Binance has offered free crypto education workshops to Africans on themes ranging from user protection to launching a blockchain profession.

Binance remains committed to crypto education globally as it pursues its aim of increasing financial independence for consumers, driving blockchain adoption, and enabling more accessibility. Binance remains at the forefront of blockchain education, equipping crypto beginners with resources for lifelong financial and career development through Binance Academy, a one-stop guide to all things crypto, and ongoing free crypto education classes in Africa, where crypto interest and adoption are increasing.

The Binance Masterclass has delivered free crypto instruction to over 400,000 Africans since its launch in January 2020. Because many crypto beginners are frequently victims of crypto scams perpetrated by bad actors, the free webinars were primarily aimed at assisting users in understanding the fundamentals of cryptocurrencies, how to identify scams, and how to keep their crypto safe as they embark on their crypto journey.

As the global pandemic spread and many people lost their jobs, money, and were forced to stay at home, the schools began to focus on teaching new skills such as crypto trading and professions in blockchain development.

In the first year of the Masterclass's introduction, approximately 70,000 Africans were educated by the end of 2020. Binance has now doubled down on its efforts, delivering education resources to over 177,000 Africans in Q1 2021 and over 179,500 in Q2 2021, laying the groundwork for Africans to be financially free and informed.

“Blockchain education is at the heart of our worldwide market emphasis. As a blockchain infrastructure provider, we are dedicated to ensuring that more and more individuals have access to accurate information on the ecosystem's operations. Africa is a critical market for Binance because we see the enormous possibility that blockchain provides for the entire continent.” Emmanuel Babalola, Director at Binance Africa, stated.

Binance is dedicated to blockchain developers, providing them with the tools and skills needed to build solutions and emerge as great blockchain talent in addition to training beginners and enthusiasts. Binance taught over 1000 blockchain developers in Africa in Q1 2021 and set aside a $1 million fund for African developers. The 8-week masterclass culminated with a demo show including newly constructed products leveraging blockchain technology and skills learned during the developer training by top registrants.

Here is a testimonial from one of our Binance Masterclass graduates, Opeyemi Olabode:

“I was blown away by the 8-week Masterclass. I was able to learn a great deal both technically and business-wise. Being given the opportunity to manage a team also aided in the development of my leadership skills, as students from all backgrounds, cultures, and timezones were present. My team came in third place, and with the facilitators promising help and resources, I see this as a huge opportunity. Finally, I had the opportunity to share my knowledge with other students, and I met many smart developers like myself who will undoubtedly make Africa proud.”

Binance Africa has used the following channels to promote crypto education and accelerate financial inclusion:

* Newbie Walkthroughs - A webinar series for beginners that provides an introduction to cryptocurrencies and the Binance platform, ensuring beginners have access to the correct information on the crypto ecosystem's workings.

* My Binance Class — A campaign that allows tutors to be rewarded for their efforts in disseminating crypto and blockchain information to anyone. The campaign's purpose is to decentralise and give solid crypto education by forming smaller learning groups.

* Blockchain Student Corner - An AMA webinar series for students across Binance communities in Africa to learn about blockchain prospects, the fundamentals of cryptocurrency trading, and much more.

* Hackathon Workshops – The most recent hackathon lasted 21 days and saw participants develop DeFi and NFT solutions to real-world challenges found in African systems now in operation. The hackathon began with 20 teams developing DeFi and NFT applications spanning Savings, Lending and Borrowing, Swaps, Royalties and Renting, Elections, Identity Management, Land Ownership, and NFT Marketplaces. As the hackathon progressed, the community participated in weekly seminars.

About Binance

Binance is the world's biggest blockchain ecosystem and cryptocurrency infrastructure provider, with the largest digital asset exchange by volume as part of its financial product suite. The Binance platform, trusted by millions around the world, is dedicated to increasing users' financial freedom and features an unrivalled portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more.

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Another esports group joins the cryptocurrency bandwagon

Fnatic has announced a five-year, $15 million agreement with crypto currency site Crypto.com. The collaboration could last longer than the initial period.

This is just another example of a crypto currency platform collaborating with esports groups and leagues. The League of Legends Championship Series and TSM are two recent examples. TSM announced a $210 million deal with FTX, which includes naming rights. FTX also became the LCS's official crypto currency exchange partner, with a sponsored metric on their broadcast.

