Bitfinex announces revenues from margin trading funds dedicated to LEO

Bitfinex was dragged into a controversy with Tether, the largest stablecoin, where the exchange was allegedly covering a loss of $850 million with Tether funds. The situation escalated in the community and Tether ended up dropping down to $0.96. The stablecoin quickly recovered its valuation but Bitfinex lost its standing in the community. Recently, the […]
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Source: AMB Crypto

Smart Leverage Tokens: A New Financial Instrument by DX.Exchange

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Smart Leverage Tokens: A New Financial Instrument by DX.Exchange
Estonia-based crypto exchange DX.Exchange, announced the launch of a completely new financial instrument called Smart Leverage Tokens or SLT’s. This way the company wants to change the leverage trading in cryptocurrency markets.
Smart Leverage Tokens: A New Financial Instrument by DX.Exchange

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Source: CoinSpeaker

Report – Bitfinex Secretly Continued New York Operations Until 2019

Bitfinex, Tether continued offering its services to the residents of New York longer than they claimed, the latest NYAG filing submitted on July 08, 2019 is one of its shreds of evidence. 
NYAG – Bitnex and Tether Still Continued Serving NewYorker
The New York Attorney General’s (NYAG) shared a piece of new evidence against the crypto exchange Bitinex and stable coin Tether. According to the Memorandum of Law in Opposition, an affirmation and 28 pieces of exhibits, submitted to the New York Supreme Court, it is seen that Bitfinex and Tether have several ties with residents of New York. However, the firm had earlier claimed that they ceased their operations since 2015 only. It reads that;
“The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading,”
The filing was submitted while NYAG is still under its investigation process into Bitfinex and Tether. The document further reads that “even a cursory examination of the facts”, the investigation document proves that the company’s respondents have “extensive and consistent contract’ to New York. Just to note, in last May, these companies demanded the dismissal of the case in the New York Supreme court – because, at that time, respondents claimed: “They have nothing to do with New York investors”. Not just that, they also stated: “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here”.
https://www.scribd.com/document/416240547/NYAG-AFFIRMATION#download&from_embed
This isn’t the first time that Bitfinex in on top bulletins with the name of regulators – however, in past Bitfinex and Tether have been named in a large number of scandals. The most recent one to highlight is “Tether funds to cover up to $850 million loss”. It was reported that the exchange used a loan of $700 million from Tether (USDT) reserve and covered the loss of $850 million. Nevertheless, in early July, reports circulated around Bitfinex that claimed the exchange has repaid $100 million of outstanding loan via wire transfer to Tether’s bank account.
In addition, the exhibitor documentary evidence claims that the exchange held bank accounts with two New-York based banks, Signature Bank and Noble Bank – also with an unnamed financial institution that enable funds transfer between Bitfinex, Tether, and NY client. NYAG further notes that;
“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm,”
Image Source – Shutterstock 
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Source: CoinGape

Bitfinex announces dedicated buying of LEO tokens with revenue generated from its IEO platform

IEOs, the modified version of ICOs brought back by Binance was like John Hammond’s cloned dinosaurs in Jurassic Park. IEOs have RoI, which is almost similar to the ICOs and the bull run has barely begun. Binance IEO idea was soon spreading like a virus, like Bitfinex, Huobi Global, etc. Bitfinex’s IEO was a success, […]
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Source: AMB Crypto

