Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake

Independent research conducted by TIE, developed in partnership with Social Market Analytics suggests that 59% of the exchanges have falsified their trading volume data by more than 90%.
The Research Parameters and Technique Implemented

5/
The chart below shows reported trading volumes per exchange vs. monthly web visitors. While exchanges like #Kraken, #Binance, and #Coinbase show similarities between viewership and trading volume, others like Coinbene and ZBG have suspiciously high reported volume vs. views. pic.twitter.com/7Q0jBRNj9Y
— The TIE (@TheTIEIO) March 18, 2019

The organization made a comparison between the website viewership metric and the reported trading volume on exchanges. Furthermore, when they calculated the amount of money per user in the Exchanges, they found considerable discrepancies in the records.
For Example, while Binance reported $750 traded per visit, DOBI reported a whopping $356,625
Furthermore, an average of $591 per visit was estimated on websites like Binance, Coinbase, and Bitfinex.
We selected these exchanges because of large usage among institutions, reputation within the market, and because their web viewership appeared consistent with their reported trading volumes.
This estimated formed the benchmark for test on other exchanges as well. Surprisingly, more than 75% of the Exchanges reported trading volumes double of what is expected.
The total estimated suspicious volume on the exchanges is 87%.

13/
If each exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, and Kraken, we would expect the real trading volume among the largest 100 exchanges to equal $2.1B per day. Currently that number is being reported as $15.9B. pic.twitter.com/jZzezJMmKk
— The TIE (@TheTIEIO) March 18, 2019

Exchanges to trust
According to the report Exchange which maintained parity with the reported trading volume and expected trading volume are Binance, Bitfinex, Coinbase, Kraken, Bitstamp, Gate.io, Bittrex, Gemini Poloniex, Coindeal, and so on.
The research was conducted on over 100 exchanges. Since 75% of them were found of falsifying data, the trust and support for these exchanges are sure to grow in the future.
Exchanges not to be trusted
While Okex is currently ranked one on coinmarketcap.com‘s list of exchanges according to trade volume, the report suggests that more than 90% of the data on Okex might be suspicious. Other popular Exchanges that made the red or caution list were Bit-z, Coinbene HitBTC, bw.com, Coineal, LBank, Bibox, and so on.
Need for Regulation
The report by TIE not only brings ominous news to the crypto-community but also revisits the need for regulation of Exchanges. While the largest economies of the world have cracked down on some cryptocurrency based platforms, some exchanges continue to gain limelight by falsifying volume data; an unethical practice.
A revelation of this kind can hurt the price of Bitcoin and other cryptocurrencies adversely. However, the unreported volumes of OTC trade around the world buffer the effect of false amounts reported on Exchanges.
The post Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake appeared first on Coingape.
Source: CoinGape

Cardano [ADA] surges by 4% following Coinbase addition speculation and integration to Ledger wallet

Cardano looks optimistic after the announcement of its 1.5 version release on the mainnet. The Cardano 1.5 update marks the many improvisations, like Ouroboros BFT consensus protocol, from its precursor Ouroboros Classic.
The founder of Cardano and CEO at Input Output HK [IOHK] tweeted,
Source: Twitter
A blog post by the Cardano community, which explained the transition of the consensus protocol to BFT from Classic, stated,
“This update is technically a hard fork but will take place in a smooth and automatic way because this is a planned protocol upgrade whereby all parties of the current federated system have agreed to the change.”
The upgrade further aims to render a large volume of transactions and wallet addresses in addition to insufficient space detection feature and a new block consolidation status screen.
The latest release and following upgrades could potentially be a reason for Cardano exhibiting a surge of over 4% in the current bear market. The upward volume movement can also be attributed to the coin’s speculation of being listed on the trading platform Coinbase. The trading platform announced the exploration of Cardano, Basic Attention Token [BAT], Stellar Lumens [XLM], Zcash [ZEC] and 0x [ZRX], out of which most of the coins have already been added.
Another reason that led to the pump can also be speculated to be the integration of Ledger Hardware Wallet to the Cardano network. The announcement was made by Cardano Founder Charles Hoskinson. Talking about the integration, Hoskinson said,
“This means users will be able to hold their ADA offline, through the convenient and highly secure means of cold storage.”
Source: TradingView
At press time, the eleventh largest crypto asset ADA held a market cap of $1.37 billion, and was valued at $0.052. The 24-hour trading volume of the digital coin was $50.03 million, following a surge of 4.87%.
Additionally, Cardano [ADA] registered a significant growth of 12.28% during the past seven days, which is more than the top coins, including Bitcoin and Ethereum, during the same time frame.
The post Cardano [ADA] surges by 4% following Coinbase addition speculation and integration to Ledger wallet appeared first on AMBCrypto.
Source: AMB Crypto

