Bithumb Won the Trial in the Case of a Major Crypto Attack

As reported by the Korean subdivision of CoinDesk, a customer of the South Korea-based cryptocurrency exchange Bithumb suffered a tremendous money loss at the end of 2017 due to a hacker attack.

Back in November of 2017, the hacked victim placed 478 million Korean won (426,600 dollars) to his account at Bithumb. Only a couple hours later, an unknown hacker broke into his account, exchanged the money to Ethereum and stole it. As a result, the poor Bithumb user was left only with 11 cents at his account.

In the attempt to bring his funds back, the victim tried to sue Bithumb. However, the exchange management used the Electronic Financial Transactions Act, according to which the exchange is not a financial company, thus, it is not responsible for the hacker attack and money loss. The court found Bithumb innocent.

We remind you:

Bithumb Outruns BitMEX in the Crypto Exchange Battle

Subscribe to the Coin Shark news in Facebook: https://www.facebook.com/coinshark/

American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Winklevoss’ Brothers Said “Crypto Doesn’t Need Rules”, What About Crypto Companies?

Winklevoss twins are one of the most influential crypto personalities in the modern world. They are multi-millionaires with their own exchange – Gemini – and own dollar-pegged Gemini coin. It is no secret that the brothers have supported crypto since the beginning of it, but now they promote crypto regulation which confronts with the idea of crypto as well as with their billboard slogans. What happened?

Crypto Needs Or Doesn’t Need Rules

The twins are known for deconstructing the stereotypes and the myths that surround crypto in the public. They want to change the image of crypto that has been plagued with scams, hacks, frauds. However, their billboard slogan “Crypto Needs Rules” was criticized by Bitcoin users as the main meaning of crypto is to transfer money or digital assets without having to trust anyone.

Source: Bitcoinist

Cameron Winklevoss said that some people wondered why Gemini believes that the crypto revolution needs rules. He responded:

“Crypto doesn’t need rules, but the companies built on top of it do.”

Cameron also cited a part of report regarding to the defunct QuadrigaCX exchange which lost millions of dollars.

In order to prevent cases like QuadrigaCX and Mt.Gox, the latter’s CEO was sentenced to 2 years and six months in prison, the companies that provide custodial services of customers assets should be regulated. Furthermore, Winklevoss pointed out that these cases as well as other incidents could have been preventable if there was a proper management of the company, in particular, “proper rules and thoughtful regulation”.

We remind you

The Gemini Dollar of Winklevoss Brothers Is Officially Approved

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

TOP 5 Most Convenient Applications To Use And Work With Cryptocurrency

Cryptocurrency is one of the most promising and growing industries in our modern world. It is becoming more and more valuable to our society, as well as to the nations’ economies and banking systems, since people prefer more convenient ways of trading and transferring money. We therefore offer you to look at top 5 apps that the most convenient in using and working with crypto.

1. Keymano

Keymano is a top wallet that provides a customer with a myriad of opportunities. It’s very convenient, fast and secure. Managing crypto or fiat money through Keymano wallet is easy. Using Keymano wallet anyone can sell, buy or send crypto on the go. It is user-friendly and straightforward.

Connect Keymano Card and Wallet to get even more functions. This Card allows you to make payments online and in-store. Moreover, the user can withdraw cash at any ATM terminal.

Keymano is a fully-featured product which not only simplifies managing crypto but also creates more ways to use it. With Keymano any transaction (from buying coffee to money exchange) is simple and always available in any part of the whole world. Having Keymano you can:

  • pay with crypto in any part of the world;
  • pay with BTC, ETH, etc;
  • manage multiple currencies in one App;
  • pay online or in-store using Keymano Card.

2. 365Сash

365Cash is a platform that provides services to users in different countries by organizing P2P transfers of digital assets. By the time of publication, the platform overcomes 850,000 cryptocurrency swaps. Such a big number extols this platform over others on the market. The service also possesses the following features:

  • Its own large ecosystem which uses nodes for cryptocurrencies and works automatically.
  • The most favorable rates for customers. The service earns on the difference in sales rates due to a large flow of customers and hedging the risks of cryptocurrency fluctuations.
  • Fully automatic system of receiving and paying funds to customers using the most popular payment system in Russia – Qiwi.
  • In future, it is planned to expand the pool of available cryptocurrencies.

3. Quppy 

Quppy is multicurrency payment system with unique cross-platform applications.The wallet provides users the ability to share crypto assets via different accounts inside one single wallet as far as within a decentralized storage system. By the end of the month, users will be able to withdraw money in euro. The platform also have some interesting features:

  • Sharing all your crypto assets through various accounts on one single platform.
  • Superior security for users based on blockchain technology.
  • Fast cryptocurrency exchange and instant transactions;
  • Multicurrency support including Bitcoin, Bitcoin Cash, Litecoin, etc.
  • Integration of Nexo – a service of the world’s fastest instant credit.

