Tag: Cryptocurrency Exchange

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Crypto News

Chilean Banco Estado Forced To Reopen The Custody Account Of The Orionx Crypto Exchange

The Chilean Court of Appeal has spoken out in favor of the Orionx crypto exchange and asked the state bank Banco Estado to reopen the previously closed custody account of the trading platform, as the local news service La Tercera reported on July 12th.

Chilean court favored the Orionix crypto exchange platform in the dispute against Banco Estado

The Fourth Chamber of the Santiago Court of Appeal has thus accepted Orionx’s appeal against Banco Estado, which closed the exchange platform’s deposit account at the end of March. At that time, the bank had referred to a lack of “regulatory approvals for trading in cryptocurrencies” as justification for its decision.

Banco Estado has now been ordered by the Court of Appeal to reopen Orionx crypto exchange platform account. The Court described the Bank’s original decision as “an arbitrary and illegal act which constitutes a deprivation of the right protected by Article 19(2) of the political constitution of the Republic, i.e., the right to equality before the law.”

This year, the Chilean court also ruled in favor of another cryptocurrency trading platform

At the end of April this year, the Chilean antimonopoly court ruled in favor of a crypto exchange platform and decided that the banks Banco del Estado de Chile and Itau Corpbanca must reopen the previously closed accounts of the Buda crypto exchange.

In addition, Mario Marcel, President of the Chilean Central Bank, announced in May that the institution was considering the development of a regulatory framework for cryptocurrencies in order to manage better the risks associated with crypto trading.

These decisions prove the increasing affinity the Chileans have for the cryptocurrencies and crypto exchange platforms.

In short, a few days ago, the Chilean Court of Appeal ruled the Banco Estado to reopen the previously closed custody account of the Orionx crypto exchange platform.

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Crypto News

Malta Will House The World’s First Initial Convertible Coin Offering (ICCO) Held By Palladium And Bittrex

The Malta-based company Palladium will release the world’s first ICCO (Initial Convertible Coin Offering), along with its two partners, one of which being Bittrex, as reported in an article issued yesterday, July 10th.

Palladium, which plans to develop a regulated cryptocurrency exchange in Malta, will attempt to disburse $150 million in tokens in the ICCO, which is expected to commence on July 25th. The upcoming cryptocurrency exchange, which will run entirely under the auspices of the increasingly crypto-friendly jurisdiction of Malta, will be developed by using approximately 15% of the collected funds.

The other part, states Palladium, will be spent on the “acquisition of a majority stake in a European bank,” along with “strategic investments in financial services and blockchain companies that complement Palladium’s business.”

We hope that this project, which will create more than 100 job opportunities, will be a historic milestone and will close the gap between traditional financial services and cryptocurrency.

Paolo Catalfamo, Palladium CEO

An ICCO (Initial Convertible Coin Offering) differs from an ICO (Initial Coin Offering)

An ICCO is different from an ICO in the sense that the investors will be entitled to convert the tokens into company shares at a subsequent date. In the case of Palladium, this will be possible three years from the ICCO date.

An ICCO is different from an ICO in the sense that the investors will be entitled to convert the tokens into company shares at a subsequent date. In the case of Palladium, this will be possible three years from the ICCO date.

The measure represents a new step in Malta’s blockchain and cryptocurrency rush, as Prime Minister Joseph Muscat witnessed the company’s debut on the Malta Stock Exchange just last week. Muscat had greeted Binance which is one of the most significant cryptocurrency exchanges in the world by trading volumes.

Also in the news, Malta announced the launch of a university blockchain degree from October 2018 onwards to train state’s personnel in blockchain and cryptocurrency fields.

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Crypto News

Bithumb Cryptocurrency Exchange Platform Will Cover All The Losses Caused By The Recent Cyber Attack

Bithumb, one of the most significant South Korean cryptocurrency exchange, stated yesterday, June 21stm that it teamed up with other crypto exchanges and Korean governmental agencies to apply a reliable method to recover funds recently stolen during a cyber attack.

Participating in this investigation are the Korean Communications Commission, the National Police Agency, the National Internet Development Agency, and the Korean Internet Security Agency (KISA).

Bithumb cryptocurrency exchange announced that it would cover all the clients’ losses

Bithumb is struggling to reduce the damages triggered by the cyber attack on its platform that took place Wednesday when the hackers subtracted about $31 million. Even though the company was undecided regarding whether to announce the theft publicly, it is now clear that Bithumb will indeed cover its clients’ losses and will recommence its regular operation ASAP.

