Apollo CurrencyApollo Currency APL news

Price, 24h
0.001548 USD / 0.00000038
0.00% / 0.00%
Volume, 24h
1,830,390 USD
-2.45%
Marketcap
22,227,378 / 0.02%
Emission
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Why Investors Should be Paying Attention to Apollo Currency

Today’s coin is considered a controversial one in most circles. A cursory search of Apollo Currency shows a lot of discontent and strong opinions related to the promises being and the likelihood of delivering on them. This is somewhat fair, considering that the current roadmap would offer smart contracts, IP masking, file sharing, voting, and […] The post Why Investors Should be Paying Attention to Apollo Currency appeared first on Hacked: Hacking Finance.
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Why Apollo Currency (APL) Did Not Dump or ‘Exit Scam’ the Crypto Community

I, the author of this piece, used to work with ApolloCurrency for a brief period of time in 2018. During that time, I got to take an in-depth look at the team, talk with Steve McCulloh (project leader) directly on countless occasions and liaise with him on quite a few tasks. Ultimately, I announced my departure from the team in July 2018, due to a disagreement over the best way to proceed forward. I objected strongly to their inclusion of John McAfee in their marketing strategy for personal, business, and moral reasons. For the record, the relationship ended amicably. However, I have no ties to ApolloCurrency at all. I do not own any ApolloCurrency and I have no stake in the project’s success or failure. I would not consider myself to be ‘close friends’ with any member of the project’s team either. So readers should not consider this article to be an unjustified ‘defense’. Given my in-depth knowledge of the protocol, I figured that I would be one of the best, objective sources to give a better perspective on what is going on with the Apollo Team and whether they’re ‘legitimate’ or not. This article was neither paid for or requested by the ApolloCurrency team. As stated above, I have absolutely nothing at stake in this situation and the community’s opinion of ApolloCurrency has absolutely zero impact on me. I am simply a fan of the truth — whether it be positive or negative. Claims that the ApolloCurrency Team Performed an Exit Scam A few hours ago (from the time of writing), a Reddit user put up this post on r/cryptocurrency: The Apollo Currency Team (APL) just engaged in a massive pump and dump scheme, dumping hundreds of millions of coins on their investors from CryptoCurrency As stated in the title of the post, the user alleges, “The Apollo Currency Team (APL) just engaged in a massive pump and dump scheme, dumping hundreds of millions of coins on their investors”. The author goes on to remark that the price plummeted -78% at its lowest in the last 24 hours, before stating: “ Most of you saw my recent post here about all the red flags of the recent Apollo cryptocurrency — the way they censored their social channels/Telegram, how they encouraged their members to stock up and and BUY and banned anyone who talked about selling instantly. How they actively pumped up the price of their coin the past couple of weeks through fake news and shill armies.” The author of the Reddit post then states that their concerns arose when they saw multiple sell orders for $APL on various cryptocurrency exchanges. The author claims that, “Suddenly hundreds of millions of APL were hitting all exchanges all at once in a massive dump that sent the price shooting down over 70%.”  After seeing this, the author states that they then went to Apollo’s block explorer. They provided the following links as evidence of Apollo’s alleged exit scam dump: View post on imgur.com https://explorer.apollowallet.org/accounts/8638689226260340876 https://explorer.apollowallet.org/accounts/4357878630730037753 https://explorer.apollowallet.org/accounts/8981386827427737067 https://explorer.apollowallet.org/accounts/285778997163958679 Alleged Timeline of Events Below is a screenshot of the alleged timeline of events as recorded by the Reddit user: Dissecting the Claims In order to assess the veracity of these claims (which are serious), we must first look at each piece of evidence provided by the Reddit user. So let’s start by reviewing $APL’s price activity over the last 24–48 hours(using Coinmarketcap):  In the picture above, we can see that the price for $APL was $0.003695 and 99 sats, respectively. At its lowest point (in the last 24–48 hours), $APL hit a price of $0.001587 and 44 sats, respectively. These two totals represent a depreciation of -57% in USD and -55% in $BTC value. These totals are a bit different than what the author stated in their original post, but the difference in the two totals could be attributable to the user seeing price data on the exchanges that is more ‘minute’ or ‘immediate’ than what is shown in the Coinmarketcap historical price review. However, it is worth noting that the screenshot provided by the Reddit user only shows the price declining by -51.10% (re-posted below for convenience): View post on imgur.com While this shows a decent decline in the price of $APL, this, by itself, does not demonstrate or prove that the developers have emptied their coffers entirely as the Reddit user suggests. So let’s look at the other evidence given in the Reddit post. Developer Wallets As you may recall, the original Reddit post contained a link to four different wallets that allegedly belong to developers or members of the Apollo Currency Team. The above screenshot contains the links to the wallets where the developers/project leaders allegedly dumped from. So let’s examine them to verify this claim. Wallet #1–8638689226260340876  If you visit the first wallet linked (hyperlinked in the above header), you should be taken to a page that displays the following: According to the block explorer for Apollo, the wallet contains a current balance of 984,862,745 $APL (Apollo coins). This amounts to 984 million Apollo coins. Currently, there are 14.6 billion $APL tokens in circulation at the moment (the rest must be minted/mined). Thus, this one wallet still possesses 6.7% of all $APL in circulation at the time of writing. The total value of this wallet (in USD) is $1.9 million. It seems illogical for the Apollo team to leave approximately $2 million in one of their wallets if they are truly planning an ‘exit scam’ on investors. This is also a major sign that the developers did not actually dump their holdings on investors.  Let’s take a look at the next link. Wallet #2–4357878630730037753 If you visit the second wallet (hyperlinked in the heading above), you should be taken to a page that displays the following: According to the Apollo block explorer data at the time of writing, this wallet contains 241,487,396.9422 $APL tokens. To simplify that, there are approximately 241 million $APL tokens in this wallet. This totals to approximately 1.6% of all of the circulating $APL at the time of writing, which is substantial. In USD value, this wallet holds approximately $473,798.27 based on Apollo’s value at the time of writing. Again, it doesn’t seem logical for the team to leave half a million dollars worth of their token in this wallet if they were truly dumping their entire supply on the markets before exiting. Wallet #3–8981386827427737067 If you visit the third wallet (hyperlinked in the heading above), you should be taken to a page that displays the following: The total balance of this wallet is 102,034,310.5384982 $APL. To simplify that number, the wallet holds approximately 102 million $APL tokens. This represents approximately .7% of all outstanding $APL tokens at the time of writing. The total USD value of this wallet is approximately $200k ($200,191.32). Once again, this is yet another wallet address that contains a significant sum of money remaining in it after the alleged ‘dump’. Wallet #4–285778997163958679 If you visit the fourth wallet (hyperlinked in the heading above), you should be taken to a page that displays the following: According to the block explorer, this wallet currently holds 13,000,954.11 $APL. This represents an insignificant amount of $APL (in comparison to the total circulating supply). The USD value of this wallet is $25,507.87 at the time of writing. We can’t really make any interpretations about this wallet without seeing a link to any outgoing/incoming transactions from any of these wallets that were listed. Additional Wallets Not Included in the Reddit Thread Since this is such a hot-button topic, I wanted to get down to the bottom of what is going on with the Apollo protocol. As stated in the introduction of this piece, my only interest is in ensuring that the truth is brought to light. Therefore, I did take some time to consult the ‘other side’ by reaching out to project leader, Steve McCullah. After reading the Reddit post and doing a bit of investigatory work myself, I contacted Steve McCullah directly to ask for his feedback on the Reddit post. Specifically, I asked Steve McCullah if he could provide the addresses of the team’s official wallets and speak on how many coins they initially received. Steve’s Response According to Steve, the following is true: A) When $APL was created (it is a pre-mine; this is public information not in dispute), the founders and the Apollo Foundation were given 6 billion $APL coins collectively. B) “We still have over 5.5 billion of that in our wallets which have been made public over and over. Not a single APL was ever sent to any exchange. The 500 million difference is almost 100% airdrop payouts right after our CDE. The only other transfers were to contractors and they were minimal.”  