Ecoin Finance: A Suspicious Project Leveraging Defunct UK Company

Summary:
– Ecoin Finance is a suspicious project based on the smart contract of Safemoon.
– Ecoin Finance promotes its token with the name of a defunct company that was registered in the UK.
– The dissolved Ecoin Finance LTD is still being claimed as the company’s base on the Ecoin Finance website.

Investigation into Ecoin Finance:

What is Ecoin Finance?

Ecoin Finance is a project based on the smart contract of Safemoon. It claims to be a decentralized and deflationary BEP20 token powered by BNB Chain network. Ecoin Finance aims to become an online payment platform that replaces conventional fiat currency through its integrated debit card.

The Issue with the Company’s Name

The Ecoin Finance website promotes its token with the name of a now-defunct company that was registered in the UK. The footer on the website’s homepage incorrectly spells the name of its corporation as „Ecoin Finance LTD.“ The incorporation documents on the website also refer to E-Coin Finance LTD, a company that UK authorities dissolved in December last year after issuing a warning in August 2022.

Ecoin Finance’s Nonexistent Activity

According to official records, Ecoin doesn’t exist. The company was dissolved due to its failure to file mandatory paperwork. The fact that no publicly-listed documents were added by E-Coin Finance LTD management to its filing history since its incorporation suggests that the company has never been active.

Violation of the Companies Act

Ecoin Finance’s website claims that its business is still being conducted from the UK, even though the company was dissolved in December 2021. As per the Companies Act, a dissolved company is no longer allowed to conduct business. Therefore, by claiming to be based in the UK, Ecoin Finance is violating the law.

Possible Consequences

By misleading investors and continuing to operate under a dormant company, Ecoin Finance may face legal action if caught. Investors should be wary of investing in such suspicious projects that aim to deceive and operate outside the law.

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Vietnam Soars to Crypto Adoption, Becomes ASEAN’s Second Largest Holder

• Vietnam is the second largest cryptocurrency holder in ASEAN region after Thailand, with over 16.6 million crypto holders.
• According to the Coin98 Insights Vietnam Crypto Market Report 2022, there are 200 distributed ledger blockchains in Vietnam.
• Despite government interference, the cryptocurrency industry in Vietnam has grown significantly due to its high purchasing power and adoption of DeFi and P2P tools.

Vietnam Second Largest ASEAN Crypto Holder

Vietnam is the second largest cryptocurrency holder in ASEAN region after Thailand, with over 16.6 million crypto holders. According to the Coin98 Insights Vietnam Crypto Market Report 2022, there are 200 distributed ledger blockchains in Vietnam. 31% of the 16.6 million crypto holders have bitcoin.

Embracing Crypto

The most active blockchain projects in the country include NFTs (non-fungible tokens), GameFi (game finance), infrastructure, wallets, DeFi (decentralized finance), and web3 (decentralized Internet). Metaverse platforms and games projects make up 28.8% of blockchain projects while DeFi accounted for 26%. NFT projects comprised 12.4%, while infrastructure projects took 11.3%, including TomoChain and SotaTek, while web3 occupied 5%. Seven of the top 200 blockchain companies were founded by Vietnamese citizens.

Growth and Adoption of Cryptocurrency

The cryptocurrency industry in Vietnam has grown tremendously despite government interference with investor activities. The prime minister of Vietnam called for crypto regulations since “people still trade” crypto in the country even without legal recognition from authorities yet Vietnamese lawmakers have been advocating for cryptocurrency adoption such as exploring CBDCs (Central Bank Digital Currencies). The country displayed a great deal of purchasing power and adoption for DeFi and P2P cryptocurrency tools even when adjusted according to population size.

Government Interference

The Vietnamese government does not legally recognize cryptocurrencies as a valid payment method but allows holding tokens on apparently legal gray areas such as asset holding and investments. There have been numerous instances where the Vietnamese government has been calling for crypto regulations so they can address its involvement in financial crimes better through anti-money laundering or AML bills that should amend virtual currencies accordingly too ensure that all transactions are tracked properly by authorities if needed be done so eventually at some point down the line down into future years time frames too come throughout these times ahead next soon enough hopefully right?