Fnatic will reward their followers with digital merchandise such as non-fungible tokens. Fnatic shirts will also feature Crypto.com.'

Crytpo competes in esports with Fnatic

Aside from TSM and League of Legends, crypto exchanges are increasingly engaging in esports. Coinbase, FTX, and Bybit have all entered the fray by investing in teams and events.

Prior to their collaboration with Fnatic, Crypto.com has made no investments in esports. The company has already collaborated with traditional sports organisations such as the UFC, Lega Serie A, and Paris Saint-Germain. The crypto business has spent over $300 million on traditional sports sponsorships, including a 5-year, $100 million deal with F1 and a 10-year, $175 million arrangement with the UFC.

“Fnatic has one of the most connected, involved, and supportive fan groups in the world, and this landmark arrangement with Crypto.com allows us to further cater to their everyday needs,” Fnatic CEO Sam Mathews said in a press release announcing the alliance. “As bitcoin becomes more widely accepted as a payment mechanism, there has never been a better opportunity to assist our supporters in making smarter, healthier, and more future-proof cryptocurrency decisions.”

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The crypto gaming imaginarium is a space with freedom of conscience and ideas. Of course, there are specific rules for how the blockchain works and how pre-existing games can benefit from it. On the other hand, cutting-edge technologies are hitting new highs every day, so it’s good to be a naïve dreamer sometimes in order to keep up with their fast pace.

If you read previous imaginarium articles on League of Legends, Fortnite, or others and thought, “it’s nothing more than dreaming” here is the example of Minecraft, where crypto is already implementable via Enjincraft, a plugin that allows your Minecraft server to adopt tokenised in-game items and crypto economy.

Minecraft on Blockchain?

Minecraft is one such game which is perfectly suitable for blockchain. Just take a look: a resources system, craft mechanics, and player cooperation and teamplay. These are features which are already used in most crypto games but in a slightly different form: collecting, breeding, and marketplace economy. However, as Minecraft is more gameplay than economy oriented, blockchain can bring more interesting insights to the game.

In general, Minecraft is a sandbox video game with a blocky graphic style and millions of players worldwide. The two most popular game modes are creative and survival, both of which would stand to benefit from blockchain implementation. However, while the creative mode can turn Minecraft into Decentraland with an extremely vast craft system, survival is the genre we are still lacking in the blockchain gaming industry. or at least, I personally haven’t found any good survival games on blockchain so far.

Nevertheless, this feature is already implementable with Enjincraft, an official plugin by Enjin.

Enjin for a Game Engine

Enjin is a blockchain project with a more-than-ten-year history. Impressively enough, this means that it stood at the origin of crypto. The purpose of Enjin is to create SDKs (software developer kit) for other gaming studios, which can implement blockchain elements, or even the entire Enjin ecosystem into their projects.

Enjin Coin (ENJ) is the main crypto of the ecosystem. It’s an ERC-20 token based on the Ethereum blockchain. This is the only payment token on the Enjin network. Furthermore, the project recently updated the network to the JumpNet Blockchain, which is faster, more secure, and completely eco-friendly! In addition, it brought smart contracts to the ecosystem. This means that the automatically executed, fraud-free transaction protocol is implementable to any game.

After the established partnership, developers can implement the e-commerce ecosystem, or tokenise the in-game items, which brings value to every single one. Moreover, this means true ownership of them for players.

For example, in any other game, if you buy anything, it stays inside the game. If the developers shut down the project, all the items will disappear, together with the game code. On the other hand, if those items are tokenised, they stay in your wallet forever, even though a game doesn’t exist anymore. In such a system, every in-game transaction should be confirmed via the Enjin wallet.

Enjin also provides the possibility of melting the items back into Enjin coin. This feature ensures the value of each item, because players can turn the items back into funds at any time. Enjin coin itself can even be used as an in-game currency. For instance, players can receive rewards for quests in ENJ, or trade with each other.

Enjincraft: How Does It Work?

Enjincraft is the mod plugin for Minecraft. If you own a server, you can install it and allow your players to use the Enjin ecosystem, which brings with it a lot of the perks and benefits that were mentioned previously.

First of all, when entering an upgraded server, everyone needs to link their Enjin wallet. This brings up the first perk: players can exchange crypto right inside the game, just using the command terminal. This gives the possibility of in-game trading and bargaining. This feature is coded into the plugin natively, so the trades are done using smart contracts, which brings great security.

