Francisca Cruz

1f29d63280482ed76e253e6dbcf1428f3751430d952a59d7c48ca625ef014450

Young Money Idea

technology

Innovation

pixel 2022

youth innovation

Computer science

final year students

tech project

Project Innovation &amp; eXploration in CS Education and Learning (PIXEL 2022) is a grand annual showcase of Final Year Projects from the School of Computer Sciences, Universiti Sains Malaysia.
PIXEL 2022 has received substantial support from their Platinum Sponsor, Fusionex Group, and after 2 years of being virtual, Malaysian Youth Community is honoured to be invited as the Media Partner for PIXEL 2022 Awards and Closing Ceremony held on 20 July 2022 at Dewan Budaya, USM.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn1.myc.com.my/image/upload/v1659674349/unsigned/pxug2hucghbaocysgwbb.png" alt="" width="659" height="580" />
The attendees for this grand ceremony include representatives from Fusionex Group, the Vice President of Talent Management, Mr. William Teo, and Talent Managers, Ms. Carol Tang, and Ms. Lim Chien Rou, followed by Professor Dr. Azlinda Binti Azman, Deputy Vice-Chancellor of Students Development Affairs &amp; Alumni, Professor Dato&rsquo; Dr. Bahari Belaton, Dean of School of Computer Sciences along with lecturers, staff, and final year students.&nbsp;
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn1.myc.com.my/image/upload/v1659673934/unsigned/epuzlfxveqbj1hcl9274.jpg" alt="" width="691" height="518" />
&ldquo;The final year students from the USM School of Computer Sciences have poured their best efforts into their final year projects. It is really astounding to witness how our final year students managed to turn their solutions into reality and present their inspiring solutions for all to witness.&rdquo; - Professor Dato&rsquo; Dr. Bahari Belaton, Dean of School of Computer Sciences during his speech.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn1.myc.com.my/image/upload/v1659673968/unsigned/fhdb6f2edt21iaea1pgc.jpg" alt="" width="696" height="464" />
The panel included 70 judges from all over the world such as the United States, Singapore, Philippines, South Africa, India, and Switzerland. After a thorough and fair judging process, 30 Gold Awards, 50 Silver Awards, and 65 Bronze Awards were announced.&nbsp;
Not only that, the students with the most innovative and impressive projects that gained recognition from the technological industry managed to rise to the top and flourish in PIXEL 2022.
Congratulations to all the winners!&nbsp;&nbsp;&nbsp;
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn1.myc.com.my/image/upload/v1659674009/unsigned/ostyiilrc8a7etxxu7lm.jpg" alt="" width="702" height="468" />
Top 10 Projects:&nbsp;
<ol>
<li>Shu Hui Yii&nbsp;</li>
<li>Chew Mi Chi Ko&nbsp;</li>
<li>Sum Joe Ming&nbsp;</li>
<li>Yeo Pui Yan&nbsp;</li>
<li>Azwaar Khan Bin Azlim Khan&nbsp;</li>
<li>Ong Joo Hom&nbsp;</li>
<li>Chan Siang Sheng</li>
<li>Yaap Eng Tatt&nbsp;</li>
<li>Syarifah Nur Fatimah Binti Syed Firdaus&nbsp;</li>
<li>Muhammad Iqrar Amin</li>
</ol>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn1.myc.com.my/image/upload/v1659674062/unsigned/myc6lt7bxqxd9o9wk7om.jpg" alt="" width="640" height="533" />
Outstanding Awards by Fusionex&nbsp;
<ol>
<li>Yeo Pui Yan&nbsp;</li>
<li>Chan Siang Sheng&nbsp;</li>
<li>Syarifah Nur Fatimah Binti Syed Firdaus&nbsp;</li>
</ol>
Best Presenter Award&nbsp;
<ol>
<li>Chew Mi Chi Ko&nbsp;</li>
</ol>
Find their Award-Winning Projects on PIXEL 2022&rsquo;s official <a href="https://pixel.usm.my/awards/special">website</a>.
A warm round of applause to all the winners and participants! Looking forward to seeing more youth achievements ! Do share your thoughts and let us know in the comments.
*Sources: Visual and Reference Credits to PIXEL.
FOMO much? Follow our&nbsp;<a href="https://www.facebook.com/mycclub/">Facebook</a>&nbsp;and&nbsp;<a href="https://www.instagram.com/myc_news/?hl=en">Instagram</a>&nbsp;for more updates.

