Arbitrum Airdrop Confirmed!
March 18, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Arbitrum
What an absolute roller coaster of a weekend we have seen in both the world of finance and the world of crypto! This weekend alone has created one of the most significant events in crypto to date. Due to the severity and significance of the USDC depegging event alone, the events that went along with it are what we will be covering in today’s blog.
So to recap: SVB, or Silicon Valley Bank, a bank that was very popular amongst startups and venture funds across the US, was the victim of one of the largest bank runs in history as $42 billion was withdrawn from SVB in just a single day following cautioning announcements from a handful of entities to withdraw their funds from SVB. This was THE bank that startups, founders, VC firms, and several tech projects would deposit their funds raised from fundraising rounds.
What was the problem?
Silicon Valley Bank purchased billions of dollars worth of bonds over the past few years; however, what would have been a safe investment ended up being detrimental to SVB, especially as rate hikes and rising interest rates continued.
Let’s think about what was going on with the startup, VC, and tech worlds over the past couple of months. The tech industry has not been doing that well over the past couple of months, where several tech stocks have been dropping and many tech companies and startups could not raise money from funds over the past couple of months as well.
Now that these companies and startups were short on revenue or funding, what did they have to do? Start withdrawing cash. Maybe to pay employees or maybe to continue operations
This influx of withdrawals from multiple tech startups forced SVB to sell their bonds at a loss in order to have the cash available to allow their customers to withdraw their funds. Once people realized that SVB would not be able to keep up with this selling at a loss strategy to allow their consumers to withdraw, that is when everything went down. Even though the FDIC insures up to $250k in a bank in the event of a bank run, many of these startups had much more than that amount, causing mass panic.
(Source: Coingecko USDC)
The company behind USDC, Circle, put trust in Silicon Valley Bank, and they were one of the many partners that Circle banked with in order to keep their stablecoin cash reserves. Out of around $43.2 billion of their USDC reserves, $3.3 billion of those cash reserves were deposited at SVB.
At this point, you can tell why investors got so panicky. USDC is supposedly supposed to be an asset that will always be trusted to be backed on a 1:1 basis, where anyone can redeem their 1 USDC for the value of 1 USD at any time, 24/7, 365 days a year. But, of course, there had to be news that Coinbase was pausing their USDC to USD conversions and that exchanges such as Binance were also halting this conversion as well.
Now that investors saw that their $3.3 billion that was locked up at SVB was going to be hard to get back due to the fact that the FDIC would only insure $250k of the $3.3 billion, crypto investors who were holding USDC started to panic, causing a large outflow of USDC tokens and causing the token to lose its peg down to .88 real quick.
The first sign of relief that we were able to see was Circle’s announcement that they would do whatever was necessary in order to recover the peg of USDC. Circle confirmed that there was in fact $3.3 billion of their USDC cash reserves over at SVB and that they had initiated a withdrawal. At the end of their blog, Circle stated this,
“However, it is also possible that SVB may not return 100% and that any return might take some time, as the FDIC issues IOUs (i.e., receivership certificates) and advances dividends to depositors. In such a case, Circle, as required by law under the stored-value money transmission regulation, will stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.”
This last sentence gave USDC investors hope again as investors started to remember that USDC is also connected to Coinbase, a publicly listed crypto company, and several well-known entities in the world of banking and finance, such as BNY Mellon and Blackrock. Investors got a sense that in the worst-case scenario, two things could happen. If Coinbase’s revenue and backers could restore USDC back to its peg or two, a government bailout would most definitely occur as a true fall of SVB would push us into a very bad downward spiral filled with contagion and recessions.
Here is where everything truly calmed down. The FDIC came out and confirmed that they would be stepping in and that depositors of SVB would be able to access their funds again on Monday (today) and that their new bridge bank would be fully operated by the FDIC themselves.
And even more significantly, US authorities and the Federal Reserve had to step in and put in place a so-called “backstop” for banks in order to restore confidence in the banking system. This means that the FED would step in to help the FDIC and banks by allowing their depositors to be protected even above the normal $250k limit. The FED also announced the ‘Bank Term Funding Program,” which will have a Treasury of $25 billion in order to act as a backstop.
Upon news of the government stepping in to protect the depositors, confidence came back into USDC, which shortly after caused the USDC peg to return back to 1:1.
Because Silicon Valley Bank would no longer be in the picture and because there is no more trust for that bank, Circle will be partnering with Cross River Bank in order to keep some of their cash reserves for USDC there. Circle will also be extending their partnership even more with BNY Mellon for more trustworthy custody services. Circle also came out and announced that they will be transferring their remaining reserves at SVB over to BNY Mellon.
On the other hand, Coinbase is finding an opportunity to potentially add banking features to their platform to fill in the hole that was created by the failure of SVB. A big part of Brian Armstrong’s proposal or suggestion would be a non-functional reserve for their platform, giving their users a much more secure and trustworthy banking experience.
Why non-fractional? Well. If you understand how banks work, you know that they never have enough cash on hand to allow their customers to withdraw all of their cash. In the event that a bank run occurs, it will be impossible to adhere to every single one of their customers. This is the true flaw of the current traditional banking system. Fractional banking.