The upgrade also allows the integration of blockchain assets. It may be created by the Enjin team via “The Multiverse” package, as well as those from other games in the Enjin ecosystem. Thus, players holding exact assets in their wallets will obtain exact perks, which are defined by the game service admin.

As mentioned earlier, this is applicable to assets from other games on Enjin as well. For example, if you know the game where you can get some definite object easier than it would be in Minecraft, you can craft it there in parallel and immediately use it in Minecraft. Indeed, this is the gaming multiverse that the Enjin ecosystem is aiming for!

These blockchain assets can bring not only resources, but also in-game mechanics and abilities. If the server owner desires, they can programme throwing fireballs, or telekinesis for holding precise objects into the wallet. This brings almost endless room for creativity and creating game multiverses.

On The Flipside

* Minecraft is one of the biggest projects in the Enjin multiverse. That’s why dreams about transferring resources from Stardew Valley to Minecraft and back are still dreams. The project needs more attention from the biggest players of the gaming industry.

* The plugin has to be installed by a server owner. This means that the number of servers supporting blockchain may not be that big.

Why You Should Care?

Minecraft is the kind of game where blockchain can show its best. Story driven games wouldn’t benefit from the technology as much as the creative sandbox genre, which pushes players to use all their imagination. Adoption of the blockchain provides possibilities of transforming the game’s universe into a multiverse within the Enjin ecosystem. This is definitely the future of gaming.

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TALLINN, EASTERN ESTLAND, Sept. 16, 2021 (GLOBE NEWSWIRE) — Today, Bitcasino, a major bitcoin-based casino operator, announced a partnership with Evil Geniuses (EG), one of the world's first and most iconic professional esports companies. By offering a variety of games and entertainment, Bitcasino, a subsidiary of Yolo Group, combines bitcoin and a digital gaming experience.

Partnership in esports gaming powered by cryptocurrency

As the first crypto-based digital gaming collaboration in esports history, Bitcasino will be promoted throughout a variety of EG divisions, including the Evil Geniuses DOTA 2, Counter-Strike: Global Offensive, FGC, and Creator rosters.

Kaupo Kangro, Bitcasino's CEO, stated:

"We admire Evil Geniuses' commitment and innovative approach to everything they do. They have been disrupting the industry for over two decades, which makes them the ideal partner for Bitcasino.

They are true pioneers who share our commitment to enjoyable, fast, and fair gaming. It's an honour to have the Bitcasino logo on the EG shirt, and we're looking forwards to collaborating on fantastic content for Evil Geniuses fans worldwide."

Beginning with the Blast Premier Fall Showdown later this week, EG players will wear new jerseys with the Bitcasino emblem on the right sleeve.

Brian Millman, Evil Geniuses' Director of Corporate Partnerships, stated:

"Evil Geniuses has always been a forerunner in esports, and by partnering with an industry pioneer like Bitcasino, we are demonstrating our commitment to engaging our fans in novel and unique ways."

What Benefits Will the Partnership Bring to Participants?

Additionally, the relationship includes CS:GO content, such as a custom-created map containing familiar B-Site locations, where players will compete against the clock in mobility and accuracy challenges. Tarik Celik, an EG pro and content creator, tested the challenge course specifically for Bitcasino. Fans can join in on the action as well by downloading the map via Steam.

Additionally, the partnership will include a content series hosted by EG CS:GO and DOTA 2 players, in which fans can submit videos of their play, either their greatest or funniest moments, for EG pros to estimate what will happen next at important points. The social media content series will feature several EG pros delivering unique commentary on fan behaviour.

Growth of the Bitcoin Casino Platform

Bitcasino offers a robust, high-quality casino package with over 2,800 games. Their cutting-edge platform, new features, and awards are all developed in-house, with direct input from players to design and create the best user experience. Bitcasino offers an industry-leading average withdrawal time of roughly one and a half minutes, as well as cutting-edge security features.

Regarding Bitcasino

Bitcasino is a leading bitcoin-based casino operator that was founded in 2014 as part of the Yolo Group. Bitcasino offers a robust, high-quality casino product with over 2,800 games from some of the industry's best providers, including slots, table games, and live dealer casinos. Their cutting-edge platform, new features, and awards are all developed in-house, with direct input from players to design and create the best user experience.

