What is leverage in cryptocurrency trading? 

Riot Blockchain Mining Update 

Ember Sword Expands Gaming Choice 

Infinity Crypto Logo on image of cryptocurrencies

Infinity Crypto Wallet Unpacked

The Story of Sam Bankman-Fried 

Lens protocol logo on image of computer doing sums

Lens Protocol Expansion Hopes

Bambi Crypto Token Price Prediction

Alameda research logo on image of research laptop

Alameda Research: Explained

What's behind Thodex CEO's 11,196-year sentence? 

Why is STEPN Crypto Trending?

Montague Evans logo on image of wall street skyline

Can blockchain improve Montagu Evans' work? 

What is CryptoLinks, and why is it important? 

What is the best crypto mining game out there? 

What is Etherscan, and what is it used for? 

crypto market times on a laptop with a coin

The Best Crypto Market Times According to Experts

Digital art and how to convert it into NFT

5 best AI crypto coins and projects trending in 2023 

Coingate  Logo on image of blue cryptocurrencies

CoinGate Introduces Payments on Arbitrum 

[Blockchain technology](/news/article/alternatives-to-blockchain-technology) has revolutionized many sectors of the global economy. Property consultancy Montagu Evans believes it could do the same in its industry. 

In decentralized finance (DeFi), the technology has played an invaluable role in facilitating cross-border payments through the use of [cryptocurrencies](/news/article/is-crypto-dead). Aside from this, blockchain has entered the world of gaming and led to the creation of the Metaverse as well as non-fungible tokens (NFTs). 

In addition to the aforementioned industries, blockchain has also impacted supply chain management positively. More importantly, due to the complex nature of tracking properties and the amount of paperwork involved, many stakeholders have shed light on the potential of this technology in the property management and real estate industries. 

One of them is the property consultancy firm [Montagu Evans](https://www.montagu-evans.co.uk/), which released a paper about the possibilities of the technology in the real estate sector a few years ago. 

## Montagu Evans believes blockchain can improve property management 

According to the independent property consultancy firm, a section of this growing innovation called distributed ledger technology (DLT) can offer new ways to assure the provenance and ownership of goods and real estate. 

While one of the many challenges to adoption has been the difficulty of industry experts being open to change, it can improve transparency in transactions related to real estate due to its secure and [tamper-proof ledger](https://www.linkedin.com/pulse/how-real-estate-transactions-blockchain-increase-reduce-mahmalgi/). 

Others have also seen the lack of technical expertise among stakeholders as a challenge since it needs to be successfully integrated and implemented. 

Despite this, [blockchain](/news/article/teach-blockchain-technology) is linked to cost reduction, improved efficiency, and its reliance on smart contracts (an innovation that has created many opportunities in decentralized lending, insurance, exchange, and yield aggregation, among others). 

Although the positives far and wide outweigh the negatives, we cannot pretend to overlook some of the cybersecurity issues, such as attacks and hacks, causing billions of dollars in losses for several companies. 

## Montagu Evans believes there are solutions to these problems 

As a company whose experts help potential clients drive efficiency in the running of their properties while creating destinations that support economic, political, and societal demands, it believes education and comprehensive training programs can help interested parties overcome the lack of technical expertise. 

As a company, it deals with sectors in the central government, healthcare, housing, industrial/logistics, living, local government, offices, town centres, and transport/infrastructure, among others. 

This innovation, popularized by Satoshi Nakamoto through the creation of the most popular and largest digital asset by market capitalization, Bitcoin (BTC), can go a long way toward improving its fortunes. 

With teams providing planning, advisory, commercial, and property management services in the UK, the positive attributes of a chain of blocks will be highly invaluable to managing most of the properties within the region. 

## Alameda Research Explained 

During the trial of FTX founder Sam Bankman-Fried, the role of company Alameda Research in the dramatic collapse of the cryptocurrency exchange was regularly referred to. In the wake of the FTX debacle, many reports pointed to the contribution of Alameda to the platform's spectacular fall from grace. But what is Alameda Research? 

## Alameda Research trading firm 

Alameda Research was a DeFi (decentralised finance) investment firm established by SBF in October 2017. Headquartered in Hong Kong, the private equity firm, described by some as a quantitative cryptocurrency trading firm, made hundreds of investments. 

Described as a crypto hedge fund, Alameda made profits in crypto arbitrage by trading Bitcoin between Japan and the US. In 2019, it is reported, some of this income was used to get the FTX crypto exchange off the ground. 

As the digital asset industry suffered the crypto winter of 2022, Alameda was still investing heavily in DeFi projects, reportedly extending credit in excess of $800 million to firms like Voyager and [BlockFi](https://app.blockfi.com/signin?iss=https%3A%2F%2Fauth.blockfi.com%2F). 

Alameda collapsed after a balance sheet was leaked that claimed the business relied heavily on FTT, the token issued by FTX. 

The fall of Almeda sparked the [bankruptcy of BlockFi](/news/article/blockfi-bankrupt-court-documents), the crypto lender, amid claims it was owed $671 million by Alameda Research. BlockFi was also exposed to more than $350 million in funds frozen on the FTX exchange. 

While FTX and Alameda appeared to be distinct entities, it was reported in December 2022 that Alameda had handed over some $1 billion to assist the exchange after a company incident on the trading platform. 

## Trading activity 

Alameda was engaged in OTC (over-the-counter) cryptocurrency trading and also offered ‘full-service’ crypto trading on every exchange and market. 

It was reported that in 2022, head of its collapse, Alameda was managing more than $1 billion in digital assets and trading up to $10 billion every day in coins, tokens, and derivatives. 

