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Hong Kong SFC Flags Floki Staking Program As Unauthorized

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The Hong Kong Securities and Futures Commission (SFC) has cautioned the public about potentially risky investment products called “Floki Staking Program” and “TokenFi Staking Program.” 

Both products are affiliated with the Floki ecosystem.

According to the SFC, “Floki Staking Program” and “TokenFi Staking Program” offer staking services and claim to deliver annualized returns ranging from 30% to over 100%. 

However, the watchdog emphasized that neither of the products has received authorization for public sale in Hong Kong.

Staking allows users to earn rewards by contributing to the blockchain’s security. 

When users stake cryptocurrency, they contribute to a staking pool, akin to depositing money into a savings account. 

See Also: Citadel.One Suffered A Cyberattack On The Arbitrum Network, Incurring $93,000 Loss

The proof-of-stake mechanism validates transactions, ensuring the security and decentralization of the blockchain.

The SFC emphasized that the governing body of these two products has failed to convincingly show how it intends to achieve the stated high annualized return targets.

In its weekly recap live spaces on the X (formerly Twitter), the Floki team addressed the SFC development. 

The crypto platform emphasized that the SFC’s only complaint is that the staking programs perform too well.

While unable to provide specifics about its discussions with the SFC, Floki clarified that it collaborated with a marketing agency to initiate the Floki Staking Program and TokenFi Staking Program promotions. 

The agency secured media space, and the Floki team believed it had received approval.

However, the Floki team said they could not speak on whether the marketing campaign would continue for the time being in Hong Kong. 

The team assured its investors it would go through all appropriate channels to fulfill all requirements with the Hong Kong authorities.

The SFC highlights that information about these two products is available online to the Hong Kong public. 

See Also: PayPal To Launch AI-powered Products For End-users And Merchants

Consequently, on Jan. 26, 2024, the SFC included both products and their relevant details on the SFC’s Suspicious Investment Products Alert List.

The SFC cautions investors about staking deals involving digital assets, which might constitute unauthorized collective investment schemes. 

These arrangements carry high risks, and investors may have minimal protection under the Securities and Futures Ordinance, potentially leading to a complete loss of investments.

Additionally, the SFC has emphasized its commitment to enforcing regulatory standards and protecting investors from fraudulent schemes. 

It mentioned that any breach of the law, including the promotion of unlicensed collective investment schemes, will be met with appropriate legal action.





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Press Release

Bitcoin Price Inches Closer to $52K While Algotech Presale Nears the $1 Million Mark

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The cryptocurrency market is buzzing with excitement as Bitcoin (BTC) surges past the $52,000 milestone. Meanwhile, Algotech (ALGT), a promising project, is making waves in its presale phase, inching closer to the $1 million mark.

 

Bitcoin (BTC) Mounts Recovery After Recent Dip

On Wednesday (February 22), Bitcoin (BTC) surged close to $52,000, reclaiming its $1 trillion market capitalization. Despite a dip below $51,000 in the previous period due to market correction, BTC rallied during European trading hours.

This rally propelled BTC’s market value back above $1 trillion, marking the second time since December 2021. Bitcoin saw a 1.7% increase over the past 24 hours, mirroring the broader trend in the market, signaling strong support for the coin.

As demand for spot bitcoin exchange-traded fund (ETF) products grows, some traders are setting their sights on the $64,000 level in the coming weeks. Positive sentiment has been bolstered by strong inflows into U.S.-listed spot bitcoin ETFs, with BlackRock’s IBIT seeing nearly $500 million in net inflows. Meanwhile, outflows from the incumbent Grayscale Bitcoin Trust (GBTC) have been gradually slowing down.

However, there is a possibility of redemptions picking up soon, as Genesis, a crypto lender, has received bankruptcy court approval to sell its GBTC holdings worth $1.3 billion, according to Bloomberg. Swissblock analysts highlighted in a Wednesday report that BTC will likely continue its uptrend as long as it holds the key support level at $46,000, although they cautioned about slowing momentum.

 

Algotech’s Presale Momentum Picks Up

Algotech’s (ALGT) public presale starts with the ALGT token priced at $0.04 in Stage 1. This follows a successful private seed sale where Algotech raised $1.1 million in just two days, selling over 55 million ALGT tokens. Now, with less than 40 million ALGT tokens available for sale, the public presale offers crypto enthusiasts the opportunity to purchase the ALGT token on the Ethereum network (ERC-20).

Algotech represents a state-of-the-art decentralized algorithmic trading platform tailored to the dynamic realm of trading. Through its sophisticated algorithms and machine learning capabilities, Algotech enables traders to navigate intricate markets with efficiency, precision, and reliability.

The TradFi platform is spearheading a revolution in cryptocurrency trading by introducing its advanced decentralized algorithmic trading platform, which disrupts traditional manual trading methods. By harnessing cutting-edge algorithms and blockchain technology, Algotech ensures transparency, immutability, and security, effectively overcoming the limitations of manual trading. Tailored for the dynamic cryptocurrency trading realm, its platform executes precise investment strategies.

