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Bitfinex Crypto Exchange Needs A Few Weeks And The Funds Will Be Unfrozen

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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.”

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Blockchain News

Tor Internet Privacy Project Launches BTC Donation Fund

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Tor Internet Privacy project launched a bitcoin donation in a bid to fight against web censorship and surveillance and managed to raise about 65% of its goal in only one day. In altcoin news below we find out more. Tor aims to raise more than $10,000 in the next few days which in order to fight against internet censorship. The Tor internet privacy project enables users to access the internet privately and with a high degree of anonymity while bypassing the government censors and firewalls. This is managed through the Tor browser which is a modified version of Firefox that can avoid ISP filters and access an unfettered internet. The twitter user Hodlonaut tweeted:
‘’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.
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Blockchain News

Siemens Wants To Use Blockchain Tech For Car Sharing

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The technology giant Siemens is in the latest cryptocurrency news for its interest to use the blockchain technology and adopting similar solutions. As a report on Forbes shared on July 15 shows, the electrification, automation and digitalization global giant is exploring the use of blockchain in the transportation industry. According to the head of cybersecurity and blockchain at Siemens, Andreas Kind, the company is looking to incorporate blockchain tech into carsharing through Siemens Mobility which is one of the company's subsidiaries. The altcoin news today show that there is a potential rally on the market as most of the top 20 coins are in the green. While this is happening, blockchain seems to be booming. Meanwhile, car sharing reportedly refers to using or renting a car for a short period of time - and is a trend which Siemens is apparently exploring through the prism of blockchain. According to Kind, there is one issue with the system. He pointed out that the associated fueling cards (which allow car renters to refill on gas) are problematic because they are a a subject to a number of restrictions on the customer. Furthermore, they can only use the card at specific stations and they are sometimes stolen. Kind thinks that this type of technology could be improved through a blockchain solution which Siemens is exploring:
"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.
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Blockchain News

Bitpoint Update Shows Another $2.3 Million Of Crypto Is Missing

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Bitpoint update on the hack that occurred shows that another $2.3 million of cryptocurrency is missing. The company made the new announcement earlier today so we read more about it in the latest cryptocurrency news below. After the high profile hacking of the Japanese exchange, the company announced the news that more money is missing. As it wasn’t bad enough to have more than $32 million of crypto stolen by the hackers, Bitpoint update shows that the exchange lost an additional $2.3 million which is still unclear how. The funds were discovered missing from exchanges that are based outside of Japan but that still use Bitpoint’s trading system. The Japanese exchange reported that the hackers stole more than $22.7 million of the clients' funds whilst the rest was from the exchange’s reserves. The operator suspended all transactions and services and has still yet to resume operations. In what could be considered as a positive thing, Bitpoint announced yesterday that the value of the hack was now estimated at a total of 3.05 billion yen but it still unclear whether this is because of the reassessment of the funds missing or simply because of the overall drop in prices during the weekend. The hot wallet of the exchange which was targeted by the hack attack holds bitcoin, Ethereum, Litecoin and Bitcoin cash and all of these cryptocurrencies dropped in price since the attack. As mentioned previously in the altcoin news, third of the crypto frauds and hacks occurred in Japan. These account up to a massive $920 million of the total $2.7 billion stolen around the world over the past eight years without taking the latest Bitpoint attack into account. The Japanese Financial Services Authority has an inspection from the Financial Action Task Force in the upcoming days and they are desperately trying to impress them. After the CoinCheck attack in 2018, the regulator increased the guidelines but stated they are not willing to regulate excessively. However, it will be very interesting to see how the things will turn around with the upcoming FSA inspections which hopefully will improve the situation and bring some calm on the Japanese market.
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Binance Just Burned $24 Million Worth Of BNB Coins

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The leadership of Binance is apparently pushing towards bringing value to their users. This week, the cryptocurrency exchange based in Malta completed its eighth quarterly token burn where more than 809,000 BNB tokens were burned. The sum that Binance just burned was worth approximately $24 million USD at the time of the bum. The company is all over the altcoin news for the latest token burn - which was the first towards its new goal of burning 100 million BNB tokens. As they revealed in an official post:
“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.
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