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Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

KSM token prices surge as Parachain auctions launch nears.

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U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.”

The platform is not available to residents of the US, Canada, Japan, and Australia.

In its first Parachain auction, Kraken will allow clients to support the bids of at least two projects, starting with Karura and Shiden.

Karura is a DeFi hub and stablecoin platform for the Kusama network offering a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden is a smart contract layer for the Kusama network upon which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and layer two protocols.

As reported by Cointelegraph, Polkadot creator Gavin Wood has proposed June 15 for first the Kusama Parachain auction. Following the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of auctions.

In late March Acala Network was the first project to secure a Parachain slot on Polkadot’s Rococo testnet. On May 17, Polkadot announced that Kusama was finally ready to host Parachains.

The impending auction launches have given a boost to Kusama’s KSM token which has defied the market slump and surged 28% over the past fortnight. According to CoinGecko, KSM is up 12% over the past 24 hours, trading at $410 at the time of writing.

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Source: https://cointelegraph.com/news/kraken-launches-kusama-parachain-auction-platform-as-ksm-defies-downtrend

Blockchain

UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

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British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:


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“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

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Source: https://cryptopotato.com/uk-bank-bans-crypto-purchases-from-binance-and-kraken-reports/

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Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

The people in the UK seem more interested in cryptocurrencies, but many lack basic knowledge about them.

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The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined.

More HODLers But Less Crypto Knowledge

Digital assets remain a complicated industry in the UK, and the share of people investing in them is significantly lower than in other countries. However, the public awareness surged by 5% in a year, as in 2021, 78% of the locals have heard of cryptocurrencies compared to 73% in 2020, according to the FCA.

The number of individuals who own virtual assets has also increased as 2.3 million Britons have some cryptocurrencies, representing 4.4% of the population. Last year’s data showed this percentage to be 3.9%.

The locals seem to have invested a bit more this year and pushed the median holding from £260 ($361) to £300 ($417). Most crypto investors are male, wealthy, over 35, and with excellent educational levels.

Nearly half of the surveyed (47%) considered the crypto market a gamble in 2020. Now this percentage decreased to 38%, and more people see it as an option to invest at some point.


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The FCA, though, reported that many of the Britons lack basic knowledge about virtual assets, and their investment could turn to be very risky:

”Some crypto users may not fully understand what they are buying.”

More Britons Prefer BTC Than Stocks

Despite the confusion that crypto seems to cause for the Britons, most have invested in Bitcoin rather than stocks and shares Isas last year. A survey conducted by Find Out Now suggested that nearly 7% of the locals have located some of their wealth in the primary cryptocurrency while 5% have done this in traditional stocks and shares. Laith Khalaf – a financial analyst – commented that according to the data, the society converts to crypto:

”When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”

The vast majority of the investors claimed to have made a profit from their crypto dealings, while 12% reported a loss.

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Source: https://cryptopotato.com/bitcoin-gets-more-popular-in-the-uk-but-few-people-actually-understand-it/

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Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

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India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


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The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

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Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

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Bitcoin to Surpass $98K by November: Stock to Flow Model

The Bitcoin stock to flow model, designed by PlanB, outlines a relationship between scarcity and value that has been a solid long-term predictor of cryptocurrency price trends.

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The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments.

S2F’s Methodology & Accuracy

Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given asset. The basic hypothesis is that the easier it is to produce a good, the harder it is for it to retain value, assuming demand remains stable.

PlanB notes that demand will be driven by predatory governments imposing negative interest rates, billionaires hedging against inflation, and institutional investors. This information, pieced together with the power laws and fractals observation that BTC’s price often centers around, has created a model that has proven to be fairly solid for the past 2 years.

Turbulent Waters Ahead

The road to a 6-figure BTC price won’t be smooth sailing. Whilst his latest tweet indeed paints an optimistic outlook for Bitcoin by the end of the year, PlanB also notes that there will be possible ‘weakness’ in the next few months due to a ‘more fundamental reason’ that he will reveal later on.


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The recent death cross formation might be a factor in this predicted weakness.

Long-term targets for BTC remain intact, and according to him, still, look better than ever, so it will be imperative for Bitcoin holders to weather the storm and HODL.

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Source: https://cryptopotato.com/bitcoin-to-surpass-98k-by-november-stock-to-flow-model/

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