The Indian Crypto Exchange WazirX is under investigation by the Enforcement Directorate (ED). The exchange company is allegedly charged with several illegal activities. Initially, it was claimed that WazirX is owned by the global crypto exchange platform Binance. But after the charges, Binance rejected the ownership 'rumors' and clearly stated that they don't have any stake or ownership in WazirX! This shocking announcement became one of the greatest concerns in the crypto market. Also, the defender WazirX stated numerous unknown matters regarding the ownership.
Binance vs WazirX :
After rejecting the ownership idea by Binance, the parent company Zanmai Labs is taking the headlines. It is claimed that the real owner company of WazirX is Zanmai Labs, not Binance. Recently, a money laundering investigation is taking place by ED on this crypto exchange company. The 'rumored' owner Binance's founder and chief executive Changpeng Zhao stated clearly that Binance does not have any ownership or shares in Zanmai Labs, the entity operating WazirX, or any other organization under the company.
It seemed that Binance acquired WazirX. But Zhao said that the company published an 'acquired' blog post in November 2019. But the process and transaction never happened.
On the other side the founder and executive of WazirX, Nischal Shetty stated, that Binance indeed took ownership of WazirX two years ago. He said Zanmai Labs is a different entity. It has the license to operate INR or crypto pair on WazirX. While other activity like cryptocurrency transaction and withdrawal is operated by Binance itself through the ownership of WazirX. Ultimately, the exchange company WazirX is still acquired by Binance said, Mr. Shetty.
After the statement of Shetty, Zhao shared that Binance does not hold the owners of WazirX, but it provides only wallet services as a technical solution. That means Binance is a service provider of WazirX, not the owner, according to its executive.
Zhao also stated that the other responsibilities such as user sign-up, log-in, KYC (Know Your Customer), etc. are under the control of WazirX. According to him, apart from providing wallet service, no connection is there between Binance and WazirX.
Zhao further said that his company and its team will help ED if needed. The founder is free to connect with the investigation. Even he proposed ED reach them out for any query.
What Is Happening?
In the last couple of days, WazirX and Binance controversy has been dominating the crypto headlines. ED stopped the WazirX activity after getting the suspect. The enforcement directorate searched on WazirX internal teams. One of the directors of Zanmai Labs was suspected and ED has ceased its bank account. The account had 64.67 crore rupees. ED ordered to freeze the account.
It is charged against WazirX that the exchange company helped 16 fintech companies who are charged with money laundering and illegal activity. Not only indirect money laundering but also, but WazirX was also accused of its complicated unclear ownership structure. Additionally, the company is charged with violating KYC norms and even failing to conduct any enhanced due diligence (EDD).
Other Allegations :
Later it was revealed that WazirX had also issued the transaction record. Most of the transactions were not recorded in its blockchain. Even which bank account is connected or which funds are coming to purchase the assets, are unknown. No records were there. Also, No physical address verification or source checking of funds of the clients are not listed or recorded to the platform.
On the other hand, Binance is a prominent global crypto exchange company. But the controversy between these two renowned companies has sensationalized the crypto market. Both platform users are in a panic.
In this generation of crypto trading, Binance is one of the renowned marketing platforms. Binance comes on the list just before the top crypto currency blockchain like Bitcoin and Ethereum. In this crypto-winter, Binance performed well for its users. It was primarily only a crypto blockchain like other platforms. Later, it became a smart chain. Where users can make their smart contracts without any permissions or costly equipment.
Overview Of The Binance Smart Chain :
Binance started in 2017 as BNB. 3 years later it enhanced the network and aimed to provide a more user-friendly ecosystem. Then it shifted into a smart chain. This smart chain was named Binance Smart Chain. It was a great revolution for the global crypto market. Users and traders got impressed with the Binance smart Chain. It increased a massive interest among the community.
Binance was initially renowned as Binance smart chain but, after a time it was renamed as BNB chain. This chain was expected to gain over 1 billion users within a short span. Above all, this network is a great instance of MetaFi. At that time, the network was planning to become MetaFi. It focused to create the world’s parallel virtual universe. That will consist of games, multiple applications, social media, etc.
After getting overwhelming responses, Binance started to be recognized as a free, open, multi-chain network for creators and investors. This chain does not want any permission. It is a forever decentralized platform that allows the community to create their contracts, and tokens and implement them into the network. Even, this BNB smart chin became larger than the Binance blockchain.
BNB is merged with two primary chains. These are BNB Beacon Chain or the Binance chain and the BNB smart chain. The first chain is considered as BNB chain governance. Whereas, the second chain is regarding EVM compatible, with consensus layers with hubs and multi chains.
