Bittrex to Support US Dollar

Cooperation with Signature Bank will allow corporate customers from several states to buy digital currencies for US dollars
01 June 2018   1291

American crypto exchange Bittrex entered into an agreement with the New York Signature Bank, which allowed the trading platform to add support for the US dollar. This is reported by Bloomberg.

According to representatives of the trading platform, cooperation with Signature Bank will allow corporate customers from several states to buy digital currencies for US dollars. Also Bittrex are sure that this step will attract more users to the exchange and will promote the popularization of crypto assets.

It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.

Bill Shihara

Chief Executive Officer, Bittrex

Trading in the fiat currency will be available in pairs with Bitcoin, Tether and TrueUSD. Initially, this option will be available only for corporate clients from Washington, California, New York and Montana. In the future, the company promises to provide an individual investor with the opportunity to trade "Fiat".

Currently, the client base of Bittrex has about 3 million users. A total of about 200 different digital currencies are represented on the platform.

Investor to File Lawsuit Against Bittrex

Almost $1M worth BTC was stolen from investor's wallet with SIM swapping; acc. to the victim, exchange was inactive despite his warning
05 November 2019   108

The Bittrex cryptocurrency exchange has been sued for SIM swapping, as a result of which attackers stole 100 bitcoins from the user (about $ 920 thousand at the current rate), CoinDesk reports.

As a result of the substitution of the SIM card phone number of venture investor Gregg Bennett from Seattle, hackers were able to access his account on the exchange and withdraw cryptocurrency in the amount of the daily limit.

Bennett appealed to the King County Supreme Court of Washington. He claims that Bittrex violated industry standards and its own security protocols without preventing a major theft. In his opinion, the exchange was inactive during the hacking despite the fact that it had already received a notification and he was in touch with it.

A financial and legal expert at the Washington Office of Financial Institutions, who is considering consumer complaints, concluded that Bittrex “did not take the necessary steps in response” to Bennett’s notice and “appears” to have violated its own terms of service.

The injured investor indicated that the hacking was carried out with an IP address and an operating system that he had never used before. Bennett believes that the exchange was obliged to pay attention to this. In addition, Bittrex did not set time limits for withdrawing funds after changing the password, as other platforms do, he noted.

So far, Bennett has not filed a lawsuit against mobile operator AT & T, but, according to him, intends to do so. Since not only the PIN code was changed in his account, but also other data, including the social security number, Bennett suspects that AT & T employees are involved in the hacking