new calls for Congress to clarify the status of digital assets, which the crypto industry has been long advocating for. As Tom Emmer, the House of Representatives Majority Whip, rightly pointed out on Twitter, "a token is separate and distinct from an investment contract it may or may not be part of," and it's high time to make it law.

The development surrounding the Ripple Labs case will undoubtedly influence the course of cryptocurrency regulation in the U.S. Despite the ongoing uncertainty, one thing is clear: this ruling and its implications will reverberate through the crypto industry for years to come.

Celebrate as we may, let's remember that the crypto landscape is far from static. In the meantime, eyes remain on Ripple, and indeed, the rest of the crypto industry, as we continue to navigate these uncharted waters.

The CEO of #Binance which is the biggest cryptocurrency exchange globally, is currently dealing with a situation involving the propagation of fear, uncertainty, and doubt (FUD) on social media. This #fud is the result of unfounded rumors that he has been placed on Interpol's "red notice" list. For those who are not aware, a red notice is a request sent to law enforcement agencies worldwide, urging them to locate and arrest an individual on a provisional basis pending extradition, surrender, or any similar legal action.

The rumors have been further fueled by an image circulating on Twitter that purportedly shows a photo of #ChangpengZhao (CZ) on Interpol's red notice webpage. This photo has caused alarm and speculation among the public, with many believing that #CZ is facing severe legal issues.

However, CZ has now confirmed that the image is fake and has been created using photo manipulation software. As such, there is no evidence to suggest that he has been placed on Interpol's red notice list, and the rumors should be treated as baseless until further clarification is provided.

Crypto influencer Cobie tweeted a SHA256 hash with an encrypted message that stated, "Interpol Red Notice for CZ," which sparked rumors that the agency was looking for CZ.

According to Cobie, the message was only a rumor and an unlikely prediction, and nobody should have been able to see it.

“Have posted SHA256 hash of rumours >20 times in the last year without the secret being revealed – the point of a hash commitment scheme is nobody is supposed to be able to read them until after the secret is revealed… Well, it’s a ‘prediction’ and a rumor. It’s obviously impossible for it to be inside info without their being literal leaks at Interpol which seems unlikely.”

CZ advises anyone who are involved in the #cryptocurrency sector to disregard rumors and speculation that are not confirmed.

This news is republished from https://coinaquarium.io/

Binance CEO Changpeng Zhao (CZ) announced the launch of a new Artificial Intelligence (AI)-powered Non-Fungible Token (NFT) platform, called Bicasso, in a Twitter post. He added that the product is still in beta and limited to 10,000 candies. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance’s product Bicasso is an NFT platform that allows marketplace users to create computer-generated images and mint them as NFTs. Bicasso is the result of combining AI and NFT technology.

“Beta version [is] live now,” said the Binance executive as he provided the link to Bicasso which was accessible only via the web browser. Bicasso was easy-to-use as the product was image and word prompted. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance product Bicasso is an NFT platform that allows market users to create computer-generated images and print them as NFTs. Bicasso is the result of combining AI and NFT technology. Zhao said as he urged his Twitter community to go ahead and try Bicasso., You can turn your creative vision into an NFT with AI Zhao invited his followers to share their creations with him saying, “Try it and show me what you make with it.” Many Twitter users were seen proudly posting their creations on the thread. However, some users encountered an error message stating that the system was busy and to try again. When these users pointed out the issue to CZ, he replied, “The team is working on it. The AI is busy,” and the AI is single-threaded. CZ also mentioned that the test version was limited to 10,000 candies, and many enthusiasts were disappointed that they missed the opportunity. Two hours after Binance’s CEO announced product testing, users interested in using Binance’s Bicasso were asked to join the waiting list. A message now states that product testing is closed.

#Binance #ChangpengZhao #NFT #nftcommunity #ai

With emerging technologies like Web3, Metaverse, and Decentralised Finance (DeFi) technologies, it is quite evident that cryptocurrencies are here to stay and that too for an infinite time.

Malicious intent, manipulating data, and unstructured and unauthorised use of finance led to the gradual bankruptcy of the well-known exchange platform.

Black Swan events like the Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem

The introduction of Cryptocurrency was like the discovery of fire or sliced bread. It is a one-of-a-kind, rare, phenomenal digital asset that functions on blockchain technology.

It has completely transformed the way investors look forward to financial independence. This could be seen as a way to freedom from the dictates of central banks and regulations. However, It always took investors on a roller coaster ride. Few of them became ‘instant’ millionaires while others are still in the process.

Since its arrival, cryptocurrencies are going through their worst crisis. Bitcoin faced a straight fall on the face in late 2020 and is yet to recover, the collapse of some so-called ‘stablecoins’ have put a question mark on the crypto industry. To make the industry even more volatile, the giant cryptocurrency exchange failed. Allegations of fraud layered on the FTX case.When it hit the bottom last year, it was all tears. With the collapse of FTX, the third-largest crypto exchange platform, and other crypto projects, the last year seems to be the darkest hour in the crypto sphere. It is filled with many ‘Hows’, ‘Whys’, and ‘Ifs’!

The Great Fall of #FTX and FTT

Sam Bankman-Fried(SBF) co-founded Alameda Research in September 2017, which made profits by hedging crypto assets. Looking at the exponential growth, SBF founded FTX Trading Ltd. (Futures Exchange), an exchange platform for cryptocurrencies. Other than providing exchange services, FTX created its native token, called FTT.A report revealed, the sister firm Alameda held a large portion of its assets in FTT tokens. After this report, a series of not-so-good events bombarded FTX. #ChangpengZhao (CZ), CEO - #Binance - the leading exchange announced the sale of all of his holdings of FTT. When FTX’s customers found out, they panicked and tried to withdraw their money. FTX could not handle such a massive amount of withdrawals and buckled under market pressures, inching closer to insolvency. When the layers of the case unfolded themselves, another shocking revelation was made. FTX’s bookkeeping system allowed them to secretly shift $10 Billion to Alameda without alerting anyone. Thus, it gradually slipped into bankruptcy, filed in November 2022. In a meager 8 days, the company had Zero valuation. The users were to bear a loss of almost 800 Million. Amongst all the hues and cries one can observe that the death of FTX was majorly because the face behind it misused the technology.

It is not wrong to believe that malicious intent, manipulating data, and unstructured and unauthorized use of finance led to the gradual bankruptcy of the exchange platform.

Terra #Luna Failure

Stablecoins are often assumed to be safe havens in the crypto space. Impliedly, they’re meant to have a fixed value. Terra was becoming one of the biggest red-hot crypto projects. The network and its founder, Do Kwon, took four years to get pride and prestige in the crypto world. In just a matter of a few days, it hit the bottom, crashing down.TerraUSD (also known as UST) and Luna are two sister coins on the Terra network.The idea was to leverage the arbitrage to take advantage of Luna and maintain the price of UST constant at $1. This would eliminate the requirement for the platform to maintain US dollar reservoirs. The platform would use built-in algorithms to monitor supply and demand market forces for both coins to maintain equilibrium. The belief was that Terraform Labs could use clever mechanisms along with billions in Bitcoin reserves to maintain the peg of UST without the backstop of the USD. As depositors lost faith in the tokens in May of 2022, They rushed for the exit in the cryptocurrency equivalent of a bank run. Media sources had begun to label the Terra stablecoin and Luna token a Ponzi scheme and a rug-pull scam.

Cryptocurrencies Are Here To Stay

The cryptocurrency sector has been through a rough patch this year, and while it has been shaken up, all of us can use the disruption as a learning experience. Moreover, this is seen as a welcome change. With emerging technologies like Web3, Metaverse, and Decentralised Finance (DeFi) technologies, it is quite evident that cryptocurrencies are here to stay, and that too for an infinite time!

The Bottom Line

It is a learned opinion now that cryptocurrency is not just a fad, it is not going to disappear anytime soon. The durability of crypto-assets will continue to evolve and transform with the technologies that support them. Black Swan events like Luna crash and FTX will just rebalance the industry to shed the unhealthy ecosystem.

#coingabbar

Binance CEO #ChangpengZhao (CZ) has addressed claims that Binance significantly sold down #bitcoin (BTC) in reaction to growing rumours and accusations making the rounds in the cryptocurrency community. A price decline of 7% for Bitcoin has been attributed to these assertions.

CZ responded on Twitter by retweeting a thread from user ZkHopium, who presented a thorough analysis refuting the accusations and identifying the situation's core causes.

The ZkHopium thread clarifies the circumstances around the Venus Protocol liquidation of Binance Coin (BNB). It indicates that the exploit took place on the #Binance Smart Chain (BSC) on October 6th, 2022, producing 2 million BNB.

Of this sum, 900,000 #BNB were put on Venus Protocol to borrow USDT and USDC valued about $150 million. In retaliation, the BNB network destroyed more than 2 million BNB, which at the time was worth around $550 million, thereby eliminating these tokens from circulation.

Venus Protocol approved a governance proposal naming BNB Chain as the sole liquidator for the loan in order to speed up the liquidation procedure. The liquidator's wallet was then replenished by BNB Chain with 30 million BUSD in December 2022, 30 million USDT in June 2023, and 30 million USDT on August 21, 2023.

A collateral component or liquidation threshold is a part of the Venus Protocol's liquidation process. Liquidators can progressively liquidate up to 50% of the collateral when triggered, earning an extra 10% of the collateral's value in fees.

ZkHopium's study points up a number of important elements that distinguish this example from others. One liquidator in particular is not motivated to engage in market dumping, to start with. Second, no bots are used to front-run the liquidations; instead, they are carried out manually.

Moreover, considering the amount of the loan, the liquidation tranches are anticipated to be substantially lower than the 50% mark.

Regarding the claims, #CZ acknowledged ZkHopium's thorough investigation and stressed the "insignificance" of the effect a $30 million liquidation would have on the price of Bitcoin.

CZ said that the majority of incentives are given in BNB and that Binance does not issue BTC. Although $30 million represents less than 0.001% of Bitcoin's daily trading volume, he emphasised that the purported concern of a substantial influence on the price of BTC is incorrect.

The chart above shows that BNB is now trading at $217 at the time of writing. For the previous 24 hours, it has just slightly decreased by 0.2%.

Bitcoin Hovers Almost $26,000 Despite Slight Decline

By market capitalization, Bitcoin, the most valuable cryptocurrency, is presently valued at $26,000 and has declined by 2.4% since briefly reaching the $26,700 level.

Keith Alan, a co-founder of the research and analysis company Material Indicators, has made the following observations on the market scenario despite the present low levels of volatility:

The economic data that was provided this morning had little effect on volatility, but it will help shape the story that Jerome Powell will tell on Friday when he speaks at Jackson Hole.

The Jackson Hole Symposium is approaching, and interest in Federal Reserve Chairman Jerome Powell's remarks is growing. As a result, the Bitcoin market is starting to exhibit symptoms of heightened activity.

Keith Alan contends that while the economic data won't have an immediate impact on volatility, it will influence Powell's speech's narrative.

As the Bitcoin market gets closer to the weekend, this expectation will probably cause it to become more volatile. As Powell's speech progresses, traders and investors are preparing for any market swings in the anticipation that his remarks may have a substantial influence on the cryptocurrency market.