Smart Contract: Toothesmart :
This smart chain is connected with large-scale applications, games, social, metaverse, etc. Through this user-friendly platform, smart contracts are developed in various enhanced ways. One of the remarkable smart contracts developed in this network is Toothesmart. This smart contract offers miners purchasing without costly equipment. Toothesmart provides no costly equipment and no pay for electricity virtual miners. Even buyers could get up to 5% revenue after purchasing miners. Toothesmart is a play-to-earn mining Farm, built on Binance smart chain.
The goal of Toothesmart was to create an international community and develop the Toothesmart ecosystem in the market. This smart contract offered some attractive revenue-generating activities to the users. After launching this contract, early members were rewarded if they launched their new product into the network. Whenever users buy miners, each miner will bring 1 mine token every second. These tokens can use to get stablecoins like BUSD. Then it can be reinvested into the market or the miners.
Toothesmart organized an ambassador program where users could earn from each purchase of miners. Even, revenue can be generated from their followers for further purchasing.
Toothesmart was an open smart contract with unique mathematical models. That is based on the successful mining model of Bitcoin and other top cryptocurrencies.
Conclusion :
The Binance smart chain was popularised for its MetaFi. Keeping the eye on the upcoming era, Binance started to shift into the virtual world as much possible as they can. The platform was primarily famous for its crypto exchange services Later, it became one of the renowned bases to develop smart contracts. Users are open to using this stage to create and implement their creativity. They do not need to get any special permission to perform their invention.
Since the last month of 2021, the global crypto market has been trading in a very downtrend. Top cryptocurrencies' falling prices led the whole market downward. The market crash is still now affecting crypto-related funds and organizations. Celsius is one of the leading companies in the crypto market. The US-based crypto lending company recently filed bankruptcy protection to the court. Where all the users are suffering from their withdrawals that are deposited to Celsius. It was reported that Celcius owes $4.7 billion from its users!
What Is Celsius?
Celsius is a prominent lending company for crypto users. It offers a deposited interest to the users. Where a user has to deposit their savings and instead of that deposit Celsius will provide an amount of interest or loan. The fiat assets should be deposited to the company to get a good amount of loan. When it needs to withdraw, Celcius offers some other facilities to the user. Other than this lending service, Celsius has its crypto mining platforms also.
How Did The Concern Arise?
The crypto-winter started last year. Though the new year became more challenging for crypto investors. Along with the altcoins, the stablecoins also fell rapidly. The fall of stable coins like Luna and Terra during May this year, affected several crypto companies. Companies like Celsius, and Stake Ethereum have collapsed due to this stable coin’s downtrend. The companies are connected with the collateral loans in Celsius. But the crash became the main cause of the chaos in Celsius.
On June 12 this year, Celsius suspended all withdrawals of users. The deposited assets were not free from the company. The uses fell into increasing chaos. Other than that, the company started to lay off its employees for cost-cutting. It laid off over 500 employees during this concern.
The number of users' deposits was 4.7 billion US dollars. According to the filing of bankruptcy protection, the company’s total liabilities amounted to $ 5.5 billion. Whereas the total assets of the company are $4.3 billion as of June 13. It was reported that Celsius has repaid loans to Defi lending protocols Aave, Maker DAO, and Compound.
This crypto lending company has also separated the crypto mining unit that is Celsius Mining. During this crash, this mining unit also failed to perform. That’s why the ceasing activity of withdrawals has taken place. The company has invested $500 million into USA’s Bitcoin activities. Also, Celsius was planning for an initial public offering or IPO. This was supposed to launch in May this year. But it did not happen because of the downfall of the market.
While the crypto market crashed, the price of top cryptos started to decline massively. At that time Celsius also took steps to retain its business. Additionally, all miners were sold out with a high discount rate.
The CEO-Statement Affects :
The CEO and the filing person of Celsius, Alex Mashinsky shared the company’s steps that were taken. According to him, the company's digital assets were growing faster than the company aimed to deploy. Then it was decided to deploy certain poor assets of the company. This statement of the CEO made another lane of the crisis. Several users and experts narrated the shared view of the CEO as incorrect. Though, this statement has raised another concern that the bankruptcy was just a rumor! Though as the reports say, the bankruptcy protection was filed just after 9 days of filing activity of the crypto broker Voyager Digital in the same court.
Furthermore, the suspension of the withdrawal took place after the collapse of Singapore-based crypto hedge fund Three Arrows Capital. The filing claimed that Celsius has a hole of $1.2 billion according to its balance sheet.
With the emergence of the new staking system, the staking of DOT has taken a turn for the better. It has helped in simplifying the process and has made the whole process a lot easier. This upgrade which has been introduced in recent times, was a long-awaited one and one that this platform needed for a long. It has made things much easier and simpler for the less technical DOT holders.
More about the new staking experience introduced
The introduction of the new staking platform has brought numerous features that have got all eyes hooked on it. Users are filled with excitement and enthusiasm to have a new experience that they hope shall be rewarding for them in many ways. In this platform, a very simplified as well as a streamlined interface has been introduced which would help users have a very intuitive staking experience.