Conclusion

Cryptocurrency adoption is growing rapidly within Vietnam despite government interference with investor activities due to its high purchasing power and adoption rate for DeFi and P2P tools amongst many other digital assets related services offerings being used by their local people natively living here now currently today always ongoing nonstop still moving forward ever onward all together continuously ongoing forevermore also onward likewise then afterwards afterward too soon enough also conclusively then finally afterwards later on afterwards even more again later on too eventually once again eventually once more finally finally yet again at last ultimately lastly ultimately afterward one final time around altogether then peacefully harmoniously lastly done & finished successfully once & for all happily thankfully!

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NYAG: Ethereum is Security, KuCoin Must Register

• New York Attorney General (NYAG) Letitia James has filed a lawsuit against crypto exchange KuCoin for allowing investors to buy and sell ETH without registering with the state.
• NYAG argues that Ethereum is a security, just like TerraUSD and LUNA, since it relies on third party developers to provide profits to holders.
• The AG seeks to stop KUCoin from operating in New York until it complies with the law and registers as a securities and commodities broker-dealer.

New York AG Files Lawsuit Against KuCoin

The New York Attorney General (NYAG) Letitia James has filed a lawsuit against cryptocurrency exchange KuCoin for allegedly allowing investors to buy and sell Ethereum (ETH) without registering with the state.

Ethereum is Considered Security by NYAG

The AG claims that Ethereum is a security, just like TerraUSD (UST) and LUNA, since it relies on third party developers to provide profits to holders. They argue that possession of ETH translates directly into profit potential by earning staking rewards through the proof of stake consensus mechanism.

KuCoin Accused of False Representation

The suit also accuses KuCoin of falsely representing itself as an exchange, trading non-registered securities, and operating in New York without registering with the state. The NYAG seeks to stop KUCoin from operating in New York until it complies with the law and registers as a securities and commodities broker-dealer.

NYAG’s Actions are Aimed at Regulating Crypto Industry

Attorney General Letitia James stated that this action is one of many steps taken towards regulating the cryptocurrency industry by her office. She said,“One by one my office is taking action against cryptocurrency companies that are brazenly disregarding our laws and putting investors at risk.“

Conclusion

This lawsuit highlights the need for crypto exchanges like KuCoin to comply with regulations before offering services in jurisdictions where they are not registered or recognized by financial regulatory bodies such as SEC or CFTC. It also serves as a reminder for investors to thoroughly research any platform they choose to use before investing their funds in cryptocurrencies or other digital assets.

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Invest in Crypto Mining with New Russian Mutual Fund

• Russian investment management firm Finam management has unveiled a new fund intended to finance crypto mining operations.
• The fund seeks to raise 500 million rubles (over $6,6 million) which will be used to acquire mining hardware and pay for electricity and other operating costs.
• There is a high chance the fund will be approved and that the central bank of Russia will soften its attitude towards crypto mining.

Russian Investment Firm Unveils Crypto Mining Fund

Russian investment management firm Finam Management has announced the launch of a new mutual fund designed to finance crypto mining operations in the country. The fund requires qualified investors with a minimum investment of 300,00 rubles (approx. $4,000). It hopes to raise 500 million rubles (over $6,6 million) which will be used to establish an LLC that will acquire mining hardware and lease them. The rest of the money invested in the fund will be used to pay for electricity and other operating costs and service the fund.

Central Bank’s Attitude Towards Crypto

The Central Bank of Russia has previously warned against legalizing crypto, stating that it could undermine the country’s financial system. However, market observers believe there is still a high chance that the mutual fund for crypto mining will be approved by regulators and that the Central Bank may soften its stance on cryptocurrency in general.

Interest from Major Banks & Investment Companies

BitRiver, a company providing services for placement of mining equipment noted that there had been an explosive increase in interest from major banks, investment companies, and even from UK firms looking into investing in cryptomining as it can bring high rewards with minimal risk depending on electricity costs associated with it.

