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Token/Security-Issuing Kaddex is Kadena

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What do Italian Food, Kadena, and Kaddex all have in common? Rome born, New York based, Francesco Melpignano.

Kadena (via CT-USA based Kadena LLC and DE-USA based Kadena Public LLC) is a layer 1 proof of work blockchain developed out of New York. Almost the entire team are US citizens, living and working in New York, USA. Unlike most blockchain technologies and crypto currencies, Kadnea has taken a novel and honorable approach making their business operations transparent and the team behind the work public, subjecting themselves to high requires of being based in a US jurisdiction: a difficult task to navigate in the crypto world. To point, they publish the real names of their team on their website: https://www.kadena.io/team, archived at https://perma.cc/CPB2-M7T5.

They have gone to extreme lengths to ensure compliance with US law and SEC regulations, including filing compliant SEC reporting (see: https://sec.report/CIK/0001705865)

Price conversations are forbidden from their social media channels (Telegram, Discord) and strategic business decisions always dictated by optics and law.

Everything would seem above board, but that is far from the truth.

One might ask why such an “open and transparent” entity in the blockchain and crytpo space suddenly seem to endorse and partner with an decentralized anonymous organization exchange called “Kaddex” where every employee uses presdunyms without any real name association (i.e. mandrake, frogman)? Money, fame, and legal liability. Token-issuing (yes, likely security-issuing) Kaddex is tightly coupled and operated in concert with Kadena, including directly overlapping employees.

After some incredible investigative journalism (thank you ShipPoster & MichaelPatton) on a telegram channel, we discovered that Kadena is likely running Kaddex (a token-issuing decentralized exchange) through Redwing Technologies/Redwing Labs and their affiliates, likely in breach of United States and Italian Securities Regulations.

Specifically of concern is the issuance of KDX tokens to investors through their website sale.kaddex.com (screenshot below). KDX tokens are not stable coins or tied to a fiat-value, but rather investments in the Kaddex exchange. Users exchange Kadena tokens (KDA) for Kaddex tokens (KDX) at a rate of 5 KDX for every 1 KDA.

An analysis of commentary on various social media channels, including Telegram and Discord groups supports the fact that the general public viewed this as an investment and that they would “get rich” by purchasing these tokens. Kaddex provided no advisement of risk, prospectus, or other traditional (and required) investment disclosures.

Blockchain and crypto evangelists pushed this sale across the internet, inclduing Medium. See: https://medium.com/kadenacoin/how-to-participate-in-the-kdx-sale-33e37586e45b, archived at: https://perma.cc/8CVE-W2NC

End-users provided a whopping 2,952,718 KDA tokens (at today’s valuation that is over USD $5.5 million) as an investment to Kaddex (source: https://balance.chainweb.com/). The issue is that this is likely an over-the-counter security sale by investors, many of which do not meet the requirements to engage in such a sale (specifically the accredited investor designation under SEC Regulation D). This token/security issuance contrasts starkly with the accredeted and SEC-disclosed investments made into Kadena LLC and Kadena Public LLC.

This token/security issuance is in complete juxtaposition of their commitment to regulatory compliance and as discussed quite likely a violation of securities regulations.

Kadena, through its proxy entities, has potentially violated both federal law and securities regulations in multiple jurisdictions, specifically the United States and Italy.

Francesco Melpignano, head of Business Development of Kadena (see: https://www.kadena.io/team, archived at https://perma.cc/CPB2-M7T5) owns and operates Redwing Technologies. Redwing (through multiple legal entities) is behind the development of Kaddex and the the issuance of these KDX tokens. More details are below on the legal entity structure.

After we broke the news to the Kadena team that we intended to publish this information, Francesco and the Kadena team began a massive cleanup project trying to remove any connection between Kadena and Redwing Technologies (Kaddex).

This cleanup included Francesco Melpignano deleting his LinkedIn profile previously located at https://www.linkedin.com/in/francesco-melpignano-9bbb5b73(see archived Google copy: https://perma.cc/43KM-8L5N)

Threats began rolling in an attempt to chill communications and prevent publication of this article.

