Crypto Exchanges Continue to List Hundreds of Dead Coins – Report

Per a recent report by CoinCodeCap more than 2000 crypto projects and 640 currencies have not published a single line of code in 2019, thus, making them dead projects or dead cryptocurrencies.
CREX24 and IDEX Top the List
The report mentions that exchanges are not carrying out due diligence and exposing customers to projects which will not be beneficial in the long run. The study analyzes more than 300 exchanges and found that 7 exchanges have listed over 1000 dead cryptocurrencies. Crypto exchange CREX24 topped the list with 179 dead crypto projects. One of the leading exchanges IDEX has also listed 158 dead projects of its total of 763 cryptos listed. 
Source- CoinCodeCap
Another exchange Cryptobridge has listed 141 dead coins out of 334 total listed cryptocurrencies. Also, an exchange Token.store has 15 dead coins out of 36 cryptocurrencies listed on the platform. HitBTC exchange has a whopping 101 dead coins of 515 coins listed on the platform. 
Source- CoinCodeCap
Interestingly, leading exchanges Binance, Bitfinex and Poloniex list only a few dead coins. The numbers stand at 11, 7 and 7 respectively. This implies that the leading exchanges do their fair share of due diligence when listing coins. Furthermore, the report gave a clean chit to Coinbase Pro which had no dead coins listed 
Source- CoinCodeCap
Is Cryptosphere Becoming A Collection of Dead Coins?
A recent report by Longhash that how the crypto ecosystem is becoming replete with coins that have little to no business value. Furthermore, the report alleges that over 1000 coins are dead. The reasons listed for the same are scam projects. The life of such projects has been limited to a period of 12-18 months.
Source- Longhash
Exchanges Accused of Wash Trading
Be it dead coin listing or allegations of wash trading time and again crypto exchanges have been subjected to several controversies. A recent report by Blockchain Transparency Institute revealed that OKEx and Bibox led exchanges with the highest percentage of wash trading. Interestingly, the fake volume of these exchanges exceeded 75%. However, their real volumes are high enough to get them a spot in the Top 20- consistently.
It will be interesting to note how these exchanges will respond to the report findings. Let us know what you think in the comments below!
 
The post Crypto Exchanges Continue to List Hundreds of Dead Coins – Report appeared first on Coingape.
Source: CoinGape

Tether’s tether with Bitcoin might be severed: Addressing the scenarios of Tether armageddon

“If Tether went away, it would flood somewhere else” Disclosure This article addresses hypothetical scenarios and speculations surrounding Tether and how it will affect the cryptocurrency ecosystem. Tether is perhaps one of the most important and largest entities in the cryptocurrency ecosystem with a market share of more than $4 billion. Tether was launched in […]
The post Tether’s tether with Bitcoin might be severed: Addressing the scenarios of Tether armageddon appeared first on AMBCrypto.
Source: AMB Crypto

Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’

Coinspeaker
Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’
While the plaintiffs claim that it would be “premature” to calculate damage inflicted by Tether and Bitfinex, they have estimated that the defendant’s liability likely surpasses a whopping $1.4 trillion.
Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’

