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Altcoin News

The $500 Million Hack Has Made Coincheck ‘Unsure’ About Reopening



According to some local sources, Coincheck, which is the major Japanese crypto exchange known for the $500 million hack that it suffered this January – is still unsure about reopening its exchange. This is what makes the news today in our crypto news section.

According to the claims of one cryptocurrency miner and an analyst based in Japan, the president of the exchange reportedly said that he “does not know the prospectus of reopening.”

Meanwhile, Coincheck is famous for suffering the largest security breach in history of cryptocurrency – one that made it lose more than $500 million in XEM which is the native currency of the NEM blockchain – to a (still) unknown group of hackers.

Due to its inability to compensate all of the investors affected by the hack, Coincheck reached a deal with Monex which is a local and publicly listed company in Tokyo with the aim of obtaining sufficient funds and refunding its investors.

Currently, the platform is unable to accommodate new users until the Japanese Services Agency (FSA) which is the country’s main financial watchdog – grants a license to the exchange to operate as a fully regulated and compliant exchange.

Even though the exchange dropped 66% in terms of its revenue, the company has apparently been able to record some revenues from their existing investors.

“Since service suspension in January 2018, Coincheck only allowed existing customers to sell their cryptocurrency. This limited revenue stream resulted in segment loss of ¥ 0.6 B [around $5.3 million]. Coincheck has improved in governance, internal control and internal audit, aiming for full service resumption.”

Coincheck will still be able to reopen if it can demonstrate to the FSA that the exchange has conducted a complete overhaul of its previous internal management system and its security measures.

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Altcoin News

Bitcoin Drops In Rating According To CCID, What’s The Reason Behind It?

The China Electronic Information Industry Development (CCID) released its new ranking on cryptocurrencies for this month where more than 30 crypto assets were rated including Ethereum, EOS, TRON, Bitcoin and Ontology. In the latest altcoin news, we see how the digital currencies did and where they are on the list. The most shocking ranking turns out to be the one of Bitcoin which dropped from 13th to 15th place in just a month while TRON climbed up the ladder and it’s now on the second position. EOS stays on the top and Etehreum is at the third position. Many investors and traders were surprised to see that Bitcoin dropped a couple of places but they should know that the criteria CCID uses is not the general opinion of the public but the they are trying to find the best blockchain projects according to them. EOS, TRON and Ethereum are all dApp-focused blockchain networks which make possible for all of the developers to build decentralized apps by using the blockchain technology. According to the official statement of the CCID published two days ago, the blockchain networks should support dApps that are higher on the list rather than those who are further below, based on its criteria. Many governments are now experimenting with blockchain technology and aim to run services on the public ledger. For example, China’s Ministry of Civil Affairs expressed their plans on implementing blockchain technology:
 “Build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.”
Due to Bitcoin’s hashrate, it is still the most reliable blockchain network on the market. Given the time that bitcoin has been on the market, investors can’t cope with the fact that bitcoin is ranked 15th and cryptocurrencies with two-year experiences are above it. BTC still remains as a cryptocurrency that sees an increase in hashrate despite the prolonged bear market. As for its historical performance, this data is not including in the parameters of the CCID. The CCID usually sees the dApp and scalabilty-focused networks so this could be one of the reasons why Bitcoin is down on their list. The ranking does not provide a good-enough contexts for investors to make decisions and to track the performance of the cryptocurrencies.
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Altcoin News

Twitch Apparently Removed Bitcoin (BTC) And Bitcoin Cash (BCH) As Payment Options

The leading streaming service out there, Twitch, has allegedly removed Bitcoin (BTC) and Bitcoin Cash (BCH) as the official payment options for subscriptions. The latest cryptocurrency news echoed everywhere after a Reddit user reported the change on March 23, noting that the options to pay for a sub with crypto are now gone. The user also noted that Twitch offered an option to pay with BTC and BCH with BitPay as a payment processor - but has since "removed it in the last couple of weeks as a payment method for all countries.” One user was frustrated and noted that they cancelled all of the Twitch subscriptions and sent an assistance ticket to the company.  Another user replied to his comment stating:

"One of BTC's weaknesses, automatic sheduled payments are something either a wallet must do, or been written inside some smart contract which requires ETH or some similar blockchain. BCH doesn't need DAPPS but something along timed payments. Any custodial wallet should offer the feature."

