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Launch of Bakkt, Bitcoin Futures Exchange to be delayed, yet again?

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Bakkt launch is likely to be delayed yet again as The Intercontinental Exchange has still not received approval from the CFTC.

Cryptocurrency enthusiasts around the world have been waiting for the launch of Bakkt Exchange which is a bitcoin futures exchange being launched by Intercontinental Exchange which is the parent company of New York Stock Exchange, the largest stock exchange by market capitalization. The Bakkt Exchange launch which was earlier planned for December 2018 was delayed by the company and the launch date was set for 24th January 2019. However, the launch is likely to be delayed yet again as The Intercontinental Exchange has still not received the approval from the US Commodity and Futures Trading Commission or CFTC. There may be a delay for the approval which shall ultimately lead to the delay in the launch of Bakkt.

 

What’s Next for Bakkt?

Though Bakkt has not yet received approvals from the US Commodity and Futures Trading Commission, this does not mean they are not going to approve it and the delay could be just a few days and Bakkt may launch somewhere around the starting days of February 2018. Bakkt has applied for an exception to custody bitcoin in its own warehouse on the behalf of its customers although according to current regulations, the funds of the customers shall be held by either a bank, a commission merchant or a trust company.

The internal staff of the agency has already reviewed the exemption request and passed it to the CFTC yesterday i.e. 21st December 2018. Now the commissioners of the CFTC have to vote on if the proposal is to be put out for public comment. The comment period goes on for 30 days after which the commissioners will most likely take a few days to go through the comments and then vote on the same.

However, the delay may move the launch to February as the 30 days public comment period will most likely start on 26th December because of the Christmas holidays on 24th and 25th December. After a month’s time, i.e. most likely on 26th January, the commissioners shall start to read the public comments which shall further take a few days before they actually come up with a decision.

Bakkt is yet to announce a delayed launch date but will most likely announce the same in the coming few days once they are themselves sure of the same. The following delay will be the 2nd delay for the launch of Bakkt which was earlier planned to be launched in December this year.

 

What’s different in Bakkt?

The bitcoin futures which will be offered by Bakkt shall be physically settled which means that the bitcoin will change hands rather than cash when the contracts expire. The current bitcoin futures offered by CME group and Cboe are not physically settled. Also, the most interesting part of Bakkt is that the exchange is owned and will be controlled by the Intercontinental Exchange which owns the largest stock exchange in the world i.e. the New York Stock Exchange. Cryptocurrency Analysts are predicting that Bakkt will push the adoption of bitcoin and other cryptocurrencies to a whole new level with massive institutional adoption.

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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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