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How SBF Built a Crypto Empire using Binary Metrics

By
Paul Ugbede Godwin
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0

Over $3B worth of bitcoin has been removed from exchanges in the last month. People are waking up after the FTX exit scam. In March 2022, the FTX Exchange announced that it was expanding its operations into the European market.

FTX obtained a license to operate in Europe by partnering with a Cyprus-licensed financial company called K-DNA Financial Services, LTD. According to FTX’s regulatory disclosures page:

FTX Europe’s domain is approved through K-DNA Financial Services Ltd., a duly incorporated Investment Firm in Cyprus that is passported to the European Economic Area. FTX is a brand operated by K-DNA Financial Services Ltd. and regulated by the Cyprus Securities and Exchange Commission, with license number 273/15.

At first glance, this might seem to be an ordinary transaction. After all, it would make sense to team up with an already-licensed firm rather than creating a new company and going through the entire regulatory process from scratch. However, it turns out that K-DNA Financial Services was no ordinary financial firm.

Prior to its purchase by FTX, K-DNA was one of many companies involved in one of the largest financial fraud schemes in recent history: the binary options industry.

BINANCE CEO: SBF is one of the greatest fraudsters in history and a master manipulator of the media. CZ-Binance wrote a long Twitter thread explaining the wrong narratives he’s seen recently.

BLOOMBERG, knew the FTX situation MONTHS before as Marc Cohodes AlderLaneEggs handed them the info. They REFUSED TO PUBLISH it, saying: “It wasn’t good for the business. People got fired. FTX is paying a lot for ads.”

What are binary options, and how are they tied to fraud?

Binary options are an investment product that enable traders to bet on yes-or-no outcomes. For example, a trader could buy a binary option stating that the price of a certain stock will go up 5% or more in a day. The option has pre-determined payout odds and does not involve the trader taking a direct position in the underlying assets, unlike traditional options contracts. Binary options have no connection to the underlying asset or event.

A slightly more complex version of a binary option is the “contract for differences” (CFD). Like binary options, CFDs are cash-settled and never result in any delivery of the underlying security. Unlike binary options, the payout or loss on a CFD tracks the price movement of whatever the underlying asset might be. Consequently, the payout or loss on a CFD is uncapped.

Both binary options and CFDs are generally illegal in the United States due to the obvious potential for abuse. However, a massive binary options industry operating in Europe has flourished for well over a decade. Many of the firms in the binary options space originated in Israel. By the mid-2010s, the binary options industry employed thousands of people multiple countries and generated annual revenues in the hundreds of millions of dollars.

In 2016, a bombshell exposé by The Times of Israel revealed that many binary options firms were engaging in consumer fraud. Operating massive call centers reminiscent of a scene from The Wolf of Wall Street, the firms would cold-call people across Europe and use high-pressure tactics to convince their marks to try trading binary options products. If investors later tried to withdraw their deposited funds, the firms would stall them or, in some cases, simply abscond with the money.

The binary options industry also has ties to one of the biggest corporate scandals in Europe. Wirecard, a payment processing company that became the darling of the German stock market, collapsed after the company’s frauds were exposed. Wirecard functioned as a money laundering service for a number of different criminal enterprises, including the binary options industry.

After a series of reports by The Times and other outlets, in 2017 the Knesset responded by outlawing the entire binary options industry in Israel. However, binary options-style scams have continued to flourish throughout Europe, frequently operating out of Eastern European nations with limited regulatory capabilities.

Sam Bankman-Fried dictating terms to a Congressperson is just incredible.

Ben Armstrong tweeted, There are so many names with the most ridiculous history all related to one another via poker scandal, and now they’re all here running this industry. Dan will pay in due time, there’s some very intriguing info and incriminating data on Mr. Friedberg. However, the smaller fish must fry first, then we’ll take down the big tunas and serve their salty secrets for the world to taste. It’s gonna be like playing a game of human dominos.

Also, where did Alameda Trabucco disappear too? It’s amazing how he “retired” an “stepped down” from Alameda Research just months before this meltdown.

SBF confirmed that users on FTX was just trading “notional” assets when asked by Cryptomanran. Which means none of it was real and funds was stored “elsewhere”. Isn’t this the same as the QuadrigaCX scam where the founder ended up “dead”? Ben Armstrong Wrote;

It’s actually pretty sad to watch SBF/FTX. The people behind this scam are Joe, Barb, and Dan Friedberg, Sam has blame. PLENTY. But over time, you are going to find out just how evil Sam’s parents are. They are literally allowing their son to incriminate himself for their benefit.

Sam Bankman Fried talking with Tiffany Fong via YouTube, says he gave just as much money to Republicans but did it via PACs (dark money). He never had a side. He was just trying to bribe enough people to get the scam “crypto” industry regulated by the CFTC.

