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Trouble With $SHIB Burn Portal as Rewards Are Delayed
July 26, 2022
MINS
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The SHIB team confirmed that $RYOSHI is a separate project not in the Shiba ecosystem.
Community Allocation Rewards Delayed
Shiba Inu published an update on the Shibaswap blog acknowledging that the $SHIB community is increasingly frustrated by the delay in the distribution of $RYOSHI by the $SHIB burn portal. Participation in the SHIB burning process reduces the supply of $SHIB, creating greater scarcity and presumably an impetus for bullish price momentum.
Shiba Inu launched the $SHIB Burn Portal on the ShibaSwap DEX. Users burning coins through this portal will be rewarded by ShibaSwap in the form of burnt SHIB tokens. These tokens can then be staked to receive $RYOSHI, another token in the Shiba ecosystem.
$RYOSHI is an ERC-20 token developed by the Ryoshi Vision organization, named after the pseudonymous founder of Shiba Inu who deleted all online information about a month ago. In this announcement, the $SHIB team confirmed that $RYOSHI is not part of the general ecosystem of Shiba Inu, and is a separate project with independent goals. Both projects come together only through their focus on $SHIB.
“Ryoshi Vision token is not part of the Shiba Ecosystem; it is its own project and has its own goals,” the Shiba Inu development team said in a blog.
The Shiba Inu development team said that the $RYOSHI reward flexibility is underperforming. They urged Ryoshi Vision to provide greater transparency and more communication for both communities. For their part, Ryoshi Vision apologized to the community and pledged to explain more about the situation in response to $SHIB's request.
Dev Team Moves to Restore User Trust
Shiba Inu has planned to launch a SHIB Visa card dedicated to coin burning in an effort to strengthen community trust after the problems with the burn portal. The burn rate of SHIB has regained substantial traction after plunging more than 60% on July 25, based on data from Shibburn.
Although no additional information has been provided, according to the initial demo from the development team, the SHIB Visa card will support users to burn SHIB directly when paying at locations that accept $SHIB. SHIB Visa will be the next addition to the Shiba Inu ecosystem, and could significantly speed up coin burning and reward distribution.
What Is Shiba Inu:
Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
Where to find Shiba Inu:
Website | Twitter | Telegram | Discord
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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