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Binance Angles, volunteers who support the leading cryptocurrency exchange’s community and projects, have helped a cryptocurrency user recover nearly $100,000 in the USDC stablecoin after the user sent the funds to the wrong address.
According to a post Binance published the user, identified only as Damien, sent 98,000 USDC on the Binance Smart Chain to the USDC contract address instead of to his own address on the exchange, leading to a loss of funds.
After the user conducted thorough research to find out what could be done, he went into despair and contacted Binance’s French-speaking community on Telegram. The community of over 23,000 is moderated by Binance Angels, who informed Damien there was a chance: Binance’s BNB Pioneer Burn Program.
The BNB Pioneer Burn Program
Binance’s pioneer burn program is a new initiative meant to help users restore funds they have lost due to honest errors on the Binance Smart Chain. Under the program, Binance covers the lost funds of eligible users by using money that was meant to be used on Binance’s quarterly token burns.
Damien was fortunate enough to see his case meet all of the criteria of the Pioneer Burn Program, meaning that in just 24 hours after his mistake was made, he received the 98,000 USDC back from the cryptocurrency exchange.
Binance’s blog post details that to be eligible for the program, users’ lost tokens must either be “BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project,” and have to have been transferred to the BEP20 contract addresses verified on BSCScan so the loss can be publicly justified and recognized as moving the asset out of circulation.
The loss also has to be above $1,000 in value, but smaller than the amount of BNB that is projected to be burned during the upcoming quarter.
Binance Angels, it’s worth noting, are community volunteers who share their knowledge of the cryptocurrency space and of the Binance ecosystem with its community, and help users navigate everything that’s out there.
These volunteers don’t just help users, but also help translate and proofread content, manage both online and offline communities, and provide feedback on Binance’s features to help the exchange improve.
They are rewarded through exclusive invites to Binance events as either VIP guests or organizers, through meeting with the Binance team, and by attending behind-the-scenes meetings with them. Binance Angels also received limited-edition swag, and exclusive gifts.
Binance Boss CZ Is Richest Ethnic Chinese Person Alive, Report Claims
The Binance Founder and CEO Changpeng “CZ” Zhao is the richest ethnic Chinese person alive, a new article has claimed – although mainstream Chinese media outlets appear reluctant to report on the news.
The claim was made by the outspoken media outlet Caijing on Weibo and reported on in detail by numerous Chinese-language outlets, many of which are based outside Mainland China. The mainland’s mainstream outlets, however, all maintained a stony silence on the matter.
The media outlet noted, quoting data from unnamed “insiders,” as well as previously published information from Forbes that Binance was being valued at USD 300bn, adding that Zhao, a Chinese-Canadian, owns 30% of Binance’s shares. If these calculations are correct, it explained, the Binance chief is now worth USD 90bn.
This valuation, Caijing added, “means that Zhao has become the richest [Chinese] man and ranks among the top 10 richest people in the world.”
The media outlet was quick to point out that the beverages giant Nongfu Spring’s founder, Zhong Sui Sui, is the mainland’s richest man and the second-richest Chinese in the world – and that Zhao is now worth 35% more than him.
Next on the list came ByteDance (the TikTok operator) Founder Zhang Yiming, followed by Zeng Yuqun, the Founder and Chairman of the Ningde Times media empire. Bottom of the top five was the Tencent supremo Ma Huateng.
But Zhao appeared to question the logic behind the calculations with a tweet featuring some mathematics of his own.
If I sell 0.01% of the company equity to someone for $1 dollar, then the company is worth $10,000.
If I issue a coin with a 1T supply, and sell 1 of them to someone for $1 dollar, then I have a $1 trillion dollar coin.
Valuations without liquidity doesn’t mean much.— CZ 🔶 Binance (@cz_binance) November 30, 2021
Regardless, Chinese-speaking netizens were impressed. On Weibo, one highly upvoted comment read:
“He is the richest man [on the list] just by virtue of holding Binance shares. The value of his cryptocurrency holdings has not even been taken into account. He’s a person who can be rightly compared to Elon Musk.”