Bitcasino is the first cryptocurrency casino to discontinue its welcome offer in favour of the unique, custom-built Loyalty Club, which gives players greater control over their games. Bitcasino takes pride in providing a pleasant and trustworthy casino and gaming experience, with withdrawal times of roughly 1.5 minutes among the industry's fastest and cutting-edge security measures in place.

Concerning Evil Geniuses

Evil Geniuses, one of the first and most renowned professional esports organisations, was created over two decades ago on the conviction that passion, commitment, and innovation could transform a beloved hobby into a global phenomenon.

Today, that same passion and commitment serve as the bedrock of our illustrious organisation.

From our top-tier esports teams to our game-changing technologies, our goal has always been—and will always be—building winners.

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Bitcoin, according to the People's Party leader, is a "new and innovative" technique to circumvent central banks.

Maxime Bernier, leader of Canada's fast-growing "People's Party," has declared his support for Bitcoin and cryptocurrency less than a week before the country's federal election.

Bitcoin: A Revolt Against Central Banking

Bernier expressed his support for Bitcoin in a tweet earlier this week, following numerous inquiries about whether he backed the currency or any of the other coins. “Of course,” he responded.

“I despise how central banks are wreaking havoc on our currency and economy. I'm a traditional gold and silver supporter, but cryptos are another new and innovative technique to mitigate this risk that should be encouraged.”

This statement is consistent with Bernier's previous criticisms of the current monetary system and the resulting inflation of the money supply. He chastised Prime Minister Justin Trudeau yesterday for exploiting the Bank of Canada's "Keynesian apparatchiks" by printing money to support his "gigantic deficits."

Alternatively, because the Bitcoin network has a fixed supply cap of 21 million coins, it has frequently been hailed by members of the community as the antidote to inflationary monetary policy.

Bernier's tweet garnered 10,000 likes and enthusiastic support from Bitcoin enthusiasts, however others urged him to go farther in his support. Stephan Livera, managing director of SwanBitcoin, reacted to Bernier by claiming that Bitcoin is superior to gold and Canada's "sole hope."

According to their website, Bernier's "People's Party" combines "populism, classical conservatism, and libertarianism" with a "unwavering commitment to lowering the size of government." Though they presently hold no seats in parliament, polls indicate that they could garner up to 6.1 percent of the vote in the upcoming federal election.

Additional Political Advocacy for Bitcoin

While Bitcoin prices have been volatile recently, there has also been a strong undercurrent of political adoption and interest in the cryptocurrency across the globe. El Salvador notably embraced bitcoin as legal cash earlier this month, and a recent poll indicates that 48% of Brazilians support following suit.

Additionally, Ukraine just issued a decree legalising all cryptocurrencies, and the government intends to establish a regulatory agency that will grant permits to businesses dealing in digital assets.

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According to Changpeng Zhao, CEO of Binance Crypto Exchange, traditional financial institutions and investors have continued to flock to cryptocurrencies in recent years.

Zhao stated that the majority of these financial organisations are considering Bitcoin. He highlighted that a rising number of traditional monetary institutions have shifted their focus to the crypto area.

Why are financial institutions continuing to embrace cryptocurrency?

The Binance CEO spoke with South China Morning Post during an interview, offering his experience and thoughts on the crypto space's current trends. Zhao asserts that traditional financial institutions and investors have already recognised the benefits of cryptocurrencies, which is why these organisations and investors are flocking to them.

“The financial institutions are on their way in force. Additionally, we see traditional financial services from some of the industry's larger names entering the space.”

Zhao stated during his speech that Bitcoin is also a multiasset class technology, which he believes qualifies it as an investment tool.

Zhao predicted that digital assets would play a significant role in the future financial system.

Zhao discusses Binance's regulatory concerns

The Binance CEO discussed the exchange's regulatory issues during his interview, as watchdogs from the United Kingdom, Hong Kong, Japan, and Singapore have repeatedly warned the exchange.

He stated that the firm's structure would be altered in order to address the exchange's difficulties. More precisely, he stated, Binance would restructure itself as a licenced financial institution with a centralised headquarters.

“Four years ago, we desired decentralisation, but we currently operate a centralised exchange. We require a paradigm shift. We must improve. We're making these adjustments to make it easier for regulators to collaborate with us," he explained.

Zhao, who created Binance, previously stated that he is willing to stand aside as CEO in order to resolve the firm's ongoing regulatory concerns. The exchange has been filling key regulatory roles with regulatory specialists to assist it in resolving its regulatory difficulties.

