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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?

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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.

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Tether

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time.

Administrative Error

In an astonishing development, the members at Tether transferred $5 billion worth of USDT tokens to the TRON Blockchain from Omni Layer, instead of the $50 million that they had originally meant. All of a sudden, the market was flooded with billions of dollars in Tether that had been created out of the thin air due to an administrative error on the part of Tether team members.

However, the team got to work quickly, and just four minutes after the transfer had been made, $500 million worth of Tether tokens were destroyed. Later on, $4.5 billion worth of token were burned in order to neutralize the error that had occurred in the first place. The problem emanated from Polinex, a highly popular and well-regarded crypto exchange. Tether had actually requested the exchange to take care of the swap, and that is when the error took place. Polinex clarified the issue in a statement.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

On the other hand, the Chief Technology Officer of Tether, Paulo Ardaino, and crypto exchange Bitfinex stated that they proceeded to burn the tokens quickly enough. He took to Twitter and shared a tweet in which the burn transactions of Tether had been recorded. However, he conceded that such an error could have had a debilitating effect on the entire crypto market. It is the sort of error that can always happen when it comes to currency generation in which there is a human element, but such things usually do not happen with traditional cryptocurrencies.

At the time of writing, Tether is trading higher by 1% at $1.

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VanEck Bitcoin ETF

John McAfee Reiterates His $1 Million by 2020 BTC Price Prediction

In a rather haughty Tweet posted earlier today, American crypto enthusiast John McAfee wrote that he was “laughing his f—— ass off” at the concern over Bitcoin’s falling price this week.

The entrepreneur went even further and reiterated his prediction that Bitcoin would reach $1 million by 2020.

What has him so bullish?

John McAfee Predicts Bitcoin $1 Million by 2020

Bitcoin price has fluctuated wildly in recent weeks. Unable to breach the $14,000 mark, Bitcoin topped out at approximately $13,650 and fell back below $10,000 at the end of June. Then last week, a similar bull run happened again, only this time, Bitcoin reached approximately $13,050 before declining.

Now, as the coin trades for $10,557 USD, the market is showing concern for the coin’s future—the sentiment is notably bearish.

However, McAfee is laughing it off. His Twitter post from this morning reads as follows:

“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.”

The notorious entrepreneur has a point. Yes, Bitcoin has lost around 9% on the week; however, on the month, it is trading up 23%, and in the last three months, it has made a gain of over 100%.

And the bullish sentiment doesn’t stop there. John McAfee recently predicted that in only ten year’s time, “there’ll be no fiat anywhere in the world […] everything will be cryptocurrency.”

>> Tether (USDT) Accidentally Creates $5 Billion in Crypto

John McAfee for President?

McAfee is currently in exile in Cuba for allegedly evading US income tax charges. He is at the same time coordinating his second campaign for the American presidency.

Recently, he stirred the market when he said he would reveal who Satoshi Nakamoto is. However, he reneged on this when noting that the ensuing controversy could damage his efforts to fight extradition to the US.

Are you as bullish on Bitcoin as McAfee? Let us know your thoughts!

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Bitpoint

Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

A Tokyo-based cryptocurrency exchange called Bitpoint has suspended operations after it lost $32 million to a hacking last night.

The company that runs the exchange, Remixpoint, discovered that ¥3.5 billion worth of various digital currencies had disappeared under its management.

Bitpoint Hacked and Suspends Operations

According to the exchange, the funds went missing from a hot wallet (a wallet connected to the internet), but other funds held in cold wallets or offline haven’t been affected. The hacking was brought to light when an error appeared in the exchange’s outgoing funds transfer system.

Roughly ¥2.5 billion worth of the missing currency is owned by its customers; the rest is owned by the firm. The company has said it will compensate the customers for the loss. Soon after the announcement, shares in Remixpoint plunged almost 20%.

Though we know the amount taken, Bitpoint has not detailed what exact virtual coins were stolen; however, it holds various cryptos including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

At present, Remixpoint is analyzing the hack and has given no further details.

Cryptocurrency Hacking

The Bitpoint hack is further proof of the danger with cryptocurrency. So far in 2019, there have been eight large-scale crypto exchange hackings resulting in the loss of millions of dollars.

The most recent hack happened on June 27, when Singapore-based exchange Bitrue had $4.2 million stolen.

Prior to that, on June 6, crypto exchange GateHub was also a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen.

In May, major exchange Binance faced its second major hacking. The hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time.

>> Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Hacking is a notorious issue in the crypto-space; hacks claimed $1.7 billion USD in 2018 alone.

Hacks have even managed to shut down exchanges completely. In 2017, the South Korean exchange Youbit shut down and filed for bankruptcy after two separate hackings.

Tokyo-based MtGox exchange faced the same fate. At one time, it handled almost 80% of all global Bitcoin transactions; however, it was shut down in 2014 after 850,000 Bitcoins (worth half a billion US dollars at the time) was stolen from its wallets.

What do you think about the Bitpoint hacking?

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