Binance CEO Changpeng Zhao has refuted suggestions that he had obtained a $250 million loan from BAM Management, which serves as the holding company for Binance.US. He said he was the one who had lent the sum of $250 million to BAM Management.
Here are some of the major developments from the world of crypto over the past few days
Binance CEO Changpeng Zhao has refuted suggestions that he had obtained a $250 million loan from BAM Management, which serves as the holding company for Binance.US. He said he was the one who had lent the sum of $250 million to BAM Management.
Earlier on September 19, 2023, a report from Decrypt explained court records connected to a dispute between Binance and the US Securities and Exchange Commission (SEC) that the legal team for Binance.US had asserted in the documents that BAM Management US Holdings “issued a $250 million convertible note to Zhao in December”.
Zhao, however, refuted the claim and posted his response on X (formerly known as Twitter). He also uploaded a screenshot of the article in a post and claimed the source “got the direction wrong”. A lot of “wrong information” is allegedly there in the paper, Zhao said in his response.
USDT Owner Scammed Of $4.46M In Phishing Fraud
A Tether (USDT) owner recently fell for a staggering $4.46 million phishing fraud. Etherscan records show that $4.46 million worth of Tether (USDT) were taken out from a Kraken crypto exchange wallet and transmitted to an address that ended in “ACa7”.
Blockchain security company PeckShield has identified the address as belonging to a phishing fraudster.
On September 20, 2023, Scam Sniffer, a Blockchain scam platform, said that the funds were routed to an address connected to a “fake Coinone crypto mining exchange”. According to a Dune Analytics dashboard, scammers have used similar tactics to steal a total of $337.1 million USDT from as many as 21,953 victims.
Crypto Trading Bot Shuts Down After ‘Critical Exploit’
A ‘critical exploit’ has led to a crypto trading bot shutting down within a month of its debut. None Trading, a trading platform for cryptocurrencies and non-fungible tokens (NFTs) built on Discord announced on September 20, 2023 that it had “lost a significant amount of funding” in addition to “team tokens” that were essential to its operations.
“In addition to this, we lost three key team members who were essential to the project’s continued success. We are now in a financial and infrastructure situation that makes it impossible for us to continue operating the business profitably as a result of this sad tragedy. As a result, we are left with no other option but to cease operations as a company,” the company announced in a statement.
The bot was valued at $16.5 million during its token debut last month.
The project’s official webpages, Telegram, and Discord channels are no longer accessible. Also, token holders will have a 30-day window to receive their prizes before going down. The project’s NONE token fell by about 80 per cent to $0.074 per token as a result of the announcement. NONE had a self-reported market cap of $16.5 million at the time of its debut last month. In May, the project got under way.
Before it closed, None Trading marketed itself as the “all-in-one trading solution directly in discord”. Users had the option of using the bot for free or purchase premium trading for 300 NONE. The None Trading bot then received a commission based on each trade in the range of 0.3-0.6 per cent. Its unnamed CEO, Carve, was said to be a 19-year-old who has been working on several projects in the NFT and token space since 2021.