Bitcoin exchanges once again find themselves making headlines in mainstream media news over the past few days. As we have some to expect from our mainstream media colleagues, positive Bitcoin news is not worth reporting, but a bit of drama always sells more copies. Unfortunately for us Bitcoin enthusiasts, the mainstream media has had multiple feeding frenzies over what went down across some of the major digital currency exchanges this past weekend.
Trouble seems to be brewing over in China, as two of the country’s major exchanges have been experiencing issues over the past 12 hours, and we are still awaiting official word on what is going on at this point in time. Rumours are circulating on Reddit that one – or maybe even both exchanges – have been compromised.
It is important to point out that both platforms may suffer from completely different causes for the downtime. The Huobi website itself is intact and works fine, albeit a bit slower than normal. However, their trading engine seems to have gone through a drought, as no trades has been executed up until a few hours ago when things started getting back to normal.
David Zimbeck, a well known and respected name in the world of cryptocurrency and altcoins, has issued his official statement in regards to the whole BitBay situation. Most of it resembles what we posted in our article yesterday, but some more details have been added to the story We will first quote his story and then add some notes at the bottom of this article.
BITCOIN DEV FUND MULTISIG BITHALO(funding shortly)
My BitBay addresses (showing i never sold, didnt care etc) if anything can use for bounties. bN2NGi2bF1cpcQcsxmY4daCpi2tQqW5tnS bNgmCcxPKgQQqUe6rhNtbGWowMJFCuxjZ3 bJvBcHh45A6mjfKhy8Qg9AagbWfHWB1abC bS4MGJKwN3vWCSgmsmYfXoJzS3QHPCRtcB http://imgur.com/CSINs8jhttp://imgur.com/1Yc5NQ8
Pretty much anyone involved with digital currency and altcoins will have heard about the implosion of BitBay by now. Chat logs have been posted, detailing how the BAY price has been manipulated, funds have been released by Bter way too soon, and a whole bunch of other shenanigans we are not going to discuss here. David Zimbeck has been answering some questions over the past 24 hours, so let’s see what he had to say.
It has been about a week ago since we did our introductory article about BitBay, a new decentralized marketplace for cryptocurrency enthusiasts. Ever since their ICO ended a few days ago, there have been a lot of questions on how the funds will be used, and open sourcing the client source code. We have the news, so keep on reading
BitBay ICO Funds Distribution
Perhaps the most pressing question on the mind of both investors and digital currency enthusiasts alike, is how the BitBay ICO funds will be distributed. As there is plenty of work to be done, both on the coding and marketing side, let’s take a look at which steps are next for the team.
While there are a lot of things we need to write about over the coming few days, let’s kick this day off with some more news regarding the BlockNet ITO sale. In our previous article, we mentioned how both Bter and CoinGateway still needed to destroy remaining tokens, and we have an update in that regard!
Bter has now officially destroyed all of their unsold BLOCK. A total of 1,771,072.99949217 BLOCK has been destroyed, spread out over several transactions. All of this funds has been sent to an unspendable address, which can you can find here.
It has been a few days since we last talked about the BlockNet ITO sale , and it looks like all the dust has settled down, for which we are thankful. The official sale numbers have been provided by Synechist, so let’s see if they met their minimum target of raising 850 Bitcoin in sales!
As you will all remember from our very first BlockNet ITO sale article, multiple exchanges and platforms were involved in order to raise the necessary funds for this project. In the event of not all BLOCK tokens being sold, the remainder would be destroyed by sending it to an unspendable address.
As the final day of its ITO advances, the Blocknet unveils a wide variety of accountability and trust-related measures, and publishes rules pertaining to the close of the ITO.
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Another day in the world of cryptocurrency and altcoins, which means another development in the ongoing story involving the BlockNet ITO sale. The ITO sell wall on Poloniex has been removed by the BlockNet team, but it will remain up at the Bittrex and Bter exchanges until the end of the ITO.
There are several reasons why the BlockNet team removed their sell order from the Poloniex exchange. First of all, due to some miscommunication on both sides, Poloniex has always been the only exchange to allow for open trading of BLOCK , whereas other exchanges had prohibited these actions so the coins would not be traded under the market value.
Even though there are still posts popping up and claims being made left and right about BlockNet and why you should, or should not invest in their ITO, there is some important news to report with verifiable facts. As here has been some concerns about Bittrex allowing BLOCK to be traded during a brief period, the exchange has released a statement regarding this matter.
Bittrex statement regarding BlockNet ITO