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Shariah-Compliant Islamic Coin Welcomes His Highness Sheikh Juma bin Maktoum Al Maktoum of Dubai Ruling Family to Advisory Board

Andrew MacGill
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Shariah-Compliant Islamic Coin Welcomes His Highness Sheikh Juma bin Maktoum Al Maktoum of Dubai Ruling Family to Advisory Board

Dubai Ruling Family member, His Highness Sheikh Juma bin Maktoum Al Maktoum has joined Shariah-compliant and ethics-first crypto Islamic Coin.

His Highness Sheikh Juma bin Maktoum Al Maktoum is a member of the Dubai Ruling Family, well known in the region for his passion for digital finance, philanthropy and sustainable development.

Sheikh Al Maktoum’s leadership and Dubai’s position as a leading jurisdiction for digital assets, will serve to strengthen Islamic Coin’s value proposition to the world’s 1.8 Billion Muslims.

“I feel that Islamic Coin will truly benefit the Muslim world and society as a whole as we roll out our platform. It is the world’s first digital money that actually gives back to the world,” commented Sheikh Al Maktoum.

Targeting 1.1 billion Muslim internet users worldwide and a sustainability market of $30 Trillion by 2030 including supporters of honest and transparent finance, Islamic Coin has already attracted attention from leading figureheads in traditional and Islamic finance. Co-founded by Hussein Al Meeza, Islamic Coin is taking management, and its future very seriously. Al Meeza’s reputation precedes him – an award-winning banker with over 40 years of experience spanning the Islamic banking, finance and insurance sectors, he was one of the key personalities involved in establishing Dubai Islamic Bank – the first fully fledged Islamic Bank in the world. Joining Al Meeza is co-founder Mohammed Alkaff AlHashmi, a computer science engineer with 18 years of experience, focusing on Industry 4.0, AI and IOT.  AlHashmi is also CEO of MCPM MENA, MCPM Holding and UI Ventures, as well as Partner and Board Member of the Quant 7 fund. The Board also includes Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Division, and Assistant Director of the Internal Audit Division of the Central Bank of the UAE. Traditional Finance has also taken notice. The Executive Board  welcomed Peter J Rafferty, a 20 year veteran of Abu Dhabi Investment Authority (a $600bn sovereign wealth fund), where he held various top management positions, including Portfolio Strategist, Senior Fund Manager and a Member of the Global Equity Department’s Investment Committee. 

Islamic Coin’s Shariah Board is led by Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products. Sheikh Yaquby sits on the Shariah boards of top international finance including HSBC, Lloyds TSB and Barclays; France’s BNP Paribas and Credit Agricole and Citigroup.

Islamic Coin will be launching on Exchanges soon and plans to roll out multiple supporting features including a wallet and superapp.

Do Kwon Says He Can’t Help In Terra Classic Burns As His LUNC Holdings Are Worthless

Albert Brown
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Do Kwon Says He Can’t Help In Terra Classic Burns As His LUNC Holdings Are Worthless

LUNC Advocate Asks Kwon to Burn His LUNC Holdings as Solidarity for the Revival Movement.


A Terra Classic (LUNC) proponent requested that Do Kwon burn his LUNC tokens to support the revival movement.

Despite originally being the idea of Do Kwon, Terra Classic (LUNC) has managed to stage a comeback, notwithstanding the recent lack of support from the 31-year-old developer. Once forgotten as a failed project, LUNC has recently been set on a path of revival by the Terra classic Community.

One of the measures through which the community aims to revive Terra Classic is the burn proposal – an effort to reduce the asset’s massive circulating supply. Given this, a LUNC advocate requested support from Do Kwon, asking him to join in the Terra classic burns.

Kwon had taken to Twitter to criticize the incumbent South Korean government, and according to him, the government is “weaponizing state institutions against their people.”

Kwon’s remarks followed his denial of the recent reports suggesting that the authorities had frozen an additional $39.6M belonging to him, as recently reported by The Crypto Basic.

