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SushiSwap chef sells all his holdings as community cries wolf

The Decentralized Finance [DeFi] space has gained a lot of attention in 2020 and given the hype, it has invited a lot of skeptics as well. Alas, the hype of DeFi seemed to come crashing down on 5 Sept

The post SushiSwap chef sells all his holdings as community cries wolf appeared first on AMBCrypto.

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The Decentralized Finance [DeFi] space has gained a lot of attention in 2020 and given the hype, it has invited a lot of skeptics as well. Alas, the hype of DeFi seemed to come crashing down on 5 September after the anonymous founder of SushiSwap sold all of his tokens, with many yelling “Exit scam!”

However, what people say may not always give the entire picture. In fact, if one had paid some attention, one would know that the Master Chef had already announced his retirement on 4 September via a tweet. He had stated,

“With all the growth of @SushiSwap (and the FUD), I’m considering transitioning the admin control of MasterChef and devshare address to a MultiSig address behind timelock. “

The founder, dubbed @NomiChef on Twitter, noted that the contract was already deployed and all that was needed were the ‘signers.’ The founder stated that ideally, the control should have passed to GovernanceAlpha smart contract for on-chain voting, however, given the exuberant gas cost, MultiSig was the route to take.

The Chef had opened this offer up for 24-hours and provided the list of names nominated for the signer’s position, telling them what to do next. Despite offering all the updates to the SushiSwap community, alas, there was a lot of FUD around the migration. In fact, @NomiChef provided a stepwise breakdown of how the process out to be carried out.

The Chef finally asked community members who believed in the project to “stay through the migration and become part of @SushiSwap in the long run.”

However, as the Chef sold all his Sushis, the market got alarmed and everyone started calling it a scam. @spencernoon on Twitter attached a screenshot of the transaction and simply said, “Called it.”

As a justification, the Chef tried to highlight the example of Charlie Lee, the founder of Litecoin, who in 2017 had also “sold and donated” all of his Litecoin in 2017. However, a part of the community didn’t take the comparison seriously. A Twitter user, @bitdov, stated,

“@satoshilite was there from 2011 till 2017… Doing a Proof of work coin. Your claim that this is in any way similar to what he did is ridonculous. Not that his exit was smooth or something, but at least it was after over 6 years of PoW”

With the community divided, the anonymous Chef continued to state that this was done because they “care about the community.” @NaomiChef concluded,

“All I can say is if this experimentation goes on to success, you guys know the upside. But if people don’t believe in the project, it will fail and we return everything back to the original creator @UniswapProtocol. I am happy with either result.”

Source: https://eng.ambcrypto.com/sushiswap-chef-sells-all-his-holdings-as-community-cries-wolf

Blockchain

Co-Founder of Floyd Mayweather-Backed Centra Tech Sentenced to 8 Years in Prison

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The co-founder of a fraudulent ICO project that duped more than $25 million from investors, Sohrab Sharma, has received a sentence of eight years in prison for his role.

The project itself, dubbed Centra Tech, was previously backed by several celebrities, including the boxing legend Floyd Mayweather and the producer DJ Khaled.

Centra Tech Co-Founder Behind Bars for 8 Years

Founded in 2017, Centra Tech marketed itself as a debit card provider that supposedly allowed purchases with cryptocurrencies at any businesses accepting Visa and MasterCard.

The trio behind the project, namely Robert Farkas, Raymond Trapani, and Sohrab “Sam” Sharma, claimed that a Harvard-educated CEO with over 20 of experience will run the project and that the card had licenses to operate in 38 US states.

However, an investigation from the Department of Justice concluded that the three co-founders had fabricated the information. Consequently, the authorities charged the three men with deceiving investors into allocating over $25 million in the fraudulent ICO project.

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Farkas and Trapani pled guilty to conspiring to commit securities fraud, wire fraud, and mail fraud initially, while Sharma joined them last year, as reported. Now, several months later, he has received his sentencing – eight years in prison, according to the DOJ’s statement.

US Attorney Ilan Graff said that Sharma has “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

He added that “in reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

Mayweather and DJ Khaled Involved

Taking advantage of a common occurrence at the time, Cantra Tech received the endorsement of at least two celebrities – DJ Khaled and Floyd Mayweather. However, both failed to disclose that they had accepted funding for their actions.

Both received charges from the US Securities and Exchange Commission as a result of the investigation. Shortly after, they agreed to pay penalties without admitting to wrongdoing.

The boxer paid $300,000 in disgorgement, a $300,000 penalty, and $14,755 in prejudgment interest. He also agreed not to promote any securities, digital or otherwise, for a period of three years.