Cryptonews.com’s own Baidu and Google searches for recent news on Binance and Zhao produced precious little in the way of mainstream reporting on the matter in China, despite the fact that the Caijing post was made over 24 hours ago.
Indeed, trying to find Mainland Chinese reports on anything crypto-related – including Binance itself – is proving to be an ever-more-difficult task, as some observers have been discovering.
Changpeng Zhao boasts on Binance wins, says exchange is 10x bigger than competitors
- Changpeng Zhao says Binance is 10x bigger than other exchanges.
- Speaks on unique strategy Binance adopted to be number one crypto exchange.
Binance exchange CEO, Changpeng Zhao has boasted about the exchange firm compared to other crypto exchanges as he told some of the success stories of the firm.
According to Changpeng Zhao, the exchange didn’t rise to the top by chance. It was a carefully calculated effort made up of interesting innovations and a culture of focusing on the product.
Zhao spoke on how Binance made it to become the number one crypto exchange it is today in an interview with Forbes.
According to him, in 2017 when Binance launched, Coinbase and Kraken controlled the bulk of the US markets while Poloniex and Bittrex topped the charts for their large volumes. He pointed, however, Zhao pointed they all had narrow focus.
Changpeng Zhao reveals Binance win strategy
He said, when Binance was coming to the market, no exchange looked to cater for the need of the global audience which prompted him to adopt the new approach.
“We had support for 31 languages on the day we launched and nine languages within a month. Today we support 31 languages on our interfaces. Our customer support is in 16 different languages” said Zhao. “So I think listing a high number of tokens was an advantage, but being more international was also the first thing we did.”
Also the platform’s interface which allows one full-screen trading that other exchanges have adopted also was a win strategy for Binance exchange.
“Most of the time, we’re 10x bigger than the second biggest players. We also have the largest fiat-to-crypto exchange most people don’t know about.” Zhao told Forbes. “We support 50 something fiat currencies all over the world, and nobody has this coverage.”
He boasted that the exchange iwn Trust Wallet one of the most used crypto wallet and CoinMarketCap.com, a top crypto analytics provider.
Binance Smart Chain implements ongoing burn like Ethereum’s EIP-1559
- Binance Smart Chain has successfully concluded the Bruno Upgrade v1.1.5 earlier today.
- The upgrade has activated BEP95 to burn a fixed ratio of Binance Coin collected by each validator.
- The Bruno Upgrade, was a hard fork that increased the speed of the full node sync by 60%.
- Analysts are bullish on BNB, predicting a 21.5% price rally if the altcoin breaks out of the resistance.
Binance successfully concluded the Bruno upgrade v1.1.5 earlier today. The upgrade means a burn mechanism is now implemented to reduce the circulating supply of Binance Coin.
BEP95 is now active burning 10% Binance Coin collected in fees per block
BEP95, the protocol that burns 10% of the fees collected by each validator, is now active on the Binance Smart Chain. According to Bscscan data, the current BNB burned per block is set at 0.02-0.06. The burn rate is determined by node voting and is currently set at 10%.
BEP95 real-time #BNB burning mechanism has been activated!
Each block will burn a fixed ratio of the gas fee collected by the validators in each block. The burning ratio is adjustable through governance (currently 10%).
Details: https://t.co/GNFfn8IM98— Binance Smart Chain (@BinanceChain) December 1, 2021
Based on the estimate, the daily burn volume is between 577 to 1728 BNB tokens. A reduction in the circulating supply of BNB would trigger a shortage of the altcoin, driving the price higher.
The burn mechanism is similar to Ethereum Network’s EIP-1559. Since implementing the Ethereum Improvement Proposal in the London Hardfork, over 1 million ETH tokens have been burned. This has fueled a rally in Ethereum price.
Proponents expect the Binance Coin price to explode in response to the burn implementation.
The hard fork has boosted the speed of the full node sync by 60%. BNB price has posted 6% gains over the past week. Cryptocurrency analysts at the YouTube channel “Crypto TD” are bullish on BNB. Analysts have evaluated the BNB price trend in a recent video, and they believe:
It is quite likely that BNB would have convincingly broken out of the resistance towards the upside, and the next target for BNB would be the 1.618 Fib of the current consolidation…you will get an approximate target of $766.