• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for #exchange

#exchange

SC gives approval for the Crypto Trading Platform to Operate in Malaysia

April 5, 2020 by Vaigha Varghese

Malaysia securities regulator has granted full approval to Tokenize Xchange, a cryptocurrency exchange operator, to operate legally in the country.

Malaysian regulations allow local cryptocurrency exchanges to register with the SC, after which they would have just nine months to meet the SC’s regulatory standards. Tokenize Xchange received full approval from Malaysia’s Securities Commission (SC) after a 9-month probation period. The authorities have recognized the companies cryptocurrency platform as a legally approved and regulated platform, and clients can now be accepted as a fully licensed digital assets Exchange.

According to Hong Qi Yu, Chief Executive officer and Chief Technology Officer of Tokenize Malaysia:

“It’s a crucial moment we have been looking forward to. We are now able to go ‘live’ in Malaysia and it is perfect timing – as we have received many interested enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets.”

The SC has licensed the cryptocurrency exchange, amid the country’s continuing coronavirus pandemic crisis. The nationwide lockout was extended until at least April 14.

Tokenize Malaysia was founded by a Malaysian entrepreneur, Hong Qi Yu, while operations began in October 2017 in Singapore.

Referring to the COVID-19 pandemic, Malaysian news agency SoyaCincau had quoted CEO Hong Qi Yu as saying:

“The digital asset industry is by far one of the best equipped and it is business as usual for us as the industry is used to working and communicating effectively across time zones and managing teams remotely.”

Filed Under: News Tagged With: #exchange, Crypto, Crypto Adop

The Importance of Consumer Awareness in the Cryptocurrency Industry

February 21, 2020 by Guest Author

Seasoned investors in cryptocurrency may take their understanding of the industry for granted, but it remains a complex topic for rookies to get to grips with. Even veteran traders can fall foul of risks in the world of bitcoin, so it is especially important for new consumers to take plenty of time to research cryptocurrency platforms before registration.

A more secure way of trading

Cryptocurrencies have been designed with the intention of giving users an extra degree of security in comparison with more traditional currencies. Blockchain technology’s method of operation makes it difficult for hackers to interfere with financial transactions, while a typical two-step authentication process on crypto transfers helps to verify the identity of the individuals involved.

This level of defence could deter more casual hackers, while even the more skilled intruders may struggle to work their way around the security checks. Yet no defence can be entirely impenetrable, while there is always a level of risk surrounding financial transactions. Whether you’re sending money between online banks or depositing funds in person, there is always a chance that the process could go awry.

The potential risks of cryptocurrency investing were made clear by a recent situation in Colorado, where an individual and their firm defrauded American investors out of thousands of dollars of investments. Venture Capital Investments Ltd encouraged US residents to trade bitcoin foreign exchange contracts, among other assets, through a commodity pool, before misusing those funds for private gain.

The level of strategy that went into the scheme ensured that its participants were wholly unaware of its duplicitous nature, with erroneous financial credentials and doctored account statements leading these investors to believe that they were part of a legitimate commodity pool. Sometimes these signs are hard to spot even for a seasoned cryptocurrency trader, while beginners are naturally more susceptible to these traps.

The value of regulatory bodies

This is where the Commodity Futures Trading Commission (CFTC) intervened, with the American regulatory body filing a civil enforcement action against Venture Capital. Part of the CFTC’s case against Venture is a claim for financial restitution to the defrauded investors, as well as a permanent trading ban for the implicated individuals.

The understanding that regulatory bodies will clamp down on fraudsters and claim compensation for wrongdoings should be reassuring for prospective cryptocurrency traders. Particularly for something as intangible as trading in digital coins, it is encouraging to know that there are real-world consequences against those who seek to take advantage of the system.

Managing the risks

There are some risks upon signing up to cryptocurrency exchanges which are fully avoidable, so consumers can minimize the danger of losing out when making a financial transaction. The easiest way for consumers to reduce the risks of making payments with digital coins is to perform their due diligence on the various cryptocurrency platforms.

