Coinbase gives up data to New York attorney general

Coinbase gives up data to New York attorney general

New York’s Attorney General (AG) Eric Schneiderman asked a number of cryptocurrency exchanges to turn over corporate data last month. While some exchanges like Kraken told him to basically get stuffed, Coinbase has agreed to the request.

In a public response to the request, and perhaps as a means of saving face, Coinbase said, “We applaud the [Office of the Attorney General] for taking action to bring further transparency to the virtual currency markets.” The response is part of a five-page letter penned by the exchange’s chief legal and risk officer, Mike Lempres, who further detailed the $150 billion in assets held by the company, as well as its received funding of $225 million and its financial position, which he describes as “a profitable and self-sustaining business.”

Schneiderman, who has never been an ally to the cryptocurrency industry, sent a request to 13 exchanges in April that demanded information on 32 separate points. He solicited information about their operations, their leadership, privacy, funding and relationships with other financial institutions, and much more. As any power-branding zealot would do, he only gave the exchanges two weeks to comply.

Coinbase’s letter further details its involvement with law enforcement and regulatory agencies around the world, its system upgrades (which, according to Lempres, helped the platform maintain 99.99% uptime in April) and Coinbase’s “state of the art” cybersecurity program. Lepres also stated that the company is a federally-regulated money service and currently holds licenses to operate in 31 states, including in New York with its BitLicense.

Coinbase may have reported “99.99% uptime” for April, but it wasn’t without issues in the month. From April 12 to April 16, users reported not receiving email confirmations for instant purchases, a glitch that Coinbase subsequently corrected. On April 2, purchases using the exchange’s Xfers payment method were unavailable for about four hours, but no sells were apparently affected.

The public version of the information provided is a watered-down version of what was presented to Schneiderman per a request by Lempres made from the start. Lempres had requested “confidential treatment” to the entire response, delivered to the AG via Coinbase’s own “encrypted end-to-end secure file exchange service consistent with our security protocol.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Coinbase value more than quadruples to staggering $8B: report

Coinbase value more than quadruples to staggering $8B: report

As the cryptocurrency mania continues to take hold, it appears that the owners of the exchanges that carry out the daily trades are laughing all the way to the bank. Case in point is San Francisco-based exchange Coinbase, which is now reportedly valued at a staggering $8 billion. That’s a jump of over $6 billion from the $1.7 billion valuation it reported less than a year ago—an incredible increase that demonstrates the power of the crypto boom in late 2017.

The increase in Coinbase’s valuation was revealed during its bid to acquire cryptocurrency networking platform Earn.com. The Earn.com acquisition was worth more than $100 million, and according to a Recode report, the San Francisco startup valued itself at about $8 billion when it offered an equity package to the founders and shareholders of Earn.com. Since the company is not publicly traded, the estimation of $8 billion is a self-made one although it is certainly believable.

However, the valuation of Coinbase at these incredible levels is not only an internal assumption. According to Recode, brokers have been negotiating Coinbase stock at a price that should place the value of the exchange at between $4 and $6 billion. Although that’s a slightly more conservative estimate, it still represents a huge leap in Coinbase’s valuation from less than a year ago.

This increase in valuations has largely been down to the huge boom in cryptocurrency trading over the past few months, although prices are still way back from the all-time highs registered in December. Interestingly, the current value of NASDAQ, which operates the U.S. tech exchange as well as another eight European stock exchanges, has a value of around $15 billion.

This means that Coinbase alone is worth more than half of NASDAQ in just a few months and the numbers can only continue to grow as interest in crypto currencies and Bitcoin continues to increase exponentially. This valuation by VC investors is not new since Binance—the world’s largest cryptocurrency exchange—has also seen its valuation soar incredibly over the past months. Binance is not even a year old and has increased its turnover to around $1.7 billion a day by offering a huge slew of cryptocurrencies and trading pairs.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Japan's SBI Holdings to launch crypto exchange in summer 2018

Japan’s SBI Holdings to launch crypto exchange in summer 2018

Japan’s Financial Services Agency (FSA) recently began putting cryptocurrency exchanges under the microscope, causing two to shut down and others to permanently leave the country. While the agency may have had good intentions—to create regulations that would protect consumers—some of their policies were viewed as exaggerated. One financial company is willing to swallow the regulations and has announced that it will open a cryptocurrency exchange sometime this summer.

