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Binance Exchange’s UI crashes following massive market surge

Biraajmaan Tamuly



Binance Exchange's UI crashes following massive market surge
Source: Pixabay

The cryptocurrency market surged on the back of a bullish wave as the entire market capitalization breached the $150 billion mark.

CZ’s Binance Coin [BNB] also joined the bullish parade as Bitcoin broke multiple resistances. However, Binance exchange was crippled by a major technical issue. First pointed out by a post on Binance’s Reddit community, a user reported being unable to log after the exchange’s UI repeatedly crashed.

Source: Reddit

CZ, the CEO of Binance, acknowledged the report and went on to inform his Twitter followers about the situation. He tweeted,

Source: TradingView

One of the speculated reasons for Binance’s UI crashing was that a massive flash hike could have possibly slowed down the exchange’s network ability to handle the enormous traffic.

Binance’s Reddit representative symbiotic_bnb commented on the issue and stated,

“We’re experiencing some issues with the way that the UI is handled under stress [also applies to the applications]. Expanding our capacity at the moment and expect reduced latency soon.”

Another Redditor, faresarOx, commented,

“I guess binance was not prepared for this sudden large interest in trading.”

Binance Coin only recently made it into the top ten cryptocurrencies list on CoinMarketCap.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer





Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,

“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”

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