Last year, a California man pleaded guilty to a mining fraud of at least US$722 million through the BitClub Network. In February, a New York man pleaded guilty to running a Ponzi-like hedge crypto fund that stole about $90 million from more than 100 investors.
Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10% fee to buy tokens and another 10% to sell -- almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation.
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in the statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
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Yield farming involves lending cryptocurrency in exchange for interest payments and other rewards - but it comes with a high degree of risk.
4 November 2021$CAKE #SAFEMOON $CATE $NFTB $SLIM $FEG $YOOSHI $BSCX $LINK $FTM pic.twitter.com/6BCyllEQ3F
The process for buying Safemoon in the U.S. is broadly the same as anywhere else. The main thing is to get Binance tokens into a wallet. Then, you can use a Defi application (like PancakeSwap) to buy your Safemoon tokens.
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In many ways, 2021 has been a “breakthrough,” says Dave Abner, head of global development at Gemini, a popular cryptocurrency exchange. “There’s tremendous focus and attention being paid to [the crypto industry].”
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
We’ll go through the several factors that influence demand for a particular crypto, but before we do that, it’s important to note that cryptocurrencies don’t fit comfortably into our existing asset categories.
Keeping abreast of cryptocurrency news and watching the patterns of trading is key to gain an understanding of each coin. For more information on how to do this effectively, look at our Guide to Day Trading Bitcoin and Other Cryptocurrencies.
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Crypto gains may be fueling the labor shortage as people buck low-paying work and take their chances on risky digital assets, research firm says
Cryptocurrencies use cryptographic protocols, or extremely complex code systems that encrypt sensitive data transfers, to secure their units of exchange.
Rising inflationary pressures are dragging stocks and bonds, which may prompt the Fed to hike interest rates earlier than expected, an expert said.
CYNTHIA LUMMIS: My son-in-law has a shirt that says friends don't let friends sell bitcoin. And that is my investment strategy for bitcoin.