The events of this past weekend have been absolutely bullish and bearish for the entire crypto industry. Seeing as the second-largest stablecoin actually depegged when it seemed like USDC was the most trustworthy stablecoin got a lot of investors on edge. Crypto Twitter was an absolute battlefield as people would debate whether USDC would return to the peg or not, with many holders of USDC panicking and selling USDC at a loss, and many even buying USDC at $88 to make some gains in the short term.
What does this look like from the outside? Traditional investors have now seen that even one of the most trustworthy stablecoins lost its peg in about the same 12 months that UST collapsed as well. This gave crypto some negative credibility over the weekend.
However, here was the true situation: banks lost trust. Stablecoins lost trust. And Fiat lost trust.
If it were not for the government and the FDIC to step in, we would see some major catastrophes across several markets and industries today.
Have you realized this? BTC is up 15% in the past 24 hours and has returned back above $24k!
Yes! Here is the good news! The events that took place over the weekend are actually super bullish for BTC as well. Not only did the collapse of SVB further emphasize why BTC was created in the first place, but since the announcement that the government would be stepping in to protect depositors, this means that more money printing will occur and interest rates will have to be put on a chill pill in order to help save a lot of these startups and mid-size companies so as to prevent another bank from collapsing in the way that SVB did.
BTC loves this news, and this is exactly what BTC was created for. As a safe haven from the traditional banking system and a revolutionary way to control your own funds in a verifiable, secure, and trustworthy way.
P.S. Always remember that even stablecoins are not invincible. It is best to be diversified even with stablecoins.
March 18, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Arbitrum
March 17, 2023 Crypto Roundup. (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) Could
March 14, 2023 Crypto Roundup (Disclaimer: None of the observations or tips in this article constitutes financial, legal, tax, and/or any forms of advice.) All
Please read these Terms and Conditions (“Terms”) carefully as they form a binding legal agreement between you and Hector Enterprise Inc. with its registered office at Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (“Hector Network” or “we” or “our” and its derivatives). Our website (https://hector.network/) and any other sites or subdomains of Hector Network (collectively, the “Site”) and the information on it are controlled by Hector Network. These Terms govern the use of the Site and apply to all visitors to the Site and those who use the services and resources available or enabled via the Site (each a “Service” and collectively, the “Services”).
By accessing the Site or accessing, using or continuing to use the Services, you signify that you have read, understand, and agree to be bound by these Terms (as amended) in its entirety. If you do not agree, you should not use the Site or use the Services. The use of the Site and any Services is void where such use is prohibited by, would be subject to penalties under Applicable Laws, and shall not be the basis for the assertion or recognition of any interest, right, remedy, power, or privilege.
Hector Network may modify these Terms at any time and in our sole discretion. If we do so, we will change the “Last Updated Date” at the beginning of these Terms. You must consent to any updated Terms before you continue using the Services following an update to these Terms. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms, as modified by such amendments, changes, or updates. We invite you to check this page regularly for updates to these Terms.
1.1. In these Terms and all documents incorporated herein by reference, the following words have the following meanings unless otherwise indicated:
1.1.1. “Applicable Law” or “Law” means all laws, statutes, orders, regulations, rules, treaties and/or official obligations or requirements enacted, promulgated, issued, ratified, enforced, or administered by any Government that apply to you or the Site;
1.1.2. “AML” means anti-money laundering, including all Laws applicable to the Parties prohibiting money laundering or any acts or attempted acts to conceal or disguise the identity or origin of; change the form of; or more, transfer, or transport, illicit proceeds, property, funds, fiat, or Digital Assets, including but not limited to the promotion of any unlawful activity such as fraud, tax evasion, embezzlement, insider trading, financial crime, bribery, cyber theft or hack, narcotics trafficking, weapons proliferation, terrorism, or Economic Sanctions violations;
1.1.3. “Anti-Corruption” means all Laws applicable to each Party prohibiting corruption or bribery of government officials, kickbacks, inducement, and other related forms of commercial corruption or bribery;
1.1.4. “CTF” means counter-terrorist financing;
1.1.5. “Digital Assets” means a digital representation of value that functions as (a) a medium of exchange; (ii) a unit of account; (iii) a store of value, and/or (iv) other similar digital representations of rights or assets, which is neither issued nor guaranteed by any country or jurisdiction, typically including blockchain-based assets or rights including sovereign cryptocurrency or virtual currency;
1.1.6. “Economic Sanctions” means financial sanctions, trade embargoes, export or import controls, anti-boycott, and restrictive trade measures enacted, administered, enforced, or penalized by any Laws applicable to you or the Site;
1.1.7. “Feedback” means any ideas, suggestions, documents, and/or proposals about the Site and the Services;
1.1.8. “Government” means any national, federal, state, municipal, local, or foreign branch of government, including any department, agency, subdivision, bureau, commission, court, tribunal, arbitral body, or other governmental, government appointed, or quasi-governmental authority or component exercising executive, legislative, juridical, regulatory, or administrative powers, authority, or functions of or pertaining to government instrumentality, including any state-owned (majority or greater) or controlled business enterprise;
