Cryptocurrency

TON Foundation launched a $25M accelerator program for emerging projects on the Open Network blockchain. Unveiling support for startups, this initiative promises to fuel innovation and drive transformative change in the blockchain industry.The foundation has partnered with Toncoin Fund, a dedicated $250 million ecosystem fund, to empower founders building on the TON blockchain. The program aims to propel breakthrough initiatives across diverse sectors, emphasizing decentralized finance (DeFi), a rapidly expanding frontier.Projects selected for investment can expect substantial backing, with funding ranging from $50,000 to $250,000 per venture, as confirmed by the foundation.With Toncoin, the native coin of the TON blockchain, as its financial backbone, the accelerator program holds the potential to revolutionize the DeFi sector. By nurturing and supporting these pioneering projects, TON Foundation aims to foster a vibrant ecosystem that pushes the boundaries of what is possible in decentralized finance.This recent development generated a surge in investor confidence, nullifying the negative trend witnessed earlier when support was found at the intra-day low of $1.88. As a result of the bullish market recovery, the price of TON soared to a new 7-day high of $2.0520 before encountering resistance. At press time, TON was valued at $1.97, representing a remarkable 4.57% surge from its previous close.During this rally, TON’s market capitalization and 24-hour trading volume witnessed a significant boost of 4.46% and 59.48%, respectively, amounting to $2,411,073,447 and $16,663,633.TON/USD 24-hour price chart (source: CoinMarketCap)The Relative Strength Index (RSI) on the TON/USD 4-hour price chart swings southward at 60.73, indicating that purchasing pressure is weakening. If the RSI goes below the “50” level, it may suggest that market sentiment is shifting toward selling.With a value of 84.94, the stochastic RSI is going below its signal line and downwards in the overbought area, supporting a change in market mood. This level and movement indicate that the market may be overbought and due for a correction.If TON’s bullish momentum breaks over the $2.05 (24-hour high), the next resistance level to monitor is $2.09. However, if the bears regain control and the $1.88 support level is breached, the next level to monitor is $1.82.TON/USD chart (source: TradingView)In conclusion, TON Foundation’s $25 million accelerator program and partnership with Toncoin Fund have sparked investor confidence, propelling TON’s price to new highs.Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.The post TON Foundation’s $25M Accelerator Ignites TON Price Surge to 7-Day High appeared first on Coin Edition.See original on CoinEdition More

NEW YORK (Reuters) – A top U.S. regulator said on Tuesday there is no way to police all cryptocurrency fraud because there is so much, though her agency is working on several big cases.Christy Goldsmith Romero, one of five commissioners at the Commodity Futures Trading Commission (CFTC), said cryptocurrency cases account for about 20% of the agency’s portfolio, including recent civil cases against the exchanges Binance and FTX. “There’s just a lot of fraud in the space,” Goldsmith Romero said at a white collar crime conference at the New York City Bar Association. “There’s just no way we can police all the fraud, but we’ve got to do something.” CFTC Chairman Rostin Behnam has sought greater authority from lawmakers for the agency to oversee spot crypto markets.Goldsmith Romero pushed back on the idea there was a “turf war” between the CFTC and the Securities and Exchange Commission over regulating crypto, but acknowledged that many of the industry’s products are new and the agencies were “still trying to figure it out.” She also said crypto companies should not view the CFTC as a potentially friendlier regulator than the deeper-pocketed SEC.”I don’t like the idea that somehow the CFTC is light touch,” Goldsmith Romero said. “‘Light touch regulator’ would never be written on my tombstone.” In March, the CFTC sued Binance and Changpeng Zhao, its founder and CEO, for allegedly operating a sham compliance program.Zhao has called the complaint an “incomplete recitation of facts.” The CFTC case against now-bankrupt FTX accuses the exchange and founder Sam Bankman-Fried of causing the loss of more than $8 billion in customer deposits.Bankman-Fried has pleaded not guilty to related criminal charges from the U.S. Department of Justice. More

Binance’s Chief Communications Officer, Patrick Hillmann, has publicly refuted a Reuters report alleging that the cryptocurrency exchange had commingled customer funds with company revenue, a practice that could potentially obscure the tracking of customer funds. Hillmann took to Twitter to express his criticisms, characterizing the Reuters report as “weak” and full of “conspiracy theories”; Hillman tweeted:Patrick Hillmann, who previously held positions at General Electric (NYSE:GE) and Edelman, is currently responsible for all of Binance’s corporate communications, public affairs, media relations, and stakeholder engagement efforts.Addressing the allegations made by Reuters, Hillmann stressed that Binance had been upfront about areas where it had regulatory shortcomings in the past. He argued that the report by Reuters was misleading, focusing particularly on the term “deposit” used on Binance’s transaction page for purchasing BUSD (Paxos). According to Hillmann, this term was taken out of context in the Reuters story, as the page explicitly stated that users were purchasing a Stablecoin redeemable by Paxos​​.Hillmann also criticized Reuters for its repeated mention of Binance founder Changpeng Zhao‘s ethnicity, noting the omission of Zhao’s Canadian citizenship since the age of 12. He characterized this reporting as an example of xenophobia, challenging Reuters’ portrayal of Binance’s leadership​​.Additionally, Hillmann defended Binance’s practices regarding the segregation of funds. He emphasized that the exchange keeps the user and corporate funds on completely separate ledgers. Furthermore, he argued that the funds Reuters referred to as commingled were, in fact, Binance’s corporate funds derived from the sale of BUSD stablecoins​​.The allegations in the Reuters report, sourced from unnamed “former insiders,” claimed that the mixing of funds involved amounts running into billions of dollars and was a daily occurrence. The report also suggested that this “commingling” indicated a lack of internal controls at Binance.However, it’s important to note that the report did not provide any evidence to back claims that clients’ funds were “lost or taken.” Furthermore, Hillmann neither confirmed nor denied the allegations directly but focused on defending Binance’s practices and criticizing the report’s methodology​​.The post Hillmann Defends Binance Amidst Reuters’ Allegations of Fund Commingling appeared first on Coin Edition.See original on CoinEdition More