Ripple’s XRP on adoption spree; Toronto-based Coinberry adds cryptocurrency

Coinberry, the Toronto-based, FINTRAC-registered cryptocurrency trading platform, announced the addition of XRP, a cryptocurrency on a massive adoption run lately. With the latest development, Coinberry has enabled the trading of all four of the world’s largest digital assets, on its trading platform.
Coinberry posted,
Source: Twitter
Ripple’s native token has witnessed widespread adoption, both by institutional players like banking establishments, and payment networks, who plan to leverage its speed and scalability. In a recent poll by UK-based firm, PayGlobal, XRP was voted as the most sought-after crypto by the community. This resulted in the payment company prioritizing the digital coin, XRP, over other cryptocurrencies.
The coin further gained popularity and wider access after being added by exchanges like Binance and Coinbase. Last week CZ’s Binance announced support for XRP on its Trust Wallet, which already had support for Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH] and other ERC 20 tokens. This enabled the exchange’s wallet users to access the digital coin via credit card.
Coinbase and Coinbase Pro had previously listed support for XRP on its platform, along with other major crypto assets such as Bitcoin [BTC] and Ethereum [ETH], following the launch of its new Wallet App.
The post Ripple’s XRP on adoption spree; Toronto-based Coinberry adds cryptocurrency appeared first on AMBCrypto.
Source: AMB Crypto

Stellar Price Jumps 5% With the Announcement of Coinbase Listing

Coinspeaker
Stellar Price Jumps 5% With the Announcement of Coinbase Listing
With the growing popularity of Stellar Lumens (XLM), the world’s eight largest cryptocurrency got recently listed on popular crypto exchange Coinbase.
Stellar Price Jumps 5% With the Announcement of Coinbase Listing

Continue reading at Coinspeaker
Source: CoinSpeaker

Crypto Market Wrap: Stellar Lifted on Coinbase Listing, Flips Binance Coin

Crypto markets still consolidating; Stellar makes a move up the chart, Kin cranking, the rest marginally down.
Market Wrap
Crypto markets are still consolidating as they have been for the past couple of days since the weekend pump. Altcoins are still making the most as Bitcoin stalls at resistance at $4,000 once again. Total crypto market capitalization has remained just above $140 billion and up almost $10 billion on the same time last week.
Bitcoin dropped back to $4,000 over the past 24 hours but did not fall below it and has gradually crept back up to $4,050 where it currently trades. Volume is over $9 billion and BTC appears to be poised to test its weekly high again, a move to $4,200 could spell a larger break to the upside.
Ethereum remains at $140 but has weakened over the past few days and cannot seem to gather momentum at the moment. ETH is still up on the week however and remains $1.5 billion clear of XRP in terms of market cap. The Ripple token has also remained flat over the past couple of days and is still trading at $0.312.
XLM chart 24 hours. Coinmarketcap.com
At the time of writing the top ten is all in the red during today’s Asian trading session. That is all but on altcoin which is bucking the trend and climbing 4% on the day. Stellar Lumens has just been listed on Coinbase which has added to the momentum though it has not produced the epic spike seen in other listed cryptos such as ETC or BAT.

Stellar Lumens (XLM) support is launching at https://t.co/bCG11KveHS and in the iOS and Android apps within the next 15 minutes. You may need to update your app to properly buy, sell or convert XLM. We will update when XLM is fully live. https://t.co/YSIYNPO4JP
— Coinbase (@coinbase) March 18, 2019

The news has enabled XLM to flip Binance Coin and Tether to take seventh spot with a market cap of $2.2 billion at the time of writing. Stellar has made almost 20% this week climbing from below $0.10 to a high of $0.117 before pulling back a little. Volume has risen from $155 million to $257 million as Stellar climbs the charts.
All other crypto assets in the top ten are falling at the moment with Litecoin and Bitcoin Cash losing over 2.5% each. In the top twenty every altcoin is in the red, the biggest losers are Bitcoin SV, Dash and NEM but losses are only 2% or so. The rest are only marginally down on yesterday’s levels.
FOMO: Kin Cranking
Today’s top one hundred top performer is Kin which has pumped over 50%. The digital content payments ecosystem token is only worth two satoshis at the moment and the pump appears to be pure fomo, at least according to the Reddit stream.
Enjin Coin is also having a good day with a gain of 15% during Asian trading and Maximine Coin is close behind with 13% added on the day. There are no major dumps going on at the moment but those at the sticky end of the table include Digibyte and Bytecoin dropping 6% or so.
Total crypto market capitalization has remained around $140 billion where it was this time yesterday. Volume remains at $30 billion and markets have generally been range bound since their mini-pump on Saturday. If Bitcoin fails to break resistance again things could fall back pretty rapidly.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Crypto Market Wrap: Stellar Lifted on Coinbase Listing, Flips Binance Coin appeared first on NewsBTC.
Source: New feedNewsBTC.com

