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What is happening with the scandal involving AVAX?

What is happening with the scandal involving AVAX?

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History of AVAX

Avalanche, a cryptocurrency and blockchain platform, was created to compete with Ethereum. AVAX is used as the Avalanche blockchain token to facilitate a number of blockchain initiatives, including tracking smart contracts.

The Avalanche platform, launched in 2020, has the opportunity to develop into a fast, affordable and secure way to process transactions. The number of AVAX coins produced by the platform, up to a maximum of 720 million tokens, depends on the votes of current AVAX holders. The Avalanche network uses AVAX to secure all transactions, but you can buy tokens from any major cryptocurrency exchange.

Cryptocurrency investors are used to market volatility. In fact, one could argue that one of the most volatile asset classes is cryptocurrencies. At the end of 2021, AVAX reached an all-time high of $146.22, but since then, its value has fallen sharply. The price of AVAX in mid-September 2022 is $19.49. That represents a loss of 87.6 percent.

The latest news from AVAX

The Avalanche platform utility affects the value of the AVAX token. AVAX coins will appreciate if people want to use the Avalanche platform. On the other hand, an AVAX token probably wouldn’t be as useful for an investment portfolio if the platform becomes obsolete or simply not liked.

Here are the latest headlines and how they may affect AVAX’s price.

Allegations about the whistleblower

In August 2022, self-described whistleblower Crypto Leaks released a paper containing specific allegations against Ava Labs, the organization that created the Avalanche blockchain. In this article, Crypto Leaks accused Ava Labs of dubious backdoor arrangements to exploit the legal system against other platforms. The report specifically described a plan that Ava Labs is said to have drawn up with a law firm. The purpose of the law firm Roche Freedmen was to investigate Ava Lab’s competitors in order to gather information. The law firm allegedly used the laundromat’s information to file class action lawsuits against these rival companies.

The Crypto Leaks report said: “We can reveal that the deal directs Roche Freedman and their leader Kyle Roche to: 1) use the American legal system – gangster style – to attack and harm crypto organizations and projects that might compete with Ava Labs or Avalanche in some way, 2) challenge crypto industry players are usually suing with the intent of creating magnets for regulators like the SEC and CFTC that will distract them from the highly commercial nature of Ava Labs and the Avalanche blockchain, and 3) covertly pursuing Emin Gün Sirer’s personal vendetta against individuals.”

If rival companies were to be sued, it would severely limit their ability to compete with Ava Labs.

According to the report, Ava Labs intended to compensate the law firm with a substantial amount of AVAX tokens and Ava Labs shares. The price of AVAX fell sharply after the study was published. Ava Labs CEO Emin Gün Sirer denies allegations that his company and law firm Roche Freedmen have entered into improper agreements.

Tokenization of capital investments

There is significant good news for the Avalanche platform despite the ongoing claims.

The portfolio of KKR’s Health Care Strategic Growth Fund II was recognized by digital asset securities firm Securitize. On the Avalanche blockchain, this tokenization happened. One of the main goals of this tokenization is to provide individual investors with the opportunity to participate in private market investing. If the trend continues, this type of tokenization could help investors gain access to even more exclusive investment opportunities without expert connections or significant sums of money.

Investing in cryptos

You can buy AVAX tokens from major cryptocurrency exchanges if you are looking to invest in cryptocurrencies. But it’s a good idea to prepare for intense scrutiny when investing in certain bitcoin assets. The good news is that there is another option for novice cryptocurrency investors. By investing in Q.ai’s Crypto Kit, you can diversify your cryptocurrency holdings without committing significantly to just one currency. When you invest in Crypto Kit, Q.ai handles the monitoring so you don’t have to, making it easy to create an investment portfolio that balances risk and executes trades.

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Source: https://insidebitcoins.com/news/avalanche-crypto-what-is-happening-with-the-scandal-involving-avax

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