A String of Executive Departures Shakes the Crypto Juggernaut

Crypto exchange giant Binance finds itself in choppy waters as key members of its leadership team jump ship. All this comes amid looming legal battles in the United States. Binance, boasting a client base of over 120 million, is grappling with its future.

The Exodus of Senior Executives

You might find it astonishing to hear that since the start of summer, Binance has witnessed a cascade of high-profile exits. To add fuel to the fire, Mayur Kamat, the Global Product Head, and Leon Foong, the leader for the Asia-Pacific region, recently tendered their resignations.

Quick Stats:

• Initial Departures: Hon Ng, Steven Christie, Matthew Price, Yibo Ling, Patrick Hillmann
• New Hires: Brad Jaffe, Kristen Hecht, Erin Fracolli, Eleanor Hughes

These exits add to the void created earlier this summer when five key players including the Chief Legal Officer and the Vice President of Compliance stepped down. While Binance has managed to fill some of these gaps with new hires, they’ve yet to announce a replacement for their Chief Commercial Officer.

What’s Really Behind the Departures?

The resignations are veiled in “personal reasons,” but industry insiders tell another story. If you’ve been keeping an eye on crypto news, you’ll remember that Binance fell under the scrutiny of the U.S. Department of Justice earlier this year. The company’s response to the investigation is reportedly a contributing factor to the leadership exodus.

Regulatory Confrontations

It’s critical to note that Binance is not just battling an internal leadership crisis. Regulatory bodies like the Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have slapped the company with multiple charges.

Legal Entanglements:

• CFTC: Accused of numerous violations of the Commodity Exchange Act
• SEC: 13 counts filed for failure to register as a trading platform in the U.S.

Market Share Slips Away

What’s the real-world impact of these internal and external challenges for Binance? Well, it’s not pretty. According to data, Binance’s global market share plummeted from 64% in February to 46% by August. That’s a jaw-dropping 20% loss in just six months.

Final Thoughts

In a world that shifts as rapidly as the crypto market, leadership stability is key. Binance, once a dominant player, now faces a moment of reckoning. It will be intriguing to see if it can steer itself back to calm waters or if the ongoing storms will be too much for the ship to handle.

FAQs

Why have so many Binance executives left the company?
Although the official reason for many of the departures is personal, the timing coincides with heightened regulatory scrutiny and internal responses to these investigations.

What charges are U.S. regulators filing against Binance?
Binance is grappling with multiple charges from regulatory bodies, including violations of the Commodity Exchange Act by the CFTC and 13 counts by the SEC for failing to register in the U.S.

How has Binance’s market share been affected?
The ongoing legal and leadership issues have contributed to a significant decline in Binance’s global market share, which has dropped from 64% to 46% in a span of six months.

Who are the new hires replacing the outgoing executives?
Binance has filled some of the leadership gaps with new hires like Brad Jaffe, Kristen Hecht, Erin Fracolli, and Eleanor Hughes. However, the position of Chief Commercial Officer remains vacant.

You’re probably reading this because, like many, you’ve had a rollercoaster of emotions watching Bitcoin’s unpredictable movement. August was a whirlwind, with Bitcoin’s value swinging between $25,600 and $29,000. But things are looking up—or are they? Let’s unravel what September might have in store for the world’s leading cryptocurrency.

What’s Triggering the Recent Revival?

Bitcoin Finds Solid Ground Above $27,000
After a month of ups and downs, the cryptocurrency world breathed a sigh of relief. A recent legal win for Grayscale against the U.S. Securities and Exchange Commission (SEC) pushed Bitcoin back over $27,000. At one point, it even flirted with the $28,000 mark. That said, nothing is set in stone. The SEC has a 45-day window to appeal, making it a nail-biting waiting game.

Why the SEC Matters

Legal Uncertainties and Market Behavior
It’s a double-edged sword. If the SEC accepts the court’s ruling, we might see Bitcoin Exchange-Traded Funds (ETFs) on the horizon. But an SEC appeal could deliver another punch to an already fragile market. You should be aware that regulatory shifts can swing the market either way, like a pendulum.

Dropping Trading Volumes: A Cause for Concern?

How Summer Compared Year-on-Year
One can’t overlook the plummet in trading volumes. Last summer, Bitcoin saw trades worth $7.5 billion. This year? Just $4 billion. Experts attribute this drop to the strong dollar and the ever-present regulatory fears.

