Binance to Launch Trading Competition

Prize fund of the traders' tournament is 10,000 BNB
01 March 2019   381

Binance announced the launch of a contest for traders who want to test the capabilities of its new decentralized trading platform. The prize fund of the tournament is 10,000 BNB.

The exchange says that the competition is held on a test version of Binance DEX and is designed to raise community awareness about the capabilities of the platform.

Any user of the main Binance site, who has at least 1 BNB, is allowed to participate in a simulated trading contest. Each account that qualifies for the contest will be able to register a maximum of 20 Binance Chain addresses and will receive 200 BNB test tokens for each of them before the tournament starts.

The competition itself starts on March 7 at 8:00 UTC (the time until which registration should be completed), and consists of two parts.

The first part is a contest for the most healthy volatility of tokens that users can issue in the Binance Chain test network, and applies only to token / BNB pairs. The starting price of each issued token should be 1 BNB, while there are no restrictions on their emission.

The winner of this competition will receive 3000 real BNB tokens, runner-up - 2000 BNB, third place –1000 BNB.

The second competition is designed to determine the winner by the absolute profit derived from trading activity. Its winner will receive 1000 BNB, finishing second with 700 BNB, third place with 300 BNB. Additionally, 1,000 BNBs will be distributed among users taking 4-10 and 11-20 places.

Details of the competition, which will last until 08:00 UTC on March 21, can be found on the Binance website.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   83

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.