Malta-based cryptocurrency exchange OKEx had suspended withdrawals for more than a month in October. This followed the custody of its founder, Star Xu, who was reportedly questioned by the police.
A news publication on Ambcrypto, has stated that the cryptocurrency exchange OKEx was in the news for the wrong reasons. The company had said it was suspending operations from October 16th as one of the keyholders was missing.
They claimed that the funds of the users were safe, which left many traders annoyed with the unfortunate news. OKEx revealed through their official platforms that they plan on rewarding their users $1000 for the inconvenience caused.
Besides, users can make withdrawals on or before November 27th.
The compensation program will reward users from $100 up to $1000 for those who have more than $10000 assets with them. Additionally, the users who traded during the suspension will be adequately compensated.
The company said that they would be using their funds to ensure that the operations happen smoothly. They will put 20% of income from futures as an incentive fund. Under, ‘Happy Friday Reward Program,’ the exchange will collect futures and swap trading fees to incentives for users.
This was seen as a welcome move by several traders as they were worried about their funds and the operation of the cryptocurrency platform, hearing the news of their founder’s police questioning.
According to Ripplecoinnews, Jay Hao, the Chief Executive Officer of the OKEx exchange, commented on this reward program, saying that they realize their users’ significance. The company wanted to offer “rewards and incentives.”
Users could not make any withdrawal from their account because of the suspension of the OKEx exchange for more than a month. It happened in October, and the company had claimed that one of its main holders was missing.
He was none other than Star Xu, founder of OKEx, who was in police custody for questioning. Upon his release, the cryptocurrency exchange said that it would begin operations after thorough verification of the users, and they can make withdrawals on or before November 27.
Wise advice, Baron Rothschild. It’s too bad the vast majority of us spent our remaining fiat buying the f*%king dip in February, April, June, August, and so on. If you are not tapped out and have patiently waited as this bear market dragged everyone else down, well done. You are in a prime position to reap the rewards of what could be an epic change in trend. Either way the worse off things are in the crypto market, the greater the opportunity for profits.
The overall cryptocurrency market continues to drop kick everyone in the face dropping from $147bln to $122bln representing a another double digit drop of 17% in the past week. Serenity Now!
Bitcoin (BTC/USD): Bitcoin, almighty influencer of other cryptos, was down by 36% throughout the week. This being the worst weekly in five years for the leading cryptocurrencies with regards to market capitalization.
This loss is the worst weekly loss since the second week of April 2013. It also dropped a further 10% on Sunday. The coin opened trading at $5553 and closed at $3520, translating into a 36% loss. Analysts predict that the digital coin may be headed for its worst loss since 2013 where prices nose-dived from $165 to $91, representing a 44% loss.
Ethereum (ETH/USD): Like Bitcoin, Ethereum took a severe dip, with prices pushing downwards. The $100 level was constantly tested although it was not breached. Prices hit a high of $ 177.18 and low of $110.83. Volatility, nothing to see here. Move along, move along.
Ripple (XRP/USD): The altcoin solidified its grip as the top rated crypto after Bitcoin. This was due to Ethereums woes. The pair hit a high of $0.5101 and a low of $0.3673 as its stellar performance continued despite taking a loss as was with the case with most other alt coins.
More at our Weekly Cryptocurrency markets analysis here.
WHATS NEW AT CRYPTO IS COMING
VanEck Subsidiary MVIS Launches Bitcoin OTC Spot Index – In a Nov. 20th press release, Frankfurt-based MV Index Solutions announced the launch of its new Bitcoin index, MVBTCO. The company hopes to bring crypto trading to the next level by providing the first index based on US price feeds.
Three Bulgarians arrested over crypto theft worth $ 5 Million – Gendarmerie forces, a policing wing of the Bulgarian judiciary, have arrested three suspects alleged to have been involved in stealing $5 million in cryptocurrency. They are alleged to have hacked into digital coin wallets through sim swapping.
How USI Tech Pulled off One of the Largest Crypto Scams – A ponzi scheme in Crypto….SURPRISE! Not. USI Tech (United Software Intelligence Technology) is a company that claimed to develop the worlds first automated trading platform for Bitcoin (BTC). After some time, the public began to increasingly suspect that USI Tech was really a Ponzi scheme.
Blockchain is Outpacing The Internet – One important milestone we think should be common knowledge is that blockchain tech is actually outpacing the internet in terms of the speed of its development heres why thats important. Want to know more? Click on!