Continue reading at Coinspeaker
Source: CoinSpeaker

BitFinex and Tether Slapped With a Lawsuit Alleging Market Manipulation

Crypto Exchange BitFinex and stablecoin Tether (USDT) have found themselves in fresh trouble again. This time, a New York-based law firm, Roche Freedman LLP has slapped a lawsuit against iFinex and associated companies and individuals, accusing them of collectively using cryptocurrency to “defraud investors, manipulate markets, and conceal illicit proceeds”.
BitFinex and Tether – Part Fraud, Part Pump and Dump and Part Money Laundering
The plaintiffs – Roche Freedman LLP have alleged that BitFinex and Tether were two enterprises used in “Part Fraud, Part Pump and Dump and Part Money Laundering.” According to the Class Action Complaint lodged with the United States District Court, South District of New York, the two “commingled their corporate identities and customer funds while concealing their extensive cooperation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness”.
The complaint states that the Tether’s claim, “that the number of [USDT] tokens in circulation will always equate to the dollars in its bank account” is a lie. Instead, Tether has been issuing massive amounts of unbacked USDT tokens to cause cryptocurrency price manipulation. The complaint further alleges that the two companies have benefitted immensely from the “boom-and-bust” cycles created by them.
BitFinex and Tether Manipulated Crypto Price in 2017 and 2018
The complaint also highlights that the two companies were majorly responsible for the 2017 crypto bull run. According to the, Tether minted 2.8 billion USDT from 2017 to 2018 and used the token to “flood the Bitfinex exchange and purchase other cryptocurrencies”. As a result of this, the demand for cryptocurrencies got artificially inflated and caused the massive surge in cryptocurrency prices.
Owing to the schemes of BitFinex and Tether, the “largest bubble” in human history was created, only to burst quickly after that, taking “$450 billion of value” along with it in less than a month.
The complaint further mentions that the companies’ “liability to the putative class likely surpasses $1.4 trillion U.S. dollars”.
BitFinex Warned the Public About This Lawsuit
On Saturday, BitFinex had issued a statement warning the public of a coming lawsuit stemming from “baseless accusations”. It had denied the accusations and said that it would defend itself accordingly when the lawsuit was filed.
Do you think that BitFinex and Tether were involved in the crypto boom of 2017? Let us know what you think in the comments below!
The post BitFinex and Tether Slapped With a Lawsuit Alleging Market Manipulation appeared first on Coingape.
Source: CoinGape

Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation

Coinspeaker
Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation
Citing the possibility of engaging in yet another legal lawsuit, Tether and Bitfinex launch a pre-emptive strike on an unknown study claiming complete innocence in the matter.
Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitfinex Denies Accusation Of Market Manipulation From Anonymous Group

Popular cryptocurrency exchange, Bitfinex has alerted its customers and the whole crypto community of a possible lawsuit implicating it of market manipulation charges.
Bitfinex Might Be Appearing In Court Soon For Market Manipulation
In to an official announcement published by Bitfinex on Saturday, the renowned cryptocurrency exchange seems to have reasons to conclude that an undisclosed group of people is clutching at a few supposed “flawed assumptions, incomplete and cherry-picked data, and faulty methodology” in order to make “baseless accusations” indicating that the crypto exchange uses Tether issuances to manipulate cryptocurrency markets.
According to the published report,
“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along. In fact, we would not be surprised if just such a lawsuit will be filed imminently.”
Bitfinex Denies A Yet-To-Be-Claimed Accusation Of Market Manipulation
As per the official information, Bitfinex maintained that any claims made by this anonymous group of people is a meritless insinuation, reckless and also that the group are shamelessly attempting a money grab. Brutally going against the yet-to-be-made-public accusation, Bitfinex maintained that it’s an attempt to “undermine the growth and success of the entire digital token community, of which Bitfinex and Tether are key parts.” Bitfinex also said that it will defend itself accordingly if the lawsuit is filed.
Bitfinex further shared its stance by saying that every Tether token issued is backed by a reserve and that the crypto exchange does not in any way take advantage via issuance of Tether to manipulate the markets conditions or token pricing.
Bitfinex and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.
The post Bitfinex Denies Accusation Of Market Manipulation From Anonymous Group appeared first on Coingape.
Source: CoinGape

Bitfinex Registers a Big Win in the Tether Stablecoin Court Case

Coinspeaker
Bitfinex Registers a Big Win in the Tether Stablecoin Court Case
The Appellate Division of the New York Supreme Court said that Bitfinex won’t have to continue turning the documents of its Tether use to the New York Attorney General’s office (OAG), for now.
Bitfinex Registers a Big Win in the Tether Stablecoin Court Case

