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FTX Australia license suspended with 30,000 Australians still reeling

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Three members of a Sydney-based investment firm and media company have been assigned to help Australians agree by suspending the original entity of Bankman-Fried’s former crypto empire.

The Australian Financial Markets Regulatory Authority has suspended FTX Australia’s cash license after hiring a voluntary administrator to help nearly 30,000 Australians and 132 Australian companies get their money back from FTX.

The announcement was made by the Australian Securities and Investments Commission (ASIC) on November 16 local time, which suspended the parent entity’s Australian Monetary Services (AFS) license until May 15, 2023.

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Prior to its suspension, FTX Australia’s AFS license allowed it to create a marketplace for derivatives and exchange contracts for retail and wholesale shoppers based in Australia. Australian traders who registered to trade in digital assets were routed through FTX Australia.

But, FTX Australia was allowed to offer restricted financial services strictly related to the termination of existing by-product contracts with its shoppers until December 19th.

The comment comes as John Moawad, Scott Langdon and Rahul Goyal of Sydney-based investment and IT firm KordaMentha were appointed as voluntary directors to provide restructuring services for FTX Australia and its subsidiary FTX Express on November 11.

KordaMentha could decide to refund nearly 30,000 Australian investors and 132 Australian companies for adverse FTX fallout, according to a November 14 report in the Australian Financial Review (AFR).

The report stated that FTX Australia workers are working with KordaMentha managers to resolve the issue. Founder of FTX and former CEO of the guided missile business Bankman-Fried Square Measure is on the list of 3 directors of FTX Australia.

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The suspension of FTX Australia’s client-facing operations comes nearly eight months after it was established on March 20. In addition, the company has found work space in Sydney for five workers.

Recent FTX-related company Wee130 as well as FTX USA and its business partner Alameda filed for a Chapter 11 bankruptcy analysis under US law on November 11, the firm day Bankman-Fried also resigned as FTX business manager.

ASIC has indicated that FTX Australia has the right to use the Executive Appellate Assembly to challenge ACIS’ invitation.

Cointelegraph has contacted ASIC and FTX for comment but had not received a response by the time of publication

the post FTX Australia license suspended with 30,000 Australians still reeling It debuted in BTC wires.

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This bullish range pattern aims for $3

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When the crypto winter started this year, it sent the prices of most cryptocurrencies to unexpected lows, and BAND was no exception. The price of the band protocol fell below $5 during the early days of 2022, and by mid-October, the price of BAND had bottomed out at $1. At the time of writing, the Band protocol is ranked #268 on CoinMarketCap, with a live market capitalization of $72.8 million, with a 24-hour trading volume of 52.79 million, up 1.98%.

However, Band protocol was among the best performing cryptocurrencies in the first week of December, jumping 77% to a high of $2.78. The rise in excitement rode from the announcement that the project’s developers are working on revamping the ecosystem. However, as the hype of protocol renewal continues to wane, BAND’s price is attuned to market volatility, joining other projects still suffering from F.TX indoor and length Alcohol market.

The band protocol price reacts to the BandChain Mainnet upgrade hype

The Band protocol was launched to address challenges faced by many decentralized finance (DeFi) applications, making it possible to leverage data from the traditional web. To this end, the project is laying out a decentralized bridge, making it possible to achieve secure interoperability between smart contracts and the traditional web.

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The native symbol for the band protocol is BAND. It grants the holders of voting rights within the network. The BAND token also acts as a delegated proof of stake (DPoS) consensus mechanism for voting for a secure network.

As a blockchain project, the Band protocol provides oracle services to developers. Oracle is a product that facilitates the move of developers to pull data off-chain and bring it into the on-chain ecosystem. For example, suppose you are developing a decentralized sports betting platform, one of the main requirements is external data to build a story in the game. So, instead of getting the data off-chain on your own, the oracle provider will start, using the API to easily merge the data.

Most of the time, bands offer crypto price feeds, and they are popular with DeFi platforms like Injective Protocol and Synthetix. Band also offers datasets on forex and commodities. As such, the protocol is a player in one of the most competitive industries on the blockchain, with Chainlink being the major player with the largest market share to date, among industry peers such as WINKLink and Maker.