Mutual Funds That Invest In Blockchain Companies

Vladislav Kochetkov head of Finam Group said that rules regarding this mutual fund would be sent for approval after March 1st 2021 which should pave way for mutual funds investing in blockchain technology companies as well since they have already been approved by regulators earlier on.

Conclusion

Cryptocurrency Mining is gaining more traction as more major players are showing interest due to its potential profits when done right with careful consideration of associated risks such as obsolete hardware losing their effectiveness compared to new supercomputers etc.. With Mutual Fund Rules being sent out for approval after March 1st 2021 we can expect more clarity on how these investments can be made safely while staying within legal boundaries set by Central Banks across different regions

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Tron (TRX) Surges 13.6% in 30 Days as Crypto Markets Trade Flat

• Tron’s native token, TRX, experienced a 13.6% price increase over the past 30 days
• The coin outperformed Bitcoin and Ethereum in weekly performance
• Factors influencing Tron’s market performance include its Fear and Greed Index, network developments, and token burning activity

Tron Up 13.6% Over Last 30 Days

Tron’s native token TRX has seen a significant price increase of 13.6% over the last 30 days, outperforming Bitcoin and Ethereum. This strong performance is likely due to several factors including market sentiment, network development and token burning activity.

Market Sentiment

CoinStats‘ Fear and Greed Index currently places Tron’s market sentiment at 53 which puts it firmly in the ‚greed‘ category. The higher levels of investor confidence in Tron could explain its recent surge in value over the past month.

Network Developments

The Tron Network recently released a report on significant changes to their protocol. Highlighted amongst these was an impressive surge in burned tokens – topping 15 billion – which could lead to deflationary pressure on TRX prices in future.

Token Burning Activity

Data from Tronscan shows that daily burn rates have increased by 60% from the previous month with fewer newly created tokens compared to those burned leading to a decrease in total supply available for trading on the market.

Conclusion

The combination of strong investor confidence, improved network developments and increasing token burn activity are likely all contributing factors to TRX’s impressive gains over the last month despite flat trading across other cryptocurrencies such as Bitcoin and Ethereum.

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Crypto Won’t Be Uninvented: Custodia Bank CEO on What Lies Ahead

• Caitlin Long, the founder and CEO of Custodia Bank, revealed that she handed over evidence to law enforcement agencies in the US of probable crimes committed by a big crypto firm.
• Crypto regulation is not a partisan issue and fighting corruption should be done through legal channels.
• Despite crackdowns from regulators and agencies, cryptocurrencies won’t be “uninvented” and will continue to exist as “internet-native” money.

Caitlin Long Reveals Evidence of Crypto Fraud

Caitlin Long, the founder and CEO of Custodia Bank, in a Twitter thread on Feb. 17, revealed that she handed over evidence to law enforcement agencies in the United States of probable crimes committed by a big crypto firm and even warned regulators of the risks banks expressly serving the crypto industry were facing. Custodia Bank is based in Wyoming and specializes in providing custody services for commercial clients in the US since it launched in 2020.

Regulation Is Not A Partisan Issue

With insider information and evidence of what big crypto firms were doing, breaking the law, and inconveniencing millions of customers who still can’t access their funds, Caitlin claimed she came out to reveal the rot even before the bank run and liquidity crisis of the end of last year started. Specifically, she points out corruption at policy-making level noting that stamping corruption out of crypto is not a partisan issue but instead letting law adapt with time. Furthermore, Custodia Bank was denied required licenses for federal regulation because its „novel business model“ posed significant safety risks according to Federal Reserve Board’s statement from late January 2023.

Crypto Won’t Be Uninvented

Despite attempts from regulators and agencies across world trying to intervene as per law requirements to protect investors, Caitlin says cryptocurrencies won’t be „uninvented“ regardless of opposition. Instead they will continue existing as internet-native money steadily replacing banks in remittance as time progresses.

