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Cryptocurrency Exchange Bilaxy Suffers Fund Losses as Hackers Attack Hot Wallet

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On Monday, the digital asset world woke up to the news of cryptocurrency exchange Bilaxy being hacked. Sources close to the exchange revealed that the hacker stole the funds by exploiting a bug in Bilaxy’s ERC-20 hot wallet. The exchange announced the details of the hack via a Telegram post early Monday morning.

During the hack, the perpetrator transferred 295 different ERC-20 tokens with the most recent transaction involving 50 ETH tokens. The address to which the funds were sent had a total grasp of 177.98 ETH or approximately $570,000. According to Bilaxy’s releases, the exchange suspended all activities to ensure the protection of the remaining funds.

The exchange contacted the affected users to inform them about their stolen funds with steps to recover them in the future. Bilaxy further assured its members that the unaffected funds were all moved to the cold wallet for safekeeping. In their official post, Bilaxy said:

“Bilaxy suffered heavy losses in this hacking incident and the problem has not been determined now, which will take lots of work and time to resume Bilaxy services. It may at least take 2 weeks to investigate the hack thoroughly and rebuild system architecture to secure the system and assets. We hope that users will have the necessary psychological preparation for it.”

The attack on Bilaxy comes a few weeks after the $100 million stings on Liquid. Fortunately, the exchange was able to recover the funds and transfer them back to the legal holders. Crypto fans kept their fingers crossed hoping that that is the case with Bilaxy too. Bilaxy also contacted CoinmarketCap, Coingecko, and Etherescan to put out notifications about the hack. As investigations for the funds’ progress, the company revealed that all the details have been divulged to the proper authorities.

FTX.US partners with the University of California to Boost Student Athletics and Local Bodies

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The advent of the cryptocurrency market allowed a slew of new developments and capital to enter the financial ecosystem. FTX.US, one of the most talked-about crypto exchanges of recent times took collaborations to another level with its new University of California, Berkeley partnership. According to reports, the latest deal would involve FTX.US paying the college $17.5 million over a period of 10 years.

FTX is also expected to support Cal’s Cameron Institute for Student-Athlete Development for creating an endemic system of athletes. In addition to this, the cryptocurrency exchange will contribute $200,000 to help underrepresented students as well as the local population. The Cal Golden Bears, the team representing the college, will play all their home matches in the newly rebranded FTX stadium.

FTX’s latest move comes after its tie-up with the Miami Heats. The exchange also expanded into Major League Baseball [MLB] where the umpires will wear FTX logos on their uniform. Sina Nader, the Chief Operating Officer of FTX stated post the announcement:

“We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape. This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.”

FTX hopes that the cryptocurrency investment into the university would boost positive sentiment for the digital asset world. The exchange was ecstatic about the event with the company raising more than $900 million last month. This elevated the company’s valuation to a whopping $18 billion.

Bityard Rides the Bull Wave as Exchange Launches Copy Trading Feature for its Users

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The global cryptocurrency market has been witness to bullish and bearish scenarios since its inception with that pattern hardly likely to disappear anytime soon. One of the main factors for the renewed interest in the virtual asset world can be attributed to developments made by organizations like Bityard.

Bityard has been at the forefront of innovation in the cryptocurrency exchange sector, with the organizations laying down the pipeline for rapid development in 2020. The Singapore based exchange recently announced that they had launched the much-anticipated copy trading mechanism to their fold.

Sources within Bityard admitted that the copy trading feature was something requested fervently by the user base as the exchange aims to gun for the summit. Working around the ethos of consistent upward movement, Bityard believes in bringing the ultimate trade simplicity to its users. The copy trading feature allows new users with no prior knowledge to emulate the methods of veterans in the field.

Bityard works to provide a simple, safe, and transparent platform to beginners so that their crypto experience is enriched. The system works by allowing freshers to copy the movements of advanced investors so that they can make smarter financial decisions. According to an official Bityard release:

“With Bityard’s copy trading function, users can easily copy other advanced investors, and those advanced investors will receive additional revenue from each successful trade copied. Bityard copy trading system creates a unique interactive and mutually beneficial relationship between the copier and the traders who are copied. In the future, Bityard will introduce more social network related functions to further improve the practice of the exchange’s social strategy.”

