Connect with us

Market

Berachain Controversy as Co-Founder Sells BERA Tokens

Published

on


Just days after its mainnet launch and airdrop, the Berachain community is concerned about the project’s visible favoritism toward private investors. There are also allegations about the network’s lead developer swapping large amounts of airdropped BERA tokens.

Despite this, however, Berachain does have a chance to rebuild public trust. If its Proof of Liquidity system gets implemented and becomes operational, it would be a truly novel project.

Questionable Decisions from Berachain Developers

Berachain, the new layer-1 blockchain network, has created notable engagement in the crypto space due to its airdrop and mainnet launch last week. Although the firm has a clear vision to become a novel network with its unique ‘Proof of Liquidity’ mechanism, its marketing and hype are evocative of meme coin culture.

Its pre-launch liquidity platform attracted $2.3 billion in deposits. Berachain also started one of the biggest airdrops this year with its mainnet launch on February 6. Its BERA token also received Binance listing immediately after TGE, along with other major exchanges.

However, trouble has been brewing. When the airdrop happened, users complained that testnet farmers got minuscule BERA token rewards.

Berachain’s blockchain is designed as a self-contained system of three tokens: BERA, BGT, and HONEY, which serve different functions. However, by staking and burning different tokens, users can exploit the system.

“Wait, so all the huge insiders of Berachain, with locked BERA tokens, can stake the BERA, receive BGT, burn the BGT for BERA and then dump? Please tell me this isn’t true. It’s almost criminal,” one user wrote after the BERA tokenomics were revealed last week.

Ericonomic, an observer of Berachain’s blockchain ecosystem, compiled a thread of pressing concerns. Essentially, more than 35% of the BERA token supply went to private investors, and its inflation is much higher than most projects.

Also, private investors can stake BERA to earn liquid rewards that they can easily dump. There are also concerns about one potential core developer dumping his BERA tokens.

“A cofounder [DevBear] is selling tokens from one of his doxxed addresses. He got around 200,000 BERA from the airdrop (this is a really bad thing since he, or the core, designed the airdrop) and then he swapped some of those tokens for WBTC, ETH, BYUSD, etc,” Ericonomic claimed.

Berachain developers didn’t reveal the nature of their blockchain’s staking scheme until recently. Additionally, although they claim that Berachain’s core product will be Proof of Liquidity, this hasn’t materialized yet.

So, all of these factors do make BERA’s long-term sustainability questionable. It might end up being as extremely volatile as non-utility meme coins.

“I’ve always seen Berachain as a breath of fresh air in a place full of scams, something with its own culture and good morals, and I’m not gonna lie—seeing this ‘bad’ launch and the ‘shady’ stuff makes me feel kinda sad. But the end, if the builders keep working as they have for the last few years, Berachain will succeed and become the best place to yield by far,” Ericonomic wrote.

BERA Token Continues to Struggle

As soon as the airdrop took place, BERA’s price began dropping like a rock. It fell over 50% from its intra-day peak post-airdrop, and it continued to struggle the next day.

Ostensibly, Berachain is attempting a novel type of blockchain project, but community confidence has been shaken, and that crisis has been reflected in its valuation.

Berachain (BERA) Price Performance
Berachain (BERA) Price Performance. Source: BeInCrypto

Still, even despite these alarming trends, community members are not totally bearish in their predictions. There is still a lot of optimism around the Proof of Liquidity (PoL) mechanism. The network has significant developer support.

So, if PoL is implemented and the dev community remains committed to leveraging the novel architecture, Berachain could likely overcome these challenges in the long-term.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

ZachXBT Warns of Rising North Korean Influence in Crypto

Published

on


ZachXBT, a notorious sleuth in the crypto industry, has identified an “eye-opening” level of North Korean participation in the space. He claims that several decentralized protocols owe nearly all their trade volume to the DPRK.

ZachXBT discovered this network while trying to freeze transactions from the recent Bybit hack. He worries that the industry may not be capable of solving the problem, inviting anti-crypto regulations.

Extreme Level of North Korean Money Laundering Through Crypto

ZachXBT recently identified the North Korean Lazarus Group as the perpetrators of the Bybit hack. Although the group successfully laundered the stolen money, ZachXBT has persisted in trying to freeze assets and described an “eye-opening” network of North Korean activity in the DeFi space.

“Several ‘decentralized’ protocols have recently had nearly 100% of their monthly volume/fees from the DPRK. Centralized exchanges end up being worse, as when illicit funds flow through them, a few take multiple hours to respond when it only takes minutes to launder,” ZachXBT claimed via Telegram.

ZachXBT has pursued North Korean hacker activities on many occasions, and previously criticized Circle for its slow response in preventing money laundering.

The Bybit hack, the largest heist in crypto history, has highlighted the epidemic nature of the problem. THORChain and OKX were both criticized for facilitating Lazarus’ Bybit laundering.

Other data suggests that ZachXBT’s concerns about North Korean crypto networks are well-founded. Recent data from Arkham Intelligence suggests that North Korea is now the third-largest national crypto holder, behind the US and UK.

North Korean Crypto Holdings
North Korean Crypto Holdings. Source: Arkham Intelligence

Although on-chain analysis can prove that North Korea has these assets, it’s practically impossible to speculate what exactly the country is doing with them.

The nation has been growing closer to Russia, which openly advocates for using crypto to evade sanctions. However, experts have only been able to speculate what North Korea is buying.

ZachXBT worries that North Korea has exposed how broken the crypto space is. He called KYT “completely flawed and easily evadable,” and said KYC is “just a honeypot for regular users” due to breaches and “useless in the majority of cases.”