LEO Demand Spike Thanks To BitFinex Buyback Program, Arrests Made In Israel

LEO stable but bullish
BitFinex’s LEO buyback program in progress

Two brothers in Israel are in custody for their involvement in 2016 BitFinex hack resulting in the loss of 120,000 BTCs. Relieving, it’s a boost for BitFinex currently buying back LEO tokens. At the time of writing, the coin is stable but bullish.
LEO Price Analysis
Fundamentals
Cryptocurrency exchange hacks are a definite step back. Not only do they instill fear among account holders and destabilize exchanges, but the more they happen, the more likely regulators are likely to step in and impose restrictive rules.
Although-for the well-being of the investor, laws introduce hurdles that may wade off investment in this liquidity conduit. Like many other exchanges, BitFinex has been pretty secure in the last three years.
Back in 2016, malicious elements made away with 120,000 BTCs, roughly $72 million at that time. Luckily, thanks to the collaborative effort of authorities, two brothers in Israel are now in police custody.
Eli and Assaf Gigi are the main perpetrators. By successfully sharing and luring victims with dubious versions of popular exchanges and wallet providers, they wiped clean their victim’s accounts. Unsettling, Eli Gigi has specialist web penetration training from the Israel Defence Forces (IDF).
However, cybersecurity experts maintain that his military training has little to do with this hack. In an email, Hartej Sawhney, co-founder of Zokyo Labs says:
“You don’t need ‘military training’ to conduct cybercrime on today’s centralized exchanges. Most recently, we have seen hackers gain access to databases holding users’ access tokens and steal their funds.”
Candlestick Arrangement
LEO Daily Price Movement Chart
Presently, there is a buyback program in progress. BitFinex’s decision is overly bullish for LEO. From previous LEO/USD trade plans, it was clear that buyers are in control not only because of favorable fundamentals but events of the last few weeks.
Already, there is a clear double bar bull reversal pattern reacting from the first support level at $1.75. Unique in that yesterday’s snap back to the primary trend is with high participation; traders have a window to consider and even buy the dips in smaller time frames.
To safely trade, a fitting safety net should be at July 3rd low of $1.65. Notice that there is a level of undervaluation following the close of the bearish bar. By closing below the lower Bollinger Band, LEO bulls had an opportunity with yesterday a reflection of demand.
Technical Indicators
Ideally, there should be confirmation of yesterday’s upswing. That means trading volumes should pick up preferably printing above 2 million of June 2. In such a case, prices could surge above $2 or June 2019 highs triggering further participation as buyers aiming at $2.5 of May 20.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Source: New feedNewsBTC.com

Is $100 Million Newly Printed in Tether Moving Bitcoin [BTC] Price? – CTO Paolo Ardiono Clarifies

Tether has been under spotlight again since the past few weeks for manipulation in Bitcoin prices as the supply of Tether keeps on increasing. This has been primarily due to raising concerns that Tether is being used to manipulate the price of Bitcoin, and no real transactions are going on at the moment.
Paolo Ardiono, the CTO of Bitfinex and Tether tweeted about the $100 million in USDT that was minted on Bitfinex on 4th July 2019. According to tweet, it is primarily being performed to move the Tether from OMNI to Ethereum’s ERC-20. He tweeted,
We are getting more and more requests to swap Tether from Omni to ERC20. That’s why these Tethers got minted: https://etherscan.io/tx/0x0fc2fc3f07570328b3d86f8db29119468a429398806a8b3dd7f57add1e23563c … As you can see https://www.omniexplorer.info/search/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz … is growing since it is receiving Tether-Omni leg. Once the swap flow will be stable we’ll burn the excess.
The price of Bitcoin moved by around 1.5% in the subsequent hour of the new Tether. While Paolo confirmed that the excess Tether would eventually be burned, the issue with Tether continues to raise doubts about manipulation in Bitcoin price movements.
The Influx of Money to Crypto-currencies (24-hour scale) (CoinLib)
The AG of New York filed a court case against Bitfinex and Tether earlier this year, accusing the two of implementing shadow banking and falsely reporting the amount of US dollar that is backed for the amount of USDT released in the market. Nevertheless, the two firms cleared their stance in court by accepting that they operate as a fractional reserve, just like the banks.
Recently, Jesse Powell, the CEO of Kraken, a crypto Exchange, talked about the accusations of manipulation at Tether in an interview with TD Ameritrade. According to him, the retail volume is real, and since Tether is the most popular and widely used exchange medium, its volume is rising as well. Powell told the media,
“Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in,” added Powell.
However, a contrary view is held by some other parties on the issue. In an interview, Jason Fernandes of AEToken noted,
“… Sure, CEO of Kraken Exchange might be an unbiased source. But in terms of looking at Tether and believing anything that comes out of them… I would be very wary of that.” He also added, “This is a company for a long time said that they were a stablecoin and they are 100% backed. Suddenly they came out and said they were a fractional reserve currency which they never said before or apologized for the change.”
Furthermore, whenever new Tether is mined or released in the market, it is usually a precursor for an upcoming rise in Bitcoin [BTC]. As the price of Bitcoin [BTC] keeps moving up with rising interest, the traders and investors can hope that Tether and Bitfinex are legitimate.
Do you think Tether is the best stablecoin in the market? Please share your views with us. 
The post Is $100 Million Newly Printed in Tether Moving Bitcoin [BTC] Price? – CTO Paolo Ardiono Clarifies appeared first on Coingape.
Source: CoinGape

Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Bitfinex Has Relinquished a $100 Million of its Loan from Tether
Following the 2016 cyber attack on top cryptocurrency exchange – Bitfinex, that brought about its loss of $700 million Customer funds. The number one Asian crypto trading platform claims to have relinquished part of its loan from Tether.
Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Source: CoinSpeaker

Bitfinex repays $100 million loan to Tether before due date

Bitfinex, one of the world’s top cryptocurrency exchanges, has announced that it has repaid the $100 million loan it had received from Tether, a company, closely associated with Bitfinex. In a recent blog, Bitfinex said, “Bitfinex is pleased to announce that on July 1, 2019, it repaid $100,000,000 of the outstanding loan facility to Tether. […]
The post Bitfinex repays $100 million loan to Tether before due date appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex’s Protection Service Provider Cloudflare Reports a Major Server Outage

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Bitfinex’s Protection Service Provider Cloudflare Reports a Major Server Outage
Cloudflare’s wide range of clientele which includes Bitfinex, are currently been affected by a blackout on the end of the Security Service Provider in different locations.
Bitfinex’s Protection Service Provider Cloudflare Reports a Major Server Outage

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Source: CoinSpeaker

Bitfinex’s IEO token Ampleforth is ‘anything but stable’ and gives ‘misleading signals’

Bitfinex’s first IEO started with the Ampleforth [AMPL] token sale which raised approximately $5 million in 11 seconds. The token is confused by many as a stablecoin, but it isn’t one. However, the price of the token is balanced around an equilibrium price target and holders of the token receive more tokens if the price […]
The post Bitfinex’s IEO token Ampleforth is ‘anything but stable’ and gives ‘misleading signals’ appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex Set to Launch a Crypto Exchange on EOS Midst Increasing Trading Volume

The #Coinbasedown incident again revived the debate regarding the viability and security of Exchanges as Bitcoin and cryptocurrency continue to become mainstream. Currently, many Exchanges stand a chance to experience unexpected overload errors during a hyper.
Midst uncertainty due to poor performance issues on Exchanges, Bitfinex has announced the launch date for Eosfinex, the on-chain Decentralized Exchange. Bitfinex successfully concluded the testing period and scheduled the Exchange for launch on 25th July 2019.
The beta period of the Exchange came to an end with the bug bounty and scalability tests. The bug bounty featured “rewards worth up to $10000 for the discovery of potential exploits.” The two most important features of a decentralized Exchange are non-custodial holding and on-chain scalability.
The CEO of Bitfinex, Paolo Ardoino tweeted,
Took some time, but we are perfectionists and wanted to deliver to #EOS community a grade A product! @eosfinexproject @bitfinex
LEO/USD 1-Day Chart on Coinmarketcap
Bitfinex recently also launched its’ Exchange utility token like Binance [BNB] Coin on 27th June 2019, the UNUS SED LEO; symbol – LEO. The token is based on a dual-protocol approach with Ethereum and EOS. Hence, it allows the on-chain exchange of LEO to either EOS or Ethereum.
The price of LEO at 14: 11 hours UTC on 27th May 2019 is $1.81. After raising $1 billion at it’s Initial Exchange Offering (IEO), the cryptocurrency has gained the 13th position with respect to total market capitalization. The total Mcap of UNUS SED LEO at press time is around $1.8 billion.
Do you think that Decentralized Exchanges will attract the next wave of investors? Please share your views with us. 
The post Bitfinex Set to Launch a Crypto Exchange on EOS Midst Increasing Trading Volume appeared first on Coingape.
Source: CoinGape