The exchange’s latest development stands out from the rest because of its efforts to include both the new and old customer. Experienced traders will be drawn to the latest proposal as they can impart their crypto knowledge while earning capital at the same time. Many analysts in the cryptocurrency industry claimed that the focus on customer retention will only do Bityard good in the long run.

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Bityard has over 100,000 users spread across 150 countries and this popularity is owed to the organization’s methodical operational processes. The exchange made a name for itself for having one of the lowest trading fees in the industry, thereby adhering to the mantra of “Complex Contracts Simple Trade”. With more updates set to be announced soon, both fans and critics are now waiting for the “next big thing” from Bityard.

 

Bityard Sets its Sights on Further Leaps as Exchange Prepares to Integrate New Technologies

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Since its inception, the cryptocurrency market has evolved to become an ecosystem that encourages innovation and the ability to think on one’s feet. This phase shift resulted in the creation of new companies that have taken the technological leap further.

One of the organizations that fall in with this pool is Bityard, with its upcoming announcements and developments expected to shake things up in the industry. The cryptocurrency contracts exchange has made a mark for itself by adhering to details important to users- ease of use, leverage opportunities, and inbuilt security.

The Singapore-based exchange has over 100,000 users spread across 150 countries, and this popularity is owing to the methodical operational process of Bityard. With multinational licenses and low trading fees, Bityard has been gunning for its competitors since the start. Bityard has kept the trading process simple for its users with the company sticking to the concept of “Complex Contracts Simple Trade”.

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Market research has shown that customers prefer an environment that can be quickly adapted to, something that Bityard has taken in the highest regard. The exchange has a technical, easy and intuitive surface that can make trade of any magnitude look seamless. The ease of use frees up space for Bityard to include important features that allow users to close trades quickly. This sort of application has been integrated both in the Bityard application and on the active website.

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Trading fees have always been a key factor in determining the success of an exchange because of the difference in profit margins. There have been cases where really effective exchanges lose out on a market share because of their high trading fees. Bityard has taken note of this, lowering the trading fees to an industry-low 0.005 percent. Other popular exchanges such as Bitmex and Deribit charge much higher rates of 075 percent. Analysts have claimed repeatedly that the trading community values a good profit chunk and will always abide by it. 

The low trading fees were not the only thing that Bityard got right as the exchange increased its scope to include smaller trades as well. At the moment, Bityard users can open a trade from as low as 5 USDT which can be increased to a whopping 20,000 USDT. The confidence to trade such large amounts of crypto requires the user to be guaranteed capital safety. Bityard has checked that box by being assessed and regulated by important institutions. 

Bityard is regulated and licensed by bodies all over the world including Singapore’s ACRA, USA’s MSB, Estonia’s MTR, and the Australian AUSTRAC. Furthermore, these licenses allow users to conduct their trades without worrying about geo-economic repercussions. The company expects more users to be drawn in with plans to launch a spot trading and copytrade trading in the works. These features are seen as the next step in changing the way people trade cryptocurrencies. Apart from all this, miners can also make their extra share of tokens by looking out for mining bonuses. 

Companies like Bityard play an important role in the cryptocurrency ecosystem because of factors such as reliability and trust. This is the foundation upon which users become Bityard supporting global partners. As the cryptocurrency market enters into a larger and more competitive realm, Bityard has its sight set on coming out on top by keeping the user as a priority.

 

Cryptocurrency Accounts Linked To North Korea Hacks Set Be Seized By U.S Government

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The US government is boosting its cybersecurity efforts by targeting 280 cryptocurrency accounts linked to North Korea hackers. According to the Reuters report, the U.S. authorities are making efforts to seize crypto accounts believed to have been used by North Korean hackers to steal millions of dollars worth of cryptocurrencies from two virtual exchanges.

