Bitcoin exchange Cobinhood announced suspension of customer service
Cryptocurrency exchange Cobinhood has published a notice to suspend customer service from 2021.
The management of the trading platform explained its decision by the desire to "ensure more efficient provision of services."
“Starting January 1, 2021, initial customer service will be temporarily suspended. To contact the Cobinhood team, you must send through the created form the original registered email address, to which we will respond to your comments and requests, ”the exchange said in a statement.
Clients will not be able to change the password and mail specified during registration:
"Because Cobinhood maintains a service policy focused on secure transactions, we will still not allow customers to change their password or their original registered email address in the future."
The exchange did not specify the timing of the resumption of full-fledged work.
Recall that in January, Cobinhood announced the termination of operations for a whole month, ostensibly to audit balances.
In May last year, users suspected Cobinhood of an exit scam. Shortly before that, the parent company of the exchange announced the beginning of the liquidation procedure - this happened a month after the completion of the ICO.
Cryptocurrency exchange Cobinhood has published a notice to suspend customer service from 2021.
The management of the trading platform explained its decision by the desire to "ensure more efficient provision of services."
“Starting January 1, 2021, initial customer service will be temporarily suspended. To contact the Cobinhood team, you must send through the created form the original registered email address, to which we will respond to your comments and requests, ”the exchange said in a statement.
Clients will not be able to change the password and mail specified during registration:
"Because Cobinhood maintains a service policy focused on secure transactions, we will still not allow customers to change their password or their original registered email address in the future."
The exchange did not specify the timing of the resumption of full-fledged work.
Recall that in January, Cobinhood announced the termination of operations for a whole month, ostensibly to audit balances.
In May last year, users suspected Cobinhood of an exit scam. Shortly before that, the parent company of the exchange announced the beginning of the liquidation procedure - this happened a month after the completion of the ICO.
Experts told which DeFi tokens you should pay attention to
Spencer Noon, head of investment firm DTCCapital, suggested capital was starting to return to the DeFi sector. He tweeted that investors are buying blue chips from DeFi, which may soon refresh all-time highs.
DeFi-tokens are an investment-attractive asset, says Viktor Pershikov, a leading analyst at 8848 Invest. Now the sector is going through a standard cyclical development path in the crypto market, he noted. Summer saw a sharp rise, then a 70-80% decline, and now we can expect a wave of growth. The expert named UNI (UNI), ChainLink (LINK), Aave (AAVE) and Synthetix Network Token (SNX) coins as interesting investment options.
In early October, Hester Pierce, Commissioner of the US Securities and Exchange Commission (SEC), commented that "the DeFi sector will challenge the regulatory framework and force many questions about what it is and how to regulate it." The day after that, the DeFi industry lost a quarter of its capitalization. Investors were probably afraid that the industry would become the new enemy of the US government, the analyst admitted.
In mid-September, former product manager at analyst firm Messari Qiao Wang called DeFi tokens "the investment opportunity of the decade." According to him, missing out on the opportunity to invest in these coins is the same mistake as not buying Bitcoin in 2013 or Ethereum in 2015.
Spencer Noon, head of investment firm DTCCapital, suggested capital was starting to return to the DeFi sector. He tweeted that investors are buying blue chips from DeFi, which may soon refresh all-time highs.
DeFi-tokens are an investment-attractive asset, says Viktor Pershikov, a leading analyst at 8848 Invest. Now the sector is going through a standard cyclical development path in the crypto market, he noted. Summer saw a sharp rise, then a 70-80% decline, and now we can expect a wave of growth. The expert named UNI (UNI), ChainLink (LINK), Aave (AAVE) and Synthetix Network Token (SNX) coins as interesting investment options.
In early October, Hester Pierce, Commissioner of the US Securities and Exchange Commission (SEC), commented that "the DeFi sector will challenge the regulatory framework and force many questions about what it is and how to regulate it." The day after that, the DeFi industry lost a quarter of its capitalization. Investors were probably afraid that the industry would become the new enemy of the US government, the analyst admitted.
In mid-September, former product manager at analyst firm Messari Qiao Wang called DeFi tokens "the investment opportunity of the decade." According to him, missing out on the opportunity to invest in these coins is the same mistake as not buying Bitcoin in 2013 or Ethereum in 2015.
Ripple CEO: Central Banks Check XRP Ledger for Stablecoin Issuance
Brad Garlinghouse, CEO of Ripple, said central banks are verifying XRP Ledger for stablecoin issuance.