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Chairman of the Securities and Exchange Commission Gary Gensler raised eyebrows in the cryptocurrency industry on Tuesday when he refused to rule out regulating stablecoins as securities during a Senate Banking Committee hearing. However, if reformers have their way, stablecoin issuers will face greater regulatory hassles than the SEC.

Republican Senator Pat Toomey of Pennsylvania questioned Gensler on whether he believes stablecoins, or cryptocurrencies designed to maintain their value in relation to the US dollar DXY, are securities under the Supreme Court's Howey Test. Gensler failed to provide a definitive answer, stating that "they could very well be securities."

While stablecoins such as Tether and USD Coin, have become integral to the market for cryptocurrencies, facilitating trading between popular digital assets such as bitcoin, and ether, financial regulators have expressed concern that they pose a threat to financial stability. Investors treat them similarly to bank deposits or money market mutual funds, while they remain loosely regulated.

Treasury Secretary Janet Yellen convened the President's Working Group on Financial Markets in July to address the threat stablecoins represent to financial stability, emphasising "the critical need to act swiftly to ensure an effective regulatory framework is in place."

However, Gensler's critics believe that the SEC chairman is hastily asserting his agency's authority over these instruments without adequate legal grounds.

“Gensler has made it abundantly apparent that he wants the SEC to have unrestricted authority over crypto,” Dean Steinbeck, general counsel for the blockchain platform Horizen, told MarketWatch in an interview. Steinbeck continued by agreeing with Toomey's explanation of the Howey Test: because those who purchase a stablecoin do not have a reasonable expectation of profit, stablecoins fail the Howey Test and are not securities.

While Gensler stated that the Howey Test is a critical criterion for assessing whether some cryptocurrencies are securities, he highlighted that there are dozens of other financial products that qualify as securities under federal law that are not covered by Howey.

“When Congress defined the area of the market it sought to regulate, it used a broad brush,” Gensler said. “It actually encompassed perhaps 35 distinct items within that concept of a security.”

Rohan Grey, an assistant professor of law at Willamette University and the president of the Modern Money Network, stated in a tweet that stablecoins may be deemed evidence of debt, a note, or a certificate of deposit — all of which are considered securities under federal law.

Gary Gorton, a finance professor at Yale School of Management, has conducted research indicating that the debate over whether a stablecoin is a security is likely moot, and that regulators at the Treasury Department and Federal Reserve will likely intervene to regulate these instruments in a way that transforms them.

“Cryptocurrencies are all the rage, but privately manufactured money is nothing new,” Gorton wrote in a July study coauthored with Jeffery Zhang, an attorney with the Federal Reserve Board of Governors.

Stablecoins, according to Gorton, are analogous to private bank notes that circulated as the major form of currency in mid-nineteenth-century America prior to the establishment of national banks during the Civil War. This system of competing private currencies was economically unproductive because the divergent valuations of numerous private currencies complicated the execution of transactions and legal obligations. “There was frequent haggling and disputing over the denomination of notes used in transactions,” Gorton wrote. “Private bank notes were notoriously difficult to use.”

A unified national currency was born out of the necessity of financing the Civil War, when Congress began issuing so-called greenbacks that were not backed by gold and eventually taxed private bank notes to extinction. In the decades that followed, the federal government established the Federal Reserve system to handle a new national currency and to insure deposits against bank runs that intensified financial panics. Gorton contends that stablecoins must undergo a similar evolution if policymakers are to avoid the mistakes of private currencies in the past.

If cryptocurrency fans believe Gensler is a thorn in their side, wait until the Federal Reserve and the Treasury Department begin developing new guidelines. Yellen's statements, as well as those of Fed Chairman Jay Powell and his top Board of Governors lieutenants, show that these prominent authorities agree that stablecoin regulation is necessary, and urgent, regardless of whether the SEC classifies them as securities.

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According to a startup statement recently valued at $ 1.5 billion, rumours of insider trading on the NFT platform OpenSea are real.

“I discovered yesterday that one of our workers purchased an item that we anticipated would be on the main page prior to its public release,” the business noted in a blog post Wednesday.