The September Jinx: Myth or Reality?

The Dreaded Month for Bitcoin
Let’s get real. September hasn’t historically been Bitcoin’s best friend. Except for 2015 and 2016, the cryptocurrency has struggled this month. Investment firms like CoinShares warn investors to tread cautiously due to potential downward pressures. However, no one is saying that this September has to follow the script.

What Do the Experts Say?

A Mixed Bag of Predictions
James Butterfill from CoinShares urges traders to be mindful of both the promise of ETFs and the looming SEC decision. On the flip side, risk manager Sergei Gorev from YouHodler thinks we shouldn’t expect a quiet month ahead—September might still surprise us.

Keep an Eye on the Federal Reserve

Upcoming Meetings and Market Reactions
The Federal Reserve is set to meet on the 19th and 20th of September. While the consensus anticipates unchanged interest rates, there’s a split opinion on potential rate hikes in November. Some believe these macroeconomic indicators could, ironically, play in Bitcoin’s favor.

FAQs

Is September historically a bad month for Bitcoin?
Yes, aside from 2015 and 2016, September has usually seen Bitcoin’s value decline.

How significant is the SEC’s next move for Bitcoin?
Extremely. The SEC’s decision could either pave the way for Bitcoin ETFs or deal another blow to an already shaky market.

What about the Federal Reserve’s meeting?
Market sentiments indicate that whatever the Fed decides could have ripple effects on the cryptocurrency market.

Why did Bitcoin’s trading volume drop this summer?
The reduced trading volumes are largely attributed to a stronger dollar and regulatory uncertainties.

To sum it up, September is shaping up to be a defining month for Bitcoin. Keep your eyes peeled on legal landscapes and the Federal Reserve’s moves. As always, cautious optimism is the name of the game.

Happy trading!

Cryptocurrencies like Bitcoin and Ethereum give users control of their own assets through decentralized systems.

But with great power comes great responsibility. If you fail to properly secure your crypto holdings, hackers can easily steal your funds.

Fortunately, proven methods exist to keep your cryptocurrency wallets safe. This guide will walk you through essential security strategies, from setting up your hardware wallet to storing recovery phrases.

Follow these steps, and you can lock down your crypto riches against almost any cyberattack.

Why You Must Safeguard Your Cryptocurrency

Cryptocurrency thefts occur frequently. Hackers constantly probe networks for vulnerabilities, even attacking major exchanges and protocols. If they detect a weakness in your defenses, they can drain your wallets in minutes.

That’s why seasoned crypto users take security seriously. They enable all available protections, eliminate simple errors, and stay vigilant against evolving threats. With so much at stake, half measures simply won’t cut it.

But achieving bulletproof security requires forethought and care. Rushing through wallet setups or cutting corners on secret phrase storage often ends in disaster. Follow this guide to get it right the first time, before you accumulate crypto wealth worth protecting.

Choose the Best Hardware Wallet for Your Needs

Hardware wallets like the Ledger Nano S allow you to store crypto assets offline, removing most cyber risks. Think of them as external hard drives that replace online software wallets. Hackers can compromise a web wallet if they infiltrate your computer. But breaching a hardware wallet requires physical access to the device itself.

Leading hardware wallet brands include:

• Ledger: Maker of the highly popular Nano S and Nano X models. Legitimate devices only available through the company’s official website.
• Trezor: Produces the Trezor One and Trezor Model T hardware wallets. Like Ledger, only buy directly from the official Trezor site.
• GridPlus: Offers the Lattice1 hardware wallet, though supply constraints are common.

Always purchase wallets directly from the vendor, never through third parties like Amazon. Avoid used or secondhand devices, that could have been tampered with.

For optimal security, use a hardware wallet for significant, long-term crypto holdings. Keep a “hot” software wallet on your computer for active trading and transactions.

Read this guide to find an in-depth review of the best crypto wallets

Secure Your Secret Recovery Phrase

When first configuring your hardware wallet, it will generate a 24-word secret recovery phrase. This phrase gives you a backup way to restore access to your crypto holdings if you lose the device.

Treat this phrase like a master password. Never store it electronically. Never type it into a phone or computer. Write it down by hand or stamp it into professional-grade metal plates. Split it into shards using Shamir’s Secret Sharing Scheme. Distribute the pieces among trusted locations and people.