“It’s no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow – revolutions start from within,” Kwon said in a tweet, expressing his grievances towards the Korean government.

The LUNC proponent on Kwon’s remarks on the South Korean government said that Revolutions start from within; so, will he be contributing to Terra Classic burns?

 

But the answer was simple, the Terra classic community may not see any such contribution from the terra founder, as Kwon noted that he does not have enough LUNC to burn that would make a difference.

“My Lunc is probably worth like a candy bar at this point,” he said in response to the request. However, certain individuals expressed disbelief, asserting that Kwon has more than he wishes to disclose.

 

With or without Do Kwon’s contribution, the Terra Classic revival plan remains on track, as the Terra community has taken the movement this far despite his noninvolvement. 

Late last month, the Terra Rebels group released the official LUNC revival roadmap, detailing measures to initiate the asset’s revival.

Meanwhile, the LUNC on-chain and off-chain burns have picked up, with Binance recently revealing a total burn of 5.5 billion LUNC tokens (worth $1.8M) in one transaction, resulting from its weekly off-chain burn. Binance fulfilled its promise to burn LUNC spot and margin trading fees to meet the community’s off-chain burn demands.

Additionally, a Twitter account dedicated to tracking LUNC burn rates, revealed the total amount that had been burnt since the initiative kicked off. According to the handle, 13.73B LUNC tokens had been burnt, with 3.76B burnt since the implementation of the 1.2% tax burn.

Terra Founder Debunks Fresh Reports of $39.6M Frozen Funds

Albert Brown
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Terra Founder Debunks Fresh Reports of $39.6M Frozen Funds

The founder of Terraform Labs, Do Kwon has once again denied recent reports of $39.6M in frozen crypto.


Following the issuance of his arrest warrant by South Korea, Terra’s Do Kwon has been on the news more often than usual. Several developments have followed the arrest warrant, with speculations of his arrest evasion gaining steam. 

Notwithstanding, Kwon has been in the habit of denying all the reports and speculations surrounding him. Recent claims suggest South Korean authorities have further frozen about $39.6M in cryptocurrencies belonging to Terraform Labs. He has, however, come to deny this claim.

Kwon took to Twitter, where he appears to have been rather active, to debunk the claims of frozen funds. 

“I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end? Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen,” he said in a tweet Wednesday, as a reply to the recent reports. 

Kwon further noted that if South Korean authorities have frozen someone’s funds, they are oblivious of whose funds they are.  “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” he added.

 

Reports from a South Korean local news outlet suggest that South Korea froze additional crypto worth 56.2 billion won ($39.6M) belonging to Do Kwon. This development comes a week after The Crypto Basic reported that authorities from South Korea discovered about 3,310 BTC ($67M) moved by Kwon following reports of his arrest warrant.

Data indicates that the funds were moved to KuCoin and OKX between September 15 and 28. Upon request from the authorities, KuCoin froze the funds in its possession, about 1,354 BTC. Nonetheless, Kwon and the Luna Foundation Guard denied the reports.

Subsequently, Terra informant FatMan – renowned for his criticism of Kwon and Terra – revealed that he believed Kwon did not make the transaction. “For once, I would lean towards believing Do Kwon on this one,” he said. As similar claims surface, Kwon has also come up to debunk them, alleging that they are all false.

Meanwhile, Terra informant FatMan disclosed some interesting information regarding Terraform Labs in a recent tweet Wednesday. According to him, Terraform Labs controls a substantial amount of wealth stored in several company accounts despite Kwon’s claims that he and the company lost almost everything following the crash.

‘A verified source has confirmed that Terraform Labs is “extremely cash-rich” with “hundreds of millions in registered company accounts,” despite the total collapse of the Terra project back in May,’ FatMan said.