CoinMarketCap Makes Its First Acquisition to Provide ‘True Prices’ for Cryptos

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CoinMarketCap Makes Its First Acquisition to Provide ‘True Prices’ for Cryptos
CoinMarketCap has made its first-ever acquisition. The company acquired is Hashtag Capital, a startup involved in developing algorithms that analyze ‘all points of available liquidity’ to more accurately reflect an asset.
CoinMarketCap Makes Its First Acquisition to Provide ‘True Prices’ for Cryptos

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Source: CoinSpeaker

Bitfinex Improves its Margin Trading Instrument to the Tune of 100x

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Bitfinex Improves its Margin Trading Instrument to the Tune of 100x
The estranged multi-purpose Bitfinex exchange set to increase its margin trading capacity allowing for up to 100x leverage on its crypto derivative platform.
Bitfinex Improves its Margin Trading Instrument to the Tune of 100x

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Source: CoinSpeaker

Tether Treasury prints 100 million USDT; large inflows of stablecoins into exchanges follow suit

Bitcoin [BTC] breached its $10k and $11k resistances today, which the community celebrated with a hint of nostalgia. However, the Tether Treasury also minted 100 million USDT, as it has for the past few weeks, and it does not appear a normal precautionary act. Whale Alert, a tracker of large crypto-transactions, alerted the community on […]
The post Tether Treasury prints 100 million USDT; large inflows of stablecoins into exchanges follow suit appeared first on AMBCrypto.
Source: AMB Crypto

iFinex Buyback Could Spur Another Wave of Leo Demand, Price Up 8.2%

Leo adds 8.2 percent
The public open to tracking iFinex repurchase of Leo coins

Behind a surging coin, iFinex plans to open up to the public its buyback program. In an initiative called the UNUS SED LEO Transparency Initiative, the public will track how the parent company would purchase Leo from their gross revenue. Meanwhile, Leo is up 8.2 percent from last week’s close.
Leo Price Analysis
Fundamentals
There is noticeable progress. It all has to do with BitFinex and their effort of improving transparency. Through an initiative that will allow the public to track iFinex buying back and “burning” of Leo tokens, they hope the exchange’s reputation will improve. That is even if it is in slightest margins.
The initiative dubbed the UNUS SED LEO Transparency Initiative is no doubt a way of instilling confidence in an exchange struggling to accusations of commingling with Tether Limited funds to stay ashore.  Through an announcement, BitFinex said this initiative is around a “real-time token burn redemption mechanism,” adding that:
“Token burn mechanism will see iFinex and its affiliates buy back UNUS SED LEO from the market, at market rates and on a real-time basis, equal to a minimum of 27% of consolidated gross revenues of iFinex (exclusive of Ethfinex), until no more tokens are in commercial circulation.”
The announcement coincides with developing news that the exchange is stepping up its KYC and AML rules implementation. A user recently took to Twitter, sharing with the community an email from the exchange asking him to share additional details of his account. That, in the email, includes details and explanations of his objectives and activities.
Candlestick Arrangement

At the time of writing, Leo is three positions away from the top 10. Surging 8.2 percent from last week’s close, the asset is at 13th. Behind this resurgence is the fear of missing out (FOMO) that could even supersede candlestick arrangements.
However, a standout in all this is the performance of an asset that is rallying at the back of solid fundamentals and drives from the issuing company. Presently, May 20 bar overshadows these bullish sentiments. The bar is wide-ranging with decent trading volumes.
Despite a divergence between trading volumes and price, bulls will likely drive prices above May 20 highs. Optimism is because of the iFinex buyback program. Therefore, even if prices falter, support could be at $1.75 or worse $1.5 before buyers flow back.
Overly though, fundamentals mean loading is present on every dip in smaller timeframes. In that case, fitting stops would be at $1.75 and $1.5.
Technical Indicators
June 10 bar leads this trade plan. It has high trade volumes of 3.9 million versus 1.3 million. Any close above its high at $1.98 could spark demand as buyers momentum drive Leo towards May 30 high of $2.5
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Source: New feedNewsBTC.com