Destroy the original paper note after securing the phrase elsewhere. For maximum redundancy, buy a backup hardware wallet and set it up with the same recovery phrase. Test restoring from the phrase to ensure it works when needed.

With your master recovery phrase locked down, you can now confidently deposit cryptocurrency into your ultra-secure hardware wallet. But danger still lurks if you become careless or complacent…

Avoid Common Errors That Compromise Security

Hardware wallets block remote hacking attempts. But cybercriminals employ advanced social engineering tactics to trick users into authorizing illicit transactions.

For example, you might connect your wallet to a phishing website masquerading as a legitimate platform. Or approve a malicious contract that drains all your funds days after the fact. Stay vigilant when approving withdrawal transactions and authorizing on-chain interactions.

Turn your hardware wallet into an impregnable vault:

• Use distinct addresses for active trading and cold storage.
• Regularly revoke contract approvals after completing transactions.
• Carefully check transaction details before signing.

No single trick can secure your crypto assets for good. Security requires implementing layers of protection and staying informed about new threats. Commit to becoming an expert in crypto self-custody, and your digital wealth will remain under your control.

Enhance Security With Airgapped 2FA Devices

Two-factor authentication (2FA) offers another layer of account protection beyond passwords. For crypto accounts, the most secure 2FA options remain entirely offline.

One method uses an old iPod Nano loaded with Yubico Authenticator software. Keep the iPod in airplane mode permanently, and generate 2FA codes without Internet connectivity. For additional security, enable 2FA with a YubiKey on the airgapped iPod itself.

Is this overkill? For some, certainly. But it exemplifies the hardcore cyber hygiene of experts protecting enormous crypto fortunes. Compare costs to potential losses, and decide which levels of precaution match your risk appetite and assets.

Conclusion

Safeguarding cryptocurrency is a nuanced affair. Striking the ideal balance between security and convenience takes experience and care. But implementing the essentials, like hardware wallets and offline secret phrase storage, drastically reduces your exposure to attacks.

Stay vigilant in your crypto security practices. Follow guides like this one to lock down vulnerabilities before your assets grow. And take time to master self-custody.

Becoming your own bank requires assuming responsibility for private keys. With crypto’s great power comes great security responsibility. Wield both wisely.

When financial heavyweights like Visa venture into the crypto terrain, the ripples are felt far and wide. Case in point: Visa has recently facilitated payment options in USDC stablecoin on the Solana blockchain.

The immediate beneficiary?

Solana’s native cryptocurrency, which witnessed a 6% surge right after the news broke. Coin Metrics’ data cited by CNBC corroborates this.

The Visa Effect on Crypto Adoption

If you’ve been keeping tabs on the evolving financial landscape, you know that Visa has been inching closer to integrating cryptocurrencies into its network. Earlier, they tried their hand at supporting USDC on Ethereum, collaborating with Crypto.com.

The expansion of these capabilities is not a surprise but rather a calculated evolution. Visa claims to have already processed “millions” in USDC through both Ethereum and Solana blockchains.

What’s in It for Businesses?

For its professional clientele, Visa’s new payment method is more than just a headline—it’s a sign of a digital future.

Why? The deal opens up a world of possibilities, including:

• Swift Cross-Border Settlements: Stablecoins like USDC could revolutionize how money moves internationally.
• Low-Cost Transactions: Thanks to blockchain technology, high fees could become a thing of the past.
• Financial Inclusion: The more we move toward a digital economy, the more accessible financial resources become for everyone.

A Ripple Effect on International Transactions

“We see a clearly revolutionary aspect in how international transactions can be managed,” remarked Cuy Sheffield, Visa’s head of cryptography.

This isn’t just about Visa or Solana; it’s indicative of the entire payment industry’s ongoing evolution. Players like Mastercard and PayPal are also in the race to renovate their international payment systems through potent blockchains.

How Does this Impact You?

As an end-consumer, you’ll likely notice faster, and more reliable, transactions. Also, don’t be surprised if the cost you bear for these services diminishes significantly.

Circle’s USDC: The Pillar Behind the Project

Behind every successful crypto project is a solid technology. In this case, it’s the USDC, issued by Circle.