In a new episode of The Scoop podcast, Frank Chaparro spoke with Ripple CEO Brad Garlinghouse about the company's success this year, as well as topics such as regulatory uncertainty in the US, why Ripple is not planning an initial public offering (IPO) at this time, and then How Central Banks Are Examining XRP Ledger. As for 2020, Garlinghouse said that in a challenging year, Ripple exceeded its expectations for 2020:
This year we are not going to grow as fast as we thought. However, we still receive two production finance contracts per week.
Garlinghouse also highlighted that XRP transaction volume has grown dramatically, exceeding, for example, the liquidity of Bitcoin (BTC) on some days on some exchanges such as Bitso. However, an opaque regulatory environment prevented Ripple from realizing its full potential.
There is no “level playing field” for all cryptocurrencies in this regulatory climate, Garlinghouse said. "Bitcoin was the only one with a hall pass." As the head of Ripple noted, because of this, cryptocurrencies such as XRP, which should live without clarity, performed worse.
The Ripple CEO went on to discuss that his company is struggling with "wrestling with one hand tied behind the back." If there was more regulatory confidence in the US, Ripple would already sign more clients for on-demand liquidity and XRP Ledger:
Would there be more customers if there was regulatory clarity? And that's 100% certain, even this week I was talking to the CEO of a pretty big player, and there's no question that in the absence of regulatory clarity, people say, "Well, let's wait and see." Because they don't want ... to be in a position where they put a lot of money into supporting the technology and then do something else.
When asked about the IPO predicted earlier this year, Garlinghouse said COVID-19 played a significant role in ensuring that no blockchain or crypto company, including Ripple, goes public in 2020. However, the IPO goal is still in place, as the head of Ripple emphasized:
And what I said then was something like, “Ripple doesn't want to be the first, and I think Ripple doesn't want to be the last,” I said something like that. And this is in general what I feel now, we continue to develop our business. So I feel good as we continue to grow the business and there are very strong network effects. And I feel great in the position we are in.
At the end of the interview, Ripple's CEO also revealed that central banks have shown interest in using XRP Ledger to issue stablecoins. Specifically, Garlinghouse explained:
Of course, we know that central banks are looking at XRP Ledger as an open source technology for issuing stablecoins. And it can happen, to be honest, it's open source technology, so we don't have to be involved. But as with the experts in XRP Ledger use, some of them are talking to us and we are trying to be helpful and we think it might be useful for the overall dynamics of the XRP community.
It was previously known that CBInsights named Ripple the fourth largest fintech company in the world.
Brad Garlinghouse, CEO of Ripple, said central banks are verifying XRP Ledger for stablecoin issuance.
In a new episode of The Scoop podcast, Frank Chaparro spoke with Ripple CEO Brad Garlinghouse about the company's success this year, as well as topics such as regulatory uncertainty in the US, why Ripple is not planning an initial public offering (IPO) at this time, and then How Central Banks Are Examining XRP Ledger. As for 2020, Garlinghouse said that in a challenging year, Ripple exceeded its expectations for 2020:
This year we are not going to grow as fast as we thought. However, we still receive two production finance contracts per week.
Garlinghouse also highlighted that XRP transaction volume has grown dramatically, exceeding, for example, the liquidity of Bitcoin (BTC) on some days on some exchanges such as Bitso. However, an opaque regulatory environment prevented Ripple from realizing its full potential.
There is no “level playing field” for all cryptocurrencies in this regulatory climate, Garlinghouse said. "Bitcoin was the only one with a hall pass." As the head of Ripple noted, because of this, cryptocurrencies such as XRP, which should live without clarity, performed worse.
The Ripple CEO went on to discuss that his company is struggling with "wrestling with one hand tied behind the back." If there was more regulatory confidence in the US, Ripple would already sign more clients for on-demand liquidity and XRP Ledger:
Would there be more customers if there was regulatory clarity? And that's 100% certain, even this week I was talking to the CEO of a pretty big player, and there's no question that in the absence of regulatory clarity, people say, "Well, let's wait and see." Because they don't want ... to be in a position where they put a lot of money into supporting the technology and then do something else.
When asked about the IPO predicted earlier this year, Garlinghouse said COVID-19 played a significant role in ensuring that no blockchain or crypto company, including Ripple, goes public in 2020. However, the IPO goal is still in place, as the head of Ripple emphasized:
And what I said then was something like, “Ripple doesn't want to be the first, and I think Ripple doesn't want to be the last,” I said something like that. And this is in general what I feel now, we continue to develop our business. So I feel good as we continue to grow the business and there are very strong network effects. And I feel great in the position we are in.