In response to what was stated in B), I asked Steve, ‘Are the wallets publicly listed anywhere too?’  C) Steve responded by saying, “This has always been our Foundation wallet: 7XPN-65VC-H29B-35FWG” [you need to add an ‘APL-’ in front of this wallet address to search for it in the block explorer] D) “[The Foundation wallet address] was publicly displayed on our block explorer statement page until we came out with our vault feature. After that we split all of the 5.5 billion [$APL coins] into 4 wallets for safety.” Following this point in the conversation, Steve McCullah then provided the addresses for the 4 wallets which the funds were split into. They are as follows:  APL-HWEH-RRST-6VPP-9SWKX APL-YPYP-UE8N-2LPJ-BJWJD APL-ELYW-KWRX-X457–82JD7 APL-2S35–2LDG-8WJQ-G8AL8 From this point, I asked Steve the following:  “Are there any screenshots, archived links etc., that I can point to, to show that these addresses were in the public’s domain?”  I also asked:  “Also, is it written in the whitepaper anywhere or on the website that the founders and the Foundation wallet received 6 billion $APL tokens? I looked in the one-pager, technical paper, and the whitepaper and was unable to find any information about the token distribution in any of those documents.” Steve responded by stating:  “Yes, we had it listed and then we ended up taking it out of the whitepaper because it was completely outdated at that point. People kept getting it confused as the current allocation. We have been meaning to put a basic allocation graphic back up” Fair Criticism of Apollo Team’s Transparency Given Steve McCullah’s response, it would be fair to criticize the team for not being transparent enough about the wallet addresses that the team owns. I noted to him in the conversation that the permanent, public revelation of these wallet addresses probably would have prevented any confusion or potentially false allegations from cropping up. Anyone that has read my work knows that I am a stickler for transparency in the crypto space, and this instance is no different. The team did themselves a disservice by not making this information publicly known and I urged them to do so in the future for their own sake as well as that of the greater crypto community. Verifying the Wallet Addresses Provided As noted in the previous section, Steve McCullah provided four wallet addresses that the Foundation money was disbursed to (after receiving 6 billion $APL). They are re-posted below for convenience:  APL-HWEH-RRST-6VPP-9SWKX APL-YPYP-UE8N-2LPJ-BJWJD APL-ELYW-KWRX-X457–82JD7 APL-2S35–2LDG-8WJQ-G8AL8 As good stewards of the community, we can never simply accept the word of any individual. We must verify it independently ourselves (isn’t that the purpose of blockchain? Trustlessness?). The verification steps will be posted below for any and all readers that are interested in verifying this process for themselves as well. Step #1 — Visit the Apollo Block Explorer  This step is simple, the Apollo Block Explorer can be found here at this address: https://explorer.apollowallet.org/blocks Step #2 — Go to the ‘Accounts’ Tab  Once you have arrived at the Apollo block explorer main page, you should see the following: From there, you want to click on the ‘Accounts’ tab at the very top: After clicking on that tab, you will arrive at this page: If you want to skip right to the page in the future, here is the link: https://explorer.apollowallet.org/accounts Step #3 — Entering the Wallet Addresses  All that is needed at this point is to copy the wallet addresses posted above in this subheading (one by one), and then posting them into the text field on the ‘Accounts’ page. We’ll look at the results in the next section. Foundation Wallet Address Results Below is a screenshot of what came up when the first wallet (APL-HWEH-RRST-6VPP-9SWKX) was entered: Below is a screenshot of what came up when the second wallet (APL-YPYP-UE8N-2LPJ-BJWJD) was entered: Below is a screenshot of what came up when the third wallet (APL-ELYW-KWRX-X457–82JD7) was entered: Below is a screenshot of what came up when the fourth wallet (APL-2S35–2LDG-8WJQ-G8AL8) was entered: Interpreting These Results For some reason, the third and fourth addresses that were given did not yield any results in the block explorer. The ‘NaN’ is the same result one would get if they typed random letters into the explorer. So, it remains to be seen whether this is a typo or some sort of alternative error. The first and second wallet addresses, however, did contain a significant amount of $APL. Wallet #1  The first wallet address (APL-HWEH-RRST-6VPP-9SWKX) contained 15,000,000,000 $APL coins. To simplify, there are 15 billion $APL coins in this wallet. This is far in excess of the reported circulating supply by CMC (14,685,096,531 $APL):  However, it is worth noting that both the blockchain explorer and the website report that the circulating total is at a little over 21 billion $APL tokens: Source: https://explorer.apollowallet.org/official-statement ; From $APL Block Explorer Source: https://apollocurrency.com/en/apollo-coin ; $APL Website Therefore, this would technically fit. However, this is an amount that is in dramatic excess (exactly 10x) of what Steve McCullah reported should be in the wallet (no more than 1.5 billion $APL tokens) during our conversation with one another. Since this number is only one decimal place from the number that Steve McCullah gave, we entertained the possibility that I read the number wrong. This proved not to be the case. I was able to confirm that my reading of the number wasn’t wrong by copying and pasting it directly from the website into ‘coolconversion’, which is a site that takes any number and converts it into words. Here is the result that we got:  Source: https://coolconversion.com/math/ordinal-cardinal/_15000000000_ I even went directly to Apollo’s wallet website (apollowallet.org) at the behest of Steve McCullah to see if something different would come up. It didn’t. When I entered the first wallet address that Steve McCullah gave me, the correct information was displayed: Using the original Foundation wallet address (APL-7XPN-65VC-H29B-35FWG) given to me by Steve McCullah, I was able to confirm the numbers in each wallet address. I then created a spreadsheet with all of the transactions from that given Foundation wallet address in order to verify that the total dispensed from the wallet was $6 billion: Upon careful scrutiny, it appears that this indeed was the case. Revisiting the Reddit Post Given all of the information revealed above, it is fair to state that the Reddit post is incorrect in its assertion that the team/developers have or had dumped their entire share of $APL coins on the general public. In fact, this is grossly inaccurate and this is corroborated by the blockchain itself (as well as its API data, which can be pulled; $APL is not private on the API level yet). This was confirmed by joint research conducted by myself as well as Andre Cronje. Legitimate Reason for Concern/Criticism of Apollo This is not to say that the Apollo team has not warranted some deserved criticism for admins encouraging speculative purchasing of the currency or their affiliation with John McAfee, whom regularly boasts about their criminal activities, including usurping the American authorities via tax evasion (which is a felony). Conclusion All criticism aside, one must remember that it is not fair or accurate to call Apollo Currency a scam at this point in time. It is also not fair or accurate to suggest that the founders/developers have dumped the token when, in fact, they have not. If one disagrees with the way that the Apollo team/community is run, that is fair. But that should not be used as a launchpad to make accusations against a team that are not supported by evidence.
