RIP FSN. Hard to see the project recovering from this.
https://medium.com/@fusionprotocol/fusion-foundation-update-28-9-6479cd0a982d
https://medium.com/@fusionprotocol/fusion-foundation-update-28-9-6479cd0a982d
Medium
Fusion Foundation Response to Compromised Wallet, Sept/28th
What Happened
Block.one charged by the SEC for the EOS ICO
Raised $4 billion. Paid a $24 million fine. Tidy bit of business really.
Block.one used to feature Brock Pierce, but like all his scams, he removes himself from it ex post facto
https://messari.io/article/block-one-charged-by-sec-for-unregistered-securities-offering
Raised $4 billion. Paid a $24 million fine. Tidy bit of business really.
Block.one used to feature Brock Pierce, but like all his scams, he removes himself from it ex post facto
https://messari.io/article/block-one-charged-by-sec-for-unregistered-securities-offering
messari.io
Block.one charged by SEC for unregistered securities offering
The U.S. Securities and Exchange Commission has charged Block.one, the company behind EOS $EOS), with conducting an unregistered securities offering related to the multi-billion token sale. The SEC order finds that Block.one violated the registration provisions…
After BitMax delists one of their own IEO projects, DeepCloud, an advisor to the DEEP project hits back, with claims that BitMax -
- Shane Molidor (former FBG) Head of Biz Dev for BitMax is incompetent
- BitMax's MM burned $1.275m of MM funds for DEEP in a matter of weeks
- BitMax claimed to have bought back $300K USD worth of DEEP tokens from the market when in fact they were brought back with DEEP's own MM funds
- Have followed a similar path with other IEO's on BitMax, DOS, DUO and Ferrum. The only execption is UAT which is George's pet project.
- Finished up with a threat of "Several of the BitMax IEO victims are allegedly looking to join forces to consider legal options; don’t be too surprised to see a visit from the SEC or the NYSDFS at BitMax’s headquarters in NYC."
https://medium.com/lunar-insights/bitmax-exchange-accused-by-projects-of-illegal-pump-and-dump-schemes-5d00a9f941c6
- Shane Molidor (former FBG) Head of Biz Dev for BitMax is incompetent
- BitMax's MM burned $1.275m of MM funds for DEEP in a matter of weeks
- BitMax claimed to have bought back $300K USD worth of DEEP tokens from the market when in fact they were brought back with DEEP's own MM funds
- Have followed a similar path with other IEO's on BitMax, DOS, DUO and Ferrum. The only execption is UAT which is George's pet project.
- Finished up with a threat of "Several of the BitMax IEO victims are allegedly looking to join forces to consider legal options; don’t be too surprised to see a visit from the SEC or the NYSDFS at BitMax’s headquarters in NYC."
https://medium.com/lunar-insights/bitmax-exchange-accused-by-projects-of-illegal-pump-and-dump-schemes-5d00a9f941c6
Wolf Crypto News
After BitMax delists one of their own IEO projects, DeepCloud, an advisor to the DEEP project hits back, with claims that BitMax - - Shane Molidor (former FBG) Head of Biz Dev for BitMax is incompetent - BitMax's MM burned $1.275m of MM funds for DEEP in…
Deepcloud's version of events regarding BitMax, straight from the horse's mouth
https://medium.com/@DeepCloud_AI/statement-in-regards-to-bitmax-delisting-of-deepcloud-ai-1cd0072ade
https://medium.com/@DeepCloud_AI/statement-in-regards-to-bitmax-delisting-of-deepcloud-ai-1cd0072ade
Medium
Statement in regards to Bitmax delisting of DeepCloud AI
It’s quite disappointing to observe the actions taken by the BitMax team, including George Cao himself. The fact is we have had major…
Wolf Crypto News
Deepcloud's version of events regarding BitMax, straight from the horse's mouth https://medium.com/@DeepCloud_AI/statement-in-regards-to-bitmax-delisting-of-deepcloud-ai-1cd0072ade
BitMax just did an AMA in their Telegram group regarding the DEEP project situation.
