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Hong Kong’s Oldest Crypto Exchange Gatecoin Dies, Leaves Investors with A Bitcoin Valuation Problem

Gatecoin, the oldest digital currency exchange in Hong Kong is taking its last breath after experiencing tumultuous business for six years. During this time, the exchange lost over $21.4 million in clients’ assets, following a May 2016 hack. Nine banks closed its accounts in the city and last month; it was ordered to wind up the business. However, this has left the clients with a cumbersome liquidation process. Clients will face liquidation issues Cryptocurrency exchanges hold their clients’ money in their own wallets. As per legal experts, given the way exchanges handle their coins and how unregulated the digital coin market is, the clients may have to face a challenging liquidation process. About 40% of Gatecoin’s userbase is based in Hong Kong, and these residents have a relatively dim recovery outcome. Peter Greaves, partner at PwC’s China and Hong Kong restructuring and insolvency team explained that crypto exchanges hold all their clients’ digital assets under their own digital signature. This leads to the mingling of user and exchange assets. Even if the exchange is holding all the asters in cold wallets, it is doing so only on behalf of its clients. In the case of liquidation, the assets will still belong to the crypto exchange. Gaven Cheong, a partner at Simmons & Simmons law firm, said that once a client deposits their coins with the exchange, they transfer ownership via delivery. They can only claim against the exchange as an unsecured creditor which dilutes their chances of recovery. He added that this comingling of asset ownership occurs because the crypto markets are unregulated. In a traditional securities market, these assets would be segregated. A crypto exchange operator recently noted that keeping client assets in cold wallets could prevent hacking risks but would not prevent other kinds of losses. Gatecoin’s insolvency A curious case of investor issues with asset ownership came forward at the beginning of this year. Canadian crypto exchange Quadriga’s co-founder Gerald Cotton died in December 2018, taking over $142 million in digital assets to his grave. He was the only person in the company with the private key to unlock their crypto wallets. Credit protection agencies are now involved in the case which has left 115,000 users without access to their assets. Gatecoin’s troubles run deeper than Quadriga. The exchange was hacked in 2016 after which 40% of its user base, composed of Hong Kong residents, faced problems. Nine local banks froze Gatecoin’s accounts due to compliance issues. They then looked for a solution in a French payment service provider which ran into fund return troubles. The court has assigned a liquidator that is receiving claims from investors till the end of April. The post Hong Kong’s Oldest Crypto Exchange Gatecoin Dies, Leaves Investors with A Bitcoin Valuation Problem appeared first on FXTimes.com - Daily Cryptocurrency and FX News.

Hong Kong’s Kilmorey invests in International Digital Currency Group

CryptoNinjas Kilmorey Securities Limited, an established securities company based in Hong Kong, and International Digital Currency Group (IDCG), the parent company of digital currency exchange IDCM, have signed a memorandum of acquisition. The two parties will collaborate on areas including blockchain asset management, blockchain... Hong Kong’s Kilmorey invests in International Digital Currency Group

Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment The secretary of Hong Kong’s Financial Services and the Treasury has stated that crypto mining operations are regulated by local trading law. His written response to Hong Kong’s Legislative Council was published on Wednesday, April 3. The Council has solicited information about the […] Cet article Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment est apparu en premier sur Bitcoin Central.
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Meh: Yet No Hidden Reason For Fluctuations Here

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BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections

The cryptomarket is going through some good times, recovering from the sharp fall it had during 2018. The recovery of the global marketcap, and the high number of developments around cryptos and blockchain technologies has led many analysts to claim that we are close to witnessing not only a stabilization of the markets but also a bullish trend in the short term. Of all the crypto currencies on the ecosystem, BTC has always been the reference token, not only for holding the most powerful position in the top 10 but also for having the highest number of users and software developments. BTC is Having a Great Week BTC has experienced a significant price increase. After a period of constant “Bart Simpsons”, it finally seems that the most important cryptocurrency in the world broke the 5k resistance. This marks an a crucial milestone as it is a a value that could not be reached for months. However, during the last few hours BTC was curiously bullish. The token easily broke the 5.4K to flirt with the 5.6K band. If this trend continues, it could be said that BTC has been bullish for the entire past week, winning between 500 to 600 Dollars per token. BTC. 30 minute candles. After the big green candle, 5580 has become a new support Bitcoin (BTC) 1day candles. courtesy Tradingview Cardano (ADA) Also Shows Some Positive Signs Another token that has been specially bullish is Cardano (ADA) The project that promises to solve the “blockchain trilemma” experienced a a surge of about 10% in less than 24h, standing at one point almost at $0.08 per token. One of the reasons for this rise is the positive reaction of the market to the announcement by Charles Hoskinson (head of the project) saying that IOHK managed to close a an association with the Ethiopian government to popularize the use of Cardano in that region. According to Mr. Hoskinson, thanks to this partnership the Ethiopian authorities, the government will allow its citizens to use ADA to make payments as if it were fiat. Also, residents of Addis Ababa, the capital of the country, will be able to use ADA to pay for public transport services in the city. Right now, Cardano (ADA) experienced a correction that placed the token back to the support at 0.074 USD. The token then went up again to 0.075 with signs of another possible bullish trend in the short term Currently the bullish trend seems to be solid in most of the markets. The signs of a trend reversal are not strong enough to be frightened, however it is important to follow the charts, remembering that cryptocurrencies are extremely volatile. The post BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections appeared first on Ethereum World News.
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USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets

April 23rd, 2019, Frankfurt, Germany – USDX Wallet is a mobile-first instant transfers solution powered by blockchain technology. It targets crypto holders, allowing individuals to send and receive funds quickly and fee-free. It also covers the needs of an unbanked audience, and those who don’t want to pay commissions within traditional money transfer mobile apps. The USDX Wallet app guarantees multi-level security for all transactions and instant transfers of assets by username, phone number or QR code. The native blockchain used by the USDX Wallet is based on the BitShares protocol and allows 100,000 transactions per second. USDX and LHT Tokenomics The payment system has two cryptocurrencies at its core: USDX token and LHT coin. The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT. The total supply of LHT is 1 billion coins. LHT coins will be released gradually to the market; only 10% of the LHT supply will be issued each year, of which 5% will be freely tradeable and 5% will be locked on the blockchain to provide 200% collateralization. Recent Developments USDX Wallet has not held any private sales or presales, as it has received a sufficiently large venture investment. Future profits of the project will come from business account fees. From December 2018 to January 2019, there was an airdrop that attracted tens of thousands of participants. At the moment, USDX Wallet has surpassed 50,000 verified accounts. For the last several months the team behind the app have been implementing integration with crypto exchanges. The first platform to list LHT will be ExMarkets exchange, with two more exchanges to come. On Exmarkets, LHT will be available in trading pairs with Bitcoin (LHT/BTC) and Ethereum (LHT/ETH). About Exmarkets ExMarkets is a digital asset exchange platform powered by the state-of-the-art trading engine developed in-house. On the exchange, ExMarkets users can trade the most popular cryptocurrencies as well as gain the chance to participate in the token sales of the most promising blockchain and crypto projects through ExMarkets Initial Exchange Offering (IEO) LaunchPad. Recently, ExMarkets was granted two operational licenses for crypto-fiat gateway and custodian service provision by the Estonian regulator making it one of the few certified players in the market. Also, ExMarkets supports EUR (SEPA transfers) deposits to the cryptocurrency exchange and is a part of the CoinStruction liquidity framework which is aggregating order-books from the most well-known cryptocurrency exchanges guaranteeing 24/7 crypto liquidity. It takes only a few minutes to set up an account; users are allowed to make deposits in Bitcoin, Ethereum, other supported cryptocurrencies, and tokens. ________________________________ For more information on USDX Wallet, visit https://usdx.cash. The free USDX Wallet app is available on Google Play and the App Store. Follow USDX Wallet on Medium, Twitter, Facebook and Telegram. ExMarkets platform https://www.exmarkets.com/. Media Contact Details Contact Name: Maria Lobanova Contact Email: mlobanova@usdx.cash Partnership Request Details Contact Email: partners@usdx.cash USDX Wallet is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of stable value, or of any value at all. Disclosure: This is a sponsored press release. The post USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets appeared first on NullTX.
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