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Founder Steve McCullah of Apollo (APL) Finally Addresses Recent Crypto Scam Allegations

As many of our regular readers may remember, sometime back a Reddit user by the name of RozzyPoffle alleged that the Apollo (APL) crypto project was a scam designed to rip off unsuspecting customers of their hard earned money. The Apollo Currency Team (APL) just engaged in a massive pump and dump scheme, dumping hundreds of millions of coins on their investors from CryptoCurrency However, following weeks of silence, the founder of Apollo ‘Steve McCullah’ came forth and denied the aforementioned allegations that have been levied against his company. McCullah Strikes Back Through a news piece aptly titled “Apollo Cryptocurrency Scam Answered by Steve McCullah”, the company’s founder looked to debunk all of the claims that had been levied by RozzyPoffle against his firm. For example, yesterday Rozzy posted a message online stating that his prediction of a “pump and dump” had come true since a massive number of APL tokens were recently transferred from the company’s main wallet to various third-party exchanges causing the price of the asset to dip by nearly 80%. In response, Mccullah noted: “As I stated before, there is no reason for anyone involved with the Apollo Foundation to sell on any exchange because we get constant OTC offers from investors that purchase amounts too large for exchanges.” In a similar vein, there was another allegation floating on the internet that claimed the APL team had been responsible for pumping up the price of their native altcoin offering and silencing people who spoke out against their company in their Telegram group. In response to this, McCollough stated that group admins had the power to remove members if they were acting in “violation of a set of strict rules and not because they were found to have made negative statements about the project.” However, RozzyPoffle was quick to note: “I have at least 20 screenshots of it (bans) happening directly on my computer. Here’s one: a user gets banned because the admin says they had seen that user in the NXT Telegram. That user did not do or say anything at all besides engage in normal conversation: https://imgur.com/a/GVwnxuO. Others are Also Questioning The Legitimacy Of Apollo In addition to RozzyPoffle alleging Apollo’s core team of indulging in unethical activities, Jelurida co-founder Lior Yaffe also took to the internet recently to voice his opinion regarding the project. “It’s a pure money grab. The features they promised in their roadmap are either trivial or very complex beyond their ability or simply impossible,” Not only that, but Yaffe also went on record to state that the Apollo dev team had stolen NXT codes— another claim that McCullah has vehemently denied in the past. Final Take As more and more evidence keeps on piling up against McCullah and his company, it will be interesting to see how things pan out for the Apollo project from here on out. While many members of the global crypto community are already calling for McCullah to be arrested, it is only just that the man is given a fair trial before a verdict is delivered.
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Apollo (APL) Founder Steve McCullah Finally Speaks on Scam Allegations

Recently, there was a story questioning the authenticity of Apollo (APL) cryptocurrency and its founder Steve McCullah. This started with a Reddit post by a user named RozzyPoffle. The founder of Apollo, however, has spoken up, denying all the allegations against him and his company although the cryptocurrency community is definitely not convinced by his words. In defense of the Apollo project In an article titled “Apollo Cryptocurrency Scam Answered by Steve McCullah”, the founder attempted to defend his company against every claim by RozzyPoffle. Just yesterday, RozzyPoflle wrote on the Bitcoin subreddit that his prediction of a pump and dump has finally come true as billions of APL were moved from the company’s main wallet to exchanges which resulted in a 78% drop in the price of the asset. To that, McCullah said: “As I stated before, there is no reason for anyone involved with the Apollo Foundation to sell on any exchange because we get constant OTC offers from investors that purchase amounts too large for exchanges.” There are however verifiable wallet addresses that were involved in the transactions which the founder has completely denied. As RozzyPoffle rightly observes, he did not give any explanation to the transfer of billions of APL, he simply said the company does not sell to exchanges because it has many offers from over-the-counter buyers. Does it mean APL was not sold on exchanges? If yes then how did the price drop by almost 80% within a minute? Another key allegation was that the APL team pumped up the price by fighting everyone who dares say anything negative about the cryptocurrency in their Telegram group. To this, he said the group admin can only remove members from the online community if they violated a set of strict rules and not because they made negative statements about the project. However, RozzyPoffle said “I have at least 20 screenshots of it (bans) happening directly on my computer. Here’s one: a user gets banned because the admin says they had seen that user in the NXT Telegram. That user did not do or say anything at all besides engage in normal conversation: https://imgur.com/a/GVwnxuO.” Evidently, McCullah has been very much focused on increasing the price of the asset and has talked about it all the time. However, in this interview, he says any member of his team that even insinuates a price increase in the future gets fired. It’s kind of confusing, really. But there is more. RozzyPoffle isn’t the only one seeing something wrong This story has drawn a lot of attention, so Cryptoslate did a thorough investigation and stumbled upon a few key personalities who gave their thoughts on the issue. One of them was Lior Yaffe, a co-founder of Jelurida, the company that manages NXT. “It’s a pure money grab. The features they promised in their roadmap are either trivial or very complex beyond their ability or simply impossible,” Yaffe said. In addition to this, he confirmed the fact that Apollo stole NXT codes, against which McCullah said they have replaced hundreds of thousands of codes. Yaffe said: “…to refute this, I will need to take my best devs to look at his code and expose his fake claims. I guess he speculates that we don’t have the time for this. It’s a war of attrition,” and that the private feature that the project boasts of isn’t private at all. This evidence is overwhelming and I’m not sure how McCullah will get out of it. Some members of the crypto community are asking why he has not been arrested yet. Well, the answer is simple; his perceived victims are actually his accomplices, for they attack anyone who speaks against the founder or the company and never gives a thought to any of the stories flying around. The post Apollo (APL) Founder Steve McCullah Finally Speaks on Scam Allegations appeared first on Coingape.