You can read the full AMA from this link here - https://news.1rj.ru/str/BitMaxioEnglishOfficial/317899
We posted a few main takeaway messages in our public group, you can read them here - https://news.1rj.ru/str/WolfCryptoPub/214333
This is our take on the situation...
1. DEEP released more tokens than originally promised....FACT. This is dodgy and they didn't do themselves any favors here. Lying about circulating supply is one of biggest cardinal sins a project can do.
2. BitMax say they don't have an internal MM, this is BS and anything around that is just semantics. If the project doesn't have direct contact with the MM and the MM strategy, it's internal to the exchange. Obviously in this case, DEEP got fucked by allowing BitMax that much control on the MM. Most people don't realize this, but in a currently illiquid alt market, the MM and the MM strategy is pretty much the number one most important part of the project post list, as sad as this is...Numerous projects have told us BitMax made it a condition for list that the project use their "internal MM" and other projects who have listed on there and have used the "internal MM" have said it sucks. Make of that what you will.
3. BitMax takes part of a project listing fee in tokens. What do you think they do with these tokens? They certainly don't HODL them...As an exchange who controls the MM, where do you think they sell them? You don't have to be a genius to work out this is part of the reason why a project will pump for a moment after list and dump off after. Can't prove this for a fact, but there is no doubt in our minds that BitMax sells the top before they dump to ensure max profits for their free tokens...
4. An exchange "marketing" a project is a meme. This isn't just a BitMax thing, it;s an every exchange thing. An exchange will do a few Telegram and Twitter posts and an AMA, charge a project $100K-$200K and call it a day. They'll count the rest of the ROI for the marketing as the listing itself...Talk about a circle jerk.
5. An exchange doing DD is a meme. As you can see with DEEP and many other projects, an exchange will do just enough to make sure a project isn't an outright scam (at least initially). They do a very basic amount of checks that even the worst reviewer in the space would do as first point of call. When you're talking about getting over $200K USD for a listing, you start to become a little blind to some of the issues a project might have along the way...Of course in this particular case, BitMax found out about the main issue, the fact DEEP released more tokens into the circulating supply than promised 24 hours after list, however they didn't delist the project until 3 months later... (Listing date - 19th of July 2019, Delisting date - 2nd of October 2019).
"Within 24 hours following listing of DEEP, the BitMax.io noted DEEP deposits to BitMax.io wallets in excess of the initial circulating supply that was originally communicated to the BitMax.io team".
George claims this was as he's a "too much of a nice guy" and wanted to "save the project". Maybe we're just cynical, but that sounds like some new age BS to us. Like he really cares about DEEP past how much money it can make him (of which he'd already made his fair share)
You can read the full AMA from this link here - https://news.1rj.ru/str/BitMaxioEnglishOfficial/317899
We posted a few main takeaway messages in our public group, you can read them here - https://news.1rj.ru/str/WolfCryptoPub/214333
This is our take on the situation...
1. DEEP released more tokens than originally promised....FACT. This is dodgy and they didn't do themselves any favors here. Lying about circulating supply is one of biggest cardinal sins a project can do.
2. BitMax say they don't have an internal MM, this is BS and anything around that is just semantics. If the project doesn't have direct contact with the MM and the MM strategy, it's internal to the exchange. Obviously in this case, DEEP got fucked by allowing BitMax that much control on the MM. Most people don't realize this, but in a currently illiquid alt market, the MM and the MM strategy is pretty much the number one most important part of the project post list, as sad as this is...Numerous projects have told us BitMax made it a condition for list that the project use their "internal MM" and other projects who have listed on there and have used the "internal MM" have said it sucks. Make of that what you will.
3. BitMax takes part of a project listing fee in tokens. What do you think they do with these tokens? They certainly don't HODL them...As an exchange who controls the MM, where do you think they sell them? You don't have to be a genius to work out this is part of the reason why a project will pump for a moment after list and dump off after. Can't prove this for a fact, but there is no doubt in our minds that BitMax sells the top before they dump to ensure max profits for their free tokens...