SBI Holdings, one of the largest financial services companies in Japan, will launch its SBI Virtual Currencies exchange, allowing investors to trade in Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and BTC. The company’s president, Yoshitaka Kitao, anticipates using BCH as the settlement currency, given the fact that BTC is expensive and “tiring as a settlement currency.” Kitao added that the exchange’s remittance currency would be XRP.

The official launch date has yet to be announced; however, Kitao said, “When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear. [sic] We have to pursue safety thoroughly.” The exchange comes after SBI initially announced plans for the SBI Virtual Currencies platform about a year and a half ago. In December, SBI said that it would be partnering with BTC trading platform Huobi and expected the exchange to be ready at some point early this year.

Following the FSA’s crackdown on cryptocurrency exchanges, SBI was forced to delay the launch once more as it worked on ensuring that the platform would function in accordance with the new regulations.

SBI was established in 1999 and has several business entities. It is involved in Financial Services, Asset Management, biotechnology-related research and development and a wellness bank. The company reported revenue of just over $3 million for its latest fiscal year ending in March, representing an increase of just under $700,000 from the previous fiscal year.

Two months ago, SBI purchased 40% of cryptocurrency hardware wallet company, CoolBitX, out of Taiwan. The wallet company’s main product is the CoolWallet, which has the ability to interact with other devices over Bluetooth.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
London Block Exchange lists Bitcoin Cash

London Block Exchange lists Bitcoin Cash, Ethereum Classic on its platform

BCH and ETC pairings with GBP and BTC are now on the menu.

London Block Exchange (LBX)—the UK’s first dedicated cryptocurrency exchange has added Bitcoin Cash (BCH) and Ethereum Classic (ETC) to their platform. It can be noted that both cryptocurrencies forked away from their legacy chains (BTC and ETH, respectively) in retaliation from what were seen as violations of the original visions behind them.

Yesterday, the exchange announced that they now support GBP (Great British Pounds) and BCH pairs, as well as Ethereum Classic (ETC). BCH and ETC to BTC pairs are also on the menu. This would supposedly set them apart, as these pairings are uncommon in the market.

“This means that not only are we the sole operator in the market to offer UK onshore banking, but we are also one of the only exchanges in the world to offer a GBP pairing for Bitcoin Cash and Ethereum Classic,” the exchange wrote on their website.

LBX CEO and founder Benjamin Dives says they plan to add more cryptoassets depending on what the community wants.

“As we open our doors to UK crypto enthusiasts, we’re listening and acting on what the community wants – and that’s an array of good quality coin options to trade; all backed by a reliable, comprehensive and user-friendly service that they can trust,” Dives says.

nChain CEO Jimmy Nguyen applauds the move, saying in a press release:

“The decision to list Bitcoin Cash shows that the London Block Exchange is listening to the market. Bitcoin Cash is the future. With faster transaction times, lower transaction fees and greater security, Bitcoin Cash represents the true vision of a peer-to-peer electronic cash system.”

Bitcoin Cash is gearing up for massive upgrades on May 15, including a 32Mb block size upgrade and the resurrection of certain OP_Codes that would enable smart contracts and tokenization on the blockchain—something Ethereum currently holds dominance over. Nguyen predicts massive growth for BCH, and a decline for others as it overtakes.

“This move highlights the potential of Bitcoin Cash as the one true all-in-one coin, which can do what all other cryptocurrencies and blockchains claim to do. We expect investor demand for Bitcoin Cash to grow, while demand for legacy Bitcoin Core (BTC) and other cryptocurrencies declines,” Nguyen says.

“A protocol upgrade will occur on May 15, and this will further improve the Bitcoin Cash network. At this point, the BCH block size will increase from 8MB to 32MB, which will significantly increase throughput capacity to handle transactions, as well as keeping transaction fees very low as network usage grows. This protocol upgrade will also restore certain OP_Codes in the Bitcoin scripting language, and enable smart contract and tokenisation solutions on the BCH network.”

Nguyen says the upcoming May 15 upgrade is just the beginning, as Bitcoin Cash prepares for even more massive scaling.

“After this May 2018 upgrade, expect more steps toward massive on-chain scaling of the Bitcoin Cash network. We envision a future with massive block of 1 gigabyte (1000 MBs), and even 1 terabyte (1 million MBs), to achieve a powerful BCH data network that will re-invent how global business is done,” Nguyen says.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
8 crypto exchanges leaving Japan

8 crypto exchanges leaving Japan, 100 more to come

Japan’s financial regulator, the Financial Services Agency (FSA), has confirmed reports that as many as eight cryptocurrency exchanges have expressed their intention to leave the Japanese market.