According to Jeremy Allaire, CEO of Circle, the USDC was designed to be a “functional digital dollar that could scale at the speed of the Internet to facilitate secure and reliable payments.”

The partnership with Visa illustrates how innovation can lead the future of commercial and financial applications.

Why Are Visa and Circle Partnering Now?

It seems like a strategic alliance aiming to make their mark on the future of crypto-based financial applications. This is something to watch, especially as it might set the stage for how traditional financial institutions adopt cryptocurrencies.

Final Thoughts

The inclusion of USDC on Solana by Visa represents more than just a shift in payment options; it’s a glimpse into a future where cryptocurrency becomes a standard in financial transactions.

Whether you’re a business owner considering blockchain for cross-border settlements, or simply someone interested in where the financial world is headed, this is a development you’d want to keep an eye on.

FAQs

What does Visa’s support for USDC mean for Solana? Solana’s native cryptocurrency saw a 6% uptick after Visa announced its support for payments in USDC on the Solana blockchain.

Is Visa’s move a one-off experiment? No, Visa has been exploring the crypto space for some time. They have already run tests using USDC on the Ethereum blockchain in collaboration with Crypto.com.

Why should businesses be interested in this development? This provides a modern, low-cost, and quick option for cross-border settlements, which can be particularly beneficial for businesses operating globally.

What’s the role of USDC in all of this? Circle created USDC, a stablecoin that aims to provide a safe and expandable digital dollar for facilitating quick and dependable payments. It’s the backbone of Visa’s new payment option.

From Meme to Mainstream: The Dogecoin Saga

When it comes to crypto, you’d be hard-pressed to find a character more enigmatic and fascinating than Elon Musk. Known for his candid remarks and whimsical tweets, the billionaire tech magnate has made headlines once again.

This time, it’s not just about his love for Dogecoin but his private investments that have been driving the development of this meme-turned-crypto powerhouse.

What Walter Isaacson Uncovered

Celebrated biographer Walter Isaacson, the mind behind the revered biography of Steve Jobs, has embarked on a two-year journey tracking Musk.

In his upcoming biography, tantalizingly titled “Elon Musk: by Walter Isaacson,” he reveals a little-known secret: Elon Musk hasn’t just been a Dogecoin aficionado; he’s been its financial benefactor.

Lunch Conversations that Lead to Big Plans

The information seeped out through an intimate discussion between Elon Musk and his brother Kimbal.

As they were pondering the future of the recently acquired social media platform, tentatively named “Network X,” Kimbal suggested pivoting to a blockchain-based platform. Half in jest, Elon considered integrating Dogecoin as a payment system, which he had been quietly bankrolling all along.

Network X: A Future Financial Powerhouse?

After that family chat, Musk moved ahead with an idea that could redefine social media: a blockchain-based platform that accommodates both microblogging and crypto transactions.

The financial specifics of Musk’s contribution to Dogecoin have yet to be revealed, but it paints an interesting portrait of a man whose interests clearly align with the spirit of decentralized currency.

The Drama Around Dogecoin

You’d think a man facing a lawsuit over allegedly inflating Dogecoin’s prices would steer clear of it. Not Elon Musk. Despite ongoing litigation, where investors are seeking a whopping $258 billion in damages, Musk continues to champion Dogecoin.

Taking Over the Crypto Charts

Initially birthed as an internet joke, Dogecoin has evolved into a major player in the crypto space, now boasting a market capitalization of $9 billion. Musk’s previous endeavors to include Dogecoin payments in Tesla’s ecosystem suggest that his vision for this meme coin extends far beyond mere online chatter.

Putting the ‘Social’ in ‘Cryptosocial’

Since acquiring Network X, Musk has been open about his plans to incorporate payment systems. With Network X recently securing a Rhode Island license for cryptocurrency services, the stage seems set for Dogecoin to feature prominently.

FAQs

How Did Elon Musk Contribute to Dogecoin? Elon Musk has privately financed the development of Dogecoin, as revealed in his upcoming biography.

Is Musk Facing Legal Challenges Over Dogecoin? Yes, he’s facing a lawsuit from investors who claim he artificially inflated Dogecoin prices. They are seeking $258 billion in damages.

What Is Network X? Network X is a newly acquired social media platform by Elon Musk, poised to integrate blockchain and crypto payment features, potentially including Dogecoin.

