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| October 21, 2018

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Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

October 11, 2018 |

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


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The post Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin appeared first on Bitcoin News.

Bitcoin News

TMZ

Lil Pump Losing Out On $1 Million After Fall Shows Canceled

October 1, 2018 |

Lil Pump is missing out on a huge payday … the rapper just had 15 shows scrapped and we’ve learned it’s preventing him from earning 7 figures! We’re told Lil Pump was getting $ 70,000 per show on his upcoming tour … and with 15 concerts off the…

TMZ.com

Riot Blockchain Replaces CEO Over $27 Million Pump and Dump Charges

September 10, 2018 |

Riot Blockchain Replaces CEO Over $  27 Million Pump and Dump Charges

Riot Blockchain, Inc. (NASDAQ: RIOT), a company officially focused on cryptocurrency mining and the development of an exchange, has swiftly replaced its CEO after the SEC charged him in connection to a fraudulent $ 27 million pump an dump scheme.

Also Read: Denmark’s Largest Bank May Have Facilitated up to $ 150 Billion in Money Laundering

$ 27 Million Pump and Dump Charges

Riot Blockchain Replaces CEO Over $  27 Million Pump and Dump ChargesThe Securities and Exchange Commission (SEC) charged a group of ten individuals on Friday for fraudulent schemes that generated over $ 27 million from unlawful stock sales and “caused significant harm to retail investors who were left holding virtually worthless stock.” According to the SEC’s complaint, the group of “microcap fraudsters” was led by Barry Honig who was once Riot’s largest shareholder and included John O’Rourke, its CEO.

Honig allegedly bought large quantities of stocks at steep discounts, and after securing a substantial ownership interest in the companies, the group engaged in illegal promotional activity and manipulative trading to artificially pump the stock prices and create the appearance of active trading volume. According to the complaint, they then dumped their shares, “reaping millions of dollars at the expense of unsuspecting investors.”

“As alleged, Honig and his associates engaged in brazen market manipulation that advanced their financial interests while fleecing innocent investors and undermining the integrity of our securities markets,” said Sanjay Wadhwa, Senior Associate Director in the SEC’s Division of Enforcement. “They failed to appreciate, however, the SEC’s resolve to relentlessly pursue and punish participants in microcap fraud schemes.”

Restructuring

Riot Blockchain Replaces CEO Over $  27 Million Pump and Dump ChargesOn Saturday, Riot announced that Chris Ensey would be named its new CEO in connection with a “restructuring of the company’s senior executives.” The announcement, which didn’t mention the charges against the outgoing CEO, explained that: “Mr. Ensey is expected to continue to aggressively pursue the exploration of the company’s Riotx digital currency exchange under license from Coinsquare and expanded opportunities for digital asset and cryptocurrency businesses. The move follows the resignation of John O’Rourke, the company’s Chairman and CEO.”

If the name sounds familiar, this isn’t Riot’s first brush with controversy. Earlier this year the company was hit with a class action lawsuit. Before October 2017, Riot was a biotechnology company known as Bioptix, Inc. that specialized in the development of veterinary diagnostic tools. On October 4, Bioptix announced it was changing its name to Riot Blockchain and shifting its business focus to investing in blockchain technologies. It was accused that as a result of defendants’ false statements and omissions, the prices of Riot’s securities were artificially inflated.

Should investors trust the company after these latest developments? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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.

The post Riot Blockchain Replaces CEO Over $ 27 Million Pump and Dump Charges appeared first on Bitcoin News.

Bitcoin News

TMZ

Kanye West Creative Directs Pornhub Awards and Releases New Song with Lil Pump

September 7, 2018 |

Kanye West has taken his talents to the XXX screen — he’s the creative director for the Pornhub Awards — and he’s got his hand in just about every aspect of the show.  Thursday night’s inaugural show will be presented in VR live from The…

TMZ.com

Trump Asks Saudis to Pump More Oil, Citing High Prices

July 1, 2018 |

President Trump said he asked Saudi Arabia to significantly boost its oil production, but a senior Saudi official said the kingdom has made no specific promise.
WSJ.com: What’s News Asia

This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume

June 26, 2018 |

This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume

Some exchange operators have found a new trick to artificially pump up their trade volume. They are directly rewarding users with their own issued tokens for generating transactions, something critics call a backdoor ICO ripe for manipulation.