4. An exchange "marketing" a project is a meme. This isn't just a BitMax thing, it;s an every exchange thing. An exchange will do a few Telegram and Twitter posts and an AMA, charge a project $100K-$200K and call it a day. They'll count the rest of the ROI for the marketing as the listing itself...Talk about a circle jerk.
5. An exchange doing DD is a meme. As you can see with DEEP and many other projects, an exchange will do just enough to make sure a project isn't an outright scam (at least initially). They do a very basic amount of checks that even the worst reviewer in the space would do as first point of call. When you're talking about getting over $200K USD for a listing, you start to become a little blind to some of the issues a project might have along the way...Of course in this particular case, BitMax found out about the main issue, the fact DEEP released more tokens into the circulating supply than promised 24 hours after list, however they didn't delist the project until 3 months later... (Listing date - 19th of July 2019, Delisting date - 2nd of October 2019).
"Within 24 hours following listing of DEEP, the BitMax.io noted DEEP deposits to BitMax.io wallets in excess of the initial circulating supply that was originally communicated to the BitMax.io team".
George claims this was as he's a "too much of a nice guy" and wanted to "save the project". Maybe we're just cynical, but that sounds like some new age BS to us. Like he really cares about DEEP past how much money it can make him (of which he'd already made his fair share)
Telegram
George Cao in BitMax.io English Official
Let’s start
6. Again it sounds like semantics on the buyback program. BitMax says they did this from their own funds with the capital for this coming "directly from a segregated account owned by BitMax.io and was distinct from any capital used to provide liquidity of DEEP order books" . DEEP claims these were actually their own funds that were locked up via BitMax. Either way, the takeaway from this is that George himself stated today that "the mm got 680k cash equivalents from deep. Not 1m" while the linked article for the buyback program says there are 3.75 DEEP tokens that will be used "alongside > $1,000,000 worth of USDT and BTC for strategic liquidity provision ("market making") for depth and trading efficiency."
7. Just as an aside, a user correctly pointed out one of the major issues at BitMax right now, that most tokens order spread is high and only bot trading is on most of the low volume coins. On some coins the spread between buy and sell is around 20%...
Funnily enough, this whole situation is a project doing some dodgy things and an exchange doing some dodgy things. DEEP released more tokens then they said they would and possibly sold tokens to private sale at a much lower price than publicly stated. BitMax responded by fucking the project from every angle. What matters most in this situation is the retail investors who ended up holding the bag. RIP to them.
George from BitMax has asked Max from DEEP to allow him to release all private communication between the two on this matter. Max from DEEP stated they will do an AMA themselves reagrding this situation. Either way as you can see from the above, both are guilty parties and we encourage both sides to release the full communication from both teams into the public domain so people can decide for themselves as to which one is more guility. Our guess is that BitMax will try and sweep this under the rug moving forward and that DEEP won't allow release of the communication as it will make them look worse. Let's see...
7. Just as an aside, a user correctly pointed out one of the major issues at BitMax right now, that most tokens order spread is high and only bot trading is on most of the low volume coins. On some coins the spread between buy and sell is around 20%...
Funnily enough, this whole situation is a project doing some dodgy things and an exchange doing some dodgy things. DEEP released more tokens then they said they would and possibly sold tokens to private sale at a much lower price than publicly stated. BitMax responded by fucking the project from every angle. What matters most in this situation is the retail investors who ended up holding the bag. RIP to them.
George from BitMax has asked Max from DEEP to allow him to release all private communication between the two on this matter. Max from DEEP stated they will do an AMA themselves reagrding this situation. Either way as you can see from the above, both are guilty parties and we encourage both sides to release the full communication from both teams into the public domain so people can decide for themselves as to which one is more guility. Our guess is that BitMax will try and sweep this under the rug moving forward and that DEEP won't allow release of the communication as it will make them look worse. Let's see...