  1. A significant contributor and what appears to be the chief architect behind much of the Kaddex code is a github user called sportelliguglielmo https://github.com/sportelliguglielmo, archived at https://perma.cc/9FCM-Z7FN
    https://github.com/KaddexGit/kaddex-home-page, archived at https://perma.cc/5K6V-E8DY
  2. An analysis of his commit history and work shows that he has contributed a significant majority of the work on Kaddex (https://gitmemory.com/sportelliguglielmo, archived at https://perma.cc/MNZ5-KSK)
  3. Guglielmo Sportelli works for, you guessed, it, Redwing Labs. Analysis shows that github user sportelliguglielmo is almost certainly Guglielmo Sportelli, Application Developer at Redwing-Labs
    See:
    https://www.scribd.com/document/530831258/Redwing-Labs-Kaddex-Kadena-Guglielmo-Sportelli-LinkedIn
    https://www.scribd.com/document/530792427/Kadena-Kaddex-Redwing-Technologies-Guglielmo-Sportelli-Linkedin-Excerpt
  4. Redwing’s own Corporate website states “[they] believe in building our digital solutions using the latest technology available such as block chain, artificial intelligence and the IoT.” (https://redwinglabs.com/about-en/, archived at: https://perma.cc/33Y9-LF6V)
  5. Redwing Labs (through the legal entity RWL S.R.L. was founded on 31 May 2019. In late 2018 (likely December), in anticipation of the launch of the company, Redwing acquired their domain redwinglabs.com through TLD PROS, a domain broker. The domain was registered to New York-based Francesco Melpignano. In August 2019, the domain was finally updated in the name of RWL S.R.L as it remains today.
  6. The domain whois history, website hosting records, and domain servers all are tightly coupled and overlap in numerous places which would bring any reasonable prudent person to acertain these are operated by the same group of people.

Redwing exists as and conducts operations through multiple legal entities across numerous jurisdictions, including the United States and Italy.

  1. REDWING TECHNOLOGIES, INC. (Nevada, United States)
    Founded: 1 February 2017
    Entity Number: E0051812017–1
    President: Francesco Melpignano
    (see: https://www.scribd.com/document/530787164/Kadena-Kaddex-Redwing-Technologies-Inc-NV-Corporation)
  2. REDWING TECHNOLOGIES SRL (Brindisi, Italy)
    Founded: 6 April 2016
    Registration Number: 02484510744
    REA Number: BR-149418
    VAT: 02484510744
    Managing Director: Francesco Melpignano
    (see: https://www.scribd.com/document/530815489/Kadena-Kaddex-Redwing-Technologies-SRL-Company-Registartion-Report)
  3. RWL S.R.L. [Redwing Labs S.R.L] (Brindisi, Italy)
    Founded: 10 June 2020
    Registration Number: 02595870748
    REA number: BR-157688
    VAT: 02595870748
    Managing Director: Francesca Colucci
    (see: https://www.scribd.com/document/530805628/Kadena-Kaddex-RWL-S-R-L-Company-Registration-Report)

You may wonder why RWL S.R.L (d/b/a Redwing Labs) does not publically list Francesco Melpignano and who is Francesca Colucci. The answer is simple: From July 2020 – January 2021, Francesca Coluccii served as a company secretary for hire, especially incorporating legal entities and serving as their face to the public. This helps provide anonymity to those behind the legal entity. (see: https://www.scribd.com/document/530831758/Kaddex-Kadena-Redwing-Labs-Francesca-Colucci-LinkedIn-Profile)

However, technical forensic analysis shows that RWL S.R.L is tied directly to Redwing Technologies SRL and Regwing Technologies, Inc, both of which publically list Kadena employee Francesco Melpignano.

Francesco Melpignano, the self-proclaimed owner of Redwing Technologies, writes:

The overlap between Kadena and Kaddex is startling. Linguistic profiling shows the writing style, cadence, vocabulary, and more are identical between several members of the Kadena and Kaddex teams. For example, the self-proclaimed director of Kaddex, Mandrake is almost certainly Francesco Melpignano.