The news follows from a meeting held by the regulator last week, which was also attended by representatives from the Ministry of Justice, the Bank of Japan, the Ministry of Finance and the Consumer Affairs Agency, amongst others.

Following changes in licensing for cryptocurrency exchanges in Japan, the FSA confirmed that a number of “deemed dealers” has announced their intention to end their applications for cryptocurrency exchange operations.

Of the eight, according to the FSA, one company now believes it no longer falls within the scope of the licensing requirements, with the remaining seven no longer interested in progressing with their applications.

“Eight deemed virtual currency exchange companies announce the intention to withdraw registration applications…One company confirms that it does not fall under the virtual currency exchange industry as a result of grasping the actual situation in detail,” according to the regulator.

The seven are Mr. Exchange, Campfire, Bit Station, BitExpress, Tokyo Gateway, Raimu, and Payward Japan. Debit completes the eight, as the company that now no longer requires a license from the regulator.

The development comes at a time of flux for cryptocurrency businesses in Japan, following government attempts to tighten up regulation there.

However, despite the increased hurdles to operating crypto exchanges in the country, the FSA revealed as many as 100 new entrants are poised to begin their own applications.

Amongst them is CyberAgent, one of Japan’s leading online TV and advertising platforms, which had flirted with plans for its own cryptocurrency in the past. Its move towards a cryptocurrency exchange comes through its subsidiary, CyberAgent Bitcoin.

However, noting the risks, especially following on from the hack of Coincheck, the firm’s CEO Susumu Fujita was quoted by Itmedia saying the path towards accreditation would be a slow one.

“There are risks that we should not undertake when compared with other projects. Entry is slow in the first place. The examination by the Financial Services Agency is becoming severe,” Fujita said.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
3 cryptocurrency exchanges fall in Venezuela’s ‘Operation Paper Hands’

3 cryptocurrency exchanges fall in Venezuela’s ‘Operation Paper Hands’

The government of Venezuela has shut down three cryptocurrency exchanges as part of its “Operation Paper Hands,” local media reported.

Last week, the government’s Operation Paper Hands started its clampdown on the so-called illegal activities of cryptocurrency exchanges and financial institutions, resulting in the closure of three exchanges—Intersach, Rapidcambio, and AirTM. In a statement, Venezuelan Prosecutor General Tarek William Saab said last week’s crackdown has been the government’s biggest undertaking in its fight against illegal cryptocurrency-related activities.

According to reports, the exercise led to the arrest of 112 people, 107 of whom were brought to court. During the operation, 1,382 bank accounts containing more than 711,967 bolivars ($10.6 million) were frozen. Saab warned more action would be taken against any person wishing to engage in illegal activities. At the moment, the prosecutor general said requests were already lodged to block 247 more bank accounts, issue 40 new arrest warrants, and conduct 104 raids on suspected institutions.

RapidCambio has reportedly shuttered its shop following the clampdown, while the other two still have active accounts in other countries. Saab said the three exchanges’ platforms were registered out of Venezuela, and that they also used international parent bank accounts in the United States, Chile, Ecuador, and Panama.

In response to the clampdown, RapidCambio published a statement on its website saying that they have always demonstrated responsibility, honesty and seriousness. The company called the ongoing government action as “unlawful attacks,” saying their price operations have always been in line with the set laws of supply and demand.

Despite the crackdown, Venezuelan President Nicolas Maduro certified 16 cryptocurrencies exchanges in the country. He also announced the end of the pre-sale for Petro which started in February, claiming that the token sale has raised $3.3 billion. The 16 exchanges include Criptoexchainge, Criptocapital, Asesoria Financial CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptomundo Casa de Intercambio CA, Financieras 1444 CA and Criptoactivo Criptoes.

The 16 exchanges, according to state media Correo del Orinoco, were certified to facilitate Petro transactions in the international market. There was no confirmation if the “certified” exchanges have already agreed to list the state-backed cryptocurrency.