IDEX are now offering up to 4x leveraged BTC and ETH
We’re excited to share with you that both BTC and ETH leveraged synthetic assets are now available with up to 4x leverage*. Starting today, all non-US users have access to L/SBTC and L/SETH for long and short Bitcoin or Ethereum exposure.
BTC and ETH at a glance:
Leverage up to ~4x*
No borrow/supply fees or interest rate
No Liquidation penalty or margin maintenance
Expire every 28 days
Built on Market Protocol
We’re excited to share with you that both BTC and ETH leveraged synthetic assets are now available with up to 4x leverage*. Starting today, all non-US users have access to L/SBTC and L/SETH for long and short Bitcoin or Ethereum exposure.
BTC and ETH at a glance:
Leverage up to ~4x*
No borrow/supply fees or interest rate
No Liquidation penalty or margin maintenance
Expire every 28 days
Built on Market Protocol
While we agree Beaxy is most likely insolvent, the CEO posted a message to the Beaxy Telegram group yesterday explaining his absence. Message will be forwarded below.
https://beincrypto.com/ceo-of-beaxy-disappears-as-the-exchange-struggles-to-remain-solvent
https://beincrypto.com/ceo-of-beaxy-disappears-as-the-exchange-struggles-to-remain-solvent
BeInCrypto
CEO of Beaxy Disappears As the Exchange Struggles to Remain Solvent - BeInCrypto
From hacks to internal mismanagement, it now appears that Beaxy exchange is on its last legs with the CEO apparently disappearing entirely.
Forwarded from Artak Hamazaspyan
Hey guys sorry for all the worry about VoB event, I missed for family reasons. Sister's husband is very sick and had to attend to this last minute. Apologies for the inconvenience and causing you to worry
Wolf Crypto News
While we agree Beaxy is most likely insolvent, the CEO posted a message to the Beaxy Telegram group yesterday explaining his absence. Message will be forwarded below. https://beincrypto.com/ceo-of-beaxy-disappears-as-the-exchange-struggles-to-remain-solvent
CZ sticking the boot in...it's been a bad week for crypto exchanges...
Wolf Crypto News
CZ sticking the boot in...it's been a bad week for crypto exchanges...
Twitter
Beaxy
Rumors that our CEO @just_artak has disappeared are false and represent attacks on Beaxy. He simply missed a panel due to family emergency. He has addressed our community directly already and will continue giving updates. We’ve been hard at work on features…
Just as an aside, not all influencers on this list took part in the campaign. Don't take it as gospel.
https://twitter.com/Crypto_Ed_NL/status/1179750131815583744
https://twitter.com/Crypto_Ed_NL/status/1179750131815583744
Twitter
Crypto_Ed_NL
@SatoshiFlipper Most "influencers" are pretty silent about Beaxy nowadays. Let's not forget them.
Coverage from Korea Blockchain week. The hottest project in Korea on the show including Klaytn and Terra! Expert commentary for Korea! Trading tips from the hottest traders including a trader that made 23 x in 48 hours!
https://youtube.com/watch?v=JPeBr6qFzTk
https://youtube.com/watch?v=JPeBr6qFzTk
YouTube
BITCOIN BATTLES $8000 - BREAKOUT TO $14000 IMMINENT! TRADER MAKES 23X IN LAST 48 HOURS.
CRYPTOTRADER NEW SEASON!!!
Coverage from Korea Blockchain week.
The hottest project in Korea on the show including Klaytn and Terra!
Expert commentary for Korea!
Trading tips from the hottest traders including a trader that made 23 x in 48 hours!
🗞️ Sign…
Coverage from Korea Blockchain week.
The hottest project in Korea on the show including Klaytn and Terra!
Expert commentary for Korea!
Trading tips from the hottest traders including a trader that made 23 x in 48 hours!