At the time writing, three websites were hosted on Kaddex’s dedicated (or VPS) server with IP address 85.10.225.12. This

  1. Kaddex.com
  2. Kaddex.org
  3. Contadini.com

Contadini.com is another Redwing Labs project co-hosted on the same dedicated server as Kaddex. I’ll let your mind determine if there is any connection or resemblance to these other Redwing Labs projects.

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Source: https://medium.com/@kadena_kaddex/token-security-issuing-kaddex-is-kadena-f55cb1f8b12e?source=rss——cryptocurrency-5

Blockchain

What Is a Trailing Take Profit?

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Cryptorobotics

Today, cryptocurrency trading is considered one of the most demanded and profitable ways to invest in cryptocurrencies. However, cryptocurrency trading is a rather complicated and time-consuming process that requires a deep understanding of the market from a trader. After all, a lack of knowledge and proper experience can lead to significant losses. The main difficulty for traders is that the cryptocurrency market is unpredictable enough, and the price of assets fluctuates very often. Fortunately, there are now a lot of crypto trading platforms on which traders can enter transactions even with minimal experience and knowledge in this field of activity. The best trading platform for trading is Cryptorobotics.

On the Cryptorobotics platform, you can set up and implement a trading process, both manually and algorithmic.

Many traders who trade cryptocurrencies through this trading terminal are already familiar with the function of the Take Profit that increases the chances of making a profit from cryptocurrency trading.

Take Profit is a type of pending order to close a deal when the price reaches a certain profit level. If the price reaches the Take Profit mark, then the deal will automatically close and fix the received profit.

But with a possible increase in the price of an asset, each trader can set a Trailing Take Profit. This tool is intended to maximize your income.

Let’s take a closer look at what Trailing Take Profit is and how it works.

What is Trailing Take Profit?

Trailing Take Profit provides you with placing an order when a certain percentage of the maximum of the market price is reached in conditions of increased market volatility.

Trailing Take Profit moves with the price when it moves in a favorable direction. The order guarantees a profit by leaving the position open and following the price in a profitable direction. If the price reverses in an unprofitable direction by a certain percentage, this type of Trailing Stop Order will close the trade at the market price.

How does Trailing Take Profit work?

A Trailing Stop Order can be placed when you open a new trade. As we have already mentioned above, for a long position, a sell Trailing Stop Order will be placed higher than the open price of the position on the chart. The trailing stop price is increased by a certain percentage. A new trailing stop price will be created when the price starts growing. In case the price is falling, the trailing stop discontinues its movement. If the price changes by more than the specified percentage of deviation from the peak price and reaches the trailing stop price, then, a sell order will be placed. To close the trade, a sell order will be placed at the market price.

The Trailing Take Profit is the exact opposite of the Trailing Stop Loss.

What is the Trailing Stop Loss?

Traders place a Trailing Stop Loss during the opening of the order. This type of Trailing Stop Order could be placed with the aim to help limit losses and protect profits when a price moves in an unfavorable direction.

For a short position, a Trailing Stop Loss will be placed below the open trade price. The trailing stop price is decreased by a certain percentage. A new trailing stop price will be created when the price is falling. When the price starts growing, the trailing stops moving. If the price changes by more than the specified deviation percentage from its lowest price and reaches the trailing stop price, then, a buy order will be opened. To close the trade, an order will be placed to buy at the market price.

How to start using the Trailing Take Profit on the Cryptorobotics trading platform?

To start using this function in the Cryptorobotics trading terminal, you should implement the following acts:

  • Go here and pass the registration process.
  • Set up an account on one of the exchanges that are available on the Cryptorobotics platform.
  • After creating an account, you should bind it to the terminal by using the API key.
  • Transfer funds to the exchange wallet (in the absence of funds).
  • Click on the Trade button.
  • Select the exchange.
  • Select the crypto pair.

It is worth noting that if you want to search your crypto pair much faster, you can click on the heart to add it to your Favorites section.

After you click on the pair that was chosen by you, you will have access to the chart in a new window.

In order to set Trailing Take Profit, you need to set additional settings for a new order.

