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FLOKI Token Makes Its Debut On Tokocrypto, Indonesia’s Premier Crypto Exchange

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In an exciting development for the crypto community, FLOKI, the crypto token named after Elon Musk’s beloved Shiba Inu puppy, has made its way to Tokocrypto, Indonesia’s largest crypto exchange. 

The announcement was met with great enthusiasm, as crypto enthusiasts across the nation eagerly await the opportunity to trade the newly listed token.

Tokocrypto wasted no time spreading the news, taking to Twitter to express their excitement. Their tweet read:

Who can’t wait to trade Token Floki the NewListing at Tokocrypto? Here, to help you DYOR, it’s better to check what traders @fyqiehfach say about analysis Floki first, come on!

According to the tweet, industry insiders, known as Tokonauts, have been buzzing about FLOKI’s potential during bear markets. With the current market conditions being less than favorable, the token has emerged as one of the promising tokens for those looking to invest in the crypto space. 

This revelation has further piqued the interest of investors as they seek opportunities to navigate the challenging market landscape. 

FLOKI’s Listing Surge: Binance, Bithumb, Dex-Trade, & More

Adding to the frenzy surrounding the token, several renowned exchanges have already listed the token, solidifying its position in the crypto market. 

Binance, Bithumb, and Dex-Trade are just a few of the notable exchanges that have welcomed FLOKI with open arms this month. This surge in listing activity has only fueled the growing popularity and recognition of the token.

In a recent update, its official Twitter account revealed that the token had climbed the ranks on Bithumb, one of the top Korean exchanges. It was announced that the token now stands as the third most traded cryptocurrency on the platform, trailing behind heavyweights like XRP and BTC. 

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The Korean market’s unwavering interest in FLOKI has proven to drive its remarkable success. As FLOKI continues to make waves in the crypto sphere, industry experts anticipate even greater developments and achievements in the near future. 

However, with its unique concept and widespread appeal, this Shiba Inu-inspired token shows no signs of slowing down. 

Related Reading |  Crypto Exchange Hotbit’s Farewell: Unexpected Suspension Amidst Turbulent Times 

Floki Inu Lands In Korea With Bithumb Listing & Exciting Airdrop Bonanza

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Floki Inu, the popular cryptocurrency token, has officially entered the Korean market, bringing excitement and potential for increased adoption in Asia. South Korean users can now seamlessly purchase FLOKI tokens using the Korean won (KRW), marking a significant milestone for the Floki community.

The news of FLOKI’s listing on Bithumb, one of the largest cryptocurrency exchanges in South Korea, was shared on Twitter. Bithumb boasts an annual turnover of 1.01 trillion KRW and serves over 3 million users in the country. 

Simultaneously, Bithumb announced the addition of another token, PEPE, to its KRW market. The details for both Floki Inu and PEPE transactions are as follows: FLOKI supports the BEP-20 network, with the deposit start time scheduled for 11:00 am on May 18th (Thursday). 

Trading will begin at 2:00 pm on the same day, with the standard price set at KRW 0.0431. As for PEPE operates on the ERC-20 network, deposits will also start at 11:00 am on May 18th, with trading commencing at 3:00 pm. The standard price for PEPE is KRW 0.0020.

Floki Inu Airdrop Event: Rewards Based On Transaction Contribution

To celebrate the listing, Bithumb has organized an airdrop event for FLOKI traders. The event spans five days, from May 18th (Thursday) at 3:00 pm to May 22nd (Monday) at 11:59 pm, and offers FLOKI tokens as rewards based on participants’ transaction contributions. 

The daily reward allocation for the event is 147,000,000 FLOKI. Winners can expect to receive their rewards on June 8th (Thursday).

Moreover, Bithumb has introduced a bonus airdrop event for members who accumulate more than 100BM (Bithumb mileage) on May 17th (Wednesday). 

Participants will receive a bonus based on their total rewards earned from the daily trading airdrop event, with bonus rates varying depending on the amount of mileage accumulated. The BM bonus distribution is scheduled for June 9th (Friday).

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Example of bonus quantity calculation

Additionally, there is a one-day airdrop event exclusively for FLOKI traders who make purchases of 100,000 KRW or more within the KRW market. The event runs from 3:00 pm to 11:59 pm on May 18th (Thursday), and the first 2,000 customers who meet the criteria will each receive 225,000 FLOKI tokens.

