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4th State Issues an Emergency Cease and Desist Order Against Crypto Lender Celsius Network

Cryptocurrency lending platform Celsius Network has now received an emergency cease and desist order from Kentucky’s securities regulator over its “Earn Interest Accounts.”

On Thursday, Kentucky joined three other states, including Alabama, New Jersey, and Texas, that last week took similar actions.

The Kentucky Department of Financial Institutions has ordered the company to stop offering its interest-paying accounts in the state, calling the accounts “an unregulated market that represents an unprecedented risk to consumers.”

In its order, the regulator said, Celsius offers unregistered securities to its customers, which is in violation of state law. It further said that the company didn’t sufficiently disclose to customers what it did with their deposits.

The regulator also has issues with the language regarding interest earned on certain crypto accounts that Celsius calls “rewards” or a “financing fee.”

According to the order, Celsius can either request an emergency hearing to challenge the decision or appeal it in court.

Last week, in a live-streamed ask-me-anything (AMA), Celsius CEO Alex Mashinsky dismissed the company’s standoff with state watchdogs, saying he welcomes the chance to educate the US regulators.

“Any regulator who wants to learn more about what we do: we collaborate, cooperate and we don’t see any issues with that – the opposite.”

Mashinsky further said that regulators “should be cheering” for crypto lending service providers because “we’re effectively helping redistribute wealth and provide opportunity for everybody, not just the 1%,” before commenting, “regulators are here to protect consumers.”

The post 4th State Issues an Emergency Cease and Desist Order Against Crypto Lender Celsius Network first appeared on BitcoinExchangeGuide.

Undeclared identifier ‘balances’

How do I fix the undeclared identifier balances[msg.sender] = 1000000000000000000000000000; in the below code pragma solidity ^0.4.4; contract Token { /// @return total amount of tokens function totalSupply() constant returns (uint256 supply) {} /// @param _owner The address from which the balance will be retrieved /// @return The balance function balanceOf(address _owner) constant returns (uint256::Listen

How do I fix the undeclared identifier balances[msg.sender] = 1000000000000000000000000000; in the below code

