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The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume

December 4, 2018 |

The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume

Today’s edition of The Daily covers everything from hardware wallets to fake volume on cryptocurrency exchanges. But to kick-start proceedings, we’ve got the first report on a survey in which a surprising proportion of freelancers express an interest in being paid in cryptocurrency.

Also read: Swiss Crypto Valley Association Leadership Steps Down After Governance Review

US Freelancers Express Interest in Crypto Payments

P2P platform Humans.net has commissioned a survey into the payment preferences of American freelancers. It quizzed 1,100 U.S. citizens to determine their amenability to being paid in bitcoin or other cryptocurrencies, with 18 percent expressing a clear preference for digital currency payments over fiat currency. Among those questioned were self-employed professionals such as tutors, designers and developers.

Given that the respondents were drawn from across the gig economy and were not prescreened for cryptocurrency interest, the 18 percent statistic can be taken as evidence of growing interest in bitcoin. An additional 11 percent of those surveyed stated that they would like to receive partial payments in cryptocurrency, making a total of 29 percent of freelancers who would be happy to receive crypto.

The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume

Ellipal and Ledger Wallets Get an Upgrade

The software that powers cryptocurrency hardware wallets is regularly updated to incorporate new features and coin additions. Ellipal, whose wallet we reviewed a few weeks back, has just had its firmware refreshed. “The Cold Wallet 2.0,” which ships from Hong Kong, now supports XRP, DGB, LTC, DASH, ETC, USDT and CMT, in addition to existing cryptos BTC, BCH and ETH. The accompanying Ellipal smartphone app has also been upgraded, with an improved UI and a new digital assets overview page. Meanwhile, Ledger has updated its Nano S wallet to support monero (XMR).

The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume

Storecoin Launches Governance Peer Review

It’s not uncommon for cryptocurrency projects to seek peer review of their technical papers. Zero-fee payment protocol Storecoin has narrowed in on a highly specific facet of its forthcoming blockchain however — governance. In addition to establishing a Governance Peer Review & Working Group, the project is soliciting community feedback on the trade-offs it has proposed in order to settle upon a workable system of governance.

“We believe that the only governance model that can function at global enterprise scale without returning to centralization or descending into the volatility of mob rule is a checks-and-balances based system,” concludes its public peer review document.

The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume

 

Coinbit and GDAC Accused of Manipulating Volume

Coinbit and GDAC, two South Korean exchanges that launched during the summer, have joined the growing list of Asian platforms that Crypto Exchange Ranks (CER) accuses of fake volume. Inflating trading figures is a way that some exchanges game the system, placing them higher in Coinmarketcap’s top 100 exchanges by reported volume. Coinbit currently places fourth, with around $ 600 million of cryptocurrency supposedly traded in the past 24 hours, while GDAC occupies the 53rd spot.

The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume“Since GDAC’s trade fees are 0 percent the exchange redistributes its tokens ‘based on contribution for buy orders’ and calls it a ‘Purchase Contribution Air Drop,’ but the principle is the same as trans-fee mining,” explains CER. It also notes that in mid-November, Coinbit claimed the top spot on Coinmarketcap by reported volume, placing it ahead of Binance and Bitmex. Transaction fee mining exchanges remain highly controversial, with CER having previously taken platforms like Bitforex and Fcoin to task for similar practices. When Coinmarketcap’s exchanges are ranked by adjusted volume rather than reported volume, it’s no surprise that Coinbit and GDAC fall out of the top 100.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post The Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume appeared first on Bitcoin News.

Bitcoin News

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information Platform

November 24, 2018 |

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information Platform

In the Saturday edition of The Daily, we look at a technical issue with Amazon’s cloud services network that has forced two major South Korean crypto exchanges to temporarily go offline. In other news, Malta-based digital asset exchange Okex has launched a platform offering information on initial coin offerings and Estonia has issued licenses to a new cryptocurrency exchange called Serenity.

