Families with a net worth of up to $100 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
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Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects all cryptocurrencies, including bitcoin, to disappear someday. Anticipating bitcoin going to “zero,” he stressed: “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.” Jim Rogers Remains Skeptical of […]
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A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend […]
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As the value of cryptocurrencies has risen, the non-fungible token (NFT) market has experienced a 35.14% increase in sales compared to the preceding week. This marks the third consecutive week of sales growth in the NFT sector, with NFTs based on Bitcoin leading the charge throughout this period. NFT Sales Surge Past $412 Million in […]
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Frozen funds typically mean access to such funds has been restricted or temporarily halted.
Several factors, such as technological errors, security precautions, disagreements, investigations and regulatory compliance, can lead to such circumstances. So, can a crypto exchange freeze your account?
If exchanges or financial institutions suspect fraudulent activity or money laundering related to the account, they may freeze funds. Furthermore, freezing may occur as a preventive measure in reaction to possible security lapses or unwanted access attempts.
Funds may also be frozen during disagreements or ongoing investigations until the issue is resolved, guaranteeing a just outcome for all parties concerned. Temporary freezes resulting from technical problems with the blockchain or exchange infrastructure can also affect the availability of funds. For instance, in 2022, Binance temporarily suspended withdrawals of Ethereum and ERC-20 tokens due to the Merge.
When users experience frozen funds, they should contact the relevant platform or service provider immediately to identify the issue and find a solution. To address and possibly unfreeze the funds, they must adhere to the particular guidelines and instructions provided by the platform under consideration.
From the standpoint of frozen assets, immutability in blockchain functions as an unyielding vault, protecting and preserving value without the possibility of alteration.
This concept is fundamental for financial applications involving tokenized assets or cryptocurrencies. It levels the playing field by ensuring an asset’s value and ownership stay transparent and unchangeable once it is frozen or stored on the blockchain.
Comparable to being locked in ice, it is an unalterable condition that ensures the durability and integrity of assets kept on the blockchain. This principle provides protection against unauthorized modifications or tampering with frozen assets. Furthermore, immutability protects the transaction history by maintaining its accuracy and thwarting dishonest manipulations.
Cryptocurrency freezing can occur under various circumstances driven by legal and regulatory frameworks, ensuring compliance and addressing specific scenarios where freezing becomes necessary.
Assets related to cryptocurrencies may be frozen by regulatory bodies looking into cases of fraud, money laundering or financing of terrorism. This action complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, enabling law enforcement to halt transactions and investigate suspicious activity.
For instance, the Financial Action Task Force (FATF) provides guidelines to regulate cryptocurrencies and prevent illicit activities, including freezing assets to aid investigations.
Orders to freeze cryptocurrency assets may be issued by courts in disagreements, litigation or criminal cases. This freeze stops assets from being transferred or sold until court cases are concluded or decisions are made.
Assets may be frozen by regulatory bodies, such as tax authorities or financial regulators, as part of enforcement actions against companies or people breaking financial regulations. This ensures adherence and permits appropriate inquiries.
Cryptocurrency exchanges or wallet providers may freeze assets as a precaution against unauthorized access attempts, suspicious activity or security breaches. In addition to safeguarding user funds, this also prevents possible losses due to security flaws.
Platforms may freeze transactions involving a stablecoin if it loses its peg to its underlying asset (such as the United States dollar) to stop further destabilization or to evaluate the situation.
There are several mechanisms employed to freeze cryptocurrencies, including centralized exchanges and wallets, legal and regulatory interventions, and smart contracts.
Centralized platforms possess the authority to freeze assets under their control. Accounts or transactions may be suspended due to security concerns, legal requirements or compliance issues. This method gives the platform centralized control over user funds, making it possible to quickly freeze them, but it also raises questions about central authority and trust.
Lawmakers can impose restrictions or legal orders that force financial institutions or exchanges to freeze a specific type of cryptocurrency. This approach ensures jurisdictional law compliance by providing asset freezes with legal backing and conforming to established legal frameworks.
For example, China has repeatedly cracked down on cryptocurrency trading and mining, leading to significant disruptions in these activities within its jurisdiction.
Smart contracts on blockchain networks can facilitate freezing mechanisms through code. A smart contract’s programmed conditions may include provisions that freeze assets in response to predetermined scenarios, like non-compliance or dispute resolution. With this decentralized method, freezing is automated according to preset criteria, negating the need for intervention from a central authority.