Kwon’s whereabouts remain unknown, although rumors suggest the 31-year-old software developer might have been smuggled to North Korea from Singapore, as recently reported by The Crypto Basic. Despite his claim of willingness to cooperate with the authorities, South Korea has revealed that he is on the run, with Interpol issuing a red notice on his behalf.

Amidst these speculations, Terraform Labs has come up to defend Kwon, asserting that he has broken no definite Korean laws as Terra is not classified as a security by the financial authorities.

Recall the Do Kwon worldwide search is in progress after Interpol issued Red Notice for Terra Founder.

How To Stay Secure When Using Cryptocurrency Exchanges

Andrew MacGill
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How To Stay Secure When Using Cryptocurrency Exchanges

As a cryptocurrency trader, you constantly worry about losing your investment by holding the wrong position. So you have to be diligent, keep a keen eye on the ever evolving market, and react to any changes. Unfortunately, as well as volatility in the market, there are other ways you can lose a crypto investment.

Security and privacy are also significant elements to ensure you get right. For instance, malware can log your details and expose it to people with malicious intent. Furthermore, if your security measures are rudimental, it could make it easy for hackers to clean out your accounts and leave you penniless. Therefore, taking the proper security precautions and ensuring your safety while trading crypto on exchanges is essential. In a bear market, where overall activity is lower, it could be very easy for people to leave wallets or apps to run in the background, this can result in missing an untoward activity in them.

Top Ways to Stay Secure Online When Trading Cryptocurrencies

1.    Use multiple password authentication methods

The first thing to do is make sure you have activated a 2-factor authentication in the exchange app for all transactions. The multi-password authentication requires you to provide at least two verification codes when logging into your account, making it harder for anyone to get their hands on both.

2.    You should transact on a secure network

You should avoid using public WiFi when carrying out cryptocurrency transactions. Using an open network will expose you to easy interceptions from tools such as Wireshark. Hackers can gain access to your transactions and even take control of your account. So avoid public WiFi and use a VPN.

3.    Use an exchange with market credibility

Exchanges facilitate cryptocurrency trading, and finding a reputable and safe company to host your transactions is crucial. One thing to look out for when choosing an exchange is the trading volume it handles and whether external financial institutions regulate it.

Although hundreds of cryptocurrency exchanges exist in the industry, only a few can be considered safe and carry the reputation as market leaders. The top ones are coinbase, Binance, Gemini and FTX. Join crypto forums and social media pages to keep up with the changing crypto environment.

4.    Use a strong password

Your first line of defense is your password. A solid password is hard to crack and will keep your account secure. To implement a secure password, you must combine numbers, symbols, and upper and lower-case letters. Also, make sure the password is more than 16-characters long.

However, a strong passcode is not enough. You also need to keep changing it regularly to avoid scammers ever learning your patterns or guessing it. Furthermore, ensure you don’t share details of your cryptocurrency trading account with anyone.

5.    Use a safe and legit exchange

There are many crypto exchanges available online, and the majority are safe and legit. However, no one is protected online from scams and hackers.

Specialists at CryptoMonday.de, a German cryptocurrency website, explain that when looking for the best German crypto exchange, you should take the verification process as a good indicator that the exchange is legit as the verification process is required by law.

To trade cryptocurrency, you need to operate an account through an exchange. And the ability of the exchange to hold your funds securely is crucial. So you need to assess every varying security measure and market reputation to determine which exchange to use in trading cryptocurrency.

However, with this content, we hope you’ve got an idea of where to start, what security measures to look out for, and crypto exchanges to consider. So go out there and trade carefully, but most importantly, successfully.

Fox Journalist Says SEC Fined Kim Kardashian to Give the Agency Equal Right With CFTC Over Crypto Regulation

Lele Jima
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Fox Journalist Says SEC Fined Kim Kardashian to Give the Agency Equal Right With CFTC Over Crypto Regulation

Terret sheds more light on why the SEC chose to fine Kim Kardashian 

Eleanor Terrett, a Fox Business journalist, has shared an insight into why the Securities and Exchange Commission decided to slam a $1.2 million fine on American socialite Kim Kardashian. 

