Crypto Retro

2023-03-29 23:30:00 ​Binance concealed ties to China for years, even after 2017 crypto crackdown.

Documents reviewed by the Financial Times show that Binance kept staff and operations in China despite announcing its departure in 2017.

Binance CEO Changpeng "CZ" Zhao and other senior executives have been for years concealing the crypto exchange ties with China, according to documents obtained by the Financial Times.

In a report on March 29, FT claims that Binance had substantial ties to China for several years, contrary to the company's claims that it left the country after a 2017 ban on crypto, including an office still in use by the end of 2019 and a Chinese bank used to pay employees.

“We no longer publish our office addresses people in China can directly say that our office is not in China,” Zhao reportedly said in a company message group in November 2017.

Employees were told in 2018 that wages would be paid through a Shanghai-based bank. A year later, personnel on payroll in China were required to attend tax sessions in an office based in the country, according to FT.

Based on the messages, Binance employees discussed a media report that claimed the company would open an office in Beijing in 2019. “Reminder: publicly, we have offices in Malta, Singapore, and Uganda. Please do not confirm any offices anywhere else, including China.”

The report backs up accusations made in a lawsuit filed on March 27 by the United States Commodity Futures Trading Commission (CFTC) against the exchange, claiming that Binance obscured the location of its executive offices, as well as the “identities and locations of the entities operating the trading platform.”

According to the lawsuit, Zhao stated in an internal Binance memo that the policy was intended to “keep countries clean of violations of law” by “not landingcom anywhere. This is the main reason .com does not land anywhere.”

In response to the FT report, a Binance spokesperson told Cointelegraph that the company "does not operate in China nor do we have any technology, including servers or data, based in China," adding that "we strongly reject assertions to the contrary." Open / Comment

2023-03-27 15:59:54 New project: PassimPay
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Don't forget to follow us on Telegram and Reddit Open / Comment

2023-03-26 22:00:01 ​ Do Kwon to reportedly appeal against court’s decision to extend detention.

A legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision to detain the entrepreneur for 30 days longer than usual.

Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court’s decision to extend detention time for up to 30 days.

A legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision to detain the entrepreneur for longer than usual, according to local media Vijesti. The decision was made after Kwon was caught using fake documents at Podgorica airport while trying to fly to Dubai .

While Montenegro authorities typically allot detention for up to 72 hours, Kwon’s 30-day extension was approved after prosecutors highlighted the high possibility of an escape. The court considered that Kwon was a foreign national whose identity was not clearly identified.

Since the collapse of the Terra ecosystem, Kwon has been suspected of moving between Singapore, Dubai and Serbia by South Korean authorities.

On March 23, a few hours after Kwon’s arrest in Montenegro, United States prosecutors in New York charged the entrepreneur with fraud.

As Cointelegraph reported, the 31-year-old was charged with eight separate counts, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation. Open / Comment

2023-03-25 14:00:04 $YUNA is currently catching the eyes of many people in the crypto space! The cryptocurrency seems to take on the legacy of $DOGE and $SHIB!

Everyone who remembers the early days of Shiba Inu, will also remember how that started. This coin is going down a similar road so far, with so much progress already.

The coin has a Shibarium Bridge and Ordinals NFTs in development, which will eventually bring all dog breed communities together.

$YUNA is already listed in three exchanges after just two weeks, and rumours are they will be listed in Huobi Global as well, as per unconfirmed sources.

You can buy $YUNA for a cheap price on Uniswap compared to the already listed exchanges, which offers a good opportunity.

TG Community: @Yuna_ETH Open / Comment

2023-03-24 14:30:00 ​Introducing CribX: The Next Generation of Web3 Entertainment

Ready to earn while enjoying movies?

CribX is a revolutionary web3 entertainment platform, spearheaded by the renowned actor and filmmaker, Anthony Hayes (known for GOLD featuring Zac Efron).

Transcending boundaries, CribX collaborates with numerous web3 communities, providing virtual entertainment through:

CribX Virtual Movie Theaters
Film-based P2E Gaming
Musical Performances
Viewing Parties
Metaverse VR Avatar Experiences

CribX has teamed up with Polygon Labs to bring unmatched virtual experiences to the Metaverse!

Our platform features:

Smart TV & Mobile App
Multi-Metaverse Virtual Theater Network
Original Blockbuster Movie Series
P2E Gaming Adventures
Watch2Earn Streaming Service
Live AR Concerts with Top Artists
NFTs
Major Metaverse Partnerships
Comprehensive Roadmap
Transparent Team
Smart Contract Audited by Solidproof
Marketing Alliance with Ninjapromo.io

Cribx launched token on 23.03.2023, but you can still take part. Don't miss your chance.

This micro-transactional token will play a pivotal role throughout the ecosystem, enabling:

In-game enhancements
P2E
Live concert tickets and merchandise
Watch2Earn streaming service
Movie debuts in our virtual theater network

A solid business strategy and watch-to-earn mechanics will encourage widespread adoption, making an investment in CribX tokens a wise decision.

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5 fortunate winners will each receive 100 USDT! To enter, simply follow the project's social media channels. Join now via this link: https://gleam.io/bEWXA/cribx-launch-giveaway

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Telegram group: https://bit.ly/3FGSCribX Open / Comment

2023-03-23 19:59:35 Liquid Mining will launch global sales on April 1st, 2023.

The presale and beta testing phases of Liquid Mining are coming to a successful end!

The multimining technology showed annual 400% ROI to users. Impressive, isn’t it?

Taking into account that public sale start and beta testing end will happen in a same span of time, users will receive their rewards for participating in the referral system during April.