Coinbase.com Adds Stellar Lumens [XLM], Price Surges by 5%

Coinbase has announced that it will add Stellar Lumens (XLM) tokens at coinbase.com and in the Coinbase Android and iOS App.
According to the blog post by Coinbase:
The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.

XLM is now live at https://t.co/bCG11KveHS and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store XLM. https://t.co/YSIYNPO4JP
— Coinbase (@coinbase) March 18, 2019

IBM’s world wire has also announced a partnership with six banks to issue FIAT backed stable coins on the Stellar Networks. The Network will help regulated financial institutions to move value seamlessly across the globe.
Coinbase Effect: XLM Price Surge
XLM recently got added on the Coinbase Pro. While Coinbase Pro has a limited user base, coinbase.com is the esteemed exchange that is one of the largest and most trusted platforms for FIAT to cryptocurrency exchange in the world. It has a user base of more than 20 million customers in over 42 countries. The blog post also noted that XLM will not be available in the state of New York or the United Kingdom.
Stellar Lumens’ price has rocketed by 5%; XLM/BTC which was skirting along 0.00002700 BTC has increased to 0.00002850 in less than 2 hours.
XLM/BTC 30-min Chart on Bittrex
The Technical Analysis of XLM/BTC reveals that the 50-Day Moving Average has moved above the 200-Day Moving Average, which suggests that a Bullish cross-over. The 100-Day Moving Average is also looking to cross the 200-Day Average line, indicating that the long term bearish outlook might have turned tables.
World Wire to Transform Cross-Border Payments Completely
The ‘big blue’ and Stellar Organization has worked for almost a year together after the announcement of initiation of ‘world wire.’ The world wire would provide a platform for financial institutions to issue their stable coins and also allow interoperability between them through the Stellar Protocol.
Three banks out of the six have been identified that has signed a partnership with World Wire according to Forbes, they are Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea. The other three banks are expected to be announced at the on 19th March at the Money 20/20 Asia Conference in Singapore.
Jesse Lund, the head of Blockchain solutions at IBM noted:
“So we are starting with markets that are outside of the U.S., but it won’t be long before we add the U.S. as an operating endpoint. It will be sometime this year; we will get to it, third quarter, fourth quarter something like that,” he said.
Reportedly, IBM has set up world wire payment locations in 72 countries, with 48 currencies and 46 banking points. According to Jesse Lund, the Blockchain head at IBM, IBM is the “single most trusted validator on the Stellar network” hence, although centralized IBM as validator adds a lot of credibility to the platform.
“Look at the Stellar dashboard and see the IBM validators out there,” said Lund. “There’s a lot of others, but everyone trusts us. So in the consensus model, we are kind of a big anchor there.”
The post Coinbase.com Adds Stellar Lumens [XLM], Price Surges by 5% appeared first on Coingape.
Source: CoinGape

Top Trending Cryptocurrency News of the Week: Coinbase and Mt. Gox Among Major Newsmakers

Key highlights

Ex-Mt Gox Head Will Serve No More In Jail
Hong Kong’s Gatecoin exchange shuts down
Central Bank of Russia Plans on Limiting Cryptocurrency Trading
Basel Committee Issues Warning to Banks for Cryptocurrency Risks
Coinbase Custody Unveils New Cold Storage Cryptocurrency Trades