Talented students were awarded during the PIXEL 2022- a grand annual showcase of innovative tech projects from USM Computer Science Final Year Students. 

bafybeibkgwgmd63uwbm6do7lbzlapqll7eyrehhey4kqbv6ga64do6vghe

PIXEL 2022 Awards & Closing Ceremony 

It looks like the end of Touch &lsquo;n Go&rsquo;s (TnG) monopoly system on our public transportation and tolls are here.
Previously, we reported that our public transport system will be implementing an open payment option and that Transport Minister Anthony Loke couldn&rsquo;t say how long the implementation of using credit and debit cards at toll booths will take.
Read: <a href="https://myc.my/articles/2299/malaysia-to-soon-receive-open-payment-options-for-public-transport">Malaysia To Soon Receive Open Payment Options For Public Transport</a>
<img src="https://r2.myc.my/ebb7f3dc84dc171ce62ed13efddcf3b2b6cc34b204c53e655fb541f7235a8698" />
But looks like motorists will now have something to look forward to as they will soon be able to use other payment options aside from TnG for tolls across 5 different highways by September this year as announced by Works Minister Datuk Seri Alexander Nanta Linggi.
The 5 Highways that will support credit and debit payments are:
<ul>
<li>Sungai Besi Expressway (Besraya)</li>
<li>New Pantai Expressway (NPE)</li>
<li>Ampang &ndash; Kuala Lumpur Elevated Highway (AKLEH)</li>
<li>Guthrie Corridor Express Way (GCE)</li>
<li>Penang Bridge</li>
</ul>
The implementation of the Multi-Lane-Free-Flow (MLFF) is the first step towards the implementation of open payment systems. He also said a Proof of Concept (POC) for the MLFF will be conducted before the end of October 2023 to evaluate the system before its actual implementation for all highways in Malaysia.
&ldquo;Under the MLFF, the open system will be implemented on all tolled roads in Malaysia, opening more opportunities for e-wallet providers (to engage in the initiative) while eliminating Touch &lsquo;n Go&rsquo;s monopoly,&rdquo; he said.
Nanta added that the implementation of this system is a great opportunity for eWallet providers to participate in the business. Plus, the MLFF system means that motorists will have a barrier-free experience as the payments will now be automated instead of needing to tap the card onto the terminal.
Will The MLFF System Be Integrated With RFID?
<img src="https://r2.myc.my/2df0ebc05854a62db820f929153282331b5090e9f4fc7230c1f36b07f6410f84" />
As of now, there is no mention of RFID in the open payment system. However, we believe that the MLFF system should be highly linked to it if the government were to continue with the TnG RFID system.
<img src="https://r2.myc.my/f8844fa212a8c0e37388680318e01b712a4f8138f929fce08da12bc4dfd45acf" /> Here are the benefits of RFID
But here&rsquo;s one of the few questions we have&hellip; How do we avoid toll evaders?
The government will need to address the issue ahead of time before introducing the MLFF. If a vehicle without an RFID tag passes, there would be a grace period of settling their outstanding payments and after a certain time, legal action can be taken against them.
<img src="https://r2.myc.my/bcee445ee5fd97489d1e34a8abf91d644dcb1984f0a020cc6f38cce52d7e1347" />
Another thing to take into count is to have a number plate recognition system to catch these toll evaders. However, before the government can implement this, the Transport Ministry and Land Transport Department will need to ensure that vehicles must adhere to using standardised plates.
Are we happy about this change, yes for sure. Hopefully, it won&rsquo;t take too long for other highway tolls to implement the system.
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media, The Vibes &amp; various cross-references for context.
FOMO much? Follow our <a style="color: #ff0505;" href="https://www.facebook.com/mycclub/">Facebook</a> and <a style="color: #ff0505;" href="https://www.instagram.com/myc_news/?hl=en">Instagram</a> for more updates.