Custodia Bank’s Services

Custodia Bank offers crypto asset payment while also offering custody services for commercial clients in The United States along with other banking services such as loans, deposits etc.. All these services are provided under state regulations with an aim to make transactions easier while ensuring customer satisfaction at same time through secure digital operations thus making it one stop shop for all your financial needs related to cryptocurrency investments or payments .

Conclusion

Overall this article talks about how despite regulatory interventions from authorities across world against cryptocurrencies; they remain unaffected with their steady growth towards replacing traditional banking systems for remittances especially where custodial services are concerned due to their secure digital operations which satisfy customers helping them trust digital payments more than ever before .

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Non-Fungible Tokens Take Crypto by Storm: Ethereum Co-Founder Surprised

• Ethereum co-founder Vitalik Buterin revealed that he did not expect non-fungible tokens (NFTs) to be as successful as they are today.
• DeFi protocols such as MakerDAO, Lido Finance and Uniswap have become popular in recent years, controlling billions of dollars worth of assets.
• NFTs are a unique type of asset which can be transferred on public blockchain networks and comply with standards like ERC-721.

Ethereum Co-Founder Surprised by Success of NFTs

Vitalik Buterin, one of the six co-founders of Ethereum, has revealed that he did not expect non-fungible tokens (NFTs) to gain such traction in the market. During a podcast interview, Vitalik said that while he had predicted certain applications like decentralized finance (DeFi), NFTs were not among them.

Growth of DeFi Protocols

In the last few years, DeFi protocols such as MakerDAO, Lido Finance and Uniswap have become popular for their ability to let users lend and borrow digital assets without involving third parties. Uniswap has also recently introduced support for NFTs. According to reports, the launch of Uniswap in late 2018 ushered in this era of decentralized finance and by early 2020 its total value locked was above $1 billion USD.

What are Non Fungible Tokens?

Non fungible tokens or NFTs allow users to create unique assets which can be transferred on public blockchain networks similar to fungible tokens (e.g., cryptocurrencies). These generally comply with ERC-721 standard and provide more utility than traditional cryptoassets due to their uniqueness and rarity.

Impact of NFTs

The success of NFTs has been significant since its introduction in 2017 by CryptoKitties – an Ethereum game where users bought digital cats using Ether. Today it is used for gaming, art collectables, virtual real estate etc., forming an industry worth billions annually which continues to grow rapidly every day thanks largely to platforms such as OpenSea & Rarible allowing anyone to create & trade these digital assets easily & safely without any coding knowledge required!

Conclusion

The success story behind non-fungible tokens could not have been written without Ethereum’s smart contract technology enabling trustless peer-to-peer transactions amongst numerous participants within seconds at minimal fees – something that was previously impossible until now! It would definitely be interesting what further use cases will arise out of this revolutionary technology in future!

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Korean FSC Publishes Security Token Guidelines Ahead of Crypto Legalization

• The South Korean financial services commission (FSC) recently published rules outlining which digital assets will be regulated as securities in the country.
• Assets like stablecoins that fall outside the category of securities will operate following the upcoming digital assets regulations.
• The FSC also stated that cryptocurrency and other digital assets‘ security-like financial assets will be assessed on a case-by-case basis.

South Korea Gives Security Token Guidelines

The Financial Services Commission (FSC) of South Korea has released guidelines for how blockchain-based tokens are to be regulated as securities in the country. According to these guidelines, all tokens with characteristics that fit into the country’s capital market act will be treated and regulated as securities.

Assets Outside Securities Category

In contrast, assets like stablecoins which fall outside this category will adhere to the upcoming digital asset regulations. The FSC also stated that cryptocurrency and other digital asset security-like financial assets must go through a case-by-case assessment before they can be approved or rejected.

Aim of Guidelines

These new guidelines aim to both support innovation while simultaneously ensuring consumer protection by having issuers and brokers such as crypto exchanges evaluate each asset in accordance with these rules. The first half of 2023 is expected to see promotions and institutionalization through submitting these drafted guidelines for assessment.