Ex-Mt Gox Head Will Serve No More In Jail
Well, another turn in the Mt Gox exchange hack case. A court in Tokyo has handed Mark Karpelès, the former chief executive of the collapsed Bitcoin exchange Mt. Gox, A 2.5 years of the prison sentence on Friday. This means Mark Karpelès will not be serving any additional time in the jail if he remains on good behavior. This verdict bought an end to more than a 5-year ordeal for Mr. Karpelès who was charged for falsifying data
Hong Kong’s Gatecoin exchange shuts down
Gatecoin, the Hong Kong-based cryptocurrency, has finally announced that it will be calling curtains to its operations after a court order and the bank account freeze. Last week, the court had granted a winding-up order against the company. Gatecoin stated that it will assist in the liquidation process in order to expedite the realization of its assets to the creditors.
Central Bank of Russia Plans on Limiting Cryptocurrency Trading
Apart from standing by innovation, the blockchain, and cryptocurrency, the Russian regulators especially the country’s central bank has planned to put a yearly limit on so-called “unqualified investors” who are willing and able to buy cryptocurrencies as reported by the media house RBC’s. The central bank also plans to change the existing draft digital currency bill, known as ‘On Digital Financial Assets,’ that passed the second reading in parliament – State Duma.
Basel Committee Issues Warning to Banks for Cryptocurrency Risks
Another news coming from the world banking authority, the Basel committee, which after citing the growth of cryptocurrencies as a risk to banks, has issued a warning to banks around the globe. Having released a statement this week, The Basel committee which is the part of Bank for International Settlement (BIS), released a statement stating that, the important risks the banks will be facing which were listed by a Swizz based think tank includes credit and market risks, money laundering risk, liquidity risk, terrorist financing risk, operational risk, and legal and reputational risks.
Coinbase Custody Unveils New Cold Storage Cryptocurrency Trades
Coinbase is back in news and this time for its Coinbase Custody service. According to the latest announcement, Coinbase Custody service is now directly integrated with the company’s newly launched OTC desk. Custody clients will be able to complete trades directly from cold storage, the company said in its release, adding that it was a service many of its users requested.
The post Top Trending Cryptocurrency News of the Week: Coinbase and Mt. Gox Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

Cardano (ADA) Volumes Almost Double, CoinBase Could Trigger Rally

Cardano (ADA) price up 17.4 percent
CoinBase could offer support for ADA
Transaction averages almost double in the last two weeks

After dropping from the top 10, Cardano (ADA) is up 17.4 percent in the previous week. Because of this, it is one of the top performers and could register more gains if CoinBase supports ADA.
Cardano Price Analysis
Fundamentals
On one end, CoinBase never-ending controversy makes them appear weak. However, as the third most liquid exchange after Binance and Liquid, their influence cannot be written off. The CoinBase Effect may be waning after the exchange’s effort of increasing the number of coin offering. Regardless, listing exposes the asset to more than 25 million customers tagging extra demand from an exchange that is secure (never hacked) and insured.
Back in Q2 2018, CoinBase said they were exploring five coins including Cardano (ADA). During their consideration, they would work with banks as well as regulators to enable the roll out in as many jurisdictions as possible. At the same time, they were trying to remain as transparent as possible to avert accusations of insider trading.
Of the five coins, Cardano (ADA) is the only asset that is yet to be listed. Against expectations, in the last three quarters, CoinBase were aggressive, listing diminutive and low liquid assets as BAT, OX, and ZCash (ZEC). To some extent, this was understandable since ADA as a coin remained centralized as development steps up. However, the recent conclusion of Byron and the transition to Shelly would increase chances of a listing at CoinBase.
Candlestick Arrangements

Flipping Tron (TRX) and Cosmos (ATOM), Cardano (ADA) is back to the top 10 after adding 17.4 percent from last week’s close. Although part of this is because of investor expectations, it is favorable fundamentals and attractive candlestick arrangement that places buyers at an advantage.
From the chart, it is clear that bulls are in control. While trading in a breakout pattern above 4.5 cents, bears are yet to reverse gains of Mar 9. Concurrently, the last two bars seem to be breaking away from the 90-day consolidation as they band along the upper BB.
If anything, this points to bulls and risk-off, aggressive traders should fine-tune entries in lower time frame with targets at 6 cents.
Technical Indicator
Our stand out bar is Mar 11. As a high volume bar—324 million against 128 million average, it anchors our ADA/USD price analysis.
Expectedly, after that surge in volumes, participation drop but is expected to rise. As bull momentum pick up, any spike towards 6 cents must be at the back of high volumes exceeding averages of 167 million.
In turn, the breakout bar nullifying bears above 6 cents must have high transaction volumes above 324 million. Already, transaction volumes are double in the last two weeks—89 million to 166 million.
The post Cardano (ADA) Volumes Almost Double, CoinBase Could Trigger Rally appeared first on NewsBTC.
Source: New feedNewsBTC.com

Litecoin [LTC] creator Charlie Lee: People deleting Coinbase don’t actually use it