Goodbye Touch ‘n Go monopoly system and hello to open credit system. 

76671aa01a93cc81ecfd5a8df6e0fda0e924fcdb210f077a2646275016147620

Motorist Will Be Able To Pay Tolls Via Credit & Debit Cards By September 2023

Yesterday, we covered that the Malaysian government is seeking to look into reviewing Touch &lsquo;n Go&rsquo;s (TnG) monopoly system as they have been around for 20 years with little to no progression.
Read: <a href="https://myc.my/articles/2295/msian-govt-to-review-touch-n-gos-monopoly-system">M&rsquo;sian Govt To Review Touch &lsquo;n Go&rsquo;s Monopoly System</a>
Many Malaysians have been questioning when will we start advancing in our public transport system as we are now in the era of eWallets and have payment systems via credit and debit cards, but our own public transport is not utilizing it.
Change Is Coming
<img src="https://r2.myc.my/0e489260b7d3f731b412aff87bd0f50af0f05f0ff10bfbd1292f1df14e7d1465" />
Transport Minister Anthony Loke reportedly said that Prasarana has now been directed to expand the cashless payment option for their public transport system covering bus and rail services including major rail operator, Keretapi Tanah Melayu Berhad (KTMB).
&ldquo;The ministry has received complaints from the public that there are limited choices of payment options. For example, you can only pay using Touch &lsquo;n Go card or a token at the Light Rail Train (LRT) gantry entrance, but this will soon change,&rdquo; he said.
With the implementation of new payment methods in the public transportation system, Loke has requested that the public be patient as they are currently working on the integration process. At the moment, they do not have an exact timeline for the system's rollout, but once it is up and running, TnG will no longer be the sole provider of cashless payment options for public transportation.
<img src="https://r2.myc.my/d13866d90327d46e1f66e912f8fa8423a430323e8326b0ea4e9ecab5e392555d" />
Several Rapid KL stations have been experimenting with various contactless payment methods in addition to their installed NFC card readers. One of the benefits of having these card readers is that commuters can utilize integrated apps such as Apple Pay, Google Pay, and Samsung Pay, which offers an added layer of security by requiring verification before completing the payment. This eliminates the need for commuters to carry their physical debit cards, reducing the risk of loss or theft during their journey.
This also means that if there is an upgrade in payment systems, each bus and station will be required to equip a more stable internet connection to help authenticate the payments.
What About Toll Booths?
<img src="https://r2.myc.my/f033955334099800a6388264442776513727424aa93c56a942c4b638c63f0ef8" />
As TnG still controls the majority of the payments at toll booths, Loke says that he could only speak for public transportation and it&rsquo;s up to the Malaysian Highway Authority (LLM) to adopt an open payment system for the highway tolls.
Now, just because the government is now implementing a new open payment system, it doesn&rsquo;t mean that it&rsquo;s the end of TnG services. The government has no intention of killing them off but would want to implement more than one payment option for the ease of use of commuters.
<img src="https://r2.myc.my/7f543f4c48b390712236f76b8615f2ea5cf3528f98ba420da7eb4d6cd50c79fa" />
Lately, there has been an issue and a growing dissatisfaction with TnG as they are facing a shortage of new cards. This has become an issue for both locals and tourists as it&rsquo;s difficult to get a new card, especially if it&rsquo;s the new NFC-enhanced card which is being resold online at high prices.
Finally, an issue that has been going on for so long and in multiple administrations will finally be addressed. Hopefully, the implementation will not take too long and commuters can freely enjoy whichever payment system they would like to utilize soon.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media, Malay Mail &amp; various cross-references for context.
FOMO much? Follow our <a style="color: #ff0505;" href="https://www.facebook.com/mycclub/">Facebook</a> and <a style="color: #ff0505;" href="https://www.instagram.com/myc_news/?hl=en">Instagram</a> for more updates.

