CryptoFly.us | CRYPTOCURRENCY BITCOIN SHIRTS CLOTHING APPAREL HATS

CRYPTO NEWS

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.

Ganache: Error: Returned error: VM Exception while processing transaction: revert

I’m using truffle and ganache to write/deploy a really simple smart contract: pragma solidity >=0.7.0 <0.9.0; contract TestContract { function sayHi() public pure returns (string memory) { return "Hi"; } } And here’s my web.js code in JS to call the sayHi method in the smart contract const Web3 = require(‘web3’); const testContract = require(‘./build/contracts/TestContract.json’);::Listen

I’m using truffle and ganache to write/deploy a really simple smart contract:

pragma solidity >=0.7.0 <0.9.0;  contract TestContract {     function sayHi() public pure returns (string memory) {         return "Hi";     } } 

And here’s my web.js code in JS to call the sayHi method in the smart contract

const Web3 = require('web3'); const testContract = require('./build/contracts/TestContract.json');  const web3 = new Web3('http://127.0.0.1:7545');  const TestContract = new web3.eth.Contract(testContract.abi, '0xC29F99d4b73D8f66B4957C781A87399aBeEeA71d');  console.log(TestContract);  TestContract.methods.sayHi().call(function (err, result) {     if (err)         console.log(err);     else         console.log(`Gotten from result ${result}`); }); 

After running the JS, I get the following error:

Error: Returned error: VM Exception while processing transaction: revert 

I don’t understand what I’m doing wrong. I doubled even tripled checked everything: the smart contract address in web3.js is the correct one, the 0xC29F99d4b73D8f66B4957C781A87399aBeEeA71d smart contract does indeed get deployed on ganache (I checked this under the transactions tab):

enter image description here

Can someone help me out here?

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

Shopping cart
There are no products in the cart!
Continue shopping
0