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Bytecoin [BCN] freezes on all platforms after being listed on Binance – Market speculates it to be a scam

Sthuthie Murthy



Bytecoin [BTC] freezes on all platforms after being listed on Binance - Market speculates it to be a scam
Source: Max Pixel

Bytecoin [BCN] made history yesterday by gaining more than 166% within few hours after being listed on top exchanges like Binance and Poloniex. The coin has no data and withdrawals and deposits have been stopped for the past 20 hours. A lot of investors have lost thousands of money due to the error and has created a major FUD and FOMO in the market.

There are a lot of speculations going around on as to why the coin is not appearing on either of the platforms. Some people believe that the coin was a scam and some people believe that the BCN market has crashed due to the high pump and dump of the coin after being listed on Binance.

According to CoinMarketCap, Bytecoin [BCN] was ranking on the 15th position yesterday and has dropped to 1594 rank. The portal has no track on the current price, market volume, and market cap.

Based on the available date on CoinMarketCap, Binance has the highest trading volume when compared with Bitcoin [BTC]. The current volume is approx. around $567 million. But, on Binance platform, BCN is on top with a decline of more than 86%.

The Bytecoin team has given an official statement regarding the unexpected issue on their official website and Twitter. Investors even tried to reach out to the developer’s team but haven’t received any response from them yet.

Bytecoin’s official Twitter page says:

“The network is experiencing unusual high load. Transaction can be delayed, node synchronization can lag far behind. The team is working hard to solve this issue. It’s strongly recommended to avoid any transferring of BCN until the situation is resolved.”

Binance official Twitter Page says:

“Due to Bytecoin network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”

Bytecoin [BCN] on Binance exchange

CoinMarketCap says:

“BCN is currently under maintenance or experiencing wallet issue. All deposits and withdrawals are disabled.”

Poloniex exchange platform has also given an official statement regarding the same:

“We have disabled Bytecoin deposits and withdrawals while the network is experiencing issues. Stay tuned.”

Dutch Buc, a Twitterati says:

“CZ why didn’t you freeze the trades when BCN hit the 1 dollar and/or .20 cents? You stated earlier that you have monitoring tools that detects this kind of price jumps. The price of BNC was 10/20x the price compared to other exchanges. It looks like you/ BNC set up a scam.”

Ryan Jones, another Twitterati replies to Binance:

“Would you please explain how BCN met the criteria of being listed on Binance? I’d love to give Binance the benefit of doubt, but just don’t see a logical explanation other than shadiness. BCN a top 10 coin?! C’mon!”

Adarail, a Redditor says:

“What did you expect? I kept seeing people saying it would hit a dollar next, WE’RE GOING TO THE MOON! etc. What did you think would happen once Binance re-enabled deposits (they did btw)? The price jump was unnatural and unsustainable. Do you think it’s normal for one market to be trading so insanely high compared to other markets?”

CryptoTransormation, another Redditor says:

“It’s really hard to feel much sympathy when these people spend thousands of dollars on random cryptocoins, yet have no idea what a market cap is or how to calculate the potential for a coin/token to rise in price. I mean come on, if you want to lose money, go gamble at a casino. If you are interested in Crypto, “EDUCATE YOURSELF” about market caps and basic trading/investing knowledge”

MacForce1, a Reddit user says:

“Network traffic is real. Listing Bytecoin on Binance caused a surge in traffic slowing down the network so far as to halt BCN withdrawals. It will be restored shortly. Binance listings lead to strong price surges on Binance and on other exchanges. Although, the withdrawal capability freeze from network overload creates imbalance such that Binance listing is much greater than other exchanges.”


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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.


‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca



‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”


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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar



TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:


The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”


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