The price of the domain protocol hit a high of $2.3 on November 16, five days after cryptocurrency exchange FTX declared bankruptcy. So, it wasn’t clear why BAND was doing fairly well, but all signs pointed to the hype around the news of the developers’ plans to release BandChain V2.4, a vote on the BandChain mainnet upgrade earlier in the month.

The vote, which ran on November 17, saw the domain protocol improved while new features were incorporated into the platform.

From reports, the Band Protocol upgrade will see Bump Cosmos-sdk upgraded to V0.45.10 with ibic-go-to upgraded as well. In doing so, the protocol will be able to support ICA host and state synchronization. The Band platform is also looking to boost its oracle unit throughput by a factor of 10, along with other plans to increase MaxGas per block to 50 million gases. This will change the ecosystem’s ways of calculating gas, making it cheaper for data providers.

The regeneration will also see risks reduced after modifications to Wasm code and in the process boost productivity by a factor of 10. Simply put, the time taken to run the same task will decrease from a worst-case scenario of 0.4 seconds to even less. 0.03 seconds.

Price range protocol feeds into the cup and handle chart pattern

After moving away from the November 16 high of $2.3, Band Protocol price started a downtrend that was halted by the 100-day simple moving average (SMA) which was holding at $1.53. This move resulted in a loss of 31.4%.

The 100-SMA provided a launching pad for the BAND token, which posted a series of higher highs and higher lows that reached as high as $2.7 in early December. The inability of the buyers to sustain the higher highs sent the price lower towards $1.93 before recovering moderately to the current price of $2.07.

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This price action has triggered a cup and handle chart pattern on the 12-hour chart (see below), which indicates a bullish outlook aimed at higher levels. This technical setup is a massively bullish chart pattern which, if confirmed, could trigger huge BAND buys.

Note that the measured move of the BAND cup and handle pattern is a 31.34% rally from the cup neckline indicating a price target of $3.0. The target is below the November 4 high above $3.7.

BAND needs to break above the immediate resistance provided by the $2.2 psychological level and the top of the handle at $2.3, which is embraced by the pattern’s neckline, to overcome the selling pressure and push BAND out of the handle, confirming the bullish breakout. If this happens, the odds of a bullish swing towards $3.0 will increase, bringing the total gain to 44.93% from the current price.

However, this rally will be met with resistance at the $2.42 support and equal peaks around $2.55. An additional barrier may emerge from the $2.84 swing high reached on November 11th.

12 hour BAND/USD chart

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TradingView chart: BAND/USD

Supporting this view was the upward movement of the Moving Average Convergence Divergence (MACD) indicator, which continues its upward trajectory above the center line in positive territory. Note that this trend following oscillator may soon send a BAND BUY call. This may happen in the near future when the 12-period exponential moving average (EMA) moves above the 26-period exponential moving average. If this happens, the ongoing correction could be short-lived with buyers pushing the price off the cup handle.

Moreover, the Stochastic RSI is bullish away from the oversold territory indicating that buyers are starting to return to the scene. This oscillating indicator also showed that the range protocol token has sold off recently, indicating a possible trend reversal. If this happens, interested investors may move to buy cryptocurrencies at lower prices and subsequent demand pressure is likely to push BAND higher.

The bullish thesis of the range protocol is also supported by the fact that the price is sitting on strong support provided by the 50-period simple moving average (SMA) currently at $1.93, the $1.8 psychological level that is being embraced by the 100 SMA, and the 200 SMA at $1.51.

Moreover, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) It also indicates that the BAND is on a relatively strong bearish support. The area is around $1.93 as the 50 SMA sits near the $1.95 to $2.01 demand area where approximately 2.16B bands were bought by approximately 344 addresses.

Scheme of the IOMAP Scope Protocol

Scheme of the IOMAP Scope Protocol
Source: IntoTheBlock

The IOMAP chart shows that this area is strong enough to absorb any selling pressure that threatens to take the price below the 50 SMA.

Can the BAND upward narrative be nullified?

The bullish thesis of the Band Protocol could be invalidated if the price produced a 12-hour candlestick closing below the 50 SMA at $1.93, which coincides with the bottom of the handle. If this happens, chances of a deeper correction increase which could lead the BAND price down to the 100 SMA at $1.8 or the support level at $1.68.

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Moreover, a drop below the $1.65 support will turn the Range Protocol price prediction wildly impulsively pushing the price lower until it hits the bottom of the cup around $1.57 or the 200 SMA below it.

