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New Scam Breaks Out in China as Coinbene Exchange Involved in Sexual Harassment
New Scam Breaks Out in China; Coinbene Involved in Sexual Harassment
The cryptocurrency market is full of scams and fraudulent activities since it is highly unregulated. However, a new and impressive scam related to sexual harassment, unilateral listing withdrawals and other issues has been reported in Chinese soil.
According to BTCwires, the cryptocurrency exchange Coinbene has taken different measures that go against market integrity and ethics. Some project owners ready to work with the exchange were treated without manners and disrespectfully.
An anonymous source provided information about this issue in many pictures that can be seen here.
For example, the team behind the ARK cryptocurrency and ecosystem were requested to pay 5 BTC, three when they sign the contract and two as soon as the first trading pair is activated. However, the virtual currency was never listed on the platform.
The Ducatus team, for example, paid 1 million DUC coins to the exchange in order to be used for promotional purposes. But only 26,000 DUC coins were used for this purpose. Because of this situation, DUCATUS CEO asked to return the unused coins. Nevertheless, Coinbene officials explained that it was not a rational reason to return the coins.
Another issue revealed that the EZ token was delisted without prior notice from the platform. Although there were some issues related to liquidity there was a lack of communication from the exchange platform, showing that there was a lack of respect for basic business ethics.
Zhang Yang Bing, the CEO of Coinbene, has been described as a person with a double standard in many issues. At the same time, he was also part of a pump and dump scheme in which the exchange sold an important number of CONI coins when they were traded at a very high price.
Furthermore, Bing has been alleged of sexual harassment. Since a woman he liked did not want to be with him, the exchange decided to block her account just because they are able to do it without a giving reason. Additionally, Coinbene made unauthorized use of names of top officials from other important and recognized companies such as Baidu or even OKCoin, another virtual currency exchange.
Clearly, this is not good for the overall health of the cryptocurrency ecosystem. Coinbene is one of the largest and most important virtual currency exchanges in the world. At the time of writing, Coinbene is the fourth largest cryptocurrency exchange in the market by trading volume. In the last 24 hours, it handled $285 million dollars of trading volume. The most traded pairs at the exchange are BTC/USDT, EOS/USDT and ETH/USDT, accounting for almost 85% of the total trading volume at the platform.
It is important to mention that these situations in the market are not positive for the whole cryptocurrency ecosystem. Regulatory agencies around the world are worried about the negative effects that unregulated activities might have in the economy and investors. CoinBene will have to certainly modify the way it acts if it wants to be a respected player in the crypto field. If the crypto space wants to prosper, participants will have to follow more ethic practices.
Global Exchange Coinbene Lists Internet of People (IoP) Cryptocurrency
CoinBene has reiterated its strategy of offering the largest number of digital assets to its customers and announces its listing on Internet of People (IoP).
The global exchange that ranks among the 10 largest in the world, according to the CoinMarketCap, released IoP intending for it to be more than a cryptocurrency.
IoP is a decentralized network that enables P2P operations without the need of intermediaries, which allows the creation of applications and payments at lower rates, and at the same time, that gives users total control over their personal data.
This can be done through the use of IoP coin on the IoP network. They are based on Bitcoin's Core (0.15.0.1), currently running a slightly modified proof-of-work consensus which uses whitelisted addresses to avoid the ASIC trap.
This year IoP will be presenting a brand-new consensus mechanism based on directed acyclic graphs (DAGs), byzantine fault tolerance and virtual voting to make things even more fair and efficient. IOP have maximum supply of 21 million units. The market capitalization of the asset nowadays is US$ 2.8 million.
Becoming The Internet Of The People
This listing helps IoP achieve its goal of becoming the Internet of the People, in the decentralization of applications, payments and in providing facilities and convenience to their community.
According to Feng Bo, Global VP of CoinBene, the company is delighted to be part of IoP's history, helping the asset to gain market share and meet the challenge of becoming a decentralized payment and application platform.
Feng Bo's opinion is similar to what Kristian Schmid, head of marketing at IoP, thinks of the listing in a global exchange. Kristian said their partner has spent a lot of time trying to understand IoP's project, the cryptocurrency and what they want to achieve. It is no coincidence that CoinBene has grown rapidly and has become an important actor for the market. This kind of mutual support is exactly what IoP devotes in supporting encryption and the world in general.
The CoinBene executive believes IoP is right, after all the platform has about 1.5 million users and negotiates more than US$ 4.5 billion per month.