At the end of the interview, Ripple's CEO also revealed that central banks have shown interest in using XRP Ledger to issue stablecoins. Specifically, Garlinghouse explained:
Of course, we know that central banks are looking at XRP Ledger as an open source technology for issuing stablecoins. And it can happen, to be honest, it's open source technology, so we don't have to be involved. But as with the experts in XRP Ledger use, some of them are talking to us and we are trying to be helpful and we think it might be useful for the overall dynamics of the XRP community.
It was previously known that CBInsights named Ripple the fourth largest fintech company in the world.
Trading volumes on top crypto exchanges are falling
After setting a record for daily trading volume this September, cryptocurrency trading platforms have seen a decline in spot trading volumes. Volume of top trading platforms dropped in October
On top-tier cryptocurrency exchanges (measured by Exchange Benchmark), monthly spot trading volumes have dropped significantly, with some platforms losing up to 40% of their volume, according to CryptoCompare's October 2020 exchange report.
The decline was so significant that while derivatives trading volumes declined only 2.4% (to $ 619.9 billion), total spot trading volumes fell 17.6% (to $ 557.7 billion).
Binance reportedly became the # 1 top-tier exchange in October with a trading volume of $ 75.7 billion. Compared to September, the site's volume fell by 33.1%. Next comes Huobi Global with a volume of $ 41.7 billion (down 31.4%). OKEx scores $ 32.1 billion (down 42%)
Next came Kraken, Coinbase and Liquid, but with a less significant percentage of volume reduction: Coinbase's indicators were minus 17.5%, Kraken - minus 13% and Liquid - minus 4.3%. Despite the fact that by the end of October the price of BTC rose above the $ 13,000 mark, the daily maximum of trading was only $ 29.84 billion (October 21).
The top three top-tier exchanges (Binance, Huobi and OKEx) maintained their positions in October, accounting for 77% of the trading volume among the top 15 trading platforms last month, up from 82% in September.
Trading platforms with a traditional fee model accounted for 83.8% of the total trading volume (84.4% in September), while platforms with a controversial transmining model (TFM) accounted for less than 15%. The trading volumes of exchanges with a traditional commission model were $ 567.2 billion, and exchanges with a TFM model were $ 84.2 billion.
After setting a record for daily trading volume this September, cryptocurrency trading platforms have seen a decline in spot trading volumes. Volume of top trading platforms dropped in October
On top-tier cryptocurrency exchanges (measured by Exchange Benchmark), monthly spot trading volumes have dropped significantly, with some platforms losing up to 40% of their volume, according to CryptoCompare's October 2020 exchange report.
The decline was so significant that while derivatives trading volumes declined only 2.4% (to $ 619.9 billion), total spot trading volumes fell 17.6% (to $ 557.7 billion).
Binance reportedly became the # 1 top-tier exchange in October with a trading volume of $ 75.7 billion. Compared to September, the site's volume fell by 33.1%. Next comes Huobi Global with a volume of $ 41.7 billion (down 31.4%). OKEx scores $ 32.1 billion (down 42%)
Next came Kraken, Coinbase and Liquid, but with a less significant percentage of volume reduction: Coinbase's indicators were minus 17.5%, Kraken - minus 13% and Liquid - minus 4.3%. Despite the fact that by the end of October the price of BTC rose above the $ 13,000 mark, the daily maximum of trading was only $ 29.84 billion (October 21).
The top three top-tier exchanges (Binance, Huobi and OKEx) maintained their positions in October, accounting for 77% of the trading volume among the top 15 trading platforms last month, up from 82% in September.
Trading platforms with a traditional fee model accounted for 83.8% of the total trading volume (84.4% in September), while platforms with a controversial transmining model (TFM) accounted for less than 15%. The trading volumes of exchanges with a traditional commission model were $ 567.2 billion, and exchanges with a TFM model were $ 84.2 billion.
