Journalism plays a crucial role in configuration of the future of cryptographic space and blockchain, and our goal is to generate significant conversations that drive change and deepen the understanding of enthusiasts in the world of digital assets.
As we close the year, This article highlights the 5 most shocking stories of 2024, focusing on significant developments in the cryptocurrency and blockchain sectors in the Philippines.
- These stories reflect the key moments and challenges that defined the year for the cryptographic community.
Advancing, Bitpins undertakes to give him the latest ideas and news to help him stay informed and prepared for what follows in the world of cryptography. Thank you for being part of this trip with us.
Here are the main bitpine stories that had an impact in 2024:
Top 5 most shocking bitpine stories of 2024
Prohibited binance in the Philippines
After the issuance of the issuance of the Bag and Securities Commission of the Philippines (SEC) of a notice against Binance for unauthorized operations in December 2024, Bitpins continued to follow the story.
- And in March of the year, the regulator with the support of the National Telecommunications Commission, ordered Internet service providers to block the exchange, citing risks to Filipino investors and the lack of an adequate license of the platform.
Bitpine articles after prohibition:
Currently, the Binance application is still accessible, but the website can only be accessed through a VPN. In addition, the Filipinos could not play the Binance telegram game, Moonbix, without using a VPN.
- In April, the SEC urged Google and Apple to eliminate applications related to Binance of its stores due to violations of the Securities Law; For July, the commission remained optimistic about the application, but since then updates have not been provided.
Consequently, due to the different opinions on cryptographic regulation, the Philippine cryptography community faces varied approaches, from strictest prohibitions in unregistered exchanges until waiting for the pause’s lifting in the new suppliers of virtual asset services.
However, the Philippines still lack crypto -centered laws, but the Secretary of Finance, Ralph Right, has proposed to collaborate with the SEC to write guidelines, ensuring that there are no new taxes on cryptographic profits during his mandate.
- Recently, the National Police of the Philippines also requested stronger regulations after a joint raid in an alleged center of cryptographic scammers in Manila, which resulted in 116 arrests.
These events reflect the struggle of the Philippines with cryptographic regulation, since the actions of the SEC against Binance and recent scams highlight the need for clear laws to protect investors while balance innovation.
Maya 1 weight USDC
Last November, the Mayan electronic wallet found an important price problem where $ USDC, a cryptocurrency linked to the US dollar, was sold by mistake to ₱ 1 by Token instead of its usual exchange rate.
Users who noticed the error quickly bought large amounts of $ USDC, with an individual, according to reports, investing ₱ 110,000 and obtaining a gain of ₱ 5.79 million.
- However, due to Mayan withdrawal limits, they could only withdraw ₱ 50,000 before their account was frozen.
- Maya not only froze the accounts of the affected users, but also exhausted their balances, including non -encryption funds, citing the recovery of lost quantities.
In addition, Maya demanded payments, and some users received notices to return significant sums, including a case in which a user was asked to pay ₱ 226,000 without a clear calculation.
Consequently, Maya faced a generalized reaction after demanding that users return the profits, with divided opinions on whether the platform must assume the responsibility of the failure or if the users acted in a little ethical way exploiting the error.
- The news caused a debate on the responsibility of the platform and the rights of users, since the demand of Maya of the users of returning the profits of a price set error raises concerns about the responsibility of the technical problems, the risks of third -party crypto services and the need for platforms to reassess policies to keep the user trust.
Audited financial statements
At the end of November, Bitpins published an article that discussed the financial difficulties faced by local license exchange currencies.
Key details:
- ₱ 2.5 billion ($ 44 million) accumulated deficit: Coins.Ph (Betur) reported an accumulated deficit of ₱ 2.5 billion, cryptographic reserve deficit (as a deficit of ₱ 192 million in XRP) and the capital deficiency that amounts to ₱ 666.4 million.
- XRP Hack confirmed: Coins.Ph revealed an XRP deficit of ₱ 192 million ($ 3.4 million) of a 2023 trick. If all customers withdrew their XRP from Coins.PH on December 31, 2023, the company’s XRP reserves may not be enough to cover all customer withdrawals.
- Auditor warning: The auditor marked a matter of “company underway” of its ability to continue operating, citing the lack of compliance with the capitalization requirements of the Central Bank.
- Capital infusion: Coins has responded by bitpine consultations and said they made an additional capital infusion, but they have not provided the presentation of the SEC of support to confirm this.
The consequences:
While the audit refers to the company’s financial statements in 2023, and with the Wei Zhou CEO participating in multiple discussions to defend the current financial position of the company 2024, the final questions that remained unanswered are
- How are there deficits first?
- Why did the company not revealed the XRP trick that happened in 2023, despite multiple multiple points of sale, bitpins included?
At the bottom of all this, certain organizations have approached a certain bitpine staff, requesting that the exit mitigate their coverage of the problem because the Philippines are afraid to prove the cryptography.
This led to three things:
- A public statement by Chief Editor Michael Mislos by calling the subtle demand for self -censor.
- The founder of Coins.Ph, Ron Hose, joins the discussion to call the incidents in Coins.Ph.
- Coins.Ph arrested all communications with bitpins, such as being excluded from any press release distributed by the company.
What happened later was a Shoot very public between the hose and zhouWith Zhou defending the actions and hose of the company criticizing the management of the situation, particularly the unresolved financial problems and the auditor’s concerns about the company’s ability to continue operating. (Look at the full article here)
What will happen later: Bitpines awaits the comment of Bangko Centko ng the Pilipinas (BSP) on the subject.
- Coins.Ph is registered as a virtual asset services provider (VASP) granted by BSP under the name beurt inco.
WFH vs. Labor debate on site
After a tiktok video Nimbyx went viral in August for apparently criticizing the configuration of work from home as “making it more fool every day”, Bitpins launched an article that explores how remote work complements the decentralized spirit of the cryptographic industry.
- It highlights the ideas of web3 professionals based in the Philippines that emphasize their advantages (flexibility, global opportunities and cost savings) while addressing challenges such as market volatility and remote collaboration.
Some of the benefits noticed are:
- Flexibility: Ability to manage personal and professional tasks easily.
- Global opportunities: Access to works and equipment worldwide, without location restrictions.
- Cost savings: Significant reduction in transport and work -related expenses.
- Improved working life balance: Time for personal well -being, homemade meals and rest.
- Efficient work environment: No trip leads to a greater approach and productivity.
- Professional growth: Opportunity to work in multiple projects or companies simultaneously.
- Networks and discovery: Easier access to communities and opportunities for Global Web3.
- Energy conservation: More energy for important events and recovery later.
- Aligned interests: Freedom to choose projects that coincide with personal values and passions.
- Simplified closet: The reduced need for formal clothing and less laundry effort.
In October, Nimbyx CEO, Paolo Kalaw, clarified the infamous statement during an opening speech at the Tech Tech 2024 Organizational and innovation.
- Kalaw emphasized the importance of evolving skills, networks and mastery of AI tools to prosper in a remote configuration.
The article explored how remote work not only admits Web3 professionals, but also offers advantages for employees in several industries.
Pisay-Digicert
Upon leaving a case of cryptography, the Secondary School of Sciences of the Philippines (Pisay) launched the Pisay-Digicert initiative, a project aimed at improving the safety and management of students’ records using blockchain technology.
In September, an interview with Joel Bautista, head of the Innovation Division of Knowledge of the Secondary School of Sciences of the Philippines, discussed the Pisay-Digicert initiative.
- Bautista explained how the idea originated in a blockchain training program by the Department of Science and Technology and how Blockchain is used to create records of portable and digitally safe students.
- He also touched future potential blockchain applications in education, including micro accreditation and transparent voting systems.
The launch of the outstanding initiative to skeptics, especially those that are not well informed, which Blockchain has applications beyond cryptocurrency.
- There is a common erroneous idea that Blockchain is synonymous with cryptography, but seeing an elite public high school implement helps expand understanding and show its potential in several sectors.
Other news of blockchain use cases in 2024:
This article is published in Bitpins: from the prohibition of Binance to Blockchain education: the most shocking bitpines stories of 2024
What else is happening in Crypto Philippines and beyond?