Continue reading at Coinspeaker
Source: CoinSpeaker

Trader Wars: Bitfinex Launches New Public Leaderboard For Traders

Bitfinex unveils public leader board to chart trading performances of traders on trading pairs listed on the platform. 
Bitfinex Leaderboard Comes with Time Frame
Bitfinex recently launched a public leaderboard for traders, traders will be able to compare their performances with rival traders. Interestingly,  launching such a leader board is a common practice among crypto exchanges. As a matter of fact, even BitMEX had a leaderboard for several years which displayed the top 25 traders by both notional profits and return on exchange.
Source- Bitfinex Website 
While traders were unable to filter by time frame on BitMEX’s leaderboard, Bitfinex’s leaderboard reportedly will have a number of categories. These include trading profits in USD and the user’s trading volume and will have a time frame of 3 hours, 7 days and 30 days. 
100x Leverage Trading for Bitcoin & Ethereum
The previous week Bitfinex went live with a new set of 100x leverage Bitcoin and Ethereum derivative markets. Prior to the rollout of its two new derivative contracts, traders could only trade up to a maximum of 3.3x leverage. Bitfinex’s leverage trading is not available in the US, Canada, Switzerland or even the Seychelles—where the firm is registered. Presently, it is available only in Hong-Kong. 
When trading at the new maximum leverage of 100x, a trade can be liquidated on a position that moves against them just one percent. Interestingly, such liquidations can be done hourly in the highly-volatile crypto market. This could also be a possible reason for a large number of liquidations on BitMEX, which also offers high levels of leverage trading. 
With that being said, it is great news for traders who seek to make good fortunes in the crypto market. While a healthy competition will raise vigor and enthusiasm in traders, it is hoped that traders are not carried away in the unpredictable market scenario, which may invariably lead to their names being seen in the bottom of the leaderboard. 
The post Trader Wars: Bitfinex Launches New Public Leaderboard For Traders appeared first on Coingape.
Source: CoinGape

Bitfinex Added 3 Stablecoin Pairs Amidst All the Issues

Despite current ongoing legal issues, major crypto exchange, Bitfinex took to its Twitter page today to announce the addition of three new stablecoin pairs on its exchange. Bitfinex tweeted –
Source: Twitter
The new pairs are however only available to verified users. This new listing, however, has not been met with much excitement by the crypto community for obvious reasons.
 Bitfinex’s Legal Problems with the NYAG
The crypto exchange which is affiliated with highly controversial digital currency, Tether, ran into problems with the office of the New York Attorney General in April after they could not explain an alleged loss of $850million. The NYAG further alleged that the exchange used funds from the stablecoin, Tether to cover up the loss. The exchange immediately denied the allegation, saying that some of its funds were seized in Poland, the US, and Portugal.
They, however, went ahead to launch a new token – LEO and host a private sale where they claim they were able to raise $1 billion worth of USDT within 10 days. The token’s whitepaper claimed that the recovered funds will be used to repurchase and burn outstanding LEO tokens. 
After a drawn-out legal battle since April which involved the exchange trying unsuccessfully to block its New York users from using the platform, a New York Supreme Court Judge in August ruled in favor of the NYAG and ordered Bitfinex to provide all relevant requested documents to the NYAG. 
Controversial LEO Token Sale
The current move to add new stablecoins to the exchange has not been met with open arms by the crypto community as they immediately raised questions in the comment section of the Twitter post announcing the addition of the new stable coins. 
Many of the users expressed skepticism towards the move tagging it an exit Tether move. Others asked for updates on both the NYAG case and the status of the LEO tokens sales which were supposed to be used for restoring Tether. One user, bringing up the controversy around the purported $1billion LEO sale, said  –
Source: Twitter
Another asked –
Source: Twitter
However, despite the troubles its parent company is currently facing, it appears Tether’s capacity is growing as it is reportedly responsible for the Ethereum Network being “almost full”.
The post Bitfinex Added 3 Stablecoin Pairs Amidst All the Issues appeared first on Coingape.
Source: CoinGape

Game not over: Bitfinex/Tether files a notice of appeal following New York Supreme Court’s ruling