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Investigating Scam Allegations Around Apollo Currency

There are percolating allegations that Apollo Currency is a “pump and dump.” Others claim that one of the project’s co-founders—Stephen McCullah—is a “scam artist,” and that APL is a “massive scam” that is making him “rich.” CryptoSlate explores these allegations and finds evidence of misinformation, claims of sabotage, and a bizarre expedition into the heart of the Congo. Apollo Currency co-founder Stephen McCullah during his purported expedition into the Republic of Congo Background on Apollo Currency Apollo Currency (APL) is an all-in-one cryptocurrency to be “the world’s fastest, most private coin.” The technology of the coin is based off a fork of the Nxt platform. Apollo boasts a breadth of features that supposedly differentiate it from other cryptocurrency projects. According to a promotional video, If the cryptocurrency is able to fulfill its road map, it would offer smart contracts, IP masking, file sharing, voting, decentralized exchanges, and “much more,” all on a “next-generation blockchain. A Mountain of Controversy Reddit and other cryptocurrency communities have been abuzz alleging that Apollo Currency, and its Texas and Missouri incorporated for-profit Apollo Foundation are engaging in fraud and criminal activity. Some of these allegations include “Apollo Currency team just engaged in massive pump and dump scheme, dumping hundreds of millions of coins on their investors,” “Apollo is a massive scam and you are all making the founder, Steve McCullah, rich,” and “proof that Apollo Foundation is dumping their own coins.” CryptoSlate interviewed Lior Yaffe, the co-founder of Jelurida (which oversees NXT, Ardor, and Ignis)—and which Apollo Currency cloned most of its code from—had this to say about the project: “It’s a pure money grab. The features they promised in their roadmap are either trivial or very complex beyond their ability or simply impossible.” In an even more bizarre twist, some have gone as far as to call Stephen McCullah a “known scam artist” for his involvement in an expedition to the Republic of the Congo. Allegedly, McCullah “disappeared with everyone’s money and never completed the expedition.” CryptoSlate conducted an investigation into each of these allegations and interviewed project co-founder and public relations director Stephen (Steve) McCullah to examine the veracity of these claims. Allegations of a Pump and Dump? One of the most scalding allegations is that Apollo Currency has been actively encouraging speculators to “pump” the price of APL with a later intention to “dump” the Apollo Foundation’s holdings—for illicitly-gained profits. In the United States, pump and dump crimes are a serious offense with penalties ranging from loss of business licenses to felony charges. The allegations levied are serious, according to one Redditor: “[The] APL team is fueling this pump as hard as possible. They are actively telling people word-for-word to load their bags now, we’re going to be $1/APL soon (above Ethereum and Ripple in market cap)…” Meanwhile, comments from McCullah run contrary to these claims: “We have a lawyer which monitors all of our social media channels for these exact types of statements. We have a very large admin team and every single one of them knows that if they even so much as insinuate a price increase in the future or that we will be on an exchange in a certain amount of time, they will be fired. A team member has never, not once, made a statement like the one that is being claimed.” Which of these narratives is right? Purported Pump and Dump Evidence Crypto community members cite that APL movement between two wallet addresses, APL-4BUY-KK5W-B3KC-DMHBM, and APL-NZKH-MZRE-2CTT-98NPZ suggest that the Apollo Foundation—the for-profit enterprise managing the project’s development—is attempting to “disguise this movement of tokens onto exchanges for a massive dump.” From Medium post Apollo The All in One Crypto currency Is it a scam? The two transactions pictured on Mar. 27th and May 5th of 2018 were made before accurate price data was available. If calculated using Apollo Currency’s initial distribution event price of $0.02, then these transactions would be worth $300,000 and $360,000, respectively. During the interview we asked about the project’s affiliation to the two aforementioned wallet addresses: “From memory, I believe 98NPZ was the Foundation’s original funding wallet and I believe DMHBM may be the wallet that funded 98NPZ.” Allegedly, the sale of tokens “below the ICO offering price” makes the transaction “even more suspicious. McCullah also previously made a statement in the group’s Telegram channel denying the allegations, saying: “I can personally vouch for every team member out there as I know they would never sell. Right now we have so many exchanges and investors looking at us. It would be crazy to sell at this moment and every team member knows this and would not jeapordize [sic] it for a small gain.” Yet, critics still say “Steve’s statement doesn’t jive with the facts.” Evidence Refuting Price Manipulation Allegations? CryptoSlate inquired about these specific pump and dump allegations with Stephen McCullah. When asked about the company’s involved in the potentially criminal activity: “This could not be further from the truth… we have a circulating supply of over 15 billion with nearly 200,000 wallets created. A few months back nearly every wallet in existence was funded by one of the two foundation wallets. There is absolutely no way that we can track every transaction from every wallet. And stating that because a wallet sold that was funded by one of these two wallets means the foundation is dumping is unbelievably ridiculous, every single APL that’s in circulation originated from these wallets.” Moreover, McCullah encourages skeptics who would like to verify the Apollo Foundation’s activity to see these transactions themselves: 7XPN-65VC-H29B-35FWG on apollowallet.org According to McCullah, movement of the Foundation’s funds are in the following wallets: “This has always been our Foundation wallet: 7XPN-65VC-H29B-35FWG. But recently, after our Apollo Vault feature we decided to store our funds in multiple Vault wallets We had 5.5 billion Apollo in the Foundation’s wallet. This 5.5 billion was divided into these wallets: APL-HWEH-RRST-6VPP-9SWKX, APL-YPYP-UE8N-2LPJ-BJWJD, APL-ELYW-KWRX-X457-82JD7, APL-2S35-2LDG-8WJQ-G8AL8.” Anybody can verify the movement of these funds on the official blocker explorer or an independent block explorer like Jelurida Snake Oil. McCullah goes on to verify and explain where the team has been spending these tokens: “In total, the Apollo Foundation received 6 billion. Almost all of the difference between 6 billion and 