It is widely advised by market experts that consumers take the following factors into account before signing up to a cryptocurrency exchange.

Regulation

Ensure that your cryptocurrency exchange comes under the jurisdiction of the relevant regulatory body in the nation within which you are based. For example, bitcoin exchanges in the United States are expected to comply with the regulations of the CFTC, as their jurisdiction comes into effect when a digital coin is traded as a commodity.

https://www.facebook.com/cftcgov/photos/a.376856657772/10157193137472773/?type=3&theater

 

This is particularly relevant to the case of Venture Capital Investments Ltd in Colorado, where part of the CFTC’s case against the firm was based on a failure to register before their operation. That violated the Commodity Exchange Act, so ensure that any cryptocurrency exchanges or firms fully comply with all regulatory needs.

Data protection

Only access cryptocurrency exchanges with an https website address and a two-factor authentication process every time you log in. These provide a degree of confidence that your chosen platform will protect your data. Other tools, like cold storage of customer deposits, would also work in a site’s favour.

Transparency

A site that fails on regulation and online security is also unlikely to pass the test for transparency, but you should ensure that you take the time to ensure that your chosen cryptocurrency exchange has contactable details and a registered address. Reading online reviews is also a useful way to gauge the experience of fellow users, as the consensus of the crypto community is instructive in helping you determine which exchanges are the most trustworthy.

There are also several other factors that will come into play. Before signing up with exchange and trading in digital coins, prospective investors should develop an understanding of the liquidity of the exchanges and an appreciation of the potential fluctuations of bitcoin markets. However, the security of your personal information and, of course, your money is of paramount importance when it comes to cryptocurrency trading.

Fortunately, the mechanisms of cryptocurrency transactions bring traders a greater level of security than many other financial methods. By ensuring that full research is undertaken before signing up to a cryptocurrency exchange, new traders can minimize the risk of losing their money. Even if unscrupulous individuals do take command, it is useful to know that regulatory bodies like the CFTC will intervene and claim retribution as they did so in Colorado.

 

 

 

Filed Under: Opinion Tagged With: #exchange

Infamous Apple Mac Hack that Won North Korean Spies $7 Million in Cryptocurrency

January 22, 2020 by Richard M Adrian

North Korea hackers are using fake software to breach cryptocurrency wallets of  MacOS users. 

The entity responsible for the hacks is the same group believed to have conducted the Sony Pictures system breach. Lazarus Group, as  US intelligence and cybersecurity firms, have come to identify the group as is sponsored by the  North Korean Reconnaissance General Bureau (RGB).

A Chainalysis report revealed how the hackers pose as legitimate Linkedin and Telegram profiles, only to execute clean phishing schemes targeting apple devices. 

It isn’t the first time that intelligence firms are linking the Lazarus Group with a cybercrime incident. Following the 2017 WannaCry ransomware attack, a Google researcher Neel Mehta posted two code samples. 

One from the Lazarus Contopee Cyber Weapon and another one from the WannaCry ransomware.

Additionally, another analysis during that year linked the North Korean team of hackers to the 2014 Sony Pictures hack and the $81 million Bangladesh bank heist. 

The hackers are attempting to penetrate Mac computers using fake cryptocurrency software designed by the front firm. Forbes reported how in 2019, DragonEx lost at least $7 million to the hackers.

This was after the team of cybercriminals created a fake business with a professional website and Linkedin profiles. The fake business dubbed WFC wallet a legitimate version of bitcoin trading software but one infected with malware.

Installed versions of the software would open up backdoors on Apple computers. Hence, creating a loophole for the hackers to potentially siphon private keys of cryptocurrency wallets. Moreover, the alleged software had key-logging features for phishing data such as usernames, passwords, and security questions.

The hackers then went on to contact a DragonEx senior executive officer via Telegram. They asked her whether they could do business and requested that she download the WFCWallet. Nevertheless, the executive showed no interest in the partnership but the hackers kept persisting for weeks.