The Fox journalist noted that a former lawyer of the SEC informed her that the move was a plot to generate publicity. According to Terrett, the SEC used Kardashian as a scapegoat to give the general public the impression that the agency is focused on protecting investors from shady crypto investments. 

The ultimate goal of the move is to give the SEC bargaining power over the regulation of cryptocurrency. 

“[Gensler’s] goal, in part, is to prove that the SEC should have at least equal jurisdiction with the @CFTC on regulating crypto as Congress looks to determine who should be the principal regulator,” Terrett said. 

Crypto Community Prefer CFTC Over SEC

There has been a major debate over who should oversee the regulation of the American crypto industry between the SEC and the Commodity Futures Trading Commission (CFTC). 

Many cryptocurrency stakeholders are backing the CFTC to become the appropriate regulator for the industry. Crypto enthusiasts believe the SEC is focused on protecting its turf at the expense of U.S. investors. 

The U.S. Congress is currently looking into the issue to determine the best agency to regulate the emerging market. The SEC has claimed that all cryptocurrencies except Bitcoin (BTC) fall under its regulatory purview. 

Terrett: SEC Used Kardashian to Make a Statement  

Recall that the prominent American businesswoman was paid up to $250,000 to promote EthereumMax tokens on her Instagram handle last year. However, the development landed her in trouble with the SEC, as the agency charged her to the tune of $1.2 million for promoting the shady cryptocurrency project and violating U.S. securities laws. 

The popular television personality agreed to pay the fine without refuting or conceding the claim. 

Based on this, Terrett said the SEC used the American socialite’s ambition of becoming a lawyer against her. With Kardashian accepting to comply with the SEC’s demand, “she is protecting her ability to be admitted to the CA bar which requires an applicant to have good moral character,” Terret added. 

Terra Classic Core Developer Asserts No One Will Mint More LUNC

Mark Brennan
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Terra Classic Core Developer Asserts No One Will Mint More LUNC

Developer spat over how to repeg USTC raises centralization concerns.



In a tweet on Tuesday, Tobias Andersen, AKA Zaradar, a Terra Classic core developer, asserted that no one would be minting more LUNC as long as he remains in charge. 

The statement comes in response to a proposal to mint 500 billion LUNC as part of a plan to restructure and repeg UST by Alex Forshaw.

“We can fix USTC without minting more LUNC,” Zaradar wrote. “Don’t make other peoples bad ideas my personal problem, and trust me when I say that as long as I’m in charge of the code, no one will be minting additional LUNC tokens.”

Consequently, Zaradar’s comments have sparked centralization concerns. Nonetheless, the developer has pointed out that some level of censorship is inevitable as there are only two core developers on the project.

Moreover, when asked if his stance would remain the same if the network votes for the proposal, Zaradar responded in the affirmative. Highlighting that he continues to work for free, he noted that he could not implement such a proposal but will also not stand in the way if the community can get others who will.

While Zaradar’s statements have garnered the support of those opposed to the proposal, they have also highlighted the need for the community to find ways to fund development and attract developers to the network. 

It bears mentioning that TerracVita, a group comprising some key members of the Terra Rebels, launched a LUNC validator in September to do just that. 

The community awaits Zaradar’s USTC repeg proposal as debates continue over the proposal from Forshaw.

Terra Luna Classic (LUNC) Featured on France’s First Business News TV Station

Mark Brennan
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Terra Luna Classic (LUNC) Featured on France’s First Business News TV Station

LUNC popularity has been gaining momentum recently.



Terra classic community’s effort to revive the values of the ecosystem tokens that suffered a massive dip in May 2022, has been luring the attention of not only investors but also TV analysts. 

While Luna Classic has severally appeared on American TV stations, LUNC recently featured on France’s first business news TV channel, BFM Business.  It is also the most-listened-to-business news channel in this country.