Charlie Lee, the creator of Litecoin, spoke about the recent events surrounding Coinbase, in the seventeenth episode of Magical Crypto Friends. The podcast also included Riccardo Spagni aka Fluffypony, Samson Mow, and WhalePanda, the rest three members of Magical Crypto Friends.
Coinbase, one of the biggest exchanges in the U.S., has been in the headlines since the announcement of XRP listing, however, the negative news outweighed the positive ones. The negative fame started with rumors over insider trading, which broke out days after the platform listed the third-largest cryptocurrency by market cap. This gained momentum with the acquisition of a blockchain analytics firm, Neutrino, as it was revealed that the firm had an association with Hacking Team. This report led to the start of the #DeleteCoinbase movement.
Furthermore, the Director of Institutional Sales, Christine Sandler, stated that they were aware of the Neutrino-HackingTeam association, in an interview with Cheddar. To make things worse, she stated that they acquired the blockchain analytics firm because their “current clients were selling client data to outside sources”.
The controversy surrounding Coinbase-Hacking Team was soon addressed by Brian Armstrong, the CEO of Coinbase. In a blog post, he stated that the firm decided to let go of all the members previously associated with Hacking Team.
Charlie Lee said on #DeleteCoinbase,
“I thought like people have been deleting Coinbase for a while now right. I guess this Neutrino thing really brought this back out and people are like more upset about Coinbase and actually going out and deleting their accounts. But, you know, from my point of view, people who actually delete Coinbase, don’t actually use it anyways, right. So, its not really going to affect anything.”
This was followed with Riccardo Spagni, the lead maintainer of Monero, speaking about the topic. He said:
“I don’t think that the people that are deleting Coinbase are going to have more than a very minimal impact on the bottom line. […] I do think that there would be a trickle-down effect from the people that are deleting Coinbase […] So it is atleast going to provide a slow shift away from Coinbase as a first point of Contact for people wanting to get into Bitcoin.”
The post Litecoin [LTC] creator Charlie Lee: People deleting Coinbase don’t actually use it appeared first on AMBCrypto.
Source: AMB Crypto

Is Coinbase New Wallet’s DApp Support a Direct Threat to Existing DApp Wallets?

DApp industry is on a massive run these days. TRON DApps are leading the other DApps that are based on Ethereum, EOS and other built on other blockchain networks As such, these DApps are friendlier on their respective wallet for mass users – but an entry of Coinbase with its new wallet feature will pose a direct threat to existing DApp wallets.
Coinbase Focusing DApp Industry With its New Wallet App
The San Francisco-based crypto exchange, Coinbase has recently rolled a new wallet feature which will be directly linked with Coinbase.com. It lets users directly link their Coinbase.com accounts’ crypto holdings with the new wallet – in the next few days. The blog post reads that;
“Once your Coinbase account is linked, you can easily transfer crypto to your Wallet app with just a couple of clicks, anytime you need it,”
Consequent to the announcement, Coinbase’s users with their coinbase.com account can buy digital assets and the platform itself store the keys centrally whereas the wallet app (new feature) will enable users to safeguard their own private keys.
At one point these feature sense new aspects for Coinbase users – on the other hand, it poses a direct threat to exiting DApp wallets such as TRONlink, Metamask, Infinito EOS wallet, POA, Steem, so on and so forth. This is due to the fact that Coinbase rolled yet another announcement for DApp users. The exchange explains that the Coinbase’s will let its users use the new wallet feature for DApp beside crypto assets. As such, DApp user can fund to Coinbase’s wallet to buy digital collectible tokens, play games or can also use open finance apps.
Whether you use Coinbase Wallet to store your own crypto or to use decentralized apps (i.e., “ DApps”), managing your funds across Coinbase products just got a lot easier.
Addressing the mass DApp users, Coinbase further explains that;
One of the major roadblocks to the user experience of DApps, has been funding your wallet in order to buy digital collectibles, play games, or use open finance apps such as Compound or Maker. Now, with this feature, funding your Coinbase Wallet from your Coinbase.com account is just one click away. This gives all Coinbase customers an easy onramp to access the exciting world of DApps.
2019, The year of DApp – Exchanges Supporting DApp
However, it is still unclear that whether Coinbase can serve to DApp users that use TRON and other Wallet for betting decentralized applications (DApp) which usually not associated with KYC – because one who wishes to use Coinbase exchange or access its wallet has to undergo its Know your Customer (KYC) policy.
As the year 2017 witnessed the year of ICO, 2019 will likely witness the year for DApp. Existing players like TRON, ETH, EOS blockchains are continuously striving to capture increasing interest of developers and users. Given that, exchanges like Huobi and Coinbase is already eyeing to be the early platforms to enjoy the vast majority of DApp users.
Beside Coinbase’s announcement, Huobi exchange is reportedly supporting TRON DApp whereas TRON itself currently supports over 187 DApps and beyond 464 smart Contracts.
Users Comparing Coinbase Wallet with Binance’s Trust Wallet
It’s worth to note that the Coinbase’s new wallet feature wasn’t a positive move for many users – subsequently, one such user commented on a blog post of Coinbase, criticizing its feature and comparing it with Binance’s Trust Wallet.
In his comment, he mentioned;
OK, no mention of the obvious. You could previously do this by sending via the Ethereum network and paying the network fee. Does this new revelation still incur a network fee?
Secondly — the non-custodial wallet is horrible. You should take a look at Trust Wallet for inspiration. The QR scanner actually works and you can adjust the network fee to speed up transactions times.
Nevertheless to add that a user on social media also reported that his experience with Coinbase exchange was quite poor, noting that he had already shifted to Binance exchange. By tagging CZ, CEO of Binance Exchange, he says;

