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October 2009

Bitfinex and OKEx Hit by DDoS Attacks



Crypto exchanges have made it easier for millions of people to trade in cryptos, but they have also been found to be vulnerable to attacks, and today, two crypto exchanges, Bitfinex and OKEx, reported Distributed Denial-of-Service (DDoS) attacks.

OKEx stated that the exchange suffered the attack last night, but none of its users were actually affected by it. Bitfinex appears to have been the subject of a similar attack today, and the extent of the attack is not yet known. The company took to Twitter and stated that the matter is currently being investigated.

Key Details

It goes without saying that this is not the first time that exchanges have been subjected to such attacks. A spokesperson for OKEx stated that that the company’s servers were flooded with internet traffic in a malicious attempt to disrupt its functioning. The Chief Executive Officer of the company, Jay Hao, stated that the large-scale attack was orchestrated by competitors.

Users of Bitfinex will be waiting to hear about the source of the DDoS attack and whether any accounts have been affected by the attack or not.

Bitfinex stated that normal activity has been resumed on the exchange after it put in place a “stricter protection level.” The Chief Technology Officer of the exchange, Paulo Ardoini, stated that although the exchange has advanced DDoS prevention mechanisms in place, the latest attack came about from a large number of different IP addresses. This means the system was crippled.

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OKEx spokespersons stated that the company has around-the-clock monitoring and technical support in place, which is why the company was able to repel the attack within a short span of time. While this was a bit of a setback for the exchanges, crypto enthusiasts would hope that OKEx and Bitfinex are not afflicted by it in the future.

Featured image: DepositPhotos © tashatuvango

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Binance to Introduce Own USD Stablecoin with Paxos



Binance is the world’s biggest crypto exchange, and it made a massive announcement yesterday. The world of cryptocurrencies has come a long way since the days when there used to be a handful of tokens and investors generally switched from one token to another. However, over the past few years, a wide range of tokens have come into existence, and perhaps the most interesting ones have been the stablecoins.

Key Development

These coins are backed by the United States dollar and are hence far more stable than traditional crypto tokens. Plenty of organizations have come up with their own stablecoins over the past few years, and now, Binance has decided to join them as well.

The name of the stablecoin in question is Binance USD, and it is going to be backed by the United States dollar at a ratio of 1:1. The announcement was made by the company on Thursday, and it is a significant development considering the fact that Binance remains one of the most popular exchanges worldwide. The token will be known as the BUSD, and the company stated that the token is going to be mined on the Ethereum blockchain. That being said, the company did not rule out the possibility of migration to the Binance Chain at some point in the future.

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However, it is important to note that the whole thing is not being built by Binance alone. The crypto exchange has collaborated with Paxos, the stablecoin issuer, for this project. More importantly, Paxos will also serve as the keeper of the fiat reserves that are essential for running any stablecoin project. The Chief Executive Officer of Binance, Changpend Zhao, stated that Paxos is one of the leading service providers in this particular space, and the company is pleased to work with Paxos on this project. Later on, in September, customers will be able to buy the stablecoin directly from Paxos and start trading on Binance.

Featured image: DepositPhotos © Grey82

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uBUCK Technologies Announces Strategic Partnership With U.S. Prepaid Platform PreWay uBUCK Technologies Announces Strategic Partnership With U.S. Prepaid Platform PreWay


VANCOUVER, British Columbia, May 10, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(FRA:C0B:FF) is excited to announce that, through its wholly-owned subsidiary uBUCK Technologies SEZC (“uBUCK”), it has entered into a strategic definitive agreement with U.S. prepaid platform, PreWay DBA UGO Hub.

uBUCK Pay, the ultimate digital wallet, allows customers to make online purchases at supported merchant stores, bars and restaurants, cash withdrawals at ATMs and send transfers around the globe without any transfer fees. At present, to obtain uBUCK vouchers, customers must log into their uBUCK Pay app to purchase pin vouchers using a credit card and then they may redeem their vouchers to convert it to uBUCK cash.

This partnership with PreWay will offer a distribution method that is unique in the digital payment space and allows uBUCK to serve the underbanked community in North America by giving users the option to purchase uBUCK vouchers in cash at nearly 7,000 convenience stores across the U.S. The deal will also give uBUCK customers access to discounted top-tier brand gift cards that can be purchased through the uBUCK app.

uBUCK offers a payment alternative for the unbanked and underbanked community. 32.6 million Americans and close to 6 million Canadians fall in this category. uBUCK is planning on rolling its service out to Southeast Asia, with only 47% of the population having a bank account and in the Philippines where it has 77% of the population unbanked according to a recent survey by BSP.

“uBUCK is committed to serving the unbanked and underbanked community in starting with North America, said uBUCK president and CEO James Youn. “uBUCK Tech is democratizing the financial system by having the uBUCK pin vouchers available at your local convenience store in addition to buying it from the uBUCK App directly.”

Customers will be able to purchase uBUCK pin vouchers with cash, credit or debit cards. uBUCK cash can be sent anywhere in the world within the uBUCK platform with no transfer fees. The receiver of those uBUCK cash tokens can be used to load a debit card and spend it just as they would any credit card or make a withdrawal at any ATM around the world.

“PreWay looks to market this product to its client base of convenience stores and other resellers as a product that will enhance door swings for the convenience store and having them on the platform serves the public with an option not currently being addressed by the competition,”

said Rodger Kean, VP Sales & Marketing at PreWay Prepaid.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (CSE:LLT)(FRA:C0B:FF) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time. uBUCK Pay is a multi-currency digital wallet that supports traditional fiat and digital currencies. Consumers are able to make online and offline purchases using the uBUCK debit card and send funds worldwide for free.

About uBUCK Technologies SEZC

uBUCK Pay is a worldwide online payments platform and pin voucher solution that serves as a payment alternative for consumers and merchants. uBUCK Pay is a secure and fast method for making payments and transfers and serves as a digital alternative to traditional payment methods like checks, money orders and wire transfers.

About PreWay

W.L. Petrey Wholesale, established PreWay in 2004 to meet the rising demands of its customer base in the telecomm and prepaid industry. PreWay’s mission is to be a preferred solutions provider that delivers full-service advantage to both its merchants and business partners. PreWay is 100% committed to offering the best services and programs to all markets serviced. PreWay has a simple mission; we want to grow your sales by providing products and services that deliver you results. The diverse consumer-based product and financial services you’ll receive from PreWay is unmatched and will without a doubt, expand your business. PreWay’s proven track record speaks for itself, servicing close to 7,000 retail locations nationwide.

For more information about LiteLink Technologies Inc. (CSE:LLT)(FRA:C0B:FF), please visit If you would like to know more about the 1SHIFT logistics platform, please visit For details about uBUCK Pay, please visit

Forward-Looking Statements

Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.

Please See Disclaimer

Coinbase UK Drops Support for Zcash



It has yet to be disclosed as to why, but the UK arm of Coinbase is dropping support for Zcash (ZEC) cryptocurrency.

The move has, understandably, rattled Zcash investors.

Coinbase Drops Support for Zcash

According to customers of Coinbase UK, the exchange is sending out letters telling traders to convert their ZEC holdings by August 26. Alternatively, traders are encouraged to export their coins to an external wallet. If they fail to do so, their ZEC balance will automatically convert to British pound sterling in their user accounts.

As stated, the crypto platform gave no reason for dropping the coin, but as a privacy-focused cryptocurrency, Zcash could be a preferable choice for criminals. This is simply one of many theories already posed by head-scratching traders.

The coin’s developer, The Electric Coin Company, confirmed the news on Friday. It said the following in a tweet:

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