ETH-based MaxiMine cloud will compensate the users who lost their funds when they tried withdrawing their MXM tokens from the HitBTC crypto exchange. The recent reports coming into our latest cryptocurrency news showed that the users tried to withdraw their MXM tokens from the exchange and they failed to do so, only to find out later that there is no more trading on the token available.
For that reason, the ETH-based MaxiMine cloud stated that they will try to compensate the users who lost their assets. The cloud service wrote that they are ‘’taking responsibility’’ for the huge losses but after receiving the tokens which were sent to the HitBTC exchange, they will fund the token swaps themselves. After contacting the crypto exchange, both of the parties agreed that the MXM team will take responsibility for all of those affected during the token swap.
HitBTC pointed out that they will send the new MXM tokens back to the ETH-based MaxiMine cloud and will perform the swap manually. The MXM team wants the users to contact their service but didn’t provide any information about why should the users do so. As reported in the coming altcoin news, the transfers out of the exchange were visible on the ethereum blockchain weeks after the token was converted to a new contract.
The ETH-based MaxiMine (MXM) token price was in a rough patch over the past week going side to side between 4 and 6 cents which are a long way from its all-time high earlier in 2019. At this point, the traders will have to wait for the price to rise in order to cash out. About a hundred users were affected overall. This is why the MXM token will be traded on CoinBene for a while now and the majority of the trading volume will be taking place there.
The actions of HitBTC have nothing to do with the eth-based MaxiMine since it seems that the crypto exchange did not adopt the new smart contract option in its withdrawal functionality. The cloud service says it will process the swaps instantly:
‘’Once the project team has received the tokens from HitBTC and verified all token holders, new tokens will be distributed accordingly to all affected users.’’
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“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
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“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
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