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July 2011

IDAX Exchange Suspends Accounts After CEO “Disappears”



IDAX, a Chinese cryptocurrency exchange, has suspended deposits and withdrawals after its CEO allegedly disappeared in what looks like an exit scam.

In a blog post earlier today, IDAX said it was suspending all activity on the exchange after staff said they had been unable to contact their CEO, Lei Guorong, since November 24. As a result, the exchange has also lost access to its cold storage. IDAX initially denied that the disappearance was an exit scam; however, in another statement today, it has confirmed that this is indeed the case. An exit scam is a fraudulent practice by unethical cryptocurrency promoters who vanish with investors’ money during or after an ICO.

“Since we have announced the announcement on November 24, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO. For this reason, access to Cold wallet which is stored almost all cryptocurrency balances on IDAX has been restricted so in effect, deposit/withdrawal service cannot be provided,” read today’s statement.

The situation comes after a difficult period for cryptocurrency in China after authorities doubled down on the country’s 2017 trading ban last week, with the central bank vowing to “dispose of” any exchanges it found in breach of the ban. The IDAX exit scam comes just a week after South Korean Exchange UPbit lost almost $50 million USD worth of crypto in an alleged hack.

The nature of the UPbit hack has led some speculators to believe that it may have been an inside job. Cointelegraph reporter Joseph Young tweeted“The ‘hacker’ timed when UPbit was making crypto transfers to its cold wallet (other alts like TRON, etc.). Hence, I think the probability of it being an inside job is higher than external breach.”

>> TRON (TRX) Recovers After the Recent Sell-Off: What’s Next?

It is interesting to note that both the IDAX scam and the UPbit hack coincide with not only with the Chinese government’s clampdown of crypto but also at a time when Bitcoin’s value is bearish, with many analysts speculating that further declines are still to come.

Featured Image: DepositPhotos ©

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Coinbase Crypto Services Expand to 11 New Countries

Coinbase crypto services

Coinbase crypto services

On April 17th, word went around that Coinbase crypto services will be expanding to 11 new countries. And the information is true. According to the crypto exchange, Coinbase will expand its crypto-to-crypto conversions and trading services to Colombia and Mexico, among other countries.

Here’s what we know.

Coinbase Expanding Crypto Services

Based in San Francisco, USA, Coinbase said in a blog post on Wednesday that customers in 11 new countries now have access to its crypto-to-crypto exchanging services. These services, according to the crypto exchange, will be on Coinbase, and Coinbase Pro as well. For those who don’t know, Coinbase Pro is the firm’s professional trading platform.

The countries receiving the Coinbase crypto services include Peru, Colombia, Mexico, and Chile. Argentina, South Korea, and Hong Kong also have access, as does Indonesia, India, New Zealand, and the Phillippines.

What Does This Mean for Coinbase?

Of course, this is good news for those interested in crypto trading in the recipient countries. However, it’s also good for Coinbase itself. With the addition of these 11 countries, Coinbase now has a presence in 53 countries across four continents, according to CoinDesk. Further, Coinbase believes crypto-to-crypto is a gamechanger. According to the firm, “the ability to convert from one crypto to another will form the backbone” of a “new decentralized economy.”

So, with the potential of crypto-to-crypto and the fact that now 11 countries have access to it that didn’t before, good things may very well be heading toward Coinbase. Not to mention Coinbase’s mission is to make it “as easy as possible to access crypto;” this announcement is an “important step in that direction.”

>> SIRIN Labs Loses One Quarter of Its Staff to Poor Finney Sales


What do you think about Coinbase crypto services expanding to new countries? Does it signify that crypto-to-crypto services are going to be the next big thing?

Let us know what you think in the comments below! 

Featured image: DepositPhotos © burdun

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LiteLink Technologies Opens Digital Payments Division in Tech City and hires James Youn as President


VANCOUVER, B.C., March 01, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(FRA:C0B:FF), a key player Logistics & Payment Systems with Artificial Intelligence is opening their flagship digital payments division through one of its wholly-owned subsidiaries. uBUCK Technologies SEZC (“uBUCK Tech”) will be located in Tech City Cayman, a special economic zone by Cayman Enterprise City for fintech companies. uBUCK Tech has begun development for uBUCK Pay, an online payments platform and pin voucher solution that serves as a payment alternative for consumers, businesses and merchants. The solution will allow uBUCK Pay account holders to make online payments and send worldwide transfers within minutes without any transfer fees. Pin vouchers may be purchased within the uBUCK Pay app or at participating resellers with or without a credit card.

“The uBUCK Pay app will be a major benefit for consumers that do not have a credit card, have poor credit, and/or do not have access to physical accounts and debit card programs. Merchants will also be pleased to add a new payment method with lower merchant transaction fees than most major credit card companies. It is time to bring control back to hard-working individuals and business owners”

says Ashik Karim, CEO of LiteLink. uBUCK Tech is scheduled to release a private closed beta in March 2019.

James Youn has been hired as President and CEO of uBUCK Tech. Mr. Youn is a licensed CFA Charterholder and previously worked as the President of Cayman National Securities Ltd. and as a Senior Portfolio Manager at Questrade Wealth Management Inc. Ashik Karim says, “Mr. Youn brings a wealth of banking and trading experience to our team and we are extremely confident that he can use his knowledge to build one of the fastest and safest digital payment platforms in the world.” Mr. Youn’s immediate initiative is to hire a management and sales team in Grand Cayman to drive app installs and to increase consumer and merchant awareness.

“The decision to open an office in Grand Cayman was a logical step in our business growth strategy,” said James Youn. “Besides the benefit of a growing fintech sector in Tech City Cayman, we feel that adding a digital wallet to LiteLink’s suite of products is a major benefit for consumers without credit cards to pay bills online and to make worldwide transfers without any fees. In addition, uBUCK Pay is a perfect complement to our flagship product 1Shift Logistics, since many truckers do not have credit cards. The uBUCK Pay solution gives truckers the ability to pay their gas and parking bills and send money overseas to friends and family.”

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (CSE:LLT)(FRA:C0B:FF) provides enterprise level solutions utilizing artificial intelligence and predictive analytics to solve the logistics industry’s fragmented and outdated technology problem. LiteLink is creating a unified communications platform for tracking shipments, disputes, and errors to increase efficiency and reducing costs for 3PLs, carriers and shippers. Find out more about the Company at and the 1Shift Product at

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.

Please visit the company’s website at . For a free report on LiteLink Technologies Inc. (CSE:LLT)(FRA:C0B:FFvisit

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