BitGrail Hack Aftermath, Interview with Cardano Founder – Best of the Week

Photo: FM

Catch up on last week’s top stories.


BitGrail Nano (XRB) Hack Stirs Uncertainty

The BitGrail saga continued last week, as news flowed of the recent hack, which saw 17 million Nano tokens from the exchange. The Nano (XRB) tokens had an estimated value of

$170 million at the time of the hack.

The hack has led to a rash of backlash from twitter, reddit, and other online communication portals, calling for retaliatory measures against the exchange, with an added emphasis on BitGrail founder and CEO, Francesco Firano. BitGrail said it had transferred the relevant information of the incident to “competent authorities,” and that it is currently under the investigation of police.

As more details continues to surface, it is rumored that the exchange had been aware of the weakness in its security, following a small-scale breach that occurred back in October of last year. The case involved a user who was able to manually run BitGrail’s JavaScript code manually, which permitted the withdrawal of funds in an amount greater than resided within the account.

Finance Magnates will continue to monitor the BitGrail incident for new information and breakthroughs with this story.

UAE Exchange Adopts RippleNet

Foreign Exchange company, UAE Exchange, agreed to a partnershipwith Ripple last week. The collaboration will see UAE implement the RippleNet system into its operations. The FX firm plans to utilize Ripple’s blockchain technology, for the purpose of sending and receiving cross-border payments instantaneously, and at low transaction costs.

At the time of Ripple’s announcement, it remained unclear whether UAE Exchange will employ the use of XRP tokens. However, the sheer magnitude of UAE Exchange’s operations mean that RippleNet will be receiving a substantial influx of new users as UAE users begin to use the network to transfer funds globally.

INTL FCStone Partners with Allfunds Bank

INTL FCStone Inc, a global provider of financial services, has partnered with Allfunds Bank, in an effort to improve the former’s offshore wealth management capabilities. ALlfunds bank has an established network of 1,200 fund managers, who together encompass a total of  more than 57,000 funds.

INTL FCStone will be granted the opportunity to be the only U.S. clearing firm to have access to Allfunds fund distribution platform. The company hopes that this exclusivity will provide it with some level of a competitive advantage.

Bitfinex and EOS.IO to create EOSfinex

One of the world’s renown cryptocurrency exchanges, Bitfinex, has committed to build EOSfinex, the first decentralized exchange on the EOS.IO technolcaogy platform.

The new exchange will be built “on-chain,” and intends to incorporate the EOS technology, which promises scalability and speed. Together with Bitfinex, they hope to create a fast and transparent platform, with low costs and better overall performance.

Suspected FX Fraudster Detained in Russia

Reports have surfaced that Pavel Krymov, who is allegedly responsible for several ponzi-style investment schemes, has been apprehended by Russian authorities, earlier this month.

Mr. Krymov, is suspected of running numerous schemes, in the span of the last 15 years, including the following noteworthy operations: Forex Trend, AGAM, Private FX, ‎‎Panteon Finance, ‎and Questra World. Victims of the Forex Trend scam alone, have issued claims for a combined estimated loss of $30 million.

Kazakhstan authorities have already requested extradition, and their request could be granted in this case.

Interview with Cardano Founder

Finance Magnates sat down for an interview with Charles Hoskinson, Founder of Cardano, to discuss recent murmurs surrounding ADA, as well as his perception of the company’s future.

One of the topics addressed during the interview was the lopsided Japanese owensehip of ADA tokens, issued at the time of the ICO. Hoskinson explained the Cardano’s marketing strategy focuses on Asian markets as their first choice, particularly China, Japan, and South Korea.

Due to mounting demand and the success seen in Japan, Cardano centered its efforts around this market, rather than South Korea or China’s regulatory challenged market.

Mr. Hoskinson also stressed that recent fud surrounding fraudulent intentions of Cardano are false. With regard to claims of immoral marketing strategies, he explained that the company was not personally responsible for the sales process, which led to other contributors who put these practices to use, while the company took the focus of the accusations.

The full scope of the interview sheds light on some of the underlying questions facing Cardano in 2018.

New CySEC Regulations Making Impact

CySEC regulated FX broker Alfa-Forex has suspended its services to Russian residents, citing regulatory obligations as the reasons behind the decision.

CySEC recently added requirements of its regulatory licensing, demanding that all CySEC regulated firms provide a full and detailed list of any countries in which they offer financial services. The new rules also demanded that companies provide the necessary authorization from each of these countries, in order to verify their permission for such activity.

The new CySEC regulations are clearly making a mark rather quickly, following Alfa-Forex’s announcement of a halt of Russian-based operations.

The changes in regulatory confinements could induce additional brokers to stop operating in various countries due to increased costs and hassle, brought about by the new regulations.

Original Article Link 

By Analysis ( Retail FX )


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