#1 Source for BlockChain News

Category archive

cryptocurrency trading sites

BitMEX

US Regulator Launches Investigation into Client Trades

The month of July has not been a particularly good one for cryptocurrencies, and if recent reports regarding BitMEX are to be believed, then the upcoming weekend might not be a great one either.

Report Details

In a sensational report from Bloomberg, it has been revealed that popular crypto exchange BitMEX is apparently being investigated by the Commodity Futures Trading Commission for allegedly allowing US residents to trade on the platform. Although US residents can trade in cryptocurrencies, the situation with BitMEX is a bit different. US residents are categorically excluded from using the platform since it is registered in Seychelles.

It is the same with any other crypto platform registered in that country. It has now emerged that some user might have used tools like VPN to get around those regulations and traded anyway. In such a situation, it is the responsibility of the platform in question to bar such users from the platform. It should be noted that no official confirmation has yet been made about the investigation by either BitMEX or the CFTC. The development came to light on social media through Bloomberg reporter Tim Culpan, who seems to have been briefed about the events.

>> Litecoin (LTC) Eyes Fresh Gains Above $100: All Eyes on Halving Event

Once the news broke on social media, selling pressure was experienced in many cryptocurrencies, including Bitcoin. The news brought immense pressure on Bitcoin, and soon enough, the token gave up as much as $500, bringing it close to $10,000. The recent report has also brought into focus the relentless attacks that both BitMEX and its Chief Executive Officer Arthur Hayes received from noted economist Nouriel Roubini over the course of the month so far. After a debate between the two in Taipei, the economist has been relentless in his attack, and on Wednesday he had even published an essay in which he stated that he has evidence that criminal activities are going on in the BitMEX platform.

What do you think of the whole debacle?

Featured image: DepositPhotos © AlphaBaby

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Huobi

Partnership with Stable Universal & Paxos

There are plenty of crypto exchanges in the world, and some of them operate in the stablecoin system. As per the stablecoin system, cryptocurrencies are traded in stablecoin pairs, and Huobi (HT) is such an exchange—or rather, it was, until its most recent announcement.

The company has now announced that its HUSD token will no longer be used in the form of a stablecoin system; instead, it is going to be turned into an ERC-20 token. The ERC-20 token is going to be built in partnership with Stable Universal Limited and Paxos Trust Company, two startups in the crypto space. The press release in relation to this particular development was published on July 17.

Huobi has pointed out that the ERC-20 HUSD Token is going to be backed by the United States Dollar, and the token will be held securely by Paxos. Paxos is a company that is regulated by the New York State Department of Financial Services and, because of this, is 100% secure.

Last but not least, it is important to note that the token will be listed for the first time on the Huobi platform. The change in the system inside the Huobi exchange will take place gradually over the upcoming days. Stable Network will also be involved with third parties and create smart contracts.

>> Altcoins Recovering: Ethereum (ETH) and Ripple (XRP) Lead Crypto Higher

Burning 14 Million Tokens

However, that is not all. Earlier on this week, Huobi (HT) had also announced that it was going to regulate the supply of Huobi Token by burning as many as 14,011,700 tokens. That being said, it is important to note that a burning event is a quarterly event that is performed by the company in order to keep the supply of the token stable.

At the time, when the burning was done, the total supply of Huobi Token stood at 310,318,300. The totality of the burned tokens, however, rose by as much as 116% from the previous quarter and the company attributed it to improvement in market conditions at this point.

Featured image: DepositPhotos © kentoh

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Koinex

Koinex Exchange Shuts Down Trading Services in India

Koinex is the latest cryptocurrency exchange to fall prey to India’s ban on virtual currencies. Months after delisting several cryptocurrencies, the exchange has shut down its trading services. The exchange has blamed uncertainty as well as disruptions for the unexpected decision.

Koinex Shutdown

In an official statement, Koinex says it has always wanted to provide blockchain enthusiasts a reliable way of digital trading assets. The government-instituting ban on cryptocurrencies, according to Koinex management, made it impossible to continue offering crypto trading services. The exchange has since given its customers until July 15 to withdraw all their digital assets from the exchange.

According to CEO Rahul Raj, they could no longer continue to operate in India given the immense financial burden because of stringent regulations. Immediate reports indicate that the government is planning to introduce a new bill that will ban cryptocurrencies completely and propose a jail term for anyone dealing in them.

“We have stayed away from disclosing details to the public in the larger interest of mindfully steering the industry towards positive regulations, but unfortunately we’re not too hopeful that things will change for the better in the near future,” said Mr. Raj.