After yesterday mornings shock of @coinbase closing my account, I’m now fully converted customer to @BinanceJE Quick customer response & competitive rates, better than Coinbase rates. All systems working again. Thank you @binance @cz_binance pic.twitter.com/TBsCDpupAG
— Hillsey (@Hillsey_London) March 13, 2019

So readers, do you love Coinbase? Do you think Coinbase’s new wallet feature will be a direct threat to existing wallets? share your thoughts with us.
The post Is Coinbase New Wallet’s DApp Support a Direct Threat to Existing DApp Wallets? appeared first on Coingape.
Source: CoinGape

Yet Another Cryptocurrency Wins Listing on Coinbase Pro

CoinSpeaker
Yet Another Cryptocurrency Wins Listing on Coinbase Pro
Coinbase adds Stellar Lumens to its professional trading service Coinbase Pro. Initially, XLM trading will be only available for customers in Coinbase’s supported jurisdictions, expect the state of New York.
Yet Another Cryptocurrency Wins Listing on Coinbase Pro

Continue reading at Coinspeaker
Source: CoinSpeaker

Kraken CEO Jesse Powell accuses The Block of reporting factually inaccurate news

Jesse Powell, Kraken’s Chief Executive Officer, had a heated conversation on Twitter with Mike Dudas, the Founder of The Block, with the former accusing the publication of presenting ‘factually inaccurate statements’ in an article that attacked Kraken for reporting false trading volume.
The article in question, published on March 13, cited an anonymous trader who allegedly revealed how an institutional account executed a stop order ‘well below’ the set price, reported u.today. The report also stated that 10k worth of Ethereum [ETH] was adequate for the asset’s price to dip by 4%, which could be an indication of Kraken not reporting its true trading volumes.
In response to these accusations, Powell claimed that the assumptions and conclusions reported in the article were factually incorrect. The CEO said that the anonymous trader behind the tip-off did not have any basic understanding of the market. Powell also called out the article for ‘misleading information,’ citing the ’10k Ethereum’ comment as one that would make inexperienced readers believe that $10,000 could affect the price of the second largest cryptocurrency.
The CEO demanded an apology and said,
“I’m defending myself. You hit first, and you hit without provocation. You turned a one-off “tip” in to a hit piece without so much as taking a comment from us. Now we’re getting to euphemisms I see.. your “media piece” is an attack. I’ll accept an apology.”
Powell also listed the “false” comments made in the article in a tweet,
Source: Twitter
Previously, Powell had accused Dudas of being “an epic Neutrino apologist” for trying to hush the #DeleteCoinbase conspiracy. Despite The Block writer Larry Cermark claiming that Coinbase had no influence on their reportage, Powell did not buy it.
Powell said,
“Your coverage of Coinbase’s murderous past looks like coverage of a stop loss. Your coverage of a stop loss looks like coverage of a murderous past.”
Dudas previously admitted to having ‘multiple good friends’ at Coinbase. The prominent exchange had also invested in The Block, he said.
Source: Twitter
The post Kraken CEO Jesse Powell accuses The Block of reporting factually inaccurate news appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Pro Onboards Stellar Lumens [XLM], Boosting Value 6 Percent Higher

Coinbase’s professional trading platform, Coinbase Pro is supporting Stellar Lumens (XLM) which is currently the 7th largest cryptocurrency by market cap. The announcement released on March 13, 2019.
Stellar Lumens (XLM) on Coinbase Pro
Per the announcement, XLM is now available in Coinbase’s supported regions except for New-York state. Initially, the firm announced that they accept inbound transfer or deposit of XLM only and not supporting order placement at the moment. However, as per the announcement, order book will remain in transfer only mode for at least 12 hours which is now released. Eventually, XLM inbound transfer began from 1 pm PT from March 13, 2019, upon the specification of an XLM memo, the announcement reads.