The integration process will take several months but it’s better late than never. 

a8fde5fc59ddcc6f6515b3cd860825d1aab0b134b46df2d422ba2f15c142279e

Malaysia To Soon Receive Open Payment Options For Public Transport 

For those who live in the heart of Kuala Lumpur or at least around the KL/Selangor area we all know the importance of having a Touch &lsquo;n Go (TnG) card in our wallets.
If you&rsquo;re one to frequently use public transport, you&rsquo;ll know for a fact that it&rsquo;s important to bring your TnG Card along with you to avoid the long lines at machines during rush hour. But lately, many Malaysians were also struggling to get their hands on the latest NFC Enhanced TnG Card which has unfortunately been sold online by Scalpers at almost double to triple its price.
Read: <a href="https://myc.my/articles/1768/govt-to-investigating-issue-of-scalpers-reselling-tng-nfc-enhance-cards">Govt To Investigating Issue of Scalpers Reselling TnG NFC Enhance Cards</a>
Addressing The Touch &lsquo;n Go Monopoly System
<img src="https://r2.myc.my/9644bf61c3d6ac93b37ee08669aa06b46890eefe3b238d5708b70801ac209a18" />
Yesterday (19 March), Prime Minister Anwar Ibrahim had an open dialogue at the Kuala Lumpur Convention Centre and addressed the rakyat and many youths on a number of their concerns.
One of the questions that were asked was if there are any plans to dismantle the Touch &lsquo;n Go monopoly for Malaysia&rsquo;s transport and road system. The youth also highlighted that in our current infrastructure such as petrol stations and parking lots, we can now use our debit cards to pay via Pay Wave but we are still stuck with the problematic Touch &lsquo;n Go system and its monopoly.
<iframe src="https://www.youtube.com/embed/lp-8HqoVOcE" width="560" height="314" allowfullscreen="allowfullscreen"></iframe>
As the comment had pointed out a very good point, Anwar himself had agreed to the comment. For those who don&rsquo;t know, Touch &lsquo;n Go has been in operation for more than two decades and Anwar too agreed that there has not been convincing development or progress in the system.
&ldquo;I think you are right, we will have to reconsider that,&rdquo; he said.
Where Can We Currently Use Our Touch &lsquo;n Go Cards?
<img src="https://r2.myc.my/fd72a2688f4cb94c1f335271a067ccdb16fbe4f471c8ff4eebd6df76dfb6e463" />
As of now, TnG cards cover payments of over 600 highway tolls and the RapidKL rail networks. Though there is the option to use cash, TnG has become the default payment method of many.
If you were to go to a convenience store and some grocery stores, they too offer the option to pay via TnG Card which makes it convenient if we don&rsquo;t have our debit cards or even cash on hand.
Speaking of progression, the only progression we&rsquo;ve seen from TnG over the years was the introduction of their Touch &lsquo;n PayDirect system which enables users to directly deduct the parking and toll feed from their eWallet.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://r2.myc.my/4c7046b4f635e69a7f2a547e1aebec6a2729859814693a41bfceafead78185fc" />
Many still wanted an explanation on why we haven&rsquo;t seen any open payment systems for our highway tolls. PLUS had attempted to &ldquo;break&rdquo; the monopoly back in 2018 when they introduced the PLUS RFID System which was linked to credit and debit cards.
In the previous administration, there were talks of a Multi-Lane Flow (MLFF) to be implemented by 2025 and former Works Minister Fadlillah Yusof says that it would have been able to use any digital payment providers, thus putting an end to TnG&rsquo;s monopoly system.
<iframe src="https://www.youtube.com/embed/aTsHWguV5NY" width="560" height="314" allowfullscreen="allowfullscreen"></iframe>
However, after the change in government, there has been little to no information about the progress of implementing the MLFF system. Prior to completely removing the toll barriers on highways, the Ministry of Work, Ministry of Finance and Ministry of Transport will need to resolve several matters first.
Hopefully, after hearing Anwar&rsquo;s answer yesterday, we&rsquo;ll slowly see an end to the monopolization of TnG. Plus, we are now living in an era where we have NFC payments where we can tap our credit/ debit cards or even our smartphones or smartwatches such as those overseas.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media, Awani &amp; various cross-references for context.
FOMO much? Follow our <a style="color: #ff0505;" href="https://www.facebook.com/mycclub/">Facebook</a> and <a style="color: #ff0505;" href="https://www.instagram.com/myc_news/?hl=en">Instagram</a> for more updates.

