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Tether CEO Denies WSJ Report Of Federal Investigation

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The U.S. federal government is investigating Tether – issuer of the world’s largest stablecoin, USDT – for possibly violating anti-money laundering rules and sanctions, the Wall Street Journal reported on Friday.

  • Following the news, Bitcoin’s price plummeted from $68,600 to $66,589 at writing time.
    Prosecutors at the Manhattan U.S. attorney’s office are investigating whether the USDT cryptocurrency is being used by third parties to evade the law.
  • However, Tether CEO Paolo Ardoino responded to the news by saying that no such investigation is underway.
  • “As we told to WSJ there is no indication that Tether is under investigation,” Ardoino wrote to Twitter. “WSJ is regurgitating old noise. Full stop.”
  • Tether is one of the longest-standing stablecoins and has always managed to satisfy redemptions and maintain its peg until now.
  • Suspicion has circulated throughout the years that its $100 billion reserves cannot be found, but Cantor Fitzgerald CEO Howard Lutnick has claimed that his company looks after the US Treasury bills that are backing Tether’s tokens.
  • Tether has faced attacks from both Coinbase and Circle for allegedly facilitating terrorist financing. “I hope that they’re looking at this seriously given Tether’s reputation, as well as the data that we’ve seen that they’re contributing to terrorist financing and other malign activities,” a Circle representative told Congress in February.
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Cryptocurrency

MemeFi Club Tips Crypto All-Stars Meme Coin Staking Project as Potential Binance Listing

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Popular crypto YouTube channel MemeFi Club just dropped a big prediction about Crypto All-Stars – saying it could land a Binance listing soon.

The project’s staking protocol and rising presale hype have caught the channel’s attention during its latest meme coin market breakdown.

So let’s take a look at Crypto All-Stars and what all the hype is about.

MemeFi Club Thinks STARS Token Could Obtain Binance Listing Soon

With over 3.8 million subscribers, MemeFi Club has become one of crypto YouTube’s biggest names.

The channel, which started as the official content hub for the Web3 fighting game MemeFi, now moves markets with its token outlooks.

Its latest bombshell is a deep dive into Crypto All-Stars.

The video, “Crypto All-Stars & Binance: The Next Big Meme Coin to Stake?,” has racked up 712,000 views in 11 days.

It discussed Crypto All-Stars’ growing market presence and drew parallels to NEIRO – another meme coin that landed a Binance listing.

However, it’s not just this potential listing that MemeFi Club is excited about.

They also seem interested in Crypto All-Stars’ MemeVault staking platform, which sets it apart from typical meme coins.

Such an endorsement from a channel like MemeFi Club is huge.

Given that Crypto All-Stars is still in its presale phase, the interest this video has generated could create even more momentum for the project’s planned DEX launch.

The MemeVault – Where Meme Coins Become Yield-Bearing Assets

Let’s take a closer look at Crypto All-Stars’ MemeVault platform.

Think of it like a rewards hub where investors can stake popular meme coins like DOGE, PEPE, and FLOKI to earn STARS tokens.

For example, someone holding 100,000 PEPE could stake those tokens in the MemeVault, rather than just holding them in their crypto wallet.

This would turn PEPE into a yield-bearing asset.

Built on the ERC-1155 standard, the MemeVault’s main aim is to unite the meme coin landscape into one ecosystem.

The project’s tokenomics structure backs up this goal.

A 25% chunk of the STARS supply has been set aside for staking rewards, with another 25% reserved for development in the “War Chest.”

The presale allocation sits at 20%, marketing takes another 20%, and 10% is set aside for liquidity.

These allocations suggest the team is focused on sustainability.

By encouraging users to stake multiple meme coins in the MemeVault, Crypto All-Stars is betting that interconnectedness will set it apart from the thousands of useless meme coins that launch monthly.

STARS Presale Catches Fire & Raises $2.7M Ahead of DEX Listing

The buzz around Crypto All-Stars has translated to presale momentum.

With $2.7 million raised so far, investors seem eager to grab STARS tokens at the current price of $0.0015248.

The project is keeping things accessible, too – accepting both crypto and card payments.