CoinBene To Incorporate Komodo's Security System To Avert The 51% Attack Menace
CoinBene Incorporates Komodo’s Security System To Avert The 51% Attack Menace
The crypto market is exposed to fraudulent activities and scam because it is highly unregulated. As such CoinBene has decided to take measures in order to promote a healthy environment of the cryptocurrency ecosystem.
CoinBene, a leading cryptocurrency exchange has teamed up with Komodo to implement some of the latter’s security systems. With more than 170 listed digital assets for trading, CoinBene is among the top ten crypto exchange platforms in the market by trading volume.
Komodo is a modular multi-chain platform that’s independently scalable and highly secure. It is a flexible ecosystem for end-to-end blockchain solutions. Clients can operate their own blockchain infrastructure and scale linearly at any point.
These two firms are collaborating after a proposed 2019 security initiative by CoinBene.
The Hack Attack
In 2018, the crypto community experienced hardships due to the control of the crypto bears. In addition, there has been a rising threat and occurrences of 51% attacks on digital asset exchange platforms.
Several victims of the 51% hack attack incurred losses in millions of dollars.
Bittrex was faced with the attack that resulted in Bitcoin Gold losing $18 million. They asked BTG for compensation of the losses but unfortunately, BTG was unable to and thus got delisted from the platform.
Verge (XVG) also fell victims of the attack in spring last year and ended up losing almost $3 billion.
The hacker trend continued to 2019 when Cryptopia, a New Zealand-based exchange was attacked twice in succession and lost a lot of funds in crypto. Ethereum Classic too wasn’t spared and they also lost close to $1 million.
Such incidences threaten the investors, developers, and the credibility of the crypto industry at large.
Komodo’s Blockchain Security
Komodo’s security system is a solution to the 51% attack menace. The system uses the delayed Proof of Work (dPoW) technology to enhance security in the blockchain industry.
Komodo is now sanctioned by CoinBene as its verified third-party security solution. It will also be listed in the CoinBene’s trading platform. KMD will now be trading on the exchange with three pairs, ETH, BTC, and USDT.
Being listed on the exchange is also a way of promoting the security service to other at-risk cryptocurrencies. There are six projects that are currently using the Komodo’s security system. They include GAME Credits, HUSH, and GinCoin among many more.
Atomic Swap Technology
The Strategic Technical Partnership includes the preliminary tests for the revolutionary p2p open-source atomic swap technology. The atomic Swap technology offers users all-out security.
In this mechanism, both trading parties can retain the control of their private keys all through the entire process. It also promotes decentralization and creates more direct trading pairs between different tokens and coins.
CoinBene aims at integrating innovative technologies which will provide an excellent user experience for clients and high levels of security. As such, they have reviewed, and verified all the technical aspects pertaining to Komodo’s security service and are now ready to implement it in their platform.
Crypto Connector John McAfee Forms New Coinbene Partnership to Combat HitBTC
New Partnership With John McAfee And Coinbene To Combat HBTC
Only yesterday, a significant announcement made by John McAfee about a new collaboration with Coinbene. Coinbene is now part of the John McAfee Alliance and ready to take on some of the company’s largest antagonists. It only took a few days after negotiations started to seal the deal between the two massive corporations.
Parties worked together to agree on a cryptocurrency cruise set around Barcelona Spain on September 7th. The purpose of the new partnership is to fight against known to be corrupt crypto-exchanges like HitBTC. McAfee has repeatedly spoken out against the less than honest company time and time again on social media sites like Twitter.
The final decision is that Coinbene will gladly take on and list any of the currencies they will ask HitBTC to remove from their exchange listing.
“Blockchain-based applications, cryptocurrencies and the entire focus of the crypto community are that we are a permissionless society. A society is based on its financial foundation and in the existing world permission is the fundamental force that controls everything”, explains McAfee
A recent tweet by McAfee described his distaste for the company, while also announcing the new partnership. As for Coinbene, they are fully prepared to create a global exchange for various cryptocurrencies in which everything is legally sound, safe and secure for all parties involved.
They will also make sure to stay compliant with any needed legal regulations on each of their cryptocurrency trading channels they will be running. If you haven’t heard of Coinbene, they are a global startup that started in Nov 2017, considered to be one of the biggest exchanges operating at this time in the cryptocurrency industry.
Have you used Coinbene before or HitBTC? If so, how was your experience with the two different trading exchanges? Leave your answers to the question in the comment section below.