The letter did not name the employee, but on Tuesday night, OpenSea product manager Nate Chastain accelerated sales on the site by using a hidden crypto wallet provided by Twitter user @ZuwuTV. Was charged with.

so A collection of posts According to Twitter users who track transaction receipts via the public blockchain, Chastain purchases an NFT shortly before OpenSea publishes its work on the front page of its website and then sells it following a price spike. It is reported to have been shown. The subject of the main page's list.

The startup described the issue as "very disheartening" and stated that it is conducting a "rapid and thorough examination."

OpenSea declined to confirm the employee's identity to CNBC "at this time," but a representative stated, "We will notify everyone once the internal enquiry is complete."

Chastain's public LinkedIn profiles have been marked as "inactive."

8btc, a Chinese blockchain and cryptocurrency news platform, keeps track of sales. It is purportedly connected to Chastain and his front-running scam, with a target profit of 18.875 Ethers, or around $67,000 at today's market. CNBC has not independently verified this figure, and OpenSea has told CNBC that it does not disclose the extent to which employees have profited from the plan.

According to Dune Analytics, OpenSea's transaction volume reached a record $3.4 billion last month. Despite the platform's billions of dollars in Ether trading volume, startups appear to have been somewhat tardy in limiting workers' ability to participate in NFTs using privileged knowledge. However, that is changing as of today.

The company restricts members of the OpenSea team from purchasing or selling from collections or creators while the company is featuring or promoting them, and prohibits workers from "purchasing or selling using sensitive information." He stated that he adopted two new staff policies, which included the following: “All NFTs, regardless of whether they are offered on the OpenSea platform.

The entirety of the episode demonstrates a pervasive regulatory void in the broader crypto economy. NFTs, in particular, are in a legal limbo. Insider trading with NFTs is not appear to be unlawful, as they are not considered securities and there are few precedents for digital assets in general.

According to Boaz Sobrado, a fintech data researcher based in London, the OpenSea affair indicates two things. Due to the fact that all transactions on the blockchain are public and permanently recorded, blockchain transparency is an extremely effective tool for detecting fraudulent conduct. I'm doing a great deal with that information. "

“While there is considerable disagreement about regulation at the moment, many of these offenders are clearly violating the law. Regulators take action against these types of fraudulent and deceptive statements. There is no reason to extend this authority. Sobrad clarified.

“Regulators are not looking at the awards, and I believe the majority of people are avoiding them,” Sobrad concluded.

Finally, Sobrado is considering this demonstrates that money has gotten quite loose, scammers have grown extremely bold, and participants are ignoring the simplest procedures to protect their trucks.

“This also demonstrates the level of frustration that exists in this area at the moment. It's going great, and everyone feels wealthy, yet the market is hardly discussed. Once the downturn begins, many of these individuals will be exposed, and many will get enraged.

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Prosecutors Charged the Company With Defrauding Thousands of Investors.

According to State Attorney General Letitia James, New York officials obtained a court order shutting down cryptocurrency trading site Coinseed after it allegedly scammed thousands of investors of millions of dollars. The court granted Coinseed and its creator and CEO, Delgerdalai Davaasambuu, a $3 million judgement.

According to some financial experts, these Ponzi scheme-like activities may continue in the absence of generally agreed-upon legislation that strengthen investor protections against fraud.

Prosecutors in New York allege that Coinseed's mobile application, which was available on the App Store and Google Play Store, illegally marketed stocks, operated improperly as a broker-dealer, and traded in investors' accounts without their consent, even limiting account access. Officials claim the activity continued even after Coinseed was sued by James' office in February for allegedly breaching the state's powerful Martin Act, an anti-fraud statute that allows the state attorney general broad authority to prosecute securities fraud investigations.

Prosecutors allege that Coinseed - which built its network to between 4,000 and 5,000 investors - improperly invested client cash in the digital currency dogecoin, resulting in investor losses within hours.

The attorney general's office in New York declined to speak further. Coinseed's initial attorney of record, Jason Gottlieb of the firm Morrison Cohen LLP, has informed Information Security Group that his firm has withdrawn from the matter following the grant of a motion to withdraw.

"Given how hot crypto assets continue to be," Karl Steinkamp, director of PCI product and quality assurance at security firm Coalfire, tells ISMG, "I would anticipate we will continue to see more of these events."

Order of the Court

Following a preliminary injunction granted in June, the court ruling - delivered Sept. 9 by New York State Supreme Court Justice Andrew Borrok - appoints a permanent receiver to process investors' funds and permanently halts activities.