After New York Attorney General, Letitia James, led the office to victory on August 19, Bitfinex has finally taken a stance against the ruling. In a document filed before the court, the exchange stated, “PLEASE TAKE NOTICE that respondents iFinex Inc., BFXNA Inc., BFXWW Inc., Tether Holdings Limited, Tether Operations Lim ited, Tether Limited, and […]
The post Game not over: Bitfinex/Tether files a notice of appeal following New York Supreme Court’s ruling appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex Cries Foul Over Media Report on Allowing U.S. Customers – Here’s Our View

The NYAG who started the case against Bitfinex and Tether a couple of months back has taken a relentless approach. The court dismissed the previous case. However, the NYAG accused Bitfinex of secretly serving US clients.
The Exchange lawyers responded by saying that the particular cases that the AG is imposing on them are actually ‘isolated instances’ over which the company rarely has a control. His Counsel which included Steptoe & Johnson LLP and Morgan, Lewis & Bockius LLP wrote:
OAG tries to confuse matters by referring to isolated instances where Respondents’ foreign customers have shareholders or other personnel in New York. But in those circumstances, Respondents’ counterparties — the ones with which Respondents actually transacted business — are the foreign entities.”
Bitfinex Vs. Crypto Media
Reportedly, Frank Chapprano from The Block recently accused Bitfinex of too easily allowing US customers to bypass bans. An instance was cited from 7th July 2019, where a US resident was able to access the platform to execute orders without hinderances.
Apparently, all it takes is an answer to a pop-up window with a YES or a NO to overcome restrictions. Eventually, the Exchange requires for KYC documents. However, in this case, the user was successfully able to deposit and withdraw despite the ban. He even left a note to shame the site,
I am a NY resident
The news started spreading rather quickly – here is the report. Nevertheless, the Exchange’s response, which was included noted that the user was an isolated incident. The Exchange said in a blog post,
We correctly flagged this user’s IP address as being in the U.S. Notwithstanding the U.S. IP address — which may be used by Bitfinex customers, as appropriate — our system logs demonstrate that this user represented to us several times that he was not an individual resident in the U.S. This person has lied to Bitfinex on multiple occasions, deliberately and wrongly concealed his location, and flagrantly violated our terms of service.
What We Think
The wall that Bitfinex has built to restrict service to US customers has a big gaping hole in it. The Exchange did and would eventually identify the individuals in the cases involved. However, their KYC compliance for operating on the Exchange seems to be weak.
Nevertheless, large deposits or withdrawal would eventually Require KYC and AML compliances. Hence, it is highly unlikely like a vast money-laundering racket, or illegal business can be conducted by exploiting the glitch. We have requested the details and practices followed at the Exchange regarding the same.
The crypto industry is in the budding phases, and there is no standard procedure of anything. Hence, we at CoinGape think that it will provide an opportunity for growth. All Exchanges, including Bitfinex facing the issue, will look to improve their security.
Do you think that such attacks are good for the industry? Please share your views with us. 
The post Bitfinex Cries Foul Over Media Report on Allowing U.S. Customers – Here’s Our View appeared first on Coingape.
Source: CoinGape

CFTC Investigates Crypto Exchange BitMEX Over Client Trades

Coinspeaker
CFTC Investigates Crypto Exchange BitMEX Over Client Trades
The U.S. Commodity Futures Trading Commission (CFTC) is reportedly probing crypto derivatives exchange BitMEX to determine whether it broke rules by allowing U.S. traders on its platform.
CFTC Investigates Crypto Exchange BitMEX Over Client Trades

Continue reading at Coinspeaker
Source: CoinSpeaker

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 […]
The post Bitfinex announces revenues from margin trading funds dedicated to LEO appeared first on AMBCrypto.
Source: AMB Crypto

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

Coinspeaker
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

Continue reading at Coinspeaker
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 
The post Report – Bitfinex Secretly Continued New York Operations Until 2019 appeared first on Coingape.
Source: CoinGape