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Crypto Whales are coming in fast on Tether, Hold 80% of Global Supply

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Crypto Whales are coming in fast on Tether, Hold 80% of Global Supply

The Whales are beginning to enter the crypto space this summer.

Tether (USDT), seems not have been left out of the action.

About 318 wallets have been identified to own about 80% of Tether’s tokens.

According to Bloomberg, based on data obtained from coinmetrics, these 300 wallet addresses hold vast sums in $1 million and above.

According to the data obtained, the wallets that have over $1 million holds about $3 Billion combined value of the total Tether tokens in circulation.

This kind of scenario creates new problems for the already embattled cryptocurrency token which has had more than its fair share of problems with law enforcement and regulatory authorities.

Too Much Power in the Hands of Too Few

This kind of situation creates the kind of storm that anti-trust regulators love to take on.

It looks good for the anti-trust movement.

This also defeats the purpose of peer-to-peer transactions: decentralization.

This also could lead to accusations of a “mafia-type” of arrangement where the token is already held down by a few.

Bitcoin Price Manipulation Accusations are Rife

USDT is a stablecoin.

Hence, the concern of many within and outside the crypto space about the ownership structure of the tokens.

This will not go down well with the United States Securities and Exchange Commission whose stance is currently mixed on cryptocurrencies.

And it won’t either with other regulators globally.

No Cause for Alarm

There is no cause for alarm though as a significant portion of this list is owned by exchanges.

According to wallet.tether’s rich list, Binance, the Tether Treasury, and Huobi Cold wallet are the three largest wallet owners.

This, of course, gives a few indications that the stablecoin is being actively traded.

So, if there are any fears of an “inside mafia” controlling the cryptosphere, it’s most likely the people using cryptocurrencies daily: You and I.

What do you think? Is there a “mafia” type of arrangement controlling Tether and crypto?

Cryptocurrency

Binance CEO Closing The Wealth Distance Between Him And Mark Zuckerberg – Makes Bloomberg’s Billionaires Index

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Binance CEO Closing The Wealth Distance Between Him And Mark Zuckerberg - Makes Bloomberg's Billionaires Index
  • Bloomberg’s billionaire index has put Changpeng Zhao’s fortune at nearly $100 billion.
  • The Binance CEO has stated in the past that he will most likely give away all of his wealth.
  • Despite his financial fortunes, Changpeng Zhao faces a stern test from regulators around the world.

The rich list released by Bloomberg puts CZ as he is fondly called as the 11th richest man alive. His net worth by far outstrips the conservative figures given by Forbes last year.

Almost 100 Billion Dollars

Cryptocurrencies have earned a reputation for giving investors incredible returns on their investments and one of the major players in the ecosystem is already reaping the rewards. A recent Bloomberg rich list claims that Binance’s founder and CEO, Changpeng Zhao is worth $96 billion.

The rationale behind this valuation is that Zhao owns a majority stake in the largest cryptocurrency exchange in the world, Binance. According to data gleaned from trading volumes and fees, Binance recorded around $20 billion in revenue which is nearly 3 times the revenue of Coinbase. An interesting fact about the rating is that it does not take into account his crypto holdings. Zhao is said to hold a large cache of BNB that has since soared by over 1000%

“Don’t worry about rankings. Focus on how many people you can help,” he tweeted a few hours after the Bloomberg report went live. “Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.”

The CEO has previously stated that he intends to donate more than 90% of his fortune to charity over the course of his life like other wealthy entrepreneurs that had come before him. He claimed in an Associated Press interview that he personally did not require a lot of money to maintain the current standard of his life. However, in a money move, reports emerged that CZ had purchased a multi-million dollar home in Dubai in November 2021.

Binance and its CEO donated $150,000 for the building of an ultramodern school in Uganda and also pledged to raise $1 million AUD for the planting of 100,000 trees in commemoration of Earth Day. Other charitable moves include the financial donation to healthcare workers in Mexico and a 1 million donation to UNICEF to support COVID-19 Vaccination equality.

Where He Seats On The Rankings

A net worth of $96 billion places Changpeng Zhao over India’s Mukesh Ambani and below Larry Elison. However, if his cryptocurrency holdings are taken into account, Zhao could easily rub shoulders with other tech billionaires like Mark Zuckerberg and Larry Page that have net worths of $122 billion and $123 billion respectively.

Binance has been embroiled in regulatory battles with the authorities in various jurisdictions, leading to fines and bans. The exchange has taken steps to be on the good books of regulators and is hiring ex-regulators to help in its compliance drive. It is expected that after achieving regulatory passes in its troubled jurisdiction, Changpeng Zhao’s net worth could outstrip Mark Zuckerberg’s.

The founder of FTX, Sam Bankman-Fried was named the richest 29 year old by Forbes last year with a fortune of $26.5 billion. Other cryptocurrency billionaires include Brian Armstrong, CEO of Coinbase, and the Winklevoss Twins, founders of crypto exchange Gemini.

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AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

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AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

The world’s leading movie theatre chain will be accepting Litecoin, Ethereum, and Bitcoin Cash in addition to Bitcoin as payments for confectionaries and movie tickets at all its U.S. outlets before December 31.

This is according to a Twitter announcement made by the Company’s C.E.O Adam Aron on Thursday morning sending out a wave of bullish sentiments on the three cryptocurrencies by crypto enthusiasts.

“Cryptocurrency enthusiasts: you likely know AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash.” 

Last month, the C.E.O in an early morning earnings call had disclosed that AMC was actively engaged in setting up payment systems that would allow movie enthusiasts to pay for various services and purchases using Bitcoin. He had also acknowledged receiving a lot of inquiries from users and shareholders on the possibility of the company accepting payments in crypto which could have largely informed Thursday’s announcement.

Although Litecoin foundation did not respond to the statement in writing, Litecoin’s news page and Charlie Lee, the founder of Litecoin retweeted AMCs announcement gesturing their affirmation.

Broadening the crypto payments net

Litecoin has been making inroads in institutional halls thanks to its long-term persistence and reliability. Its completed MWEB upgrade project which allows the network to become much more scalable and make transaction amounts un-viewable to the public makes Litecoin the ideal choice for payments while protecting users’ data.

According to the Litecoin Foundations Q1 report, various companies have already announced that they’re integrating Litecoin including Paypal, Vaultoro, Flare Network, Moon among others. Its successful payment integrations have also attracted a fair share of challenges with a recent false report that Walmart was integrating Litecoin in its payment network.

Bitcoin cash which fulfills the original promise of Bitcoin as “Peer-to-peer electronic cash” could also see mass use given its fast transactions, low fees, and reliable confirmation. It also allows use on a large list of wallets including Ledger and Trezor among others, which are synonymous with most U.S. crypto owners. Its discounts on payments due to the elimination of credit cards are likely to attract most AMC movie enthusiasts looking to pay using this method.

On the other hand, Ethereum payments to the company could be fulfilled through Ethereum-Pay,  a decentralized ERC-1363 payable token built on the secure Ethereum network specifically tailored to be integrated with E-commerce transactions. 

EthereumPay creates a universal payment platform that allows merchants & users around the world to do business with each other instantly and cheaper than ever. Ethereum payments are accepted by companies including Sotheby, Overstock, Gipsybee,  Shopify CheapAir, Tripio among others.

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