Another Indian Crypto Exchange Shuts Down Operations

Founder of Indian cryptocurrency exchange Cryptokart Gaurang Poddar announced that his company is shutting down in a LinkedIn post published last week. In his post, Poddar described the shutdown of the exchange as “difficult, given the hard work we’ve put in” but concluded that overall the experience was positive and that he was proud of the platform and seemed intent on remaining in the field, asking “If you know anyone interested in launching their own exchange, please let me know.” Poddar announced that he was looking for opportunities in product…

Ex-CEO of Crypto Exchange WEX Arrested In Italy

Dmitri Vasilev, the former CEO the now defunct crypto exchange WEX, was arrested Friday in Italy, the BBC’s Russian Service reported. The publication cites Vasilev’s acquaintance and two anonymous investors in WEX who told BBC about the arrest. The attaché of the Russian embassy in Italy, Dmitri Gurin, declined to provide any details, as did the Italian financial police (Guardia de Finanza). WEX was launched in 2017 as a successor of also defunct exchange BTC-e, whose alleged operator, Alexander Vinnik was arrested in 2017 in Greece and now facing extradition…

US Regulator Investigating Crypto Exchange BitMEX — Report

United States regulator the Commodity Futures Trading Commission (CFTC) is reportedly investigating derivatives giant BitMEX. CFTC wants to know if Americans using BitMEX According to sources citing people familiar with the matter speaking to Bloomberg on July 19, the CFTC suspects that BitMEX, which is registered in the Seychelles, allowed U.S. residents to use its platform to trade. Under current law, the U.S. is one of the countries excluded from using BitMEX and similar crypto-based financial services, but users may have sought to circumvent the geoblock using services such as…

Gang of Masked Men Raid Bitcoin Exchange in Birmingham

A gang of masked men have raided a Bitcoin (BTC) exchange in the English city of Birmingham, sparking a police investigation. Local Facebook page Brumz Updates posted footage of the burglars ransacking the building as sirens blared on July 15. Witnesses look on helplessly as the robbery unfolds — and seconds later, the gang speed away from the scene in a waiting car. West Midlands Police has launched an investigation, but have confirmed that nothing of value was stolen from the business.  According to the Daily Mail, the thieves had…

Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg

Updated (09:35 UTC): Added further details from Bloomberg’s full report. Seychelles-based cryptocurrency exchange BitMEX is reportedly being probed by the U.S. Commodity Futures Trading Commission (CFTC). The news appeared in brief on Bloomberg Terminal soon before press time on Friday. That was soon followed by a report from Bloomberg citing sources who said the regulator is investigating whether the exchange has allowed U.S. traders to use its platform. The CFTC considers cryptocurrencies like bitcoin as derivatives and has jurisdiction over derivatives such as futures based on cryptos. As such, BitMEX would need to…

US Chamber of Digital Commerce Onboards Crypto Exchange ErisX

The United States Chamber of Digital Commerce has taken aboard cryptocurrency exchange ErisX. Per a press release shared with Cointelegraph on July 18, ErisX has become a member of the Chamber of Digital Commerce, an advocacy group that promotes the digital asset and blockchain industry.  ErisX thus joined other heavyweights of the industry such as Fidelity Investments, Overstock.com’s Medici Ventures, enterprise blockchain software firm R3, stablecoin platform TrustToken and professional services company Accenture, among many others. ErisX CEO Thomas Chippas stated: “The Chamber of Digital Commerce and its member initiatives…

For $15K, He’ll Fake Your Exchange Volume – You’ll Get on CoinMarketCap

The Takeaway Gotbit inflates trading volumes on obscure cryptocurrency exchanges for a fee and has about 30 token projects as clients. The firm programs bots to trade tokens back and forth with each other, creating the illusion of active markets so the assets can get listed on CoinMarketCap. Its co-founder says exchanges are aware of this manipulation but are not interested in stopping it. While it’s rare to hear market manipulators talk openly about their trade, there are other businesses like this out there, experts say. To cryptocurrency professionals trying…

Round-Up of Crypto Exchange Hacks So Far in 2019 — How Can They Be Stopped?

This article was updated to reflect that Bitrue has now acknowledged the hack of its platform. Throughout the past six months, seven crypto exchanges have reportedly seen large-scale hacking attacks to the tune of tens of millions of dollars, with the most recent platform to suffer a security breach being GateHub. As the global crypto exchange market continues to see an increasing number of security breaches leading to the loss of user funds, investors may become reluctant to rely on centralized exchanges to store funds. Bitrue hack The month of…

Hacked BITpoint Exchange to Refund 50,000 Affected Users in Crypto

Cryptocurrency exchange BITPoint Japan has said that the roughly 50,000 users who lost funds in its recent hack will be reimbursed in cryptocurrency. The company told reporters in Tokyo on July 16 that customers will receive refunds of crypto on a 1:1 basis, The Asahi Shimbun reports Wednesday. The company’s latest estimate of losses from the security breach comes to around 3.02 billion yen ($28 million) – roughly $4.6 million less than originally thought, the report says. The thousands of exchange customers are said to have lost 2.06 billion yen ($20 million) in…

Binance Eyes Launch of Crypto Exchange in South Korea

Binance, the world’s top exchange by trading volume, is considering launching a branch in South Korea, according to reports. Changpeng “CZ” Zhao confirmed the possibility to local news source Block In Press on Tuesday, saying (via translation) that the firm is “working with local partners, but we do not know the details.” However, according to a report by CoinDesk Korea, a business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin. A Binance representative reportedly told Block…