1.1.9. “Hector Network Content” means the Services and the information and content available therein;
1.1.10. “Personal Information” means any information that allows us to identify you or any other individual;
1.1.11. “Prohibited Jurisdictions” means any state, country, territory or other jurisdiction where your use of the Services would be illegal or where your use of the Services would amount to any violation of any Applicable Law either by you or by Hector Network;
1.1.12. “Prohibited Conduct” has the meaning set out in section 6 of these Terms;
1.1.13. “Rewards” means, including but not limited to, any incentives, rebates or remittances associated with the Services;
1.1.14. “Terms” means these terms and conditions of services, as they may be changed, amended, or updated from time to time;
1.1.15. “Third Party Services” means applications and/or services hosted by third parties;
1.1.16. “User Content” means all data and information provided or uploaded by you to the Services;
2.1. HECTOR NETWORK IS NOT A BANK, SECURITIES FIRM, FINANCIAL INSTITUTION, FINANCIAL SERVICES PROVIDER OR PROVIDER OF SIMILAR SERVICES AND DOES NOT PROVIDE INVESTMENT OR FINANCIAL ADVICE, FINANCIAL SERVICES OR CONSULTING SERVICES TO USERS OF THE SERVICES. WE ARE SOLELY THE PROVIDER OF THE SERVICES AS DEFINED ABOVE. YOUR LOGGED DIGITAL ASSETS ARE NOT COVERED BY INSURANCE AGAINST LOSSES OR SUBJECT TO ANY DEPOSIT INSURANCE SCHEMES OR PROTECTIONS.
3.1. By browsing the Site and/or using the Services, you represent that (a) you have read, understand, and agree to be bound by the Terms, (b) you are 18 years or older, or of the age of majority in your local jurisdiction, whichever is higher, and legally capable of forming a binding contract with Hector Network, and (c) you have the authority to enter into the Terms personally or on behalf of the legal entity for whom you are using the services. The term “you” refers to you individually or the legal entity on whose behalf you use the Services, as applicable. If you do not agree to be bound by the Terms, you may not access or use the Services.
3.2. You may not use the Services if you are located in, or are a citizen or resident of any Prohibited Jurisdiction. It is your obligation to check before using the Services whether you are a user from a Prohibited Jurisdiction. We may implement controls to restrict access to the Services from any Prohibited Jurisdiction pursuant to these Terms. You agree to comply with these Terms even if our methods to prevent the use of the Services are not effective or can be bypassed.
4.1. Prior to using the Services, you should examine your objectives, financial resources and risk tolerance to determine whether utilizing the Services is appropriate for you. By accessing and using the Site and/or Services, you represent that you understand the inherent risks associated with using cryptographic and blockchain-based systems and that you have a working knowledge of the usage and intricacies of Digital Assets. You further understand that the markets for Digital Assets are highly volatile. You acknowledge that the cost and speed of transacting with cryptographic and blockchain-based systems are variable and may increase dramatically at any time. You further acknowledge the risk that your Digital Assets may lose some or all of their value while they are supplied to the Services.
4.2. By using the Services, you further understand and agree that any Rewards are not guaranteed and the timing of the Rewards may vary. Such rates have no relationship to and may not be competitive with benchmark interest rates observed in the market for bank deposit accounts. You agree and understand that Hector Network does not guarantee that you will receive these Rewards and that the applicable percentage or nominal value is an estimate only and not guaranteed and may change at any time in Hector Network’s sole discretion.
4.3. The Services are evolving and you may be required to accept updates to Services, or update third-party software (i.e., browsers, hardware wallet firmware, hardware wallet bridge, or OS) in order to keep using the Services or access their latest features, including security updates. We may update the Services at any time, without providing notice.
4.4. The Services may provide access to, integrate, or create user interfaces or interactions with Third Party Services. Access to Third Party Services may be geo-blocked for residents of certain countries. You agree that it is impossible for Hector Network to monitor Third Party Services and that you access them at your own risk. Do not share any credential, private key, or other sensitive or confidential information with any third party without validating their legitimacy. Third Party Services are available to you, subject to the terms and conditions of each Third Party Services provider. To the extent Third Party Services have terms that differ from these Terms, you may be required to agree to those terms in order to access the Third Party Services. You agree to only use any Third Party Services in compliance with the terms and conditions governing such Third Party Services. Although we do our best to only provide links to credible and reliable Third Party Services, we do not control the terms, policies, or performance of any third parties, and we are not responsible for any performance, or failure to perform, of any Third Party Services. We do not provide customer support for transactions and/or services performed by Third Party Services providers. We do not guarantee that these Third Party Services are secure (although we do our best to include only the reliable ones). We do not guarantee that the Third Party Services’ instructions and libraries used for any interactions are correct and without any errors.
4.6. You must provide all equipment and software necessary to use the Services yourself. You are solely responsible for any fees, including but not limited to internet connection, mobile or blockchain-related transaction fees, that you incur when accessing or using the Services.
5.1. Hector Network (and/or its suppliers, where applicable) owns all right, title and interest in and to the Hector Network Content and the Site. You shall not remove, alter or obscure any copyright, trademark, service mark or other proprietary rights notices incorporated in or accompanying the Hector Network Content.