For example, some protocols in decentralized finance (DeFi) may include smart contracts that permit asset freezing if certain conditions are satisfied, like loan default or contract violation. When implementing freezes, smart contracts ensure decentralization, automation and transparency.
Freezing assets in decentralized systems raises ethical questions because of the conflict between autonomy and control.
Balancing the necessity of safeguarding against illicit activities with preserving decentralization and individual autonomy remains a critical ethical challenge in managing asset freezes within decentralized systems.
Assets may need to be frozen to stop illegal activity or breaches, but doing so in a decentralized system raises concerns about justice and governance. One ethical issue is that a small group or entity might abuse the ability to freeze, undermining decentralization’s tenets and consolidating power in several hands.
Furthermore, using smart contracts to freeze assets may not provide the flexibility required for making thoughtful decisions under challenging circumstances, which could result in unfair or irreversible actions. Additionally, the irreversibility of some blockchain transactions creates moral problems because it is difficult to correct errors or deal with unforeseen consequences once assets are frozen.
Maintaining the decentralized nature of a blockchain system, which emphasizes autonomy and peer-to-peer control, poses challenges when attempting to enforce freezes without compromising these principles.
One issue is that blockchain data is immutable; once a transaction is recorded, it becomes difficult to change or freeze without jeopardizing the system’s integrity. Although smart contracts are frequently essential for freezes, they cannot constantly adjust to changing conditions or legal mandates without possibly creating new central control points.
Furthermore, it is challenging to coordinate consensus within a decentralized network to freeze assets in a way that is transparent, timely and widely accepted. To overcome technical obstacles, a careful balance must be struck between upholding decentralized ideals and creating systems that can effectively and compliantly implement freezes.
Technological innovations in smart contract adaptability, blockchain governance and consensus mechanisms are critical to overcoming these obstacles and maintaining decentralization.
These asset shifts have also been constantly noticed ever since FTX filed for bankruptcy, leaving many to speculate about the rationale behind the moves.
According to a recent tweet by Spot on Chain, crypto accounts linked to the collapsed crypto exchange FTX and its sister trading firm Alameda Research executed over $10 million worth of token transfers across six currencies within a 12-hour span. These movements involve a part of the remaining digital assets still controlled by FTX bankruptcy administrators. The frequency and strategies behind the withdrawals have kept many wondering why it is happening.
In the tweet, Spot on Chain laid out the specifics of the transfers, which included over $2 million worth of tokens such as StepN (GMT) worth around $2.58M, Uniswap (UNI) of $2.41M, Synapse (SYN) of $2.25M, Klaytn (KLAY) with $1.64M, Fantom (FTM) worth $1.18M, Shiba Inu (SHIB) of around $644k and some Arbitrum (ARB) and Optimism (OP) moved to exchanges like Wintermute, Binance and Coinbase.
This is not the first time such large transfers have happened recently as it is part of a broader pattern since October 24th that has seen FTX and Alameda shift around $551 million worth of tokens across 59 digital assets. The scale and frequency of these transfers since the exchange collapsed last year have kept many crypto watchers speculating, as the purpose behind the huge money movements has not been made clear.
🚨 #FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs:
10M $GMT ($2.58M)
407K $UNI ($2.41M)
5.23M $SYN ($2.25M)
8.76M $KLAY ($1.64M)
3.87M $FTM ($1.18M)
77.77B $SHIB ($644K)
and small amounts of $ARB and $OP.Note… pic.twitter.com/0jb5ZMHvC7
— Spot On Chain (@spotonchain) December 1, 2023
These asset shifts have also been constantly noticed ever since FTX filed for bankruptcy, leaving many to speculate about the rationale behind the moves. One possibility that concerns some is that it could be a way of improperly removing money from the accounts before any major action is taken around the company’s assets. Perhaps some insiders are trying to withdraw as much as they can while still having access.
As speculation about FTX rebranding and coming back alive under new leadership is also bubbling up, the money transfers could be a necessary part of the process to put some structural pieces in place or ensure the exchange wallets are not totally frozen.
In all, one thing is certain – FTX creditors likely remain anxious as they still seek repayments. Every sight of money leaving FTX addresses could pose trouble for them, as there has been no specific plan established yet for how their lost investments will be returned.
In March as FTX and Alameda Research started working to recover assets for creditors, they reportedly sent around $145 million in stablecoins to various exchanges. Some funds were moved to custodial wallets while some were kept as stablecoins. So far, the troubled exchange has been able to claw back more than $5 billion in cash and crypto out of the over $8 billion in total outstanding liabilities. This could add some strength to the possible rebranding and recovery process.
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While PayPal’s new crypto service allows users to explore the crypto industry, access to this innovative feature has been restricted in certain jurisdictions and for specific individuals.
Leading American payment company PayPal has taken another step into the digital asset industry with the launch of its Cryptocurrencies Hub. This feature allows users to interact with different crypto assets such as Bitcoin (BTC) and Ethereum (ETH). The move comes just one week after introducing its native stablecoin dubbed PYUSD, which is backed 1:1 by the US dollar.
According to a report by Cointelegraph, the payment giant updated its terms and conditions to offer insights into how users can leverage the newly introduced Cryptocurrencies Hub to explore the world of digital assets. This strategic maneuver demonstrates the company’s ambition to establish itself as a prominent crypto-friendly platform.
PayPal’s foray into the emerging economy began in October 2020 when the company expanded its services to allow users to buy, sell, and hold assets in their accounts. Shortly after that, in March 2021, the company extended its crypto services, enabling customers to checkout at other online businesses using cryptocurrency.
The US-based payments company has now deepened its foothold in the industry with the launch of the controversial stablecoin and the subsequent introduction of the Cryptocurrencies Hub. This new feature aims to facilitate the seamless buying and selling of cryptocurrencies. Notably, it empowers users to use the proceeds from their crypto transactions to purchase through the PayPal platform.
Upon its official launch, the Cryptocurrencies Hub will be seamlessly integrated with users’ existing PayPal accounts, accessible using their existing login credentials.
Furthermore, the new crypto offering is designed to enable swift conversions between PYUSD and a diverse range of other digital assets. According to the company, any balance shown in the Cryptocurrencies Hub represents the total amount of each asset displayed.
“Any balance in your Cryptocurrencies Hub represents your ownership of the amount of each Crypto Asset shown. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance,” the company explained in the newly updated terms of service.
While PayPal’s new crypto service allows users to explore the crypto industry, access to this innovative feature has been restricted in certain jurisdictions and for specific individuals. The company has chosen a personalized approach to grant access to the newly introduced service.
According to the payment firm, to be eligible for the Cryptocurrencies Hub, new users must open a personal PayPal account and maintain a Balance Account in good standing. Additionally, users must provide key identification information, including their full name, physical address, date of birth, and taxpayer identification number.
However, these rules do not apply to Hawaii residents as the company has excluded them from using the new crypto service.
“Your access to the Cryptocurrencies Hub will be through your personal PayPal account’s Balance Account. If you are a Hawaii resident, you will not be permitted to set up a Cryptocurrencies Hub at this time,” the company said.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer network—it has also become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs.
Because it isn’t the only cryptocurrency available, looking into others and finding out which ones besides Bitcoin are doing well is essential. Here are some alternative cryptocurrencies that have held on throughout steep price climbs and nosedives.
Before taking a closer look at some of these alternatives to Bitcoin (BTC), let’s step back and briefly examine what we mean by “cryptocurrency” and “altcoin”:
The “crypto” in cryptocurrencies refers to the cryptographic technics that allow for creating and processing digital currencies. Alongside this important “crypto” feature is a common commitment to remaining decentralized; cryptocurrencies are typically developed by teams who build in mechanisms for issuance (often, although not always, through a process called mining) and other controls.
Cryptocurrencies are almost always designed to be free from government manipulation and control—although, as they have grown more popular, this foundational aspect of the industry has come under fire.
Cryptocurrencies are intended for payments, transmitting value (akin to digital money) across a decentralized network of users. Many altcoins (i.e., those that are not Bitcoin or sometimes Ethereum) are classified in this way.
There are also blockchain-based tokens that are meant to serve a different purpose from that of money. One example could be a token issued as part of an initial coin offering (ICO) that represents a stake in a blockchain or decentralized finance (DeFi) project. If the tokens are linked to the value of the company or project, they can be called security tokens (as in securities like stocks, not safety).
Other tokens have a particular use case or function. Examples include Storj tokens, which allow people to share files across a decentralized network, or Namecoin, which provides a decentralized Domain Name System (DNS) service for internet addresses. These are known as utility tokens.
Today, while many crypto users understand and appreciate these differences, traders and lay investors may not notice the difference because all categories of tokens tend to trade on crypto exchanges in the same way.
