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Klein Finance: A Decentralized Exchange on KuCoin Community Chain

Klein Finance: A Decentralized Exchange on KuCoin Community Chain

Klein Finance is a decentralized exchange that is used to provide liquidity and trade KCC20 tokens on the KuCoin Community Chain. The exchange is known for enabling fast, efficient, and low-slippage stablecoin swaps, which tends to prove that decentralized token exchanges are not only feasible but also more efficient than traditional foreign exchange transactions. It […]

Crypto News

BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time

The picture is getting clearer for BitMEX co-founder Arthur Hayes. The judge called what he did “a willful violation of the Bank Secrecy Act,” but he still got two years probation. Hayes will serve the first six months of that sentence in home confinement, but that’s it. The banker and entrepreneur will not set foot in a cell. Why was anyone expecting otherwise, though?  Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June The top federal prosecutor in Manhattan, Damian Williams, commented in a statement that Hayes “allowed BitMEX to operate as a platform in the shadows of the financial markets.” That’s according to Bloomberg, publication that summarizes the situation as: “On Friday a federal judge sentenced Hayes to two years’ probation, after Hayes and BitMEX’s other founders were charged in 2020 with violating the Bank Secrecy Act, which requires the establishment of such safeguards, including verifying the identities of an exchange’s customers.” His company, BitMEX, also “agreed to pay $100 million to settle civil allegations that it allowed illegal trades for years and violated rules requiring anti-money-laundering programs, without admitting to or denying the claims.” Some people are completely against the sentence, as they believe it sets a dark precedent. Objections To Arthur Hayes’ Sentence  The publication quotes assistant US Attorney Samuel Raymond, who told US District Judge John Koeltl.  “This is a very serious offense. There were real consequences. When individuals like Mr. Hayes operate platforms without anti-money-laundering programs or know-your-customer programs, they become a magnet for people to launder money.” Considering criminals are highly incentivized to circumvent the AML measures and KYC procedures, we can categorically say that John Koeltl’s assumptions are skewed. However, that doesn’t justify not complying with the law. According to Samuel Raymond, not sending Hayes to prison “would send a message to him that the cost of doing business is merely a fine, and he could continue to violate the law for huge amounts and pay any fine.”  What About The Other BitMEX Co-Founders? The article is about Hayes, so, it doesn’t go into detail about the others. It summarizes their situation as follows: “Hayes and co-founder Benjamin Delo pleaded guilty in February, and Samuel Reed in March, each agreeing to forfeit $10 million. Delo is scheduled to be sentenced next month and Reed in July.” To close it all off, James Benjamin, Hayes’ lawyer, states the obvious. “Did BitMEX do a perfect and seamless job on its path from startup to a mature fintech company? No, it did not. There were some bumps in the road.” LUNA price chart on FTX | Source: LUNA/USD on TradingView.com Arthur Hayes On The Terra Luna Collapse As many crypto-experts knew, Terra was a disaster waiting to happen. In his latest piece about the Luna collapse, Arthur Hayes tried to explain the underlying problem with algo-stablecoins. Related Reading | BitMEX CEO Arthur Hayes Goes Mum amid CFTC Probe Rumor ”Algorithmic stablecoins are not much different than fiat debt-backed currencies, save for one crucial factor. Terra and others like it cannot force anyone to use UST at any price. They must convince the market with their fancy designs that the governance tokens backing the protocol will have a non-zero value that rises more quickly over time than the amount of fiat-pegged tokens issued.” Obviously, the model failed. The vulnerability was so big that maybe it wasn’t even a coordinated attack. The Terra Luna scheme wasn’t long for this world, in any case. Featured Image by Ichigo121212 from Pixabay | Charts by TradingView

Bitcoin Crypto News

More Stress For El Salvador As Bitcoin Dips To $29,000

El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year. The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country? El Salvador And Its Bitcoin El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country’s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value. BTC falls to $28,000 | Source: BTCUSD on TradingView.com The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country’s ability to receive international aid in the form of loans. Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.  It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador’s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this. Related Reading | Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents. On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Bitcoin

Ripple To Launch XRP Powered On-Demand Liquidity Solution In Lithuania

Ripple, an American FinTech firm, and FINCI, a Lithuanian FinTech firm, have partnered up to make retail remittances and B2B payments faster and more affordable. This is done through RippleNet’s On-Demand Liquidity (ODL), which uses XRP for cross-border payments that are crypto-enabled. This partnership will allow customers and businesses to make real-time payments while sparing […]

Bitcoin

The Neko LLC – Providing Safety, Security, and Innovation for The Future of DeFi

Popular Japanese figurines known as Maneki-Neko are seen to bring good luck and wealth to their owners. In light of this, the Neko Developers desire to share their progress with the cryptocurrency community, ensuring safety, security, and innovation. Introducing MANEKI-NEKO/NEKO, an ERC20 Token, a non-custodial software wallet (NekoMask), a non-custodial hardware wallet (The Neko), as […]