The musician paid $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest while agreeing to avert any ICO promotions for two years.

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Source: https://cryptopotato.com/co-founder-of-floyd-mayweather-backed-centra-tech-sentenced-to-8-years-in-prison/

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Mark Cuban’s Dogecoin decision is a mistake: Mike Novogratz

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Mike Novogratz thinks Mark Cuban’s decision to let people buy Dallas Mavericks tickets and merchandise with Dogecoin is a mistake. In an interview earlier today, the Galaxy Digital CEO told Bloomberg,

“I think Mark’s making a mistake there. He’d be better off with 15 other different ways to pay for his tickets.”

The exec also pointed out how the popular meme-coin isn’t exactly the safest bet, adding, “Let’s put people in the safest best stuff, not these joke coins.” To make his case, Novogratz also highlighted that he had actually made money betting on the value of Dogecoin falling on the price charts.

While many in the community were quick to fire back after the exec’s comments, Novogratz’s concerns are understandable, especially since Dogecoin is a meme-based cryptocurrency that was intended to be a joke according to its creator’s own admission. However, as is the case with most cryptocurrencies, the community belief system in a coin may be as important as the tokenomics of the coin itself.

In fact, data suggests that Dogecoin adoption is on the rise. According to crypto-Twitter analytics tracker Swarm Analytics, Dogecoin has consistently been the most mentioned cryptocurrency after Bitcoin and Ethereum.

With its adoption surging over the past few months, Mark Cuban isn’t the only one embracing DOGE as a means of payment. Crypto-merchant service provider Bitpay recently added DOGE to its list of supported currencies, with crypto-ATM operator CoinFlip also making DOGE available at 1800 crypto-ATMs worldwide.

“The rise in popularity and price of Dogecoin means that developers and entrepreneurs will take Dogecoin more seriously and contributions to the project will create a positive feedback loop that increases the popularity of the project,” Daniel Polotsky, CEO of CoinFlip, said.

As things stand, the most telling sign of the coin’s newly-found standing in the market may just be the timing of its most recent dip in price.

Despite last week’s tweets from DOGE’s most influential supporter, Elon Musk, the price of DOGE failed to pump higher, something that suggested that Musk’s influence on the cryptocurrency may be declining. At the time of writing, the altcoin was trading at $0.05151, up by 4.5% in the last 24-hours.


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Source: https://ambcrypto.com/mark-cubans-dogecoin-decision-is-a-mistake-mike-novogratz

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Bitcoin Price Analysis: 06 March

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

In the short-term, Bitcoin flipped the $47,400-level from resistance to support. Bitcoin’s dominance has also been on a steady downtrend over the past few days, with the world’s largest cryptocurrency holding its own above the $45,000-mark, a sign that capital was flowing out of altcoins and into Bitcoin.

In fact, there were some signs that a bullish bias was back in the market as the correlation with the S&P 500 picked up too.

Bitcoin 1-hour chart

Bitcoin Price Analysis: 06 March

Source: BTC/USD on TradingView

The past two weeks have seen BTC trade within the range of $43,810 to $51,370. The mid-point of this range at $47,430 has been an important level of support and resistance over the same time period.

The descending trendline (cyan) was tested once more, and the bulls achieved a breakout as high as $49,400. However, there was some selling there that saw BTC pushed back lower to trade at $48,268, at the time of writing.

A move above $47,400 is an encouraging sign and another attempt to breach the $48,800-$49,350 area of supply is likely to be seen in the short-term.

Reasoning

On the hourly chart, the RSI was oscillating around the 50-mark, with market momentum not in favor of either side yet. The price dip from $49,350 over the past 12 hours was backed by low trading volume, indicating that it could be reversed.

The market’s bears were halted at $46,600 before a move above the trendline (cyan) was seen. Since then, the OBV has been making a series of higher lows to show that buying volume was rising. However, by and large, the OBV was pretty much in the same area it was before showing that short-term volatility notwithstanding, March has seen a deadlock between buyers and sellers.

A retest of $47,400 cannot be ruled out, but it is likely that this level will hold as support if tested. To the upside, a move beyond the aforementioned region of supply will likely see BTC test the $50,000-mark.

Conclusion

A retest of $47,400 or a hike above $49,350 can be an opportunity to enter a long position with a target of $52,000, based on the evidence at hand. Weekend volatility could also rear its head, making risk management all the more important.


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Source: https://ambcrypto.com/bitcoin-price-analysis-06-march

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