Kategorie: Crypto News

• Hong Kong regulator the Securities and Futures Commission (SFC) published the warning on August 7.
• Crypto exchanges yet to apply for licences but have gone ahead to publicise the same.
• Shiba Memu presale gathers speed with over $1.6 collected from early investors.

Crypto exchanges looking to acquire virtual assets trading licences in Hong Kong have been warned that offering certain services and products are not allowed. 

Meanwhile, one major crypto news headline today has been around Huobi, a crypto exchange looking to set up shop in Hong Kong. The exchange as well as Tron founder Justin Sun have termed insolvency rumours as more FUD.

Quietly gaining fresh momentum despite these developments is the Shiba Memu presale. As seen on the new meme coin’s website, investors eyeing new gems linked to artificial intelligence have poured nearly $1.64 million into the native SHMU token.

Hong Kong’s warning to unlicensed exchanges

The Securities and Futures Commission, Hong Kong’s securities regulator, today released a statement warning that some cryptocurrency exchanges are offering products for which they have no approval or license.

According to the agency, this translates to “improper practices,” by unlicensed virtual asset trading platforms (VATPs).  Per the SFC, some unlicensed exchanges have falsely claimed to have applied for licenses from the regulator when they have taken no such step.

“These untrue and misleading claims give the public a false sense of assurance that the VATP is in compliance with the SFC’s regulatory requirements,” the statement read.

Such claims amount to “fraudulent or reckless misrepresentation” aimed at inducing traders, the SFC warned and have likely been tailored to exploit the transitional arrangements in place as Hong Kong bring into effect new crypto rules relating to retail investors.

“Some unlicensed VATPs set up new entities to provide virtual asset services in Hong Kong. They also publicly announced their intention to apply for licences for these new entities. However, the services and products offered by some of these new entities may not be in compliance with the legal and regulatory requirements under the new regime,”

The SFC’s warning also involved the launch of new products and services, including crypto derivatives and earn accounts – these are not allowed as per the new regulatory framework.

Shiba Memu’s AI-powered token like no other in meme coin-sphere

Shiba Memu is a revolutionary meme token currently in the development phase. When it finally launches, it will boast of a self-sufficient marketing system powered by artificial intelligence (AI).

AI and blockchain technology combine to give this token a unique pull compared to other meme coins. Unlike other meme coin projects, Shiba Memu is designed no to rely on human efforts for traction. Rather, Shiba Memu looks to deploy an AI dashboard that will drive the marketing strategies of the SHMU ecosystem.

For this doge-inspired meme coin, AI promises to be the secret ingredient at the heart of its marketing genius. 

Natural language processing, personalization and AI-powered image and video recognition technology are all integrated to give Shiba Memu the edge over competing tokens, including the likes of Dogecoin, Shiba Inu and Pepe.

Can Shiba Memu be a good long term investment?

Part of the expected success will come from the AI dashboard’s capability to engage with ecosystem users directly. The AI robot dashboard, per the Shiba Memu whitepaper, will gather all there’s in terms of industry news, hype and developments to bring more people to SHMU.

Users on the other hand will have an opportunity provide feedback or give suggestions aimed at creating more traction for SHMU, and in return receive rewards in the native token.

If the project delivers on its AI dashboard, it could potentially slalom towards the top of the meme coin charts. Long-term investors currently participating in its presale could thus be in position for significant returns.

Note that SHMU price increases every 24 hours while the presale is expected to run for just eight weeks – more than half of which is gone.

Learn more about Shiba Memu on the project’s website, or buy SHMU here.

The post Hong Kong regulator warns crypto exchanges, Shiba Memu marches on appeared first on CoinJournal.

• Justin Sun has dismissed the insolvency rumours as FUD.
• Amid the broader crypto market uncertainty, Bitcoin has retreated from the $30k level.
• Meanwhile, the AltSignals presale continues to attract investors as funds raised surpass $1.24 million.

Justin Sun, founder of Tron (TRX), has dismissed the latest rumours around the crypto exchange Huobi, suggesting this is just FUD. Meanwhile, the broader crypto market remains largely uncertain after Tether sell-off and Bitcoin’s retreat from the $30k level.

But despite these events, one crypto project seeing consistent interest is AltSignals, a trading platform that has integrated artificial intelligence into a new algorithm that could be the game-changer for traders when it goes live.

Huobi insolvency rumours

Huobi, ranked 12th among largest crypto exchanges by trading volume, was again in the news this weekend over its solvency status. With USDT selling-off and Huobi witnessing huge outflows, market reaction saw BTC decline to lows of $29,000.

This is after reports emerged of arrests and investigations against the exchange by Chinese authorities. Rumours of the Justin Sun –backed exchange being possibly insolvent also intensified after crypto analyst Adam Cochran highlighted potential discrepancies in the company’s holdings.