Initiative Q The Next Bitconnect? – If youre a social media user, youve probably come across Initiative Q by now. The well-marketed pseudo-cryptocurrency has taken social media by storm and shared by millions people around the world with promises of a financial revolution and, better yet, free money. ” Hey hey Heeeeeeeeeeeeeeeey!”, anyone?
3 Thai siblings deny Bitcoin-related money laundering scheme – Actor Jiratpisit Boom Jaravijit, 27, and two of his siblings pleaded not guilty to charges of money laundering at the Criminal Court in Bangkok. The actor, his brother and sister are embroiled in a money laundering scheme in which they are alleged to have swindled a 21 year-old Finnish investor off 797 Million baht ($27 Million) in Bitcoin.
Anyone telling you how AWESOME 2018 is can go straight the f*#k back to whatever hole they crawled out of. 2018 has been the pits. But the amazing thing about being down is that we normally get up. And we all know BTC is the champ, and we know the champ ALWAYS has gas left in the tank. If humanity could survive the Spanish Flu epidemic of the 20th century, so too can Bitcoin survive this mild yet annoying 2018.
We are back from a brief hiatus and are totally ready to get you back into the crypto mix with news, price analysis and interesting articles from around the internet! (Read: I took a vacation and frankly preferred not to interact with the insane crypto posse <3).
The overall cryptocurrency market keeps punching us in the gut dropping from $211bln to $153bln representing a vertigo inducing 27% drop in the past seven days. The Bitcoin Cash shenanigans did not help.
BITCOIN (BTC/USD): The strongest digital coin by market cap veered off from stability following the BCH fork meltdown which saw it lose 10%, breaking the $6000 support level. Throughout the week, the coin hit a high of $6434.21 and the low point of $5358.38.
Ripple (XRP/USD) overtook ETH in market capitalization: XRP moved to second place as Ethereum took a beating. On the top, this week the prices of XRP were at USD 0.525536 and towards the bottom, it quoted USD 0.430398. Ether prices took a beating and lost its long-standing second place to XRP.
Bitcoin Cash (BCH/USD): The crypto everyone loves to hate. On November 14 BCH split in two; BCH ABC and BCH SV. The fork led to a break of the recent stability, with most cryptos taking a 10% drop.
For a more detailed analysis check out our Weekly Cryptocurrency markets analysis here.
WHAT’S NEW AT CRYPTO IS COMING
Kriptomat Exchange Review – Kriptomat is a crypto-trading and e-wallet service officially licensed to operate within the EU. The exchange now offers 17 crypto-to-fiat pairs and also support over 20 languages. Need help in Spanish? No pasa nada. Don’t know how to deposit cash? N ie ma problemu. Enjoying a stroll along the Hungarian part of the Danube? Megkaptuk. Kriptomat has you covered.
The cryptocurrencies currently on offer are Bitcoin, Ethereum, Litecoin, Augur, Gnosis, 0x, OmiseGO, Enjin, Status, SunContract, Metal, Civic, Request Network, FunFair, PropyDash, Litecoin and Loopring. And guess what, all of these currencies can be traded against the Euro. Check out our full review of Kriptomat.io here. Sponsored.
Weekly Cryptocurrency markets analysis: November 11 to November 18 – Our weekly price analysis of crypto. This week was characterized by fundamental news of: The Bitcoin Cash Fork disagreement which brought the markets down and Ripple overtaking Ethereum to become the second top digital coin by market capitalization.
New York City Department of Financial services issues 14th BitLicense – What did I tell you about institutional investment. Foundations are being layed. The application had been filed by a subsidiary of NYDIG LLC- NYDIG Execution LLC. The latter company has been granted licensing for the operation of a virtual currency and money transmission service.
Voting With Blockchain – Pros and Cons – A lot has been said about using the blockchain to solve the worlds problem, but can it truly help when it comes to voting? Conor takes a closer look at the pros and cons of Voting With Blockchain.
The VanEck Bitcoin ETF – One day, Crypto is Coming, one day we will get an ETF! We’ve discussed the possibility of a Bitcoin ETF in the past and the doors such a tool could open (and close) for the crypto space. VanEck is an investment management firm headquartered in New York and founded in the mid-fifties. Will they be the first Bitcoin ETF?
First Russian grain cargo traded using blockchain – The first physical trade of a wheat cargo in the Black Sea using blockchain technology was recorded on Monday in the latest step towards broader adoption of the digital ledger in agricultural trade.
[PSA] Non-genuine Trezor One devices spotted – Trezor has issued a warning of one-to-one copies of Trezor appearing on the market. This is clearly a fake. Don’t buy devices from unapproved resellers. Check for differences in packaging. Avoid steeply discounted Trezor wallets.