It was believed to be holding some 40 cryptocurrencies, including major names like Solana, Bitcoin, Ethereum, Meta, DODO, and Swipe. But it was its exposure to FTT, the token of FTX, that proved critical. 

## End of an empire 

Media investigations into the relationship between the two companies, by [CoinDesk](https://www.coindesk.com/), among others, revealed that 40% of Alameda’s assets were FTT. 

These reports of Alameda’s reliance on FTT spooked investors, who fled the FTX exchange and dumped FTT. Unable to keep up with withdrawal requests, [FTX went into freefall](/news/article/ftx-bankrupt-who-to-blame). 

There had been hopes that Binance, the largest crypto exchange, would step in to provide liquidity for its nearest competitor and complete a buyout. But Binance stepped away from the idea. 

The business tweeted in November 2022 that it was abandoning the takeover plans following corporate due diligence and reports of customer funds being ‘mishandled’. 

With customers flooding out and the potential buyout off, both FTX and Alameda filed for Chapter 11 bankruptcy and SBF stepped down. Initial court reports put the liabilities of Alameda and FTX at between $10 and $50 billion. 

## Fall from grace 

Alameda Research had become established as a significant DeFi investor. In just five years, it made more than 220 investments, according to reports. 

Many of these took the form of capital injections into DeFi solution firms. For example, Fordefi, the FinTech and software company, announced in November 2022 that Alameda was among the investors to contribute to the $18 million it had raised to create an institutional DeFi wallet. 

With Alameda being so deep in the DeFi industry, its collapse caused problems for many projects. 

Maps.me and Oxygen, both recipients of tens of millions of dollars from the firm, ended up with almost all of their token supply frozen on the collapsed FTX exchange. 

FTX didn’t hold equity in either firm, but did hold a substantial amount of MAPS and Oxy tokens and was custodian for more than 95% of the total supply. 

## Day in court 

During SBF’s criminal trial, resulting from the collapse of FTX, it was repeatedly alleged that FTX customer funds were used by Alameda. 

Accounting expert Professor Peter Eaton, giving evidence on the apparent disappearance of $9 billion of customer funds, was clear in his assessment. Eaton conducted a painstaking analysis of the FTX and Alameda books and found substantial deficits. 

Alameda was supposed to be holding around $11.3 billion in FTX customer funds, but little more than $2 billion of that was being held in company bank accounts. Eaton testified that almost 70% of the loans Alameda was making were funded with FTX customer funds. 

The founder of Lens Protocol has announced plans to expand access to the Web3 social protocol on a gradual basis. 

It is a big move for Lens Protocol as well as the wider Web3 ecosystem. 

Stani Kulechov [announced the plans](https://www.binance.com/en/feed/post/2023-10-10-lens-protocol-founder-announces-gradual-expansion-of-access-to-web3-social-protocol-1298814) in early October. 

## What is Lens Protocol? 

Lens is designed to be interoperable, meaning it can be integrated with other Web3 apps. This means creators can build customised social media experiences. 

The open-source, blockchain-based social graph aims to reshape social media in the era of Web3. 

Unlike current social media platforms, such as Facebook and X (formerly Twitter), Lens is not centralised. Its composable, permissionless design lets content creators ‘own’ their digital identity so they can connect with wider communities. 

This is achieved through interoperability with other Web3 applications. 

When [Lens Protocol](https://www.lens.xyz/) was introduced at the start of 2022, it garnered attention in the cryptocurrency and blockchain communities thanks to the revolutionary approach to social media it promised, as well as its connections to the well-regarded Aave team developing it. 

Using Lens, creators can produce customised, unique functionality for common features, such as follows, and how they interact with the content of other users. 

It allows for integration with other Web3 protocols and smart contracts, for example allowing creators to mint NFTs from other platforms. Essentially, users can leverage the Web3 ecosystem within Lens posts. 

Creators own their profiles, connections, and content, unlike on current social platforms, so they can switch sites without having to start over. The tokenisation of social data, through NFTs or smart contracts, ensures ownership is retained by the creator and they can be easily transferred to any other platform in the Lens ecosystem. 

Lens says it will give users seamless access to all their content with a single login, whichever platform they are on. 

## How’s it going? 

Lens Protocol, which has raised $15 million towards building its decentralised social network since inception, is being built by Web3 lending platform [Aave](/news/article/what-is-aave-protocol). 

Currently in beta on the [Polygon network](/news/article/what-is-aave-protocol), Lens works with any Ethereum Virtual Machine-compatible blockchain. 

It claims to have more than 100,000 beta users, and last month's announcement of expansion plans could see this increase. 

Lens introduced a new scaling solution, Momoka, to hyperscale social actions. This increases the scale of activities while lowering costs without compromising the decentralisation principles. 

The protocol is a realisation of Kulechov’s longstanding advocacy for the democratisation of access to blockchain tech. He is a prominent figure in DeFi (decentralised finance) and blockchain. 

In his expansion announcement, the founder encouraged anyone interested in Lens to connect their wallets and join the waiting list. 

## Monetisation 

A potential strength of Lens is the opportunity for creators to earn from everything they post. 

Users control and own their content, not the platform, so it, and the followers, go where the creator goes, giving them more monetisation opportunities. 

Lens also includes the power to give other addresses limited access to profiles, so you can store yours on a hardware wallet or give others access to post through a shared account, with private keys and security being compromised. 

It’s also possible to split revenue, so income can be shared with collaborators, charities, or anyone else you want, simply by adding the profile or address of the recipient and stating their percentage share. 

