Late last year Forbes initiated an investigation into various transfers from Binance into various hedge funds between August 2022 to December 2022.

The main questions are, does Binance still have control of these funds, and could this end up the way of FTX?

Forbes Investigation

With Binance essentially self-regulating until international and national laws are fully established with regard to the crypto industry, it is mainly down to trust that the big players are performing as well as they say they are and, more importantly, are as liquid as they say they are.

The Findings

Records on blockchain show $1.2 billion of b-USDC being directed to Cumberland DRW, a crypto trading firm, with other collateral moving to Alameda, Justin Sun, and crypto services company Amber Group. The total amounted to $1.8 billion over five months.

Binances response has been lackluster, to say the least, with the b-USDC, a wrapped version of USDC on BNB Smart Chain not controlled by Circle, staying the same supply on-chain after.

What Does This Mean?

The worst-case scenario for this is that Binance fails to maintain backing for its BNB Smart Chain-wrapped assets, exposing its users to significant risk.

Some theories revolve around Binance loaning counterparties the funds backing various Smart Chain assets, in a similar vein to the dire financial practices that led to the downfall of FTX and the loss of billions of dollars of customer funds.

Time will tell if Changpeng Zhao will respond to this.

Ignoring The Doom And Gloom

With news such as this, it is essential to hedge bets and look at how the market will react. Currently, as hedge funds sit with empty accounts waiting to gain capital to reinject into the market, narratives are shifting, and AI technology is sitting at the forefront of the following bullish market movements, regardless of how hedge funds or exchanges may fall.

Avorak is one crypto starting to make waves in the space; with a full suite of machine-learning technologies applicable to both retail and commercial ventures, companies and personal investors alike are moving in. The revenue stream is set to begin in early 2024, with AVRK being the credit to use the Avorak products. A percentage of all revenue is set to be redistributed live to AVRK holders, a feat impossible with regular finance industry practices.

Jumping on this project in the early stages of its ICO will undoubtedly put a hedge against any issues Binance, Circle, or any of the hedge funds may have and will likely put most buyers at the top of the gainers lists when AI truly becomes the market-leading sector for investment.

Want to learn more about Avorak AI?Website: https://avorak.aiWhitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Has Binance Lost $1.8 Billion In USDC? Is This The Next FTX? - Crypto Reporter

The crypto market seems to remain in its sloth phase for a while but even with all the ups and downs, one can have the chance to earn millions by investing in the right coin at the right time. Take a break from traditional investments and have a look at the highly rewarding meme coin universe.

Big Eyes Coin (BIG) is one of the new meme coin tokens in the crypto world. It has already raised $31.29 million and is on the path to become one of the biggest presales in the history of meme coins. It is not just a feline theme token in contrast to the popular dog coins, its uniqueness lies in the fact that the project cares for the environment. While 80% of the total supply of the tokens will be available at the launch, 5% will be deposited in the charity wallet.

Big Eyes Coin, being the cool kitty who loves fish, is keen on saving the oceans, the home of the delectable fish. It supports charities that work for ocean conservation. Sea Shepherd is a direct action ocean conservation movement that aims to protect and preserve the oceans and safeguards marine life by employing vessels that keep an eye on illegal fishing.

Big Eyes as a community token showers the members with cool rewards every now and then. It is giving away up to 5000% bonus to the investors with its new Vault Pin. One has to go the big eyes website and enter Vault Pin 819 before the purchase of the tokens and get one of the following loot boxes as a reward:

$100 gets one a Saver Tin which can give up to $1000 worth of BIG

$1000 gets one a Cutebox which can give up to $10,000 worth of BIG

$5000 gets one a Kitty Vault which can give up to $25,000 worth of BIG

$10,000 gets one a Super Saiyan Box which can give up to $100,000 worth of BIG

$100,000 gets one a Excali-Paw Chest which can give up to $1 Million worth of BIG

The great thing is, the more you spend, the more loot boxes you earn and a bigger chance for winning a stupendous amount of Big tokens.

Wownero (WOW) is a privacy-focused, decentralised cryptocurrency that was launched in 2018. It is a fork of the Monero blockchain, which means that it shares many of Moneros privacy features, including ring signatures and stealth addresses. However, Wownero has its own unique characteristics and goals. One of the main differences between Wownero and Monero is its emphasis on fun and lightheartedness. The projects website describes Wownero as a dogecoin-inspired, CPU-mineable, privacy-centric meme coin with a strong community and a focus on fun. The cryptocurrency also has a fun and whimsical branding, featuring a cartoon dog.

Wownero uses the Cryptonight-Heavy algorithm for mining, which is optimised for CPU mining rather than GPU mining. This means that anyone with a computer can participate in mining Wownero, without needing specialised mining equipment.

Wownero also has a fixed supply of 184.47 million coins, with a block time of 4 minutes. The cryptocurrency has a dynamic block size, which means that the size of each block can change based on network demand.

Safemoon Inu (SMI) is a relatively new cryptocurrency that was created in 2021. It is a decentralised finance (DeFi) token that runs on the Binance Smart Chain network. Safemoon Inu is a meme-inspired cryptocurrency, and its name is a combination of two popular cryptocurrencies, SafeMoon and Shiba Inu.

Safemoon Inu operates on a unique tokenomics model that includes a 10% fee on all transactions. Half of the fee is redistributed to existing token holders, and the other half is split between liquidity pool creation and burning tokens. This is intended to create a deflationary mechanism that will increase the tokens value over time.

SafeMoon Inu has a strong community of supporters and advocates who are actively involved in promoting the cryptocurrency and contributing to its development. This community-driven approach has helped to build a sense of community and loyalty around the token.

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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Big Eyes Coin Gives Huge Rewards With Its Vault Pin While ... - Auralcrave