704f5c454b32a3377bafee77445c9f88ea87c494f2bdea95cef6755702261881

M’sian Govt To Review Touch ‘n Go’s Monopoly System

A trend in thrifting has emerged. Pre-owned clothes are receiving a second chance from more and more people, and for good reason. In addition to finding fantastic pieces at prices that seem too good to be true, buying used clothes also prevents the disposal of still-usable clothing. Who doesn't enjoy a good find at a thrift store?&nbsp;
In order to lessen the environmental impact of fast fashion, thrifting or "slow fashion shopping" is being advocated. Many people are unaware that before visiting your first thrift store, you need to pick up a few tips in order to begin thrifting. It's not as easy as choosing your clothes on the rack at Cotton On, H&amp;M, or Zara.
Thrifting is unique in that the selection of clothing is typically very small, so you need to have a sharp eye to find decent items. We're here to impart your knowledge on how to handle your upcoming thrift store shopping trip like a champ.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://i.gifer.com/AzqE.gif" alt="Thrift GIFs - Get the best gif on GIFER" width="444" height="220" />
Be cautious if you're new to the art of thrift shopping: looking through pre-loved items can be daunting and exhausting. But when you got the stuff you want at a very good price, it&rsquo;s somehow rewarding! The feeling is just immaculate; happy, proud, exhausted, but addicting!&nbsp;
Let us tell you something. When you thrift, you can&rsquo;t just take as many items as you want whether you need them or not just because the prices are affordable. Here are some tips we would give to you as your Thrifting Starter-Packs!&nbsp;
Find Your Designated Stores And Items!&nbsp;
The first thing you need to consider before starting thrifting is which store you want to go to and what items you want to buy. Why? Because every store has its own special items and styles they are offering to the people. For example here in the Klang Valley area, there are several thrift stores you can consider looking at such as 'Shimokita Space' in SS15 and 'JBR Bundle' in Subang Jaya, Sri Damansara, and Shah Alam which is their biggest outlet.
<blockquote class="tiktok-embed" style="max-width: 605px; min-width: 325px;" cite="https://www.tiktok.com/@haziqiskandr/video/7098290287260273947" data-video-id="7098290287260273947">
<section><a title="@haziqiskandr" href="https://www.tiktok.com/@haziqiskandr?refer=embed" target="_blank" rel="noopener">@haziqiskandr</a> this might be the best thrift shop i&rsquo;ve been so far 😭😭 <a title="jbrbundle" href="https://www.tiktok.com/tag/jbrbundle?refer=embed" target="_blank" rel="noopener">#JBRBUNDLE</a> <a title="thrift" href="https://www.tiktok.com/tag/thrift?refer=embed" target="_blank" rel="noopener">#Thrift</a> <a title="thrifting" href="https://www.tiktok.com/tag/thrifting?refer=embed" target="_blank" rel="noopener">#Thrifting</a> <a title="malaysia" href="https://www.tiktok.com/tag/malaysia?refer=embed" target="_blank" rel="noopener">#Malaysia</a> <a title="fashioninspo" href="https://www.tiktok.com/tag/fashioninspo?refer=embed" target="_blank" rel="noopener">#fashioninspo</a> <a title="♬ Tek It - Cafun&eacute;" href="https://www.tiktok.com/music/Tek-It-7085918967977478145?refer=embed" target="_blank" rel="noopener">♬ Tek It - Cafun&eacute;</a></section>
</blockquote>