Cochran pointed to on-chain data that shows Huobi’s assets at less than $90 million as of August 5, against the company’s latest ‘Merkle Tree Audit’ that indicated it held about $630 million in USDT. It’s these figures that fueled the insolvency claims.

Sun and Huobi have downplayed the allegations around investigations and arrests. According to Xandi, a Huobi community manager, the circulating information was “pure rumours” and that neither Huobi nor Tron has been questioned by Chinese police.

“We find it important to avoid false information in this age and please note all operation has been normal,” Xandi noted.

Hey, Adam:) This is Xandi from Huobi. Neither Huobi nor Tron is questioned by the police and it has been pure rumors. We find it important to avoid false information in this age and please note all operation has been normal as usual:) Let’s stop the spread of false info together!

— 三三 💙 Huobi (@33Huobi) August 6, 2023

AltSignals presale continues amid latest market turmoil

While Sun has added to the FUD call, it appears some investors are spooked, with TVL on the platform declining. The allegations could accelerate fresh declines for crypto if that’s the case, a cascade of which could mirror the events seen through last year’s crypto winter.

However, the investment community can use the opposite effect to their advantage by scouting for top promising projects for what’s likely to become bargain buys.

One of these projects is AltSignals, whose presale can be accessed here.

Why are more people interested in AltSignals’ AI-driven platform?

As noted above, the trading platform is building an AI layer atop its already successful trading algorithm AltAlgo. The new platform dubbed ActualizeAI will be powered by the ASI token and offer several AI-driven trading solutions for traders.

ASI holders have access to ActualizeAI, and can earn rewards from within the AI Member’s Club.

For the trading community around ActualizeAI, access to accurate buy and sell signals will for instance be available in real-time and 24/7 across any market condition. Whether in bear or bull markets, natural language processing, machine learning and predictive analytics are all integrated to offer optimized performance.

AltSignals’ indicators are available for futures, options and long-position trading across cryptocurrency, and stocks among other markets.

What’s the price of ASI today?

Although crypto markets remain wildly unpredictable as shown by the sudded impact of events such as the Huobi rumours, a few key factors are likely to drive ASI price higher after the presale. These include the ASI token’s scheduled launch on crypto exchanges in Q3, 2023, starting with Uniswap.

The token will also list on CoinGecko and CoinMarketCap, while the ActualizeAI Pass NFT Marketplace is also expected to launch in the quarter. Deployment of the ActualizeAI dashboard and debut of live trading in Q1 could also be key positive drivers.

The current AltSignals price is $0.01875 and will rise to $0.02274 at the end of the fourth presale stage. Thereafter, the price could rise significantly given the demand for a token whose community currently exceeds 50,000 traders.

To buy ASI, visit AltSignals.io

The post AltSignals outlook as Huobi insolvency rumours add to broader crypto lull appeared first on CoinJournal.

• Huobi saw a record $64 million in outflows over the weekend.
• The Outflows followed reports that the exchange’s executives had been arrested in China.
• An Angel investor has also pointed to inconsistencies in Huobi’s reserves.

Huobi customers withdrew $64 million over the weekend due to worries about the cryptocurrency exchange company going bankrupt and rumours that Chinese authorities were looking into their management. As speculation persisted, the total value locked (TVL) on the exchange decreased to $2.5 billion from $3.09 billion over the past month.

All these started on August 4 after Chinese authorities allegedly detained Huobi’s top executives. It was reported that the arrests were the result of an investigation into the exchange’s ties to betting websites.

Huobi woes

The rules governing cryptocurrency trading platforms appear to be getting stricter in China. Also, uncertainty exists regarding whether the recent resignation of one of the exchange’s senior executives was related to the ongoing investigations in China.

However, Huobi’s social media manager refuted the allegations and stated that the exchange is “currently doing well.”

But according to angel investor and fintech executive Adam Cochran, Huobi is allegedly having financial issues. Adam Cochran has specifically pointed to some inconsistencies in the exchange’s Tether (USDT) balances.

11/16

So users *think* they have balances of $631M in Huobi, but there is only $90M there.

The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.

— Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023

Huobi’s most recent “Merkle Tree Audit” claims that they hold $630 million in USDT, but on-chain data reveals that as of August 5, they had less than $90 million in assets. This suggests that Huobi might not be able to pay its debts, according to Cochran.

Justin Sun’s response

Justin Sun, the CEO of the Huobi Exchange, has responded to the allegations that the crypto exchange is about to fail.

Huobi in a tweet has also termed the circulating information as a FUD. It said:

The past two days have seen people getting concerned due to the spreading FUD. We want to take a second to respond in the open, with absolute sincerity and clarity

The post Justin Sun addresses Huobi’s insolvency concerns, calls it a FUD appeared first on CoinJournal.