This action comes after the hackers have been identified to have been involved in a number of crypto-related cyber crimes in the world. U.S. authorities also believe that hackers use stolen currencies to fund different military operations, such as the missile program.

The U.S Department of Justice filed for a civil forfeiture complaint in a move touted to give the authorities total authority to seize all of the 280 accounts. It is worth noting the North Korea hackers laundered money through Chinese traders who used the accounts to launder over $100 million on their behalf.

North Korea using Hackers to overcome harsh economic effects of sanctions

Following the different sanctions imposed on North Korea since 2006, the country has had to face tough economic times. It is precisely this situation that the U.S. authorities believe prompts North Korea to incorporate state-sponsored hackers to hack and steal funds intended to fund different programs in the country.

The UN Security Council first imposed sanctions on the country, following reports that the government was working on a ballistic missile program. It is also widely believed that the majority of stolen cryptocurrencies are averted towards supporting this program.

Brian Rabbit Who serves as the assistant attorney general for the justice department in a statement insists that the recent expose shows just how much North Korea hackers were embedded with the Chinese gang to scam funds fraudulently.

Hackers have amassed a whopping $2 billion from targeted cyber crimes

According to reports, the North Korea hackers have managed to scam over $2 billion worth of cryptocurrency from their hacks.  The hackers mostly target banks and crypto-exchange platforms. Meanwhile, the infamous Lazarus group has been credited to a number of cyber attacks on financial firms worldwide.

 

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South Korean Authorities Confiscate Major Crypto Exchange for Wash Trading

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The oldest newspaper in South Korea, Seoul Shinmun, reported on August 26 that the third-largest cryptocurrency exchange in the country, Coinbit, had been seized by law enforcement authorities on allegations of bloating trading volumes. According to the report, the South Korean authorities invaded the exchange offices on Wednesday morning after discovering that the platform had feigned for more than 99 percent of its trading volume.

Trade washing is a widespread practice among cryptocurrency exchanges globally. According to a Bitwise crypto management firm report back in March, more than 95 percent of the trading volumes are fake, with exchanges creating pseudo accounts and using them to trade back and forth, making the respective platforms seem more popular and active. Coinbit also used this illicit method to magnify its trading volume.

Coinbit made over $85 million in illicit proceeds

The South Korean Authorities claim that the CEO of Coinbit, Choi Mo, and his team allegedly purchased different crypto assets using fake accounts, impacting the over 250,000 active monthly users on the platform. Currently, Coinbit has discontinued all its activities, pending investigations.

Notably, the major Korean exchange managed to manipulate its trading volume by creating two accounts with all its funds. One of those accounts falsely traded the major tokens such as BTC, ETH, XRP, and USDT pairs with pseudo accounts.

On the other hand, Coinbit used the second account to trade hidden tokens and ICOs. The obscure tokens are only obtainable from one exchange, that is, Coinbit. By doing this, the major exchange controlled their supply, tampering with their valuation to inflated prices, and ultimately selling them to unsuspecting users on the platform.

South Korean authorities confines exchange’s head office

In addition to the market manipulation strategy, the wash trading scheme netted the major crypto exchange with deceitful revenue over $85 million.

Furthermore, the wash trading scheme has made the South Korean authorities raise doubts regarding Coinbit’s bookkeeping ways. This draws attention to more professional misconduct and fraud. Meanwhile, the South Korean authorities have isolated the exchange headquarters and some of its branches in Korea.

Wisenex Review – a Simple and Affordable Online Platform for Exchanging Digital Assets

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With the development of the crypto market, there has been more evidence of the advantage that cryptocurrency is used in everyday life. The advantage of cryptocurrencies is that Cryptocurrencies allow you to make money transfers faster, lower transaction costs compared to bank transfers. At the same time, however, users continue to face problems relating to the introduction of cryptocurrency in traditional sectors of the economy.