## Lens fundraising 

Back in June, it was reported that $15 million had been raised to fund the Lens Protocol project. 

Support has come because of a shared belief that people want an alternative to Web2 social platforms, where ownership of content and the ability to monetise are limited. 

The Lens team believes this protocol will appeal not only to those who want to own their online identity, but also to creators who are fed up with starting from scratch, in terms of content and followers, every time they move platform. 

As current social media players are not built on the same platforms, the ability to transfer seamlessly does not exist. Within Lens Protocol, everything can be easily moved across platforms within the ecosystem thanks to enhanced compatibility. 

While others have announced or launched Web3-based social protocols, Lens says its point of difference is ownership. It prioritises the right and ability of creators to own their identity and content. 

## Lens Protocol risks 

While there are plenty of advantages promised by Lens, there are disadvantages that should not be ignored. 

[Cointelegraph, in a report last year](https://cointelegraph.com/news/what-is-lens-protocol-and-how-does-it-work), pointed out that blockchains often have limited on-chain storage capacity. This means secondary storage solutions can be required for content and NFTs. 

Diving deeper, the site said Lens publications use ContentURI and all original files are kept in distributed file storage systems, like Arweave, IPFS, and AWS S3. This, Cointelegraph claimed, means content could be manipulated. 

If original files are not recorded on the blockchain, instead being kept in secondary storage, they could be damaged or lost, the site said. 

## X and Web3 

Kulechov has also stated that he doesn’t believe X, formerly Twitter, will join Web3 ‘any time soon’. 

Despite new owner Elon Musk’s interest in blockchain and cryptocurrency, the Lens founder does not believe X will become blockchain-based quickly. 

Already a well-known name in cryptocurrency, Sam Bankman-Fried made global headlines in November 2022 when his crypto exchange spectacularly imploded. 

FTX, the second largest crypto trading platform, and Alameda Research, a DeFi investment business also started by Sam Bankman-Friedman, declared bankruptcy amid reports about the way customer’s funds were being handled. 

Last month, the criminal trial of Bankman-Fried, for charges related to the exchange collapse, began in New York, bringing SBF right back into the spotlight. 

Now seems like a good time to remember the background of the one-time crypto wunderkind. 

## Sam Bankman Fried origin story 

Born in March 1992, SBF was seen as a digital asset prodigy, launching Alameda Research in 2017, aged just 25, and the FTX exchange two years later. 

He was born at Stamford University, where his parents, Joseph Bankman and Barbara Fried, were professors. His own education took place at California’s Crystal Springs Uplands School and Massachusetts Institute of Technology, which he graduated from with a degree in physics and a minor in maths in 2014. 

Before graduating, Sam Bankman Fried spent a summer interning at Jane Street Capital, where he traded ETFs. After leaving MIT, he returned to the firm, but three years later, in September 2017, SBF was on the move again, this time to the Centre for Effective Altruism (CEA) in California. 

In the same year, he and Tara MacAulay, also of CEA, launched Alameda Research, a quantitative trading firm. It made quite a stir with its arbitrage trading, which took advantage of the higher value of BTC in Japan than in the US, reportedly completing trades worth up to $25 million every day. 

On the back of his success, Sam Bankman Fried moved to Hong Kong in 2018. 

In mid-2019, the FTX exchange was opened, and it rapidly grew to become second only to [Binance](https://www.binance.com/en) as a crypto trading platform. 

## It all goes wrong 

In November 2022, Alameda Research and FTX filed for Chapter 11 bankruptcy. 

This came at a time when Sam Bankman Fried was still revered by many in DeFi, and he was, reportedly, the 60th richest person in the world, with a peak personal fortune of $26 billion. 

Based in the Bahamas, SBF was seen to use his wealth to support political campaigns in the US. 

After the [collapse of FTX](/news/article/ftx-bankrupt-who-to-blame), amid allegations of poor governance and mishandling of customer funds, Sam Bankman Fried was arrested in the Bahamas and [extradited to the US](/news/article/sbf-agrees-to-return-to-us-for-fraud-charges). 

In December 2022, eight criminal [charges were filed at the Southern District of New York Court](https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried), including allegations of wire fraud, securities fraud, money laundering, commodities fraud, and campaign finance law violations. 

Four further charges follow in early 2023. 

SBF was bailed to his parent’s home, but later remanded in custody due to allegations of attempts to tamper with witnesses. 

His trial finally got underway last month. 

## Views on regulation 

The collapse of FTX, one of the biggest names in crypto, raised serious questions around the need for regulating the industry, and led many jurisdictions to ramp up regulatory efforts. 

During the investigation, allegations around the management of both FTX and Alameda were made, including concerns about a lack of corporate governance, understanding of finances, and observation of the rules. 

SBF had spoken publicly about his views on crypto regulation, openly stating he has chosen to relocate FTX to the Bahamas due to what he termed a ‘friendly’ regulatory environment. 

During a conversation on Twitter (now X) in the same month FTX crashed, SBF described the appearance that his firms welcomed regulation and promoted the need for regulators in crypto as ‘just PR’ and not sincere. 

He claimed rules ‘don’t protect customers’ and make ‘everything worse’. He later attempted to clarify these statements, claiming he was referring to greenwashing, ESG (environment, social, and governance), and CSR (corporate social responsibility) being used instead of effective altruism. 

## “Complete failure of corporate controls” 

Among the most damning statements and allegations made in the wake of the collapse of Alameda Research and FTX were those from John J. Ray III. 