<script async="" src="https://www.tiktok.com/embed.js"></script>

<blockquote class="tiktok-embed" style="max-width: 605px; min-width: 325px;" cite="https://www.tiktok.com/@myeatkaki.malaysia/video/7146616272459959579" data-video-id="7146616272459959579">
<section><a title="@myeatkaki.malaysia" href="https://www.tiktok.com/@myeatkaki.malaysia?refer=embed" target="_blank" rel="noopener">@myeatkaki.malaysia</a> 📍Shimokita Space <a title="cafehuntingmalaysia" href="https://www.tiktok.com/tag/cafehuntingmalaysia?refer=embed" target="_blank" rel="noopener">#cafehuntingmalaysia</a> <a title="cafehopkl" href="https://www.tiktok.com/tag/cafehopkl?refer=embed" target="_blank" rel="noopener">#cafehopkl</a> <a title="♬ CUFF IT - Beyonc&eacute;" href="https://www.tiktok.com/music/CUFF-IT-7125598551698049025?refer=embed" target="_blank" rel="noopener">♬ CUFF IT - Beyonc&eacute;</a></section>
</blockquote>

<script async="" src="https://www.tiktok.com/embed.js"></script>

 Both of them are multi-outlet so you can find them easily in areas like SS15, Subang, and Shah Alam. 'Shimokita Space' offers you the Japan-vintage aesthetic vibes from the foods they sell, the interior, and their stuff is usually a bit more pricey due to the quality and condition of the products. Meanwhile, JBR Bundle sells literally EVERYTHING even Typewriters, large wardrobes, and bicycles. Usually, the price will start below RM10 until hundreds or even thousands of Ringgit, depending on the items you want to buy. So it&rsquo;s a good start if you know what are you looking for, your price range and your sizes!&nbsp;
Check and Re-Check!&nbsp;
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://media3.giphy.com/media/Ib0bV7GnRE2EXnQb1f/giphy.gif" alt="Doublecheck GIFs - Get the best GIF on GIPHY" width="450" height="253" />
Speaking about sizes and price ranges, it&rsquo;s also vital for you to know your size for different items (especially clothes or footwear) even before you go thrifting because it will help you a lot! So when you come to the stores and you&rsquo;re already fixed with the stuff you are interested in, you can try and take a conclusion about whether you want to take them or not. Also, don&rsquo;t be afraid to try especially if you&rsquo;re looking for attires, because some thrift shops provide mirrors and fitting rooms for you to try and firm yourself whether you want to take the items are not, so it won&rsquo;t be another pile of garbage in your room if you ended up not wearing them. Other people&rsquo;s opinion is also important, so it&rsquo;ll be better if you go thrifting with your friends or people that match your vibe so that they can help you decide.&nbsp;
A Big No For Impulsive Buying
<img src="https://media2.giphy.com/media/3ohhwFxJ6Nfifw6ovK/giphy.gif?cid=790b7611b1e06c31d402a5de2945ac4f250b64653d90a621&amp;rid=giphy.gif&amp;ct=g" alt="Black Friday Shopping GIF by Wheel of Fortune - Find &amp; Share on GIPHY" width="444" height="222" />
Last but not least, never, EVER buy items on a whim as you could quickly regret it. Simply because you find a cute item doesn't guarantee it's worthwhile to purchase. The last thing you want to discover when you go home and go through your donated items is that the clothing completely lacks your sense of style. One last thing, the price range is also important, so you can get a profit from the items at very cheap prices! Even if you can, you can bargain the prices with the owners or when you&rsquo;re visiting booths. (Psst, some thrift stores do sell items at a very high price so check the prices before you pay at the cashier!)&nbsp;
The point of thrifting is to buy the things you need at reasonable prices so that you don&rsquo;t have to spend more on a single item, and to help save the planet, not only helping the owners to get more income. It's also crucial to remember that purchasing more clothing than you actually need hurts you more than you might imagine.&nbsp;
Last but not least, have fun strolling around the store and happy thrifting!&nbsp;
&nbsp;
FOMO much? Follow our&nbsp;<a style="color: #e03e2d;" href="https://m.facebook.com/mycclub/photos/a.379556708745434/3077502835617461/?type=3&amp;source=44">Facebook</a>&nbsp;and&nbsp;<a href="https://www.instagram.com/myc_news/?hl=en">Instagram</a>&nbsp;for more updates.