Any type of order available in the terminal can be used to place an OCOs or smart order: market, limit, and stop-limit.

Let’s take a look at the limit order. In the Trade section of the tab, when you click on the Smart order button or the Buy button, a settings window will be opened.

The upper part is intended for placing a buy order. To customize it, you have to follow these steps:

  • In the upper field, indicate the price at which you want to purchase this coin.
  • Indicate the amount of the purchased coin.
  • You have an opportunity to use a certain percentage of the deposit (25%, 50%, 75%, 100%).
  • You can also set the balance in the main currency. If you add your value there; then, the required amount will be updated in the Number of coins.
  • The price value can also be set by moving the level on the chart.
  • Activate Take Profit. Take Profit indicates the price at which the order will be closed in profit (in percentage). Take Profit can also be set by moving the level on the chart.
  • Activate Trailing Take Profit by adding a checkmark, and you need to specify the distance in %.

You can use Stop Loss and Trailing Stop Loss. When setting Stop Loss, you specify the loss (in percent) that you are willing to go when the price is falling. When this value is reached, the order will be closed automatically. The Stop Loss can also be set by moving its level on the chart.

You are able to use both the exact price level and the percentage with help of moving the slider or indicating its exact value in %.

As for Trailing Stop Loss, it is also activated by adding a checkmark.

We advise you to use Trailing Stop Loss only in a growing market. During the flat market, this function can reduce your profits.

After you have specified all the parameters, you need to click on the green Buy button in the lower-left corner, and the order will automatically go into operation.

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Source: https://medium.com/@cryptorobotics/what-is-a-trailing-take-profit-2cac30f1a0b4?source=rss——cryptocurrency-5

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Blockchain

Wormhole #7: PolyGamma Finance Review

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PolyGamma (L4) is by the same team behind PolygonFarm (L1), PolyAlpha (L2), and PolyBeta (L3). PolyBeta is a project that we’ve reviewed and Wormhole-ed previously.

At the time of writing, PolyGamma seems similar to PolyBeta in terms of product features. It has the standard farming, dividend pool and vault features (for both its native and native LPs). The only difference is that PolyGamma doesn’t seem to have the lottery system that PolyBeta had.

The project team has also stated that L5 will be their last layered farm. After which, they plan to launch an NFT project and profits will support all their layered farm tokens.

For the newest layer, PolyGamma (GAMMA):

  • Max Supply: 70,000
  • Emission Rate: 0.04 GAMMA per block
  • Listing price: $1

Assuming that emission rate remains constant, max supply will be reached at block 22223090 (~approx 43 to 45 days from farming launch).

Based on what we can see:

  • Liquidity providers for L2 and L3 native tokens are still incentivized through the farming of L4 token.
  • L2 and L3 natives are following the standard farm chart and found stable price floors — which means it could be consolidating for an upward movement. Nonetheless, natives are rather volatile, and providing liquidity can result in potential IL.
  • L4 native will return to a stable price after ATH. APRs will continue to fall due to profit taking, so get in fast before it’s all gone!

The project has a Low Risk rating for its latest layer, PolyGamma, as well as its other 3 layers. The project owner has also done a KYC, and you can read more about RugDoc’s KYC process here.

Any malicious actions from the KYC’ed applicant can be prosecuted with legal action, so developers undergoing the KYC process show the first steps towards transparency.

PolyGamma has also locked its liquidity with RugDoc:

  • 1,366 WMATIC-GAMMA LP tokens (~55 at time of review) — Txn Hash: 0xe75d5b…449382
  • 0.00174 USDC-GAMMA LP tokens (~79% at time of review) — Txn Hash: 0xfc00f…c5d6d1

Audits

The project has completed a total of 5 audits across its layers:

Paladin is one of the leading audit firms in the DeFi space and also a RugDoc recommended audit firm.

