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January 2017

Coinroom Exchange Shuts Down and Leaves with Customers’ Crypto

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Coinroom

Coinroom

According to sources from news outlet money.pl, a Polish cryptocurrency exchange known as Coinroom has shut down abruptly and disappeared with all its customers’ funds in tow.

The Polish exchange, first registered in 2016, has even deleted its Twitter page.

Coinroom Shuts Down

The news outlet reportedly received an email from one of the exchange’s customers who said that the exchange ceased operations overnight and disappeared with all the funds in April. Though the exact amount stolen isn’t yet known, many customers reported having over $15,000 worth of cryptocurrency in their account.

Before culling the exchange, Coinroom had reportedly sent emails to its customers regarding contract terminations. It gave them only one day to withdraw their money, which was in accordance with regulations the exchange signed with users.

However, reportedly, the exchange returned only part of the funds to some customers, while many others didn’t receive any of their funds back at all.

One customer reportedly lost 2.005 Bitcoins, which values over $16,000 USD at current prices.

Another user said the following:

“[O]n the second day after sending the e-mail, I went to the Coinroom headquarters. The lady at the reception did not want to let me in, she claimed that nobody was in the office. Instead, she called someone from the company. I was asked to leave my details. Nobody contacted me.”

The issue is now being investigated by the District Prosecutor’s Office in Warsaw. According to sources here, the office has begun “proceedings against Coinroom in connection with unauthorized activities providing payment services that intermediates in the exchange of cryptocurrencies.”

>> Bitcoin (BTC) Price Falls Below $8,000 On Panic Selling

Cryptocurrency Scams

Scams within the cryptosphere have become all too common. As cryptocurrencies gain mainstream traction, it is inevitable that more opportunities to be hacked will appear. In the past two years alone, several scams and exchange hackings have amounted to millions of dollars worth of cryptocurrency being stolen.

Recently, in early May, the NYPD announced a Bitcoin scam whereby callers were impersonating government officials and requesting payments in Bitcoin. In this case, scammers pretended to be from the Social Security Administration (SSA) and even went as far as manipulating their caller IDs to show SSA numbers.

Featured Image: DepositPhotos © vlastas

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Blockchain Investments in China Dropped 40.8% in 2019

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blockchain investments

blockchain investments

A new survey has shown that blockchain investments in China in investment and financing deals dropped in 2019 by more than 40%. Over the course of last year, there were around 245 investment and financing deals in China, which is almost 60% less than those in 2018.

Blockchain Investments in China dropped 40% Last Year

According to data collected by state-run media Xinhua and financial data platform Rhino Data, the total Chinese blockchain investments last year accounted for around $3.6 billion. These figures were released by Xinhua Finance on January 15, 2020, and it indicates a 40.8% drop in investment in 2019 compared to the previous year.

Despite the drop in investment, the number of deals and the value of those deals have increased significantly since 2017, the study shows. As a result, 2018 will remain as the peak year in terms of Chinese investment spending in the blockchain. According to the data, there were more than 600 deals happening across the year, with 2017 accounting for only 168 deals.

Xinhua also established that early-stage investments such as Series A funding rounds in 2019 accounted for 43.3%. On the other hand, the percentage of mergers and acquisitions and strategic investments increased significantly in the second half of 2019. Equally, around 292 institutions had totally taken part in the investments with Shenzhen, Hangzhou, and Beijing attracting some of the largest blockchain projects.

Chinese Government Supporting Blockchain Development

China has been aggressively enhancing its blockchain expertise in recent times. This comes after China’s President in October last year called for the nation to speed up the adoption of blockchain. Therefore, the fact that blockchain investment spending declined last year is somewhat unexpected.

>> Tether and Bitfinex Unopposed to Lawsuit Consolidation

In late last year, state-owned media quoted research by US market intelligence company IDC stating that China’s blockchain spending will hit $2 billion by 2023. The Chinese government has been supporting blockchain initiatives and has made progress in the creation of a government-backed cryptocurrency (digital yuan). The People’s Bank of China conducted significant research before it started piloting the currency in December last year.

Featured image: DepositPhotos © nils.ackermann.gmail.com

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Coinbase to Offer Tezos Staking to US Consumers

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Coinbase

Coinbase

While it is true that the crypto space has grown at a breathtaking pace over the past few years in the United States, it should be noted that it would not have been possible without the stellar service provided by crypto exchanges like Coinbase. Over the years, the exchange has provided crypto enthusiasts, investors, and traders with a world-class platform.

Key Details

In a new development, it has emerged that Coinbase users will now be able to stake the cryptocurrency Tezos on the platform. The announcement was made on Tuesday by the company, and it is definitely a significant development.

The announcement was made by Coinbase in a medium post yesterday, and in the concerned post, the company stated that users who hold Tezos will now be able to get staking rewards. It is a highly important development since it creates an incentive for investors who are prepared to stay in the crypto market for the long term.

Due to the existence of rewards, Tezos (XTZ) holders will now be rewarded with interest on the tokens that they own and hold on the platform.

The interest will be paid out in XTZ. It should be noted that the service has already been launched in the institutional platform maintained by the company named Coinbase Custody. The service was rolled out earlier this year in March.

>> uBUCK Signs Strategic Alliance Agreement with Deltec Bank & Trust

At the time, Tezos co-founder Kathleen Bretmen said, “The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network.” Coinbase users will now be earning a staking reward of 5% on their holdings over a period of 35 to 40 days.

Featured image: DepositPhotos © Piter2121

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