Inbound transfers for XLM are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/NgCiWEkii8
— Coinbase Pro (@CoinbasePro) March 13, 2019

XLM Scores Higher – Overtook BNB
At the moment, XLM is surging and overtook Binance coin (BNB) to capture 7th spot. Observers are yet to identify the reason behind sudden growth in Stellar’s value, which is 6.32 percent within a couple of hours – however, it is possibly linked to Coinbase Pro’s announcement of supporting Stellar Lumens (XLM).
Source: Coinmarketcap
At one stage, XLM cryptocurrency is jumped 6.32 percent in just 24 hours, as the other major crypto assets such as BTC, ETH, LTC, faltered. At the time of reporting, Stellar value is sitting at US$0.109
Source Coinmarketcap
As far as the XLM on Coinbase Pro is concerned – it begins with three cryptocurrency’s pairs, particularly, XLM/USD, XLM/EUR, and XLM/BTC. The blog reads that;
“Once sufficient supply of XLM is established on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,”
At the moment, XLM is not available on Coinbase.com and its mobile app, there will be a separate announcement once the exchange-listed it.
However, the latest release is a result of an earlier announcement of Coinbase that says it will support 30 cryptocurrencies. Until now, Coinbase began supporting Loom Network, XRP, Golem Network, Civic, DistrictOx, Loom Network, Zilliqa, Decentraland, and Dai.
The post Coinbase Pro Onboards Stellar Lumens [XLM], Boosting Value 6 Percent Higher appeared first on Coingape.
Source: CoinGape

Bitcoin Jesus: Don’t Delete Coinbase, No Other Firm Does More for Crypto

Roger Ver is among the most polarizing characters in the crypto industry. He often goes against the grain, even if it earns him notoriety. Such is the case with recent comments made by Ver, defending San Francisco-based Coinbase in the face of the ongoing #DeleteCoinbase boycott.
Few people have done more to further the adoption of Bitcoin and cryptocurrencies than Ver, so while his defense of Coinbase carries much weight, he’s been wrong in the past in his support of cryptocurrency exchanges and it’s cost crypto investors dearly.
Roger Ver: Coinbase Pushes Crypto Adoption, Don’t Support #DeleteCoinbase
This past week, a scandal at Coinbase over the recent acquisition of Neutrino has led to an angry mob situation in the cryptocurrency world. As part of the acquisition, Coinbase absorbed employees from Neutrino that were tied to a controversial software company called Hacking Team, that was responsible for providing governments, law enforcement agencies, and dictator regimes with tools to surveil individuals.
The Hacking Team’s work goes against much of the values cryptocurrencies were built upon, such as privacy, and removing the control governments have over individuals, which called Coinbase’s integrity and commitment to the space into question. The community’s distaste and unrest quickly turned into taking action, launching a ferocious social media campaign dubbed #DeleteCoinbase, where crypto investors are encouraged to ditch Coinbase for other alternatives across the market.
Related Reading | Why Did Major Crypto Exchange Coinbase Suddenly Add XRP?
However, Bitcoin.com CEO Roger Ver has come to the defense of Coinbase, suggesting that few other companies can claim to have done as much to push crypto adoption forward as the San Francisco-based crypto giant.

Coinbase has done more to drive crypto currency adoption than just about any other company. We should be grateful despite a few poor decisions along the way. Don’t #DeleteCoinbase
— Roger Ver (@rogerkver) March 7, 2019