It is important to note that participants should be aware of event criteria and follow the guidelines provided by the exchange. Certain conditions apply, such as the possibility of overlapping events, exclusions of specific participants, and the potential for restricted participation following financial transaction regulations.

Nevertheless, the listing of Floki Inu on Bithumb and the associated airdrop events provide an opportunity for Korean users to engage further with the crypto market.

Related Reading | BitMEX Introduces Floki Inu Perpetual Listings With Up To 50x Leverage 

Hour-long Block Halt On Avalanche Network Causes Korean Exchange Suspensions

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The Avalanche C chain, a blockchain platform, has faced an hour-long block production halt, as per reports from earlier today. According to the Avalanche blockchain browser, the latest block time is 7:26 UTC+8, with a block height of 27788298. However, it has been resolved, according to the latest update.

As a result of this, several Korean exchanges, including Upbit and Bithumb, have suspended Avalanche (AVAX) network-related deposit and withdrawal services. Upbit stated that the deposit and withdrawal service for AVAX would be temporarily suspended to perform maintenance on the AVAX wallet system, and once the maintenance is completed, the services will resume.

However, during the suspension period, the deposit return process will also be temporarily halted. The deposit return process will be carried out sequentially after the deposit/withdrawal services resume, and deposits may experience delays due to network congestion or other reasons, the exchange added.

Likewise, Bithumb also announced that it has temporarily suspended deposit and withdrawal services for Avalanche (AVAX) and AVAX-C Step App (FITFI) due to network issues. 

The exchange stated that the market price of Avalanche (AVAX) and Step App (FITFI) might experience high volatility due to the suspension of deposits and withdrawals. Once the stability of the network is confirmed, Bithumb will notify its members of the resumption of deposit and withdrawal services through a separate notice.

Avalanche C Chain Faces Stability Issue, Urges Upgrade To Fix

This issue was first discovered by Conflux’s Co-founder in a tweet earlier today. He shared a screenshot, asking whether the Avalanche C Chain had stopped for an hour or it was just an explorer problem. 

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According to Kevin Sekniqi, co-founder of Ava Labs, the network has been unstable for over an hour, and the problem is with version 1.9.12, for which a fix has just been released. Sekniqi added that if any validator was using this version, they should upgrade to version 1.9.14 immediately to stabilize the network. But in a surprise turn of events, the co-founder deleted the tweet just hours after posting.

In response to this tweet, some community members commented that it is similar to the issues faced by the Solana network in the past, where they had to upgrade their versions to stabilize the network. Others raised concerns over Avalanche’s slow transaction speed and questioned why it has so many supporters despite this limitation. 

Some commented that all dApps would soon be using Hydra, and users could re-evaluate the user experience then. Others suggested that Cardano was the most dependable and decentralized L1.

The halt in block production has caused significant inconvenience to users and traders alike, particularly with deposits and withdrawals being temporarily suspended. Avalanche will need to address the issue as soon as possible and stabilize the network to prevent further disruptions.

Related Reading |  Shiba Inu Gains Major Exposure With This Listing 

Bithumb Adds Shiba Inu To Trade Against Korean Won

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A new Shiba Inu trading pair has been listed in the Korean crypto exchange Bithumb, which will be traded against the republic’s national currency, the South Korean Won.

The listing follows the token gaining entry in Upbit, another leading South Korean cryptocurrency exchange, which has announced that its users will be able to start trading the Shiba Inu [SHIB] cryptocurrency against the won.

However, the first trading platform to list the popular meme token in the nation was Korbit back in November 2021.

Other exchanges based in South Korea such as Upbit, Bithumb, Coinone, Korbit, and Gopax currently account for over 99% of the market share domestically.

But regulators in the nation have come down hard on the broader local crypto scene and Bithumb is no exception.

South Korea’s tax authorities are investigating Bithumb Holdings, the parent company of a crypto exchange based in the country,  as per local reports.

The charges include potential tax evasion by Bithumb Korea, Bithumb Holdings, and affiliates through domestic and international operations.

The crypto enterprise has already been the focus of a tax inquiry in South Korea. Bithumb Korea received a multi-million dollar charge in 2018 for back taxes, despite the fact that the investigation did not find any evidence of tax evasion.