There are 2 risk levels that we’ve assigned to PolyGamma, namely:

  • High Risk: Potential IL due to the project’s earlier layers dumping. If there’s low liquidity for the earlier layer, we recommend staking with small amounts, then DCA in with larger amounts to make the most of your profits. Our Wormhole contracts also protect you from any large slippage risks with a maximum slippage of 5%. This safeguard will thus cause your transaction to fail, thereby keeping your capital safe.
  • Low Risk: Assigned because of deposit fees (to the specific project, not Timeleap), but once again, you’re likely to earn it back through farming

Standard risks also apply across all Wormholes regardless of project:

  • Project decides to adjust multipliers to encourage liquidity migration to other pools
  • Project decides to change emission rates
  • Insufficient utility for native token may cause native dumping, which affects APR
  • Poor community management resulting in FUD

Please make sure you understand the risks and the associated terminology prior to staking in a Wormhole!

Website: https://polygamma.finance/

Docs: https://polyalpha.gitbook.io/polygamma-finance-1/

Twitter: https://twitter.com/PolyAlphaFi

Telegram: https://t.me/PolyAlphaFi

At the time of writing, we’re seeing some amazing APRs and APYs — we had to display those APYs as such because there’s no way we could fit all the numbers into the card UI 😂

Even the Low Risk Wormholes are getting some of the sweetest APYs in the market for stables and large caps!

High Risk Wormholes
Low Risk Wormholes

Wormholes are estimated to officially launch within the hour after PolyGamma launches its GAMMA farming layer.

This is so that we can verify that the project’s MC used on chain is the same as the one on their UI — a safety precaution as projects switching out their MC is a common type of rug.

We’ll make an announcement on Telegram and Twitter once our PolyGamma Wormholes are launched — you’ll be able to find them via the below links then:

If you’d like to participate in this batch of Wormholes early (before the project even launches its farm), head to our Telegram to request for the URL to our beta site.

Note that this is high risk, high rewards territory. Although deposit and withdrawal transactions have been tested to work, we’re pending farming launch in order to verify that the MC on chain is minting correctly.

Only recommended for experienced yield farmers!

All information in this review is accurate at the time of writing.

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Source: https://timeleapfinance.medium.com/wormhole-7-polygamma-finance-review-b041ca65bfc2?source=rss——cryptocurrency-5

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Blockchain

On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

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On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin.

Stablecoins Exchange Inflow Addresses Count Recently Surges

As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday.

Stablecoins are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin.

The “all stablecoins: all exchanges inflow addresses count” is an indicator that shows the total number of these fiat token addresses that are sending their coins to exchange wallets.

A spike in the metric’s value means there is an increase in the supply of stablecoins for transferring to other cryptos. This could suggest investors believe now may be a lucrative entrance into volatile markets, and so they are converting their fiat-tied coins to BTC and other cryptocurrencies. They may also be looking to withdraw the coins into fiat.

Related Reading | Bitcoin Bullish Signal: Whales Are Building Their Positions On Derivatives

Now, here is a chart that shows the trend in the indicator’s value over the last week:

Stablecoins Inflow Addresses Count

The stablecoins inflow addresses count showed a huge spike yesterday | Source: CryptoQuant

As the above graph shows, the indicator showed a very large value yesterday, implying that a lot of investors sent their coins to exchanges at that time.

The reason behind the trend could be the recent correction that Bitcoin suffered after making its new ATH. Investors may be bullish on the future price of the coin and find that this dip is a good buying opportunity.

One that thing should be noted is that not the entire stablecoins supply moving into exchanges will be pouring into Bitcoin. A percentage of them will go into altcoins and another will be withdrawn into fiat or kept on exchanges.

Related Reading | Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

Nonetheless, a surge in the total supply is still a good sign for BTC and may help the coin bounce back from the correction. Sustained such inflows can prove to be bullish and take the crypto to higher all-time highs (ATHs).

Bitcoin Price

At the time of writing, BTC’s price floats around $63k, up 4% in the last seven days. Over the past month, the crypto has gained 48% in value.

The below chart shows the trend in the price of the coin over the last five days:

Bitcoin Price Chart

BTC's price observes a correction in the last few days, but now looks to be making a come back | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Source: https://www.newsbtc.com/news/bitcoin/chain-data-stablecoins-supply-bitcoin/

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