Many companies provide services for exchanging and storing cryptocurrencies. Though there are still a lot of concerns for the customer. Among the key problems are the following:

  • Security. Storing funds on exchanges is not safe. Users, who care about the
    protection of their crypto assets, have to suffer inconvenience when they bring
    funds to the exchange, make an exchange and withdraw to their cryptocurrency
    wallet;
  • The lack of fiat payment. Only a few of the trading platforms support fiat-crypto
    payments. Most platforms do not support trading in pairs with fiat;
  • Unsecured exchange. The number of crypto exchanges exceeds several thousand, but only a few of them fully comply with the law. Illegal crypto exchanges cannot provide legal protection to users in case of failures and other problems arising from the exchange and storage of digital funds.

Wisenex‘s Cryptocurrency Exchange Platform

Wisenex has created a convenient cryptocurrency exchange platform that solves these and other problems when working with digital assets. On the Wisenex exchange, users can easily and quickly buy the most popular cryptocurrencies with credit cards, such as BTC, BCH, ETH, LTC or USDT stablecoin.

On the Wisenex exchange, Users can exchange cryptocurrencies online at a low rate and without hidden fees. All information is immediately available during payment, so there is no need to search for additional information in different sections of the site, as it happens on some exchanges.

It is quite easy to buy bitcoin with Wisenex: you need to choose a currency, specify the transaction amount and payment method, and register a bitcoin account. Transactions are fully automated and protected by advanced encryption methods.

NoleX Ups The Cryptocurrency Exchange with VIP and Lifelong Features

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The cryptocurrency market witnessed a number of updates and developments that have caught the general public’s eye. Due to the multiple changes in the digital asset ecosystem, enthusiasts find it difficult to choose the perfect product for use on a case-by-case basis.

In the midst of this growth surge, the Nole has come up with a new and improved cryptocurrency exchange called NoleX. The Tron-based cryptocurrency exchange aims to provide stellar services to all its customers with a focus on security and seamless transactions.

Cryptocurrency exchanges are considered to be an integral part of the virtual asset world because of how they create a common point for investors and traders. NoleX was the brainchild of the Nole Project and was launched in February of this year. The exchange stands out from the rest of the pack for its dedication to the community as well as the characters it takes away from the Tron blockchain.

NoleX officials have stated that the exchange has been growing rapidly since its inception, with multiple customers and tokens added on a weekly basis. An analysis of the timeline of NoleX shows that the number of tokens on the platform has increased from five to twenty in less than three months. At the same time, NoleX is said to have nearly 2700 customers, a number that has grown exponentially over the last few weeks.

The organization has pledged to make it easier for customers to carry out cryptocurrency transactions. Right now, the only cryptocurrency available is Tron with future plans to also include Bitcoin and Ethereum. To make it easier for veteran cryptocurrency users to carry their portfolios, NoleX also allows wallet imports.

Many cryptocurrency users often ask whether they can access their wallets from different platforms, an option that NoleX provides. The NoleX account can be activated on the desktop instantly by downloading the Google Chrome Tronlink extension and then downloading the wallet. Android users can also jump to the NoleX bandwagon using either Tronwallet or Math Wallet.

There are several other key advantages that NoleX users can enjoy throughout their experience. The organization stated that the low trading fee of 0.1 per cent was a feature that definitely turns heads in the cryptocurrency industry. Apart from this, customers can also receive a 50 percent discount and a NoleX lifetime pass. The company officials also told TWJ that the concept of inclusive growth was held in the highest regard.

NoleX customers are treated like a large, tight-knit group and this is demonstrated by the VIP exchange program. A VIP member automatically becomes a co-owner with the benefit of receiving 1% of the posterity profits. The total number of Nole tokens is 1 million, and with routine coin burns, the number is set to be reduced. It is heartening to see that groups like Nole Legends have taken it upon themselves to improve the cryptocurrency ecosystem. As time passes, we can expect to see more exciting market changes.