India-based Coinsecure was among the list of government-approved exchanges. In an interview with Business Standard, Coinsecure CEO Mohit Kalra said, “Venezuela wanted to add Petro as cryptocurrency on Coinsecure, so they can trade Petro against bitcoin [BTC] and the rupee.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
India’s Koinex rolls out zero-fee

India’s Koinex rolls out zero-fee, crypto-to-crypto trading pairs

As the cryptocurrency world continues to expand at a rapid pace, it is now the turn of Indian cryptocurrency exchange Koinex to introduce cryptocurrency trading pairs. Last week, Koinex announced that it would be introducing no less than 23 crypto-to-crypto trading pairs with no fees—an added incentive for new cryptocurrency investors who are hoping to enter the market in a big way.

Koinex was not the only exchange to introduce these pairs. Last week, another leading Indian cryptocurrency, Zebpay, also announced that it would be launching crypto-to-crypto trading pairs, but they only decided to launch one pair.

In its announcement, Koinex was quite bullish, boasting that it was the first exchange in India to launch such a large number of trading pairs.

“We are going live with not just one or two crypto-crypto pairs; we are launching a total of 15 token pairs, all at the same time. This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero,” Koinex wrote in a blog post.

Koinex added more cryptocurrency trading pairs on Saturday, and also confirmed the seller fee of 0.15% for the Indian rupee (INR) market as well as a flat buyer’s fee of 0.15%. Payments, however, are only accepted via the Netbanking gateway. According to Koinex, “all other payment methods are discontinued… All INR withdrawals are temporarily halted.”

Koinex currently trades 19 coins against the INR, with a market turnover of $5.5 million daily—far below the massive turnover of exchange giants such as Binance, which reportedly moves around $1.7 billion a day. The launch of the new crypto-to-crypto trading pairs is expected to raise domestic investor interest substantially. According to the announcement there will be nine bitcoin trading pairs, six Ethereum trading pairs and another eight Ripple trading pairs. Koinex is claiming that it is the first exchange to offer XRP-based trading pairs.

Trading pairs for the BTC market include Bitcoin Cash (BCH/BTC), Ethereum (ETH/BTC), Litecoin (LTC/BTC), TRON (TRX/BTC), Ripple (XRP/BTC), Omisego (OMG/BTC), EOS (EOS/BTC), Nucleus Vision (NCASH/BTC), and Request (REQ/BTC).”

For the Ethereum market, Koinex is offering trading pairs for BCH, TRX, XRP, OMG EOS, and NCASH, alongside BTC. For the XRP market, customers can trade BTC as well as LTC, TRX, EOS, OMG, REQ, NCASH, AE (aeternity), and GNT (golem). This is quite an interesting variety of pairs and should see a sharp uptake of interest in the Koinex exchange.

The launch of Koinex and Zebpay’s crypto-to-crypto trading pairs comes on the heels of the Reserve Bank of India’s announcement that local banks were forbidden from dealing with any entity that settles of exchanges cryptocurrency.

In response to the RBI order, Koinex said it has been looking for alternative solutions, like “introducing UPI payments or instant withdrawals or new tokens for trading.”

“As you know, the crypto-market has been in a disarray of sorts since the start of the year due to the ambiguous stand on crypto-assets by the government and situations further took a downward spiral with the RBI directive reprimanding banks from partnering with crypto-entities,” according to Koinex. “So the need of the hour in this uncertain market was a safer alternate trading format, like crypto-to-crypto.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Court orders Chilean banks to re-open crypto accounts temporarily

Court orders Chilean banks to re-open crypto accounts temporarily

At the end of March, two Chilean cryptocurrency exchanges cried foul after their accounts were suspended by local banks. The exchanges took the banks to court, requesting that the decisions be overruled. The courts have sided with the exchanges, and have ordered the banks to reopen the accounts, at least for the time being, Bloomberg first reported.

Chile’s Banco del Estado de Chile (Chile State Bank) and Itau Corpbanca, along with eight others, were sued by cryptocurrency exchanges Buda, Orionx and Crypto MKT over the suspensions. The trio argued that the banks lacked “knowledge and regulatory clarity,” regarding cryptocurrencies, and that the closures were unjustified. The anti-monopoly court of Chile has agreed that the accounts should be reopened while the lawsuit continues.

Buda’s CEO, Guillermo Torrealba, says that the closure of the accounts shows how conservative the country is, despite the fact that it tries to portray itself as a liberal one. He adds that the banks are transforming the cryptocurrency environment into one that is worse than what is seen in China, Bolivia or Ecuador.

In an interview with Cointelegraph, Torrealba said Chile has no laws or legislation governing cryptocurrency operations in the country, but this hasn’t stopped the banks from arbitrarily deciding to become regulators of the industry.

