Category Archives: Dovey Wan

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Bithumb Resumes Post-Hack Operations

South Korea cryptocurrency exchange has announced today on a blog post that it will resume partial operations following a hack in March, in two days’ time on 17 May, this Friday.

The exchange will begin operations with only three cryptocurrencies for the time being, allowing trading for Ripple (XRP), Bitcoin Cash (BCH) and EOS. This was intended to “minimize the inconvenience to members until the resumption of deposits and withdrawals“.

In the blog post, it stated [translated]:

“At the moment when the security enhancement that we anticipate will be completed, deposit and withdrawal will resume in about a month. We will proceed with the resuming sequentially considering the price difference and service stability.”

In March, the exchange was infiltrated by hackers who successfully made away with EOS 3 million, which was at the time worth USD 13 million. Primitive Ventures’s Dovey Wan had revealed then that the exchange’s hot wallet was compromised, allowing hackers to siphon off EOS and transfer them out to other exchanges such as. Binance CEO Changpeng Zhao had announced at the time that his exchange had not received any of the stolen funds. His own exchange was to be the subject of a hack earlier in May, losing USD 40 million in Bitcoin, but was fully covered by its own security funds.

Bithumb has been working with the KISA, Cyber Police Agency and other security companies, as well as with other exchanges, to track the stolen funds.

 

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Bitfinex Seeks $1 Billion in Exchange Offering

Bitfinex Seeks  Billion in Exchange Offering

Just as initial coin offerings used to whip up a frenzy of interest leading up to the boom in crypto price, initial exchange offerings (IEOs) now seem to be the flavor of the crypto year, as giant exchange Bitfinex is now rumored to be looking to raise up to USD 1 billion in its own IEO.

Founding partner of VC firm Primitive Ventures Dovey Wan is the instigator of this latest rumor, saying that Bitfinex was planning a sale of company-branded crypto tokens and an on-platform IEO. A document purportedly obtained by The Block cites China-based Bitcoin investor and Bitfinex shareholder Zhao Dong as the source. The token, dubbed LEO, will be the one sold to raise capital.

The Block head analyst Larry Cermak Tweeted his findings:

Bitfinex released their IEO white paper to raise $1 billion and The Block has all the details. Summary belowhttps://t.co/34FMFeFLp7

— Larry Cermak (@lawmaster) May 4, 2019

The white paper apparently confirms this news. It is also rumored that Bitfinex will allocate 60% of the placement to private backers, although it is not clear if they will benefit from cheaper prices than retail investors buying the tokens during the IEO.

LEO appears to be a utility token as well as a redeemable asset, much in the vein of Binance Coin (BNB), the native token of the world’s largest crypto exchange by trading volume. LEO will also be bought back each month, and Bitfinex will be doing even more than Binance to burn its tokens, committing 27% of its monthly profits to achieve a higher burn rate. This is expected to make the token even more scarce, thus increasing its value, assuming constant demand for a dwindling supply.

 

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