We verified that some of the crypto coins valued at approximately $31,000,000 in cryptos were stolen. The stolen cryptocurrency will be covered by Bithumb and all assets will be transferred to a cold wallet.

Bithumb

The cryptocurrency exchange platform has $1 billion in annual profits, according to 2017 stats, of which $500 million are specifically kept available to compensate for such cyber attacks.

Bithumb also made sure that all deposits and withdrawals from the platform were stopped, as well as the remaining assets were transferred to offline hardware wallets as a security method to avoid further monetary losses.

The South Korean Blockchain Association (KBA) called the cyber attack “shameful”

The South Korean Blockchain Association (KBA) described the theft as “shameful,” while they also noted that the issue is being handled well by cryptocurrency exchange platforms and promises to protect users from future cyber attacks.

The announcement also states that KBA will continue to work to develop and implement standards for the protection of users’ investment in the cryptocurrencies market, to improve the security of cryptocurrency exchange platforms, and to establish standard conditions for the resolution of legal disputes.

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Crypto News

Particl Teamed Up With Changelly Cryptocurrency Exchange To Enhance The Particl Marketplace

Particl, an open source project that develops decentralized applications focused on privacy, has partnered with the Changelly cryptocurrency exchange to enable more users and more tokens to shop privately in the Particl Marketplace.

Both Changelly and Particl have been working on strategies for cryptocurrency users to spend and win coins on decentralized platforms, and Consensus 2018 provided a perfect place for both teams to discuss e-commerce check-out solutions, online shopping with cryptocurrency, and to open the doors for more users from around the world to shop privately using cryptos.

Changelly is pleased to have Particl as a partner. By working together, we can implement an all-in-one approach to the interaction between the cryptocurrencies and provide the smoothest possible user experience.

Konstantin Gladych, CEO and co-founder of Changelly

 

Particl open source privacy platform teamed up with Changelly cryptocurrency exchange to enhance Particl Marketplace experience

Particl Marketplace is currently live on the Test Network with the native privacy currency, Particl (PART), being the only crypto-market where suppliers can accept, and buyers can spend. One of Particl’s core values is to build privacy-focused Dapps that offer the ability for any cryptocurrency holder to spend their favorite currencies, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH), among others.

Changelly cryptocurrency exchange has developed an instant exchange API, such as Coinomi, that leverages partners within its products, allowing users to exchange cryptos without using external exchanges. Changelly acts as a mediator between Binance, Bittrex, and other partners to offer new exchange options to Particl.

Together, Particl and Changelly will improve the payments process within Particl Marketplace to make it easier for cryptocurrency holders to shop online privately. This partnership offers instant access to over 100 Changelly-traded cryptocurrencies and tokens to all products sold on Particl Marketplace. Cryptocurrency exchange for Particl (PART) will seamlessly take place in the background and add an additional level of privacy through Particl’s Confidential Transactions.

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Crypto News

Bithumb Cryptocurrency Exchange Was Hacked – Hackers Have Stolen $31 Million In Cryptos

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the cryptocurrencies market, suffered a hack on its platform on June 19th, through which about $31 million in cryptocurrency was stolen.

The information was provided by the company through its Twitter account, where it announced to the public that due to hacking, all deposit and withdrawal services were suspended to ensure security, adding that the stolen cryptocurrency would be covered by the cryptocurrency exchange platform and the assets transferred to a cold wallet on an offline platform.

Hours after the announcement the next tweet was deleted, for no apparent reason, and they only mentioned not to deposit on their platform while they do security checks and also alerted users of the platform to the change their passwords.

It should be noted that as soon as the hacking announcement was made, the cryptocurrencies market suffered a depreciation, with Bitcoin (BTC) falling over $200 within a few minutes.

Bithumb becomes the second South Korean cryptocurrency exchange platform to be hacked within about two weeks

Bithumb is one of the most important cryptocurrency exchange platforms in South Korea, with the second largest volume in the market.

Among the Bitcoin (BTC) exchange operators in the world, it is ranked 21st, with a daily volume of about $40,500,000 in BTC exchanges and totaling $381,000,000 in other cryptocurrencies exchanges.

Bithumb launched in 2013, and the South Korean media reports that by the end of 2017 the cryptocurrency exchange platforms had reserves of about 6.918 billion dollars.

With this cyber attack, Bithumb cryptocurrency exchange platform becomes the second South Korean crypto coin dealer to fall victim to a hack in less than two weeks. On June 10th, another cryptocurrency exchange platform in that country, Coinrail, also suffered a hacking operation where 30% of its funds were stolen, a fact that is currently under investigation by the Korean Internet and Security Agency (KISA).

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