Bitfinex battles money withdrawal problem

Bitfinex, one the world's biggest cryptocurrency exchanges, faced a problem of money withdrawals on the platform reported by the users
19 November 2017   410832

The members of the community of Bitfinex cryptoexchange started noticing problems with money withdrawal on the exchange. The problem might be linked to the connection between Tether and Bitfinex and the issues concerning redacted information that would normally be included in an audit.

The users started noticing swings of price and comparing those to Bitfinex’s margined trading practices, stating that there was no response from the support and that the company was putting them at risk. This might eventually result in major losses for the company and for the users. The users on Twitter were concerned that the market was being moved by large-scale trades.

Nevertheless on November 19 Bitfinex made an announcement on Twitter stating that both fiat and crypto withdrawals are functioning normal and that the statements were FUD aimed to create a market disrupting event.

The users still continue to be anxious about their financial status bewaring that such problems might eventually lead to the company's crash. Bitfinex claimed that the formal announcement towards the recent allegations is forthcoming.

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   202

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.