Popular XRP Exchange Exit Scammed 250k Users In 2019, Now Bitsane.com Gets Auctioned At GoDaddy

The domain name Bitsane.com has been auctioned on GoDaddy. It previously belonged to the Ireland-based cryptocurrency exchange that made a scam exit with hundreds of thousands of users’ assets with it.

After nearly 7 months of pulling the exit scam, the domain went on auction with 15 bidders making 80 bids with the latest one at over $1,500.

The estimated value was kept at $4,722 by GoDaddy which is an estimate of the true value of each domain on the basis of millions of historical domain name sales. However, this is not the ultimate price as the seller may ask for a price above or below this estimated value.

In May 2019, account holders were unable to withdraw BTC, XRP, and other cryptos from Bitsane when the company’s support team said the withdrawals were “temporarily disabled due to technical reasons,” only to go offline in late June. Bitsane’s Twitter and Facebook accounts were then deleted.

Over 100 of the users in the Telegram and Facebook group claimed to have lost up to $5,000. One user lost $150,000 worth of XRP and BTC stored in the exchange. As of May 30, the Bitsane website showed 246,000 registered with a daily trading volume of $7 million.

During the height of the bull run in late 2017, Bitsane attracted retail investors by allowing them to buy and sell the third-largest cryptocurrency XRP. At that time, CNBC published a story on Jan. 2, 2018 with the headline, “How to buy XRP, one of the hottest bitcoin competitors,” explaining how to buy BTC, ETH on prominent crypto exchange Coinbase then transfer it to Bissane to exchange it for XRP.

Right before the exit scam, someone withdrew XRP tokens from Bitsane whose flows were tracked to Binance, Bitstamp, and Coinbase. After that, Bitsane only came into the light only now when it’s domain name has been auctioned for sale.

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Author: AnTy

Poland Purchased 100 Tons of Gold – Would Bitcoin Be A Better Purchase?

  • Poland now owns approximately $121.9 billion in gold.
  • The Bank of England previously refused to return gold to Venezuela, citing insurance-related concerns.

When it comes to making smart investments, there are many debates over what that actually means. Poland, for example, seems to be preserving their funds with an investment in gold, purchasing 100 tons of the precious metal from the Bank of England. In doing so, the country has become the 22nd biggest holder of gold in the world, but a recent article from BeInCrypto suggests that the investment may be better off in Bitcoin.

Adam Glapinski, the Central Bank Governor, recently told reporters with BNN Bloomberg that their new reserves show their “strength of the country.” The purchase comes around the same time that the idea of a downturn in the economy is being discussed, which has frequently been a point that the crypto community has used to support their own potential, versus the use of traditional assets.

Poland purchased 126 tons of gold in 2018, and the recent purchase puts the country at 228.6 tons in total. The total value is approximately $121.9 billion, considering they acquired the most gold in the Eastern European Union region.

In November last year, Venezuela pushed for the Bank of England to refund 14 tons of gold. However, as BeInCrypto points out,

“even if a country could repatriate its gold, what guarantee is there if the holding party refuses to return it?”

In the situation between Venezuela and the Bank of England, the latter stated that there were insurance-related matters that prevented the return, and the bank wanted to know what would be done with the gold, in the event it was returned.

As the economy and political landscape continue to change, cryptocurrency is becoming even more important as they become a safe asset for consumers. The movement made by Poland isn’t exactly keeping up with the progress of the economy, but there are other countries that has taken a less progressive path as well.

In Germany, a bank started implementing negative interest rates, specifically targeting consumers that make small deposits. A negative interest rate would charge customers for being the owner of a bank account, which most negatively impacts consumers that don’t have this kind of money to spare. Negative interest rates were originally introduced to the European Central Bank five years ago.

With the economic turmoil in Venezuela, there are many people who have been impacted, leaving consumers unable to even provide for the basic needs of their family. At this time, cryptocurrencies provide an opportunity for individuals to possess their own funds in a provable way. With the portability and practicality that cryptocurrency provides, it is clear that it is an easier asset to deal with.

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Author: Krystle M

Bitfinex and Tether Get Dragged to Court for Second Lawsuit, Alleging BTC Price Manipulation

Bitfinex was previously brought to court over research that revealed that Bitfinex and Tether participated in price manipulation. Bitfinex stated that the research is “foundationally flawed.”

Bitfinex and Tether have become no strangers to the legal system recently with the plentiful media attention on their honesty (or lack thereof) over what their platforms hold. Now, as if one lawsuit wasn’t good enough, the twosome has been hit with another class-action suit, which was filed this week. According to an article by Finance Magnates, Bitfinex is rejecting the claims made against it.

As Bitfinex sees it, the lawsuit has been brought on by a “copycat” that is against Bitfinex and Tether, stating that they’ve been manipulating Bitcoin prices with the stablecoin’s use.