The development occurred earlier this week. BFM Business discussed the Terra Luna Classic tokens under a caption that was written in French, “TERRA CLASSIC LUNC: RETOUR EN FORCE,” which means TERRA CLASSIC LUNC: GREAT COMEBACK. 

Binance Decision to Burn LUNC Fees

The reporter talked about Binance’s decision to implement a burn mechanism that would destroy the fees of all LUNC spot and margin trading pairs. According to the analyst, the value of LUNC spiked more than 70% a few days after the world’s largest exchange said it would burn LUNC fees. As reported by TheCryptoBasic, Terra tokens, including LUNC, and USTC, became Binance’s Top Gainer assets a day after the exchange announced burns on trading.

Meanwhile, the world’s largest exchange by 24-hour trading kept its word and burnt many LUNC tokens earlier this week. Binance burnt 5.5 billion Luna Classic tokens in one single transaction, bringing the total number of LUNC burnt to more than 13 billion. 

LUNC Price Movement

The price of Luna Classic had rallied to $0.000362 on October 2, 2022. However, the token’s value has fallen to $0.000309 ever since. LUNC is still up 10.8% in the last seven days as investors continue to embark on initiatives that will revive the value of the cryptocurrency. 

Terra investors are confident that LUNC will still make a huge comeback. Their confidence is backed by the number of cryptocurrency exchanges implementing the 1.2% tax burn.

As many people continue to trade LUNC across various exchanges, the token’s total supply will be on a massive decline following the 1.2% tax burn, which would ultimately help the value of the cryptocurrency.

Attorney Deaton Says SEC Is Not Telling the Truth About Its Major Focus In Lawsuit Against Ripple

Mark Brennan
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Attorney Deaton Says SEC Is Not Telling the Truth About Its Major Focus In Lawsuit Against Ripple

 

Deaton continues to taunt the SEC.



Attorney Deaton Says SEC Is Fibbing About Its Major Focus In Lawsuit Against Ripple

Following the SEC’s refusal to allow I-Remit and TapJets to file amicus briefs supporting Ripple in the ongoing lawsuit, the XRP community has examined the agency’s recent motion.

Surprisingly, some Ripple enthusiasts found something interesting in the motion, which borders on whether the SEC is only focused on proving Ripple’s XRP distribution as security, or all XRP sales, including secondary market sales.

While rejecting the new third-parties request to file amicus briefs in support of Ripple, the Securities and Exchange Commission said:

“Indeed, movants do not and cannot explain how Defendants being required to register their XRP distributions – the outcome the SEC is seeking to enforce – would prevent movants from using XRP or otherwise impact movants’ businesses.” 

XRP Community Reacts to the SEC’s Recent Motion 

The SEC’s comments have been a topic of discussion among Ripple enthusiasts.

Ripple enthusiasts were focused on the part where the SEC noted that Ripple’s XRP distribution is the outcome it wants to enforce. Based on the statement, many believe that the Securities and Exchange Commission is no longer committed to probing XRP sold on secondary markets.

Attorney Deaton Bashes the SEC

Commenting on the issue, attorney John Deaton, founder of Crypto Law, noted that the SEC’s recent statement contradicts what it stated in its summary judgment motion. 

“A purchase of XRP is an investment in a common enterprise with other XRP holders and with Ripple. All units of XRP are fungible with each other, and the price of all units of XRP rise or fall equally,” an excerpt of the SEC’s summary judgment motion stated. 

Attorney Deaton said the SEC indirectly implied that any purchase of XRP is a security that includes all XRP coins, including those obtained from secondary markets. 

Deaton, the attorney representing over 72,000 in a lawsuit against the SEC, added that the agency is falsely claiming that it is only concerned about Ripple’s XRP sales and not the crypto asset’s secondary market sales. 

According to Deaton, if the SEC’s claim were true, the agency would have gone through all Ripple’s transactions related to the company’s XRP sales. 