Meanwhile, an unnamed employee at DragonEx employee downloaded and installed the malicious wallet on a company MacBook.

No one knows the reason for the employee’s action but as it would turn out, the MacBook happened to have private keys for exchange client accounts. This gave the hackers an important piece of data, critical to accomplish their mission.

From hence, they took control of several cryptocurrency wallets and stole Bitcoins, Litecoins and Ripple. The lazarus hackers were so thorough to not leave even a single trace of their attack. 

Well, the use of front companies during crypto campaigns in North Korea was initially spotted back in 2018. However, it is until the DragonEx hack that experts noted juts how effective the companies were in closing phishing attempts. 

DragonEx described the attack as one of the most elaborate phishing campaigns it had witnessed in history. While recruiting Chainalysis to aid them in investigating the hack, the firm said it was one attack “on another level of sophistication.”

Most sources including Forbes believe that the Lazarus Group has been conducting top-notch hacking schemes for at least one decade now. At the beginning of the month, Kaspersky Lab researchers identified a barrel of malware that the group was deploying through telegram.

Meanwhile, it seems that the group was luring telegram users towards direct installations instead of online target diversion.

Data from Chainalysis showing how hackers have been executing crypto exchange attacks over the decade 

Scam Analysis
Chart Credit: chainalysis.com

According to the above Chainalysis report, the amount of cryptocurrency exchange hacks surged in 2019 than in other years. A total of eleven cyber attacks valued approximately $283 million. However, the total amount of funds lost in 2019 did not surpass figures from 2018. This is because of the massive Coincheck breach in 2018 amounted to approximately $534 million. 

US intelligence believes that North Korea will continue stealing money to drive the manufacture of weapons. In fact, the US treasury noted about the Lazarus group that: 

“It was  perpetrating cyberattacks to support illicit weapon and missile programs.” 

Source: Forbes

 

Filed Under: Crypto Scam, Industry, News, Opinion Tagged With: #exchange, Cryptocurrency Exchange, Cryptopia hacks, Hacks, North Korea

Demand in Bitcoin Futures Rising as 2020 Progresses

January 13, 2020 by Arnold Kirimi

The Crypto Futures market is growing significantly. Back in December 2017, spot trading was the basic option available for digital currency traders. There has been a big change in trend after the launch of the Chicago Board Options Exchange’s (CBOE ) Bitcoin-based futures contracts.

Back in 2019, we witnessed significant derivatives actions from companies such as CME Group and Bakkt. Come 2020 the demand for CME’s Bitcoin futures is still growing strong and the firm’s options products might be available this week. In addition, Bakkt’s physically-delivered BTC futures are experiencing consistent daily growth in volumes.

According to a new report by Bitcoin.com, the trading volumes in Bitcoin futures’ markets have spiked significantly since the beginning of the year and may continue to rise as 2020 progresses. 

What is the reason for the upward trend?  First, there have been speculations that a significant percentage of the recent spike in trading volumes on Chicago Mercantile Exchange (CME) could be due to the introduction of Options on its Bitcoin futures contracts, scheduled for today. The CME Group has been providing fiat-settled bitcoin futures contracts for upwards of two years now. It is believed that mainstream and institutional investors became aware of digital currencies markets back in 2017.

The rise in Futures’ Open Interest

Moreover, a note on Bloomberg on January 11 from JP Morgan Chase analysts led by Nikolaos Panigirtzoglou, indicates that  “there has been a step increase in the activity of the underlying CME futures contract” over the past couple of days. In addition, Panigirtzoglou adds that their open interest has risen by 69% since the end of December 2019; plus the demand by large open-interest holders has increased in number

“This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract.”

On the same token, as per Econometrics’ CME Futures Activity Report on Jan. 9, strong traded volumes and open interest are settling above average in comparison to the last few months.