Overall, it’s clear that North Korea is deeply embedded in the crypto space. Given the country’s reputation, it’s likely that these large proceeds from the crypto industry directly fund its military.

“This industry is unbelievably cooked when it comes to exploits/hacks. Sadly, I don’t know if the industry is going to fix this itself unless the government forcibly passes regulations that hurt our entire industry,” ZachXBT added.

Hopefully, the crypto community can find its own solutions and avoid harmful regulation and inevitable government overreach.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Analyst Reveals Next Major Support

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

Crypto analyst MadWhale has raised the possibility of the XRP price experiencing a breakdown below the crucial $2 support level. The analyst also revealed the next major support if XRP drops below this support level. 

XRP Price Could Drop To $1.90 If It Loses $2 Support

In a TradingView post, MadWhale predicted that the XRP price could drop to the major support at $1.90 if it loses the psychological $2 level. He noted that XRP has demonstrated a classic triple-top formation, with each successive peak showing weaker momentum. In line with this, the analyst asserted that a break below the 42 threshold appears imminent as XRP nears a formidable resistance zone. 

Related Reading

MadWhale further stated that the downward move is expected to extend to at least $1.9, representing an 18% decline. The analyst added that such a price decline aligns with the primary target and a key daily support level. Crypto analyst Ali Martinez had also suggested that XRP could drop to as low as $1.2 if it loses the $2 support. 

XRP
Source: MadWhale on Tradingview

The analyst revealed that the XRP price was forming a head-and-shoulders pattern on the weekly chart, which puts the $2 support level in the spotlight. His accompanying chart showed that the crypto could drop to $1.2 if it breaks below $2. However, despite this bearish outlook, other crypto analysts, such as Egrag Crypto, have highlighted some positive aspects of the XRP price. 

Egrag Crypto stated that the XRP price’s dominance was showing tremendous strength and predicted that if it successfully closed above Fib 0.5, it could soon rally to the Fib 0.888 level. Crypto analyst Dark Defender predicted that XRP could rally to a new all-time high (ATH) if it continues to hold the crucial support levels at $2.04 and $2.22.

The Altcoin Still In Waiting Mode

Crypto analyst CasiTrades stated that the XRP price is holding strong but is still in waiting mode. She added that the bullish structure remains intact, with the altcoin holding above $2.26, which is the key .382 retracement support. The analyst noted that XRP’s price has spent some time flipping the consolidation to support, indicating that markets are setting up for the next move.

Related Reading

The crypto analyst revealed the $2.70 and $3.05 resistance levels and $2.25 support level as the key levels to watch. She remarked that the XRP price needs to flip $2.70 and $3.05 to become support for the confirmation of the next wave up. Meanwhile, CasiTrades suggested that XRP risks dropping to as low as $1.54 if it loses the lower support support at $1.90. 

The crypto analyst also mentioned that the price needs to break above $3.40, its current ATH, to confirm a new trend. Until then, the wait for signs of confirmation continues, which she claimed may not be obvious until wave 3 in the market cycle. CasiTrades asserted that key Fib levels have been breached, and the market is on the edge of a breakout. 

At the time of writing, the XRP price is trading at around $2.29, down over 2% in the last 24 hours, according to data from CoinMarketCap.

XRP
XRP trading at $2.29 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Medium, chart from Tradingview.com



Source link

Continue Reading

Market

Bubblemaps (BMT) Surges 100% After Binance Listing and Airdrop

Published

on


Binance is listing Bubblemaps (BMT), causing a 100% rally for the newly launched altcoin. The exchange also put BMT in its HODLer Airdrops program, further driving engagement and market interest.

BMT will provide key benefits to Bubblemaps, powering its analysis platform and allowing increased community participation in its research and investigations.

Binance to List and Airdrop Bubblemaps (BMT)

Bubblemaps, a renowned blockchain analytics platform, has been building its BMT token for months now. In January, it announced an upcoming token launch, and Binance hosted the TGE on PancakeSwap one week ago.

Now, Binance is listing BMT and adding it to the HODLer Airdrops program.

“Binance is excited to announce the 12th project on the HODLer Airdrops page – Bubblemaps (BMT). Users who subscribed their BNB to Simple Earn (Flexible and/or Locked) and/or On-Chain Yields products… will get the airdrops distribution. Binance will then list BMT at 2025-03-18 15:00 (UTC) and open trading,” the firm claimed in an announcement.

As the world’s largest crypto exchange, Binance listing always tends to boost token valuations. The exchange has also recently announced a new listing process based on community votes and interest.

At the time of writing, BMT price is up nearly 100% today, and its daily trading volume has surged 230%. Current market sentiment suggests significant hype and speculative around the new token.

bubblemaps BMT price chart
Bubblemaps (BMT) Price Chart. Source: TradingView

Bubblemap’s data analytics tools have been instrumental in investigating crypto crimes, and it’s opening these to community participation. BMT holders will be able to submit cases and vote on on-chain research priorities through the new IntelDesk feature, helping decide new goals.

Meanwhile, BMT is the 12th asset to be in Binance’s HODLer Airdrops program. This program rewards BNB holders by periodically distributing free tokens from new projects.

This is mutually beneficial for both parties; Binance can reward its loyal users, and the exposure gives these new projects a real notoriety boost.

Ultimately, Bubblemaps’ token getting listed on Binance seems like a win for everybody. Sophisticated crypto investigations can be a thankless business, and BMT’s success directly subsidizes the platform’s work.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io