Thrifting needs techniques too, so make sure you know what you should do once you arrive at the store! 

acb5b4ba033d3d2fef77d981a620cb93fd76c3827f7a3ca6457f3d54dfe16556

Wanna Go Thrifting? Here's Some Tips & Tricks

Crypto can be pretty complicated especially when it comes to someone who&rsquo;s trying it out for the first time. Most of the time we question ourselves looking at the charts saying &ldquo;ok, what do I do now?&rdquo;
<img src="https://r2.myc.my/e52ddddef28ed0992951c96de8ec032f0467db8bccf5d9de537006c7db3038b3" />
But for many of those who do follow crypto, you&rsquo;ll know that there are companies out there that assist in exchanging cryptocurrencies around the world. Unfortunately, it looks like one of the major cryptocurrency exchange companies, Binance, has just endured a momentous drop in assets over the past two months.
<img src="https://r2.myc.my/08162f15c0fe3f42a4a790c8f4691ba53f807b8d5b2d7595c594f028723b2de1" />
Binance was founded by Changpeng Zhao or more commonly known as &ldquo;CZ&rdquo;. Over the years, the company has grown rapidly and has solidified itself as the world&rsquo;s largest cryptocurrency exchange by trading volume as of July 2022.
Unfortunately, it looks like dark days are to come for Binance as they have lost a total of 15% of its assets which is equivalent to around $12 Billion since November 2022. Despite CZ's repeated attempts of telling the public that the situation has stabilised, outflows have continued to pile up.
<blockquote class="twitter-tweet">
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. 🤷&zwj;♂️💪 <a href="https://t.co/WLK2KyCym0">https://t.co/WLK2KyCym0</a>
&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1602881018029015042?ref_src=twsrc%5Etfw">December 14, 2022</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Aside from the massive outflows, Forbes reported that the discrepancy between reports of Binance&rsquo;s holdings is troubling. According to analysts at Forbes, they assume that there are signs of foul play within the exchange with gaps of several billion dollars showing in Binance&rsquo;s wallets.
Forbes also reported that other crypto exchanges such as MaskEX were one of the few companies that experienced bigger losses during the past 30 days versus the 23 other rival companies Binance has.
What&rsquo;s Happening In The Market?
The current discrepancy is due to users having trust issues in regard to how Binance had positioned itself in the market.
<img src="https://media.tenor.com/sjFOOpnRf0AAAAAC/i-dont-trust-you-trust.gif" />
In early December, Binance&rsquo;s data showed a loss of $3 Billion worth of assets in a week. A total of 4% of its total asset balance was withdrawn and it sent the market into a frenzy. Fast forwarding to today, Forbes reported that the exchange has lost up to 15% of its assets and that BNB, its native token, has halved in value.
It was noted that the MATIC, APE and GALA balances on the exchange had dropped by 40-50% and that the number of BUSD stablecoins that were sitting on the exchange had also decreased by 40%.&nbsp;
CoinMarketCap states that Binance&rsquo;s assets are equivalent to 31% of their total assets which had sat in BNB since 4 Jan 2023. Forbes believes that the 58 million BNB tokens that Binance claims to have is a &ldquo;questionable&rdquo; number in comparison to their <a href="https://www.binance.com/en/blog/community/our-commitment-to-transparency-2895840147147652626">transparency report </a>that was released in November 2022.&nbsp;
Forbes&rsquo; own analysis who used the Etherscan tool states that there are only 16 Million BNB tokens publicly available on the exchange which is significantly less than Nansen, DefiLlama and Arkham which claimed that 22-40 million tokens are currently available on the exchange.
If this keeps up, Binance could face devastating consequences for both digital assets and the participants in the market. The exchange could also face more scrutiny following the collapse of FTX.
Speaking Of FTX, What Had Happened To Them?
<img src="https://r2.myc.my/afcbd9a1e54b351c70824d6ad397e0224613d683afa617f2fef38b7512f813e6" />
FTX is another trading platform which was founded in 2018 by Sam Bankman-Fried. The company had their own native token called the FTX Token (FTT).
On 6 November, Binance announced that they were selling all their FTT tokens which were valued at $529 million with CZ stating that the decision to liquidate the exchange was based on risk management following the collapse of the Terra (LUNA). On the following day, FTX experienced a liquidity crisis but customers demanded withdrawals worth $6 billion following a report by CoinDesk. As Bankman-Fried tried to search for additional money, by the time he turned to Binance for assistance, the value of FTT had fallen more than 80% in two days.
Binance was supposed to help bail out FTX but had cancelled due to concerns about the mishandling of customer funds and other issues. All of FTX&rsquo;s assets were then frozen and Bankman-Fried issued an apology for the liquidity crisis that FTX was facing. 
You Can Read His Full Tweet Thread Apology Below:
<blockquote class="twitter-tweet">
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we&rsquo;ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
&mdash; SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1590012126701441025?ref_src=twsrc%5Etfw">November 8, 2022</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Unfortunately on 11 November 2022, FTX filed for <a href="https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics">Chapter 11 bankruptcy</a> protection after a surge of customer withdrawals had happened as the company did not have sufficient assets in reserve to meet their demands. They also allegedly said that they were a victim of &ldquo;unauthorised transactions&rdquo; and had moved their digital assets to cold storage.
Bankman-Fried was held in custody since 12 December 2022 and had pleaded not guilty to fraud and conspiracy charges in the US Justice Department&rsquo;s criminal case against him on 3 January 2023.&nbsp;
Take Away By Investors
With the steady pace of the sharp drop, it&rsquo;s clear that a growing number of Binance investors are now leaving or even reducing their exposure to the exchange. At the bottom line, Binance is getting close to a precipice where a soft run on the bank may intensify its own inertia.
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media, Forbes, Business Insider&nbsp; &amp; various cross references for context.
FOMO much? Follow our<a href="https://www.facebook.com/mycclub/"> Facebook</a> and<a href="https://www.instagram.com/myc_news/?hl=en"> Instagram</a> for more updates.