The country’s largest crypto trading firm was also sued by investors over a 1.5-hour service outage on Nov. 12, 2017. In Jan 2023, a court ordered the platform to pay compensation of $202,400 — 251.4 million in Won.

For Shiba Inu and its token, the new listing against Korea’s national currency is indicative of its advancement and flourishing in a, highly liquid market. SHIB currently trades at 0.0174 KRW per token.

Recently, Shiba Inu’s BONE has entered into the top 100 crypto coins as the imminent Shibarium launch time nears, TronWeekly reported the other day.

Shiba Inu BONE Gained Tremendous Traction Due To This

BONE will act as the governance token for the scaling solution, and will also be used to settle all gas prices throughout the Shibarium ecosystem.

This comes after the official handle of the project announced the arrival of Shiba Inu’s highly-anticipated layer-2 network Shibarium beta mode by next week.

That said, the launch dates for both the beta and official versions of the protocol have been the subject of much debate, raising the heat on the project developers.

Shytoshi Kusama, the project’s pseudonymous principal developer, in past has repeatedly declined to reveal the precise dates in order to prevent disappointment from any delays.

Bithumb’s XRP Power Play: Over 260 Million Coins Transferred Amid Controversy

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In a stunning display of crypto-currency prowess, anonymous power players known as “whales” have made massive moves in the XRP market. 

According to data from Whale Alert, these whales have transferred a staggering 260 million XRP in a matter of days. The largest transfer was reportedly made by the Bithumb exchange, whose owner is currently facing legal troubles.

As reported by TronWeekly, The owner of Bithumb, South Korea’s second-largest cryptocurrency exchange, has been accused of manipulating the stock prices of affiliated companies, and an arrest warrant has been issued by prosecutors in Seoul. 

The inquiry is examining claims of financial misconduct by leaders of Bithumb, with a focus on Chairman and owner Kang Jong-hyun, who is believed to have manipulated stock prices through convertible bond issuance.

This sudden surge in the XRP movement has many in the crypto community speculating about the motives behind these transactions. Some believe that the whales may be attempting to manipulate the market, while others see it as a sign of growing interest and invested in the cryptocurrency.

Regardless of the reasons behind the transfers, it is clear that the cryptocurrency market is still very much in its infancy and subject to significant fluctuations. 

Whale Alert: Latest XRP Transfer  

According to the latest data, the 160,000,000 XRP transferred was worth $65 million, which is a substantial amount of money. These type of movements of cryptocurrency always attract attention and makes people question the purpose of these transactions. 

Additionally, a massive amount of XRP was also transferred between several prominent cryptocurrency exchanges. According to blockchain records, 39,500,000 tokens, worth a staggering $16 million, were transferred from Bitso to an unknown wallet.

In a seemingly coordinated move, 30,000,000 XRP, worth $12 million, was then transferred from that same unknown wallet back to Bitso. And in yet another surprising twist, 33,000,000 XRP, valued at $13 million, was transferred from that same unknown wallet to Bitstamp.

It remains to be seen how these recent developments will impact the XRP market and the crypto industry as a whole, but one thing is for certain, the crypto space is always full of surprises, and the anonymous whales are always making big moves, leaving the rest of us to speculate on their intentions.

Related Reading | Institutions Driving 85% Of Bitcoin Buying, Signals New Bull Market – Matrixport Report

Bithumb Owner Arrest Warrant Issued For Alleged Stock Price Manipulation

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The owner of South Korea’s second-largest cryptocurrency exchange, Bithumb, has been accused of manipulating the stock prices of several affiliated companies, leading to an arrest warrant being issued by prosecutors in Seoul, local media reported on January 25th.

The report stated that the investigation, which is looking into allegations of embezzlement by Bithumb executives, has led to an arrest warrant being requested for Kang Jong-hyun, the chairman and owner of Bithumb.

On January 25th, the Seoul Southern District Prosecutor’s Office Financial Investigation Division 2, led by Chief Prosecutor Chae Hee-man, charged Kang and two other executives with embezzlement, breach of trust, and fraudulent transactions under the Act on the Aggravated Punishment of Specific Economic Crimes and the Capital Markets Act.

Kang, who is the older brother of Kang Ji-yeon, CEO of Bithumb affiliates Inbiogen and Bucket Studio, is suspected of playing a central role in manipulating the stock prices of these companies through the issuance of convertible bonds. He is also known for being a hot topic in the media due to dating rumors with actor Park Min-young.