Backed by its superior technology and market sentiment, the ALGT token is expected to rally ahead of its presale price of $0.04 all the way up to $0.15 at the end of the presale. Some analysts are even predicting a price point of $1 once the project is listed on major exchanges.

 

You can find more details about this project:

Visit Algotech Presale

Join The Algotech Community



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ProBit Global Crypto Exchange Lists GTAI On Its Platform

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  • ProBit Global cryptocurrency exchange has listed GT Protocol’s token, GTAI on its platform.
  • Trading, deposits, and withdrawals commenced February 15.
  • GTAI token holders benefit from GT Protocol’s Web3 and AI technologies, offering solutions across CeFi, DeFi, and NFT markets.

Prestigious global cryptocurrency exchange ProBit Global lists GT Protocol’s GTAI token, enabling seamless cryptocurrency trading and portfolio management. 

GT Protocol is a multichain protocol for DeFi investment pools management & decentralized copy trading on DEX platforms.

In an announcement on ProBit Global’s official website via press release and subsequent social media posts, the move marks a milestone for the broader crypto ecosystem. 

See Also: Bitcoin Target $63,000 By March 2024, Is This Achievable: Matrixport Report

The announcement also highlighted that trading pairs GTAI/USDT were made available from February 15, facilitating seamless deposits, withdrawals, and trading activities.

Leveraging advanced Web3 and artificial intelligence technologies, GT Protocol claims to offer a transformative solution that spans across traditional centralized finance (CeFi), decentralized finance (DeFi), and the burgeoning NFT markets.

GT Protocol’s token, GTAI, serves as the backbone of the platform’s ecosystem, facilitating various functions. 

At its core, the token fuels the ecosystem rewards, incentivizing active participation within GT Protocol.

Moreover, with long-term holdings, staking, and exclusive product perks, GTAI token holders stand to benefit from significant advantages by supporting GT Protocol’s goal of making it easier for people to join the global cryptocurrency market.

Addressing the listing, ProBit Global BD and Partnerships Manager, Onur Özcan, stated,

“We’re thrilled to boost accessibility of AI tokens via our sizeable footprint and user base, especially given the market conditions and investment opportunities that exist in the AI space at the moment.”

Looking ahead, GT Protocol, fueled by the features of the GTAI’s ecosystem, aims to improve accessibility in cryptocurrency investing, particularly, for new traders.

See Also: Reddit Announced Its Bitcoin (BTC), Ethereum (ETH) Holdings Ahead Of IPO

ProBit Global was founded in 2018 and is among the top 20 crypto trading platforms, featuring access to 800+ cryptocurrencies and over 1,000 markets. 

The platform is distinguished by its robust crypto trading interface, compatibility with automated trading bots, and inclusion of a fiat on-ramp supporting 45 currencies, ProBit is a user-friendly experience for all.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Axie Infinity Co-Founder Loses $9.7m 3,248 Ethereum Wallet Hack

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  • Two personal crypto wallets of Axie Infinity Co-Founder, Jeff “Jihoz” Zirlin, got compromised, allowing the hacker to walk away with $9.7 million worth of Ethereum (ETH).

Two crypto wallet addresses belonging to Jeff “Jihoz” Zirlin, one of the five co-founders of Axie Infinity and Ronin Network, were hacked, and roughly $9.7 million worth of Ethereum (ETH) 

On Feb. 23, blockchain investigator PeckShield alerted about a “whale wallet” compromise over the Ronin Bridge, reporting that the hacker made away with 3,248 ETH. 

Aleksander Larsen, co-founder of Ronin Network, immediately responded that “the (Ronin) bridge itself has top security” and suspected a wallet hack instead.

Larsen also highlighted that the Ronin Bridge had been audited and is designed to pause if an unusually large withdrawal is detected. 

See Also: Crypto Gaming Platform PlayDapp Lost $290 Million Worth Of PLA Tokens In Two Hack Exploits

Soon after, Zirlin confirmed that two of his personal wallets had been hacked. He said the attack was not due to vulnerabilities within the Ronin chain or Sky Mavis operations, adding:

“I want to assure everyone that we have strict security measures in place for all chain-related activities.”

PeckShield said that the root cause of the hack was a “wallet compromise,” which allowed the unauthorized outbound transfer of funds.

While no particular details were shared about the events that led to the hack, Zirlin’s message suggests that the private keys of the two wallets were leaked, which led to unauthorized access to his personal crypto wallets.

PeckShield’s investigation of the compromised wallets from Ronin Bridge v2 suggests that the 3,248-ETH loot was initially split and moved to three different wallets. 

The funds eventually made their way into Tornado Cash, a service often used by hackers to anonymize the funds’ ownership and traceability.

On Feb. 1, Binance froze $4.2 million worth of stolen XRP, a part of the $112-million hack on Ripple co-founder Chris Larsen’s personal wallet from Jan. 31.

Unlike Axie Infinity’s Jihoz hacker, Larsen’s hacker didn’t use crypto mixer services or decentralized exchanges to hide their identity. 

As a result, Binance was able to track down some of the funds and block them from the hacker’s access.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN





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