The Economist recently asked whether “Crypto could be useful for anything other than scams and speculation” post-FTX collapse. We underestimate how much the FTX scandal has now frightened non-tech folks (ex. doctors, lawyers, artists) into thinking all of Crypto and Blockchain tech may be a scam.

The Most Popular Growth Stocks In Europe

By
Paul Ugbede Godwin
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0

Growth stocks have been dominating the 21st century. Facebook, Amazon, Alphabet and Starbucks are just some companies that have seen huge percentage gains.

According to NASDAQ, a growth stock is any share in a company that is expected to grow at the a rate significantly higher than the average growth for the market.

Their share prices, revenue or profits flow at faster rates than the market, meaning some investors choose growth stocks to earn profits from the rapid price appreciation they offer, rather than income from dividends, although this can equally go the other way and result in losses).

However, what is the most popular growth stock in each country in Europe? Well, CMC Markets has revealed the answers by comparing monthly AHrefs search data, revealing the most searched for growth stock in each country.

Derivatives are a type of leveraged product, which means you only need to deposit a small percentage of the full value of the trade in order to open a position (also called margin trading?). While margined (or leveraged) trading allows you to magnify your returns, losses will also be magnified as they are based on the full value of the position.

As an example, our margin rates for indices start at 5%. This means that you only have to deposit 5% of the asset’s full value in order to open a position, allowing you to trade with 20x leverage. This is equivalent to a 20:1 leverage ratio.

Most Googled Growth Stock

Two growth stocks dominated the results, with Google and Facebook being the highest performers across all countries in Europe.

27 European countries had Google as the most frequently searched growth stock, making it the most popular on the continent. The country with the highest number of searches per month goes to Germany, which is searching for Google stock 149,000 times per month.

Other countries with high monthly searches for Google stock include the Netherlands, with 122,000 searches and Turkey with 115,000 searches a month.

A total of 20 European countries have Facebook as the most frequently searched growth stock. The country with the highest number of searches per month is Ukraine, with 107,000 searches each month.

Other countries with high search results for Facebook include the United Kingdom with 87,000 searches a month and Italy with 69,000.

Armenia, was the only country tying on both Google and Facebook, with 2,600 monthly searches each.

Michael Hewson, Chief Market Analyst at CMC Markets said: “Google and Facebook are dominating as the most popular growth stocks across Europe. Both of these companies have a huge influence on the market, and the media, which is why many Europeans are looking to invest in them.

We can see that countries such as the UK, Italy and Austria are producing thousands of searches each month for these two stocks.

The study was conducted by CMC Markets, a UK-based financial services company that offers online derivative trading such as spread betting and contracts for difference across world markets such as shares and foreign exchange.

Are there any risks?

The use of leverage can lead to loss of capital if your trade is unsuccessful, and even margin calls or account close-outs.

You are also subject to costs such as Overnight Fees?, which can be positive or negative depending on the direction of your position and the applicable holding rate.

The financial markets can be volatile and lead to gapping and slippage of your positions, so it’s important that you monitor your positions carefully.

Before placing your trade, remember to make sure that you have followed risk management guide? as part of your strategy.

Central Bank of Nigeria’s Grand Forex Vision And Score Against BDC Operators

By
Ndubuisi Ekekwe
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2

One of the biggest challenges of doing business in Nigeria and broad Africa is how to build a business that would not be crippled by a government policy. When I examine moats and competitiveness, I also look at policy-shift risks. At Tekedia Capital, when we see those risks as fully localized, with no way to overcome them through jurisdictional shifts, we do not invest. So far, we have been lucky that no policy has crippled any of our portfolio’s operations.

Good People, when Nigeria put a cash withdrawal limit of N100k per individual , you can conclude that cash-based bureau de change (BDC) business will go extinct over time. Yes, that business is done.  Sure, the electronic ones will continue to operate: you credit them in Naira account, they credit your dorm account, or vice versa. 

Indeed, the Central Bank of Nigeria (CBN) has artificially created a system to depress interests in foreign currencies by making it hard to transact on cash. It possibly observed that most Nigerian firms have not really cared about the exchange rate; high or low, every company passes the forex risks to the next customer or client.

But with this new playbook, ephemeral demand for forex may dry up, and could help the apex bank achieve its grand vision: total control  of forex movement by moving all forex transactions to  bank halls, not in hotel premises, airports or BDC hubs.

First, provide e-naira and move more Naira transactions to the electronic domain. Secondly, mop all the informal cash vaults  and bring them into the official vaults by redesigning Naira. Now, make it impossible to transact in cash by setting a limit on withdrawals unless you want to lose some money: N100k weekly and N20k on POS daily. With that, we have an end-to-end fiat execution of digitization.