According to the report, in October of last year, prosecutors seized and searched the offices of Bithumb affiliates Vident, Inbiogen, and Bucket Studio as part of their investigation into allegations of company money being stolen and stock prices being manipulated by Kang. Vidente is the largest shareholder of Bithumb Holdings, with a 34.2% stake, and Inbiogen and Bucket Studio are also major shareholders.

 Former Bithumb Chairman And $100M Fraud Charge

This is not the first time that Bithumb executives have faced legal trouble. In January 2021, former Chairman Lee Jung-Hoon was acquitted on charges of committing a $100 million fraud related to the exchange.

However, he was indicted in July 2021 and was facing a prison sentence of eight years for the alleged theft of money from cosmetic surgeon Kim Byung-Gun during an acquisition deal.

To make matters worse, Bithumb’s largest shareholder, Park Mo, was found dead outside his home in South Korea in December 2022 after being named as a suspect in an investigation into embezzlement and stock manipulation. Local media reported that he had taken his own life.

The arrest of Kang In-sik and his sister is a serious blow to Bithumb. The exchange has not yet commented on the matter, but it remains to be seen how these developments will impact the company and its users.

Related Reading |  Binance Linked To $346M Transactions with Alleged Money Laundering Exchange: Report 

Bithumb falls into troubled waters after Thai partner calls out exchange for fraud

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A popular South Korean cryptocurrency exchange, Bithumb, is slapped with a lawsuit by a former partner based in Thailand.

Cryptocurrency exchanges have found their way below the crypto spotlight. As more people flocked into the market, exchanges were kept busy all the time. The increased demand for crypto this year further agitated this trend. Moving over the surge in popularity, a major crypto exchange fell under the purview of Hong Kong officials for breach of contract as well as fraud.

Back in 2018, Bithumb had reportedly rolled out a platform in Thailand. This platform, however, did not garner any support from the exchange, further paving the way for immense damages to the Thailand firm. While the firm’s name remains under the wraps, it had decided to sue the South Korean exchange for backing out.

Bithumb could be sued for breach of contract

As per a recent report by the Korea Times, the Thailand partner has been prepping to sue Bithumb Global Holdings, GBEX, and the executives involved.

Even though the BXA coin never made the cut, it was speculated that the platform was trying to sell BXA coins through its Thai partner. The former Thai partner elaborated on the same and pointed out that once the exchange pulled the plug on the BXA business, the Thai platform became unnecessary. This further caused the closure of the Thai firm and also some “serious damage.”

The spokesperson added,

“BGH and GBEX collectively own a 49-percent stake in the joint venture in Thailand, and are wholly-owned subsidiaries of Bithumb Korea, so we sued Bithumb Korea’s executives last year and decided recently to file lawsuits in Hong Kong against the Hong Kong subsidiaries and their executives, who are related to this issue more directly.”

The BXA coin put the exchange in the wrong light. The Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit officers even went on to raid the exchange’s headquarters in Gangnam back in September 2020.

Bithumb Garners The Attention Of Naver As A Potential Stakeholder

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The crypto industry is booming by the day. The interest in acquiring a stake in Bithumb, a prominent cryptocurrency exchange, headquartered in South Korea is substantial proof for the same.

Bitcoin and an array of other coins elevated the interest and adoption rate of crypto. This further brought in institutional interest in these digital assets. While several speculated that this was temporary, the inclination of notable platforms seeking a stake in Bithumb shows that the enthusiasm has prolonged. More recently, a leading South Korean internet firm revealed its interest in garnering a stake in Bithumb.

Bithumb Has Over 10 Firms Seeking A Stake

A local news portal affirmed that the South Korean internet giant, Naver has been talking to Vidente, a Bithumb stakeholder with regard to a possible equity stake in the cryptocurrency exchange. Naver joined the list of over ten other platforms seeking a stake in South Korea’s largest cryptocurrency exchange.

This list included major banks like JP Morgan, Morgan Stanley as well as Changpeng Zhao’s Binance. Visa, the payments platform is also looking to garner a stake at the crypto exchange. Additionally, rumors regarding Deutsche Bank jumping onto this bandwagon also surfaced.

Currently, the Chairman of Bithumb holds over 65% stake in the exchange, whereas Vidente owns over 34%.