5.5 billion was distributed during one of our many airdrops. You can see that we sent large transactions to a wallet which distributed these funds to our airdrop recipients.” McCullah also elaborates on a more in-depth breakdown of the allocation of the project’s funds, which is also consistent with Apollo Currency’s original white paper: 30 billion max supply 3 percent to Advisors 8 percent to the Apollo Team 6 percent to Coin Sale Costs 10 percent to NXT holders 20 percent to the Foundation (for future marketing and development costs) 53 percent offered during Coin Sale Of that 53 percent, over 8 billion was burned—leaving a little over 21 billion as our total supply. The Apollo Foundation owns roughly 26 percent of total supply, worth $13 million at current prices. Note about the NXT airdrop: the Jelurida Public License requires that developers who clone the Nxt blockchain grant 10 percent of new tokens to existing NXT holders. Whether Apollo Currency conducted its airdrop to NXT holders for that reason is uncertain. To iterate McCullah’s position, he went on to say: “The foundation’s wallets have always been publicly available and viewable, never has funds from these wallets gone to an exchange and they never will.” CryptoSlate cross verified transactions from the Apollo Foundation’s wallets and could not find any transactions that were sent directly to an exchange wallet. McCullah insists that the project has, in fact, been “incredibly transparent”: “The Foundation has always been incredibly transparent when it comes to where it will use its Apollo and how. We have always said that these will be used to fund development and marketing of Apollo. The reason that the Foundation dumping claims are absolutely preposterous is that the Foundation would never sell via exchanges.” He offers additional reasoning on why. McCullah claims that the Foundation will use over-the-counter (OTC) transactions, which is common practice among cryptocurrency projects, to sell coins in the future. That said, McCullah states that the Apollo Foundation has not made any OTC sales, yet: “We have been working to accumulate more Apollo, not sell, but when we do sell it will always be OTC to large investors which would not purchase on an exchange anyway and certainly wouldn’t sell on one.” Is Apollo Currency’s Technology Questionable? Another circulating allegation is that Apollo Currency overpromises and underdelivers on its technology. According to one Redditor’s accusations: “[Apollo’s team will] be sure to tell you all about Apollo’s amazing features in their communities. Here’s the only problem—it has absolutely none of those things right now and is all promises from a dev team that has not proven one bit of a competency yet. Their website is even built on Wix.” Whistleblowers have lambasted the project for its ambitious claims and purportedly underwhelming results, and have gone as far as to call into question the competency of McCullah and the project’s entire team. Another Redditor posted: “…the Apollo website is a Wix site according to the source code. Perhaps their CEO should master coding his own website before he writes this revolutionary world changing code he’s promising.” Furthermore, there are claims that the technology is a mere copy of Nxt’s code base, of which Apollo Currency is a fork. Allegedly, the changes made to the forked copy that constitute Apollo Currency are “insignificant” and “change nearly nothing.” Additionally, critics claimed the team did this while “hailing them as the greatest lines of code ever written, using big technical-sounding words to trick their extremely devoted, cult-like followers.” Comments from Lior Yaffe support the narrative that Apollo Currency is taking advantage of Nxt’s innovations: “My concern is that he [Stephen McCullah et. al.] is taking a product that my team has developed over 5 years with dozens of man years invested and presenting all our innovations as his own innovations.” Not only that, Yaffe alleges that some of the features that Apollo Currency implemented may have some deficiencies: “What information can I provide you to differentiate our products from the Apollo scam? Are you aware of their ‘confidential transactions’ feature that we showed are not confidential at all?” McCullah Defends Project’s Technology When McCullah was asked about the allegations around Apollo Currency’s technology, he responded: “Our devs have added and/or modified over 100,000 lines of code. Just to safely build the infrastructure necessary to incorporate 2 second blocks took well over 2,000 new lines of code. We have not only made significant additions to this code but significant advancements in blockchain.” The project’s GitHub supports McCullah’s response. With over 1,150 commits those “100,000” lines of code are viewable by anyone with proper developer tools. McCullah goes on to explain how Apollo has actually made “significant advancements in blockchain”: “One big example of this is our ApolloUpdater, which is a revolutionary technology that allows us to upgrade the entire blockchain protocol using a transaction on the blockchain itself…. Another example is our ChainID technology which allows us to change the blockchain properties without forking as well as allowing backwards compatibility…. Adaptive Forging is groundbreaking because it stops needless blocks from happening increasing its sustainability and decreasing blockchain bloat. Even one of these is a significant amount of work, however there are a large number of these advancements that have added tremendously to the value of the blockchain.” McCullah is adamant that these changes are not just trivial edits to Nxt. He states that “if these advancements are so simple and easy to do then why haven’t other blockchain projects been able to incorporate them.” Meanwhile, Yaffe alleges that there is no way to evaluate these claims without wasting an enormous amount of resources: “…to refute this, I will need to take my best devs to look at his code and expose his fake claims. I guess he speculates that we don’t have the time for this. It’s a war of attrition.” That said, the difference between “trivial” and “revolutionary” is almost purely subjective. It is difficult, if not impossible, for most speculators to evaluate the merits of these changes. With that bottleneck in mind, it is up to users and speculators to decide whom to trust when evaluating the technical merit of the project. Purported Community Censorship Another criticism of Apollo Currency is its purported censorship of negative sentiment. Another Redditor claimed in the coin’s Telegram community: “Saying ANYTHING… about the tech of APL, mentioning NXT, saying the word ‘fork,’ ‘dump,’ [and] ‘sell,’… will get you immediately banned.” Furthermore, the same user stated that Apollo