Ver, as an investor, has done more to promote cryptocurrency adoption than any other individual. It’s earned himself the nickname Bitcoin Jesus due to his early evangelism in the space. His defense of Coinbase is likely to hold a lot of weight, however, Ver has been wrong about defending crypto exchanges in the past.
Roger Ver Famously Claimed Mt. Gox Was Solvent, Is His Defense of Coinbase an Omen?
While Ver’s support of Coinbase makes sense, his defense of a now infamous cryptocurrency exchange caused a lot of investors much loss and grief.
Ver is quoted as claiming the now defunct crypto exchange Mt. Gox, which was among the first exchanges to bring Bitcoin to the masses, was solvent prior to the exchange’s eventual collapse only months after the comments were made.
Related Reading | Roger Ver’s Bitcoin.com is Reportedly Under Government-Sponsored Attack
Months before it was revealed that Mt. Gox had lost 850,000 BTC of its customer’s funds, Ver filmed a video defending the exchange. Ultimately, Mt. Gox went bankrupt and the case has since moved to civil rehabilitation in hopes of returning some of the lost funds to early Bitcoin investors.
Ver and his high school friend Jesse Powell, who is also co-founder of crypto exchange Kraken, had gotten involved with Mt. Gox in 2011 during the Bitcoin bear market. Calling Ver’s defense of Coinbase further into question, is his long-time friend’s negative comments about Coinbase.

While Powell and Kraken are in direct competition with Coinbase, and are likely using the moment of weakness to capitalize, there’s no denying that there’s validity in Coinbase appearing to be actively destroying the brand equity they’ve worked so hard to build. 
Featured Image from Shutterstock
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Coinbase-XRP Destination Tag rumpus: How missing numbers led to loss of funds and a Twitter war

Coinbase, one of the biggest cryptocurrency exchanges in the United States, was under the radar due to negative news surrounding its operations. The exchange received a lot of attention because of the addition of XRP on the platform, which resulted in the XRP community rejoicing, and other communities frowning. This was followed by a controversy surrounding insider trading and Neutrino acquisition, leading to the crypto-community starting a #DeleteCoinbase movement.
However, the exchange’s tryst with the XRP community hasn’t come to an end as the exchange fell prey to the community’s wrath. This time, the controversy surrounding the exchange did not pertain to insider trading, but was related to something much more significant.
Based on several social media posts, users sending XRP to the platform were losing their funds, leading to a massive uproar in the community.
The issue was associated with something known as the Destination Tag Technology, a technology that was not being utilized by all cryptocurrencies in the space. Popular coins using this technology include Monero [XMR], a leading privacy coin, Stellar [XLM], and XRP.
According to a Medium blog post by Atomic Wallet, a majority of exchanges in the space have only one address for XRP transactions, resulting in all users of the exchange having the same XRP address. The only way to distinguish each transaction and identify a specific one is via the Destination Tag, “a short complimentary code piece that assigns your transactions to a certain account.” If the tag input is incorrect, the token is likely to be sent to another user with that particular tag or to the exchange storage.
Destination Tag | Source: Atomic Wallet
The wallets can either be a desktop wallet or a hardware wallet, where users have complete control over their public and private keys. However, for Coinbase Wallet and Coinbase.com, users are required to enter the destination tag, and it has to be correct. If it is wrong or not entered, then users will permanently lose control of the tokens as Coinbase will not be able to recover them.
The exchange had clearly mentioned this during the announcement of the listing, even creating a separate page on Destination Tag.
Coinbase XRP | Source: Bob Moneybags YouTube
For better understanding, here is a screenshot of the Binance’s XRP transaction page, the largest cryptocurrency exchange in terms of trading volume.
Binance XRP Wallet Addresses from account 1 | Source: Binance
Binance XRP Wallet Addresses from account 2 | Source: Binance
Nevertheless, in reality, these tokens are not “lost;” the exchange needs to verify the transaction and the user to send back the cryptocurrencies. Coinbase’s initial refusal to do so led to the exchange being criticized again.
Dr. T, a prominent XRP proponent, said,
“Of course you can do something! Ask the user to send a small test transaction to the correct destination tag to prove they control the wallet that sent the transaction with error. Then move the balance on your internal database! Simple. Why are you making it so hard ?! Just do it”
The issue was bought up by Patrick Boake on his official Twitter handle, stating that a user of Toast Wallet did not fill in the destination tag. The destination tag is not a mandatory category that has to be filled by users on the wallet, and around six users of the wallets reportedly lost their funds. Apart from this, there were other members of the community who reportedly completed a transaction with a wrong destination tag.
Source: Twitter
Toast Wallet also released an official statement on the issue, stating that there was an issue with funds that were sent from Toast Wallet to Coinbase. They said,
“We’ll be releasing a new version soon including a fix contributed by @omarish at @coinbase fixing an issue where blank destination tags were being incorrectly set to 0 when sending from Toast. (Thank you!) Remember to always specify the destination tag when sending to exchanges!”
Source: GitHub
Nonetheless, the exchange is addressing the problem, asking users who lost funds due to ‘incorrect’ Destination Tags, to contact them.
Source: Twitter
Source: Twitter
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Source: AMB Crypto