“Instead, they say all XRP sales but trust us, we will give exemptions in the secondary market,” Deaton concluded. 

 

Should 10% More Terra Luna Classic (LUNC) Be Minted To Burn It 50× Faster?

Mark Brennan
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Should 10% More Terra Luna Classic (LUNC) Be Minted To Burn It 50× Faster?

Faced with a new proposal to restructure UST and reduce the LUNC supply, the Terra Classic community has been split into two camps.


As reported by The Crypto Basic yesterday, a new proposal authored by some members of the Terra Rebels proposes to launch an algorithmic fungible token (AFT) to restructure TerraClassicUSD (USTC) and regain the dollar peg.

While the proposal promises to burn the LUNC token faster, it requires that 500 billion or about 10% more LUNC be minted to buy Bitcoin to collateralize the AFT.

So, should more LUNC be minted to burn it faster as proposed?

Notably, this question has split the LUNC community into two factions. While some believe it is a “no-brainer” as, in the end, the community wants faster burns, others like LUNC Burn assert it is a bad idea. Notably, the latter continuing its campaign against the proposal today, highlighted that there are no contingencies should the proposal fail.

Fall-Out From Proposal Sparks Concerns That A Developer Could Hold The Chain Hostage As Developers Resort To Open Debate

It bears mentioning that another Terra Classic developer Tobias Andersen AKA Zaradar, is working on a separate proposal to repeg USTC that reportedly does not require the minting of more LUNC.

In response to the proposal from Alex Forshaw, Zaradar, who is one of the core developers, asserted quite authoritatively that no one will be minting LUNC tokens as long as he holds the reins. While some opposed to the proposal have rallied behind him, it raises concern as to whether a developer should prioritize his preference over the community should the community decide to support the proposal.

It also highlights a lack of depth in the LUNC development team and a lack of incentives to attract new developers that could replace any that decide to hold the chain hostage. 

Notably, Forshaw and Zaradar have resorted to a war of words on Twitter as they contrast their ideas. However, as the community awaits the proposal from the latter, LUNC DAO, a popular community validator, has welcomed the plurality of ideas and heated debates as facilitators of growth.

Mysterious Wallet Transfers 1.06 Trillion Shiba Inu (SHIB) to Coinbase

Zabi
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Mysterious Wallet Transfers 1.06 Trillion Shiba Inu (SHIB) to Coinbase

Mysterious Wallet Moved 1.06 Trillion Shiba Inu (SHIB), Worth $12.15 Million to Coinbase.


In one record transaction, a mysterious wallet transferred $12,156,362 (12.15M) worth of Shiba Inu (SHIB) to Coinbase. The transaction occurred after the price of Shiba Inu retreated from the critical resistance level located at $0.00001157 on the 4-hour chart.

Whale Alert reports that the mysterious wallet had transferred a herculean 1,060,594,914,000 (1.06T) SHIB, worth $12,156,362 ($12.15M), to Coinbase, the largest cryptocurrency exchange in the United States by trading volume. The mighty transfer was executed in one robust transaction about an hour ago.

The transfer occurred soon after Shiba Inu retreated from the critical resistance level at $0.00001157 on the 4-hour chart. Since September 24th, SHIB has been trading in a sideways pattern within a narrow price range extending from $0.00001077 to $0.00001157.

Shiba Inu Technical Analysis
Shiba Inu Technical Analysis

On October 5th, the most popular canine-themed cryptocurrency experienced a significant surge in its daily trading volume. It registered a two-week high price of $0.00001178 while trying to pierce the key barrier but unfortunately failed to stabilize its value and fell back a little.

At the time of writing, the world’s second-biggest canine-themed cryptocurrency in terms of market cap is flirting with a key resistance level. Shib is trading around $0.00001151, up 2.83% over the last day, with a 24-hour trading volume of $339,434,345 ($339.43M).

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