>> Bitrue Hacked: Another Crypto Exchange is Breached with 4.2M Stolen

Cryptocurrency Ban in India

Koinex joins a string of other crypto exchanges that have had to close shop in recent months. In September of last year, Zebpay was forced to close down all its operations as the Reserve Bank of India passed a ban on virtual currencies. The exchange has since had to shift all its operations to Australia where cryptocurrencies are considered legal tenders.

If recent developments are anything to go by, then Unocoin could be the next crypto exchange to exit the Indian Market. Reports indicate that the exchange has laid off a significant amount of staff given the regulatory uncertainty that makes it impossible to operate a successful crypto business in the country.

The uncertainty in the Indian market is a stark contrast to developments in other mature economies. In the US, for instance, cryptocurrencies are slowly finding their way into the mainstream sector. Facebook and JPMorgan have both already launched cryptocurrencies.

Featured image: DepositPhotos © pitamaha

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bitrue

Bitrue Hacked | Another Crypto Exchange is Breached with 4.2M Stolen

According to reports, Singapore-based crypto exchange Bitrue has been hacked. The culprits have made off with approximately $4.2 million in user assets.

What’s going on? Here’s what we know so far.

Bitrue Hacked

The hack was announced earlier today via Twitter, with the company saying it first noticed the issue around 1 am local time Thursday.

Those who have had funds stolen are to be reimbursed as tokens on the exchange are insured. Details have emerged about what was taken; according to Bitrue, the loot includes 9.3 million Ripple (XRP) valuing $4.01 million at present, and 2.5 million Cardano (ADA) worth $231,800 at current prices.

Bitrue tweeted:

“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”

The exchange detailed further how the breach occurred:

“A hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”

Currently, Bitrue has frozen funds and any accounts that are associated with the hack. It is conducting an emergency investigation into its system and will be up and running “as soon as possible.”

Cryptocurrency Hacks in 2019

The news is likely to stir investors who are all too aware of the dangers with cryptocurrency and hacks on exchanges. According to CoinTelegraph, so far in 2019, there have been seven large-scale crypto exchange hackings resulting in the loss of millions of dollars.

>> Bitcoin (BTC) Price Continues to Shine: Hits $13K Mark

Recently, on June 6, UK- and Slovenia-based crypto exchange GateHub was a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen. In this instance, an unidentified hacker used a “sophisticated method to gain access to a database holding users’ access tokens and steal their funds.”

Only one month prior, major exchange Binance faced its second major hacking. This time the hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time. The first major breach the exchange faced came in March 2018.

Hacking is a notorious issue in the crypto-space, with hacks claiming $1.7 billion USD in 2018 alone.

Featured Image: DepositPhotos © aetb

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Coinbase debit card

Coinbase Debit Card to be Available in Six More European Countries

In April, cryptocurrency exchange Coinbase launched its Visa Coinbase debit card in the UK. Coinbase has announced that, as of Wednesday, it will be launching the Visa debit card in France, Spain, Germany, the Netherlands, Italy, and Ireland.

Coinbase Debit Card Showing Strong Adoption

The debit card allows Coinbase account holders to use digital currencies such as Ethereum, Bitcoin, and Litecoin to pay for purchases in retail outlets and online for traders that accept Visa. Zeeshan Feroz, the Coinbase UK CEO, stated that the aim of the card is to make paying with cryptocurrency as easy as using cash.

The CEO said that since the launch of the card in mid-April in the UK, its take up has been strong. He didn’t provide specific figures but did indicate that they had blown past the company’s initial 1,000 cards that it was offering for free.

As indicated previously, the Coinbase debit card is linked to a mobile app in iOS and Android and directly syncs with the Coinbase accounts. It gives users the option of selecting the type of cryptocurrency they would prefer to use in their spending. Equally, the card is also accessible as a physical contactless card that one can use to make a withdrawal of cash from ATMs.

>> Visa B2B Connect: Cross Border Enterprise Payments on the Blockchain

Instead of paying merchants directly with cryptocurrency, the exchange charges users a conversion fee to change fiat money such as the euro into crypto. Coinbase has partnered with PaySafe to offer the debit cards.

Growing Acceptance of Crypto Payments

Cryptocurrency is gaining traction, and a number of start-ups, tech companies, and banks are increasingly accepting the use of crypto payments as a way of making trading easier.

Earlier this year, Binance, one of the largest crypto exchanges in the world that rivals Coinbase, partnered with Simplex to start offering credit and debit card payments. Fintech start-ups such as Square in the US and Revolut in the UK are already offering cryptocurrency trading on their platforms while social media giant Facebook is planning to launch its own digital currency toward the end of this month.

What do you think about this expansion of the Coinbase debit Card?

Featured image: DepositPhotos © LDProd

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

1 2 3 23
Go to Top
%d bloggers like this: