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Blockchain News

Several Major Crypto Exchanges Accused Of Faking Bitcoin Trading Volumes



A few major crypto exchanges were accused of faking bitcoin trading volumes from a blockchain data research company after they issued a report and in today’s blockchain news we find out more about the report.

According to the report, only three crypto exchanges were found ‘’not guilty’’ namely Bitfinex, Liquid and Binance. The Blockchain Transparency Institute claims that these three exchanges are not ‘’grossly wash trading their volume.’’

Binance and Bitfinex are believed to not inflate their volumes. One of those who do belong to the list of ‘’suspect’’ exchanges is OKEx. This exchange is found to be engaging in wash trading after it was processed through the Exchange Advisory algorithms. The blockchain research company noted:

‘’OKEx has been moved to our Exchange Advisory List as we found just about all of their top 30 traded tokens to be engaging in wash trading when processed through our algorithms.  It appears they have benefited the most from the CMC referral traffic, as our estimated adjusted volume for them would still keep them in the top 10.’’

Other crypto exchanges found guilty of wash trading are Huobi and HitBTC.

The Blockchain Transparency Institute managed to analyze volumes from Bithumb-the South Korean based crypto exchanges and it was found out that the exchange has engaged in wash trading with altcoins such as dash, monero and zcash.

The thing that raised suspicion about the dubious exchanges’ activities was the concentration of trades in a one-hour period. More than 90 percent of Bithumb’s trading volume occurred around 11 AM.

All of the exchanges on the list didn’t respond or comment on the allegations.

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Blockchain News

Latin E-Commerce Giant Mercado Livre Bans Cryptocurrency Ads On Their Website

Mercado Livre is the largest e-commerce firm in Latin America and according to official reports; the company has banned crypto advertisements on their website. Let’s find out more about this shocking news in our blockchain news below. The decision was revealed by the company in an exclusive interview with Cointelegraph em Portugues which was reported earlier on March 18th. The reveal in the interview comes after the company’s users filed reports after receiving emails containing information about the change in the e-commerce giant policies. The new policies demand from the users to remove their listings with digital currency or the listings will be automatically deleted from the platform from March 19. One of the users even got a letter that said:
"We would like to inform you that as of March 19, you will no longer be able to advertise used products in the following categories: - Cryptocurrencies - Prepaid cards for games Because you have ads for used products that will soon be banned, we recommend that you end them. Otherwise, they will be finalized on the date mentioned above. "
On the other hand, Mercado Livre stated:
"Mercado Livre clarifies that as of March 19, crypto ads that are active on the site in the ‘used’ condition will automatically be finalized and new ads can only be created as ‘new products’."
The E-commerce giant has surpassed another giant fairly known to the public-Amazon in Latin America. At the start of this month, the company reportedly made an agreement of about $750 million regarding to it as an investment via the sale of common stock by making payments to the PayPal network. Tech giants such as Google and Facebook have also implemented similar bans such as this one. In 2018 also in March, Google announced they will ban all of the crypto-related ads starting from June 2018. All of the products were affected and companies weren’t able to publish crypto-related ads on the browser not even as a third-party site on the network. In January this year, Google blacklisted multiple keywords that had the word Ethereum (ETH) mentioned in the ads platform. Google stated that the crypto exchanges who aim to be noticed in Japan or the United States could be advertised on the platform but other countries could be the reason for the ad rejection.
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Blockchain News

Further Delay For Bakkt’s Plans Because Of Regulator Approval

The plans of the highly-anticipated crypto platform Bakkt to store the Bitcoins of its customers from its BTC futures receive another delay because still not being able to get approval from the United States Commodity Futures Trading Commission (CFTC). Today’s blockchain news come to our website after the Wall Street Journal published a report from anonymous sources. Back in August 2018, Bakkt was first announced and the platform revealed that its first product will be Bitcoin futures that are delivered physically every day and will be a subject to CFTC approval. Bakkt also stated that they plan to hold Bitcoin for their clients as a ‘’physical warehousing.’’ The CFTC told the platform back in February that if Bakkt wants to be a physical warehouse for their customers, they have to fulfill other conditions that are not required for other platforms. The CFTC also requires ‘’disclosures of the venture’s business plan and a public comment period, which would have further delayed approval.’’ Bakkt and the US regulator are not trying to find another way that will allow for the platform to handle the futures contracts in order to fulfill the requirements. According to the report, the regulator provided Bakkt with multiple options including making the company register as a trust company. However, this could take an even longer time. In the meantime, a Bakkt spokesperson stated:
 “We are working through the regulatory review process and are looking forward to updating the market soon.”
Bakkt was initially supposed to debut in November but there have been multiple delays because of the still not obtained approval from the Commodities and Futures Trading Commission. The deadline has been pushed multiple times but the regulator commissioner Dan Berkovitz told in an interview that they are currently working hard on issuing approval for several crypto-related applications including the Bakkt platform. As previously reported by DC Forecasts, Bakkt earned a stunning $740 million valuation after successfully raising more than $180 million in funding for 2018. Also, Jeff Sprecher, the CEO of the Intercontinental Exchange (ICE) said that he expects for the crypto platform Bakkt to launch later this year after he was asked during an earnings call.
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Blockchain News

American Prediction Market Startup Numerai (NMR) Raises $11 Million In An ICO

In the latest digital currency news, we are focusing on one American market startup and hedge fund named Numerai (NMR) and its recent initial coin offering (ICO) in which the startup managed to raise $11 million. The aim of the money raised was the launch of a new project named Erasure, according to the company's announcement on Twitter yesterday. Numerai was first launched in 2016 under the Numeraire network, which provides a blockchain and a cryptographic token-based ecosystem that incentivizes anonymous data scientists to create predictive models. It is based on the Ethereum (ETH) blockchain and uses its tokens for trading in market predictions within the startup's platform. According to the founder of Numerai, Richard Craib, the funds from the recent ICO will mostly be spent on hiring and training new engineers for Erasure which is a decentralized unit of Numerai's marketplace. Speaking of, Erasure is scheduled to launch later in 2019. Once it is launched, it will allow users to sell their predictions to investment funds through a public network - and the peer-to-peer InterPlanetary File System (IPFS) - with the main aim of converting their crypto wallets to the Ethereum-based marketplace, according to Craib's statement. A partner named Joel Monegro has given a statement, explaining why his firm Placeholder wanted to invest through tokens and not equity. He said:
“The way we think of our investing in decentralized crypto networks is underwriting, capitalizing the network. … As more people come to buy and sell data from each other, the role of big financial investors like ourselves diminishes over time. Then we can gradually begin to exit our position as the network becomes self-sustaining.”
Monegro also said that Erasure will take the complete Numerai idea to development - in its own fund that will crowdsource insights incentivized by token rewards and in that manner use it to “break open the investment market.” Led by VC and private equity firm Placeholder, the ICO round also included the crypto investment company Paradigm that was founded by Coinbase's co-founder Fred Ehrsam. After the news went live, the price of the Nomeraire token surged by 19% and is now trading at $5.77 at press time, according to new data from CoinMarketCap. The token is currently available on five markets including Bittrex, UPbit, Poloniex, DDEX, and IDEX. The total market capitalization at the moment is $7.7 million.
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Blockchain News

Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains

UPS, one of the world’s largest postal carriers and the e-commerce tech company Inxeption partnered and created a blockchain-powered platform in order to improve the merchant supply chains. The decision was published today in a joint press release that we are reading more about in our blockchain news below. According to the press release, the new blockchain platform is named Inxeption Zippy and will help all of the companies to distribute their products easier to their customers. The platform will also allow merchants to monitor the supply chain from start to finish and to also protect the sensitive data making it available only to be buyer and seller. With the help of the platform, the merchants can look up the product information but they can also upload their own, they will be able to track the entire transaction process, money returns, make marketing analysis and market strategies and also schedule orders among the many other services. The CEO of Inxeption, Farzad Dibachi, explained that the blockchain platform ‘’creates simplified pricing solutions for B2B merchants with limited digital marketing and IT resources to easily manage all aspects of selling and shipping from one secure place.’’ Back in January, UPS made an investment in Inxeption but the amount of money invested is unknown. Dibachi explained:
‘’Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers.’’
No matter the industry, businesses are looking deeper into the ways blockchain can improve the supply chain but also for other possible use cases. For example, the US National Pork Board partnered with a blockchain startup dubbed in order to test out a new blockchain platform that tracks the pork supply chains. This platform makes possible for the companies to monitor and evaluate all of the food safety standards, the health of the livestock, level of sustainability and how to protect the environment. Also, earlier this month, Bumble Bee Foods-the largest seafood firm in North America, launched their own blockchain platform for improved traceability of the seafood. Customers are now able to observe every step of the supply chain and are able to get information on the origin of the product, shipping history, and product packaging.
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