Also read: Bitpay Adds Another Stablecoin, Waves to Launch Exchange in Malta

Amazon Web Services Network Failure Hits South Korea

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information PlatformUpbit and Coinone, two leading South Korean cryptocurrency exchanges, were forced to go offline Thursday morning due to an hour-long failure of the Amazon Web Services (AWS) platform in the country, Zdnet reported. The outage also affected a number of e-commerce hubs, with networks in Seoul taking the hardest hit. AWS confirmed the glitch in a statement quoted by The Next Web:

Between 3:19 p.m. and 4:43 p.m. PST we experienced increased error rates in the Asian-Pacific region.

AWS, whose cloud services are used by some of South Korea’s largest companies — including Samsung, Hyundai and Korean Air — has conducted an emergency inspection of its Asian network. According to media reports, it has assured customers the issue has been resolved and that the system is already operating normally.

The two exchanges were the only cryptocurrency platforms affected by the interruption of the company’s centralized cloud services. Following the outage, Upbit apologized for not being able to warn users in advance and said it would be canceling some trades under certain conditions. Coinone informed its customers it would undergo maintenance.

Okex Sets up Information Center for ICOs

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information PlatformMalta-based cryptocurrency exchange Okex has announced the launch of Okex Project Info, a platform offering information about token issuers, their roadmaps, their development progress and third-party reviews. The company promised strict monitoring of the data provided by the teams of the reviewed ICO projects in order to ensure the accuracy and unbiased nature of the published information. In an announcement, the exchange explained:

We created this platform with the mission of helping our customers to gain a better understanding of the projects before they make any trading decisions.

The digital asset trading platform also said that teams that fail to update the status of their projects every 30 days will be removed from Okex Project Info. “We are doing so to promote transparency in the ecosystem, letting our users know what to expect in owning the tokens,” the exchange said in a blog post.

Startups conducting ICOs are welcome to apply for listings on Okex Project Info via email. The team will contact applicants to confirm their details and guide them through the process.

Serenity Crypto Exchange Licensed in Estonia

New digital asset trading platform Serenity has obtained two licenses from the Estonian Financial Intelligence Unit. They will allow it to exchange digital and fiat currencies and operate as a provider of wallet services in the crypto-friendly EU jurisdiction. The company will officially launch its Serenity Escrow service by the end of this month. It is currently integrating a system that will allow it to process fiat currency deposits.

Revolut Crowned Europe’s Allstar Company of 2018

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information PlatformU.K.-based digital bank Revolut was crowned Europe’s Allstar Company of 2018 at the recent annual Investor Allstars Awards ceremony, Wired has reported. The fast-growing fintech startup, which raised $ 250 million earlier this year, recently announced that it now has more than three million users. According to GP Bullhound, an investment company and co-organizer of the event, Revolut has become a leader in the European tech ecosystem. A recently released report reveals the fast-growing sector is now worth around €200 billion ($ 230 billion).

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


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The post The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information Platform appeared first on Bitcoin News.

Bitcoin News

Markets Update: Traders Expecting Major BCH Action When Exchanges Open

November 18, 2018 |

Markets Update: Traders Expecting Lots of BCH Action When Exchanges Open

It’s been a pretty hectic week for cryptocurrency enthusiasts as the infamous Bitcoin Cash hash war has unfolded. Overall, the cryptocurrency economy has lost billions since our last markets update, with the entire market worth roughly $ 188 billion on Sunday, Nov. 18.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Riding Out the Lows