Ray, the man who oversaw the five-year bid to recover money for Enron creditors, took over as FTX CEO following the resignation of Sam Bankman Fried on 11 November, 2022. The firm filed for bankruptcy the same day. 

Later in the month, Ray, in a sworn declaration to the bankruptcy court, gave his assessment of Alameda and FTX. He said that 'never in my career' had he witnessed 'such a complete failure of corporate controls' or a 'complete absence of trustworthy financial information’. 

SBF had been due to testify to the House Financial Services Committee in December 2022. He was expected to claim FTX remained solvent, but he’d been ‘pressured' into declaring bankruptcy. He was also due to allege that those who had taken over running the firm were following the Enron precedent to earn high fees. 

Following his arrest, SBF did not appear before Congress. 

There are many crypto wallets on the market to choose from, but the offering from Infinity is proving popular among digital asset holders. 

Here, we take a deep dive into the Infinity [crypto wallet](/news/article/best-crypto-wallets), what it is, how it works, and the organisation behind the tech. 

## What’s behind Infinity crypto wallet? 

Infinity describes itself as an ‘all-in-one” non-custodial wallet ecosystem. It claims to be the first multi-chain, non-browser-extension, non-custodial wallet to hit the market. In a crowded crypto wallet marketplace, it’s necessary to make bold claims to stand out. 

Infinity crypto wallet launched with a desktop version, soon followed by a mobile app, with the company now claiming to support hundreds of thousands of users. 

It has been very public about its mission, spelling out its strategy in a [funding pitch](https://communityfund.stellar.org/projects/infinity-wallet-scf-14). That included identifying some of the initial core team members behind Infinity, including [Team Lead Aaron B](https://www.linkedin.com/in/aaron-b-418020a5/), who has experience in UI/UX design and software development as well as more than 10 years of involvement in crypto, and [Tech Lead Juan Dominguez-Adame](https://www.linkedin.com/in/juan-dominguez-adame-0480a0120/), whose background is in hardware and software development. 

The purpose of the Infinity project was to create a seamless solution for cross-border DeFi payments which would be a gateway to the world of Web3. 

The company states its focus has been on providing the best user experience and most accessible tool to allow for the adoption of Web3 and DeFi. It aims to be the 'complete solution' for crypto users by having everything they need in one place and offering a seamless user interface. 

Infinity is also committed to continuous growth and evolution of its products, adding new features and services to meet changing demands and needs. 

## What is Infinity Wallet for? 

The team behind Infinity says it is the first desktop platform giving users complete access to Web3 and DApps without leaving their wallets. It incorporates a Web3 browser and DApp/Web3 store within the platform, removing reliance on browser extension wallets. 

They claim this delivers a safer, more accessible, and ‘superior’ experience for users, which will enable simpler adoption and use. 

Infinity's mission statement is to be a world-leading digital asset enabler by offering a one-stop wallet that meets all of the needs of cryptocurrency users. The company says it will meet this ambition through a user-first approach, making interaction, monitoring, trading, and transacting in the decentralised environment more straightforward and more secure. 

Launched in 2020, it is claimed there are currently more than 227,000 Infinity crypto wallet users in over 170 countries. The wallet supports more than 150,000 digital assets. 

## Vision and values 

The Infinity Wallet team is very vocal about its goals and values. 

The simplified version of its vision is to empower people to experience a better future through the use of blockchain technology. This will, it says, ‘liberate’ wealth globally. 

Blockchain tech can bring improvements to all aspects of our lives, Infinity adds, as well as delivering improvements across industries including finance, gaming, and transport. 

Underpinning this mission are 'fundamental values' that shape what Infinity does, how it does it, and who it hires. Throughout its planned expansion and development, these values will never be compromised, it promises. 

## How does Infinity crypto wallet work? 

Inside the Infinity crypto wallet you’ll find a dashboard laying out the features. These include checking the wallet balance over different periods, as well as a simple way to view your current assets, facilitated with a search bar making it easier to locate the asset you are looking for. 

Click on ‘My Wallet’ and you’ll see all the coins and tokens in your wallet. While some are added by default, you can customise the experience to ‘Add Custom Tokens’ so you can see everything you need. 

It also includes an option to store and view your NFTs, with a simple click, and use the NFT marketplace. 

With simplified usability as a core part of the Infinity crypto wallet proposition, it has an easy-to-use interface. On the dashboard, you can find ways to quickly navigate to Swap, Transactions, News, Market Stats, and DApps options. 

Security is, obviously, a concern [with any wallet](/news/article/what-is-blockchain-wallet). The Infinity Wallet encrypts users’ private keys and data on their devices to increase security. Only the user is granted access to the wallet and private keys to maintain privacy. 

Riot, the Bitcoin blockchain mining company, has described its latest results report as ‘significant’, with 362 BTC mined in one month. 

The Riot blockchain mining operation released unaudited results for September last month, confirming the Bitcoin mined and underlining its commitment to the stability of the electric grid. 

CEO Jason Les said that in addition to the BTC mined, the company had received $11 million in power credits in September for reducing its energy use through strategic mining curtailment. 

## Riot blockchain mining explained 

[Riot](https://www.riotplatforms.com/) says it supports the Bitcoin blockchain with large-scale mining in the US. Its focus is on expansion and increasing the infrastructure capacity and hash rate. Its US operations will, Riot claims, benefit the future of BTC mining. 

Riot blockchain mining operates from central Texas, while its fabrication operations and electrical switchgear engineering are based in Colorado. It claims that its facility in Rockdale is the largest BTC mining and hosting base in the US, measuring 700 MW in developed capacity. 

The September update put its deployed hash rate at 10.9 EH/s, up from 10.7EH/s the previous month. 