The outflow of bitcoins from exchanges continues despite the price increase. This suggests that with all the nearest local corrections of the asset downward, the market expects its further growth. Over the past 30 days, 147,000 BTC were withdrawn from the main exchanges, the daily production of miners is 900 BTC, the supply is constantly decreasing and creates a deficit for bitcoin in the market. The price is also pushed up by the fact that many funds suddenly wanted to add cue ball to their portfolio, and now very few people want to sell them
Glassnode has paid particular attention to #DeFi hacks (there were three in just the past week). They described in detail and with diagrams the two main types of attacks:
📍 using "instant loans"
📍 price oracle manipulation
📍 using "instant loans"
📍 price oracle manipulation
OKEx Conducts Test Transaction Ahead of Resuming Withdrawals
Cryptocurrency exchange OKEx conducted withdrawal tests in anticipation of a full recovery of operations.
As the CEO of the analytical platform CryptoQuant Ki Yong Joo notes, 0.02 BTC ($ 370 at the current rate) was withdrawn from one of the OKEx wallets.
Zhu expects the resumption of withdrawals from OKEx could lead to increased volatility in the cryptocurrency market, as users show significant interest in restoring access to their assets.
OKEx halted the withdrawal on October 16 after one of its private key holders was unavailable due to an ongoing investigation in China. The exchange expects to resume outgoing transactions by Friday, November 27th.
Preparations for the resumption of withdrawal of funds from OKEx occur simultaneously with the appearance on social networks of its founder, Star Xu. Commenting on the recent events, Xu said that the authorities were convinced of his innocence.
Cryptocurrency exchange OKEx conducted withdrawal tests in anticipation of a full recovery of operations.
As the CEO of the analytical platform CryptoQuant Ki Yong Joo notes, 0.02 BTC ($ 370 at the current rate) was withdrawn from one of the OKEx wallets.
Zhu expects the resumption of withdrawals from OKEx could lead to increased volatility in the cryptocurrency market, as users show significant interest in restoring access to their assets.
OKEx halted the withdrawal on October 16 after one of its private key holders was unavailable due to an ongoing investigation in China. The exchange expects to resume outgoing transactions by Friday, November 27th.
Preparations for the resumption of withdrawal of funds from OKEx occur simultaneously with the appearance on social networks of its founder, Star Xu. Commenting on the recent events, Xu said that the authorities were convinced of his innocence.
Retail chain E-Land closed part of stores due to ransomware attack
Retail chain E-Land closed part of stores due to ransomware attack The information systems of the Korean retail giant E-Land were attacked by a ransomware virus, in connection with which 23 stores of the chain had to suspend their work.
E-Land owns approximately 60 retail brands, primarily in apparel, sold through 5,000 franchised retail stores. The company also owns and operates hotels and restaurants in South Korea. Due to the ransomware attack, E-Land had to close 23 out of 50 stores in the NC Department Store and NewCore Outlet.
E-Land Retail CEO Chang-Hyun Seok said the attack on information systems at the company's headquarters took place on the morning of November 22. In order to prevent the spread of the ransomware virus, the E-Land IT team decided to disable some of the systems, which affected the operation of retail stores.
> “The necessary steps have been taken to shut down the servers to prevent further infection. As a result, systems malfunction occurred in some stores. We sincerely apologize to our customers, ”Jang-Hyun Suk said.
The CEO of E-Land Retail added that personal data of customers and other important information were not affected, as they are stored on separate servers. To date, no group of hackers has claimed responsibility for breaking into E-Land's computer systems. The ransom amount required by the attackers was also not disclosed.
As a reminder, a recent poll by Wakefield Research found that the vast majority of companies in the Asia-Pacific region that have fallen victim to the ransomware virus are paying ransom payments.
Retail chain E-Land closed part of stores due to ransomware attack The information systems of the Korean retail giant E-Land were attacked by a ransomware virus, in connection with which 23 stores of the chain had to suspend their work.
E-Land owns approximately 60 retail brands, primarily in apparel, sold through 5,000 franchised retail stores. The company also owns and operates hotels and restaurants in South Korea. Due to the ransomware attack, E-Land had to close 23 out of 50 stores in the NC Department Store and NewCore Outlet.
E-Land Retail CEO Chang-Hyun Seok said the attack on information systems at the company's headquarters took place on the morning of November 22. In order to prevent the spread of the ransomware virus, the E-Land IT team decided to disable some of the systems, which affected the operation of retail stores.
> “The necessary steps have been taken to shut down the servers to prevent further infection. As a result, systems malfunction occurred in some stores. We sincerely apologize to our customers, ”Jang-Hyun Suk said.
The CEO of E-Land Retail added that personal data of customers and other important information were not affected, as they are stored on separate servers. To date, no group of hackers has claimed responsibility for breaking into E-Land's computer systems. The ransom amount required by the attackers was also not disclosed.
