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The Bithumb Airdrop Festival: All you need to know

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As indicated by the ongoing announcement, Bithumb will routinely airdrop coins worth 100 million Won ($88,500) every day.

Bithumb has declared a Super AirDrop Festival-Season 2 to praise its fifth anniversary.

Bithumb super airdrop festival, the primary occasion under new proprietors

 


 

As indicated by the ongoing announcement, Bithumb will routinely airdrop coins worth 100 million Won ($88,500) every day and investors who take an interest in this festival will be permitted to purchase coupons and trade by means of the exchange.

The coupon cost adds up to 10000 won ($8.85) and the members must trade for at least 1 hour on the stage with the end goal to fit the bill for the airdrop. The airdrop festival will start from October eighth until further exchanges. This festival is just allowed to the main 300 traders, each working with an alternate airdrop sum contingent upon the rank.

This isn’t the first run through Bithumb has reported an airdrop festival. In September 2018, Bithumb led Season 1 of its ‘Super Airdrop Festival ‘, where it discounted traders 120% of trading fees. The exchange had likewise put aside then a limit of KRW 1 billion every day for the discounts, which turned out to KRW 167 million (USD 149,000) of remunerations every day. Despite the fact that this occasion was damaged by claims of Wash Trading. Prior in Spring, Bithumb declared an ICON airdrop from 21 Walk to 25 Walk particularly for individuals who trade more than 1 million Won ($885). ICON hailed as the “Korean version of the ETH” shot up hugely amid the airdrop time frame.

 

bithumb airdrop chart

bithumb airdrop chart

 

It’s been a super intriguing month for Bithumb as the exchange as of late had an ownership change when the dominant part stake in Bithumb was sold to Singapore based BTC Global. the consortium, driven by a central plastic specialist and devoted blockchain speculator Kim Byung-firearm on 12 October for 400 billion won ($353.64 million). As indicated by what is accounted for in a few media, the airdrop is halfway in the festivity of the new proprietors. Aside from these the exchange has likewise added a few coins to its trading administrations. Coins, for example, SALT [SALT], Raiden Network Token [REN], Enjin Coin [ENJ] and Primas [PST], Loom Network [LOOM] and BHP Money [BHPC] were altogether added to Bithumb in a previous couple of days.

This airdrop festival is relied upon to pull some great group to the exchange and one can see some great volumes in the coming days at Bithumb. One can simply trust this airdrop isn’t defaced by another vindictive demonstration like the past one was with claims of wash trading.

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5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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Japan to establish new regulations for cold wallets of crypto exchanges

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The Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets of cryptocurrency exchanges.

As reported by Reuters, the Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets for the storage of cryptocurrencies for cryptocurrency exchanges.

 

According to the report, the financial regulator of Japan is going to need a more strict internal supervision of the cold storage wallets (offline wallets) within the crypto exchanges.

 

The Financial Services Agency of Japan is going to mark the issues of protecting the security of the cryptocurrencies and other endangers to the country by establishing new regulations since the agency wants to uplift the fintech industry in order to encourage the economical growth.

 

Even though the cold storage wallets are in offline mode (not connected to the internet) and are considered a lot safer than the online wallets, Japan’s Financial Services Agency is considering the internal thefts within the organization itself. Currently, a lot of cryptocurrency exchanges do not have a procedure of rotating the individual responsible for the cold storage wallets.

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Kraken Sued for $907,000 by ex-Employee

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An ex-employee of Kraken, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company.

An ex-employee of Kraken, a major cryptocurrency exchange, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company. The lawsuit has demanded more than $900,000 from the company.

 

Kraken Sued:

According to a publication on Bloomberg, Jonathan Silverman was responsible for managing the institutional sales and trading desk of the exchange. He was posted in New York and had an agreement with Jesse Powell, the CEO of Kraken for a salary of $150,000 for his job. They also had verbal communication regarding the payment of 10% of the yearly profit of the desk to Jonathan.

Jonathan is alleging that the desk had made more than $19 million profit in 3 months during his working period in 2017 and did not receive the 10% payment as a commission as he was promised.

However, according to Christina Vee, one of the spokeswomen for Kraken mentioned that Jonathan Silverman is giving false statements and also violating his confidential agreement.

 

Did Kraken leave New York in 2015?

Jonathan Silverman also claims that Kraken had not left New York in 2015 despite the fact that the controversial Bitlicense was introduced by the State’s department of financial services back then. He said that the company has been misleading the common people and the government regulators about not operating in New York since 2015. Jonathan claims that most of the OTC (Over the counter) traders of the exchange were done in New York.

In 2015, Kraken had posted an official publication which said that the exchange is shutting down its services in New York due to the controversial BitLicense of the State that was being brought out by the financial services department.

 

The lawsuit claims that when he left the job, Jonathan Silverman had reached an agreement with the company that he would receive $907,000 as a settlement amount which was never received by him.

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