Rumors about releasing tokens have become a reality as Avail, a well-known blockchain data availability project, has officially announced that an upcoming token airdrop is indeed planned. This was confirmed following the leakage of certain screenshots that appeared on social media last week.
Avail recently disclosed the fact that a whopping 600 million tokens, which were allocated in the “unification drop” for the addresses of 354,605 wallets are eligible to be claimed. This cup of tokens is for developers of the blockchain ecosystem, contributors to testnet, users of various rollups like polygon and optimism, users of polygon POS, and members of the Avail community who have made significant contributions.
This leak comes after CoinDesk revealed the details about the token distribution, many of which escaped into Avail Tokens’ whitepaper just last week.
At the core of its business, Avail became well-regarded in the blockchain space as the integrator of off-chain data processing to the blockchain. This technology has been in the limelight for the last couple of months, the beginning of projects like Celestia and Eigenlayer’s EigenDA. Furthermore, the Avail token airdrop along with the company’s eclecticism was shared with their audiences. Nexus Avail acts as a medium of exchange, connecting rollups between the Avail ecosystem, and Fusion Avail offers cryptocurrencies like large-cap coins an additional layer of security.
The “unification drop” constitutes Avail‘s diligent attempt to enable the fusion of the diverse blockchain communities and distribute creative contributions from a range of platforms, such as developers, governance initiators, educators, rollup users, stakers, and others.
Is Raj Kundra Involved in Bitcoin Fraud? How Did ED Initiate the Probe? Let’s look at it!
Raj Kundra, the personality behind many brands and spouse of a well-known actress Shilpa Shetty, is at the center of a fraud case concerning Bitcoin.
Understanding the Allegations
ED only claimed that Raj Kundra is said to have been sold 285 Bitcoins by Amit Bharadwaj, the mastermind of the Gain Bitcoin Ponzi scam. Bhardwaj was purposefully contemplating setting up a bit mining farm in the territory of Ukraine but the deal didn’t work out. As a result, the Bitcoins that reached Rs.150 as its worth were in his hands.
The Gain Bitcoin Ponzi Scam
The Ponzi scheme of Bitcoin enacted by Amit Bhardwaj and his aided team claimed to generate millions for investors through Bitcoin mining. Investors had been paid on time with the promised returns, but then the scheme did not stand for the long term leaving most of the defrauded people.
How Ponzi Schemes Operate
Ponzi schemes are based on the arrival of new investors’ funds to which it pays the returns of earlier investors, thus providing superficial profitability. Then, rampant outflows from the plan result is what causes a collapse, and people lose lots of money.
Initiation of Investigations
People who fell prey to the scheme called Gain Bitcoin and were victims of their Ponzi scheme filed complaints with the Delhi and Mumbai police, as a result, criminal cases were filed against Bhardwaj and his partners. The ED started its investigation of the case under the country’s PMLA where it accused the crooks of keeping Bitcoins, obtained from investors, for their own benefit.
Involvement of Raj Kundra
The reason why Raj Kundra is entangled in the Bitcoin scam is because of his merit of receiving 285 Bitcoins from Amit Bhardwaj. The Newtonian worldview failed to explain the motions of the planets and led to the introduction of theories such as the heliocentric model by Copernicus. Kundra is not the main convicted, but yet he virtually experiences firsthand the attack on his reputation.
This isn’t the first time Raj Kundra has faced legal troubles. He was previously arrested by the Mumbai Police in connection with a pornography racket and was embroiled in the IPL spot-fixing scandal in 2013.
In conclusion, the Bitcoin fraud case involving Raj Kundra sheds light on the complexities of financial scams and underscores the importance of regulatory vigilance in safeguarding investors’ interests.
Is SEC Investigating Ethereum and ConsenSys? Bill Hughes Delivers Insights on Crypto Law in an Exclusive Interview!
Last month, Bill Hughes, Senior Legal Adviser and Global Regulatory Leader at Consensys, presented his views on the legal status of Ethereum (ETH) as well as the future of this digital currency. One recent rumor has sprung up that the U.S. Securities and Exchange Commission sent a subpoena to the Ethereum Foundation which could signal an official investigation. The authority, which conducted this contact is still unknown, but since Blockchain has to face serious critique.
ConsenSys, one of the integral players of the Ethereum community, is offering numerous purposeful instruments, such as MetaMask and Infura, which take place in Ethereum development. The decentralization issue is acknowledged by Hughes with the understanding of challenges that accompany the transition from centralized to decentralized structures.
The SEC’s approach of probing Ethereum brings up the matter of whether Ethereum is comparable to other blockchain projects, such as Solana, Cardano, and Ripple, that are regarded as securities too. Nevertheless, if Ethereum were called a security, its $100 billion marketplace would need to be rearranged and it would create problems for its investors.
Another component of the discussion is the significant role of Vitalik Buterin, Ethereum’s founder, and the involvement of the Ethereum Foundation in coordinating the continuing advancement. Furthermore, the SEC’s absence of any detailed guidelines on cryptocurrency legislation adds to the turbulence.
Hughes mentioned the possibility of exchanging security tokens for a special-purpose broker-dealer license to Ethereum’s intended trading platform. This way we can see how the SEC reacts and potentially will not have to seek formal approval.
What Consensys’s role is as Hughes explains that although the company gets informed on the policy changes, its focus is mostly on the internal operations and product teams’ advisory to solve the issues they face. Nevertheless, he understood how efficient the involvement of crypto in lobbying is in the regulation of the constantly changing industry.
Finally, Ethereum‘s legal indistinctness reveals that the regulatory regime, especially in the crypto sphere, should not be at the discretion of individuals but instead be clear and consistent. the results of the SEC investigations might turn out to be very important to the difficulties for Ethereum as well as the whole crypto industry.
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