Similar to all the other platforms, Naver intends to dive into the crypto-verse. The internet firm has been looking into inducing Bitcoin [BTC] as a method of payment on its Naver Pay and Line Pay in Japan and the United States.

Furthermore, the stringent laws that the Korean government has been imposing have left several crypto platforms in the country in a state of anxiety. OKEx Korea will reportedly shut shop giving users time until 7 April 2021. The post read,

“OKEx Korea service has ended on April 7th. We would like to thank all of our customers who have used OKEx Korea in the meantime, and we hope that you must check the information below regarding the termination of the service.”

Pandemic Forces Bithumb To Pull The Plug On Few Of Its Offices

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The pandemic had caused abject disruption around the world. The coronavirus put the entire world in shackles. While the economy staggered and several lost their jobs, COVID-19 was taking over the world. Several prominent platforms pulled the plug to depreciate the spread of the virus, a prominent cryptocurrency exchange seemed to be aiding this move and has planned to put a hold on its services.

Pandemic Staggers Growth Of Several Platforms

A small yet deadly virus caused the death of many across the globe. While mankind remained indoors, the streets of the earth were ghosted. Several markets went on to record major slumps and have been trying to recover from their losses. The crypto-verse, however, seems to have picked up its recovery phase as it has been reaching new highs. Even though the recovery rate of COVID-19 has surged, the cases seemed to have decreased. Yet, certain platforms continue to go the extra mile to remain unfettered by the pandemic. South Korea’s Bithumb is the latest crypto platform to do so.

South Korea has been known for its impeccable pop culture. With South Korean movies, shows as well as music taking over the world, the country has been working on exercising soft power through the same. The country’s interest in crypto is also highly touted. In light of the ongoing pandemic, Bithumb revealed that it would shut down a few of its offices.

In a blog post, Bithumb wrote that it would be momentarily suspending its Gangnam center that acted as an offline support platform to its users. The blog post read,

“As the number of domestic confirmed cases of Coronavirus Infectious Disease-19 (hereinafter referred to as Corona 19) has increased and social distancing in the metropolitan area has been upgraded to stage 2, we intend to temporarily suspend the operation of Bithumb offline Gangnam Center to prevent the spread of Corona 19.”

The platform mentioned that it would suspend its service from 24 November 2020 until further notice. A safer and convenient option in replacement of the offline platform would soon be rolled out.

While several countries have been easing the laws that were put in place during the peak of the virus, South Korea seems to be prolonging the same. As per worldometer, a covid-19 tracking website, the total number of cases were at 31,353 with over 510 deaths. The number of recovered individuals stood at 26,722. Additionally, the daily new cases in the country were seen increasing significantly.

Pandemic

South Korean Authorities Raid Bithumb for Alleged Fraud Over BXA Token

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Bithumb, one of the largest cryptocurrency exchanges in South Korea, has reportedly been raided by Seoul police in connection with suspected investment fraud related to the issuance of a BXA token.

According to the reports by Seoul Shinmun, Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit officers conducted search and seizure investigations at the exchange’s headquarters in the Gangnam District on 2nd September.

This was linked to a $25 million token sale hosted by Bithumb and to the proposed acquisition of the Singapore Platform, BTHMB. But the deal that was originally expected to be completed in February never materialized. Bithumb   Chairman Lee Jung Hoon is also known to have been in police investigation on charges of fraud and escaping property.

The exchange was accused of pre-selling native BXA tokens, but the failure to list caused substantial losses worth millions to investors who participated in the sale.

This news follows the seizure of the third-largest cryptocurrency exchange in the country, Coinbit, on allegations of fake trading volumes, a major concern that has haunted the industry for quite some time.

The original reports claimed that the platform’s owner Choi Mo and other executives allegedly used ghost accounts to execute fake trades to artificially inflate the trading volume. The local authorities alleged that the wash trading at the platform had produced more than $84 million in faked income.

In a bid to provide a framework for the regulation and legalization of cryptocurrencies as well as crypto-exchanges, South Korea became the world’s first country to pass a comprehensive set of cryptocurrency rules in March this year

While this has been a recent development, the country has been known to be at the forefront of the cryptocurrency and blockchain movement over the past decade. Two years earlier, Seoul’s mayor, Park Won-soon even discussed the capital city’s plans to launch what was dubbed the S-coin for the purpose of a payment method for city-funded welfare programs.