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Raze Network Confirms Launch Date of its Triple IDO

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Raze Network is releasing its $RAZE token from April 12. It’s among the notable token listings on the booming Polkadot blockchain.

The burgeoning Polkadot ecosystem is getting closer to yet another milestone as Raze Network has shared the details of its upcoming “initial DEX offering” (IDO). It will be the first offering of this type for a Polkadot-based cross-chain privacy protocol.

The triple DEX offering of Raze governance token, aka $RAZE, will be hosted by Bounce, Poolz and DuckStarter (April 12–13). Raze utility tokens will be among the notable IDOs for these platforms that pioneer the usage of cross-chain pools in decentralized fundraising.

Raze Network has recently completed its latest funding round with major industry participants including OKEx Block Dream Fund, AU21 Capital, Master Ventures, CMS Holdings, X21, PNYX Ventures, Moonwhale Ventures, Tenzor Capital, Signum Capital and Spark Ventures.

The trustless decentralized privacy protocol has also studded list of other industry backers, who participated in its $2.2 million seed and private funding rounds. These strategic investments into Raze Network reflected the faith by these firms in its decentralized anonymous module that underpins all the DeFi stack of the Polkadot ecosystem.

With the successful conclusion of the strategic sale, Raze Network is set to div into the next phase of the community distribution round to fulfill the demand for Raze tokens. Specifically, its upcoming IDO will be followed by a public distribution sale on Balancer Liquidity Bootstrapping Pool.

Raze Network’s applications cater to the burgeoning DeFi market

Raze will soon be releasing details on the whitelisting process, the number of whitelisted addresses, maximum allocation, and minimum allocation which will be communicated through their social media platforms.

Raze Network is believed to be one of the most promising projects building a second-layer decentralized anonymous module. Applying zkSNARKs to the Zether framework, the startup aims to preserve payment and trading privacy while protecting the transparency of users’ assets and behaviors from surveillance.

Raze Network’s applications further extend to the growing DeFi market, giving users a cross-chain middleware solution for concealing transactions when operating on decentralized exchanges.

Somewhere down the line, Raze will improve the liquidity of a high-speed blockchain like Polkadot, partially thanks to its cross-chain interoperability with chains such as Ethereum. The platform also provides economic scalability by supporting trading, anonymity mining for all DeFi products in the Polkadot system.

Following its token public sale, Raze Network will continue to bring in further use cases to its ever-expanding suite of products as it strives toward providing DeFi users with reliable services for protecting their data and transactions.

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Source: https://www.newsbtc.com/news/company/raze-network-confirms-launch-date-of-its-triple-ido/

Blockchain

NFL’s New York Giants Partner With Crypto Asset Manager Grayscale

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The cryptocurrency space continues to expand beyond its borders as Grayscale has partnered with the professional American football team, the New York Giants. As a result, the largest crypto asset manager will become the “Presenting Sponsor” of the NFL team’s charity foundation.

  • The four-time NFL champions announced the collaboration with Grayscale earlier today in a press release. It reads that the latter has become the Official Digital Currency Asset Management Partner of the New York Giants.
  • Both parties aim to enhance their support for the New York metro area, where Grayscale is headquartered, and the Giants are based.
  • Additionally, Grayscale will be the Presenting Sponsor of the charity organization founded in 1993 run by the NFL team called The Giants Foundation Gold Outing.
  • It provides financial assistance in the tri-state area to entities “tackling community issues, improving overall health, and empowering our youth.”
  • Interestingly, Grayscale will host voluntary educational seminars on cryptocurrencies and their benefits for Giants personnel each year at the team’s trading camp.
  • “Our partnership with the Giants is incredibly meaningful because our roots are in New York. We’re excited to partner with such a forward-thinking franchise, to work together on philanthropic initiatives, and to continue to support the New York metropolitan community.” – noted Grayscale’s CEO, Michael Sonnenshein.

  • Pete Guelli, the Chief Commercial Officer of the Giants, described Grayscale as “innovative leaders in the digital currency market” and said his organization expects its new partner to navigate it in the cryptocurrency ecosystem.
  • Founded in 2013, Grayscale is the largest cryptocurrency asset management company enabling institutional investors to gain exposure to digital assets without worrying about storing and managing the funds.
  • The company has enjoyed the past year and a half as the demand for its products skyrocketed. As a result, Grayscale’s AUM expanded by 10x in 2020 to $20 billion.
  • In the first months of 2021, the firm’s assets under management have increased by another roughly $30 billion to nearly $50 billion as of yesterday’s update.
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Source: https://cryptopotato.com/nfls-new-york-giants-partner-with-crypto-asset-manager-grayscale/

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Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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