The Gemini crypto exchange twin founders Cameron and Tyler Winklevoss, famous for their legal battle with Mark Zuckerberg over the creation of Facebook (NASDAQ:META), are contemplating establishing a UK base for their crypto business.In a recent interview with a UK-based newspaper, the twin brothers expressed dissatisfaction with the current “hostile” regulatory climate in the United States, prompting them to explore options for a second headquarters in London. In Cameron Winklevoss’ words:In their pursuit of a favorable environment for Gemini’s operations, the Winklevoss brothers recently held meetings with officials at the Financial Conduct Authority (FCA) and the Bank of England. These engagements aimed to assess potential locations that would support Gemini’s future investments and growth strategies.Nonetheless, the Gemini founders emphasized that the decision to explore a UK base for Gemini should not be misconstrued as abandoning their efforts in the US. “We’re not leaving the US; we’re going to continue to fight the good fight there,” emphasized Cameron.Notably, having attended Harvard University alongside Mark Zuckerberg, the Winklevoss twins were embroiled in a legal battle with the Facebook founder, alleging that he had appropriated their concept for the social networking platform.In 2008, the brothers emerged victorious in the case, securing a $65 million settlement. The Winklevoss twins established Gemini in 2015 with their early investment of $11 million in Bitcoin, catapulting them into the billionaire ranks.The post Gemini Founders Explore New UK Base Amid US Anti-Crypto Policies appeared first on Coin Edition.See original on CoinEdition More

In his latest analysis, TechDev confirmed that he believes BTC/USD will see a “parabolic top” around the 2024 block subsidy halving.Continue Reading on Coin Telegraph More

In a surprising turn of events, famous crypto analyst Ben Armstrong, widely known as Bitboy Crypto, recently announced on Twitter that he has been kicked off the upcoming Web3 television show “Killer Whales.” In a series of tweets, Armstrong revealed that his dismissal directly resulted from a “fraudulent FTX case” against him while also questioning the integrity of those involved.Just a few weeks after the company behind the show Hello Labs announced Armstrong as one of the judges of Killer Whales, the Bitboy Crypto shared two screenshots of a letter from Paul Caslin, the founder of Hello Labs. The letter explained that due to the ongoing FTX lawsuit and compliance checks, concerns were raised by mainstream partners and TV networks about featuring Armstrong.Armstrong stated his intention to pursue legal action against Adam Moskowitz, the lawyer representing the FTX lawsuit. He implies that his removal from the case would expose the truth and make those who doubted him regret their decisions. He also asserted that he had saved numerous individuals from FTX and expressed disappointment with “Killer Whales,” dismissing it as a “loser show.”Since mid-March, Armstrong has been vocal about his disdain for the FTX lawsuit and Moskowitz, consistently asserting that the claims are built on falsehoods. His animosity towards Moskowitz has grown, with threats to have the lawyer’s license revoked.“Killer Whales,” the new competition show, is a collaboration between CoinMarketCap and Hello Labs. The program provides a platform for entrepreneurs to pitch their projects to a panel of judges consisting of influential figures from the world of entrepreneurship, Web3 companies, and crypto influencers, with Armstrong originally being one of them.The post “Killer Whales” Show Drops Famous Crypto Analyst as Judge Amid FTX Lawsuit appeared first on Coin Edition.See original on CoinEdition More

Previously, Foresight earmarked $10 million for its accelerator, which launched in November 2022. In its first phase, Foresight focused on 30 companies from its Web3 project pool, providing an investment of $50,000 to $200,000. As the accelerator moves into its second phase, Foresight will allocate $200,000 to each selected project, and assign up to three mentors and one fund partner from the VC firm to provide practical guidance. A Demo Day will also be held upon the conclusion of the program.Continue Reading on Coin Telegraph More

One can likely blame the Ethereum network’s $8.80 average transaction fee for investors’ diminished appetite, but the macroeconomic environment has also played an important role. On May 22, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said it is impossible to predict the outcome of the Federal Reserve’s monetary policy, designed to curb inflation.Continue Reading on Coin Telegraph More