DENVER, Nov. 17, 2024 (GLOBE NEWSWIRE) — Recently, SILEGX Exchange announced its latest incubation and support strategies aimed at fostering the development of the global cryptocurrency ecosystem by promoting blockchain startups and establishing close partnerships. As a leading platform in the industry, SILEGX is committed to accelerating the growth of innovative projects and providing sustained momentum for the entire cryptocurrency sector through comprehensive support in technology, funding, and market promotion.

The incubation program of SILEGX Exchange focuses on providing holistic support to blockchain startups, helping them overcome early-stage developmental challenges. This program ensures that these startups can quickly enter the market and gain broad recognition through financial investment, technical support, and strategic guidance. SILEGX not only offers these enterprises technical resources but also leverages its global influence to help them connect with other partners in the industry. Through this strategy, SILEGX creates more opportunities for innovation in the blockchain sector, propelling the rapid advancement of new technologies.

In addition, SILEGX enhances its support for startups through collaborations with industry-leading companies and research institutions. The platform regularly organizes seminars and technical exchange events with academia, tech developers, and investors, helping entrepreneurial teams access more industry resources and technical insights. This cross-disciplinary cooperation not only provides startups with a stage to showcase innovative technologies but also offers crucial support for the sustainable development of the cryptocurrency industry.

To ensure the success of its incubator projects, SILEGX Exchange has established a dedicated incubation team responsible for tracking the progress of startups and providing tailored solutions. The core objective of this team is to help startups transform innovative ideas into viable market products, driving technological advancement and market expansion in the cryptocurrency industry. Through multi-level incubation support, SILEGX brings more forward-looking solutions to the industry, solidifying its position as a catalyst for blockchain technology innovation.

The support strategy of SILEGX not only aids numerous startups but also further advances the maturity and expansion of the global cryptocurrency ecosystem. As the cryptocurrency industry rapidly evolves, SILEGX will continue to play a pivotal role, becoming a crucial force in driving blockchain innovation and technological progress.

Media Contact:
Company Name: SILEGX CRYPTO TECHNOLOGY CO.,LTD.
Company website: https://www.silegx.org
Contact Person: Maria
Email id: maria@silegx.org

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An Ohio man named Larry Dean Harmon will serve three years in prison and forfeit more than $400 million worth of cryptocurrency and other assets, the Department of Justice announced on Friday. Harmon was indicted in 2020 on money laundering conspiracy charges related to Helix, a darkweb cryptocurrency “mixer” service he ran.

Also known as crypto “tumbling,” services like Helix are designed to hide cryptocurrency transactions — often for illegal drugs — and the identity of people involved. From 2014 to 2017, Harmon processed more than 350,000 Bitcoin (about $311 million USD at the time) in such transactions, according to the DOJ’s announcement.

Harmon, who pleaded guilty to conspiracy to commit money laundering in August 2021, will be on the hook for three years of supervised release after serving his prison sentence. He also received a $311,145,854 forfeiture money judgment.

He faced a possible 20 years in prison, but the judge in the case gave him a more lenient sentence after he helped with multiple other investigations, as The Wall Street Journal notes. That reportedly included his testimony in the trial of Roman Sterlingov, who ran another crypto mixer called Bitcoin Fog.

Through precise identification of opportunities, a cryptocurrency trader has capitalized on the ongoing market momentum to record over 1,400-fold returns on their initial investments.

The anonymous investor turned a modest $1,100 into a staggering $1.62 million within 20 days by capitalizing on the ongoing meme cryptocurrency rally, according to data shared by Lookonchain on November 17. 

The traders’ returns began with their investment in the Solana (SOL)-based meme coin Urolithin A (URO). In late October, they spent 4.35 SOL ($768) to purchase 16.44 million URO. 

Doubling down on their belief in the token, they converted all their meme coin holdings into URO. Their investment paid off, as the URO holdings are now worth $572,000, yielding a 714-fold return.

The trader also made significant gains with Rifampicin (RIF), investing 1.8 SOL ($300) to acquire 11.84 million tokens. After RIF surpassed a $100 million market cap, the trader sold 1 million tokens for 94,335 USDC, leaving 10.84 million RIF valued at $957,000. This maneuver resulted in a 3,503-fold return.

Combined, the bets on URO and RIF have netted a profit of over $1.6 million at a time when the two meme coins have experienced explosive growth. These transactions, paired against Solana, occurred on Raydium, an automated market maker (AMM).

By press time, URO was valued at $0.02939 and had a market cap of almost $30 million. On the other hand, RIF had a valuation of $0.07849 and a market cap of $78 million.

Rising meme coins’ popularity 

The growth has generally stemmed from the popularity of Solana-based meme coins and the overall bullish sentiment across the cryptocurrency market.

Meme coins have been among the market’s biggest performers in recent weeks, as highlighted by data shared by Ali Martinez. In an X post on November 16, Martinez pointed out that meme coins outperformed the market in the past week, delivering returns of 63.71%.

This momentum has been further fueled by the listing of several meme coins on the Binance crypto exchange, which exposes them to greater liquidity and visibility. 

For instance, the impact of such listings was evident with Peanut the Squirrel (PNUT), which joined the $1 billion market cap club following its Binance listing.

Interestingly, there has been a growing trend of investors earning massive profits from select meme coins in recent weeks. While some of these trades can be attributed to strategy and luck, there are speculations that some returns might be due to insider trading activity.

In such cases, certain individuals may have had prior information, such as a planned listing of a meme coin on a major exchange and accumulated tokens beforehand.

As reported by Finbold, possible insider trading incidents have been reported with meme coins such as Goatseus Maximus (GOAT) and Daddy Tate (DADDY).

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