Currency’s community is the “single most brainwashed group of people [they] had ever seen in crypto.” Like most Telegram channels, Apollo’s could also be subjectively called an ‘echo-chamber’: Although some of McCullah’s statements to the community are certainly optimistic, it’s hard to determine whether they constitute criminal pump and dump behavior, as the critics may claim: Given this evidence, it’s difficult to say whether Apollo’s Telegram group is any more “brainwashed” than most in crypto. Although the moderation might be questionable, it’s not technically illegal to monitor a community at a business’s discretion. Scam Artist Allegations (from the Congo)? There have been other allegations that McCullah is a “scam artist,” stealing funds from a Kickstarter campaign promising an expedition to the Democratic Republic of Congo. McCullah went on the record to confirm he went on the expedition, partially funded via Kickstarter, to explore the Congo: “Nearly 7 years ago, while I was in college I joined an expedition to explore the Congo basin, at the time one of the least explored and most dangerous locations on Earth.” However, according to McCullah, complications including “getting much of our equipment stolen, being detained by law enforcement and military, having to pay enormous bribes at every turn, and getting temporarily rejected on our scientific permit we ended up having to come back.” With this explanation in mind, it’s not hard to imagine why he was unable to fulfill all of the Kickstarter promises. However, McCullah asserts that he rectified the situation: “We refunded everyone that asked for a refund and continued to regroup for the next expedition.” And, eventually, McCullah claims to have fulfilled his Kickstarter promises: “We risked our lives to fulfill our initial promise and meet the expectations of those backers. I have the photos and proof to validate this… During this trip we were detained more than 7 times by police and military and on more times than one interrogated. We risked our lives to fulfill our initial promise and meet the expectations of those backers.” The photos sent to CryptoSlate appear to validate these claims: One of eight images that Stephen McCullah provided CryptoSlate that were allegedly taken during the Congo expedition Claims Around McCullah’s Qualifications Others have claimed that he misconstrued his qualifications on LinkedIn, saying McCullah claimed to have bachelor’s degrees when, in fact, he did not. In one YouTube video, there is a clip of the co-founder with “bachelor’s degree” listed under the two previous universities where he claimed to have studied. McCullah later removed these bachelor’s degree labels from his profile. In the interview with CryptoSlate, Steve McCulloh describes it as “nothing but a simple misunderstanding.” According to McCulloh, at the time of creating his profile: As far as CryptoSlate’s investigation could find, McCullah never changed the dates of attendance listed on his LinkedIn. “When it was pointed out that it may look like I am trying to pretend to have a biology degree I immediately removed it as I was now able to show only the year without listing the degree… This person points out that it is a horrible thing that this was changed, to me this is just seeing a simple mistake and doing so transparently.” From these accusations and statements alone, it’s impossible to know McCullah’s intentions when he listed these qualifications. However, lying about degrees that McCullah listed as only having attended for one and two years is either incredibly foolish or a simple mistake. “To me it’s obvious that you would not have received a bachelor degree in a single year. I would have never expected anyone to have believed that was possible and I didn’t want them to.” Speculation about Competitor Sabotage The origins of these rumors, McCullah claims, is a jealous competitor. “There’s no question on our side” that it is Jelurida (and by extension Lior Yaffe) spreading “misinformation.” Jelurida is the entity that oversees development of both Nxt which McCullah says is a competitor for Apollo Currency. Some of the same points that were made on these critical Reddit threads were first made by Jelurida co-founder Lior Yaffe. McCullah believes that Jelurida is worried about the competition from his project: “Apollo is Ardor with faster speeds, sustainability, privacy, and soon smart contracts… So Ardor becomes obsolete… for them it’s survival. We’ve already rebutted 90% of this but they are not worried about the facts.” McCullah’s accusations aside, CryptoSlate could not find tangible evidence that Yaffe’s critiques were voiced with the intention to spread “misinformation.” When Yaffe was asked to comment on his opinions on Apollo Currency he had this to say: I don’t have a crystal ball to tell me if this guy will runaway with the funds tomorrow, next year or if he actually going to develop a masterpiece blockchain product. From past experience the chance for the latter is very very small but miracles do happen. Conclusions from Investigation Overall, evidence gathered from CryptoSlate’s investigation might contradict some of the narrative surrounding Apollo Currency. Apollo Currency is largely a United States-based project, with McCullah and many other team members under the jurisdiction of these stricter laws, when compared to places such as Malta, Singapore, and the Bahamas. McCullah even says that he has multiple companies that he owns in the United States, including a “medical manufacturing company.” “I have a lot to lose,” he said in the interview, suggesting that committing any criminal activity or fraud would not make sense for him or his team. McCullah’s statements during his interview seem to coincide with third-party facts around matters dispelling Apollo Currency’s alleged criminal misconduct. That said, some of his statements are impossible to verify for accuracy, and McCullah is obviously biased considering his position in the project. There are still many in the community that is adamant that the project is a “scam,” yet there is not nearly enough evidence to conclusively say that Apollo Currency is engaging in criminal activity. Although the company’s marketing could be interpreted as overambitious, grand marketing claims are not unusual in a space rife with exaggeration and salesmanship. It is not a crime to engage in practices that the crypto community merely dislikes. It is also not a crime to make business decisions that turn out poorly. Nevertheless, in general, cryptocurrency projects tend to be ripe with fraud, as the ICO boom of 2017 taught many investors; for those who aren’t prepared to lose money, the safest option is not to invest at all. The post Investigating Scam Allegations Around Apollo Currency appeared first on CryptoSlate.