Also Read: If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators

Trading as Mining

This New Trick Helps Exchanges Artificially Pump Up Their Trade VolumeHigh trade volume has been a measure bitcoin exchanges competed on for a long while now. And some supposedly used various methods just to increase their numbers along the years, from zero-fee transactions to encouraging algos. Recently there were even accusations that some hired their own market makers just to constantly trade and even counting both sides of any trade, effectively doubling the real action. And now some have started to just pay traders for using their platforms instead of waiting for organic growth.

Apparently invented by Fcoin, a platform recently founded by former Huobi CTO Zhang Jian, the “transaction fee mining” model is meant to help clients offset trading costs by handing them exchange tokens. While this is a new development in crypto, it has precedents in other fields. FX and stock brokers sometimes offer cashbacks or other incentives (such as free iPads) dependent on volume to increase client trading. Here, however, the tokens are arguably a form of dividend-bearing securities, and offering control in the exchanges themselves … which is something that can not happen without crypto tokens.

Stealing Binance’s Thunder?

This New Trick Helps Exchanges Artificially Pump Up Their Trade VolumeA number of exchanges using the trans-fee model have popped up following Fcoin, including Singapore’s Coinbene and Hong Kong’s Bit-Z. The platforms have been able to rack up massive trade volume numbers in short time thanks to this method. Naturally, the company that is most upset about this is Binance which, of course, has its own token but distributed it in an ICO.

Binance CEO Changpeng Zhao slammed the practice as a disguised ICO on Chinese social media and reportedly stated: “If an exchange’s survival depends largely on the price rise of its own token rather than on transaction fee earnings, it has to drive up the token price. In this regard, less experienced traders and retail investors can hardly have the upper hand in the trading competition with those crypto whales, especially the exchange whale.”

Do you care about and trust the reported trade volume by exchanges in the bitcoin ecosystem? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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.

The post This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume appeared first on Bitcoin News.

Bitcoin News

Pixar Pier is Disney’s latest effort to pump up California Adventure

June 24, 2018 |

Disney California Adventure Park opened in 2001 as a salute to California’s fun-in-the-sun attitude.

But the 72-acre Anaheim park — featuring a roller coaster, Ferris wheel and seaside boardwalk area — initially failed to meet the potential envisioned by Walt Disney Co. and so far has drawn only…


L.A. Times – Business

OPEC countries to pump more oil to contain price increase

June 23, 2018 |

The countries of the OPEC cartel agreed Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.

Questions remain, however, over the ability of some OPEC nations — Iran and Venezuela in particular — to increase production…


L.A. Times – Business

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme Exposed

April 28, 2018 |

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme Exposed

In today’s Bitcoin in Brief we’re covering disappointing news for the crypto community: the World Satoshi Summit in Delhi has been canceled because of “regulatory issues” according to its organizers. Also, an alleged crypto pump and dump scheme has been exposed. There is more than one opinion on the case, as you’ll see below.

Also read: Bitcoin in Brief Thursday: Big Money Wears Big Horns, Claws Are In the Closet

World Satoshi Summit Canceled

A major crypto conference, scheduled to be held in Delhi in May, has been canceled. “Due to certain regulatory issues in India, World Satoshi Summit currently stands cancelled,” reads a message on the event’s website. All refunds will be processed over the next few weeks, the organizers promise. They encourage participants to reach out on hello@worldsatoshisummit.com in case of any further queries.

“I feel very sad to inform you that due to certain regulatory issues in India like crypto ban, our most anticipated event, World Satoshi Summit, stands postponed/cancelled. I deeply regret that we have to make such a harsh decision at the eleventh hour, when we were all set for the conference,” Sanjay Goswami, head of marketing for the summit told the Indian outlet Crypto News.