As a reminder, a recent poll by Wakefield Research found that the vast majority of companies in the Asia-Pacific region that have fallen victim to the ransomware virus are paying ransom payments.
Binance Daily Trading Volume Reaches All-Time High of $ 37 Billion
Trading volume on the world's most popular cryptocurrency exchange has skyrocketed as a result of the rally in Bitcoin, Ethereum and XRP.
Bitcoin has nearly reached its all-time high, and trading on the largest exchange, Binance, has skyrocketed to new heights with it. The trading volume on the site in the last 24 hours exceeded $ 37 billion. According to CoinMarketCap, at the moment the volume of Binance exceeded $ 37 billion (the exact amount is $ 37,291,444,117), which is equivalent to an increase in the indicator by more than 40% per day. Last week, the analyst site recorded a daily trading volume of $ 25 billion on Binance.
In addition, open interest in bitcoin futures on Binance reached a record high of $ 1.17 billion, according to experts at the analytical service Glassnode.
Trading volume on the world's most popular cryptocurrency exchange has skyrocketed as a result of the rally in Bitcoin, Ethereum and XRP.
Bitcoin has nearly reached its all-time high, and trading on the largest exchange, Binance, has skyrocketed to new heights with it. The trading volume on the site in the last 24 hours exceeded $ 37 billion. According to CoinMarketCap, at the moment the volume of Binance exceeded $ 37 billion (the exact amount is $ 37,291,444,117), which is equivalent to an increase in the indicator by more than 40% per day. Last week, the analyst site recorded a daily trading volume of $ 25 billion on Binance.
In addition, open interest in bitcoin futures on Binance reached a record high of $ 1.17 billion, according to experts at the analytical service Glassnode.
Coinbase Users Received IRS Notices Again
The US Internal Revenue Service (IRS) has once again sent out letters to cryptocurrency holders. Now the department says that some of them owe the state hundreds of thousands of dollars.
CryptoTrader.Tax reported that clients began to contact it in connection with the receipt of the CP2000 notice, in which the IRS writes about the discrepancy between the declared taxpayer and its own information. In particular, this applies to users of the Coinbase cryptocurrency exchange.
Experts say the IRS made a mistake and the problem is caused by the reporting methods of Coinbase and other exchanges. The exchange uses the 1099K form instead of the 1099 or 1099B that the rest of the trading platforms use.
CryptoTrader.Tax CEO David Kemmerer clarified that the use of the 1099K form can be inconsistent as it reflects the income from all transactions during the year. As a result, the IRS may decide that the taxpayer received large revenues and did not report them.
“1099-K is not intended for cryptocurrency exchanges. It's built for platforms where payments are accepted directly from third-party merchants like Uber, Lyft, or Etsy. It makes no sense to use this form in the context of cryptocurrency exchanges. However, many well-known exchanges, including Coinbase, have decided to use it to report customer income, ”said Kemmerer.
Cryptocurrency holders who receive such notifications will have to prove that they have not violated anything. Previously, the IRS has already sent letters to potential tax evaders among cryptocurrency holders.
The US Internal Revenue Service (IRS) has once again sent out letters to cryptocurrency holders. Now the department says that some of them owe the state hundreds of thousands of dollars.
CryptoTrader.Tax reported that clients began to contact it in connection with the receipt of the CP2000 notice, in which the IRS writes about the discrepancy between the declared taxpayer and its own information. In particular, this applies to users of the Coinbase cryptocurrency exchange.
Experts say the IRS made a mistake and the problem is caused by the reporting methods of Coinbase and other exchanges. The exchange uses the 1099K form instead of the 1099 or 1099B that the rest of the trading platforms use.
CryptoTrader.Tax CEO David Kemmerer clarified that the use of the 1099K form can be inconsistent as it reflects the income from all transactions during the year. As a result, the IRS may decide that the taxpayer received large revenues and did not report them.
“1099-K is not intended for cryptocurrency exchanges. It's built for platforms where payments are accepted directly from third-party merchants like Uber, Lyft, or Etsy. It makes no sense to use this form in the context of cryptocurrency exchanges. However, many well-known exchanges, including Coinbase, have decided to use it to report customer income, ”said Kemmerer.
Cryptocurrency holders who receive such notifications will have to prove that they have not violated anything. Previously, the IRS has already sent letters to potential tax evaders among cryptocurrency holders.