Bitcoin Brouhaha: Cryptocurrency Exchange OKEx Denies Price Tampering (The Wall Street Journal)
HONG KONG – A large cryptocurrency exchange denied accusations from some customers it manipulated prices of bitcoin futures after sudden price swings on its trading platform last week. OKEx, which operates one of the world’s most popular electronic venues for bitcoin trading, said it would cancel trades that occurred in a 90-minute period between 5 a.m. and 6.30 a.m. Hong Kong time Friday. That was when the price of a bitcoin futures contract on OKEx fell sharply below bitcoin’s spot price-which, according to CoinDesk, was about $7,000 that day. The exchange didn’t state the futures price, but traders said it slumped to as low as $4,755 during that period.
Cryptocurrency Startup BitKan Raises $10 million Series B Funding to Support Global Expansion (TechStartups.com)
The volatility and uncertainties surrounding Bitcoin and other cryptocurrencies do not prevent forward-thinking startups from investing in cryptocurrency. BitKan is one of China’s leading provider of cryptocurrency services. The startup provides the latest pricing information for bitcoins and the mining difficulty charts and data. The bitkan app keeps users updated anytime anywhere. Bitkan announced today that it has secured $10 million in Series B funding round in bid to build momentum in the marketplace for the company’s newly-launched social network hub “K Site” and expand international operations.
Alibaba Drags Alibabacoin Foundation to Court for Trademark Infringement (Smartereum.com)
Chinese e-commerce giant, Alibaba [BABA] this week filed a lawsuit with a US District Court against the developers of a new cryptocurrency for using its trademark name in their Alibabacoin token. In the lawsuit, the Chinese-based company claimed that the defendants planned to use the trademark to raise funds in an Initial Coin Offering to generate over $3.5 million. Defendants to Alibaba’s suit include Alibabacoin (ABBC) Foundation, its founder Jason Daniel Paul Philip, cofounder Hasan Abbas and subsidiaries ABBC Block Chain IT Solutions LLC, and Alibabacoin General Trading FZE. ABBC Foundation which is currently having a crowdsale of its ABBC coin was accused to have used Alibaba’s trademark “in order to deceive investors in the U.S. and around the world with a single-minded focus to capitalize on Plaintiff’s reputation for success.”
Ra Entertainment Inc. Introduces RACoin – Cryptocurrency For The Real World Gambling Industry (NewsWire.ca)
RA Entertainment Inc. is a high-tech company focused on creating an advanced user experience in gambling. The team is focusing on developing and delivering effective and affordable solutions both for online and offline levels of interaction. It is building the Palau World Complex as a starting point to integrate blockchain ideas in a traditional gambling business. Palau World will be built and developed regardless of the outcome of the token sale. The company has an ambition to introduce RACoin to the global gambling industry as well as the hotel and entertainment centres all around the world. It has already started negotiations with the hotel complexes and gambling platforms in Asia and Europe, who will also incorporate RACoin into their infrastructure.
More Trouble For Cryptocurrency Exchange Youbit After its Insurance Claim was Rejected (BTCManager.com)
As if being hacked twice in eight months, losing 17 percent of its net assets, and having to file bankruptcy was not bad enough, South Korean cryptocurrency exchange Youbit now finds itself trapped in a classic out-of-the-frying-pan-into-the-fire situation. The troubled company announced March 29 that the insurance provider it signed up with is declining to cover the claim against the loss caused by the devastating December 2017 heist. No Relief Yet! Yapian Corp., the parent company of Youbit, flung into action following the December heist and filed a claim with DB Insurance Co., one of South Korea’s biggest property and casualty insurers. Apparently, Youbit signed up with the insurance firm just a few weeks before the devastating attack. The policy it chose entitles the exchange to a claim of up to $2.8 million for a yearly premium of $244,400.