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme Exposed

Indian crypto media have asked the organizers to provide more details and clarity on the reasons for the cancelation. In recent months, the cryptocurrency and blockchain community in the country has been targeted by both regulators and banks. While authorities are working on a new bill to regulate the crypto sector, the Reserve Bank of India has prohibited commercial banks from servicing businesses dealing in cryptocurrencies. Bitcoin trade on local exchanges has dropped as much as 90% in a couple of months.

Pump and Dump Scheme – Exposed?

An alleged crypto pump and dump scheme has been reportedly exposed in a Steemit post. The accusations have been made against the Discord chat group Bitcoin Bravado by a supposed member. The publication contains screenshots of Telegram messages between members of the group. The author claims they indicate a plan for a pump and dump operation on a token called Haven Coin through price manipulation.

The whistleblower says he was invited to join the group’s Telegram channel where he saw the messages. According to the screenshots, members of the group discussed how much cryptocurrency would be needed to control 25% of the trading volume, how long it should be held, and when it should be dumped. The blogger, named “cryptomedication”, has contacted the U.S. Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI) regarding the suspicious conversations. “I’m not here to hide at all”, he says providing his twitter account, as well – @CryptoMedicated.

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme Exposed

In an open letter, Bitcoin Bravado called the publication a “slender article”. It also said that none of the people involved in the conversations from the screenshots write for or have equity in the company. “It’s important for everyone to understand our company’s structure.​ Though a few of the members shown in those telegram chats have been friends​ and supporters​ to Bitcoin Bravado, they write none of the content ​and have no ownership or equity ​in the company. They have their own business, we have ours. They’re almost completely inactive in the day to day operations and have been removed from our Discord channel,” the statement reads.

First Ad in the Blockchain

TD Ameritrade claims to have become the first company to embed an advertisement in the blockchain. The ad of the brokerage firm is made up of ASCII art. It can be viewed on a landing page, which also links to information about each bitcoin transaction and how the ad was built. The advertising agency Havas New York also participated in the project.

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme ExposedThe two companies placed the ad in a function of the blockchain called OP_Return, which works like the memo space on a check, Digital News Daily reports. Simple messages and characters can be placed within transactions on the blockchain and the authors decided to create the image by linking 68 individual transactions with 80 characters each.

According to Denise Karkos, Chief Marketing Officer at TD Ameritrade, there is “no expectation beyond creating a little buzz for the brand” and enjoying the process. “Wouldn’t it be fun to be the first to advertise in the blockchain,” she said, noting that her company was also the first brokerage to provide access to bitcoin futures.

Parity Has No Intention to Split the Ethereum Chain

Parity Technologies has reaffirmed its “commitment to ethereum and a decentralized future”. In a blog post, the company said: “We are deeply sorry to those users who remain unable to access their ether as a result of a bug in our code.” The startup has been in constant conversation with affected projects. It also believes that those who have stuck ether through the wallet freeze have a case for attempting to recover the property.

Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme ExposedIn December, the team behind Parity asked for a hard fork of ethereum to overcome the consequences of the bug, which allowed an ethereum hobbyist to break their multi-signature wallet. As a result, an amount of more than half a million ether was permanently locked and the multi-sig functionality was temporarily disabled.

The company acknowledges that the debate around the recovery has “clearly shown the importance of a transparent governance process” that can respond to the community’s position on contentious issues such as ASIC resistance, supply caps, and contract restorations. “Let us make clear: we have no intention to split the Ethereum chain […] We have all dedicated a great deal of time and effort to developing the ethereum ecosystem, and have no intention of harming what we have helped build,” its team stated. Its members insist they remain committed to making the etherium platform “open, scalable, and safe”.

What are your thoughts on the subjects we’ve covered in today’s Bitcoin in Brief? Share them in the comments section below.


Images courtesy of Shutterstock, World Satoshi Summit, TD Ameritrade, Parity Technologies.


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The post Bitcoin in Brief Friday: World Satoshi Summit Canceled, Pump and Dump Scheme Exposed appeared first on Bitcoin News.

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