Most digital asset markets are seeing their lowest values in a year, leaving traders curious to see what happens next. The last week was filled with all kinds of craziness due to the Bitcoin Cash (BCH) split that took place on Nov. 15. Many digital asset enthusiasts believe the BCH fork possibly moved all the markets due to the economic activities used to fight the battle. Right now bitcoin core (BTC) is trading for $ 5,593 per BTC and has an overall market valuation of $ 97 billion. One thing many people didn’t notice during the hash war was that ripple (XRP) displaced ethereum (ETH) and took second place. The second largest market capitalization held by XRP is worth $ 20 billion and each ripple is being swapped for $ 0.50 today. Ethereum (ETH) prices are trading for $ 175 per coin and the market valuation is currently $ 18 billion. Lastly, the fifth position held by stellar (XLM) has a capitalization of around $ 4.8 billion and one XLM is trading for $ 0.25.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
Top 10 cryptocurrency markets Nov. 18, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position this weekend but the fork has depleted all the pre-fork money that went into the market in the weeks prior. BCH is trading for $ 381 right now which is a big improvement from its low of $ 269 on Nov. 15. Although it should be noted that a lot of large exchanges paused BCH trading over the last few days, but markets like Bittrex have recently opened. Because of the lack of trading vessels, BCH market pairs are quite interesting. Today ethereum (ETH) is dominating BCH pairs by 56% over the last 24 hours. This is followed by USDT (15%), BTC (14%), KRW (8.1%), and JPY (3.5%). Both the Korean won and Japanese yen have jumped considerably when it comes to BCH currency pairs.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 7-day on Nov. 18, 2018.

BCH/USD Technical Indicators

Looking at charts from exchanges that are currently allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $ 269 low. The two Simple Moving Averages (SMA) are very close but the short term 100 SMA is still above the long-term 200 SMA trendline. This indicates the path toward the least resistance is the upside and when more exchanges open this will likely hold true for a little while but not for too long. At a price of $ 381, the 4-hour BCH Relative Strength Index (RSI) is still indicating oversold conditions at -23. Order books show a similar readout as the course toward $ 500 shows very little waves but there may be bumps after $ 450. On the backside, there are lots of foundations between the current vantage point and $ 300 with lots of pit stops.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 4-hour. 11/18/18

The Verdict: Traders Patiently Waiting to Trade BCH Expect a Bunch of Market Action

Traders are waiting for more exchanges to open BCH markets up and when they do some believe the price could move wildly in any direction. Cryptocurrency proponents are also curious to what will happen to markets with the introduction of the new coin BSV, as most BCH supporters are confident exchanges will list the ABC chain as BCH. For instance, Kraken support has explained that the ABC chain will be given the BCH ticker, and Huobi Global emailed customers today stating: 

BCH ABC, the longer chain, will be retained for the designation of BCH. And, we will be designating the SV version of BCH as BSV.

News.Bitcoin.com also spoke with the CEO of the Colombian cryptocurrency trading platform, Panda Exchange, who told our newsdesk Panda will be listing the ABC chain as Bitcoin Cash (BCH).

“Panda believes the large chain is the only one that will survive, and we believe Bitcoin ABC still has the same soul  For that, we know BCH-ABC is BCH  And Panda will support the ABC chain and it will still have ticker ‘BCH,’” explained the Panda Exchange CEO. “Also all subproducts of Panda Group like Xeler ATM and ccoins.io will follow the same route.”

According to exchanges like Poloniex, which are trading BSV tokens at the moment, the price per BSV is around $ 99 USDC but is down 15% over the last 24 hours. 

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Markets Update: Traders Expecting Major BCH Action When Exchanges Open appeared first on Bitcoin News.

Bitcoin News

More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

November 18, 2018 |

A growing number of companies are entering the cryptocurrency space in Thailand. However, they have not applied for approval from the Thai Securities and Exchange Commission (SEC), prompting the regulator to issue several warnings against unapproved operators.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Companies Entering Thai Crypto Space

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSince Thailand enacted its cryptocurrency regulations in May, a growing number of companies have been launching crypto exchanges and issuing tokens in the country.

Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand with a plan to open the first “cryptocurrency bank” in the country, Channel 3 News reported. The company aims for its Thai operation to be the crypto exchange hub of Asean countries, the media outlet detailed, and quoted the company’s general manager explaining:

The goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSouth Korea-based cryptocurrency exchange Coin25 announced on Tuesday that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos,” Business Korea reported. However, this exchange only offers the trading of its own token.

Mrc Biz Ltd. has also been promoting an initial coin offering (ICO) in Thailand, the Thai SEC revealed on Friday. Another company, Corexfly, announced that it was launching an exchange in Thailand back in August. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.

Furthermore, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have also unveiled their plans to open exchanges in Thailand.

SEC Issues More Warnings

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededAccording to Thailand’s cryptocurrency regulations, companies wanting to conduct crypto business in the country must gain approval from the SEC, the main regulator of the country’s crypto industry. So far, only six crypto exchanges and one dealer have been temporarily approved while their applications are being reviewed.

The six exchanges are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). Currently, Coins Th. is the only company that has been temporarily approved to operate as a cryptocurrency dealer. No approvals have been granted to new exchanges or token issuers.

The SEC has issued several warnings against unauthorized crypto businesses and tokens. Recently, it warned investors about Db Holdings Plc. and nine unauthorized tokens.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals Needed
Rapee Sucharitakul.

Q Exchange Ltd. also received a warning, the Thai SEC announced on Tuesday. The commission explained that while the company has not been granted approval, it has been advertising and soliciting customers to buy and sell cryptocurrencies. The SEC has notified the exchange to stop advertising and selling investments in the country.

On Friday, the commission issued a warning against Mrc Biz Ltd. which has been promoting its ICO in Thailand without approval. The company has not submitted any applications to the SEC and has neither been approved to conduct crypto business nor issue tokens, the commission emphasized.

Rapee Sucharitakul, secretary-general of the Thai SEC, was quoted by Bangkok Biz News on Thursday saying that the commission expects the finance ministry to approve the applications of some companies to operate crypto businesses such as ICO portals, exchanges or dealers in December.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of all these companies trying to enter the crypto space in Thailand? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, and Khaosod.


Need to calculate your bitcoin holdings? Check our tools section.

The post More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets

November 12, 2018 |

Exchanges Roundup: Revolut CEO Discusses Investment, Binance Launches Research Unit

In recent exchange news, the chief executive officer of Revolut has expressed doubt regarding the institutional appetite for cryptocurrency exposure, Binance has launched a new research division, and Etoro has begun the gradual rollout of its wallet for Android and iOS users.

Also Read: Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Revolut CEO Skeptical on Institutional Investment

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsNikolay Storonsky, the chief executive officer of fintech unicorn Revolut, recently expressed skepticism regarding the rhetoric circulating throughout the cryptosphere that suggests institutional investors are eager to gain exposure to bitcoin.

“There is no interest from big institutional investors so far,” Storonsky said at the recent Web Summit 2018 in Lisbon. “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients.”

Despite his statements, Storonsky concluded that “fintech will be very big in crypto for the foreseeable future.” He added: “I just don’t think banks will catch up.”

Binance Announces Research Division

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsBinance, the leading cryptocurrency exchange by trade volume, has announced the launch of a new in-house analysis division, Binance Research. The company said that the new division will “increase transparency and (the) accuracy of information in the cryptocurrency and blockchain space.” It added that it aims to “shine a spotlight on quality blockchain projects.”

As of this writing, Binance Research has published a report providing analysis on Loom Network, as well as another one on Gochain. According to the company’s website, a report looking at Pundi X will also be published “soon.”

Etoro Starts Rollout of Android and iOS Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsSocial trading platform Etoro has started launching its cryptocurrency wallet for Android and iOS users. According to a press release, the wallet is being rolled out in different countries in phases in order to “ensure the best customer experience for clients.”

The wallet is currently available for download via Google Play and Apple’s App Store. It will only support BCH, ETH, LTC and BTC. Etoro plans to eventually add support for other cryptocurrencies in the future.

