Many so-called Sam Coins have staged a surprising recovery this month, despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings and its former big boss – Sam Bankman Fried – is being tried for a variety of criminal charges, including allegedly scamming FTX clients and investors.
As the crypto market shows signs of vigor in the last few weeks, the value of crypto assets tethered to the now-defunct FTX exchange and promoted by Bankman-Fried, has increased.
Following Bankman-Fried’s arrest, there were worries about the survival of Sam Coins, such as FTT, Solana, Oxygen and Maps, but their prices have since made an impressive ascent.
Former FTX CEO Sam Bankman-Fried. Image: Euronews
Bankman-Fried’s Sam Coins Advancing
FTX’s native token, FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet, which exacerbated November’s major sell-off as investors evaluated fresh information of the connection between Bankman-Fried’s trading arm and FTX.
According to Coingecko data, FTT is up 160% this month after shedding almost all of its value in 2022. The coin is now trading at $1.93, which is a far cry from its recent high of $51.68 from late March 2022.
FTT’s value may have been influenced by rumors that the platform’s operators were assessing the possibility of re-launching the beleaguered FTX.
According to a recent New York Times report, Bankman-Fried planned a strategy with FTX’s sister company, Alameda Research, to boost the prices of certain Sam Coins.
In December, FTX was down around 95% over the previous three months. The token dipped below $1 for the first time one week prior.
Solana. Image: Binance Academy
SBF’s Role In Coins’ Price Surge
Solana, a blockchain ecosystem that garnered prominent support from Bankman-Fried, was previously considered a competitor to Ethereum.
SOL has climbed from a December low of $9.60 to $23.59 on Tuesday, inching closer to the $32 average level it lingered at before FTX’s breakdown.
Other Sam Coins like Oxygen is associated with a decentralized financial protocol, whereas Maps is affiliated with a navigation service. The values of the two cryptos have increased by more than 50 percent this month, although they remain a sliver of their 2021 peaks.
Bankman-Fried played a significant role in the price increase of these lesser-known cryptocurrencies, according to market observers.
As a means of ensuring the profitability of FTX and its subsidiaries, SBF allegedly approached project developers and insisted that they make their trading appearances on FTX.
According to accounts, Alameda would then purchase some of these newly listed coins to jack up their value.
Crypto total market cap at $976 billion on the daily chart | Chart: TradingView.com
Growing Optimism Around Sam Coins
The growing optimism around these SBF-promoted crypto assets mirrors a larger surge in the crypto market. Despite the crypto space’s unexpected twists and turns, many are unfazed. In fact, more people nowadays want to try their hand on bitcoin and other popular digital currencies.
Meanwhile, the exuberance around these Sam Coins indicates, one way or another, a growing desire for riskier investments, which may be driven by hopes that the U.S. central bank would soon stop raising interest rates, and macroeconomic factors won’t make a huge dent on sentiment around cryptocurrencies.
The unstable crypto landscape lost billions at the time of FTX’s crash, sliding below $1 trillion in value. In November last year, the cryptocurrency exchange confronted a cash crunch and sought bailout money.
Rival exchange Binance explored purchasing a stake of the company, but decided against it.
Featured image from The VR Soldier
Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit
Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.
To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.
INTRODUCING CRYPTEGRITY DAO
Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security.
Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.
25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.
In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.
About $ESCROW Token
The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.
ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.
The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.
Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.
Start Trading Now: Hotbit.io
Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.
“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”
Australian Government Flagged FTX Concerns Eight Months Before Downfall
A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.
An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.
In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.
Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months
In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.
The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.
The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.
FTX Licensing Strategy
It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.
Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.
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