## Riot blockchain mining update 

A statement issued from Colorado in October from the NASDAQ-listed Riot blockchain mining operation gave an update on its figures for September. 

While recording an increased deployed hash rate, the statement explained that the figure excluded more than 14,000 miners who had been offline in September due to damage caused to a building on its Texas facility by bad weather. 

It also highlighted the value of participation in the demand response programmes of the Electric Reliability Council of Texas ([ERCOT](https://www.ercot.com/)), which allowed it to sell back pre-purchased power and receive power credits. Strategically curtailing [specific mining operations ](/news/article/mining-company)allowed it to reduce power use below the pre-purchased level. 

CEO Les said September was ‘another significant month’ for the Rio blockchain mining operation. The company not only showed the value of BTC mining, but also contributed to ERCOT electrical grid stability, he added. 

Confirming that mining operations during the month produced 362 BTC, Les announced Riot received $11 million in power credits, thanks to long-term agreements with its utility provider, plus $2.5 million in Demand Response Credits from being part of the ERCOT ancillary services programme. 

Based on the September Bitcoin price, the CEO said, these credits totalled around 511 BTC. Its power use strategy also ensured capacity on the electrical grid was available when most needed so other customers were not left without during increased power demand periods. 

## Riot figures 

The update reveals that an average of 12.1 BTC was produced each day in September. The 362 Bitcoin mined in the month brought the total holding to 7,327. It was also noted that 340 BTC had been sold in September. This earned net proceeds of $9 million based on an average BTC value of $26,379. 

While noting a number of miners were offline due to damage to a building in Texas, the report confirmed there were 98,694 miners in September, up from 95,904 the previous month. 

## Heatwave in Texas 

A working example of the Riot power use strategy came during September. Extreme heat led to a spike in electricity prices and demand. 

As part of its strategy, Riot cut mining operations on the peak demand days, providing energy to ERCOT rather than securing BTC revenue. 

The company’s update heralded this as Riot contributing to power security by reducing its use of the overall grid capacity so other consumers did not have interruptions to their supplies. 

## Hash rate ramps up 

The CEO of the Riot blockchain mining operation said the company’s hash rate had begun to ‘ramp back up’ thanks to the installation of new dry coolers at its base in Rockdale. 

As further works are carried out, the hash rate capacity will continue to climb, Les said, predicting a 12.5 EH/s hash rate capacity will be reached this month. 

Following an agreement with MicroBT, including an order for next-generation BTC miners, Riot’s total hash rate capacity could top 20 EH/s by the middle of next year. 

## The Riot mission 

The Riot blockchain mining company states its mission is to 'positively impact' on all communities and sectors it interacts with. 

Community partnerships and a spirit of innovation are the best way to achieve successful outcomes and become ‘best in class’, it adds. 

Thodex was among the biggest cryptocurrency exchanges in Turkey. Unfortunately, the exchange suddenly disappeared during the start of the peak of the market in April 2021, when most cryptocurrencies began soaring to new price milestones. 

On Friday, 8 September, 2023, various [news outlets reported ](https://www.coindesk.com/policy/2023/09/08/11196-years-in-prison-for-faruk-ozer-ceo-of-collapsed-turkish-crypto-exchange-thodex/)that the Thodex exchange's founder, Faruk Fatih Özer, along with his brother Güven and sister Serap, had been given an 11,196-year, 10-month, and 15-day sentence. Also imposed were approximately $5 million in judicial fines. 

As one of the go-to exchanges during the first half of 2021 for many crypto traders in Turkey, more than 400,000 registered users of the Thodex platform suddenly found themselves unable to log into their accounts to access their deposits. 

The total amount locked on the Thodex platform was about $2 billion worth of cryptocurrencies. With many traders ushering out their concerns online and others filing criminal complaints against the exchange, Özer fled his home country of Turkey and hid in Albania. 

During the same month, [Turkish police detained](https://www.dailysabah.com/business/finance/turkey-seeks-crypto-boss-ozer-detains-dozens-in-alleged-2b-scam) more than 60 people across eight regions linked to the collapsed exchange. 

Additionally, detention warrants were issued for another 16 people connected to the Thodex trading platform. 

With this, a red notice was issued for his arrest and extradition. In August 2022, he was [arrested in Himare](https://www.reuters.com/world/fugitive-turkish-crypto-fraud-suspect-arrested-albania-resort-2022-08-30/), a southern resort area in Albania. 

In early April of this year, Özer was extradited to Turkey, with the Istanbul Airport Police Department taking custody of him. 

He arrived in Turkey with seven charges laid before him, which included laundering the total amount of money resulting from the collapse of the exchange and defrauding merchants, cooperative managers, company executives, and people by employing information systems as a tool of a credit institution or a bank. 

## Verdict on Thodex employees and partners  

Overall, the trial brought cases against 21 defendants, who faced a maximum of 40,564 years in prison. 

In addition to the jailing of Özer and his brother and sister, four senior employees of Thodex were jailed. Of the 21 defendants, 16 were acquitted. 

The collapse of cryptocurrency exchanges is not a recent development. Many of the trading platforms that made Statista's list of the biggest exchanges by 24-hour trading volume have disappeared due to cybercriminal activities. 

According to a news report by Bitcoin.com, about 42% of exchanges have failed since 2014. 

Many of them vanished without a trace. This means that thousands, if not millions, of traders who held digital assets with them have had to count their lost cryptocurrencies as bad debt. 

