Bitfinex begins LEO token buyback, maintains no wrongdoing in $850 million shortfall

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Cryptocurrency exchange Bitfinex announced the launch of a transparency initiative to coincide with the beginning of the burn mechanism of the company’s LEO token. Bitfinex’s parent company iFinex sold $1 billion in LEO tokens for USDT from private investors during a 10-day token sale in May 2019 to cover an $850 million loss from Crypto…

DAI is the first stablecoin listed on Coinbase Earn

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Dai is the first stablecoin to be listed on Coinbase’s education portal, which will enable its users to earn $6 in the coin by participating in lessons. Coinbase adds DAI to its Earn program According to the company’s official blog post, starting from June 10, its customers will be able to earn DAI by watching…

Unlawful practices hit top cryptocurrency exchanges, including Binance

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The most recent market surveillance report from the Blockchain Transparency Institute claims that Binance, the world’s biggest cryptocurrency exchange by trading volume, shows signs of wash trading. Cryptocurrency trading volume is fabricated The Blockchain Transparency Institute (BTI) is a group of blockchain data researches who aim to bring more transparency to the cryptocurrency market. The…

Cryptocurrency exchanges see massive increase in monthly trading volume, bull market solidifying

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CryptoCompare, a leading provider of cryptocurrency data and indices, found that the top 15 exchanges all experienced an increase in monthly volume. FCoin exchange led the way with a 300 percent increase in trading, beating much larger and more established exchanges such as Binance, OKEx, and UpBit. Crypto exchanges see a substantial increase in monthly…

How Bitcoin and Ethereum plunged in minutes amidst unexpected correction

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On May 17, the price of Bitcoin plunged from around $7800 to $6700 within minutes in a flash crash on BitMEX. Immediately after, the price of Ethereum dropped from $240 to $190. The abrupt decline in the price of Bitcoin was triggered by the placement of a large sell order on Bitstamp and other major crypto…

Bitfinex CTO says $1 billion fund raise complete, is it good for the crypto market?

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According to Paolo Ardoino, the chief technology officer (CTO) of Bitfinex, the crypto exchange has completed fundraising of $1 billion in tether (USDT). Ardoino said: “Bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for > 100m each. A legion…

Security update from Binance CEO, following $40 million exchange hack

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Changpeng Zhao (“CZ”), the CEO of Binance, the world’s largest crypto exchange in terms of adjusted trading volume, has published a blog post in which he apologized for previously suggesting a chain reorg of the Bitcoin (BTC) blockchain. Following a large-scale security breach of Binance on May 7th, 2019, which resulted in a loss of…

Exploring Bitfinex’s emergency plan: a $1 billion initial exchange offering

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Zhao Dong, one of China’s biggest OTC traders, recently published a marketing document detailing iFinex Inc. plans to conduct an initial exchange offering (IEO), aiming to raise $1 billion. The move follows a probe led by the attorney general of the State of New York, which revealed the apparent loss of $850 million in funds…

Margin trading for BTC, BNB, ETH, TRON and XRP could soon come to Binance

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A Reddit user may have found some margin trading features on Binance API that could be pointing out that the exchange will soon allow margin trading on the platform. Margin Trading on Binance Binance, the world’s largest cryptocurrency exchange by trading volume, could soon enable margin on the platform. Over a month ago a Redditor…

Tether and Bitfinex confirm USDT is not fully backed by fiat, only 74% of tethers backed with cash

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Legal representatives for Bitfinex and Tether confirm the widely held suspicion that USDT is not one-to-one backed by US dollars. Court documents confirm tethers are only 74 percent backed, and those holding tokens are “subject to the risk of default, insolvency, inability to collect, and illiquidity.” Coming Untethered In February of 2019, Tether updated the…