Bitfinex crypto exchange is trying to prove the crypto community that the platform is solvent and operational despite the rumors. Two shareholders of the platform claim to be unconcerned by the New York Attorney General’s office allegations that we previously covered in the latest cryptocurrency news of losing $850 million of clients’ funds.
Zhao Dong, one of the Bitfinex crypto exchange shareholders who tried to reassure the community that everything is okay, explained two days ago that he is still ‘’supportive’’ of both Tether who is the issuer of the controversial stablecoin and Bitfinex and their overlapping management.
The chief financial officer at Bitfinex crypto exchange Giancarlo Devasini assured Zhao that this is only a temporary issue. Devasini also stated that the exchange only ‘’needs a few weeks and the funds will be unfrozen.’’ Zhao made clear:
“The funds were in several banks in Poland, the U.S. and Portugal, so I’m not sure but that’s what I heard.’’
The New York Attorney General’s office as previously mentioned in the coming altcoin news, says that the missing funds belong to corporate accounts at the bitfinex crypto exchange but also the exchange itself. Zhao on the other hand, says that the funds belong only to customers by noting:
“What the information I have right now is there are no losses, but the funds belong to clients. If the U.S. government seized the funds, they should know, the funds don’t belong to Bitfinex or Tether, it’s the clients’ money.”
Zhao made comments only a day after the court order by the New York Attorney General which asked the bitfinex crypto exchange to turn over all documentation about the matter as well as explanations on how the platform managed to borrow funds from Tether.
According to the investigative findings, the trading platform could not access the $850 million which are in the Panama-based Crypto Capital and therefore borrowed $700 million from Tether’s reserves to cover up. The news spiked a massive confusion on the market which then spiked a sell-off on the broader crypto market. Zhao argued:
“Tell me, which bank is 100 percent reserved? Not even Tether is … fully reserved, [but] it’s much, much better than other banks,” he said. “Most banks only have 2-3 percent of reserves, for Tether even the $800 million [that] is lost, even that is [not all of their funds], they have 70 percent reserved.”
Tor Internet Privacy Project Launches BTC Donation Fund
‘’I will always remember how @BtcpayServer facilitated the #weareallhodlonaut fundraiser. Now they are powering a super important fundraiser for @torproject If you value privacy and online freedom, please consider donating!’’The official website noted that the funds which will be gathered from the campaign will go directly to the Ledger Nano S Wallet address of the project with no fees or intermediaries. There is also a video on the website which explains how Tor works and why people should use it in order to be safe on the internet. The advantage of donating in BTC is that there are no rounded up figures that you must donate so everyone can donate what they can afford. There are no banks or PayPal like intermediaries as well. The team is on their way to reach the $7,000 goal after more than 200 contributors donated to the project. Two of the contributors even donated more than a thousand dollars in bitcoin. The awareness through media exposure will also help the campaign since the compassion or this project is really high. In only one day, 65% of the target was already gathered. BitPay also tweeted a couple of hours later that a third of the donations arrived with the help of the Lightning Network:
‘’36% of donation amount via lightning network. Quake sounds played in the crowdfunding is making 10 donations of 5 USD via lightning way more satisfying than making 1 donation of 50 USD. Only possible via lightning!’’As noted in the best cryptocurrency news sites, the company is a non-profit one and relies only on donations.
Siemens Wants To Use Blockchain Tech For Car Sharing
"It's not only inconvenient for the drivers, it's inconvenient for the companies because fueling cards get stolen [and] they get sold on the internet [...] That's an example where, in an industrial context, you need something, a technology, that brings together different participants that [don't] fully trust each other [...] That's exactly where blockchain can add value."Siemens is also looking into other areas within the transportation sector for blockchain solutions. As the Siemens Corporate Technology plans show, the company has presented on a possible blockchain solution for "blockchain based smart parking" at the Bosch 2019 Connected World conference. As many best cryptocurrency news sites shared, Siemens is also considering blockchain use cases for supply chains and manufacturing. The company is apparently leaning towards using a permissioned blockchain. However, they are still in the testing and discovery phase and are still reportedly exploring the viability of such use cases.
Bitpoint Update Shows Another $2.3 Million Of Crypto Is Missing
Binance Just Burned $24 Million Worth Of BNB Coins
“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB. The Binance team tokens equate to 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000).”The idea, as the exchange noted, is to use deflationary pressure to make BNB tokens worth more in the long run. The fact that Binance just burned BNB coins is very familiar in the crypto space. In fact, many best cryptocurrency news sites reported that this large token burn comes after the exchange had the best two-month stretch in its fledgling history. From May to June 2019. Binance managed to facilitate around $125 billion which is the largest reported transaction volume that the platform has had in any period to date. Whether the company can maintain such prolific volume as it phases out the American users from Binance.com remains to be seen. However, Binance US is coming and the fact that Binance just burned BNB coins shows that the exchange has various ways its fighting to maintain its dominance in the crypto economy. Aside from the fact that Binance just burned $24 million worth of BNB coins, it also unveiled its new margin trading service. Unfurled alongside the platform’s main exchange service, the margin trading is backed by a new advanced trading engine that is designed for “better order matching and press indexes for margin level calculations to enable lower liquidations,” as the company revealed in a July 11th press release.
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades,” the co-founder of Binance Changpeng Zhao said in the coming altcoin news.
Join us on Facebook
- Retail Investors Can Now Bet On BTC To Hit $100k By 2020
- Tor Internet Privacy Project Launches BTC Donation Fund
- India Will Ban Cryptocurrencies But Not The Digital Rupee
- Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges
- Analyst Rips Libra Saying It’s The Worst Product In The World Ever
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Regulation4 days ago
IRS Confirms That It Has Trained Staff For Detecting Crypto Wallets
Uncategorized5 days ago
Bitcoin Searches On Google Increase After Trump’s Bashing Tweet
Blockchain News5 days ago
Visa And VC Firm Are Investing $40 Million In Crypto Security Systems
Analysis5 days ago
Ether Is Consolidating The Losses Against Bitcoin
Blockchain News5 days ago
Japanese Hackers Steal $32 Million In Crypto From Bitpoint Exchange
Altcoin News4 days ago
Crypto Market Remains Vulnerable: More Losses On The Way?
Uncategorized5 days ago
FED Chair Jerome Powell Admits Bitcoin Is An Alternative To Gold
Altcoin News4 days ago
McAfee Is Sure That The Current BTC And Exile Systems Can’t Survive