## How to avoid a Thodex-style loss of your crypto assets 

Agencies like the US SEC ([Securities and Exchange Commission](https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_fraudulentdigitalasset)) continue to publish Investor Alerts cautioning traders about fraudulent [crypto trading ](/news/article/is-crypto-regulated-across-the-globe)websites and digital assets. 

As a sign of caution, stay away from investments that promise guaranteed high investment returns, are offered by unlicensed sellers, use complicated language and jargon that is difficult to comprehend, pressure you to buy on the go, or make unsolicited offers. 

Irrespective of the annual percentage yields (APYs) they offer, they are likely to be scammers hiding behind the anonymous and private nature of the decentralized finance sector. 

So, stay alert and take advantage of platforms such as CERTIK, a tool that monitors and analyzes several protocols and projects related to the blockchain sector. 

More importantly, despite your quest to remain anonymous, try and patronize regulated trading platforms so that you may have a chance of recouping some, if not all, of your crypto assets should the exchange collapse. 

[STEPN](https://www.stepn.com/howToPlay) crypto continues to trend online due to the quest of millions of people to make passive income through daily activities such as running, walking, or jogging. 

Having seen the impact of play-to-earn (P2E), which has played an invaluable role in video gaming, Yawn Rong, an Australian blockchain entrepreneur, founded STEPN during the peak of the decentralized finance (DeFi) market in August 2021. 

During a seed round, he raised $5 million from mainstream players such as Alameda Research, DeFi Alliance, Solana Capital, Foluis Ventures, 6th Man Ventures, and Sequoia Capital. 

The global fitness industry was worth approximately [$97 billion in 2022](https://www.futurefit.co.uk/blog/fitness-industry-worth/), and about [$31 billion](https://www.statista.com/statistics/605223/us-fitness-health-club-market-size-2007-2021/) was made in revenue by health, fitness, and gym clubs in the US during the same year. 

Rong wants to use his innovation to disrupt this industry by making people across the globe more aware of how essential it is to maintain a healthy lifestyle through a token reward mechanism. 

While a substantial part of many populations in several countries are either overweight or obese with no motivation to hit the gym, the promise of earnings in the form of cryptocurrencies, which can be converted to fiat, is a trigger to seeing millions walk, run, or jog around for a few minutes daily. 

But how does it work, and how would you get your hands on STEPN crypto as a reward? 

## STEPN crypto: How does the application work? 

To become a part of the family and start making consistent passive income, you need to download the application. 

If you're an Android user, head to the [Google Play Store](https://play.google.com/store/apps/details?id=com.bcy.fsapp), and iOS-powered device users can download it [on the App Store](https://apps.apple.com/us/app/stepn/id1598112424). 

After installing the app on your phone, you have to sign up. You must input an active email address because you will be sent an activation code. Once done, you must tap Sign Up to move on to the next phase of the process. 

To weed out spam and scammers, STEPN requires an activation code from users who are already on the platform. You can locate them by joining the project's community on platforms such as Telegram and Discord. If you do not have these apps, you can download them from the aforementioned stores. 

Once done, you can search for STEPN's Official English Group and join. Once you become a member of the group, you can ask the present community members to post an activation code so that you can also start using the app. Within seconds, people will respond with activation codes, and you can choose one. The codes are normally seven numbers. 

The next step is to choose a multi-chain switch, and you can select one from Solana, BNB Smart Chain, or Ethereum. 

To start using the app, you have to purchase a non-fungible token (NFT) sneaker from an open marketplace you locate on the platform. 

To fund your spending account, you must deposit the stablecoin from Circle, the US Dollar Coin (USDC), or the Green Metaverse Token (GMT), the native asset of the STEPN ecosystem. 

You should note that all sneakers are priced in GMT. The distance expressed in kilometers per hour (km/h) that the sneakers can go is written next to them. 

Since the project is part of the [crypto ecosystem](/news/article/is-crypto-regulated-across-the-globe), you have to add a cryptocurrency wallet by importing it via your seed phrase (the passcodes that come with a minimum of 12 and a maximum of 24 words). 

If you do not have a wallet, you have to create one. To buy the STEPN crypto GMT, you can go to Binance, the biggest crypto exchange by trading volume, or 20 other exchanges, including BitMart, OKX, Bybit, Huobi Global, and CoinW. 

With the sneakers, you can start running, walking, or jogging, and the app will track proof of movement using a functioning Global Positioning System (GPS). 

## STEPN crypto price performance 

Over time, the STEPN crypto digital asset has garnered attention from several exchanges, as earlier mentioned. Accessibility and liquidity expressed as trading volume led to the rise of the cryptocurrency to an all-time high (ATH) price of $4.11 on 27 April, 2022, a few months after it tested an all-time low price of $0.1003 on 10 March, data from crypto price tracker [CoinMarketCap](https://coinmarketcap.com/currencies/green-metaverse-token/historical-data/) showed. As of this writing, GMT was exchanging hands for $0.1455. 

The Metaverse token opened 2023 with a trading price of $0.2296, reaching a yearly high price of $0.6817 on 26 January (trading volume for the day was around $700 million). With a bearish outlook in the market, the virtual currency is down by 37% year-to-date (YTD). 

According to [Rayne Harris](https://priceprediction.net/en/price-prediction/stepn) at PricePrediction.net, a return of the bull market could propel GMT to retest some of its former price ranges. 

According to him, GMT could exchange hands for the best possible prices of $0.26 by the end of 2023, $0.60 by the year’s end of 2025, and $4.06 by the close of 2030. 

The Bambi crypto token BAM, launched last year, is a memecoin based on BSC (Binance Smart Chain). 