In February, James' office sued the platform, Davaasambuu, and former Chief Financial Officer Sukhbat Lkhagvadorj. According to James, Coinseed "continued its deception and engaged in additional fraudulent behaviour" in the months that followed, including introducing a new virtual currency.

"For years, Coinseed and its CEO have engaged in outrageous and dishonest conduct that has defrauded investors of millions," James asserts. "Contrary to court rulings, this organisation has continued to operate unlawfully and unethically, seizing clients' assets and highlighting the risks associated with investing in unregistered virtual currency."

Coinseed Activity

According to New York officials, the company issued securities in 2017 through an initial coin offering, or ICO, which allowed investors to purchase Coinseed tokens. As a result, the company should have registered as a broker-dealer. Additionally, state prosecutors charged Davaasambuu with faking his experience in order to promote the platform.

Additionally, James said in a May court filing, "The defendants transferred all investors' holdings into a single, extremely volatile virtual currency (dubbed Dogecoin), whose price fluctuates substantially in a matter of hours."

Brian Whitehurst and Amita Singh, state assistant attorneys general, report that their office has received more than 175 investor complaints.

Users claimed in court filings that they were unable to withdraw their Coinseed payments, even when they owned assets over $100,000. Several investors stated that they lost tens of thousands of dollars overnight as a result of illicit trading.

Prosecutors say the receiver will now "acquire, preserve, and refund all assets invested and transacted through Coinseed."

Initial Reaction

According to Coin Desk, Davaasambuu reportedly described James' legal action as "immensely sorrowful and infuriating" in June, despite refuting the charges. According to reports, the CEO encouraged users to "annoy" James' office and announced that the site will provide a free token called "FLJ," an acronym for nasty language directed at the state's lead attorney.

According to CBS News, the Coinseed CEO also reportedly referred to James as a "business abuser" and blamed New York's cryptocurrency rules for his company facing legal action.

"My office will not hesitate to protect investors' wallets against all those who aim to swindle them," James stated earlier this year.

Coinseed was also sued by the Securities and Exchange Commission in a parallel action, alleging that it neglected to file a registration statement or get an exemption for the ICO between 2017 and 2018.

Is This One of the Most Heinous Cases?

According to Steinkamp of Coalfire, Coinseed's operations resemble those of the recently defunct platform BitConnect, which the SEC charged with defrauding investors of $2 billion.

"As yet another Ponzi fraud," Steinkamp continues, "investors were guaranteed a percentage of Coinseed revenues related with bringing new users to the site and with their digital asset purchases."

Michael Fasanello, who has worked in various capacities within the United States Departments of Justice and Treasury, including at Treasury's Financial Crimes Enforcement Network, or FinCEN, says, "This is one of the most egregious cases to date, because the defendants were already under investigation by the New York attorney general and had received a court injunction when they disregarded those sanctions."

Fasanello, who is presently the director of training and regulatory relations at Blockchain Intelligence Group, notes that the Coinseed incident demonstrates the "significant risk connected with the governing parties of the platforms or exchanges on which these assets are held."

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Gold has been the bedrock of financial civilisation for millennia.

Could this be changing, though, with the introduction of cryptocurrencies?

Mark Bristow, president and CEO of gold mining company Barrick Gold, recently told Jim Cramer on Mad Money that gold remains as strong as ever, despite the advent of alternative monetary systems, most recently including cryptocurrency.

Bristow highlighted Barrick's recent discovery of new potential in Nevada as "massive." Nevada's returns will be huge, he told Cramer.

When asked which asset class he prefers, Bristow stated that gold is the only method to truly hedge one's risks. Bitcoin's value fluctuates as frequently as it increases, he explained, leaving gold as the sole stable store of wealth.

Cramer later chimed in on the discussion about whether it is better to hold gold or cryptocurrency in a "No Huddle Offense" segment.

According to Cramer, the question is not even a discussion in many aspects. Gold and cryptocurrency, he maintained, are not in competition with one another. Gold, he explained, is an inflation hedge. It has a long track record, and supplies grow at a 1% annual rate, which keeps pricing "boring" and stable.

On the other side, Bitcoin and its competitors are a speculative investment, one that is thrilling and volatile, with no track record whatsoever.

Which one is the finest to own? Cramer stated that both can be used to diversify a portfolio, with gold used for insurance and cryptocurrency used for speculation.

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