Category: cryptocurrency exchange

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$1.75 Billion Lost? South Korean Cryptocurrency Platform Delio Files for Bankruptcy

A South Korean-based cryptocurrency platform has filed for bankruptcy, a local court has declared, after its customers were no longer able to withdraw their $1.75 billion worth of virtual funds.

The unfortunate circumstances facing Delio serve as a reminder that digital assets can offer tremendous growth, but they are also inherently volatile and high-risk investments.

Court Statement

The Seoul Rehabilitation Court has declared that cryptocurrency platform Delio has ceased operations, noting that the court declared the digital asset company bankrupt on Friday.

Since the middle of last year, the cryptocurrency platform has stopped allowing withdrawals of funds from virtual assets, leaving its customers unable to access their investments.

Around 2,800 cryptocurrency investors were affected and were unable to recover their cryptocurrency funds worth $1.75 billion.

[단독] ‘2500억 사기’ 델리오 파산https://t.co/WcGeIDiaQd#델리오 #delio #가상자산예치업체 #회생법원 #하루인베스트 #haruinvest #법인파산 #암호화폐 #가상화폐 #디지털자산 #가상자산 #코인

– KCG (Korea Coin Group) (@kdisla) November 22, 2024

Analysts explained that the Corporate bankruptcy occurs when a court declares a company bankrupt because the company is no longer able to pay its debts.

This judicial procedure allows the company’s assets to be converted into cash and then distributed to creditors. The Delio case is a good example of corporate bankruptcy.

A ray of hope

According to reports, after the court declares bankruptcy, “a claim is filed and an explanation is given on the distribution of assets at the creditors’ meeting.”

This offers Delio’s customers a glimmer of hope, as the South Korean court has ordered its creditors to file their claims by February 21, 2025. The court has also set a date for the creditors’ meeting on February 19, 2025.

Why did Delio declare bankruptcy?

An official at the Seoul Rehabilitation Court said that the main reason for Delio’s bankruptcy is that “its inability to pay was recognized in light of the suspension of withdrawals, the circumstances of the suspension of operations, and the extent of the damage.”

The official added that the cryptocurrency platform operated as a custodian and management company in which it generated profits and paid interest by “operating virtual assets such as Bitcoin deposited by customers”.

“The debtor lent and entrusted the operator with the management of the virtual assets deposited by customers, but a significant part of them were deposited in the FTX account and were being managed,” he continued.

However, he said that the “virtual assets entrusted could not be recovered” after FTX filed for bankruptcy in November 2022, which led Delio to suspend withdrawals on the platform.

Delio executive hits back at authorities

In September 2023, the cryptocurrency company accused South Korean authorities of misinterpreting the law after the state-run Financial Intelligence Unit (FIU) proposed the dismissal of Delio CEO Jeong Sang-ho.

The government also suspended the cryptocurrency platform’s operating license and ordered the company to pay a fine of $1.34 million.

The cryptocurrency platform’s CEO is currently facing charges of “fraud, embezzlement and breach of trust.” However, the Delio executive defended himself by saying that investors’ deposits on the platform were not “protected.”

Delio was founded in 2018 and received Virtual Asset Service Provider (VASP) status from the FIU in 2022, becoming the first South Korean company to achieve such recognition.

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Solana Price Targets $150 as Liquid Staking Tokens Get Top Quotes

Solana’s price slide continued on Friday’s trading day, recording a 4% intraday loss to $136.5. Selling pressure in the altcoin market persists as Bitcoin’s price struggles to stay above $60,000. Will sellers tighten their grip next September?

Solana Price to Retest Major Support Amid Liquid Staking Token Launch

The Solana ecosystem is seeing renewed interest in staking and re-staking activities, with major exchanges launching new liquid staking tokens to meet the growing demand. Recently, cryptocurrency exchange ByBit announced the upcoming launch of bbSOL, a liquid staking token. This change allows users to stake SOL tokens on Bybit Web3 and receive bbSOL tokens in return.

Despite the announcement, Solana’s price fell below its 200-day exponential moving average (EMA) on Thursday.

Liquid staking allows users to earn token rewards while also helping platforms maintain liquidity, creating a mutually beneficial scenario. Stakers can leverage these reward tokens in other DeFi applications without having to stop staking.

In addition to Bybit’s initiative, other major cryptocurrency exchanges such as Binance and Bitget are likely to launch their own staking tokens, BGSOL and BNSOL, respectively. The introduction of these tokens will promote staking participation on the Solana Network, increasing its security and the overall health of the ecosystem.

As such, this development could have a gradual and long-term impact on Solana’s price, rather than an immediate effect.

SOL Price Hints at Imminent Recovery with Flag Formation

Solana price, which has been falling for six consecutive days, has fallen from $162 to $136, representing a loss of 15.8%. The bearish reversal signals the continuation of the sideways trend within a flag pattern on the daily chart.

The pattern typically creates a temporary consolidation between two trendlines for the prevailing trend to regain bullish momentum. If the pattern holds, SOL price is poised for a 30% rally to $180 before a crucial break of the upper trendline.

If the market correction persists, Solana price prediction points to a 10% decline to retest the multi-year support at $121, followed by the lower trendline of the flag.

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How long do you have to live in Canada to get an old age pension?

To qualify for the Old Age Security (OAS) pension in Canada, there are specific residency requirements you need to meet. Here are the details:

General Eligibility

  1. Age Requirement: You must be at least 65 years old.
  2. Residency Requirements:
    • Living in Canada: You must have lived in Canada for at least 10 years after the age of 18 to qualify for the OAS pension if you are currently living in Canada.
    • Living Outside Canada: If you are living outside Canada, you must have lived in Canada for at least 20 years after the age of 18 to qualify for the OAS pension.