There are some optimistic comments on Reddit though, just like this one from one user who scratched the surface of a feature which would make paying for subscriptions easier:
"Feature, not a bug. This allows the consumer full control over automatic payments, not companies which will quickly charge your card with a rate hike with little or no notification leaving the onus on the consumer to recover over charges. Smart contracts will vastly improve automatic payments models."
This is interesting because on March 20, another Reddit user claimed that Streamlabs (which is another popular streaming website used by Twitch to receive tips) also removed support for cryptocurrency. As the user said, a new version of the software that has been released no longer contains support for the crypto donations. The comment section also features one comment which states:
"It's sad because it's a vicious circle with companies doing stuff like this. They've probably removed it through the lack of people using it but there's a lack of people using it because they just had no idea about it, like myself, had no clue either."
Twitch hasn't responded to the request for comment on this move by press time. As we reported on our site, Twitch previously offered support for Bitcoin as a payment option using Coinbase as the go-to payment processor.
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Altcoin News

Is The Altcoin Season On Its Way?

Even though Bitcoin has been struggling to keep its momentum above the $4,000 mark over the past week as it gets pressure from the red and greens on the market, the latest crypto news show that altcoins have the momentum. In fact, the overall altcoin market has seen some relatively large gains over the past week and multiple cryptocurrencies have also surged today. Obviously, the entire action is miniscule compared to what we saw through the second half of 2017... However, investors and analysts are keen on seeing whether or not the current price action contains the start of a bigger price trend that will persist in the year to come. Meanwhile, traders, investors and analysts are speculating about when the crypto markets could possibly return back to - or break above - their previously established all time highs. This is why the current trend is dubbed "altseason" - representing the mythicized resurrection of the crypto market. According to Mati Greenspan who is a senior market analyst at eToro, the markets are currently in altseason and multiple individual cryptos have been able to post decent recoveries from their all-time lows.
“As we’ve been discussing for several weeks now, the crypto market is currently in the throes of altseason. This is a necessary process where a lot of the [cryptos] and garbage ICOs of 2017 are losing their value as investors dump them for tokens with greater potential,” Greenspan wrote in a recent email.
So, even though the market is still 80% down (or even 90%) from its all time high, the recent price action signals that investors know that the markets have found a long-term bottom and are ready to start recovering. At the time of writing, there are a couple of altcoins that have surged - including Cardano (ADA) which is one of the best performing cryptocurrencies with a new 11% increase and a current price of $0.064. Other cryptocurrencies with notable growth include Bitcoin Cash (BCH) which climbed over 3% and Tron (TRX) which surged 5%. When considering the price gains that cryptos have experienced over the past month, it appears that the markets may be preparing for the altseason - and a long-term bottom may already have been established for many altcoins.
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Altcoin News

4% Increase: MakerDAO Vote Will Raise DAI Stablecoin Annual Stabiility Fee To 7.5%

In the latest cryptocurrency news, we have the users of the Decentralized Autonomous Organization (DAO) MakerDAO (MKR) which recently called in and voted to raise the so-called stability fee for Maker's DAI (DAI) altcoin and stablecoin by an astounding 4 percent, according to the results of a recent poll that was completed on March 21st. The "Analysis" part of the post notes:
"In February, the Stability Fee was increased twice, each time by 0.5%. The impact of this combined 1% increase was negligible, indicating that neither the target Stability Fee nor the incremental change was appropriate. Based on last week’s governance call, the MakerDAO community is moving forward with a Governance Poll to gauge sentiment for an additional Stability Fee increase. "
As the firm announced, users had voted 'Yes' on the proposal which asks them to increase the stability fee by 4% - from 3.5% to 7.5%. When it comes to the actual reasons for this increase, the main ones as seen in the post are that the DAI exchange persists under one dollar, that there are high inventory levels among market makers and prop desk, as well as insufficient impact from the previous fee increase. With this, the MKR token holder could choose whether to raise the fee by zero, two or four percent accordingly. Still, what we can see in the vote page is an explanation on “the absence of any significant volume clearing near $1 indicates that there needs to be stronger incentives in place” than just a 2% increase. The post also admits that a 4% increase is "the largest one-time raise" which runs the risk of overshooting the estimate. The correct Stability Fee, hence, could still be 7.5% or higher. The MakerDAO token MKR is currently ranking as the 16th largest cryptocurrency with a solid increase of 1.12% at press time. As the post concludes in the last "Next Steps" section:
"On Friday, March 22nd there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll. If the results of that Executive Vote is insufficient to manage inventory levels as measured over the following 5 days, another proposal will be put forth for a subsequent increase."
MKR token holders already voted to raise the DAI stability fee to 3.5% this month. In other news, one senior advisor for digital assets at the United States Securities and Exchanges Commission Valerie Szczepanik said that stablecoins could experience a lot of issues under current securities laws.
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