CBN – 1
Bureau de change (cash) – 0

Comment on Feed

Comment: Prof, the BDC operation is far from dying as you envisaged. The operators are smart and dynamic. What happens now is that they leverage mobile bank transfers to credit customers while receiving forex in cash and vice versa. No domiciliary account is involved here. Nigerians are already on their own going cashless due to increased security concerns before CBN recent intervention. The policy modification introduced recently will not make any much difference from their earlier versions.

If the objective is to prevent money laundering, I don’t see it succeeding much because those fraudsters will be willing to pay the charges after all there is no overhead or any other associates cost on the laundered fund.
CBN should outrightly restrict cash usage with no option of fine if there will be any hope of success.

My Response: “What happens now is that they leverage mobile bank transfers to credit customers while receiving forex in cash and vice versa” – your assumption is that BDC does not have a cap on how much cash it can withdraw. I am not saying that BDC will die, I am saying cash-based ones will struggle. Why would you arrive from New York into Lagos to give BDC $5, 000 to get a bank credit in an account you do not have or even sure that it is working? Then to withdraw that money, you cannot pick more than N200k in cash.

 If that is the playbook, why bother with BDC no matter what since the bulk of the expense will be electronic. What I expect to happen is this: you sell only $100 to BDC in airport (for taxi, etc) and visit a bank the next day to deposit the rest of the money. You want to be sure that credit is valid! In the past, there was no risk since BDC will give you cash for that $5,000 but today he does not even have cash.

Comment 2: My Aboki is years ahead of CBN Prof. Since 2018, he accepts Naira by transfer only!

My Response: But he has to do the reverse also – pay cash for USD. Why would someone arrive at the Lagos airport from New York to give someone $5,000 for an alert in a bank account? People do that because once you have the cash, you have the cash and deal closed. Period. Going forward, you need to ask yourself: would that electronic transaction be reserved? Cash-based BDC has to attract new $$$ cash for its business to thrive.

Comment 3: From what I am aware of, most times when people arrive without having functional bank account, they usually change small amount, then sort out the account and then convert. If you convert 5000 dollars at a bdc shop to naira in cash, taking it home is very risky. People don’t do that anymore Prof. However, I am not saying there will never be those looking for cash, just as there will be those looking for cash frow within the country but my arguement is that I dont see how this policy correlates with diminished ability of the BDC to operate freely with those trying to chnage money as a result of their inability to supply cash. Rather, where I see this policy having strong effect will be in the new reporting policy, as anyone moving and depositing cash now have more scrutiny and bank transfers will provide more traceability of bribery and corruption. Which in effect will affect local dollar demand in the negative. Also, vote buying and those looking to spray money will have more difficulty.

My Response: Your comment has not addressed how the seller will source USD in cash. That was the focus of my comment. CBN is not focusing on using Naira to buy USD. The focus is how the new USD cash comes into the system. CBN wants that to happen in the bank. Alternative is you arrive from New York, somebody sends you alert to a bank account and you handover USD. I am not sure many will do that for a high amount.

..you created a new question and focusing on that. In my piece, I made it clear that cash-based BDC will go extinct. In your response, you are telling me how they will use a bank account. I am not sure I wrote otherwise.

Inflation: More Businesses to be Thrown into Bankruptcy as Jim Cramer Predicts Massive Layoffs

By
Ojukwu Emmanuel
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0

As companies continue to combat the surging inflation rate, a wave of layoffs has swept across businesses, as TV host Jim Cramer predicts more layoffs once the holiday season is over.

Cramer discloses that the current high-inflation economy has negatively impacted a lot of businesses, as they are currently faced with slow business growth while labour costs keep increasing. This has forced companies across a variety of industries to slash headcount.

In his words,

“I’m sure there’ll be many layoffs after Christmas. I don’t want to finger-point at the retailers who’re most likely to be thrown into bankruptcy when the holidays are over, but I do want people to realize that, in a way, our current high-inflation economy is a high-quality problem.”

As inflation continues to rise in the U.S., a large number of companies across industries have been forced to trim their workforce this year to control their expenses due to the unfavorable economy.

The tech industry has been massively impacted as analysts disclosed that Tech job cuts are on pace to reach early pandemic levels.

Employees of technology companies have been particularly at risk of layoffs due to the industry having overhired amid the economic recovery following the onset of COVID-19.

Now these companies are dealing with the costs of all that hiring, and the wave of job cuts indicates that keeping payrolls low is the priority.

According to a Crunchbase report, more than 88,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022, while more than 105,000 people have lost their jobs at private startups this year.

Tech companies such as Twitter, Snap, Meta, Peloton, Seagate Technology, Microsoft, Amazon, Shopify, etc have all laid off a large amount of their workforce.

Even traditionally layoff-resistant companies like Netflix have slashed headcounts, with more companies preparing to lay off some of their workforces after the holiday period.