5.2. Hector Network and other related graphics, logos, service marks and trade names including but not limited to the Hector Network Content used on or in connection with the Services are intellectual property of Hector Network and may not be used without permission in connection with any third-party products or services. Other trademarks, service marks and trade names that may appear on or in the Services are the property of their respective owners including but not limited to Hector Network’s suppliers.
5.3. The Hector Network Content is protected worldwide by copyright, trademark, or other intellectual property protection legally available. Subject to the Terms, Hector Network grants you a personal, restricted, non-exclusive, non-transferable, non-sublicensable, revocable and limited license to reproduce portions of Hector Network Content solely as required to use the Services for your personal or internal business purposes. Unless otherwise specified by Hector Network in a separate license, your right to use any Hector Network Content is subject to these Terms.
5.4. You own your User Content. By posting, displaying, sharing or distributing User Content on or through the Services, you grant us, and the provider of any Third Party Services used in connection with the Services, a non-exclusive license to use the User Content solely for the purpose of operating the Site and providing the Services. Except as prohibited by Applicable Law, we may disclose any information in our possession (including User Content) in connection with your use of the Services, to (a) comply with any Applicable Law, regulation and/or order of a competent authority; (b) enforce these Terms, (c) respond to your requests for customer service, (d) protect the rights, property or personal safety of Hector Network, our employees, directors, officers, partners, suppliers, customers, agents, or members of the public, or (e) for any other purpose legally possible reasonably determined by us.
5.5. You may provide Feedback to Hector Network through any means, and you grant Hector Network a fully paid, royalty-free, perpetual, irrevocable, worldwide, exclusive, and sublicensable right and license to use the Feedback for any purpose.
6.1. You may not use the Services for any purpose that is prohibited by the Terms or Applicable Law. You may not, including but not limited to, (a) use the Site or any Services in order to disguise the origin or nature of illicit proceeds of, or to further, any breach of Applicable Laws, or to transact or deal in, any contraband Digital Assets, fiat, funds, property, or proceeds; (b) use the Site or any Services if any Applicable Laws, including but not limited to AML Laws, CTF Laws, Anti-Corruption Laws, Economic Sanctions Laws, prohibit, penalize, sanction, or expose the Site to liability for any Services furnished or offered to you under these Terms; (c) use the Site or any of the Services to facilitate, approve, evade, avoid, violate, attempt to to violate, aid or abet the violation of, or circumvent any Applicable Laws, including but not limited to AML Laws, CTF Laws, Anti-Corruption Laws, and Economic Sanctions Laws; (d) use the Site or any Services to evade taxes under the Laws of the British Virgin Islands or any other jurisdiction(s) applicable to you or the Site; (e) use the Site or any Services to engage in conduct that is detrimental to Hector Network or to any other Site user or any other third party; (f) use the Site or any Services to: engage or attempt to engage in wash trading, spoofing, fictitious trading or price manipulation; enter orders or quotes in any Digital Assets market with the intent to disrupt, or with reckless disregard for the adverse impact on, the orderly conduct of trading or the fair execution of transactions; or enter orders or quotes in any Digital Assets market with the intent of creating the false impression of market depth or market interest; or (g) violate, cause a violation of, or conspire or attempt to violate these Terms or Applicable Laws.
6.2. By accessing the Services, you also agree not to: (a) license, sell, rent, lease, transfer, assign, reproduce, distribute, host or otherwise commercially exploit the Services or Hector Network Content, or any portion thereof; (b) frame or enclose any trademark, logo, or other Hector Network Content, (including images, text, page layout or form); (c) use any metatags or other “hidden text” using Hector Network’s name or trademarks; (d) modify, translate, adapt, merge, make derivative works of, disassemble, decompile, reverse compile or reverse engineer any part of the Services (except to the extent this restriction is expressly prohibited by Applicable Law); (e) use any manual or automated software, devices or other processes (including spiders or other data mining tools) to “scrape” or download data from the Site or from the Services (except that we grant operators of public search engines a revocable permission to do so for the sole purpose of creating publicly available searchable indices (but not caches or archives) of such content); (f) access the Services in order to build similar or competitive services; (g) copy, reproduce, distribute, republish, download, display, post or transmit any Hector Network Content except as expressly permitted herein; and (h) remove or destroy any copyright notices or other proprietary markings contained on or in the Services or Hector Network Content. Hector Network, its suppliers and service providers reserve all rights not expressly granted by these Terms. Any unauthorized use of the Services terminates the licenses and/or rights granted by Hector Network herein.
6.3. You shall not (and shall not permit any third party to) take any action or make available any content on or through the Services that: (a) infringes any intellectual property rights of any person or entity; (b) is unlawful, threatening, harassing, defamatory, libellous, deceptive, fraudulent, invasive of another’s privacy, tortious, obscene, or offensive; (c) is unauthorized or unsolicited advertising, junk or bulk email; (d) involves commercial activities and/or sales, such as contests, sweepstakes, barter, advertising, or pyramid schemes; (e) impersonates any person or entity, including any employee or representative of Hector Network; (f) interferes with the proper functioning of the Services; (g) engages in any potentially harmful acts directed against the Site or the Services, including violating any security features, introducing malware, viruses, worms, or similar harmful code into the Site or the Services; or (h) attempts to do any of the foregoing.
