On 21st May, one of the world’s most advanced cryptocurrency exchange called ‘HitBTC’, announced that Monero Classic [XMC] has been officially listed on their platform for trading. HitBTC has also mentioned the following trading pairs which are available in the exchange:
- Monero Classic [XMC] – Bitcoin [BTC]
- Monero Classic [XMC] – Ethereum [ETH]
- Monero Classic [XMC] – Tether [USDT]
HitBTC is one of the world’s most advanced cryptocurrency exchange which has been providing markets for more than 300 cryptocurrencies including Bitcoin, Ethereum, Monero, Tether, etc. The exchange platform has gained its reputation with its core matching engine which offers traders a wide range of features like real-time clearing and matching algorithms.
Now that Monero Classic has been listed on the platform, the users can now start the purchase, trade, and exchange of XMC. At 12:00 PM UTC, XMC was currently trading $7.43 while the prices dropped at a rate of 12.90%.
After the hard fork of Monero, at block height 1546000, Monero Classic [XMC] has retained the cryptoNote protocol, all the parameters, and features of the original Monero chain. The team of developers at Monero Classic said that they are going to continue to develop a surrounding ecosystem with the features for the original chain of Monero.
Monero Classic has all the advantages of a decentralized cryptocurrency without any privacy concerns as it uses ring confidential transactions, ring signatures and stealth addresses to make unintelligible the amounts, origins, destinations and other details of the transactions.
The transactions on the Monero Classic blockchain are untraceable as they can’t be linked back to a particular user or identity. The units of Monero Classic cannot be blacklisted by exchange or vendors because it is fungible in nature.
James Tim, a crypto enthusiast says:
“ASIC friendly Monero chain $XMC #MoneroClassic is on the hitBTC exchange now”
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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
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″
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.
Even so, court says there’s a time problem — claims for unregistered sale of securities have to be brought within a year after the violation on which they are based, under federal law. Because this isn’t pleaded, these claims are dismissed with leave to refile. 4/4
— Palley (@stephendpalley) May 20, 2019
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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