“The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in-store and more,” said Yoni Assia, the chief executive officer of Etoro.

Do you think that the hype regarding the institutional appetite for crypto is real? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia, Etoro


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets appeared first on Bitcoin News.

Bitcoin News

South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

November 12, 2018 |

South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Latest Expansion Plan

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaUpbit, one of South Korea’s largest cryptocurrency exchanges, has been marketing new crypto exchanges in Thailand and Indonesia in their local languages, according to local media. The company has set up a website for each exchange.

Edaily reported Upbit describing on Friday that “Both countries appreciate the growth potential of the cryptocurrency industry.” The exchange was quoted by the publication as saying:

Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.

Upbit is operated by Dunamu Inc., an affiliate of Kakao Corp. which operates the country’s most popular chat app, Kakaotalk. Upbit is also affiliated with U.S.-based exchange Bittrex.

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaDunamu CEO Lee Seok-woo has been planning overseas expansion for his exchange. “From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market,” the news outlet detailed.

Recently, Upbit officially launched an exchange in Singapore that supports Singapore dollars. The company plans for the new exchanges to support the baht in Thailand and the rupiah in Indonesia.

Upbit Thailand

“Prepare to meet Upbit Thailand soon” is the message displayed on the front page of the Thai Upbit website. The exchange also states that its service is in “closed beta” phase and is currently available only to a limited number of early registrants. There will be 131 coins listed and 241 trading pairs.

South Korea’s Upbit to Open Exchanges in Thailand and Indonesia

The Thai government enacted cryptocurrency regulations in May. It is currently evaluating a number of applicants wanting to operate in the crypto space. Six crypto exchanges and one dealer have been allowed to operate in the country while their applications are being reviewed since they were in business prior to the regulations. The central bank has also greenlighted commercial banks to create subsidiaries for cryptocurrency activities.

Upbit Indonesia

Upbit’s Indonesian website is less developed than its Thai counterpart. “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States” is the translation of the message displayed on its front page. According to the website, 156 coins and 276 trading pairs will be supported.

South Korea’s Upbit to Open Exchanges in Thailand and Indonesia

In June, the Indonesian Futures Exchange Supervisory Board signed a decree to regulate cryptocurrencies as commodities.

Domestic Environment

Zdnet described last week that the expansion to Thailand and Indonesia is Upbit’s effort to increase its overseas user base, stating:

Upbit is experiencing difficulties in increasing users because it has not been able to issue a new real-name account since January of this year. Upbit has said it plans to step up its overseas expansion, starting with Southeast Asia.

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaThe South Korean government implemented the real-name system in January. However, banks have been reluctant to provide this service to crypto exchanges. So far, they have only offered the real-name conversion service to the country’s top four crypto exchanges, including Upbit.

“I am in a desperate situation which I can lose a great opportunity if I miss this period,” Edaily quoted Lee as saying. He further explained that while “the situation in Korea is not good due to various regulations,” competition is increasing. Lee emphasized:

If we wait for the domestic trading environment to improve, we will be left behind in the global market.

What do you think of Upbit launching crypto exchanges in Thailand and Indonesia? Let us know in the comments section below.


Images courtesy of Shutterstock and Upbit.


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Bitcoin News

Exchanges Roundup: Binance ‘Very Healthy’ Despite Volume Drop, Gate.io Breached

November 11, 2018 |

In cryptocurrency exchange news, Binance’s CEO has described the exchange as “very healthy” despite the dramatic reduction in trade volume compared with early 2018, and Gate.io was recently breached via a malicious script added to web analytics provider Statcounter. Also, a South Korean ICO raising money for a crypto exchange desk appears to have pulled a $ 2.73 million exit scam.

Also Read: Korean Exchange Terminating After Regulator Crackdown

Binance Unphased by Dwindling Volume

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedSpeaking to CNBC, CZ, the chief executive officer of the largest exchange by volume, Binance, recently discussed the declining trade volume posted throughout the current cryptocurrency bear market.