7.1. You agree and understand that all usage of the Site and the Services is considered unsolicited, which means that you have not received any investment, legal, tax or financial advice from us in connection with any such usage, and that we do not conduct a suitability review of any such usage.
7.2. All information provided within the Site or the Services is for informational purposes only and should not be construed as investment, legal, tax or financial advice.
8.1. THESE TERMS ARE NOT INTENDED TO AND DO NOT CREATE OR IMPOSE ANY FIDUCIARY DUTIES ON US. TO THE FULLEST EXTENT PERMITTED BY LAW, YOU ACKNOWLEDGE AND AGREE THAT WE OWE NO FIDUCIARY DUTIES OR LIABILITIES TO YOU OR ANY OTHER PARTY, AND THAT TO THE EXTENT ANY SUCH DUTIES OR LIABILITIES MAY EXIST AT LAW OR IN EQUITY, THOSE DUTIES AND LIABILITIES ARE HEREBY IRREVOCABLY DISCLAIMED, WAIVED, AND ELIMINATED. YOU FURTHER AGREE THAT THE ONLY DUTIES AND OBLIGATIONS THAT WE OWE YOU ARE THOSE SET OUT EXPRESSLY IN THESE TERMS.
9.1. Although Hector Network does not generally monitor your use of the Services, if Hector Network becomes aware of or suspects any possible violations by you of any provision of the Terms or any Applicable Law, Hector Network may investigate such violations and, at its sole discretion, take any actions it deems appropriate including but not limited to terminating your access to the Services, putting your access to the Services on hold, putting your account on hold or terminating it permanently.
10.1. You agree to indemnify and hold Hector Network harmless from any losses, costs, liabilities and expenses (including legal fees) relating to or arising out of: (a) your use of, or inability to use, the Site or the Services; (b) your violation of the Terms; (c) your violation of any rights of another party, including but not limited to any other users of the Services; or (d) your violation of any Applicable Laws. Hector Network may, at its own discretion, assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you shall fully cooperate with Hector Network in asserting any available defenses. This provision does not require you to indemnify Hector Network for any fraud, gross negligence, or wilful misconduct of Hector Network.
11.1. THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITH ALL FAULTS, AND HECTOR NETWORK EXPRESSLY DISCLAIMS ALL WARRANTIES, REPRESENTATIONS, AND CONDITIONS OF ANY KIND ARISING FROM OR RELATED TO THESE TERMS OR YOUR USE OF THE SERVICES, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. YOU ACKNOWLEDGE THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ALL RISK OF USE OF THE SERVICES RESTS ENTIRELY WITH YOU.
11.2. HECTOR NETWORK IS NOT LIABLE, AND YOU AGREE NOT TO SEEK TO HOLD HECTOR NETWORK LIABLE, FOR THE CONDUCT OF THIRD PARTIES ON OR ACCESSED VIA THE SERVICES, INCLUDING THE USE OF THIRD PARTY SERVICES. THE RISK OF DAMAGE, LOSS OR INJURY FROM USE OF SUCH THIRD PARTY SERVICES RESTS ENTIRELY WITH YOU.
12.1. By using the Services, you acknowledge and agree: (a) to be fully responsible and liable for your trading and non-trading actions and inactions on the site and all gains and losses sustained from your use of the Site and any of the Services; and (b) to be fully responsible for safeguarding access to, and any information provided through the Site and any of the Services.
12.2. IN NO EVENT WILL HECTOR NETWORK BE LIABLE FOR ANY LOST PROFITS, REVENUE OR DATA, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, OR DAMAGES OR COSTS DUE TO LOSS OF PRODUCTION OR USE, BUSINESS INTERRUPTION, OR PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, WHETHER OR NOT HECTOR NETWORK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF THE LIABILITY ASSERTED. IF ANY DISCLAIMER OR LIMITATION IN THIS SECTION 12.2. IS DEEMED INVALID, UNENFORCEABLE OR INEFFECTIVE BY THE APPLICABLE LAW, SUCH DISCLAIMER OR LIMITATION SHALL BE DEEMED MODIFIED TO APPLY TO THE MAXIMUM EXTENT PERMITTED BY THE APPLICABLE LAW.
12.3. UNDER NO CIRCUMSTANCES WILL HECTOR NETWORK BE LIABLE TO YOU FOR DAMAGES ARISING OUT OF YOUR USE OF THE SERVICES EXCEEDING 100 USD. IF ANY DISCLAIMER OR LIMITATION IN THIS SECTION 12.3. IS DEEMED INVALID, UNENFORCEABLE OR INEFFECTIVE BY THE APPLICABLE LAW, SUCH DISCLAIMER OR LIMITATION SHALL BE DEEMED MODIFIED TO APPLY TO THE MAXIMUM EXTENT PERMITTED BY THE APPLICABLE LAW.
