Skip to main content

Featured

Binance joins Neo Council, 2.1 million NEO used to secure two Top 21 positions

Binance Staking has secured two positions on the Neo Council. At the time of press, Binance has voted with approximately 2.1 million NEO to secure its places in the Top 21. Binance is the world's largest custodial exchange with nearly US $9.07 billion in 24-hour volume, according to CoinCap.io. Binance Staking is a service that allows users to earn distributions offered on proof-of-stake or other networks that distribute rewards to participants. The platform provides two types of staking: flexible and locked. Flexible staking offers fewer rewards but allows users to move the underlying assets at any time. Locked staking requires users to deposit a token for a specific time frame but provides higher yields. For example, a minimum of 0.01 NEO locked for 15, 30, 60, or 120 days will earn increasing yields of 5.79%, 7.49%, 8.79%, and 13.56% (made in GAS distributions), respectively. In the announcement post, Neo Global Development said "Binance Staking's new membership in the ...
Post a Comment
Read more

Finland officials confounded over confiscated crypto



Finland has a problem many people wish they had. Finnish authorities are sitting on millions of dollars' worth of cryptocurrency and they don't know what to do with it. The currency was seized from criminals years ago, and the government is debating over the best way to liquidate the proceeds. So far, it can't figure out the best way to do it.

According to local media, the Finnish Customs Service has 1,666 BTC that it confiscated from drug dealers several years ago. It doesn't specify when the seizure(s) may have occurred, but says that the confiscated amount was worth around $760,000 at the time. Today, that amount would be worth around $15 million. While other countries find ways to liquidate seized crypto, the Customs Service isn't sure it wants to, but it's logic for hesitating leaves a lot to be desired.

According to the government agency, liquidating the assets would put them back onto the crypto market, where they could once again find their way into the hands of criminals. The repeated excuse that crypto is bad because it facilitates criminal activity has already been shown to be lacking in any substantial foundation by several studies and, if that were a legitimate reason for not liquidating assets, the government would never liquidate any type of assets – real estate, vehicles or more – because they, too, could end up in the hands of criminals.

The solution is simple. For the crypto assets to be calculated, they have to be held in wallets. For the assets to be sold, they have to be exchanged from one wallet to another. Therefore, record the transactions, record the wallet addresses and order the recipients to register any future exchanges or sales with financial authorities or face legal repercussions.

In other parts of the world, government agencies are more than willing to sell confiscated digital currency. The US Marshal's Office has created an almost regular practice out of it and has regularly held auctions to convert digital currency to fiat. However, it may wish it had not been so anxious. If it had held onto all the crypto it has seized, it could have potentially gained as much as $1.7 billion through value increases.

Comments

Post a Comment