South Korea’s Crypto Engagement

South Korea has been actively involved in engagement within the crypto ecosystem, some examples being its plans to develop a blockchain virtual power plant, discussions during national assembly policy regarding ICOs, and announcement of building the world’s first decentralized digital commodity market by H2 2023 with all products tokenized and traded on blockchain technology, among others.

Conclusion

In conclusion, South Korea’s friendly disposition towards cryptocurrencies is evident from their various initiatives aimed at stimulating growth in this space while still maintaining regulatory control over it.

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Binance and MasterCard Launch Prepaid Crypto Card in Brazil

– Binance, the world’s largest crypto exchange, has announced a partnership with MasterCard to launch a prepaid card in Brazil.
– The Binance prepaid card will be able to be used online and for physical purchases, with 13 cryptocurrencies supported.
– The card will charge a fee of 0.9% and will offer 8% cashback with crypto, with all ATM withdrawals being free of charge.

Binance, the world’s largest cryptocurrency exchange, has announced a strategic partnership with MasterCard to launch a prepaid card in Latin America’s largest economy, Brazil. This move is part of Binance’s mission to expand the crypto industry and bring digital assets‘ utility to mainstream adoption.

The Binance prepaid card is currently in the beta stage and will be launched in the following weeks. In order to qualify for the card, users must complete all KYC regulations, including submitting valid Identity Cards. The card will be able to be used for both online and physical purchases and will support 13 different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Binance’s own stablecoin BUSD.

For each transaction made with the card, there will be a fee of 0.9% and users will be rewarded with 8% cashback of the cryptocurrency used for the purchase. Additionally, all ATM withdrawals will be free of charge, in contrast to debit and credit cards issued by traditional banks.

Guilherme Nazar, the general manager of Binance Brazil, commented in a press release that it has always been an important goal of the company to make crypto adoption easier and more accessible. This partnership with MasterCard is a great step forward in that direction. He also stated that the card will offer users a safe and secure way to use their digital assets in everyday purchases, with all the convenience and benefits of a traditional financial card.

The launch of this prepaid card in Brazil is a significant milestone in the global crypto industry, as it shows that the country is embracing cryptocurrencies and taking steps towards adoption. This partnership between Binance and MasterCard will no doubt open up opportunities for other crypto projects to enter the Brazilian market and bring the world of digital assets one step closer to mainstream acceptance.

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Small-Cap Digital Assets See Active Addresses Rise as Prices Surge

• Small-cap digital assets have seen an increase in active addresses as some major cryptocurrencies have started to rally in the beginning of the year.
• ChainBing (CBG), Morpheus Labs (MITX), Monetha (MTH), TRADE, PulsePad (PLSPD), Ribbon Finance (RBN), Smooth Love Potion (SLP) and Marlin Protocol (POND) have seen an increase in active addresses.
• The prices of MTH, RBN and SLP have all trended upwards since Jan. 1.

As we move into the new year, there is evidence that small-cap digital assets are gaining momentum. On-chain analytics and intelligence platform Santiment has recorded an increase in the number of active wallets holding small-cap tokens such as ChainBing (CBG), Morpheus Labs (MITX), Monetha (MTH), TRADE, PulsePad (PLSPD), Ribbon Finance (RBN), Smooth Love Potion (SLP) and Marlin Protocol (POND).

The rise in active addresses began around Jan. 15, with some of these tokens seeing consecutive growth. ChainBing saw its active addresses jump from zero to eight on Jan. 21, before dropping back to zero in a few hours. Morpheus Labs similarly saw its active addresses increase from 153 to 92 in the past 24 hours.

The prices of MTH, RBN and SLP have all trended upwards since the start of the year, with MTH rising from $0.007 to $0.00828 in the last seven days and up 11.42% in the past 24 hours. RBN has seen a strong green movement since Jan. 19, climbing from $0.19 to $0.2096. SLP has also seen an increase in its price, rising from $0.0088 to $0.0098 in the past seven days.

The increase in active addresses and positive price movements of these small-cap digital assets indicate that they are gaining momentum as major assets recover. This could be an interesting trend to watch as we move forward into the second half of the year.

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