Fiat Current Accounts
Last month, we launched the roll out of Fiat Current Accounts through FCA regulated partner, Enumis. These accounts allow corporate customers to access cutting edge fiat accounts with a number of features including Faster Payments, API Access, Direct Debits and Debit Cards.
Website design update
We recently made a number of updates to the website. Beyond various design and copy improvements made based on customer feedback, we also have begun an update to our trade engine order book pages. Changes include the first iteration of the new look exchange page. We have also removed the “Market Order” tab on the trade page due to the vast majority of our clients opting to use the safer “Limit Order” functionality.
Please keep an eye out for further improvements in our trading interface and website over the coming few months.
Removal of two order book asset pairs
We regularly review all of our digital asset pairings, looking at a number of factors including client demand and trade volumes. Following this analysis, we have decided to discontinue the XBT/USD and BCH/GBP order books.
These order books will be discontinued between 19:00 and 23:00 UTC on 15th
June during scheduled maintenance of the website and API.
We will continue to process withdrawals of Bitcoin Cash (BCH) as normal up until the end of July 2019. After this we will move to processing BCH withdrawals once a week until the end of September 2019. Any withdrawals that are placed after this time will be processed monthly and an administration fee will be levied.
N.B: Over the Counter (OTC) trades for BCH/GBP and XBT/USD will continue to be available.
We are very excited for you to see all the updates we will be rolling out over the next few months and welcome your feedback.
KuCoin Hacker Starts Moving Millions in ERC-20 Tokens, XRP to Cash Out
The hacker who stole hundreds of millions of dollars’ worth of cryptassets form Singapore-based crypto exchange KuCoin have started moving millions in ERC-20 tokens and XRP to cash out using various methods. Data from the Ethereum blockchain, spotted by Whale Alert, shows that the hacker, who managed to steal an estimated over $200 million from […]
The hacker who stole hundreds of millions of dollars’ worth of cryptassets form Singapore-based crypto exchange KuCoin have started moving millions in ERC-20 tokens and XRP to cash out using various methods.
Data from the Ethereum blockchain, spotted by Whale Alert, shows that the hacker, who managed to steal an estimated over $200 million from the exchange, initially moved small amounts of the token that powers the decentralized derivatives platform Synthetix, SNX, to Uniswap.
Then, the hacker moved $1.1 million worth of the cryptocurrency to the decentralized exchange, presumably to cash out. It also moved other ERC-20 tokens to the trading platform, which as a decentralized exchange does not enforce identity checks.
While the hacker can move and exchange funds using Uniswap, transactions made on the decentralized exchange are recorded on the Ethereum blockchain and visible to the public, meaning they are likely not enough to launder the funds.
Moreover, several small cryptocurrency projects have either frozen or invalidated the funds the hacker managed to steal from KuCoin in a bid to stop them from laundering the funds. Ocean Protocol, for example, revealed 21 million tokens worth over $8.6 million were stolen, and that as a first measure it paused the OCEAN contract.
Data from Whale Alert also shows the hacker move 37.35 million XRP tokens, worth over $9 million, to several addresses, some of them belonging to little-known cryptocurrency exchanges.
Hacker Seemingly Sent Funds to Defunct Exchange’s Address
Some of the transactions show Byex received $11,000 in XRP from the hacker in an initial transaction, before receiving another $66,600. At press time, the hacker is still moving funds to the Byex address.
Notably, Byex shut down in June of this year over the crypto market’s “condition,” as it was “no longer economically viable” for the exchange to keep on running. Its last posts on social media were asking customers to withdraw their funds before these were disabled.
CryptoGlobe reached out to a former admin of the Byex exchange, who told us that the exchange has been shut down and is no longer managed by anyone. When asked whether it could be a former manager managing the XRP address, the former Byex Admin, Ally Ssa, said “we are not sure as the platform [has] been closed down, all the staff been laid off.”
Another smaller cryptocurrency exchange, HotBit, received funds from the KuCoin hacker. When contacted by CryptoGlobe, a representative said he “already forwarded the issue to relevant colleagues.”
Featured image via Pixabay.
Bitcoin Difficulty Ribbon Could Indicate Imminent Price Increase
One is called the difficulty ribbon, and it has just broken out of the green buy zone for the first time since March in terms of compression. The metric was reported by analytics provider Glassnode, which added that historically, these had been periods characterized by a positive momentum indicating significant price increases.