Is this a sign of Binance losing its money? 

PIXEL 2022 Awards & Closing Ceremony

Talented students were awarded during the PIXEL 2022- a grand annual showcase of innovative tech projects from USM Computer Science Final Year Students.

Latest News

Disabled M’sian Confronts Man For Misusing OKU Restroom In Pavilion KL

Burger Stall In Melaka Offers Free Burgers For Those In Need

The Street Photography Debate: Canon Malaysia's Approach On Topic Outrages Netizens

Japanese Man Climbs Up Mount Kinabalu In A Full Suit!

Controversy: Privacy Club Tun Razak Address Media Backlash Over Thai Hot Guys

Related Articles

Motorist Will Be Able To Pay Tolls Via Credit & Debit Cards By September 2023

Malaysia To Soon Receive Open Payment Options For Public Transport

M’sian Govt To Review Touch ‘n Go’s Monopoly System

Wanna Go Thrifting? Here's Some Tips & Tricks

Binance Bleeds $12 Billion Worth Of Assets In Less Than 60 Days

Related Articles

Motorist Will Be Able To Pay Tolls Via Credit & Debit Cards By September 2023

Malaysia To Soon Receive Open Payment Options For Public Transport

M’sian Govt To Review Touch ‘n Go’s Monopoly System

Wanna Go Thrifting? Here's Some Tips & Tricks

Binance Bleeds $12 Billion Worth Of Assets In Less Than 60 Days