In a world where social media meets cryptocurrency, Musk seems to be crafting a reality where Dogecoin isn’t just a people’s coin, but a significant part of our digital future.

So, whether you’re a Dogecoin devotee or a casual observer, one thing is certain: Musk’s behind-the-scenes involvement signals a noteworthy chapter in the ever-unfolding drama of cryptocurrency. Keep your eyes peeled; this is a narrative you won’t want to miss.

The influential corridors of the International Monetary Fund (IMF) and G20 are buzzing with chatter about the double-edged sword of cryptocurrencies.

Sure, the allure of rapid and low-cost cross-border transactions and financial inclusion is undeniable. But here’s the real kicker—those promises have yet to materialize fully, and the world’s financial watchdogs are uneasy.

Let’s dig into what the major players have up their sleeves, and why you should be paying attention.

Unveiling the Master Plan

Last week, the Financial Stability Board of the G20, along with the IMF, took a significant step by rolling out a comprehensive action plan. The objective?

To mitigate the potential risks cryptocurrencies pose to global economic and financial stability.

This is a timely shift in regulation, especially in the wake of the collapse of major crypto exchange platform FTX last November, which rocked markets and inflicted investor losses.

What Are the Specific Risks?

The G20 and IMF are concerned about a laundry list of issues tied to cryptocurrencies:

• Monetary Policy Interference: A widespread adoption of digital assets could undermine the effectiveness of established monetary policies.
• Capital Flow Management: There are worries about cryptocurrencies bypassing traditional capital flow controls.
• Budgetary Risks: The potential for cryptocurrencies to siphon resources away from the real economy is a concern.
• Global Financial Stability: The sheer volatility and decentralization of crypto assets could endanger financial equanimity worldwide.

What’s on the Regulatory Agenda?

So, what’s the meat and potatoes of the action plan? Here’s what you can expect:

• Compliance with Existing Laws: The G20 and IMF are calling for adherence to current legal frameworks as they pertain to cryptocurrencies.
• Timeline for Implementation: They’re giving their members deadlines to implement recent recommendations from the Financial Stability Board and the International Organization of Securities Commissions (IOSCO).
• A More Cohesive Approach: While the European Union adopted its first set of rules for crypto assets, known as MiCa, earlier this year, the global approach remains scattered. The newly released plan aims to harmonize these efforts.
• Tackling Fraud and Manipulation: Make no mistake—fraud and market manipulation in the crypto space were termed as “all too common” in their official document.

Tax Policy and Deficit Control

The action plan doesn’t stop at simply regulating cryptocurrencies. It takes a broader economic view by urging governments to avoid massive deficits. Why?

Such missteps could weaken traditional currencies and inadvertently make cryptocurrencies an appealing alternative.

On top of that, the regulatory framework aims to clarify tax treatments of crypto transactions.

What Does This Mean for You?

If you’re an investor, trader, or merely crypto-curious, this development should be on your radar. It’s a signal that global economic guardians are catching up with this swiftly evolving space, and their moves could have ripple effects that directly impact your digital assets.

FAQs

What are the major concerns about cryptocurrencies? The G20 and IMF have identified multiple risks, including interference with monetary policy, capital flow management issues, budgetary risks, and threats to global financial stability.

What is the plan for regulation? A comprehensive action plan has been unveiled, pushing for compliance with existing laws, a timeline for implementing recommendations, a harmonized global approach, and measures to tackle fraud and manipulation in the crypto sector.

How does this impact me? If you’re invested or interested in cryptocurrencies, the unfolding regulatory scenario could significantly affect the value and legality of your digital assets.

Are there any economic implications besides regulating cryptocurrencies? Yes, the plan also urges governments to control deficits to avoid weakening traditional currencies, which could make cryptocurrencies more attractive. It also aims to clarify the tax treatments of crypto transactions.

While we’re still far from a tightly regulated crypto world, these steps by the Financial Stability Board and IMF signal a changing tide. So, whether you’re knee-deep in blockchain technology or just starting to dip your toes, stay informed. Trust me, as someone with two decades in copywriting, particularly focusing on finance, you won’t want to miss what comes next.

Cardano is a decentralized, open-source blockchain platform. It uses a proof-of-stake protocol to achieve consensus and facilitates peer-to-peer transactions. Cardano also has its own internal cryptocurrency, called ADA. ADA is used to facilitate transactions in the network.