12.4. THE LIMITATIONS IN SECTIONS 12.1. AND 12.2. WILL NOT APPLY TO DAMAGES CAUSED BY FRAUD, GROSS NEGLIGENCE, OR WILFUL MISCONDUCT OF HECTOR NETWORK, OR TO THE EXTENT SUCH LIMITATIONS ARE PRECLUDED BY APPLICABLE LAW (IN WHICH CASE HECTOR NETWORK’S LIABILITY SHALL BE INCREASED TO THE MINIMUM AMOUNT REQUIRED TO COMPLY WITH SUCH LAW).
13.1. The Terms commence on the date when you accept them (as described in the preamble above) and remain in full force and effect for so long as you access the Site or use the Services, unless terminated earlier in accordance with the Terms.
13.2. Hector Network may, at any time and for any reason, cease providing the Site or any or all of the Services, and/or terminate the Terms. Without limiting the foregoing, we may also terminate your access to any or all of the Hector Network Content and/or the Services.
13.3. Upon termination of the Services, your right to use the Services will automatically terminate immediately. Hector Network will not have any liability whatsoever to you for any suspension or termination. All provisions of the Terms which by their nature should survive termination of these Terms or the Services will do so, including but not limited to Sections 3, 5, 7, 7,10, 11, 12, 13.4 and 13.
14.1. Communications to you from Hector Network use electronic means, whether made via the Services or sent via email, or whether Hector Network posts notices on the Services. For contractual purposes, you (1) consent to receive communications from Hector Network in an electronic form; and (2) agree that all terms and conditions, agreements, notices, disclosures, and other communications that Hector Network provides to you electronically satisfy any legal requirement that such communications would satisfy if it were to be in writing in a physical copy. The foregoing shall not affect your statutory rights.
14.2. Where Hector Network requires that you provide an email address, you are responsible for providing Hector Network with your most current and correct email address. In the event that the last email address you provided to Hector Network is not valid, or for any reason is not capable of delivering to you any notices required/permitted by the Terms, Hector Network’s dispatch of the email containing such notice will nonetheless constitute effective notice. You may give notice to Hector Network at the following email address only: [email protected] Such notice shall be deemed delivered when the receipt of such notice is confirmed by Hector Network to the email address you provided to Hector Network.
14.3. The Terms, and your rights and obligations hereunder, may not be assigned, subcontracted, delegated or otherwise transferred by you without the prior written consent of Hector Network. Any attempt by you to assign these Terms without written consent is void. These Terms, and any of the rights, duties, and obligations contained herein, are freely assignable by Hector Network without notice or your consent.
14.4. Hector Network will not be liable for any delay or failure to perform resulting from causes outside its reasonable control, including but not limited to acts of God, war, terrorism, riots, pandemics or epidemics, embargos, acts of civil or military authorities, fire, floods, accidents, strikes or shortages of transportation facilities, fuel, energy, labor or materials.
14.5. If you have any questions, feedback, complaints or claims with respect to the Services, please contact us at: [email protected] We will do our best to address your concerns.
14.6. These Terms and any action related thereto shall be governed by and shall be construed in accordance with the Laws of the British Virgin Islands. All claims and disputes arising under or relating to this Agreement are to be settled exclusively by the competent courts in the British Virgin Islands. For the avoidance of doubt, and without limiting the generality of the foregoing, this provision expressly applies to any claim, whether in tort, contract or otherwise, against Hector Network. You irrevocably and unconditionally agree and consent to the jurisdiction and venue of the courts of the British Virgin Islands, and you waive any objections thereto, including under the doctrine of forum non conveniens or other similar doctrines. You and Hector Network agree that any Party hereto may bring claims against the others only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. Any relief awarded to any one user of the Services cannot and may not affect any other users of the Services.
14.7. Any waiver of any provision of the Terms on one occasion will not be deemed a waiver of any other provision or of such provision on any other occasion. Any delay or failure in exercising any right shall not constitute a waiver unless such waiver is confirmed in writing.
14.8. If any part of any section of these Terms is held invalid or unenforceable, that part will be construed in a manner to reflect, as nearly as possible, its original meaning while remaining valid and enforceable or if not possible shall be deemed deleted and the remaining part of the section and/or of these Terms will remain in full force and effect.
14.9. These Terms are the final, complete and exclusive agreement between you and Hector Network with respect to the subject matter hereof and supersedes and merges all prior discussions, agreements or representations between you and Hector Network with respect to such subject matter.
Welcome to the Hector Network platform (“we”, “us” or “Hector Network”). Hector Network is developing an ecosystem which consists of various innovative developments and applications (“Services”). The Hector Network platform is accessible on www.hector.network and any other sites or subdomains of Hector Network (“Site”).
To provide our Services we may collect some of your data some of which may under certain circumstances be considered personal information. We at Hector Network are committed to fully protecting your privacy and being a responsible and transparent custodian of the information we collect.
Therefore, please find all the necessary information on how we may collect and process your personal data gathered in connection with your use of our Site and our Services in this Privacy Notice.
