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Kevin O’Leary Claims Binance Masterminded FTX’s Bank-Run

By
Paul Ugbede Godwin
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0

Canadian entrepreneur and “Shark Tank” star Kevin O’Leary slammed crypto exchange Binance— and claimed it caused the collapse of FTX on purpose.

Speaking at the Senate Committee on Banking, Housing and Urban Affairs hearing, the celebrity businessman also said Binance is a “massive, unregulated monopoly now.”

FTX, once one of the biggest digital asset exchanges on the planet, last month collapsed spectacularly— prompting lawmakers to think more than ever about how to regulate digital assets. The title of today’s hearing was “Crypto Crash: “Why the FTX Bubble Burst and the Harm to Consumers.”

O’Leary— who was heavily invested in FTX—told the hearing: “I have an opinion, not the records. One put the other out of business—intentionally.”

Binance, the world’s biggest cryptocurrency exchange, played an early part in the collapse of mega exchange FTX last month. Binance CEO Changpeng “CZ” Zhao announced that he would be selling the exchanges holdings of FTX’s native token, a move that triggered a liquidity crisis. Days later, FTX filed for Chapter 12 bankruptcy.

The exchange’s bankruptcy trashed the crypto market—including several companies with exposure to the behemoth.

O’Leary also argued for stronger regulation, noting that FTX-owned derivatives trading platform LedgerX was the “only entity that didn’t go to zero” following the crash because it was regulated by the Commodity Futures Trading Commission. 

And he wasn’t the only one: Sen. Cynthia Lummis (R-WY) told the hearing that it was time to “separate digital assets from corrupt organizations.”

FTX is good old fashioned fraud,” she said. “Mismanagement, failure of people, inadequate controls is what’s on trial. We need to regulate this business and lay digital assets on top of our existing financial framework.

FTX’s ex-CEO and founder Sam Bankman-Fried was arrested in The Bahamas over the weekend after U.S. feds requested his extradition from FTX’s home country. He is now under investigation and faces eight criminal charges.

The disgraced crypto mogul had been billed to testify at House hearing before his arrest— despite agreeing to participate in a House committee hearing that took place without him yesterday. He previously said his testimony was likely to be “underwhelming.”

FTX Was An Utter Failure, Acting CEO John Ray Reviews

Binance To Delist MITH, Tribe, Others from its Exchange

By
Paul Ugbede Godwin
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0

Binance has announced it will delist $MITH, $Tribe, $Augur and Bitcoin Standard Hashrate Token on its exchange owning to a recent preliminary re-evaluation of listed tokens conducted on the protocol.

The official statement from Binance reads;

At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.

Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following tokens at 2022-12-22 09:00 (UTC):

  • Mithril (MITH)
  • Tribe (TRIBE)
  • Augur (REP)
  • Bitcoin Standard Hashrate Token (BTCST)

Binance, consider a variety of factors before listing and delisting a token on the platform. Here are some that drive whether we decide to delist a digital asset:

  • Commitment of team to project
  • Level and quality of development activity
  • Trading volume and liquidity
  • Stability and safety of network from attacks
  • Network/smart contract stability
  • Level of public communication
  • Responsiveness to our periodic due diligence requests
  • Evidence of unethical/fraudulent conduct or negligence
  • Contribution to a healthy and sustainable crypto ecosystem

After Binance announcement of delisting Mithril $MITH, the coin fell 23.24% in 24 hours. The project then tweeted that it was requesting a refund of the 200,000 $BNB it had at the time of listing on Binance, describing it as a deposit.

Some big Vs claim to have bought MITH because of its high technology. I took a look, Mitril last tweeted on January 7, 2021, and it’s Github account was last updated on July 13, 2021.

Listing on top Crypto Exchanges is not a success outlook for a project, whoever prints the money gets it. The delisted $Mith team asked Binance to return the 200K BNB he paid for the listing. The quality of the project doesn’t matter, the bribe you pay for the listing matters. The more scamming you are, the higher the price you have to pay.

Does Binance request for deposit or fees before listing a Token on its Exchange?