The first Bitcoin alternative on our list, Ethereum (ETH), is a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. This aspect makes the implications for people in some countries more compelling because those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
Ethereum uses ether, its platform-specific cryptographic token. Ether (ETH) is used to pay validators who stake their coins for their work for the blockchain, as a payment method off-chain, and as an investment by speculators.
On Sep. 15, 2022, Ethereum completed its long-anticipated transition to the proof-of-stake (PoS) validation method. PoS is less energy intensive because it removes incentivized mining, makes the blockchain more efficient, and allows it to scale better.
Ether, launched in 2015, is currently the second-largest digital currency by market capitalization after Bitcoin, although it lags behind the dominant cryptocurrency by a significant margin. Trading at around $1,877 per ETH on July 22, 2023, ether’s market cap of $226 billion was less than half of Bitcoin’s.
Tether (USDT) was one of the first and most popular of the stablecoins—alternative cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious.
Tether’s price is tied directly to the U.S. dollar because the developers claim to hold one U.S. dollar for every circulating USDT. This system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to standard currency.
Launched in 2014, Tether describes itself as “a blockchain-enabled platform…to make it easier to use fiat currency digitally.” Effectively, this cryptocurrency allows individuals to utilize a blockchain network and related technologies to transact in traditional currencies while minimizing the volatility and complexity often associated with digital currencies.
On July 22, 2023, Tether was the third-largest cryptocurrency by market capitalization, with a market cap of $83.8 billion and a per token value of $1.00.
XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger uses a consensus mechanism called the XRP Ledger Consensus Protocol, which doesn’t use proof-of-work or proof-of-stake for consensus and validation. Instead, client applications sign and send transactions to the ledger servers. The servers then compare the transactions and conclude whether they are candidates for entry into the ledger.
The servers then send the transaction candidates to validators, who work to agree that the servers got the transactions right and record the ledger version.
On July 22, 2023, XRP had a market cap of about $39.3 billion and traded around $0.74.
Binance Coin (BNB) is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization. Those who use the token as a means of payment for the exchange can trade at a discount.
Binance Coin’s blockchain is also the platform on which Binance’s decentralized exchange operates. The Binance Exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes.
Binance Coin was initially an ERC-20 token that operated on the Ethereum blockchain. It eventually launched a mainnet and uses a PoS consensus model. On July 22, 2023, Binance Coin had a $37.3 billion market capitalization, with one BNB valued at around $242.55.
Another stablecoin, USD Coin, also pegs its price to the U.S. dollar using fiat-collateralized reserves, which means it holds an amount of fiat currency equal to the amount of USD Coin in circulation. USD Coin was launched in 2018 by the Centre Consortium, which consists of Circle and Coinbase. Because Circle is based in the U.S., it is subject to regulation, making USDC a regulated stablecoin.
As of July 22, 2023, USD Coin had a market cap of $30.8 billion and a price per coin of $0.9999.
Cardano (ADA) is an “Ouroboros proof-of-stake” cryptocurrency created with a research-based approach by engineers, mathematicians, and cryptography experts. The project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. After disagreeing with the direction that Ethereum was taking, he left and later helped to create Cardano.
The team behind Cardano created its blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written more than 120 papers on blockchain technology across various topics. This research is the backbone of Cardano.
Due to this rigorous process, Cardano stands out among its PoS peers and other prominent cryptocurrencies. Cardano has also been dubbed an “Ethereum killer” because its blockchain is said to be capable of more. That said, Cardano is still in its early stages, with a long way to go regarding DeFi applications.
Cardano aims to be the world’s financial operating system by establishing DeFi products similar to Ethereum’s. It hopes to provide solutions for chain interoperability, voter fraud, and legal contract tracing, among other things. On July 22, 2023, Cardano had the seventh-largest market capitalization at $10.9 billion, and one ADA traded for around $0.31.
Founded in 2017, Solana is a blockchain platform designed to support decentralized applications (dApps). Also referred to as an ‘Ethereum killer,’ Solana performs many more transactions per second than Ethereum. Additionally, it charges lower transaction fees than Ethereum.
Solana and Ethereum can utilize smart contracts, which are essential for running cutting-edge applications, including decentralized finance (DeFi) and non-fungible tokens (NFTs).
The cryptocurrency running on the Solana blockchain is called Solana (SOL). Since its inception, its price has risen tremendously. Solana had a market capitalization of $8.4 billion and was valued at around $21 on July 22, 2023, making it the eighth-largest cryptocurrency by market cap.