🗞️ Sign…
Wolf Crypto News
Deepcloud's version of events regarding BitMax, straight from the horse's mouth https://medium.com/@DeepCloud_AI/statement-in-regards-to-bitmax-delisting-of-deepcloud-ai-1cd0072ade
BitMax fires back, not much new in this statement that we didn't already know
https://bitmaxhelp.zendesk.com/hc/en-us/articles/360036309894-Follow-up-to-DeepCloud-AI-Delisting-Announcement-on-BitMax-io
https://bitmaxhelp.zendesk.com/hc/en-us/articles/360036309894-Follow-up-to-DeepCloud-AI-Delisting-Announcement-on-BitMax-io
BitMax
Follow-up to DeepCloud AI Delisting Announcement on BitMax.io
Dear BitMax.io Community,
Follow-up to earlier announcement regarding the delisting decision of DeepCloud AI (DEEP), there has been significant misrepresentation of facts and allegations against...
Follow-up to earlier announcement regarding the delisting decision of DeepCloud AI (DEEP), there has been significant misrepresentation of facts and allegations against...
Exchanges and dodgy deals, name a more iconic duo...
https://twitter.com/CryptoShark/status/1180191114680262656
https://twitter.com/CryptoShark/status/1180191114680262656
Twitter
Crypto Shark
Don't believe everything you read on twitter dot com $xbase
Interesting PR release from Bitfinex. Seems like every exchange is getting some FUD at the moment. Bitfinex has come out swinging on this one using phrases like "We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit".
Wouldn't mind some cheap USDT right now. Anyone remember the tether FUD from last year where it dropped to the low 90's?
https://www.bitfinex.com/posts/423
Wouldn't mind some cheap USDT right now. Anyone remember the tether FUD from last year where it dropped to the low 90's?
https://www.bitfinex.com/posts/423
Crypto news coverage from Korea!
Mike Novogratz makes some bold calls on Bitcoin and ALTS
Tommy Lee also also makes some bold calls.
Full coverage of Korea Blockchain week
https://www.youtube.com/watch?v=UBzcdM8S4mk
Mike Novogratz makes some bold calls on Bitcoin and ALTS
Tommy Lee also also makes some bold calls.
Full coverage of Korea Blockchain week
https://www.youtube.com/watch?v=UBzcdM8S4mk
YouTube
BITCOIN AND ALTS calls by MIKE NOVOGRATZ. Coverage of Korea Blockchain Week!
Crypto news coverage from Korea!
Mike Novogratz makes some bold calls on Bitcoin and ALTS
Tommy Lee also also makes some bold calls.
Full coverage of Korea Blockchain week
🗞️ Sign-up to The Daily Candle newsletter
-Never miss a trend, never miss a trade!…
Mike Novogratz makes some bold calls on Bitcoin and ALTS
Tommy Lee also also makes some bold calls.
Full coverage of Korea Blockchain week
🗞️ Sign-up to The Daily Candle newsletter
-Never miss a trend, never miss a trade!…
Wolf Crypto News
Interesting PR release from Bitfinex. Seems like every exchange is getting some FUD at the moment. Bitfinex has come out swinging on this one using phrases like "We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an…
Looks like the is the opportunistic lawsuit Bitfinex was talking about...
https://twitter.com/KyleWRoche/status/1181192941773230082
https://twitter.com/KyleWRoche/status/1181192941773230082
Twitter
Kyle Roche
Today, @RocheFreedmanLP filed a class action lawsuit on behalf of those who own cryptocurrency against Tether and Bitfinex (and others) for manipulating the cryptocurrency market to create the largest bubble in history. @VelvelFreedman @joemdelich https:…
Facebooks Libra platform has already been "forked"
Open Libra was just presented at Devcon. Includes a VERY fresh Github...
Quite a few names from Cosmos involved but one wonders what the point of this is, consdering the appeal of Facebook's version of Libra was their massive userbase...
In before OpenLibra starts trying to raise funds...
https://www.openlibra.io/
Open Libra was just presented at Devcon. Includes a VERY fresh Github...
Quite a few names from Cosmos involved but one wonders what the point of this is, consdering the appeal of Facebook's version of Libra was their massive userbase...
In before OpenLibra starts trying to raise funds...
https://www.openlibra.io/