“There hasn’t been one regulator, legislator or government official saying that cryptocurrencies aren’t legal, it was just the decision of a very powerful sector of the economy: the banking industry,” he said.

Torrealba noted the importance of their fight to achieve “economic liberty”—and not just from what he claimed was an abusive government, “but liberty from a corrupt and overpowered financial industry which is protecting itself in the most archaic and prehistoric way: denying a technology in the most open and overly bold way they could find. [The banks are] so openly abusive that everyone agrees that what they’re doing is illegal but that isn’t enough for them to stop. They’re just too big to need to tread carefully, or to act inside the regulatory frame.”

Despite an outcry on backlash over the decision, the banks involved have yet to respond to public requests for clarification.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Crypto exchange operations on the cards for Nasdaq

Crypto exchange operations on the cards for Nasdaq

Nasdaq “would consider” launching or even becoming a cryptocurrency exchange in future, according to comments made by the company’s CEO.

CEO Adena Friedman made the comments in a CNBC interview, in remarks widely construed as supportive of a future move into the blockchain space.

“Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors,” Friedman said. “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”

The comments indicate Nasdaq would be receptive to becoming more heavily involved in the blockchain space. It follows from a number of ventures into the blockchain from the stock exchange. Nasdaq already supports several ETFs, or exchange traded funds, exposed to the blockchain space, including those tracking cryptocurrencies and related startups and equities.

Nasdaq also has an ongoing commercial relationship with Chain, the ledger-as-a-service startup, working on a number of collaborations that could ultimately have real-world applications for the firm.

The news that Nasdaq is open to becoming more crypto-focused in future is yet another vote of confidence in the technology, and in the developing cryptocurrency economy. Yet it comes at a time of increasing regulatory scrutiny over the sector, especially in relation to initial coin offerings (ICOs).

The U.S. Securities and Exchange Commission has been visibly clamping down on ICO fraud cases in recent months, including instances of crowd token sales in contravention of securities laws.

Meanwhile, more recently, the former head of the U.S. Commodity Futures Trading Commission said he regards a number of high profile cryptocurrencies as securities, within the legal definition of the Howey Test as set out by the U.S. courts. This would see Ripple’s XRP and Ethereum’s Ether flagged as securities, which raises legal questions for the respective development teams, as opposed to Bitcoin Cash (BCH), which cannot be considered a security on the same terms.

The support of Nasdaq could ultimately provide a recognised, regulated platform for ICOs in future, subject to U.S. securities laws, providing a regulated alternative to the current route to market.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Mayhem at South Korean exchange—free crypto coins given out in error

Mayhem at South Korean exchange—free crypto coins given out in error

The reputation of cryptocurrency exchanges continued to take a beating of late. The latest development occurred in South Korea, where coins were reportedly given out for free due to a system glitch.

New exchange Cashierest caused a sensation in South Korea’s crypto space after it was revealed that its users were allowed to withdraw up to five times their coin holdings due to a system glitch, Money Today reported. The exchange is now asking for the users to return the coins in good faith, failing which it will seek civil liabilities and damages from those users who do not return the coins voluntarily.

However, there seems to be a snag in this request since some users have actually reported that they couldn’t even with draw the coins themselves at all causing consternation. Cashierest was launched in March and appears to be suffering from teething and technological problems as it struggles to find its place in the crypto space. According to the report, the amount of cash that was withdrawn from the exchange was actually more than that which had to be sent to the other virtual currency trading site.

According to an investor who posted online, the amount of $11,086 was moved to the exchange initially but the amount of $55,400 was actually deposited. The transaction was made in Korean won even though most crypto exchanges in South Korea do not support the currency. After this happened, Upbit detected the error through its transaction confirmation system and halted the withdrawal, eventually suspending all withdrawals on a temporary basis. Other news sources stated that Cashierest started to stop withdrawals at around 1:30 p.m. last Friday although the exchange also claimed that all returned to normal by 4:39 p.m. with deposit and withdrawal services operating as usual.

Eventually Cashierest put up a notice explaining the software glitch and asked for the money back within a 24-hour period, failing which it would seek legal redress and damages along with interest. Several users also complained online that they were having problems with their withdrawals with some having theirs cancelled.

The damage amount is estimated to be at KRW1 billion ($924,000). Cashierest is also not part of the South Korean Blockchain Association, which has declared a commitment to self-regulation, so user’s rights appear to be on rather flimsy ground here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.