Despite volume dropping by roughly 50 percent month-over-month, CZ emphasized that although volume had reduced by “90 percent” since January, “we are trading huge volume … compared to one year or two years ago,” adding: “Business is still ok .. we are still profitable … we are still a very healthy business.”

Regarding the onboarding of new traders, CZ stated: “To be honest … it’s not as fast as in January or February when it was … a very crazy period … We are still signing up a steady amount of new users every day, from what we are seeing it’s very healthy.”

Gate.io Breached via Analytics Site

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedCryptocurrency exchange Gate.io was recently breached via web analytics platform Statcounter. According to Alexa, Gatecoin.io is ranked as the 26,251st most popular website globally, and is ranked 8,308 in China. In the last 24 hours, Gate.io has a total trade volume of approximately 3,484 BTC.

Attackers modified a script hosted by Statcounter, adding a piece of malicious code in the middle of the script to decrease the likelihood of detection. The code appears to have been designed to target Gate.io specifically, as it contains “myaccount/withdraw/BTC”, with reports asserting that Gate.io was the only cryptocurrency exchange live at the time of the attack that hosted a valid page containing ‘myaccount/withdraw/BTC’ in its URL.

Statcounter removed the malicious script once it was notified of the breach. Several hours beforehand, Gate.io ceased using Statcounter’s analytics services. The number of BTC stolen from Gate.io users is not known.

Pure Bit Pulls Exit Scam

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedSouth Korean cryptocurrency company Pure Bit appears to have conducted an exit scam which has seen it walk away with $ 2.73 million in customer funds.

The company recently raised 13,000 ETH through an initial coin offering to create a ‘mining coin’ and a cryptocurrency exchange desk. All of the funds raised have since been transferred from the company’s wallet, with reports asserting that the company also took down its website and social media platforms several hours after emptying its wallet. Pure Bit’s website now shows a blank page.

Do you think that the current trade volume can sustain the operations of the hundreds of active cryptocurrency exchanges? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Roundup: Binance ‘Very Healthy’ Despite Volume Drop, Gate.io Breached appeared first on Bitcoin News.

Bitcoin News

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume

November 8, 2018 |

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume

In today’s edition of The Daily, we cover several different reports about the cryptocurrency ecosystem. The first was written by a cybersecurity firm that’s trying to identify the safest exchanges through which to trade. The second report offers a detailed breakdown of the market based on a host of different parameters, while another shows that corporations have abused the term “blockchain” so much that it has become poisonous.

Also Read: Israeli Central Bank to Hold off on Issuing Digital ‘E-Shekel’ Coin

And the Safest Exchange Is…

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeGroup-IB, a Moscow-based cybersecurity firm, has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer clients. This is meant to provide insurers a way to decide what rates to offer clients that wish to insure their holdings on different exchanges.

“In the first place, we assess how crypto exchanges deal with crypto and fiat assets: what are the exchanges assets keys’ storage and management procedures,” a Group-IB spokesperson explained to TNW Hard Fork. “In some cases, with founders’ consent, the assessment includes penetration testing using social engineering methods aimed at the network compromise through the most vulnerable link at any organization — humans.”

According to the rankings, Okex, Huobi Pro, and Coincheck are among the least safe exchanges. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex rank above those exchanges, but Group-IB views Bittrex and Coinbase Pro as even safer. It ranks Kraken as the safest exchange.

The Current Industry Landscape

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeBitmex Research has presented a report produced by Cryptocompare which offers a very detailed look at the exchange ecosystem. It reveals that Malta has been able to position itself as a global trading hub, as exchanges that are now legally based there produce the highest total daily trade volume, at just under $ 1.4 billion. The island nation is followed by South Korea, with about $ 840 million, and Hong Kong at approximately $ 560 million.