After the $Mith event, it is necessary to see what projects give to be listed. It emerges over time. Binance says give me this much money to the teams that wants to list and I’ll let you flash the supplies to the nation— plebs.

This is how the new ponzi business works; List some shitcoins, Ask for listing fees, Make money on them by trading fees— Add leverage to the mix. Then delist them after couple of years, Its just a casino.

MITHUSDT

$MITH fell -31.98% in 24h, average Crypto return was -1.72%. Previously, when MITH lost so much, it dropped -17.29% on average the next day.

After Huang Licheng’s coin MITH was delisted by Binance, he began to defend his rights and demanded the return of the 200,000 BNB deposit when it was listed. The announcement in 2018 showed that Mithdotio donated 20,000 BNB to the Binance Charity Fund at that time, so did it give 200,000 BNB or 20,000 BNB?

If there are only 20,000 pieces, this is a donation, and it is unreasonable to demand return. If there are another 180,000 pieces, it belongs to another “rule”.

MITH, claims 200k BNB ~$53M after Binance unilaterally announced its Delisting at 16h 22/12, causing token price to drop -40%. The token price has recovered 25% from the bottom. If there is any flip, it’s the pinnacle marketing.

Amid Ghana’s $3bn Loan from the IMF, Akufo-Addo Asks African Leaders to Stop Begging for Money

By
Samuel Nwite
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0

Ghanaian President Nana Akufo-Addo has advised his African counterparts to stop seeking loans and begging for aid from developed countries, a few days after Ghana agreed to the terms of the International Monetary Fund (IMF) for a $3 billion loan.

Akufo-Addo issued the advice on Wednesday at the US-African Leaders Summit in Washington DC, where about 50 African leaders have gathered at the invitation of the US President Joe Biden, to discuss economic and political matters.

He said countries like Nigeria, Ghana, and Kenya have what it takes to propel Africa to economic greatness, urging the leaders to provide quality education and opportunities that will yield economic prosperity in the continent.

“We must bear in mind that to the outside world, nothing like Nigeria, Ghana or Kenya, we are simply Africans. Our destiny as people depends on each other.

“We must work together to change Africa’s narrative which is characterized by disease, hunger, poverty and illegal migration.

“No matter where you come from, as long as you are black, you are African. We must make Africa conducive for progress and prosperity,” Akufo-Addo said.

Ghana is facing its toughest economic turbulence in years, with inflation reaching as high as 50.3% in November, shooting the cost of living up.

Ghana cedis was ranked the worst performing currency in the world in October.

Government’s economic reforms have failed to tame the headwinds. On Tuesday, finance minister Ken Ofori-Atta announced in a press briefing that Ghana was “committed to the (IMF) programme and will work towards meeting the demands”.

Ofori-Atta said the approved proposed three-year loan is expected early next year. He said the agreement will help restore economic stability, tackle price spikes and strengthen the currency.

The IMF had tabled a programme that included a series of reforms to Ghana’s current economic structure as a condition for the loan. Ghana is understood to be unwilling to accept the IMF’s terms earlier. But as its economic situation bites harder, the West African country yielded to the proposed reforms.

Ofori-Atta said the reforms, which include creating a medium-term plan to bring in revenue, increasing tax compliance, making the country’s finances more transparent and improving how public industries are handled, are focused on shoring up public finances while protecting the vulnerable.

Stephane Roudet, IMF’s mission chief to Ghana, said in a statement on Monday that the Ghanaian authorities have committed to a wide-ranging economic reform programme, which builds on the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.

Ghana announced that in addition to other reforms, it will restructure its debt and it’s “committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer programme for vulnerable households and improving the coverage and efficiency of social spending”, Roudet said.

The stringent reforms are geared toward restoring economic stability and debt sustainability while laying the foundation for stronger growth, according to the IMF.

Ghana was bending to all these conditions for the IMF’s loan while Akufo-Addo called on African leaders to stop begging developed countries for money.

“If we stop begging and spend Africa’s money inside the continent, Africa will not need to ask for respect from anyone, we will get the respect we deserve,” he said. “If we make it prosperous as it should be, respect will follow.”

His call has been widely denounced as hypocrisy. While Ghana seeks financial bailout from the IMF, Akufo-Addo is investing $400 million in a national cathedral, a church he said he’d promised to build for God if he becomes president.

Analysis Reveals Crypto Exchange Platform, Binance, Witnessed Massive Withdrawals of Funds in the Past Few Weeks

By
Ojukwu Emmanuel
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0

A recent analysis by blockchain firm Ransen has revealed that crypto exchange platform Binance recorded a massive withdrawal of funds from investors in the past few weeks.

On Tuesday, the platform registered withdrawals of $1.9 billion, the largest of such outflow since June. Analyst at Nansen, Andrew Thurman disclosed that the criminal investigation by the U.S. Department of justice on Binance was a major factor that caused panic among investors.

The charges under investigation are unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.

Recall that the U.S department of justice in 2018 had begun an investigation into Binance’s compliance with anti-money laundering laws and sanctions.

After a thorough investigation of Binance’s financial crime compliance of 2022, reports revealed that Binance kept weak anti-money laundering controls, processed over $10 billion in payments for criminals and companies seeking to evade U.S. sanctions, and plotted to evade regulators in the United States and elsewhere.

The crypto exchange platform however debunked such claims, noting that it is hell-bent on driving higher industry standards, as it seeks to further improve the platform’s ability to detect illegal crypto activity.

Binance CEO Changepeng Zhao while speaking in a recent conversation on Twitter spaces, disclosed that the platform has begun to witness an increase in the inflow of funds, noting that the massive withdrawal previously recorded was normal market behavior.

He further stated that people were down in the crypto sector following the collapse of FTX in November.

He said, “If you get hurt by one bank, you’re going to think all the other banks are bad. The fact is just because one bank is bad doesn’t mean all the other banks are bad.”

Meanwhile, analysts disclose that if the investigation by the U.S department of justice goes against Binance, it could loosen the platform’s grip on the industry.

On the other hand, the recent collapse of FTX which filed for chapter 11 bankruptcy protection on November 11, 2022, has no doubt negatively impacted the crypto industry.

Binance had initially offered to help bail out the rival exchange platform, before pulling out of the deal last month, citing issues beyond its control.

The FTX collapse has raised investors’ concerns, which have led to the massive withdrawal of funds, therefore plummeting the price of Bitcoin which is currently trading at $17,518, a decline of more than 60% year-to-date.

It has also affected the valuation of some companies with several others contemplating filing for bankruptcy. The CEO of FTX Sam Bankman-fried who was recently apprehended in the Bahamas faces possible extradition to the U.S.

According to some investors and crypto experts, they have disclosed that the former crypto billionaire should be ready to spend a long time in jail following his fraudulent act.

Real Madrid Happy to Let Benzema Return to Qatar to Join France in their Final Match Against Agentina

By
Tiamiyu Ismail
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0

Analysts and fans have been considering the chances of Karim Benzema making a return to the France World Cup squad ahead of their FIFA World Cup final match against Argentina on Sunday.

Benzema who caught a thigh injury during training with his team in camp ahead of the world cup tournament was placed on three-week recovery which made it impossible for him to start the game with the french squard as earlier planned by Decshcamps, the team’s manager.

Having left Doha on account of his injury Benzema moved to Madrid for his recovery, after which his name was dropped from the FIFA World Cup.

In news article by Vanguard, it stated the latest Ballon d’Or winner is now back in training for his club side and Mundo Deportivo reports that he could be brought back ahead of the weekend’s game against Argentina.

According to the Vanguard, the paper claims that Real Madrid are happy to let the striker go back to Qatar and the decision now rests with Deschamps who has been able to mobilize a very strong and formidable team so far in the tournament despite challenges he had earlier encountered.

When asked about the possibility after defeating Morocco, France’s manager Deschamps did not respond directly and only said, “I’d like to proceed to the next question”.

Benzema has 37 goals in 97 caps for France and was Les Bleus’ top scorer at the 2014 World Cup, the vanguard reported.

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