Looking ahead, the roadmap is packed with potential catalysts.

Token claiming and a DEX listing is expected to happen just after the presale wraps up, which could create huge initial trading volume.

And with MemeFi Club’s recent coverage putting eyes on the project, that Binance listing speculation isn’t likely to die down anytime soon.

The team also plans to roll out the full version of the MemeVault.

Crypto All-Stars’ Telegram channel members are already excited about this upcoming milestone.

Ultimately, as with any presale project – especially one in the meme coin niche – nothing is guaranteed.

But given Crypto All-Stars’ enormous early momentum, it’s one to watch as we enter the final part of 2024.

Visit Crypto All-Stars Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Cryptocurrency

Tether CEO Denies WSJ Report Of Federal Investigation

letizo News

Published

on

The U.S. federal government is investigating Tether – issuer of the world’s largest stablecoin, USDT – for possibly violating anti-money laundering rules and sanctions, the Wall Street Journal reported on Friday.

  • Following the news, Bitcoin’s price plummeted from $68,600 to $66,589 at writing time.
    Prosecutors at the Manhattan U.S. attorney’s office are investigating whether the USDT cryptocurrency is being used by third parties to evade the law.
  • However, Tether CEO Paolo Ardoino responded to the news by saying that no such investigation is underway.
  • “As we told to WSJ there is no indication that Tether is under investigation,” Ardoino wrote to Twitter. “WSJ is regurgitating old noise. Full stop.”
  • Tether is one of the longest-standing stablecoins and has always managed to satisfy redemptions and maintain its peg until now.
  • Suspicion has circulated throughout the years that its $100 billion reserves cannot be found, but Cantor Fitzgerald CEO Howard Lutnick has claimed that his company looks after the US Treasury bills that are backing Tether’s tokens.
  • Tether has faced attacks from both Coinbase and Circle for allegedly facilitating terrorist financing. “I hope that they’re looking at this seriously given Tether’s reputation, as well as the data that we’ve seen that they’re contributing to terrorist financing and other malign activities,” a Circle representative told Congress in February.
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LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

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Cryptocurrency

Lido DAO Approves Community Staking Module for Ethereum Mainnet Activation

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Following a successful vote, Lido DAO has given the go-ahead to activate the Community Staking Module (CSM) on the Ethereum Mainnet.

As the first Lido Protocol feature to allow open access, CSM aims to allow a broader range of participants to operate Ethereum validators, even with minimal technical experience and less than 32 ETH.

Boosting Decentralization

According to the official press release shared with CryptoPotato, CSM will initially roll out to Early Adoption participants, but there are plans to make it fully permissionless soon.

The CSM aims to address several aspects of the Ethereum solo staking landscape by enabling users to participate with smaller ETH deposits. The initial bond requirement is set at 2.4 ETH (or 1.5 ETH for those approved for Early Adoption) for the first validator, dropping to 1.3 ETH for each additional validator.

Early Adoption participants, selected based on a community-led assessment of potential solo stakers, can start using CSM to run validators before it opens up to everyone.

Dmitry Gusakov, Lido Protocol Contributor and CSM Technical Lead, said that the new CSM model will allow more people to contribute to Ethereum’s security and decentralization, creating a healthier, more resilient network.

“We want to break down barriers, making it possible for anyone—regardless of their financial circumstances or technical expertise – to help secure Ethereum. Beyond technology, we’re also supporting the burgeoning global solo staker community through the Community Lifeguards Initiative to ensure everyone has the resources and knowledge they need to succeed.”

CSM Testnet Success

According to Lido, the CSM aligns with Ethereum co-founder Vitalik Buterin’s vision of empowering solo stakers to strengthen the network’s resilience. By enabling more independent stakers to join, CSM helps lessen the concentration of validation control held by a few large, permissioned entities. This increased diversity among operators is expected to boost “Ethereum’s security, resilience, and censorship resistance.”

Starting on July 1st, 2024, the CSM testnet has been live on Ethereum’s Holesky testnet and continues to be available. During this period of over three months, around 370 node operators have taken part, with 70 solo stakers joining in just the first 10 days.

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