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John McAfee Praises Apollo (APL), Redditor Calls It a “Massive Scam”

The Apollo currency (APL) is a notable altcoin that has continuously risen in the recent weeks to storm onto CoinMarketCap’s front page. The coin’s rapid 418% growth over the last seven days was enhanced on Sunday, as the token gained a further 40% overnight. Interestingly enough, something has made John McAfee endorse the coin amidst the “pump”. John said that most privacy coins are not private anymore since the owner’s IP address is available for the general public to see any time. However, Apollo is different since it features the best IP masking solution in the entire crypto market. The token offers true privacy that translates to true freedom. Apollo is solidly in 68th place in coin rankings.(I am obviously biased). Most privacy coins aren’t private because your IP address is still available for all to see. Apollo has the best IP masking solution on the market, offering true privacy which equals true freedom — John McAfee (@officialmcafee) January 20, 2019 Apollo Currency chart. Coinmarketcap.com data. Apollo currency does not aim for niche specialization. Instead, it targets to build a one-stop shop that covers the whole spectrum of the crypto and blockchain services. Stephen McCullah, the project’s director of business development, believes that Apollo will soon rise into the top twenty rankings and knock most of the top coins off their perch. I get asked all the time, “do you really think Apollo can compete with the top 20 cryptocurrencies?”. Let me be very clear, we did not develop Apollo to compete with the top 20, we developed Apollo to replace them.#APL #bitcoin #apollocurrency #nextbitcoin — Stephen McCullah (@SMcCullah) January 16, 2019 The Meteoric Rise The Apollo (APL) started trading in July 2018 and has fluctuated widely since then. Its market cap data was not acquired officially until September when its full circulation became known to the public. The full circulation data immediately valued the Apollo token at a market cap of $30 million. In December, the coin shrunk to a market cap of around $6 million. However, the figure now stands at around $46.5 million boosted by last week’s 418% surge. The surge pushed the coin price from $0.000714 all the way up to $0.003703. Apollo is so far ranked as a great performer of 2019 joining several other altcoins that currently make up an increasingly unrecognizable top hundred list. The Redditors Bashing Apollo is described as the “all-in-one cryptocurrency” that has everything. As noted by a Redditor, the token has sharding, smart contracts, has the best privacy features, and much more. Although the team talks about Apollo’s amazing features in all their communities, they have none of these features currently and they are all promises. The development team has no viable proof of competence and their website runs entirely on Wix. The Redditor also claims that Apollo is an NXT fork that has reduced the block time down to 2 seconds. It is also claimed that they have changed the NXT code significantly making it an already existing feature of NXT that is hiding under a different name. The Redditor believes that the APL team has been pumping the coin as hard as they can which resulted in the recent parabolic rise in price. The developers keep on praising their APL creation and ask people to buy since the coin will soon replace Ethereum and XRP at the top. Anybody who criticizes them and asks people to take profits and leave is immediately banned from their community without any explanation. There are allegations that the founders of APL have been dumping as much of the coins as possible during the pump on investors as they continue to promote the buying hype with fake news. This is a recurrent behavior since the team has already dumped coins in the past. Although McAfee has endorsed this digital token, some investors and analysts are not convinced that Apollo will succeed as its founder and development team promises. More on top, the same Redditor states: “Steve McCullah also has no degree and continuously lies/changes his Linkedin profile/experience to exaggerate his experience and make it look like he has some sort of coding/tech knowledge or has done anything other than run scams in the past.” And then shares the video where, according to the video creator, Steve McCullah has lied again and altered his LinkedIn (starting 5 min 18sek): Apollo Explainer Video: Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing in any financial asset. We are not responsible for your investing results. This article is just an overview of the opinions stated. We do not support either side. Follow us on Facebook , Twitter and Telegram Like what you're reading? Subscribe to our top stories amzn_assoc_placement = "adunit0"; amzn_assoc_search_bar = "true"; amzn_assoc_tracking_id = "cryptovibes-20"; amzn_assoc_search_bar_position = "bottom"; amzn_assoc_ad_mode = "search"; amzn_assoc_ad_type = "smart"; amzn_assoc_marketplace = "amazon"; amzn_assoc_region = "US"; amzn_assoc_title = "Shop Related Products"; amzn_assoc_default_search_phrase = "a9 zmaster"; amzn_assoc_default_category = "All"; amzn_assoc_linkid = "e88ca4cb528430295950056a4f8f7b20"; The post John McAfee Praises Apollo (APL), Redditor Calls It a “Massive Scam” appeared first on Cryptovibes.com - Daily Cryptocurrency News.
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Cryptocurrency and Blockchain - Industry News (02.15.19 - 02.22.19)

Total Market Cap, as of 02.21.19 at 5:30pm (PST): $133,778,212,242 (+11.11% from last week) Missed last weeks update? Click here STORY OF THE WEEK •A developer in the community released Tippin.me, a Chrome and Firefox browser extension that enables Bitcoin (BTC) tipping on Twitter via the Lightning Network. CRYPTOCURRENCY EXCHANGES •Binance launches the test-net of its allegedly decentralized exchange, Binance DEX. Users can now manage their own private keys and the associated wallet. •Binance de-lists 5 projects – CloakCoin (CLOAK), Modum (MOD), Salt (SALT), Substratum (SUB) and Wings (WINGS). •Huobi.com lists 3 projects – Stellar Lumens (XLM), Monero (XMR) and Steem (STEEM). •Coinmama, a Slovakian based exchange suffers a security breach which leaked 450,000 user email and passwords. •KuCoin releases version 2.0 of its platform. The update introduces new interfaces across the web and mobile applications, additional 2FA options and order types for users. REGULATION •The U.S. state of Wyoming passed 3 bills that involve digital assets. Digital assets owned by consumers are now categorized as intangible personal property. Banks can now issue digital custodial services and issue securities in tokenized forms, provided they comply with accounting, control and other standards. •The U.S. Securities and Exchange Commission (SEC) settles unregistered securities charges against Gladius Network, whom have conducted an ICO near the end of 2017. There is no penalty as a result of self-reporting. •$430,000 USD worth of cryptocurrencies seized by Belgian law enforcement will be auctioned off on Feb.28 at 12:00pm GMT by Wilsons Auctions – the largest auction company in the UK and Ireland. •The Central Bank of Bahrain’s (CBB) is launching a regulatory sandbox for blockchain and crypto companies. This will allow firms to test solutions and expedite new companies entrance into the market. •2 Bitcoin ETF’s registered by financial firms VanEck/SolidX and Bitwise await approval from the U.S Securities and Exchange Commission (SEC). This kicks off a 45 day countdown to an initial decision. TECHNOLOGY •Samsung’s flagship phone, the Galaxy S10 will introduce “Samsung Knox”, a hardware security feature to store private keys for blockchain applications. •Facebook’s CEO Mark Zuckerberg considers utilizing a blockchain to allow users to login to other sites without going through an intermediary on its existing “sign-in with Facebook” feature, dubbed Facebook Connect. INSTITUTIONALIZATION •Eurex, a derivatives exchange operated by German financial giant Deutsche Boerse is looking to launch futures contracts tied to digital assets such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). •Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token dubbed “ReitBZ”. The token’s value is backed by real estate assets within Brazil. PEOPLE •Ethereum loses Afri Schoedon, a core developer for the open-sourced project since 2015. •TrueDigital, a provider of institutional products for digital assets hires Thomas Kim – previously COO of Bridgewater Associates. Bridgewater is a U.S based asset management firm with currently $124.7 billion USD under management. •Digital Asset, a distributed ledger company for financial services loses head of business for Europe, Oliver Hugh-Jones. Key executives continue to depart from the firm. TWITTER •@jack – “I hooked [tippin.me] up and already got tipped some satoshi’s.” •@alecziupsnys – “Taxi reform didn't come from taxis, but from Uber. Hotel reform didn't come from hotels, but from AirBnB. Finance reform didn't come from banks, but from Bitcoin.“ •@cryptoshillnye – “We are either really early or really stupid. $crypto” •@jackdwagner – “If your boyfriend needs to be taken down a notch just start casually asking him how his bitcoin is doing.”
