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Adoption: Three Cryptocurrency Exchanges Granted License in Thailand

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Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely BX, Bitkub and Satang Pro.

Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely Bitcoin Exchange Co. Ltd. (BX) Bitkub Online Co. Ltd. (Bitkub) and Satang Corporation (Satang Pro) were granted working licenses from the government. The ministry has also granted a working permit to Coins TH Co. Ltd, a crypto broker, and dealer.

 

Coin Asset Exchange Under Review:

Apart from the above-mentioned exchanges in Thailand, the government is also reviewing a cryptocurrency exchange licensing request from Coin Asset Exchange (Coin Asset Co). The request has been put on hold as the ministry has noticed some deformity in their management.

 

Two Exchange Licenses denied by Thailand:

The SEC has also denied licensing requests from two other cryptocurrency exchanges namely Cash2Coins (Cash2Coins Co. Ltd) and Seadex (Southeast Asia Digital Exchange Co. Ltd). The reason for the request being denied was the lack of cybersecurity and IT security in their management. Thus, the government has ordered the companies to stop their operations and notify their users about the same before the 14th of January so that the users are able to withdraw their funds from the exchange.

 

Thailand: An Upcoming Crypto Hub

More and more cryptocurrency related businesses are moving towards Thailand as the government is acting quite supportive of such business activities. Thailand had earlier approved ICO and cryptocurrency regulations in the country and even legalized seven top cryptocurrencies in the country which includes BTC and ETH. With neighboring countries such as China and India putting a strict ban on cryptocurrencies and related activities, people are moving towards crypto friendly nations such as Thailand which can soon become a hub for blockchain and cryptocurrency.

#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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Alert: Bancor Hackers move 25433 Ethereum

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Three days ago, Bancor Exchange hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange.

The whole crypto community was in shock when Bancor was hacked on 10th July last year with more than $23 million worth of Ethereum being stolen. Almost eight months after the incident, the hackers have allegedly made transactions from the wallet where the stolen Ethereum were kept.

bancor hack address

Three days ago, the hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange. It cannot be determined yet whether the funds can still be tracked or not.

It might be the situation where the hackers are trying to bewilder people so that the funds can be cashed out later from the new address as the older address was already in the view of people and even etherscan displays a cautionary sign above the previous address “Warning! There are reports that this address was used in a (Bancor) hack. Please exercise caution when interacting with this address”.

The Bancor Hack:

Bancor decentralized exchange was hacked last year where the private key was stolen in an uncertain manner by a hacker that still remains mysterious.

Around 25,544 Ethereum, 230 million Pundi X tokens and 3.2 million Bancor Tokens were stolen during the hack. According to Bancor, the hack was due to the compromisation of a wallet that was kept for smart contract upgradation.

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QuadrigaCX mystery takes a shocking turn: Wife reveals CEO used own money to fund user withdrawals

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Widowed wife of Gerry Cotton, the dead CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange's funds.

The current situation of the defunct exchange QuadrigaCX is just like a thriller movie as cryptocurrency enthusiasts around the world are curious to know what exactly has happened and what was the exchange up to. It was in the news recently that Ernst & Young, one of the top auditing and law firms in the world had revealed that QuadrigaCX’s cold storage wallets had almost NIL amount of user funds. This was quite shocking for the people who had millions of their investment or trading funds on the exchange as they were not hoping for this.

 

QuadrigaCX: A Shocking Turn

The situation gets even worse now as the widowed wife of Gerry Cotton, the dead co-founder, and CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange’s funds in order to fulfill customer withdrawals. According to Gerry’s wife, she does not know exactly how Gerry used to operate his business/exchange, however, he used to tell her that he had to keep transferring his own personal money into Quadriga CX exchange to fund the user withdrawals last year.

 

The statement of the widowed wife came into the picture soon after Ernst & Young revealed that the cold storage wallets of the exchange were nearly empty. A report also claimed that the exchange’s funds (around 600,000 ETH) were stored on different exchanges namely Kraken, Bitfinex, and Poloniex, after being transferred from the cold wallets.

 

The situation got worse long before the death of Gerry Cotton:

The situation had got worse long before the death of the CEO of QuadrigaCX, Gerry Cotton. The company was already in huge trouble and also is facing a legal battle with a bank. The CEO had to fund the exchange withdrawals using his own personal savings which may be because the holdings of people were being spent on personal expenses previously or had been lost on gambling or other activities. This is not confirmed and yet to be known. However, the people drew attention to the QuadrigaCX case only after the death of the CEO this year.

 

Is there a Change of Recovery?

If the CEO of QuadrigaCX, Gerry Cotton had really transferred the cold wallet funds onto other cryptocurrency exchanges as being reported earlier, and the auditors are able to track these fund’s transactions, there might be a chance for the victims to get their funds recovered, either fully or partially.

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