Bakkt Trading Volume on Upward Trend

Indeed, Bakkt’s all-time high for the number of future contracts traded within a 24 hour period was on December 18, 2019. Specifically, 6,601 future contracts worth $47.3 million were traded. However, on January 7, 4,823 contracts worth $40.75 million were traded almost beating the previous record.

In addition, the average trading volume on the platform during the second week of January 2020; is consistently higher than the whole month of December 2019.

Binance Futures Also Dominate Trading Volumes

The Malta-based cryptocurrency exchange firm has been a major player in the futures market. Prior to the futures launch, 99% of Binance’s business came from spot trading. However, after the introduction of the futures there is a significant change in this paradigm.

After the introduction of 125x leverage on BTC/USDT, Binance Futures increased to 70% of the total volume traded.  This indicated the first time Bitcoin Futures trading volume overtook that of Bitcoin’s spot in less than a month of its introduction. Since then, futures have exerted dominance in trade volume. According to the latest Binance research:

“Since mid-November, Binance Futures continued to dominate 75% of volumes on Binance its position as investors’ appetite for derivatives trading grows.”

Furthermore, back in December, the Binance Futures platform introduced BCH futures with 75x leverage. And since day one, spot trading declined significantly. According to the exchange’s most recent report, BCH spot markets registered just $10.1 million worth of volume traded on the same day.

 

Filed Under: Altcoin News, Bitcoin News Tagged With: #exchange, Bakkt, Binance, Bitcoin futures, CME

Crypto Exchange Huobi Launches Fiat-Currency Gateway for Indonesia

December 28, 2019 by Tabassum Naiz

Huobi Global recently announced that it is launching a fiat-to-crypto gateway for its Indonesian subsidiary, Huobi Indonesia. Accordingly, Indonesians can now access crypto services by using the Indonesian Rupiah (IDR) via Huobi Indonesia.

Huobi Sets Up Fiat-To-Crypto Gateway in Indonesia

Announced on December 27, Huobi Global is tapping the Indonesian crypto market as the exchange said that users can use IDR and Tether (USDT) to trade over 250 cryptocurrencies directly via Huobi Indonesia.

As per David Chen, senior director of Huobi Cloud, the new fiat gateway is a part of the company’s global expansion. He went on to add;

“By continuing to add new fiat/crypto pairs for Huobi Cloud 2.0, we want to make it frictionless for investors anywhere in the world to trade digital assets on a trusted and proven platform said, David Chen. The new fiat gateway reflects our ongoing commitment to working with strong local partners in key markets across the globe,”

According to Huobi, Indonesia presents “a major opportunity to contribute to the growth of the greater blockchain community and help drive crypto adoption globally”.

However, Xiong Dan, CEO of Huobi Indonesia says that the new fiat-currency door is “an exciting milestone” for Huobi’s Indonesian team. More so, he also adds that the exchange will continue its effort to “expand the Indonesia market, consolidate and improve service quality”.

Huobi has been on top bulletins with the new expansion quite often this year. The exchange has also begun its crypto effort to the Turkish crypto market as a part of its global expansion.

Moreover, it was said that Turkey is a promising prospective market for Huobi exchange and the exchange’s CEO Livio Weng had elaborated his view to bringing the Huobi ecosystem there. In fact, the exchange has also hired a crypto veteran, Alphan Gogus as a new general manager for Huobi Turkey.

Filed Under: News, Altcoin News Tagged With: #exchange, Crypto

Primary Sidebar

Recent Posts

  • OKX CMO’s Bold Bitcoin Proposals Receive Surprising Support In Public Vote March 24, 2023
  • Bitcoin’s Value Debate: Diversification Vs. Long-Term Hold Amidst Uncertainty  March 24, 2023
  • Cardano Trading Pair Delisted Citing Low Trading Volume March 23, 2023
  • Ripple CTO Slams SEC’s Coinbase Crackdown: Incompetence Or Insider Protection? March 23, 2023
  • TRON’s Justin Sun Posts Cryptic Tweet After SEC’s Lawsuit March 23, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.