Notice: Please, read this Privacy Notice carefully and in addition to the Terms and Conditions to understand our practices regarding the information that may be considered personal. If you do not wish for your personal information to be used in the manner described herein, you should not access our Site and all subdomains thereof, utilise our Services, participate in the offering of our tokens or otherwise provide Hector Network with your information which may be considered personal.
Please ensure that any relevant individuals are made aware of this Privacy Notice prior to providing their information to us or us obtaining their information from another source. In such a case, you or they must first ensure that you or they have the authority and appropriate legal basis to do so.
We do not knowingly collect or ask for data, including personal information, from people under the age of 18. If you are such a person, please do not use our Service or send us your data. Otherwise be informed that we erase such data the moment we learn it is collected from a person under the age of 18.
The administrator of our Site, provider of the Services and thus controller of your personal information processed in connection for purposes described hereinbelow is Hector Enterprise Inc.
Registered office: Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands
We will usually respond to all legitimate enquiries within 30 days. Occasionally it may take us longer if your request is particularly complex or you have made numerous requests. We will notify you and keep you updated.
‘Personal information’ is any information that, either alone or in combination with other data, enables an individual to be directly or indirectly identified (for example, name, email address, contact details, or any unique identifier such as an internet protocol address (‘IP address’), device ID or other online identifier).
We may collect the following basic personal information from you:
You can choose how Cookies are handled by your device through your browser or through our cookie banner, including refusing or deleting all Cookies. If you choose to receive no Cookies at any time, websites may not function properly and certain services may not be provided. Each browser and device is different, so check the settings menu of the browser or device you are using to learn how to change your advertising settings and Cookie preferences.
We may receive information about you from other sources, including third parties that can lawfully share the information with us and help us update, expand, and analyse our records, prevent or detect fraud or other suspicious activities and process payments. In addition, our Site may also include integrated content or links to content provided by third parties (such as live chat, social media content, plug-ins and applications).
Please be informed that we do not process special categories of personal data (such biometric data, data concerning health, racial or ethnic origin, political opinions, etc.).
We do not use either automated decision-making or profiling in terms of your personal information you provide to us.
We may use the information gathered primarily for the following purposes:
We may also use the information we collect:
We retain the information we collect for no longer than is reasonably necessary to fulfil the above purposes and to comply with our legal obligations.
Your personal information as described above is processed by us on a basis of the following legal grounds:
Taking steps prior to entering into a contract and necessity for performance of a contract with you – We may need to collect and use your personal information in order to enter into a contract with you or to perform a contract that you have with us, for example, when you provide personal information to us in order to purchase our tokens, if necessary for such purchase.
In such a case, the provision of your data is necessary in order to enter into a contract and also a contractual requirement as without such data we are not able to enter into a contract with you.
Compliance with legal obligations – We may process your personal information as may be required by respective legal or regulatory obligations that may apply to us.
In this case, the provision of your data is a statutory requirement without which we are not able to comply with our legal obligations.
Our legitimate interests – We may use your personal information for our legitimate interests to improve our Services, thus maintain and develop our business activities as well as to protect and enforce our or third party’s rights, if necessary.
Please be informed that you have the right at any time to object to the processing of your personal information which is based on our or third party’s legitimate interest.
Your consent – We send to you direct marketing e-mails upon your previous consent. Each such e-mail also contains a link that allows you to opt-out from receiving such e-mails, update your contact information or change your preferences at any time.
To withdraw any consent to processing your personal information, please use our electronic form or by clicking on a link provided in every e-mail sent to you to unsubscribe from such marketing electronic communication.
We may disclose information:
Important note: We do not sell, rent, or otherwise share personal information that reasonably identifies you or your organisation with unaffiliated entities for their independent use except as expressly described in this Privacy Notice or with your prior separate consent. We may share information that does not reasonably identify you or your organisation as permitted by applicable law.
When you voluntarily make your personal information available online in our environment shared by third parties (for example, on messaging applications, social media, message boards, web logs, or emails), that personal information may be viewed, saved, collected, heard, used and/or shared by third parties outside of Hector Network. We are not responsible for any unauthorised third party using such information. Please be mindful whenever you share any information in such environments.
Our Site may include integrated content or links to third parties’ content (for example, social media content, plug-ins and applications, video materials, etc.) which are governed by the third parties’ privacy settings and policies, which may differ from this Privacy Notice. This Privacy Notice does not address, and we are not responsible for or able to control, the privacy, security, or other practices of such third parties.
We deploy organisational, technical and physical safeguards designed to protect the information that we collect. This includes, when required or appropriate and feasible, obtaining written assurances from third parties that may access your personal information that they will protect the information with safeguards designed to provide a level of protection equivalent to that adopted by Hector Network.
We may store the information we collect on our servers both cloud-based or in servers located in countries where we or our service providers have facilities. Therefore, we may transfer information to countries outside of your country of residence which may include countries outside the EU member states.
Please note that if you are the EU citizen and provide us with your personal information, it may then be transferred for the purposes stated herein to third countries outside the EU/EEA under conditions set in this Privacy Notice and you consent to this by using our Site or Services.
You have the right to withdraw your consent at any time, without affecting the lawfulness of processing based on consent before its withdrawal. Therefore, the marketing e-mails we send to you include the opt-out link for you to unsubscribe from receiving such communication (as well as update your contact information). We will honour your choice and without delay refrain from sending you such e-mails.
