The recent downward trend and the negative cryptocurrency news seem to have affected one of the most popular companies in the crypto space – Bitmain. The largest cryptocurrency and Bitcoin mining firm and the most valuable company in the sphere of cryptocurrencies recently decided to shut down the Bitmaintech Israel office, which was set up two years ago.
All of the employees will be laid off and the VP, Gadi Glikberg, who headed the center, will also depart the firm. Some of the main reasons for this were the layoffs on the prolonged cryptocurrency bear market that began last month and worsened this December.
The (now fired) VP of Bitmaintech Israel, Glikberg, told his employees the following:
“The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine its various activities around the globe and refocus its business in accordance with the current situation.”
Even though Bitmain’s main business is all about developing and manufacturing cryptocurrency mining equipment, the firm’s office in Israel was mainly focused towards developing the Connect BTC mining pool and the artificial intelligence (AI) technology that was used in Bitmain’s “Sophon” project.
According to rumors, Bitmain is experiencing headwinds from poor business decisions that weigh on its balance sheet as it grinds towards its long-planned initial public offering (IPO) for which it recently filed.
Line Messenger And Its Plans To Launch An Exchange For 80 Million Users
"LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange. With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security."As he also mentioned, BitMax will use the exact same technology that is used in BITBOX. His statement made the latest cryptocurrency news now that Line is expected to obtain a license and operate BitMax in Japan in the near term. The launch of a crypto exchange by Line Messenger, which is a major tech giant in Japan, definitely restores a lot of confidence - especially by local investors and users following the high profile security breaches and the names associated with them (Coincheck and Zaif). Native exchanges may definitely be the future of a new crypto revolution - and Line Messenger could definitely be pioneering it.
Bitcoin YTD Gains At 151% So Far, New Increases Are Likely
“The launch of Facebook’s cryptocurrency will go down in history as the catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser. Buckle up.”Another crypto trader and real estate developer known as Satoshi Flipper noted that Libra will not replace Bitcoin nor compete against it in the same market.
"Once Libra goes live, nobody outside of the Facebook platform will care much for it. It’s another stable coin and it’s not replacing BTC. It will work in a centralized ecosystem. But it will bring awareness to BTC and altcoins. And I’m excited about the network effect it will have," he said.One of the Winklevoss twins, Tyler Winklevoss, has also predicted a Bitcoin YTD gains, stating the possibility for Bitcoin to break through even more in the near future. https://twitter.com/tylerwinklevoss/status/1141387824379441152 His statement went viral on many best cryptocurrency news sites.
QuadrigaCX Co-Founder Used User Deposits For His Own Trading
“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”In addition to this, the coming altcoin news show that QuadrigaCX co-founder Cotton apparently created fake "identified" accounts on the exchange under multiple aliases “into which unsupported Deposits were deposited and used to trade within the platform.” This, as EY noted, led to “inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.” In his trading on the competitor exchanges, EY noted that the QuadrigaCX co-founder incurred trading losses and incremental fees that affected Quadriga's cryptocurrency reserves. The report also cites EY saying that it has been unable to confirm the identity of wallet holders to which substantial sums of crypto were transferred. As of the filing date, around 76,000 users are owed a combination of fiat and crypto by Quadriga, at an aggregate value of around $214.6 Canadian dollars (equivalent to $162.2 million in USD).
Analysts Believe BTC Will Hit $62K By The End Of Year
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