Dogecoin (DOGE), seen by some as the original “memecoin,” caused a stir in 2021 as its price skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies.
Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, in 2013. Markus and Palmer reportedly created the coin as a joke, commenting on the wild speculation of the cryptocurrency market.
As of July 22, 2023, Dogecoin’s market capitalization was $ 9.9 billion, and one DOGE was valued at around $0.07, making it the ninth-largest cryptocurrency.
A memecoin inspired by a memecoin, Shiba Inu (SHIB), rose to prominence in the fall of 2021, briefly surpassing Dogecoin’s market capitalization.
The TRON Foundation launched in 2017 to provide digital content makers full ownership rights through tokenization and dApps. The thought behind TRX’s launch was to give developers a way to create dApps. In 2018, TRON purchased BitTorrent, a popular file-sharing program, and integrated it into the TRON blockchain.
TRON’s native token, TRX, is used to pay for on-chain transactions and as a payment method on exchanges. Anyone holding TRX can apply to become a Super Representative, someone with the authority and obligation to validate transactions and create new blocks for the blockchain. The cryptocurrency’s consensus mechanism is a tweaked version of Ethereum’s proof-of-stake called designated proof-of-stake (DPoS), where the network votes in the super reps.
On July 22, 2023, TRX had a value of $0.085 and a market cap of $7.64 billion.
Polygon (MATIC) was initially developed as a layer-2 solution to address the issues with Ethereum network congestion and traffic. Recent innovations have allowed it to become a multi-chain system where blockchains can work together using Ethereum’s virtual machine.
Polygon uses three layers: Ethereum, Heimdall, and Bor. Bor is a block-producing layer that compiles transactions into blocks and creates a periodic snapshot of the blockchain. The validators on the Bor layer are called block producers. The blocks from the producers are aggregated by the Heimdall layer, which validates all of the blocks created since the Bor layer’s last snapshot. It then creates a Merkle tree and publishes the Merkle root to the Ethereum mainnet.
Polygon hosts smart contracts, dApps, NFTS, and has several other solutions for developers to choose from.
On July 22, 2023, MATIC traded at $0.76 and had a market cap of $7.09 billion.
We were only able to list 10 altcoins above, but there are many other important cryptocurrencies out there, and they jockey for position over time in terms of user bases, market value, and influence. Some other important cryptocurrencies include (as of July 2023) but are not limited to:
| More Top Altcoins | ||||
|---|---|---|---|---|
| Crypto | Ticker | $ Price | Mkt Cap ($B) | Note |
| Dai | DAI | $1.00 | $4.9 | DAI is another stablecoin pegged to the U.S. dollar. |
| Shiba Inu | SHIB | $.00001 | $6.1 | A memecoin |
| Avalanche | AVAX | $16.92 | $5.5 | Avalanche is the fastest smart contracts platform as measured by time-to-finality and has the most validators securing its activity of any proof-of-stake protocol. |
| Wrapped Bitcoin | WBTC | $27,572.00 | $4.2 | WBTC is a tokenized Bitcoin that runs on the Ethereum blockchain |
As decentralized platforms, blockchain-based cryptocurrencies allow individuals to engage in peer-to-peer financial transactions or enter into contracts. In either case, there is no need for some trusted third-party intermediary such as a bank, monetary authority, court, or judge. This has the potential to disrupt the existing financial order and democratize finance. The size of the cryptocurrency space has grown exponentially, with innovations and a collective market capitalization of more than $1.2 trillion.
Most cryptocurrencies today are derived in some form or another from Bitcoin, which uses open-source code and a censorship-resistant architecture. This means anyone can copy and tweak the code and create their own new coin—which many entities do for various reasons.
Many cryptocurrencies have gained importance or hold the promise to do so. Other important coins include Litecoin (LTC), Chainlink (LINK), Cosmos (ATOM), and Monero (XMR).
Despite the thousands of competitors that have sprung up, Bitcoin—the original cryptocurrency—remains the dominant player in terms of usage and economic value. None have matched its market cap and value so far.
Bitcoin is still the most popular cryptocurrency, but its introduction in 2009 spawned a host of imitators, alternatives, and new technologies based on its blockchain and many of the theories behind it.
These alternative coins are collectively called altcoins. Their purposes range from being a joke to a coin that pays for transactions on a distributed and global virtual machine. Where they will all end up is anyone’s guess, but the years that have passed since they first appeared seems to suggest they aren’t going anywhere soon.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the assets discussed here.
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