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Experts predict further increase in the merge-and-acquisition (M&A) deals in 2020
One of the leading crypto exchanges in South Korea – Bithumb, announced that the company enters into a pivotal cooperation with BitMax, a Singapore-based digital asset trading platform. The joint forces will concentrate on the development of new services and products to expand the global presence for both Bithumb and Bitmax.
The signed on February 17, 2020, Memorandum of Understanding (MoU) between the two companies comes amid extensive competition in the crypto exchange sector. The main goal of the MoU is to battle the competition with the launch of jointly developed services and products. Bithumb and BitMax would share knowledge and technical expertise in the fields of blockchain and IT infrastructure.
George Cao, CEO of Bitmax, commented on the news about the partnership, stating that “product innovations have always been in the core of our institutional trading platform.”
“We are excited about the new partnership, as now we can combine our know-how and technical infrastructure with Bithumb’s deep understanding of the crypto business. We will work side-by-side to create products and services, operable across the ecosystem of both companies”, Cao added.
BitMax, despite founded in 2018, gathered a strong team of Wall Street veterans, including people with prior experience for Bloomberg, Goldman Sachs, Deutsche Bank, and Gemini. Even Greg Cao is the former CIO of Delpha Capital Management.
Bithumb relies on the expertise level of the people at BitMax to further improve its products. BitMax, on the other hand, is one of the top-10 global market players, based on liquidity. The cooperation would enhance Bithumb’s security, as the exchange suffered from at least three hacks during its lifetime.
The partnership comes amid Chinese crypto exchange FCoin shutting down operations, leaving $125 million worth of cryptocurrencies away from its clients. According to Zhang Jian, the founder of FCoin, the company may not pay its users around 13,000 Bitcoin. Despite Jian reassuring clients that the shutdown of the operation is not an exit scam, crypto experts are on the opposite opinion.
Zhang announced that the shutdown is a consequence of a series of data errors, and that “the problem is hard to explain with plain words.”
FCoin is a rather new exchange – it started operations in May 2019. FCoin quickly became a news sensation, reporting record-breaking trading volumes with its innovative “transaction mining” business model. However, several crypto enthusiasts reported that the trading volumes are not real. Some users even accused FCoin of using bots, which “manipulate” prices.
Signals for fraudulent behavior started from the get-go since FCoin distributed half of its native tokens without airdrops or an ICO campaign. Changpeng Zhao, Binance’s CEO, even called FCoin a Ponzi scheme, stating that “FCoin’s founder apparently found a better invention than Bitcoin. However, the large number of data-derived problems that we noticed, as well as dividend and mining returns, would not result in any good.”
During the shutdown, FCoin utilized its risk-control account, further increasing the speculation about FCoin committing and exit scam scenario. However, Zhang wrote that he, personally, would reply to everyone, seeking to withdraw funds. Zhang even mentioned a compensation mechanism from his other projects, but as of press time, there is no evidence of the existence of such businesses.
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Crypto moves way too fast for me to keep up, so I started making a list of each day's biggest headline. Below is my list for last month. My main news source was reddit. My main holdings are ETH and NANO, but I tried to make the list as unbiased as possible. Hope you like this, and let me know if you have any feedback!
1/1 – Ethereum releases the Casper proof of stake protocol to its test network. 1/2 – Despite Verge’s claims of concealing users’ IP address info in their Wraith release, a website is discovered which publishes the IP addresses of all Verge transaction participants. 1/3 – Bitcoin celebrates the 9th anniversary of the genesis block. 1/4 – NEO breaks the $100 barrier. 1/5 – Facebook CEO Mark Zuckerberg announces plan to integrate cryptocurrencies into Facebook services. 1/6 – TRON breaks the $10 billion market cap barrier and becomes a top 10 crypto amid accusations of whitepaper plagiarism and fears of the project’s legitimacy. 1/7 – After a 2-week swap, Ethereum retakes the #2 crypto spot from Ripple. 1/8 – Cryptos on South Korea and Chinese exchanges are being traded at over a 50% premium compared to their western counterparts. This causes Coinmarketcap to classify those prices as outliers, and subsequently flash crashes the market. 1/9 – RaiBlocks is officially named the winner of January’s Binance community vote. 1/10 – South Korea proposes legislation to ban crypto trading, flash crashing the market. They roll back the announcement 4 hours later. 1/11 – Moneygram announces a partnership with Ripple in a pilot program for crypto payments. 1/12 - Twitch begins accepting Bitcoin and transfers from Coinbase accounts as means of payment. 1/13 - Walton announces plans to work with China Mobile IoT Alliance on integration. 1/14 - VeChain announces partnership with China’s National Tobacco Corporation and State Tobacco Monopoly Administration. 1/15 - Mark Cuban says that his basketball team the Dallas Mavericks will accept Bitcoin and Ether as payment for tickets next season. 1/16 - Increased concerns over tightened cryptocurrency trading regulations in South Korea, China, and France, as well as calls from Germany for international cooperation to regulate the market, cause prices of top coins to fall 30%. 1/17 - Long suspected of running a Ponzi scheme, BitConnect shuts down both its trading and lending platforms and releases all locked BCC tokens. This causes its price to fall 95%. 1/18 - The South Korean Financial Supervisory Service reports that several government officials were caught insider trading immediately prior to the January 10th crypto exchange ban announcement. 