Under local law, you may have certain rights regarding processing of your personal information, in particular, you have the right to request: (i) access to your personal information, (ii) rectification or erasure of your personal information, (iii) restriction of processing concerning you, (iv) objection to processing that is based upon our legitimate interests (as already stated above), and (v) data portability to other service providers.
We are committed to working with you to obtain a fair resolution of any complaint or concern about your privacy. If, however, you believe that we have not been able to assist with your complaint or concern, you may have the right to lodge a complaint with a respective supervisory data protection authority, as applicable, in your jurisdiction.
If you would like to contact us, please use the methods stated above.
Your ability to exercise these rights will depend on a number of factors and, in some instances, we will not be able to comply with your request, for example because we have legitimate grounds for not doing so or where the right doesn’t apply to the particular information we hold on you. Where so entitled to access to your personal information, you will not have to pay a fee unless your request is clearly unfounded, repetitive or excessive (upon which we may charge a reasonable fee or refuse to comply with your request). If you would like to discuss or exercise the rights you may have, you can contact us through the methods stated above.
Please keep us informed if your personal information changes whilst we continue to retain such information. We encourage you to contact us to update or correct your information if it changes or if you believe that any information that we have collected about you is inaccurate or out of date.
We may update this Privacy Notice from time to time and we encourage you to periodically review this Privacy Notice. If we make any material changes to this Privacy Notice regarding the way we collect, use, and/or share the personal information that you have provided, we will notify you by posting notice of the changes on the Site or, if we hold your email address, by email.
The use of certain of our Services may also be governed by other applicable terms and policies regarding privacy and the sharing of personal information, which supplement, and should be reviewed alongside, this Privacy Notice.
Unless otherwise defined in this Privacy Notice, terms used have the same meaning as in the Terms and Conditions.
Effective Date: 10 May 2022
This disclaimer (the “Disclaimer”) explains the terms and conditions governing your access to the https://hector.network/ website (the “Site”) and/or our services as described on the Site (the “Services”; unless the context provides otherwise, the Services shall be deemed to include the Site). This Disclaimer, together with the Terms and Conditions (the “Terms”), forms a binding legal agreement between you and Hector Enterprise Inc., with its registered office at Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands (“Hector Network” or “we” or “our” and its derivatives).
You must read this Disclaimer carefully. By accessing the Site and/or using the Services, you signify that you have read, understand and agree to be bound by this Disclaimer in its entirety and understand the risks related to the Services and crypto-assets in general. You agree to comply with this Disclaimer even if our methods to prevent the use of the Services are not effective or can be bypassed. If you do not agree with anything in this Disclaimer, you may not use the Services. We may implement controls to restrict access to the Services from any jurisdiction or persons prohibited pursuant to this Disclaimer.
You agree to indemnify and hold Hector Network harmless from any losses, costs, liabilities and expenses (including legal fees) relating to or arising out of: (a) your use of, or inability to use, the Services; (b) your violation of this Disclaimer or the Terms; (c) your violation of any rights of another party, including but not limited to any other users of the Services; or (d) your violation of any applicable laws.
Hector Network may, at its own discretion, assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you shall fully cooperate with Hector Network in asserting any available defenses. This provision does not require you to indemnify Hector Network for any fraud, gross negligence, or willful misconduct of Hector Network.
You confirm that you fully understand that (i) our crypto products and related services are unregulated and can be highly risky; (ii) there may be no regulatory recourse for any loss from crypto-related transactions; (iii) investment in crypto-assets or similar products carries a high risk, may not be suitable for retail investors and the entire amount invested may be lost.
Hector Network is not a bank, securities firm, financial institution, financial services provider or provider of similar services and does not provide investment, tax or financial advice, financial services or consulting services to users of the Services. We are solely the provider of the Services. Your logged digital assets are not covered by insurance against losses or subject to any deposit insurance schemes or protections.
You understand that you are solely responsible for any tax reporting and payment, levies or similar duties applying to you in relation to your use of the Services (including but not limited to your purchase and/or sale of any digital assets) and you agree to hold us harmless and indemnify us for any tax-related obligations applicable to you in relation to your use of the Services.
You may not use the Services if you are located in, or are a citizen or resident of any state, country, territory or other jurisdiction where your use of the Services would be illegal or where your use of the Services would amount to any violation of any applicable law either by you or by Hector Network, which is your obligation to check before using the Services, including but not limited to:
any jurisdiction for which the Services, or any offer or solicitation in respect of the Services, would require registration or licensing or otherwise would be unlawful.
The Services are also not available to any person who is the subject of economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control (OFAC) or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom; or (c) any other relevant sanctions authority (“Sanctions”) or is organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions.
The information on this page and all other pages owned, operated by, or related to Hector are for educational purposes only and do not constitute any sort of advice. Cryptocurrencies, NFTs and other blockchain offerings are unregulated assets and users should do extensive research into how they work, the potential risks and the tax liability of owning them in their native regions. Users should carefully read all the documents above before accepting.