The lawsuit, which was filed with the US District Court for the Western District of Washington, was filed on Friday, and was the second of its kind. The lawsuit was preceded by similar action by lawyers that brought the exchange to the US District Court for the Southern District of New York. The exchange stated,

“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.”

iFinex operates both Bitfinex and Tether as the parent company, and the executives of iFinex control both companies, which has likely led to many of the controversies. There’s been research published by two academics, revealing that Tether was manipulating Bitcoin prices ahead of the 2017 rally.

However, the plot thickened as Bitfinex was used to manipulate the market in this circumstance, which put both of the companies on the line. Even with this research, Bitfinex and Tether have both attempted to shut down the claims, stating that the study was “foundationally flawed.”

Bitfinex added that neither they nor their affiliates had manipulated the market or the price of tokens with Tether tokens. They added,

“It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, liquidity, and wide-scale applicability of Tether’s products within the cryptocurrency economy.”

Controversy is already common in the cryptocurrency industry, based on consumers that have still yet to catch up with the trend. However, the issues surrounding Bitfinex and Tether continue to follow the platform, as yet another lawsuit has come against them for price manipulation.

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Author: Krystle M

Ripple’s On-Demand Liquidity Accounts for 10% of MoneyGram Payments from the US and Mexico

  • Ripple previously purchased a large stake in MoneyGram before the implementation of xRapid.
  • Industry players want efficient and inexpensive options for their transactions.

Earlier in the summer of 2019, MoneyGram decided to implement xRapid, which is the On-Demand Liquidity product available through Ripple. Ripple had preceded the implementation by purchasing a large stake in MoneyGram, and recent comments by chief executive Alex Holmes reveal that remittances using ODL and XRP have already started being sent from Mexico. Of these transactions, 10% are using Ripple’s product.

Holmes made his remarks during Swell 2019, speaking with Ripple CEO Brad Garlinghouse. The former expressed how he feels about the present current remittance industry, as well as the way that MoneyGram contributes to the leveraging of blockchain and digital assets.

Through the last decade, additional competition in the industry has allowed remittance to evolve.

Holmes stated,

“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the work is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all these pieces. More and more companies are looking to make the economy move like it should.”

Holmes continued, saying that money will continue to move around the world, regardless of the challenges that it faces in political or economic struggles. He stated, “Every industry must be omnipresent and understand what their customers want.” Technology is one way that industry players are working to remedy these demands for low-cost, fast, and transparent transactions. Discussing the new product from Ripple, Holmes expressed that the project positions them “at the forefront of this technology.”

Brad Garlinghouse said, during an interview, that Holmes had previously complained that Ripple was moving too slowly with their progress on ODL. While both Ripple and MoneyGram were happy with the 10% use, both companies hope to expand the use of ODL to four global directions. The companies also use a cloud service to benefit customers with their transactions.

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Author: Krystle M

Tassat,The Rebrand Of TrueDigital, Teams Up With AlgoTrader To Launch Crypto Derivatives

Tassat, an institutional digital assets company that was previously referred to as trueDigital has entered into a partnership agreement with AlgoTrader a trading software provider. The partnership has come in the heels of the company announcing that it was about to launch its cryptocurrency derivatives.

The agreement between the two companies will see Tassat receive access to the current roster of AlgoTrader institutional clients for the upcoming derivatives drive. The clients provided by its partner will get an added advantage when it comes to incorporating their available products with the set trading strategies. This is according to an announcement released by AlgoTrader on September 12th, 2019.

It is expected that the initial derivative will be physically deliverable. Institutional investors, eligible contract participants, and brokers will gain access to margined bitcoin swaps. While the platform was non-committal on the delivery date, Tassat, during its rebranding statement released on September 3rd had indicated that the launch was imminent.

When asked about the new relationship, Michel Finzi, who is the chief commercial officer at Tassat stated that the platform is very choosy when it comes to selecting its partners. All its partners are selected through a focus and thought-driven process.

Michel added that the company only works with companies that have a philosophy that aligns with theirs. This is a philosophy to ensure that it gets to serve the crypto marketplace in a manner that is reliable and efficient.

The reason AlgoTrader was chosen as a partner was that it had a unique service delivery model. It was a model that provided customers with enhanced flexibility and control. This was in addition to ensuring that it was able to build a long-lasting trading experience.

Tassat, which is based in New York first indicated that it was in the process of providing derivatives to its clients based in the U.S earlier this year in July. At the moment, the company is waiting for the go-ahead from the Commodity Futures Trading Commission. Once the approval comes through, the company will proceed with the launch of its derivatives. The platform had also stated that it had plans to include additional crypto instruments at a later date.

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Author: Daniel W