Teamed up with the introduction of the nomination tools, it has endeavored to eliminate the need for less technical DOT holders to stake with the help of their party staking service providers. Even though the new dashboard is up and running and is available for all to experience in the beta mode, still new features are being introduced in it and the existing features are expected to go through upgrades that would better the user experience shortly.
The Polkadot staking dashboard in its beta form
With the new changes and innovations that have been introduced in this sphere, managing or controlling numerous staking functions through the Polkadot staking dashboard has been quite easy. The interface functions by connecting to the Polkadot wallet that already exists with you. It is, right now, supported by Polkadot JS Extension and Talisman. However, new support systems are emerging to extend their support to the Subwallet as well.
There are also certain provisions made that would give one access to all accounts but only on a read-only basis which would give them a chance to track down their staking experience. These read-only accounts are also supported. The current dashboard, that has been mentioned here has also extended support to various other platforms as well.
What are the features of the staking dashboard?
The features of the staking dashboard have been mentioned below here:-
• One can easily conduct research on the validators, choose their favorite, and nominate their choices as well.
• Due to the availability of the opt-in sub-scan API integration it has been possible for users to check out the history of their payouts.
• It has extended its support for the nomination pools.
• It has also offered handy definitions for various staking terminologies.
• Ut has also extended support for the read-only accounts that are available on the mobiles.
• It also offers provisions for deriving extrinsic -data that can be taken directly from the RPC nodes. It helps in the process of decentralization.
• It also offers a cast and network-wide experience of staking.
Conclusion
To get started with the staking experience one has to first visit the staking dashboard. After that one has to click on the 'connect' option that is visible there, to link a particular account from the compatible wallet extensions. These wallet extensions include Talisman as well as Polkadot JS. To get any address of any account to the dashboard, one then has to select the "Read-only accounts" option. After that one has to ensure that the controller account, as well as the destination for reward, are set upon. It would then be easier for them to improve upon their staking experience or even modify their preferences and setup. One can even get help in understanding the terms given therein from the help option provided.
With the introduction of the new digital currency system, which is of different types, new conflicts have also surfaced. Like any other aspect of the financial system, the digital currency market is also subjected to various scrutinies and tough times. It has faced several ups and downs in its lifetime, mostly because of the uncertain nature of this particular currency. Likewise, the coin, after experiencing an all-time high at a value of almost 0.72 dollars faced a bit of a downward trend, negating all sorts of expectations from it.
Take a look at the ups and downs of Dogecoins
As mentioned above after the rise of the value in the Dogecoins, users expected highly from it and as a result, its value was expected to go higher. To add to it, the appearance made by Elon Musk, on the show Saturday Night lives filled its devoted users with high expectations who hoped that the value of this coin would touch its peak after this. However, on the contrary, the price of this particular joke coin has shattered all expectations and has shown a downward trend.
Currently, as per the latest reports, it has been reported that the value of Dogecoins has come down as low as 0.06 dollars. This trend has been recorded since Musk appeared on the show, that is, in May the previous year. In this show, however, Musk had referred to the Dogecoins several times, in one way or the other, which was the reason why people got their hopes high. As everyone knows the uncertain nature of these digital currencies is such that, their value depends upon the popularity and support it has managed to garner. If a cryptocurrency fails to do that its value automatically lowers.
However, in the case of Dogecoins, steps taken to advertise it and add to its popularity seem to have failed miserably.
State of the coin after the appearance of Musk
Even though Musk had referred to it multiple times on the show, in the weekend update of the show, Musk after multiple persuasion by the cast members, termed the coin as a "hustle". It is difficult to say what acted against the coins after the show aired, but things took a turn for the worst in real-time right after the telecast of that episode. The price of Dogecoin plunged to new lows and as much as 20% of its value went down in a single hour.
There was such a rush to offload the currency during the telecast of the SNL episode, that the platform known as Robinhood, a trading app, was overloaded with Dogecoins transactions.
However, after suffering a dramatic fall, it managed to regain its value and maintained its value at 0.25 dollars, the last fall. However, it has still been falling tremendously low which has raised concerns among its users. As per data recorded recently, its value has even fallen below 0.10 dollars at a certain point in time.
Conclusion
The Dogecoins were created solely because of a joke and were made to mock altcoins. However, after it was able to capture the attention of billionaire Elon Musk, its value plummeted and people started showing interest in it. Musk, soon started tweeting about the coins which were exposed to the public eye. After that, with each tweet of Musk on the joke coins, the price of the coins started rising and touched new heights. It attracted such huge popularity, that it even had a huge fan vase dedicated to it. This fan base intended to take the value of the Dogecoins to new levels and make its price as high as 1 dollar.
