BitGrail Must Stay Close, Italian Court Says

Decision was made at the request of the law firm, acting on behalf of more than 3000 BitGrail users, who are still trying to recover the stolen funds
24 May 2018   977

The Italian cryptocurrency exchange BitGrail will not be able to open in the near future, despite the attempts made by its founder, CCN reports.

Court in Florence upheld a preliminary decision to restrict the activities of the exchange, which is currently undergoing bankruptcy proceedings, preventing it from restarting the auction.

The preliminary decision was made at the request of the law firm BonelliErede, acting on behalf of more than 3,000 BitGrail customers, who are still trying to recover the stolen funds from the site. In February, BitGrail reported that it lost about $ 170 million in the Nano crypto currency.

BitGrail operator Francesco Firano blames crypto currency developers who allegedly left a vulnerability in their protocol, which allowed an attacker to withdraw funds from his exchange.

The Nano Foundation in turn stated that they have "reliable evidence" that the hacking was possible because of the bug in the software of the exchange, rather than their cryptocurrency. The organization also created a foundation to help victims of the attack recover the stolen funds.

Firano tried again to launch his exchange on May 2, but was forced to close the site only 3 hours after the opening, because he received the appropriate order of the court.

According to BonelliErede, the court also decided to confiscate the remaining assets of the exchange and appoint a special administration to manage them.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.