Binance Announces the Altcoin It Chose for the 53rd Launchpool Project! BNB Mobilized After the Announcement!

Binance, one of the world's leading cryptocurrency exchanges, announced its latest project in Launchpool.



Binance, the leading global cryptocurrency exchange, introduced Renzo (EZ) as the 53rd project in the Binance Launchpool, a liquid repurchase protocol aimed at increasing user participation in the crypto ecosystem.

Binance Launches Renzo (EZ) on Launchpool

The Launchpool web page for Renzo (EZ) is expected to go live in approximately 5 hours, just before Launchpool launches.

Users will have the opportunity to deposit BNB and FDUSD tokens into separate pools to collect EZ tokens over a six-day period starting at 03:00 on April 24, 2024.
Listing Details

After the farming period, Binance will list EZ tokens for trading starting at 15:00 on April 30, 2024.
EZ will be paired with a variety of trading pairs, including EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD and EZ/TRY. The Seed Tag will be applied to EZ upon listing.
EZ Launchpool Information
Token Name: Renzo (EZ) Maximum Token Supply: 10,000,000,000 EZ Launchpool Token Rewards: 250,000,000 EZ (2.5% of maximum token supply) Initial Circulating Supply: 1,050,000,000 EZ (10.50% of maximum token supply ) Smart Contract Details: Ethereum Staking Conditions: KYC required Per User Hourly Fixed Cap: 147,569.44 EZ in BNB pool 26,041.67 EZ Stake in FDUSD pool BNB Rewards: 212,500,000 EZ (85%) Staking FDUSD Rewards: 37,500,000 EZ (15%) Farming Period: 24 April 2024, 03:00 – 29 April 2024, 02:59

Binance emphasizes that it will be the first platform to list EZ tokens and trading will begin at 15:00 on April 30, 2024. Any claims that EZ tokens will be available before this timeline are considered false advertising.
Binance advises users to do their own research to ensure the safety of their funds.

Bitwise CIO Shares 3 Key Takeaways from IMF Bitcoin Payments Report

Photo: Informa Connect Global Finance / Flickr

One of Hougan’s takeaways from the IMF Working Paper hinges on the fact that the organization is interested in Bitcoin.
Bitwise CIO Matt Hougan has an opinion on the Bitcoin (BTC) payments report that was published by the International Monetary Fund (IMF) earlier this month and he has taken to X to share them.

Bitcoin as a Tool for Economic Freedom

According to the Bitwise executive, the leading cryptocurrency by market capitalization is largely used by residents of countries that have limited access to the broader global economy.

These are nations that are suffering from capital controls and then decide to turn to BTC as a release value. Hougan highlighted this key takeaway to support a repetitive statement that appeared in the IMF Working Paper.
The foreign agency noted that “the magnitudes of the estimated Bitcoin cross-border flows are sizeable with respect to several countries’ GDP, especially in those which experience relatively small capital flows.”
Notably, this outlook is not unfounded considering that many individuals, governments, and even some organizations view Bitcoin as a tool for economic freedom. This can be seen with the BRICS bloc where countries like Brazil, Russia, India, China, South Africa, and Saudi Arabia which recently became part of the group, are contesting dollarization by pushing the use of Bitcoin as a payment option.

Hougan’s next takeaway borders around the United States’ slow acceptance and adoption of Bitcoin payments in comparison to traditional capital flows. He stated that the US is an extreme outlier in this regard, noting that:

“Our perspective, therefore, does not reflect everyone’s reality.”

US and IMF Stifling Stance on Bitcoin

A chart in the paper showed a comparison of cross-border Bitcoin flows vs. flows into traditional investment products by GDP. The US appears to have the most extreme reading for its dominance in traditional funds. While countries like Venezuela and Ukraine are some of the largest users of cross-border Bitcoin settlements.

Noteworthy, the US stance on Bitcoin is easily reflected in how authorities in the region crack down on crypto exchanges and other digital asset projects. Binance and Coinbase Global Inc (NASDAQ: COIN) had a tough time with the Securities and Exchange Commission (SEC) in June 2023. Both leading exchanges were charged by the agency for operating as unregistered brokers.

Since that time till now, many other exchanges have suffered a similar fate, underscoring the US commitment to water down crypto adoption.

Hougan’s final key takeaway from the IMF Working Paper hinges on the fact that the organization is interested in Bitcoin. He highlighted the resources and effort put into the research paper as proof of this claim. If this is the case, it would be so to say that the IMF has had a change of stance.

In the past, the IMF cautioned nations like El Salvador that legalize the use of Bitcoin as a legal tender. The agency recommended that El Salvador remove Bitcoin as a legal tender within the country. The Central American nation is currently seeking a loan from the IMF and the condition attached to it is that it adjust its crypto-Bitcoin law.
Unfortunately, this lends a unique twist that negates the claims that the IMF is positively interested in Bitcoin.

Malaysian State Records Largest Number of Power Theft Cases Linked to Crypto Mining

Power theft in the Sarawak state of Malaysia for crypto mining has been a growing problem for past several years. Recently, three covert crypto mining operations, suspected of electricity thefts, were uncovered in shophouses and residential homes in Miri region.
Representatives from the Sarawak police and Sarawak Energy plant revealed estimated monthly losses of 30,000 Ringgit ($6,276) for the utility company, for stealing electricity to power Bitcoin mining operations.

Per a recent release, the investigation team has seized over 70 cryptocurrency mining servers and other devices found on site.

Further, they discovered that some crypto mining operators directly tapped electricity cables to avoid meters and thus obtain power illicitly.
The investigations are still in process under the country’s Section 33(5) of the Electricity Ordinance, the report added. If convicted, the violators will face a maximum fine of 200,000 Ringgit ($42,000) or up to 5 years in jail.

Sarawak has one of the most competitive electricity tariffs, driving crypto operators to set up mining operations in the state. However, per reports, these operations often involve non-standard and unsafe wiring posing serious risks including short circuits, fires, appliance damage, and even loss of life.

“Sarawak Energy remains committed to ongoing collaboration with the Ministry of Utility and Telecommunication (MUT) and law enforcement agencies to combat power theft, particularly in cases involving cryptocurrency mining, which has resulted in significant financial losses for the company.”

Over Half of Crypto-Linked Power Thefts Found in Sarawak’s Miri Region

Per the investigation team, over half of crypto-related electricity theft cases in Sarawak were found in the region of Miri.
“Out of the 260 cases uncovered in Sarawak since 2018, approximately 60% (156 cases) were discovered in Miri,” it noted.

Last September, Sarawak Energy identified two illegal crypto mining sites, causing recurrent power disruption in a few areas. These electricity thefts have resulted in a monthly loss of around 4 million Ringgit ($837K) for Sarawak Energy.