Liquid Mining has already made waves in the cryptocurrency community, with a large and passionate user base spanning more than 10 languages:

Liquid Mining ENG
Liquid Mining JP
Liquid Mining RU
Liquid Mining DEU
Liquid Mining SPN
Liquid Mining HUN
Liquid Mining CHN
Liquid Mining FRA
Liquid Mining THA
Liquid Mining VNM

However, we must also mention that the GPU capacity is selling out fast, and there is a limited amount available.

The CEO of Liquid Mining is also providing users with essential educational videos on basics of cryptocurrency mining. This means that even the newbie in crypto can easily access the platform and start getting profits!

So, if you're interested in joining the Liquid Mining community and start earning from cryptocurrency mining, now is the time to act.

Twitter | Discord | Website | Chat | IOS app | Android app Open / Comment

2023-03-23 18:30:00 ​Belgium Cracks Down on Crypto Ads: New Rule Requires Stark Warning on Risk

Belgium's financial regulator has outlined new crypto advertising laws that require virtual currency firms to include a stark warning about potential risks in their advertisements.

The new requirement is part of a crackdown by Belgium’s Financial Services and Markets Authority (FSMA), which was given new powers to supervise digital currency advertising.

“There is no legal framework yet governing these products, and they have no underlying assets in the ‘real’ world,” the agency said in a post on its website. “They are often subject to wild price fluctuations and are vulnerable to fraud and IT-related risks.”

All in all, the new regulation has three aspects. In the first place, it will require crypto ads to be accurate and use clear language, with no statements on future returns of value.

Second, there must be a mandatory warning on all advertising, warning: “Virtual currencies, real risks. The only guarantee in crypto is risk.” Furthermore, a “broader warning should sum up the various risks in greater detail.”

Finally, campaigns with a target audience of 25,000 or more (mass campaigns) to promote a product related to crypto would have to be submitted to the FSMA at least 10 days in advance, allowing the regulator to intervene if needed. Open / Comment

2023-03-20 23:00:01 ​FTX debtors file lawsuit against exchange's Bahamian arm on ownership of property.

The lawsuit claimed FTX Digital Markets was an "economic nullity" within the FTX Group "created as a front to facilitate a conspiracy to defraud the Debtors’ customers ".

The legal teams representing Alameda Research, FTX US, and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm's ownership.

In a March 19 filing with the United States Bankruptcy Court for the District of Delaware, FTX debtors said FTX Digital Markets, or FTX DM, as well as the joint provisional liquidators (JPLs) had claimed the Bahamian arm was the “constructive owner” of FTX.com’s fiat and crypto assets as well as other intellectual property. According to the complaint, these “baseless claims” by FTX DM “will harm FTX.com customers and all other creditors of the FTX Debtors” as the company continues with bankruptcy proceedings in the United States.

“The JPLs’ claim to ownership of FTX.com’s property is based largely on constructive, equitable, and other non-documentary arguments that depend upon the false premise that FTX DM was the center of the FTX Group,” said the filing. “Nothing could be further from the truth. FTX DM was no more than a short-lived provider of limited ‘match-making’ services for customer-to-customer transactions, on the cryptocurrency exchange built, owned, and operated by Debtor FTX Trading, its immediate corporate parent.”

The complaint alleged:

“FTX DM was an economic nullity within the FTX Group. FTX DM was a legal nullity as well. The peculiar history of FTX DM is a classic example of abuse of the corporate form. It was created as a front to facilitate a conspiracy to defraud the Debtors’ customers.”

As part of the court filing, the debtors sought a ruling which would assert that FTX DM had “ownership interest” in the property at the center of the bankruptcy case. Open / Comment

2023-03-19 22:30:00 Complaining about "Crypto Winter"?

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— FLUX - 402%
— FIRO - 457%
— TONCOIN - 531%
— Neoxa - 1214%
— Nexa - 318%
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— Rvn - 597%
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Telegram | Twitter | Discord | Website Open / Comment

2023-03-17 23:00:02 ​ BitGo patches critical vulnerability first discovered by Fireblocks.

BitGo has patched a vulnerability that threatened to expose the private keys of retail and institutional users.

Cryptocurrency wallet BitGo has patched a critical vulnerability that could have exposed the private keys of retail and institutional users.

Cryptography research team Fireblocks identified the flaw and notified the BitGo team in December 2022. The vulnerability was related to BitGo Threshold Signature Scheme (TSS) wallets and had the potential to expose the private keys of exchanges, banks, businesses and users of the platform.

The Fireblocks team named the vulnerability the BitGo Zero Proof Vulnerability, which would allow potential attackers to extract a private key in under a minute using a small amount of JavaScript code. BitGo suspended the vulnerable service on Dec. 10 and released a patch in February 2023 that required client-side updates to the latest version by March 17.

The Fireblocks team outlined how it identified the exploit using a free BitGo account on mainnet. A missing part of mandatory zero-knowledge proofs in BitGo’s ECDSA TSS wallet protocol allowed the team to expose the private key through a simple attack.

Industry-standard enterprise-grade cryptocurrency asset platforms make use of either multiparty-computation (MPC/TSS) or multisignature technology to remove the possibility of a single point of attack. This is done by distributing a private key between multiple parties, to ensure security controls if one party is compromised.

Fireblocks was able to prove that internal or external attackers could gain access to a full private key through two possible means.

A compromised client-side user could initiate a transaction to acquire a portion of the private key held in BitGo’s system. BitGo would then perform the signing computation before sharing information that leaks the BitGo key shard.

“The attacker can now reconstruct the full private key, load it in an external wallet and withdraw the funds immediately or at a later stage.” Open / Comment