DragonEx crypto exchange suspended deposits and withdrawals of all digital currencies on its platform due to issues triggered by OKEx’s ongoing withdrawal freeze. In an official announcement on Oct. 21, DragonEx said that the OKEx freeze triggered a “crisis of trust” in centralized exchanges among its customers, which in turn fueled a run on funds and deteriorated the platform’s service. DragonEx is now working on a restructuring plan in order to resume deposits and withdrawals on the platform. The company’s representatives said that the exchange will have to shut down…
Day: October 21, 2020
NAC Foundation Seeks SEC AML Bitcoin ICO Fraud Charges Dismissal
While the case between the SEC and the NAC Foundation is far from over, the CEO’s partner Jack Abramoff was reportedly not indicted in this current lawsuit. NAC Foundation, the company behind the AML Bitcoin, an Anti Money Laundering digital token which scooped $5.6 million in an Initial Coin Offering back in 2017. As gleaned from Law360, the companies Chief Executive Officer Rowland Marcus Andrade told a United States District Judge in San Francisco to acquit him and his company of all fraud allegation charges as the Securities and Exchange…
Mode Global Adopting Bitcoin as Treasury Reserve Asset
Mode Global prides on being the first publicly traded company in the United Kingdom to invest in Bitcoin. London Stock Exchange-listed company Mode Global Holdings PLC (LSE: MODE) announced on Wednesday that it has allocated up to 10% of its cash reserves to purchase Bitcoin beside adopting it as its treasury reserve asset. At the time of writing, MODE shares were trading around €45.44 having dropped approximately 0.13% in the past 24 hours. The move by the company to put part of its cash in Bitcoin is a noble initiative…
AMZN Shares Up 0.31% as Amazon Extends Its Work from Home Policy
Amazon shares have grown by about 75% year on year, a figure that has crushed competitor’s own growth within the same time period. The shares of the Seattle based e-commerce giant Amazon.com Inc (NASDAQ: AMZN) closed 0.31% higher on Tuesday following news that the company has revised its work from home policy. Per the news which was first published by Bloomberg, Amazon has asked its workers who are able to do their work from home are now authorized to do so until June 2021. “We continue to prioritize the health…
Billionaires in China Add Over $1.5 Trillion to Their Fortunes
China’s latest wealth boom has emanated from the tech sector’s surging growth, initial public offerings’ flood as well as soaring stock markets. The total worth of billionaires in China has now reached $4 trillion after an additional $1.5 trillion added. A quite surprising development in a country where Chinese lawmakers possess very minute political power while the Communist Party determines all major decisions. Hurun Rich List 2020 released its annual findings revealing robust tech growth and the emergence of several IPOs enabled the uber-rich in China to attain the fastest…
GM Stock Scaled Up Over 6%, General Motors Unveils Hummer EV
The Hummer EV will widen the scope of revenue collection and dependency, thus cushioning General Motors stocks from future crashes. Shares of General Motors Co (NYSE: GM) jumped 6.75% on Tuesday to close the day trading at $35.60, and were up approximately 2.75% during Wednesday’s pre-market. Although the market has not fully recovered from the coronavirus impact, General Motors investors are positive the company can deliver amid heightened global competition in the electric vehicle industry. The tweak is attributed to an announcement that GM customers can begin to order the…
Filecoin launch hits turbulence. AP will put election data on blockchain.
In this issue Filecoin’s mainnet launch marred by miners’ complaints Associated Press joins Everipedia to publish US elections data on blockchain USDC adds Stellar blockchain as another alternative to congested Ethereum In China: OKEx under police investigation and suspends exchange services Funding spotlight: Investors bet $100 million on ‘neobank’ in India From the Editor’s Desk Dear Reader, Blockchain’s moment is coming. In one of the most closely watched elections of our time, the Associated Press, the 174-year-old consortium of U.S. publishers, broadcasters and news agencies, will be recording the results…
Former BitFinex Whale Expects Bitcoin Dump as Price Hits $12K
Bitcoin bulls should expect pain ahead even as the cryptocurrency has added more than $1,000 to its value in the last five days. Bitcoin breaks $12,000 in the latest rally. Source: BTCUSD on TradingView.com Bitcoin breaks $12,000 in the latest rally. Source: BTCUSD on TradingView.com So says Joe007, a pseudonymous entity that was once the most successful traders on the BitFinex crypto exchange. The former whale noted that the ongoing Bitcoin rally might become the victim of a Long Squeeze – a term which refers to a cascade of selling…
Ban All Ransomware Payments, in Bitcoin or Otherwise
We all know it’s illegal to kidnap someone and ask for a ransom payment. But should it also be illegal for the victim to pay the ransom? Earlier this month the U.S. Treasury Department did just that. It notified the world that certain ransom payments are illegal, specifically those to sanctioned ransomware operators. Should a victim pay a ransom to a sanctioned entity, that person may face a big fine. J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and a financial writer at…
Chainlink (LINK) Poised to Plunge Against Bitcoin as Technical Setup Weakens
It’s been a tough past few days for altcoins, Chainlink (LINK) included. The price of the leading altcoin, based on Ethereum, has dropped 3.1% in the past 24 hours alone per CoinGecko market data. To put that into context, Bitcoin has rallied in excess of 4% over that same time frame. Stepping back, LINK’s price action is even weirder. CoinGecko data indicates that the coin has dropped around 10% in the past week alone. Over that same time frame, BTC gained in excess of 7%. Related Reading: Here’s Why Ethereum’s…