Cryptopia co-founder and ex-former developer VCDragon revealed evidence that shows that the exchange hack was an inside job with an intention to destroy the exchange. More about this information we read in the latest cryptocurrency news today.
Just two days ago, @notsofast a twitter user, claimed to be the former developer at Cryptopia and tweeted a link to an article which he claims that there is ‘’the complete story of the fraudulent hostile takeover of Cryptopia by Internal from its founders Adam and Rob.’’
According to VCdragon, he and the Cryptopia co-founder Adam began creating Cryptopia as a hobby project back in 2014 and as the project went on, Adam resigned from his developer position at Intranel. He explained that Intranel didn’t want to give up Adam and offered him to rent an office in the company. The interest of the company continued to grow as the crypto exchange business took off. At the beginning of 2017, Adam and vcdragon believed that they could benefit from this business if Intranel provides support. As VCdragon explained:
‘’Intranel made us an offer that for 20% of the company they would handle all of the business management and development things like helping with hiring and managing staff, paying tax, lobbying for regulator guidance and all the ‘boring’ business stuff.’’
The company offered to contract about 4 people to the developers at a discounted rate and also to provide assistance with finding decent employees for Cryptopia. Since then, the story took a turn for the worse since Intranel hired staff only for themselves and contracted the new employees to Cryptopia and they were given unwarranted managerial latitude so when the exchange was very reliant on the staff, Intranel demanded more than 5% equity in the exchange.
The cryptopia co-founder resigned from the position and VCdragon claims that he was not even paid during the 1 month holiday. He stated:
‘’They bled money everywhere they could, we paid for tax on their staff’s flu shots? We paid taxes on Christmas fits to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries to the company could not afford….that ultimately buried us. ‘’
In the coming altcoin news was reported that Intranel also attempted to sell the Cryptopia company and was also nearly bankrupt.
Coinbase Allows Its Customers To Access Dapps On Desktop Browsers
Kraken Pro Trader Believes Crypto Trading Is The New Wall Street
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
Low-Quality Exchanges Are Dominating The Crypto Trading Volumes
New Bitcoin Programming Language To Improve Transaction Versatility
‘’It’s a language for writing (a subset of) Bitcoin Scripts in a structured way, enabling analysis, composition, generic signing and more.’’Wuille added that Miniscript was ‘’ designed for Bitcoin as it exists today’’ with no consensus changes were necessary to use it and the developers even stated that they even planned to ‘’support future script changes Bitcoin may include’’ as to evolve with the blockchain technology. Wuille later pointed out on Twitter that the new language could eventually be implemented into the Bitcoin Core repository if the Bitcoin community agreed to do it:
“I’ll work on incorporating parts of this in Bitcoin Core if that’s desired (I believe it could be very useful), but ideally it gets included in many pieces of wallet technology.’’The developers created a policy compiler for Miniscript and among other things tool will let the users get an idea for when the conditional bitcoin transactions will be spent. Pieter Wuille and Andrew Poelstra that worked on the new bitcoin programming language is now the rockstar developers in the Bitcoin community because they already built the new language but also because the technology they’re still working on something that could shape the future of bitcoin for the next few years. Some of the tech includes other developments such as Schnorr Signatures and Taproot which are an efficient algorithm for cryptographic signatures and the other one will make bitcoin smart contract transactions private by making them look like normal transactions. As noted in the latest cryptocurrency news, Wuille noted that the project wasn’t directly related to Taproot but did provide the participating developers with new insights on how to improve the script language itself:
“It’s also mostly unrelated to our work on Taproot, as Miniscript works with Bitcoin as it exists today. Of course, working on Miniscript did teach us a bunch of things about script that inform designs for future improvements to Script, and Miniscript can be extended as needed.”
Join us on Facebook
- Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
- Libra Members Think About Quitting Project Due To Government Pressure
- Another Exchange Says Goodbye To The Cryptocurrency Operations
- Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
- Winklevoss Brothers On BTC: ‘Wall Street Has Been Asleep’
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Anthony Pompliano Says G7 Only Needed 10 Years To Discuss Bitcoin
Blockchain News3 days ago
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
Blockchain News4 days ago
Coinbase Confessed To Have Put Traders’ Funds At Risk
Bitcoin News2 days ago
Bitcoin Gets Blacklisted By US Treasury Due To Money Laundering Suspicions
Altcoin News5 days ago
Trading Platform Giant Binance Announces The Launch Of Venus
Blockchain News4 days ago
Telegram Open Network Will Finally Launch On October 31st
Altcoin News5 days ago
Bitcoin Breaks Resistance As Other Altcoins Awaken This Monday
Bitcoin News4 days ago
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?