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Dogecoin / USD Technical Analysis: Failing To Capitalize

Dogecoin is neutral in the short-term after the recent rally in the pair failed to break above a former key swing-high DOGE / USD is bearish in the medium-term with price still trading below the neckline of a sizeable head and shoulders pattern Large amounts of bullish MACD divergence seen on the daily time frame Dogecoin / USD Short-term price analysis   In the short-term, Dogecoin is neutral due to the pair failing to move above a former key swing-high during its most recent upside rally. The cryptocurrency is starting to turn lower in the near-term, although price is still above the pair’s 200-period moving average on the four-hour time frame. Technical indicators on the mentioned time frame are turning lower with further scope to push the DOGE / USD even pair lower.     DOGE / USD H4 Chart                                                                         (Source: TradingView)     Pattern Watch The recent rally has created a bullish inverted head and shoulders pattern on the four-hour time frame, which should be monitored closely over the short-term.   MACD Indicator The MACD indicator is trending lower on the four-hour time frame with a bearish crossover underway.   Relative Strength Index The RSI indicator has turned bearish, with push bears taking control below the neutral line. Dogecoin / USD Medium-term price analysis   Dogecoin remains bearish over the medium-term, with buyers unable to move price above the neckline of a large head and shoulders pattern on the daily time frame. A long-term technical bottom has yet to be confirmed in the cryptocurrency, as price remains relatively close to the pair’s multi-year trading lows, despite the broader market rally. Interestingly, Dogecoin is showing bullish MACD divergence on the daily time frame from November of last year.     DOGE / USD Daily Chart                                                                         (Source: TradingView)     Pattern Watch The bearish head and shoulders pattern is the major theme to watch on the daily time frame.   MACD Indicator The MACD indicator remains neutral and is currently failing to generate a clear trading signal.   Relative Strength Index The Relative Strength Index has recently started to recover after an extended period of downward pressure. The indicator is showing that bullish momentum is growing across the daily time frame. Conclusion   Dogecoin is likely to remain under slight downside pressure over the short-term, while its medium-term outlook is decidedly bearish as buyers continually struggle to stage a rally above the neckline of the head and shoulder pattern. Some caution is advised in the medium-term, especially if the broader cryptocurrency market continues to trade higher, as Dogecoin shows a sizeable amount of bullish MACD price divergence that has yet to be reversed on the daily time frame.   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Dogecoin(DOGE) Price $0.0020 Market Cap$241,941,083.92 #ccpw-ticker-24522 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24522 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24522 a.tabperiods.tabperiods_active, #ccpw-ticker-24522 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24522 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24522 .coin-container:after, .ccpw-container_four #ccpw-ticker-24522 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post Dogecoin / USD Technical Analysis: Failing To Capitalize appeared first on Crypto Briefing.
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Latin America’s Biggest Investment Bank Launches Security Token

Banks once refused to work with blockchain companies in Brazil. Now, BTG Pactual, Latin America’s largest standalone investment bank, is launching a security token of its own. A Wave of Change in Brazil There seems to be a wave of change happening in Brazil. Bitcoinist reported just a few days ago that Santander Bank was ordered by a Court to keep open Bitcoin Max’ checking account. Banks that were once hesitant to work with cryptocurrency exchanges are being forced to eat humble pie. That marked a small victory for the cryptocurrency space in this part of the world. And now, it seems that financial institutions here are realizing the worth of digital assets within their own portfolios. Banco BTG Pactual SA Is Leading the Way Brazil’s Banco BTG Pactual, the largest standalone investment bank in the region, has announced that it will be entering the cryptocurrency space with its own security token, the ReitBZ. With a plan to raise up to $15 million in its token sale, STO, initial offering, or whatever terminology you prefer, the bank will launch a security token backed by distressed real estate assets in Brazil. The ReitBZ token will use blockchain technology. And investors will be able to buy it using the Winklevoss twins’ Gemini Dollar or ETH. The token is indisputably a security token since investors will receive dividends periodically from the recovery of the distressed assets. Hold Up, What Are Distressed Assets? A distressed asset is one that is put on sale at a reduced price because its owner has been forced to sell it. This may be due to excessive debt, bankruptcy, or regulatory constraints. And it’s especially common when it comes to real estate, a market in which during times of financial crises, people often fail to make their mortgage payments. Distressed assets are an excellent opportunity to buy into a devalued asset and make gains as the market recovers. They’re not so awesome for the person forced to sell, of course, but this is capitalism, after all. The BTG distressed real estate assets will be managed by a BTG subsidiary called Enforce. The ReitBZ token will be available worldwide. With the notable exception of the U.S. (surprise, surprise), and Brazil. Wait, so investors around the world will be able to profit from the rising housing crisis in Brazil–but not the Brazilian people themselves? Right. How’s that for messed up? BTG, however, assures that once the regulatory landscape clears up in Brazil, the ReitBZ will be open to its country’s citizens and maybe even the United States as well. The Opportunity for High Yearly Returns According to the bank, investors can expect yearly returns from these assets between 15-20 percent. Moreover, BTG will be providing market-making services for its token to ensure that investors have sufficient liquidity to sell when they want to. CTO Gustavo Roxo told Bloomberg: BTG is deploying its own capital to provide liquidity because it really believes in the crypto business… We came up with this structure because we think investors in the digital world have a higher risk-taking appetite. By using a crypto asset, BTG can maximize returns from its distressed assets and allow investors to enter the market in a cheaper way. The initial sale period of ReitBZ will last for approximately 90 days and proceeds will be reinvested into the portfolio. Banks and Cryptocurrencies Starting to Gain Momentum The announcement comes off the back of the news last week that JPMorgan became the first U.S. bank to launch its own ‘cryptocurrency.’ With CEO Jamie Dimon well-known for ‘Bitcoin bashing’, JPMorgan introducing its own digital coin to accelerate payments was a shock to many in the industry. However, JPMorgan and BTG are not the only horses in this race. It seems that the banks haven’t been falling asleep at the wheel when it comes to cryptocurrency after all. Japanese Mitsubishi UFJ Financial Group started working on plans for their own token back in 2016. And now Brazil has stepped up to the plate. BTG’s partner and initiative head of the ReitBZ Andre Portilho said: We knew we needed to dominate this technology, so we started experimenting with it a few years back… We thought Bitcoin and other currencies were turning too volatile, but we saw an opportunity with this token to try something new–but also with our skin in the game. The question now isn’t whether other banks will launch their own digital currencies, but rather which ones? Will more banks follow with their own virtual currency? Share your thoughts below! Images courtesy of Shutterstock The post Latin America’s Biggest Investment Bank Launches Security Token appeared first on Bitcoinist.com.
Bitcoinist

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, […] Cet article Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market est apparu en premier sur Bitcoin Central.
Bitcoin Central
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