Full OAS Pension

To receive the full OAS pension, you generally need to have lived in Canada for at least 40 years after turning 18. If you haven’t met this requirement, you may still receive a partial pension.

Partial OAS Pension

If you do not qualify for the full OAS pension, you can receive a partial pension. The amount of the partial pension is calculated based on how long you have lived in Canada after the age of 18. Specifically:

  • For each year of residency in Canada (after age 18), you will receive 1/40th of the full OAS pension amount.
  • For example, if you have lived in Canada for 20 years after turning 18, you would receive 20/40ths (or half) of the full OAS pension.

Special Considerations

  1. International Agreements: Canada has social security agreements with many countries. These agreements can help you qualify for the OAS pension by allowing you to combine periods of residence in Canada with periods of residence or contributions in other countries.
  2. OAS Pension Deferral: You can choose to defer your OAS pension for up to 5 years after you become eligible. For each month you delay receiving your pension, your monthly payment will increase by 0.6%, up to a maximum of 36% at age 70.

Summary

  • Minimum Residency for OAS: 10 years if currently living in Canada; 20 years if living outside Canada.
  • Full Pension Residency: 40 years.
  • Partial Pension: Calculated as 1/40th of the full pension for each year of residence in Canada after age 18.
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Best stocks for beginners with little money

Investing in stocks as a beginner with limited funds can be daunting, but it is possible to build a solid portfolio with careful selection. Here are some general categories and specific stocks that are often recommended for beginners:

1. Exchange-Traded Funds (ETFs)

ETFs offer diversification, which reduces risk. Here are a few options:

  • Vanguard Total Stock Market ETF (VTI): This ETF provides exposure to the entire U.S. stock market, making it a great choice for beginners.
  • SPDR S&P 500 ETF Trust (SPY): Tracks the S&P 500 index, offering exposure to the 500 largest companies in the U.S.
  • iShares Core MSCI Emerging Markets ETF (IEMG): Gives exposure to stocks in emerging markets, adding international diversification.

2. Blue-Chip Stocks

These are well-established companies with a history of reliable performance:

  • Apple Inc. (AAPL): Known for its strong brand and consistent product innovation.
  • Microsoft Corp. (MSFT): A leader in software, cloud computing, and other tech areas.
  • Johnson & Johnson (JNJ): A stable company in the healthcare sector with a diverse product line.

3. Dividend Stocks

Stocks that pay dividends can provide a steady income:

  • Coca-Cola Co. (KO): A globally recognized brand with a long history of dividend payments.
  • Procter & Gamble Co. (PG): Offers a range of consumer goods and has a strong dividend history.
  • AT&T Inc. (T): Known for its high dividend yield, though it carries some debt risk.

4. Growth Stocks

These companies have the potential for significant growth:

  • Amazon.com Inc. (AMZN): A leader in e-commerce and cloud computing with significant growth potential.
  • Alphabet Inc. (GOOGL): The parent company of Google, a dominant force in digital advertising and technology.
  • Tesla Inc. (TSLA): A pioneer in electric vehicles and renewable energy with strong growth prospects.

5. Low-Cost Brokerage Options

Consider using brokerage platforms that allow fractional share investing and have low or no fees:

  • Robinhood: Offers commission-free trades and fractional shares.
  • Fidelity: Known for its comprehensive research tools and zero-fee index funds.
  • Charles Schwab: Offers a variety of investment options and robust customer support.

Tips for Beginner Investors

  • Start Small: Invest an amount you can afford to lose while you learn.
  • Diversify: Spread your investments across different sectors to mitigate risk.
  • Research: Understand the companies or funds you invest in.
  • Stay Patient: Investing is a long-term game; avoid the temptation to make quick trades based on market fluctuations.

Final Thoughts

While these suggestions provide a starting point, it’s crucial to do your own research and consider your financial goals and risk tolerance before making any investment decisions. Consulting with a financial advisor can also provide personalized guidance tailored to your situation.

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Pepe Price Analysis Reveals Bullish Strength as Bitcoin Plummets

Pepe Price Analysis: PEPE price fell 10.4% in the last 24 hours to trade at $0.000008358 during European trading hours on Monday. This follows the fall in the price of Bitcoin, which may have led to the entire crypto market value decreasing by 4.7% at the time of publication.

However, Pepe’s price chart shows some signs of optimism that could still propel this meme coin to new heights or at least protect it from excessive bleeding during these volatile market conditions.

PEPE price showed falsification on the daily chart shortly after Bitcoin price fell below a critical support level. The meme coin was one of the best performing meme coins on the Ethereum blockchain, which of course led to BTC’s drastic turnaround. Pepe price had just broken out of a falling wedge and was retesting the falling wedge’s upper trendline before heading towards $0.00001720, the highest price ever.

Since Bitcoin crashed on July 1, 2024, PEPE has fallen 30% from its current price. Interestingly, PEPE price continues to rise above the 200-day SMA, a feat that inspires bullish sentiment among market participants.

PEPE price is now at a relatively weak support level, around $0.00000773. If the bulls prevail, PEPE could rise 26% to reach $0.0001108, which is also in line with the 50-day SMA. On the other hand, the meme coin could fall further in a 20% decline to find support at $0.00000650.

PEPE’s 14-day relative strength index (RSI) is at 34, just four points above the oversold area (OS). If it slides into this zone, the PEPE price could come under more selling pressure, which could catapult it towards the $0.00000650 support level. On the contrary, the RSI at 34 indicates a strong upside potential for the meme coin if general market conditions change.

The price of Bitcoin continues to fall and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance.

Final result

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience and maintains bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders looking for alternative investments amid broader cryptocurrency volatility.