In terms of fiat pairs, the U.S. dollar represented 50 percent of BTC trading on average. The greenback was followed by the Japanese yen at 21 percent and the Korean won at 16 percent.

The report also shows that centralized exchanges continue to dominate trading. The combined average daily volume on the top five decentralized exchanges stands at just under $ 2.4 million, which is a mere 0.4 percent of total exchange volume.

Another interesting statistic from the report is that 11 percent of the top exchanges have been hacked in the past. And only one-third of the leading exchanges keep a majority of users’ funds in cold storage.

Blockchain Winter Is Coming

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeBlockchain hype has been a constant feature of mainstream financial media coverage of the cryptocurrency space for about two years now. Many big companies that have wanted free exposure but lacked any connection to cryptocurrency have simply repackaged old database products as private blockchains. Others have simply claimed to launch pilot programs to put everything from vegetables to shipping containers on blockchains.

But now a new report by advisory firm Forrester (Nasdaq: FORR) concludes that “continued hype and unrealistic promises drive risk of a looming Blockchain Winter.” In fact, the research shows that companies are already switching out the term in exchange for “distributed ledger technology.” Now it remains to be seen how long companies will be able to milk “DLT” as a buzzword before moving on to the next one.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token Offering

November 7, 2018 |

Exchanges Roundup: First UAE-Based Exchange, Lxdx to Conduct Security Token Offering

A partnership between Al Zarooni Group, Crypto Bulls and Gulf Coin Gold has fostered the launch of the first cryptocurrency exchange registered in the United Arab Emirates (UAE). In other news, LXDX has announced that it plans to conduct a $ 5.7 million fundraising round via a security token offering (STO), and BTCC has announced indefinite cessation of its mining pool.

Also Read: Venezuelan Banks Start Using the Petro to Denominate Customer Balances

Crypto Bulls Exchange Launches First Registered Cryptocurrency Platform in UAE

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingA partnership between Al Zarooni Group, Crypto Bulls, and Gulf Coin Gold has yielded the launch of the first cryptocurrency exchange to be registered in the United Arab Emirates, Crypto Bulls Exchange.

Suhail Al Zarooni, the Chairman of Al Zarooni Foundation described the launch of the exchange as a “milestone for getting global investments opportunity from all over the Globe in UAE.”

Shasha Gupta, the chief executive officer and founder of Crypto Bulls Exchange, stated that “Crypto Bulls will be the first exchange providing AED trading pairs and traders would be able to convert their crypto assets into AED.”

LXDX Plans $ 5.7 Million Security Token Offering

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingLXDX, a cryptocurrency exchange co-founded by former Spacex engineer Joshua Greenwald, has announced that it will issue tokenized securities representing ownership in the exchange.

The company plans to issue five million tokens priced at 1 EUR each that will collectively represent an ownership share in the platform. The tokens will also entitle holders to 10 percent of the exchange’s quarterly adjusted gross revenue.

Will Roman, the chief operating officer and co-founder of LXDX, stated that the STO would be the only token offering that the firm plans to conduct in the “foreseeable future.”

Joshua Greenwald, LXDX’s chief executive officer stated his expectation that “The million token future is just around the corner,” adding: “As blockchain technology proliferates, we expect to see increased tokenization of tangible assets like real estate, commodities, and even art.”

BTCC to Cease Mining Pool Operations Indefinitely From Nov. 30

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingBTCC has announced that after more than four years of operating a mining pool, it will shut down all of its mining servers on Nov. 15 and “cease operations indefinitely” from Nov. 30.

BTCC requests that miners direct their hashing power elsewhere by Nov. 15 and “bind [their] mining revenue address” before Nov. 20, adding that the pool “will release the profits of all miners in time.”

Do you think more companies in the cryptocurrency sector will seek to issue stock via security token offerings? Share your thoughts in the comments section below!