 

 

Australian Woman Indicted Over Illegal Exchange of Bitcoin worth $5M

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In what is being reported as Australia’s first cyber crime sees an Australian woman indicted for allegedly running an unregistered crypto currency exchange. In addition, the woman aged 52, was seized at a shopping center in Burwood, Sidney on May 14, for laundering over$5 million in crypto through the exchange.

The woman was allegedly part of a money-laundering syndicate that efficiently operated as its own unlicensed crypto exchange. The syndicate has traded more than 326 BTC ($3.1 million) since 2017, according to detective Mathew Craft, the squad commander of the State Crime Command’s Cyber Crime Squad. 

Australia woman indicted with 3.8 BTC and over AUD$60,000 in cash

Moreover, reports suggest that the police apprehended the 52 years old woman red handed, with over AUD$60,000 in cash and 3.8 BTC which was all deemed dirty. The police confiscated all the ill-gotten wealth.

Additionally, after conducting a search exercise at her apartment in Hurstville, the police seized computers, hardware wallets, smartphones and telephones. The woman will be arraigned in court on July 20 after successfully securing a conditional bail.

“That equates to over $5 million in today’s money. This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange,”  Detective Superintendent Craft stated.

Dealing with crypto-related crimes at the international stage

Governments and key regulators all over the world are concerned over the relationship between digital currencies; and illegal criminal activities such as money laundry. The private nature of certain cryptocurrencies make them ideal for cyber criminals, and even some rogue countries to evade sanctions and launder cash.

Furthermore, the involvement of such cryptocurrencies in the majority of ransomware threats has created a dirty reputation for Bitcoin and more privacy oriented coins like Monero. As a result, task forces aiming to combat the threat, like the one for Australia; have been created to combat the threats related to crypto. In addition, some countries have united to form an international system to fight money laundering. 

Cryptolocally Adds TRX based USDT to its Roster

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Collaborations in the cryptocurrency industry are seen as a framework for future market adoptions. Tron, a Justin Sun-founded cryptocurrency company, was one of the big examples of an organization taking partnerships seriously.

On May 12, Sun announced that USDT based TRX will be available for trade on CryptoLocally. The famous cryptocurrency exchange has been in the news many times recently for its efforts to integrate multiple digital assets.

CryptoLocally said they will have the quickest and easiest way to buy and sell TRX with fiat currency or alternative methods. Customers will use a non-custodial service where they have full control of their funds. Sources close to CryptoLocally disclosed that the company capitalizes on blockchain technology for all on-chain transactions.

The holders of Tron have been informed that they will be able to begin trading as soon as they complete their registration. According to the official release:

“CryptoLocally is a private trading platform and does not require KYC verification. This is on top of having one of the widest selection of fiat payment methods which include online and offline settlements.Some of the fiat payment options include but are not limited to bank transfers, local currencies, cash deposits, international wires, Venmo, WechatPay, Toss, Kakao pay, Cash App, SEPA Transfers, TransferWise, Mercado Pago, Paypal and more.”

Users of the CryptoLocally platform would have the ability to skip over the tiresome process of purchasing Bitcoin or Ethereum to trade Tron. Direct TRX-fiat transactions ensures that investors can escape excessive transaction fees and long processing periods for confirmations. CryptoLocally hoped that the so-called ‘Tronics’ would increase the number of TRX transactions on the network as the days go by.

Tron joins the CryptoLocal roster, which includes assets such as EOS, USDT and BNB. According to the company, users also have the option to arrange transactions in persons irrespective of whether they were buying or selling. CryptoLocally acknowledged that Tron’s approach to solving various problems in cryptocurrency space was an encouraging factor.

Sun and the Tron Foundation would still be searching for significant improvements as TRX struggled to ascend the charts. At press time, Tron was in 17th position when trading for $0.015. The market cap was down to $986.6 million, while the 24-hour market value was $1.64 billion. It was a steep fall for the cryptocurrency that used to hang around the 10th or 11th position.

The CEO of Tron could, however, rejoice in the fact that his latest stablecoin JUST had sold off to Polniex in less than 5 minutes. The JUST token has a ratio of 1:1 to the dollar and a second batch release is expected soon.