As with many memecoins, it has gained a lot of interest. But is it a good investment? 

Here, we examine what the Bambi crypto token is and look at some of the predictions for its future value. 

## What is the Bambi crypto token? 

BAM launched in May 2022 with a total supply of 100 trillion tokens. As the name suggests, the [memecoin](/news/article/what-is-a-meme-coin) is inspired by Bambi, the popular Disney character. 

Typically for a memecoin, BAM has no real-world use case. Marketed as a fun investment opportunity, the team behind the Bambi crypto token has vowed to donate some of the proceeds from token sales to animal conservation efforts. 

As a cryptocurrency, and specifically a memecoin, [BAM price](https://coinmarketcap.com/currencies/bambi/) has been subject to significant volatility.

## Is BAM worth investing in? 

As ever, we do not give financial advice and always encourage you to conduct independent research and arrive at your own conclusion. 

However, we can say that based on the trends so far, it is hard to tell whether buying Bambi crypto tokens is a good idea. It is still comparatively new and subject to high levels of volatility. With no use case and in a market crowded by memecoins, it is hard to predict whether the BAM value will rise. 

There are some positives, however. There is strong marketing behind BAM and a growing audience of investors. The promise of making a donation to animal conservation may also make it a more attractive purchase compared with other memecoins. 

Ultimately, you must do your own research and decide if you think BAM is right for you. Always ensure you have a full understanding of the risks, and do not invest more than you can afford to lose. 

## Potential 

While the team behind BAM has been very open about their project and plans, there are reasons to be cautious. 

The memecoin space is highly competitive and BAM is subject to high price volatility. 

That said, there is – as with [all memecoins](/news/article/meme-coins) – the potential for BAM’s value to rise. Make sure you understand all the pros and cons, and the risks, before investing your money. 

## BAM price prediction 

Many analysts have attempted to predict the potential of the Bambi crypto token, with a wide variety of conclusions drawn. 

[DigitalCoinPrice](https://digitalcoinprice.com/forecast/bambi) is among those to have forecast the short and long-term potential of BAM. With just weeks of this year left, the site predicts BAM Will achieve a high of $0.00000000263 and hit a low of $0.00000000107, giving the token an average price for 2023 of $0.00000000229. 

Looking ahead to 2024, the site believes the BAM low will be $0.00000000256. With a potential high of $0.00000000311, the token’s average price for next year could be $0.00000000296. 

The trend for increasing value is predicted by DigitalCoinPrice to continue in 2025, with an average price of $0.00000000411. This is based on a forecast high of $0.00000000431 and a predicted low of $0.00000000353. 

As we look to 2026, investors could begin seeing the returns steadily increase, if these predictions are correct. For that year, the average price could hover around $0.00000000511, from a low of $0.00000000460 to a high of $0.00000000543. 

While it becomes harder to get a clear picture of value the further into the future we look, DigitalCoinPrice is optimistic for the Bambi crypto token. 

For 2027, it predicts an average price of $0.00000000511, with a high of $0.00000000543 and a low of $0.00000000460. In the following 12 months, BAM could hit a lot of $0.00000000567 and high of $0.00000000659, to give an average price of $0.00000000635. 

Approaching the end of the decade, the average price in 2029 could achieve $0.00000000878, based on a high of $0.00000000897 and a low of $0.00000000808. 

The dawn of the 2030s could mark a step up in BAM value, according to DigitalCoinPrice. In 2030, the site predicts an average price of $0.0000000124, with a high of $0.0000000125 and a low of $0.0000000116. 

The following year, the maximum price could hit new highs, at a predicted $0.0000000172. With a forecast low of $0.0000000164, that would give BAM an average price of $0.0000000169 in 2031. 

Concluding this long-range price forecast, DigitalCoinPrice looks to 2032. In this year, almost a decade away, BAM could see its low at $0.0000000224, a decent improvement on what is predicted for this year. The high for 2032 also looks good, at $0.0000000233, giving BAM a potential average price of $0.0000000230 in that year. 

## Conclusion 

Many long-range predictions for the Bambi crypto token follow the DigitalCoinPrice pattern, suggesting there is some potential for the BAM value to increase over time. 

However, such predictions are subject to many variables and cannot be relied upon as guarantees for future returns. As mentioned earlier, do your own research, consider the risks, and only spend what you can afford to lose. 

As a memecoin, BAM’s value is not tied to any use case and its price will be dictated by market conditions and volatility, as well as marketing and popularity. While the team has promised to support animal conservation with some of the proceeds, this may not be enough to attract sufficient investment to make the predicted future values a reality. 

Leverage is a commonly used term in finance prevalent in the crypto trading world. What it refers to is the concept of borrowing capital for your initial investment so you can get better returns. 

It essentially defines the ratio between profit and risk for any investment. 

The prime purpose of leveraging is to enhance the chances of getting higher returns for an investment. However, with the higher options of profit comes higher risk. That’s why you must manage leverage efficiently to grow as a trader.  

Let’s learn about leverage and how it works in the crypto world.    

## What is leverage in trading? 

Leveraging is a way to increase your buying and selling power by borrowing capital from a broker or exchange. The broker provides you with the borrowed funds, and you have to return them with interest regardless of whether you make a profit.  

So, when you have increased trade power because of borrowed funds, you risk higher losses. Therefore, maintaining a balanced ratio between risk and profit is crucial for leveraging.  

In crypto, you can leverage by setting a certain margin or amount as collateral. It is also known as [margin trading](https://coinmarketcap.com/academy/article/what-is-margin-trading-and-how-does-it-work), where you can borrow funds and put higher collateral to increase your profit.