1/19 - ICON partners with Kyber Network with plans to use Kyber’s crypto-exchange services to connect ICON with other blockchains. 1/20 - The National Research Council of Canada says that it is using the Ethereum blockchain to proactively publish research grants. 1/21 - Johann Jungwirth, the chief digital officer of Volkswagen, joins the IOTA Foundation as an advisor. 1/22 - South Korean government officials announce that they plan to collect up to 24.8% in corporate and income taxes from cryptocurrency exchanges based in the country. 1/23 - Online payment toolkit developer Stripe announce in a blog post that they are dropping support for Bitcoin, citing increased transaction times, fees, and price volatility. They also express interest in supporting other cryptocurrencies, including OmiseGo, Ethereum, and Stellar. 1/24 - Rating agency Weiss releases the first ever cryptocurrency ratings for the top 74 coins. Ethereum and EOS receive a B, the highest grade in the first round, with Cardano, NEO, and Steem the next highest with a B-. 1/25 - Popular stock-trading app Robinhood adds support for 16 cryptocurrencies in 5 US states, with Bitcoin and Ethereum the first to be tradeable. 1/26 - Popular Japanese exchange Coincheck gets hacked, resulting in the theft of 526 million XEM ($400 million) and 101 milion XRP ($130 million), the largest crypto theft from an exchange in history. 1/27 - Amid accusations of insolvency, Tether announces that its partnership with auditing firm Friedman LLP has been dissolved. 1/28 - Online South Korean mall ??? begins accepting 12 different cryptocurrencies as payment, including Bitcoin, Ether, and Ripple. 1/29 - Walton affiliate Xiamen Citylink signs a research sharing and IoT ecosystem services deal with the Zhangzouh branch of China Telecom Corporation. 1/30 - A Bloomberg article states that Tether was issued a subpoena by the U.S. Commodity Futures Trading Commision in December. This was due to a lack of conclusive evidence that the USD holdings that back the cryptocurrency exist. Bitfinex, the world’s 4th largest exchange by volume and supporter of Tether, was also subpoenaed. 1/31 - RaiBlocks announces that it is rebranding to Nano.
The third largest Ponzi scam in history, Plus Token Wallet, allegedly scammed investors out of $3 billion in cryptocurrency.Over $2.1 billion of this is in Bitcoin. As the perpetrators make their exit these coins could flood the market and tank prices. Dec 30 “Bitcoin—The Andromeda Strain of Computer Science Research” – SMBlog $14,669.04 Dec 29 “Why bitcoin investors are like stamp collectors” – The Sidney Morning Herald $14,617.28 Dec 29 “Why Bitcoin is the largest Ponzi scheme in human history” – Linkedin $14,617.28 Dec 28 “The Great Bitcoin Scam” – Forbes $16,064.44 Dec 27 “Bitcoin Is an Implausible ... Listen to Article JANUARY 16, 2020 / 15:33 UTC LONDON (Fintech Zoom) – Bitcoin Ponzi Scheme – The Bangkok Post reported on Jan. 16 that roughly 20 victims, whose losses are alleged to total 75 million baht (~$2.5 million), are seeking to go beyond the investigations of local police in Thailand’s Krabi province given the gravity of the case. ... Crypto Ponzi Scheme Targeted Major Baseball League Players. Another day, another deliciously wicked scam in the cryptocurrency space. This time around, it looks as if the orchestrators of the Crypto Ponzi scheme known as Zima Digital will get their comeuppance. “It's the run-of-the-mill Ponzi scheme using Ethereum, or in the case of the earlier ones that were already busted, Bitcoin, as the 'product' they are selling,” Cuneta noted. “Join by paying X amount of money, and then either do nothing and earn in ETH, or if you want to earn more, recruit three people and let them do the same thing. Uniswap may seem like just another cryptocurrency buzzword, but for those in the know, it’s the latest gateway to quick riches. The so-called decentralized exchange, or dex, has become the ... Bitcoin staying above $8,000 is a sign of increasing momentum and detachment from the stock market beta-pull, according to Bloomberg senior analyst Mike McGlone.In a new bitcoin report published ... A Ponzi scheme is named after Charles Ponzi, who convinced a large number of people to invest in postage stamps by promising an unrealistically high rate of return on the investment. A Ponzi scheme is primarily characterized by the lure of an extremely high rate of return, sustained by adding new investors into the system. Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financial magazine’s report, “Bitcoin Maturation Leap,” notes that the ... Three men have been charged by U.S. prosecutors for their role in operating BitClub Network, an alleged crypto Ponzi scheme that is said ot have defrauded investors of $722 million. According to a report by Bloomberg on Dec. 10, the men have been operating BitClub Network since 2014. The platform solicited funds from investors in exchange for ...
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Episode page with topic highlights Time Stamps: https://crackingcryptocurrency.com/the-chinese-ponzi-scheme-responsible-for-bitcoin%27s-collapse---is-binance... My top choice is Binance. ... Financial Advisor Accused in Ponzi Scheme Kept Cow Tongues For Hex - Crime Watch Daily - Duration: 6:50. True Crime Daily Recommended for you. 6:50 'Fake Bitcoin ... Daily Litecoin Giveaway: Make a prediction on Predictr iOS app and the top prediction will win some FREE Litecoin! Link: https://predictr.app Steps to WIN:... Today Chepicap’s Will Heasman takes a look at Bitcoin’s rise above $12k, the technical analysis which supported it along the way and what traders and analysts believe may be next for Bitcoin ... NEW CHANNEL: https://www.youtube.com/channel/UCH9HlTrjyLmLRS0iE1P4rrg ----- Rich Dad Poor Dad: https://amzn.to/3cKJ4Ia C... The guys discuss ponzi schemes and scams in crypto, the Binance Shanghai office drama, and draft Thanksgiving foods. It seems like everytime one Bitcoin Ponzi scheme scams away with their investor's money, another one pops up in its place. It's literally like playing a game of Whack-A-Mole. Elderhash follows the ...