4. Chatex

Chatex is a platform that makes transfers, exchanging or paying for goods much more easier for every customer. Cryptobanking facilitates access to the use of cryptocurrency for those who have never had a cryptocurrency wallet and who do not want to understand difficult passwords, 12 words, etc. The service eliminates the possibility of loss of big passwords or phones, since it allows you to regain access during a personal appearance to the certification center. Unique feature are:

  • The wallet is protected by an additional PIN-code and in exchange transactions between people.
  • Instant internal transfers without commissions. Instant purchase with any VISA/MC.
  • Respond quickly to digital assets management requests from your smartphone.

5. Waves

Waves is revolutionary mobile app which enables users to connect to the network and make transactions. It is a comprehensive, all-in-one app for mobile devices with an absolutely unique feature set that includes a crypto wallet, the Waves DEX, and fiat gateway. The biggest advantages of the platform are:

  • All traffic is encrypted, hence privacy and security are fully provided. Private keys never leave users’ smartphone and are never exposed to the web.
  • Supporting Face ID, Touch ID and Fingerprint scanning.
  • Trading on DEX, with the great tools and charts, it provides access to fiat and crypto gateways, so the customer can deposit, store, trade and withdraw other assets.
  • The customer can send tokens to one’s address book contacts, lease one’s WAVES, receive warnings about suspicious tokens and burn any spam assets he/she doesn’t want.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

The Late CEO of QuadrigaCX Used His Own Money to Pay His Customers

Sometimes when people pass away, they leave their family not only with grief, but also with multiple financial issues. It is especially the case for people who were once engaged in activities involving large sums of money.

It turned out that Gerald Cotten, the chief executive officer of the cryptocurrency exchange QuadrigaCX left quite a mess after his death, which his wife Jennifer Robertson now has to deal with.

Financial hardships of QuadrigaCX

Back in 2018, the Canadian Imperial Bank of Commerce froze the fiat accounts of the exchange and the funds on them due to the suspicious origin of this money.

Meanwhile, the customers of QuadrigaCX still needed the opportunity to withdraw their money, so Gerald Cotten didn’t think of a better way than just using his own personal funds in order to keep the exchange afloat.

While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers,” commented Jennifer, Gerald Cotten’s widow.

Where to get the money?

Obviously, Cotten was not able to repay all the amount of money from his own pocket, so now the exchange is missing around 140 million dollars in cryptocurrencies belonging to over 100 thousand customers.

Moreover, 6 Bitcoin wallets of the exchange turned out to be completely empty.

The representatives of QuadrigaCX applied for creditor protection soon after Cotten’s death, and the court appointed the company Ernst&Young to try and find at least some of the missing money. So far, it hasn’t made any particular progress.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Cryptopia To Re-Open Today: Restoration After $16 Million Loss

One of the biggest New Zealand exchanges, Cryptopia, decided to regain its activity after major loss in January 2019. The platform has officially posted on Twitter that on March 5, it will re-open, however, people will be able to read only.

The company also mentioned that they had a slight delay due to technical problems. After $16 million breach in January, 2019, the company is mainly oriented on security and privacy of the exchange. Let us recall you about that breach:

Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

So, will the platform be able to improve its security measures? Last month, Cryptopia claimed that it would secure each wallet individually, moreover, it gave an advice not to deposit any funds to old addresses. As for the end of February, 24% of crypto wallets were on new security server.

“We have transitioned 24% of all wallets to our new secure servers.  Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.”

Some people like to exaggerate the problem making it bigger that it seems, same happened with Cryptopia. Many users claimed that the exchange had lost about a half of assets and it was just impossible to restore them, some even compare it with Mt.Gox exchange. However, the platform denied all the statement saying that only 10% of funds were stolen.

We hope that the exchange will enhance its secure measures so that such breach does not happen again. We remind you

Two Groups of Professional Hackers Carry Out 60% of All Crypto Attacks

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Binance: Participate in Binance DEX Trade Competition And Get $100K

One of the biggest exchanges, Binance, offered its fans and customers to take part in simulated trade competition on the Binance DEX. The winner will obtain a reward worth of $100K.

Binance DEX is an extension of Binance exchange providing users with more opportunities laying the objective of spreading the freedom of money. A new exchange allow its customers to trade BNB coin, issue new tokens, freeze and unfreeze them. All this is possible as the exchange is operated on Binance Chain.

On February 20, 2019, Binance released Testnet for “a decentralized order-matching engine powered by Binance Chain technology” – Binance DEX. To attract more attention to such important thing, the company decided to hold a competition with a total of $100,000 in prize money.

Every user who has at least 1 BNB coin on his/her account is eligible to participate in it. He/She can register up to 20 Binance Chain addresses, each address will get 200 virtual testnet BNB tokens.

The CEO of Binance announced the contest via Twitter:

The competition starts on the 7th of March (8am UTC) and finishes on the 21st of the same month (8am UTC). When the contest begins, all data on the testnet will be reset and all the balances will be cleared.The participants are able to list or issue tokens on the network, trade them against BNB. The price of each token must be set to 1 BNB.

The top three  winners of the competition will receive 3,000 BNB, 2,000 BNB, and 1,000 BNB correspondingly. We remind you

Eight Blockchain Projects To Be Launched By Binance Labs To “Create A Strong Blockchain Ecosystem”

 

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/