Cryptocurrency

Shiba Inu Coin: All You Need to Know About Shiba Coin

Published

2 years ago

November 10, 2021

Shiba Inu coin tagged “dogecoin Killer” is currently the 11th biggest cryptocurrency with a $28.64 billion market value. The meme coin was created in August 2020, named after a Japanese hunting dog.

In the past few weeks, meme coin wars have seen Shiba Inu and Dogecoin fight for more recognition in trading value as the two meme coins battled for the top 10 spots on the list of top digital assets by market capitalization.

The market value of the meme coin SHIB is apparently more than other crypto-assets with significant development in the blockchain network such as Chainlink, Terra, Polygon and Stellar.

Meme Coin live or die by the attention created by its community and Shiba Inu can be said to have strong support from its community. Perceived as one of its strategies, its creator(s) Ryoshi gave one of the most respected and well-known persons in the crypto space, Vitalik Buterin, Ethereum co-founder half of the supply of SHIB coin immediate it was created.

In May 2021, Buterin announced that he has forwarded 90 percent of the Shiba Inu, estimated at about $6 billion at the time to burn wallet to be destroyed forever. He later donated the remaining SHIB coin worth $1 billion to covid-19 relief efforts in India.

The donation was the largest single COVID-19 donation and enjoyed global media attention that further bolstered the attractiveness of the Shiba Inu coin. Pleased with the decision, cryptocurrency trading platforms started listing the meme coin.

On the 10th of May, 2021, SHIB was listed on the Kucoin exchange where it opened at $0.00001029 and immediately surged as high as $0.00003915 before closing the day’s trade at $0.00003481. The meme coin was also listed on the Binance exchange the same day where it opened at $0.00001412 surging to $0.00005000 and finally closing the day at $0.00003466.

However, in the same month, the price of Shiba Inu dropped significantly after Buterin’s action as the meme coin traded as low as $0.00000510 in September on the Binance exchange. Nevertheless, its huge community persisted and the bull run began again in October, pushing the coin to a new all-time high.

A few weeks ago, it was reported that traders could possibly be moving funds from SHIB to Dogecoin following the sudden drop in SHIB price to the simultaneous rise in Dogecoin Price on the same trading day.

Despite the decline and other uncertainties surrounding the coin, traders on the largest American stock and crypto trading app, Robinhood and the Shiba Inu community have set up a campaign to convince Robinhood to list SHIB. Currently, the petition has garnered more than half a million signatures.

The Chief Operating Officer of Robinhood, Christine Brown praised the Shiba Inu community on their commitment and also said that the trading platform prioritizes safety over the “short term gain” of listing new coins.

He said, “our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now. We think that the short-term gain to us is not worth the long-term trade-off for our users.”

Recent attention on meme coins has placed Shiba Inu on the top list of most traded coins by millennials. This, experts have attributed to the affordability of the coin and its growing attention in the crypto space.

On the Shiba Inu community, Antoni Trenchev, co-founder at a crypto lender, Nexo, has this to say “This is counter-culture, cult stuff, and its disciples revel in that. The more absurd it is, the better, it’s like an inside joke—only as it goes viral, the number of people in on the joke can go into the millions pushing the valuations out of this universe.”

Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, said, “memes have value and have been an investible thesis in 2021,”

Joanna Ossinger further affirmed that milliennials in the meme community should not be taken lightly. “Don’t short things millennials think are funny,” she said.

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Cryptocurrency

Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

3 days ago

May 1, 2024

Samed Olukoya

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

Cryptocurrency

U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

1 week ago

April 24, 2024

Samed Olukoya

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

Cryptocurrency

SEC Philippines Urges Removal of Binance App from Google Play Store and Apple App Store

Published

1 week ago

April 23, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) of the Philippines has intensified its regulatory oversight over cryptocurrency trading platforms, particularly targeting Binance, one of the world’s largest digital asset exchanges.

In a bold move, the SEC Philippines has formally requested the removal of the Binance app from both Google Play Store and Apple App Store.

The action, disclosed through letters addressed to Google and Apple on April 19, 2024, underscores the SEC’s concerns regarding unauthorized investment solicitation activities facilitated by the Binance platform.

SEC Chairperson Emilio B. Aquino emphasized that allowing access to the Binance app and website poses a significant threat to the security of funds belonging to Filipino investors.

This move represents a significant escalation in the Philippines’ regulatory efforts to safeguard investors and maintain financial stability within the cryptocurrency market.

The SEC’s decision to target Binance reflects growing concerns globally regarding the lack of oversight and potential risks associated with digital asset trading platforms.

Binance, known for its extensive range of cryptocurrency trading services, has faced increasing scrutiny from regulators worldwide.

While the company has made efforts to comply with regulatory requirements in various jurisdictions, concerns persist regarding the adequacy of investor protection measures and compliance protocols.

The SEC Philippines’ call for the removal of the Binance app from major app stores highlights the regulator’s determination to enforce strict oversight and uphold investor confidence in the country’s financial markets.

The move is likely to have implications not only for Binance but also for other cryptocurrency exchanges operating in the Philippines and beyond.

Investors and industry stakeholders are closely monitoring developments, awaiting further updates on the SEC’s regulatory actions and their potential impact on the cryptocurrency ecosystem in the Philippines.

As regulatory scrutiny intensifies, market participants are urged to exercise caution and stay informed about evolving regulatory requirements and compliance obligations in the digital asset space.