Cardano ADA is an open-source blockchain platform

Cardano is a decentralized platform based on the Bitcoin and Ethereum blockchains. It allows users to build decentralized applications using smart contracts. The ADA token is an integral part of the Cardano ecosystem, allowing users to participate in governance on the platform and earn rewards. In addition to facilitating transactions, the ADA token can also be traded on exchanges. It is also a fully decentralized project, meaning that any user with an account can participate in the governance and use of the Cardano network.

Cardano uses a proof-of-stake (PoS) protocol to secure the network and ensure the safety of smart contracts. It also uses a consensus mechanism called Ouroboros to reward token holders for staking their ADA. The Ouroboros consensus protocol is a mathematically-verified consensus mechanism that secures the network and validates transactions. This mechanism is unique, and ensures top-notch security and longevity for the Cardano network. This system also makes use of peer-reviewed insights and evidence-based methods to ensure the integrity of the network.

As a result of its innovative design and promising roadmap, Cardano is an attractive investment. However, investing in a cryptocurrency is risky. It is best to invest only what you can afford to lose. Also, don’t expect huge gains overnight. Nevertheless, the ADA currency can prove to be a profitable long-term investment.

It uses a proof-of-stake protocol

Cardano’s proof-of-stake (PoS) mechanism is called the Ouroboros algorithm, and it is based on behavioral psychology and economic philosophy. It also provides benefits like low energy usage and global propagation. Cardano users can use it to purchase, sell, and mine the native token, ADA. They can also develop decentralized applications using smart contracts.

Staking ADA is done using a digital wallet and multiple staking pools. This allows the network to remain decentralized and prevent single-pool control. Delegators can stake their own coins, but the rewards are proportional to the amount of stake they’ve delegated.

Unlike Bitcoin’s proof-of-work system, Cardano uses a proof-of-stake mechanism to secure its network. Instead of using computing power to generate blocks, ADA relies on a pool of trusted server nodes run by a stake pool operator. These nodes keep combined stakes and ensure everyone is able to participate in the network.

It has a fixed monetary policy

The Cardano ADA has a fixed amount of coins in its circulation. This is a feature that makes it different from other cryptocurrencies, such as Bitcoin. It prevents inflation by limiting the number of coins in circulation. While Bitcoin’s supply is limited to 21 million, Cardano’s limit is 45 billion coins. While the limit seems excessive, it is actually designed to prevent inflation and maintain stability.

The limited supply of Cardano ADA ensures that it is more inflation resistant than other cryptocurrencies. This feature makes it an attractive choice for investors. The demand for ADA tokens is expected to grow as the Cardano network matures. The layered architecture of the Cardano blockchain also enables scalability, which is essential for a decentralized system. The number of smart contracts and DApps that are built on the Cardano blockchain is another factor that makes it stable and reliable.

The Cardano community plays a major role in the development of the Cardano network. In order to maintain a healthy community, the platform relies on incentives to keep stakeholders engaged in development. As part of the incentive to participate in the project, the Cardano community collects transaction fees and adds a fixed amount to ADA reserves. A percentage of this pot is sent to the treasury and the rest is distributed to epoch rewards.

It has a mobile wallet

Cardano ADA has a mobile client for both Android and iOS. You can download the client on either of these devices and use it to store your crypto. The wallet has advanced security features and supports instant payment. You can also use the client on your desktop computer or online. To use it, you need to have a Guarda account. Create a strong password and back up your wallet before you use it. You should also use two-factor authentication to protect your funds.

You can use the Cardano ADA mobile wallet to store and transfer ADA. The app also allows third-party developers to build their own apps, making the platform more versatile. You can even exchange ADA with other cryptocurrencies. However, the wallet currently only supports ADA, although other cryptocurrencies will be added soon.

The Yoroi wallet is one of the most popular wallets for Cardano ADA, and it allows you to manage your ADA on your smartphone. The app is lightweight and does not use much bandwidth. The iOS App is also small enough to be downloaded without any data transfer. Furthermore, Yoroi does not require you to store the full blockchain on your device, which makes it an excellent choice for mobile users. Additionally, Yoroi never stores your private keys on any central servers, so you can trust that your funds are safe.