## How does leverage work in crypto? 

As we continue to ask what is leverage in trading cryptocurrency, we must understand how it works. 

Suppose you are doing leverage or[ margin trading in crypto](/news/article/how-does-crypto-trading-work) with a trade potential of around $1,000. In that case, the broker may offer leverages of 10x or 10:1. This means your initial trade value will reach $10,000 because of the borrowed amount. 

So, if you buy a coin with this investment and its price rises by 10%, you can make a profit of $1,000. If the coin's price goes down, you will have to bear a loss of $1,000. That's why leverage trading is a risky proposition in crypto, and you must proceed with due diligence to ensure that you do not have to bear any significant losses. 

## Benefits of leverage trading 

Here are some of the benefits of leveraging in crypto: 

- Allows you to make larger profits as compared to your original trading position. 
- You can avail yourself of more trading opportunities. 
- Small price movements may not affect your profit.  

Nevertheless, there is an amplified risk of losses. Moreover, if you fail to meet the margin call, you have to liquidate, and the broker, to cover your losses, can sell your assets. 

## Final thoughts 

Leveraging is an effective way to increase the percentage and chances of profits. You can borrow money from brokers and make more significant investments through this. 

But this technique also involves higher risk, so it is advisable to follow risk management strategies. 

At the end of October, MMORPG Ember Sword unveiled The Ultra Deep. The Alpha Playtest dungeon experience was the latest upgrade to the online game, promising new team and combat gameplay and introducing new weapons. 

With Ember Sword launching a new experience and continuing to grow its share of players in the competitive [online gaming world](/news/article/what-is-gamefi), we thought it was worth taking a look at the game. 

## What is Ember Sword? 

Created by Bright Star Studios, Ember Sword claims to be about the game-playing experience and gamer community. 

[Promotional material for the game says](https://embersword.com/) it was created by gamers who recognise that massively multiplayer online role-playing games (MMORPG) are a lifestyle, not just a hobby. The creators, it continues, recognise there is a gaming community of millions of people who dedicate their time to completing quests, levelling up skills and characters, and growing influence. This gaming platform is designed to deliver for those people. 

The creators looked at the games they had enjoyed most in the previous 20 years and used the best elements to produce an experience they believed players wanted. 

In essence, Ember Sword is a community-led sandbox world, or player-driven universe, full of ‘exciting opportunities’ to explore, engage in combat, and become part of this virtual world’s economy. 

It promises ‘true ownership’ of in-game digital assets, as well as ‘thrilling’ player-versus-player (PvP) and player-versus-environment (PvE) experiences. 

It is described by the makers as forging a 'new path' in gaming, giving players total freedom, and access to a wide range of gaming experiences, and one which does not rely on ‘pay-to-win’. 

## Who’s behind it? 

Bright Star Studios was founded by Mark Laursen and Joris Huijbregts. 

Laursen, the current CEO, has an extensive background in gaming, including management and founder positions with projects like FortemWorks and Donkey Crew. He saw the gaming industry as stagnant and wanted to inject new life into it, giving gamers the experience and community they wanted. Ember Sword is part of this movement, using ground-breaking game engine technology to deliver elevated accessibility and experience. 

Huijbregts is something of a prodigy. By 16, he had created an entire MMO. The next step, it would seem, was to try and revolutionise the industry and gaming experience. With the aim of elevating and improving the playing experience, Bright Star Studios’ Chief Development Officer is using pioneering technology and a proprietary engine to deliver this gaming platform. He is a prolific creator of game assets, using tools he created (and which are now used by thousands of developers). 

To get from concept to game, you need a publisher. Bright Star Studios has Mo Fadl as Chief Publishing Officer. With more than 18 years of experience in the gaming industry, Fald had the skills and expertise to bring the idea to life through publishing. Drawing on experience working on games like Riot Games and Wargaming, Fadl combines creativity with a ‘get things done’ approach, and shares the vision of an enhanced gaming experience. 

## Ultra Deep release 

After running a countdown clock on its website, Ember Sword finally released [The Ultra Deep](https://embersword.com/ultra-deep) at the end of last month. 

The release granted access to a [new area of gaming experience](/news/article/top-blockchain-games), with new features and weapons for the community to enjoy. 

In this element of the game, players venture beneath Solarwood, which has been overrun by ‘monstrosities’ never seen anywhere else. This underworld is a cave of mystery for players to explore. 

With a new location come new weapons. 

### The Censer 

This new weapon in the Ember Sword world can assist with healing and protecting members of your gaming team, as well as inflicting curses on your enemies. The makers say it can be used without sacrificing your damage output and offers higher damage-over-time capabilities. 

### Pistols 

For players who like to inflict rapid, aggressive damage in a dynamic playstyle, The Ultra Deep features pistols. They enable players to lock onto a target and fire rapidly while remaining mobile, so they can avoid being hit or captured. A special feature of the new pistols is the ability to launch grenades if your enemies get too close, allowing you to flee. 

### The Staff 

Choose a target area and deliver a burst damage hit with the staff. It can inflict damage and debilitate anyone within the targeted area, letting players channel and project flux energy through a ranged motion. 

### Sword and Shield 

For those with what the makers call a ‘tanky' playstyle and preference for close-up action, The Ultra Deep introduces the sword and shield. You can draw the attention of monsters and enemies to protect your team and experience close-quarters combat. There's also a new opportunity to master crowd control and gain the ability to toughen your skin, to reduce damage. 

Of course, it’s not just new weapons. The Ultra Deep also introduces three new types of armour, light, medium, and heavy. 

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