American multinational information technology company, HP Inc. plans to reduce its global headcount by approximately 4,000 to 6,000 employees by the end of 2025, which the firm disclosed in its fourth-quarter earnings release.

The tech sector isn’t the only industry that has recorded massive layoffs. The real estate industry is also feeling the heat as low inventory, high home prices, and rising interest rates have slowed housing sales.

As a result, thousands of workers who were employed amid the pandemic recovery’s booming housing market are now facing widespread layoffs, with real estate companies warning of further cuts ahead.

While Cramer predicts that more layoffs will occur after the festive season, some companies do not want to wait till that period as they are evaluating plans for the 2023 fiscal year.

Rather than wait for the holiday season to be over, these companies are already planning for  2023 by slashing headcount before entering the new year.

Can a Decentralized Cat-themed, Big Eyes Coin be a threat to the survival of Chainlink and Cosmos?

By
TI Partners
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0

Big Eyes Coin (BIG) is an attractive big-eyed cat coin. This cat-themed coin has left the world curious as it is unique and engaging in the world of dog coins. Will it outpace the decentralized oracle network, Chainlink (LINK)? And be a threat to the survival of Cosmos (ATOM)? This article contains all the necessary information for the buyers.

Chainlink (LINK): Integrating off-chain data into smart contracts

Chainlink (LINK) is a decentralized oracle network. It allows universally connected smart contracts and is driven by researchers, smart contract developers, security auditors, and more. Chainlink (LINK) has attracted various data providers due to the integration of off-chain data into smart contracts. Chainlink (LINK) allows users to become node operators. Users can run critical data infrastructure to ensure the blockchain’s success. Chainlink (LINK) gathers information from the external world. The dynamic data inputs gathered through smart contracts are diverse. Ranked in the top 30 coins by CoinMarketCap, it currently costs less than $10. Its Market Cap value is around 2-3 billion dollars. The highest price of Chainlink (LINK) was noticed in May 2021 at $52.88.

Cosmos (ATOM): A ‘problem solver’ for Blockchain platforms

Building the blockchain platform is fundamental but solving the problems they face is also a major concern. Cosmos (ATOM) is the currency that works to make blockchain technology less complex for developers. There is an Interblockchain Communication protocol that allows effective communication between blockchain networks. There are three layers of the Cosmos network. The application layer is used to process all the transactions. It updates the state of the network. The networking layer is used for the communication between blockchains and transactions. Lastly, the consensus layer helps nodes agree on the system’s current state. CoinMarketCap ranks Cosmos (ATOM) in the top 25 currencies. At the time of documenting this article, it costs around $7 – $10. Its Market cap value is less than 5 billion dollars. The peak price of ATOM was noticed in September 2021, which was $44,70.

Big Eyes Coin (BIG): Ethereum-based Cat Coin

Big Eyes Coin (BIG) is a cute community token. Its big, beautiful eyes are trying to be one of the biggest meme coins around. Community tokens are the wealth generators for the community. Big Eyes Coin (BIG) is using NFTs to build a more reliable blockchain platform. Stage 4 of the presale, Catwalk, is about community events. It has spared around $1 million for charity purposes.

Big Eyes Coin (BIG) is a cat-themed coin emerging against its rival dog-themed cryptocurrencies. Big Eyes Coin (BIG) is foreseen to be the first meme coin that may hit $1. Users can get benefits both from NFTs and the DeFi ecosystem. Big Eyes Coin (BIG) is planning to launch many new social channels. BIG offers a dynamic tax system along with tax-free shopping. It will create a playful and encouraging society by remaining active in charity and the health sector.

Enter stage 6 of the presale. Here’s what you need to know

Currently, Big Eyes Coin (BIG) is in its presale stage. It is offering 3589.74 BIG tokens for just a dollar. Go ahead and learn how to buy the tokens step-by-step:

Step 1: Download and connect the wallet supported by the website.

The preferred wallet on PC is MetaMask, and Trust Wallet on mobile phones.

Step 2: Now click ‘Connect Wallet’ and select an option from the following.

  • Buy ETH or BNB using your card.
  • If you have BNB or ETH in your wallet, Buy Big Eyes Coin (BIG) using them.
  • Or Buy with USDT.

Step 3: You can claim your Big Eyes Coins (BIG) once the presale ends.

Big Eyes Coin (BIG) is aspiring to the market using its cuteness. It proposes many establishments to its clients in its presale stage 7. BIG is also building trust through its charity program.

Also, the team behind Big Eyes Coin (BIG) is doing a bonus tokens giveaway. To benefit from the bonus tokens, just use the code: SUSHI419 when buying BIG tokens.

For more information on Big Eyes Coin (BIG), you can visit the following links:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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