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Global Cryptocurrency Exchanges Cut Ties With Iran After New US Sanctions

November 7, 2018 |

Global Cryptocurrency Exchanges Cut Ties With Iran After New U.S. Sanctions

A number of cryptocurrency exchanges have reportedly cut ties with Iran after the U.S. imposed tougher economic sanctions against the Islamic Republic. Sepehr Mohammadi, head of Iran’s Blockchain Community, told local media that Binance and Bittrex are some of the platforms to have unofficially dropped Iran from the list of supported countries to receive services.

Also Read: Bitcoin Miners Flock to Paraguay as Country Weighs its Developmental Options

Exchanges Impose Restrictions, but Assets Not Blocked

Global Cryptocurrency Exchanges Cut Ties With Iran After New US Sanctions

On Nov. 5, the U.S. announced severe economic sanctions against Iran that, with the exception of just eight countries, cut the rest of the world off from the country’s oil, shipping and gas market, including its financial system. An earlier round of sanctions in May targeted Iran’s currency, aviation industry and other sectors, as President Donald Trump broke away from his predecessor Barack Obama’s engagement with Tehran. Measures against the financial system are expected to hinder any kind of trade with Iran.

Speaking to IBENA, an Iranian news agency affiliated to the country’s central bank, Mohammadi said “some virtual currency exchanges have imposed restrictions on Iranian users, but no assets belonging to Iranians have been blocked.” The measures mean that people in Iran will no longer be able to trade cryptocurrencies across borders, limiting trade to a domestic market where bitcoin is sold at a significant premium relative to the global average price. It was not immediately clear which other exchanges had stopped offering services to Iranians.

This will not be the first time that U.S. economic sanctions have struck at the heart of Iran’s cryptocurrency industry. In July, after the first round of sanctions, Mohammadi accused Donald Trump’s administration of stifling growth in Iran’s digital currency sector, claiming that the U.S. government confiscated about $ 6 million worth of Iranian-owned BTC. He said then:

Last year (2017), the remarkable volume of bitcoin which belonged to some Iranians was confiscated due to unspecific reasons by the Federal government of the United States, and the process of confiscation is still continuing.

The Iran Blockchain Community chairmain indicated at the time that owners of the confiscated BTC were unable to take legal action against the U.S. inside Iran, as cryptocurrencies were banned in the country. The Central Bank of Iran in April banned Iranian banks from dealing in foreign cryptocurrency citing money laundering and terrorism financing risks, but later rescinded the decision after gauging the full effect of the sanctions.

Global Cryptocurrency Exchanges Cut Ties With Iran After New US Sanctions

Announcing the sanctions on Monday, U.S. Secretary of State Mike Pompeo warned: “It should be noted that if a company evades our sanctions regime and secretly continues sanctionable commerce in the Islamic Republic, the U.S. will levy severe, swift penalties on it, including potential sanctions. I promise you that doing business with Iran in defiance of our sanctions will ultimately be a much more painful business decision than pulling out of Iran entirely.”

State-Backed Digital Currency

Iran, the world’s third largest oil producer, is hoping to leverage cryptocurrencies to compensate for the expected squeeze in petrodollars arising from the economic sanctions designed to cut oil sales from the country, the economy’s lifeblood. Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization, has talked about the “great opportunities” presented by cryptocurrencies, in the latest indication that Tehran is developing a state cryptocurrency.

“Cryptocurrencies can help bypass certain sanctions through untraceable banking operations,” Jalali told the state media in October. He also emphasized the need for formation of a national cryptocurrency that can be used whenever necessary. The state-backed virtual currency will be similar to bitcoin in that transactions are carried out on an online ledger called a blockchain, but it will not be possible for people to mine it because the infrastructure will be private. The country has also approved plans for cryptocurrency mining for the national good.

What do you think about the effect of U.S. sanctions on the cryptocurrency industry in Iran? Let us know in the comments section below. 


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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