pragma solidity ^0.4.4;  contract Token {      /// @return total amount of tokens     function totalSupply() constant returns (uint256 supply) {}      /// @param _owner The address from which the balance will be retrieved     /// @return The balance     function balanceOf(address _owner) constant returns (uint256 balance) {}      /// @notice send `_value` token to `_to` from `msg.sender`     /// @param _to The address of the recipient     /// @param _value The amount of token to be transferred     /// @return Whether the transfer was successful or not     function transfer(address _to, uint256 _value) returns (bool success) {}      /// @notice send `_value` token to `_to` from `_from` on the condition it is approved by `_from`     /// @param _from The address of the sender     /// @param _to The address of the recipient     /// @param _value The amount of token to be transferred     /// @return Whether the transfer was successful or not     function transferFrom(address _from, address _to, uint256 _value) returns (bool success) {}      /// @notice `msg.sender` approves `_addr` to spend `_value` tokens     /// @param _spender The address of the account able to transfer the tokens     /// @param _value The amount of wei to be approved for transfer     /// @return Whether the approval was successful or not     function approve(address _spender, uint256 _value) returns (bool success) {}      /// @param _owner The address of the account owning tokens     /// @param _spender The address of the account able to transfer the tokens     /// @return Amount of remaining tokens allowed to spent     function allowance(address _owner, address _spender) constant returns (uint256 remaining) {}      event Transfer(address indexed _from, address indexed _to, uint256 _value);     event Approval(address indexed _owner, address indexed _spender, uint256 _value);  }  contract StandardToken {      function transfer(address _to, uint256 _value) returns (bool success) {         //Default assumes totalSupply can't be over max (2^256 - 1).         //If your token leaves out totalSupply and can issue more tokens as time goes on, you need to check if it doesn't wrap.         //Replace the if with this one instead.         //if (balances[msg.sender] >= _value && balances[_to] + _value > balances[_to]) {         if (balances[msg.sender] >= _value && _value > 0) {             balances[msg.sender] -= _value;             balances[_to] += _value;             transfer(msg.sender, _to, _value);             return true;         } else { return false; }     }      function transferFrom(address _from, address _to, uint256 _value) returns (bool success) {         //same as above. Replace this line with the following if you want to protect against wrapping uints.         //if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && balances[_to] + _value > balances[_to]) {         if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && _value > 0) {             balances[_to] += _value;             balances[_from] -= _value;             allowed[_from][msg.sender] -= _value;             transfer(_from, _to, _value);             return true;         } else { return false; }     }      function balanceOf(address _owner) constant returns (uint256 balance) {         return balances[_owner];     }      function approve(address _spender, uint256 _value) returns (bool success) {         allowed[msg.sender][_spender] = _value;         approve(msg.sender, _spender, _value);         return true;     }      function allowance(address _owner, address _spender) constant returns (uint256 remaining) {       return allowed[_owner][_spender];     }      mapping (address => uint256) balances;     mapping (address => mapping (address => uint256)) allowed;     uint256 public totalSupply; }  contract NMR { // CHANGE THIS. Update the contract name.      /* Public variables of the token */      /*     NOTE:     The following variables are OPTIONAL vanities. One does not have to include them.     They allow one to customise the token contract & in no way influences the core functionality.     Some wallets/interfaces might not even bother to look at this information.     */     string public name;                   // Token Name     uint8 public decimals;                // How many decimals to show. To be standard complicant keep it 18     string public symbol;                 // An identifier: eg SBX, XPR etc..     string public version = 'H1.0';      uint256 public unitsOneEthCanBuy;     // How many units of your coin can be bought by 1 ETH?     uint256 public totalEthInWei;         // WEI is the smallest unit of ETH (the equivalent of cent in USD or satoshi in BTC). We'll store the total ETH raised via our ICO here.       address public fundsWallet;           // Where should the raised ETH go?        // This is a constructor function      // which means the following function name has to match the contract name declared above     function NMRToken() {         balances[msg.sender] = 1000000000000000000000000000;    // Give the creator all initial tokens. This is set to 1000 for example. If you want your initial tokens to be X and your decimal is 5, set this value to X * 100000. (CHANGE THIS)         totalSupply = 1000000000000000000000000000;                        // Update total supply (1000 for example) (CHANGE THIS)         name = "NMRToken";                                   // Set the name for display purposes (CHANGE THIS)         decimals = 18;                                               // Amount of decimals for display purposes (CHANGE THIS)         symbol = "NMR";                                             // Set the symbol for display purposes (CHANGE THIS)         unitsOneEthCanBuy = 10000;                                      // Set the price of your token for the ICO (CHANGE THIS)         fundsWallet = msg.sender;                                    // The owner of the contract gets ETH     }      function() payable{         totalEthInWei = totalEthInWei + msg.value;         uint256 amount = msg.value * unitsOneEthCanBuy;         require(balances[fundsWallet] >= amount);          balances[fundsWallet] = balances[fundsWallet] - amount;         balances[msg.sender] = balances[msg.sender] + amount;          Transfer(fundsWallet, msg.sender, amount); // Broadcast a message to the blockchain          //Transfer ether to fundsWallet         fundsWallet.transfer(msg.value);                                    }      /* Approves and then calls the receiving contract */     function approveAndCall(address _spender, uint256 _value, bytes _extraData) returns (bool success) {         allowed[msg.sender][_spender] = _value;         Approval(msg.sender, _spender, _value);          //call the receiveApproval function on the contract you want to be notified. This crafts the function signature manually so one doesn't have to include a contract in here just for this.         //receiveApproval(address _from, uint256 _value, address _tokenContract, bytes _extraData)         //it is assumed that when does this that the call *should* succeed, otherwise one would use vanilla approve instead.         if(!_spender.call(bytes4(bytes32(sha3("receiveApproval(address,uint256,address,bytes)"))), msg.sender, _value, this, _extraData)) { require; }         return true;     } } 

4th State Issues an Emergency Cease and Desist Order Against Crypto Lender Celsius Network

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