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A developer and provider of mining hardware, such as Antminer.

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Kraken, Bitmain Seek Dismissal in Bitcoin Cash-Fueled UnitedCorp Case

By CCN: Both Kraken and Bitmain have asked a federal court in Florida to dismiss a lawsuit against them brought by UnitedCorp, the news of which CCN broke back in December. The UnitedCorp lawsuit, broadly speaking, accuses Bitmain, Kraken, and others in concert with Roger Ver of conspiring to manipulate the Bitcoin Cash price and deviate from network consensus by “winning” the hash war. Were Bitmain and Acting Illegally During the Bitcoin Cash Hash War? The most exciting aspect of the lawsuit is that it asks the court to consider whether Bitmain and others violated the public trust by The post Kraken, Bitmain Seek Dismissal in Bitcoin Cash-Fueled UnitedCorp Case appeared first on CCN

Bitmain Files Motion to Dismiss United American Corp’s Complaint

This is a summary of United American Corp. v. Bitmain Inc., et al. and is not legal advice. United American Corporation (“United’’) is a blockchain company dedicated to social network posting technology mobile connectivity and cryptocurrency mining. United filed a complaint against Bitmain, Kraken, and other cryptocurrency companies alleging that they violated antitrust laws in […]
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Bitmain and Canaan Said China’s Proposed Mining Ban won’t Impact their Operation

April 8, China’s state economic planning agency, the National Development and Reform Commission (NDRC) released a draft version of the 2019 Directory Catalogue on Readjustment of Industrial, in which crypto mining has been included in a list of sectors it plans to eliminate. According to the announcement, NDRC proposed to “eliminate” crypto mining industry as it lacked safe production, seriously wasted resources and polluted the environment. Many believe that this initiative is a signal that the country is going to ban mining after cracking down cryptocurrency trading and initial coin offerings due to the high correlation among them. China is the world’s largest market for Bitcoin mining equipment and the birthplace of major crypto mining manufacturers such as Bitmain and Canaan. The move inhibits Bitcoin’s bullish trend. Majority of crypto enthusiast and miners concerned about whether it could be detrimental to mining giants and lead to a further impact the whole crypto industry if the proposal enacted. It may reduce the supply of Bitcoin and boost the price in the short term,but the regulatory intervention would inhibit the growth of the industry. According to Security Times, both spokesmen from Bitmain and Canaan stated that the draft list has a rare impact on their operation for the time being, but it still remains unknown if they will arrange their business strategy later on. Nevertheless, the guiding list does not exert regulatory power yet, the agency claimed that members of the general public may provide their comments on the draft until May 7. It is still uncertain of a crypto mining ban would actually take effect: some items remain on the elimination list by the end of 2006 are still in the 2019 version though. Currently, Bitmain released its Antminer 17 series machines which sold out in minutes, that reflects the great demand from the mining industry. “As long as Bitcoin is still valuable, there is a reason for mining hardware manufacturers to exist, a blanket ban on crypto mining is hard to perform,” said an anonymous crypto veteran.

China’s Proposed Mining Ban Could Be Detrimental to Bitmain

China’s state planning agency, the National Development and Reform Commission (NDRC), has indicated an interest in banning cryptocurrency mining in the country through a notice published online in Mandarin.The report stated that the NDRC will include cryptocurrency mining activities to a list of sectors that could be shut down based on their violation of local regulations, wastefulness, safety concerns or harmful contributions to the environment. The list includes more than 400 other industrial activities.The list is part of the NDRC’s Catalogue for Guiding Industry Restructuring. The catalogue was issued in 2005, pointing out the activities and industries which are allowed to grow in the country or those that ought to be restricted or banned outright.Reuters reported that the draft list has been open for public perusal since April 8, 2019, although the NDRC has not yet set a date for the elimination of cryptomining activities from the state. The draft list shows a distinct representation of the Chinese state’s views on certain industrial policies and activities, and an announcement on the NDRC’s official site claims that members of the general public now have until May 7 to provide their comments on the draft.China was once seen as a crypto haven, thanks to the country’s abundance of mining hardware and cheap energy. But developments like this make it seem as if the country has grown cold toward industry.Despite a blanket ban on ICOs in 2017, China has maintained dominance in the cryptomining sector, with some of the world's biggest mining companies operating from China — most notably, Bitmain. The recent notice by the NDRC has been a long time coming.Late last year, the Xinhua News Agency reported that a study showed the impact of carbon dioxide emissions on global warming and their potential to increase temperatures by 2ºC as soon as 2033.A separate report also claimed that authorities had seized hundreds of mining computers, after discovering they were responsible for the abnormal electricity consumption and a potential threat to the proper functioning of local power grids.In addition, the Leading Group of Internet Financial Risks Remediation called on local governments to direct mining companies to make an "orderly exit" from the market.The Chinese government has been making massive moves to stem the growth of crypto-based firms in the country for a while. The People’s Bank of China made the historic decision to place a ban on all ICOs back in 2017 and, since then, crypto companies have had to walk on regulatory eggshells.In January 2018, a report on Bloomberg revealed that the Chinese Central Bank seemed to plan a reduction of the power supplied to bitcoin miners, in a move aimed at forcing them out of the country.The Beijing-based Bitmain remains one of the largest manufacturers of cryptomining hardware in the world. However, the company has had to endure a torrid two years after its profits and viability were hit hard by the effects of crypto winter.If this reported ban is enacted, it would mean that Bitmain could lose its business in China, one of its largest markets. This may prompt the company to relocate its business, something that could be difficult given its recent office closures in North America and Europe. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain

China’s plans to ban bitcoin mining could not have come at a worse time for Bitmain. Once seemingly indomitable, Bitmain is now in a precarious phase. In the past couple of months, the bitcoin mining hardware giant has not only reported a $500 million loss after a couple of years of consistently making profits but also failed in a bid to get publically listed. Though recent leadership changes have given rise to hopes that the Bitmain ship could be steered back into the right track, reports that China is planning to ban cryptocurrency mining comes as a big blow. Here The post 5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain appeared first on CCN
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Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco

The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC]. The fall in prices was a result of the Bitfinex-Tether fiasco. New York State’s Attorney General’s [NYAG] office revealed that iFinex, the company behind the crypto-exchange Bifinex, may be violating New York Law. This announcement was in relation to activities that “may have defrauded” local investors who trade in cryptocurrencies. Stellar Lumens [XLM] Source: Trading View Stellar Lumens [XLM] was valued at $0.1158 on April 20 and fell by 14.68% over the week. At press time, the coin was valued at $0.0990 with a market cap of $1.88 billion. The 24-hour trading volume was noted to be $276 million, as the coin fell by 4.50% over the past day and continued to dip by 0.43% within the past hour. EOS Source: Trading View EOS, at the beginning of the week was valued at $5.47, after which it fell by 13.97% over the past seven days. At press time, the coin was valued at $4.70, with a market cap of $4.43 billion. The 24-hour trading volume of the coin was $2.62 billion as it fell by 1.91% over the past day. The coin, at press time, was falling by 0.14% and failed to recover. Cardano [ADA] Source: Trading View Cardano [ADA] fell by 13.41% over the week, which resulted in its price falling from $0.0769 to $0.0690. The market cap of the coin was reported to be $1.78 billion and the 24-hour trading volume was $108 million. Over the past 24-hours, the coin fell by 4.47% and continued to fall by 1.35% within the past hour. XRP Source: Trading View At the beginning of the week, XRP was valued at $0.3325, after which it slipped by 11.88% and, at press time, was valued at $0.2929. The market cap of the coin was noted to be $12.30 billion and the trading volume of the coin was $1.36 billion. XRP fell by 2.49% over the past day and by 0.50% over the past hour. Litecoin [LTC]  Source: Trading View Litecoin [LTC] noted a fall of 10.79% over the past week, which reduced the price of LTC from $81.33 to $72.64. The market cap of the coin was $4.46 billion with a 24-hour trading volume of $3.15 billion. The price of the coin fell by 0.77% over the past 24-hours and by 0.94% within an hour. The post Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco appeared first on AMBCrypto.

Bitfinex: $850M Lost Tether ‘False Assertion’

Following the New York Attorney General’s accusations of a $850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as ‘riddled with false assertions’ and that the funds are not lost.  The Cover-Up Claims According to the NY Attorney General’s claim, Bitfinex lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortfall. The AG, Letitia James, claims this ‘loss of funds’ and movement of reserves was not disclosed by operator of both Bitfinex and Tether, iFinex. Therefore, it had “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds.” At press time, the price of USD Tether 00 has fallen bellow its $1 peg. Meanwhile, its stablecoin competitors such as USD-Coin 00  and TrueUSD 00 are now trading at a slight premium. This suggests that investors are likely swapping their tethers  to avoid any further surprises. Worth noting, Bitcoinist reported yesterday that the supply of tethers has reachd an all-time high. ‘Bitfinex and Tether are Financially Strong’ Bitfinex responded today by claiming that the AG’s filings: …were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. It claimed that these funds were not lost, but had “been, in fact, seized and safeguarded,” and it was actively working to get those funds released. It went on to chastise the AG for not doing more to aid and support its recovery efforts. Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this, and any and all other actions, by the New York Attorney General’s office. The Double Standards Caitlin Long pointed out on Twitter, that even if the allegations were true, the NY AG was guilty of double standards. From 2009-12, Merrill Lynch, according to the SEC: commingled customer funds, used them to cover its own obligations, & had it failed its customers would have been exposed to a “massive shortfall in the reserve account.” Which is essentially what the AG is accusing iFinex of. But whilst the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawals, the move by the AG has sparked just that for iFinex. 7/ So…#NewYork did good investigative work here but needs to be called to task on why the double standard, and why the "gotcha" approach? Why not do the same to #WallSt firms when they play similar shell games??? — Caitlin Long (@CaitlinLong_) April 26, 2019 She also urged exchanges to clean up their acts regarding transparency and proof of solvency, to avoid such situations. The Problem? The Attorney General’s filing, asserts that the Tether funds were extended as a line of credit, over three years, with a 6.5% interest rate. An iFinex share charge, of 60,000,000 shares, secured the loan. Entrepreneur and commentator, Alistair Milne, Tweeted the situation rather succinctly, concluding that, as long as “Bitfinex trades profitably, no problem.” TL:DR the Tether/Bitfinex news:Bitfinex have borrowed ~700mil from TetherBitfinex pay a 'fair' interest rate on this loan60million shares in Bitfinex were pledged as collateralIf CryptoCapital release the USD, no problemIf Bitfinex trades profitably, no problem — Alistair Milne (@alistairmilne) April 25, 2019 Which brings us back to transparency and disclosure. If iFinex told customers and investors about this alleged ‘seizure’ and ‘loan’, then would they now have a problem? And is the AG’s ‘gotcha’ approach really warranted in any case? Is the NY Generaly Attorney acting in ‘bad faith’? Share your thoughts below! Images via Shutterstock The post Bitfinex: $850M Lost Tether ‘False Assertion’ appeared first on

New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
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