Encrypted gems to consider

Are you ready to find your next crypto gem before the end of 2022?

Dash 2 Trading

Dash 2 Tradingthe popular crypto analytics platform Setting fire to the markets It was built by merchants for merchants. It provides signals for cryptocurrency trading along with on-chain data due to social analytics to help traders and investors augment their data.

The project has breached the $9.1 million mark in the pre-sale underway, with 99.79% of the tokens sold in Phase 3. The last and final phase of the pre-sale is already in the works.

So far, Dash 2 Trade tokens are selling at $0.0533; With a recent development where the project’s native D2T coin has been listed on major crypto exchanges such as Changelly pro. Dash 2 Trade now has three major centralized exchanges lined up for Initial Exchange Offerings (IEOs) when the pre-sale is complete. LBank And the BitMart They are the other two exchanges that have already agreed to list D2T.

This list is an indication that the window to join 70,000 members and become an early member is closing fast. Investors are flocking on board to enjoy the incredible benefits as the project soars in excess of $500,000 in the last 24 hours. The project’s D2T token acts as both a tradable asset and a qualifying token for access to private intel on the platform in the form of signals.

IMPT

IMPT.io, the greenest project in 2022, is now in the final stage of pre-sale. The latest achievement is to collect $1 million in the last 24 hours. The milestone is a watershed moment for those who join early, and you can be one too if you recruit before the presale ends.

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The IMPT project It took the market by storm thanks to its strong fundamentals that have supported it since its inception. IMPT increases the inclusiveness of carbon credit trading, an attribute that has made the project more attractive to investors, individuals and brands alike.

The IMPT Team says its IMPT token will be listed for $0.0253, 10% above the final sale price. If you’re sitting on the sidelines, hurry up and join before the pre-sale ends so you can enjoy the 20x gains you’re most likely to make in 2023.

The project’s tokens will go live on exchanges on December 14, but the fundraising will end on December 11, after which the team will burn the remaining tokens from this phase and allocate the last-stage tokens for a year. If you acquire IMPT tokens within the next 3 days, you will earn a clear 10% profit once IMPT is listed on cryptocurrency exchanges. This follows a move by the founders to set IMPT’s list price at $0.0253 – 10% more than in the pre-sale.

In a message posted to the Discord server, the CEO of IMPT Dennis Creighton It revealed that besides listing on centralized exchanges LBank and Changelly and decentralized exchange Uniswap, seven other exchanges are coming into effect.

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Dash 2 trading – high probability pre-sale

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Ethereum developers target March 2023 for Shanghai hard fork

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according to Discussion At the 151st Ethereum Core Developers meeting on December 8, core programmers set an initial March 2023 deadline for Ethereum’s Shanghai hard fork. Additionally, developers will aim in May or June 2023 to release Ethereum Improvement Protocol (EIP) upgrade 4844 that will provide initial network participation.

Although the long-awaited Proof-of-Stake merger upgrade was completed on September 15, Ether (stETH) is currently in the works. Locked on the Ethereum Beacon Signal Chain. The token was created by decentralized finance protocol Lido, with approximately 3.5 million stETH ($4.48 billion) in circulation. After the Shanghai upgrade, stETH users can withdraw their funds along with any applicable staking rewards to validate network transactions. The Ethereum Foundation said it organized the upgrades in this way to “simplify and increase focus on a successful transition to Proof of Stake.”

After the hard fork, the EIP-4844 upgrade is designed to introduce a new binary data transaction prototype previously invented by the developers on February 21, 2022. Currently, Layer 2 technologies such as Optimistic Rollups can move Ethereum computation and network storage off-chain to improve scalability 10x to 100x . The developers expect that offering large mobile packages that can hold cheaper data in Ethereum transactions could improve pooling capacity by up to 100x. However, while the upgrade will lower transaction fees on Layer 2 solutions, it will not affect Ethereum gas fees.

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Last December, Ethereum co-founder Vitalik Buterin shared just that game over It is for the blockchain to function as a simple base layer, with “the complete convenience of users storing their assets in ZK.” [zero knowledge]Verify full EVM operation [Ethereum Virtual Machine]. Buterin also warned that hash sampling and data availability are “complex techniques” that will take years of scrutiny and improvement to implement.