#Bitcoin Difficulty Ribbon Compression is trending up and broke out of the green buy zone for the first time since March.
Historically, these have been periods characterized by a positive momentum indicating significant $BTC price increases.
— glassnode (@glassnode) September 28, 2020
Historical Bitcoin Buy Signal
The Bitcoin difficulty ribbon was created by chartist Willy Woo. It consists of simple moving averages of network difficulty enabling the rate of change of difficulty to be easily seen. Periods of high ribbon compression, such as the current situation, have been historically good buying opportunities.
There have been several significant price increases over Bitcoin’s lifespan that followed this ribbon compression breaking out of the green zone. The most recent was around April 2019 when BTC prices surged from below $5k to top out over $13k just three months later.
It was also observed that there had been a massive divergence in difficulty ribbon compression and Bitcoin price over the past six years. However, the chart has used a logarithmic price chart, which may have caused that anomaly.
Bitcoin’s hash ribbon is a similar metric, and CryptoPotato reported that it was flashing buy signals back in July. In the five weeks that followed, BTC price surged 34% to make its 2020 high.
BTC Price Action Update
Looking at the shorter term, Bitcoin’s price chart has just printed another ‘Bart Simpson’ pattern with a sharp 2.3% decline in just over an hour, wiping Monday’s gains.
Prices had recovered to $10,725 at the time of writing, and sentiment appears to be bullish for BTC, according to a recent poll by analyst and trader Josh Rager.
What kind of prices do you think we see with Bitcoin and the stock market this week?
— Josh Rager 📈 (@Josh_Rager) September 28, 2020
Bitcoin is currently trading right on the 50-day moving average, which is acting as resistance at the moment. The next step above this is a break above $11k, while on the low side, there is strong support at the $10k level. Analyst ‘CryptoHamster’ added:
“After the breakout the resistance line became support. Now it is getting tested. If it holds, it would be a very nice sign. But it has to hold, otherwise the whole growth is just a short squeeze.”
Short term charts suggest price could go either way, but longer-term on-chain analytics, such as the difficulty ribbon, are more bullish.
Bulgarian National Convicted For His Role in a Bitcoin-Related Crypto Exchage Scam
The owner of a cryptocurrency exchange has been recently convicted in a transnational scheme of defrauding people through an online auction fraud. Court says the scam reached a multi-million dollar scale.
At Least 900 Americans Victimized
As per a recent report, people who suffered from the fraud were probably more than 900 American citizens. According to the official statement, 53-years-old Rossen Iossifov, formerly of Bulgaria and reported owner of a Bulgaria-based Bitcoin exchange R.G. Coins, was convicted of both conspiracy to commit racketeering and money laundering. After a two-week trial, the jury in Frankfort, Kentucky and U.S. District Judge Robert E. Wier scheduled the sentencing to Jan 12, 2021.
Reportedly, some of the Romania-based members of the group posted a false advertisement to promote an online auction and sales websites, among which Craigslist and eBay. The ad promised its victims high-cost goods (typically vehicles) that did not exist.
As per the release, members of the scam would use stolen identities to promote and convince their victims to send money for the advertised items via “persuasive narratives”. For example, some of the ads had impersonated a military member in need of selling the advertised item before deployment.
The scammers also provided invoices with trademarks of reputable companies to their victims, making the transactions seem legit. The legal document also reveals that members of the conspiracy set up call centers, offering customer support. This way they would provide advice to client questions and “alleviate concerns over the advertisements”.
Converting The Stolen Funds Into Crypto Assets
According to the official statement, once Iosiffov received the victims’ funds, he and his fellows would convert them into crypto assets and transfer them to off-shore money launderers.
As per the court documents, “since at least September 2015 to December 2018, the Bulgarian exchanged crypto assets into local fiat currency on behalf of his Romania-based partners in the scam, knowing that Bitcoin presented the proceeds of illegal activity.”
According to the court statement, in just two and a half years, Iossifov exchanged more than $4.9 million worth of Bitcoin for only four of the members of the criminal team.
A total of seventeen defendants have been convicted in the case. Three others are fugitives. Police departments in the U.S. and Romania have led the procedures on the case.
It’s worth noting that the US DOJ is becoming increasingly active in pursuing crypto-related fraud. As CryptoPotato reported earlier, it went after 280 cryptocurrency accounts related to hackers from North Korea.
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