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Binance Launchpad token launch format unfair, alleges user; CZ reckons to find ‘middle ground’

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Binance Launchpad token launch format unfair, alleges user; CZ reckons to find 'middle ground'
Source: Pixabay

A Steemit beta user, cool4y, claimed that Binance accumulated a lot of funds from the token sales on the Launchpad, enabling only the founder’s close friends and other BNB whales to buy a majority of the tokens and then sell them at huge profits.

In the social news community Steemit beta, the user, referring to the latest Binance Launchpad token launch, criticized the new lottery format of being “utterly unfair”. The user alleged that a BNB token holder who held at least 100 BNB for 20 days had a lesser chance of winning than a whale holding 10 different accounts and, hence, had access to 25 tickets. According to the user, the odds are more favorable for the latter and added that the resultant pump of over 15% massively profited “CZ and his friends”.

A similar sentiment was echoing in the crypto community following the announcement of the new format as opposed to the previous ‘first-come-first-served’ system. The community called out CZ for allegedly favoring the rich by discriminating against smaller investors and pandering the whales who have a much bigger pool of tokens.

A Twitter user, Niels, posted,

“So we have to hold a minimum of 100bnb to get just one ticket?! The lottery idea is great, although, this isn’t fair @cz_binance.”

The Founder and CEO of Binance, Changpeng Zhao, in a bid to address the criticism he attracted on the social media following the announcement, stated,

“Feedback 1, whale issue, can’t afford to hold 100 BNB. Reducing it is possible, but would mean lower % chance of winning, and more dissatisfaction after the sale. You should only participate in LaunchPad sales with spare funds, and should have an adequate level at that.”

He also addressed concerns over whales creating multiple accounts and stated that it would be adequately checked by the strong KYC and anti-fake KYC measures implemented by the trading platform. During the Twitter interaction, CZ said that the Binance team would consider lowering the limit and added that while it’s impossible to please everyone, they would work on finding a middle ground.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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