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Bitmart User Withdrawals Have Been Stuck for More than 5 Days

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Several investors have shared their frustrations regarding withdrawal requests being frozen by the Bitmart exchange on social platforms like Telegram and Twitter. According to a post made by an admin of the exchange’s official telegram group, they are manually reviewing all withdrawals at present. Meanwhile, Tweeba had stated on its Twitter account that the exchange is simply verifying all transactions in order to freeze illegal trading activity.

But most users do not believe this is a fair decision.

Apparently, the traders are not satisfied with this answer. One user had been waiting for 49 hours but have yet to receive his/her funds. Another one claims that his/her predicament has been going on for ten days.

The worst case found was one whose withdrawals have been completely forbidden.

And the most concerning part is that when users complain too much, they are threatened to be banned from the community. One user was just asking why some users get to withdraw within 30 minutes while others don’t receive their funds even after 10 days. And then he was met with a warning.

With an average daily trading volume of $155 million, Bitmart is considered to be one of the world’s biggest crypto exchanges. Yet it appears they are taking too long to resolve such a critical issue. The most disappointing fact is that users have not been given any updates on anything.

Bitmart Withdrawal Issues Connected with Tweebaa Dump?

Some users have concluded that Bitmart’s withholding of user funds might have something to do with the manipulation of $TWEE.

$TWEE was steadily growing recently, reaching an all-time high of $83 on September 4, until the token crashed below $1 a couple of hours later. After this, the exchange’s liquidity suddenly depleted, which aroused a lot of suspicion from the community.

The Tweebaa platform has been recently accused of dumping $TWEE over its users on Bitmart, and hence, the exchange might be taking active measures to prevent them from getting away with their money. This was confirmed in Tweeba’s twitter post.

Tweeba Inc. is currently rumored to be under a local police investigation. However, the company has denied such allegations and insist that the crash of $TWEE was the result of FUD and an entity/entities mass dumping the coin.

…we at Tweebaa are currently tight on investigation to fish out the accounts responsible for the ongoing FUD and we urge the community to please stay calm while this is all sorted out.

Tweeba Inc.

The company also stated that they had not done “any action” that violates existing market laws. In fact, they claimed to have used almost 30 million USDT to prevent the crash of their token. However, they lost in the battle against “unhealthy forces.”

However, not everyone is convinced. Some users put the blame on both the exchange and the company that runs the project.

At this point, since no law enforcement has made any information regarding this situation public, nobody truly knows the true cause of this issue. The bottom line is, users need to be able to withdraw their funds. And it seems unfair that everybody has to be affected by a single project’s demise.

As of yet, Bitmart has not given any updates on this issue.

Source: https://www.asiacryptotoday.com/bitmart-user-withdrawals-have-been-stuck-for-more-than-5-days/

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Seoul Police Summons Bithumb Chairman For Interrogation

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The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

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Binance US Joins Chicago Defi Alliance For Defi Industry Development

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Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others. 

Binance US Will Help Mature Defi Space

It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers. 

CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations. 

CDA Formed When Defi Industry Collapsed in April

Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020. 

It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.

READ  Binance.US Partners With Crypto Brokerage Tagomi To Offer Institutional Liquidity

#Binance.US #Catherine Coley #Chicago DeFi Alliance #Defi Industry Collapsed #Defi Industry Development #Mature Defi Space

Source: https://www.cryptoknowmics.com/news/binance-us-joins-chicago-defi-alliance-for-defi-industry-development

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Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

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California-based multinational technology company, Nvidia, has recently inked a deal of $40 billion with Softbank Group Corp. to buy the computer chip maker Arm Holdings.

A public statement released by Nvidia indicated that the company processed its payment in a combination of cash and shares. 

In the year 2016, the Japanese multinational conglomerate, Softbank Group Corp. purchased ARM for $32 billion.

Nvidia To Build Original Computing Company

Recently, the chief executive officer of Nvidia, Jensen Huang, said that now they will develop an original computing company for the age of artificial intelligence (AI).

Although Nvidia has purchased ARM, its headquarter will still be in Cambridge, England. 

Huang has further stated, “We will expand on this great site and build a world-class AI research facility, supporting developments in healthcare, life sciences, robotics, self-driving cars and other fields.”

Nvidia develops the graphics processing units (GPUs) which basically are used in video games. But apart from that, the company has deployed these units among mining fields in order to mine cryptos like Ethereum (ETH), Monero (XMR) and Zcash (ZEC). 

In the present time, mining bitcoin (BTC) with the help of GPU will be completely useless because now the world’s largest digital currency has been using an application-specific integrated circuit (ASIC).

Smartphone Technologies Based On Arm

As per the report, currently, most of the smartphone technologies are based on Arm Holding’s technology. 

Arm Holding develops designs for companies like Apple, Samsung and Huawei. Later, these companies use Arm’s design to build a customized chip. 

In the present scenario, the cloud data centers have also started using Arm’s technology. 

It is to be noted that to date, the companies have created 180 billion chips which are based on the design of Arm.

The CEO of Arm, Simon Segars, has recently stated that Arm Holdings along with Nvidia will be developing new solutions for the global ecosystem fo innovators.

READ  Mt.Gox Rehabilitation’s Plan Deadline Day Extended

#application-specific integrated circuit (ASIC) #Arm Holdings #Artificial Intelligence (AI) #Bitcoin (BTC) #California #Cambridge #chief executive officer of Nvidia #England #Ethereum (ETH) #graphics processing units (GPUs) #Jensen Huang #Monero (XMR) #NVidia #Softbank Group Corp. #Zcash (ZEC)

Source: https://www.cryptoknowmics.com/news/nvidia-signs-definitive-agreement-with-softbankgroup-corp-to-acquire-arm

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