China & Tencent to Fight Blockchain Security Risks

Vice President of Tencent Bin Ma announced the creation of the China Blockchain Security Alliance
22 June 2018   489

Technological giant Tencent began to cooperate with the Chinese government on combating the risks associated with the blockchain, CoinDesk reports.

Tencent's Vice President Bin Ma announced the creation of the China Blockchain Security Alliance during the Blockchain Security Forum in Beijing.

The forum was organized by the Association of Technology Markets of China and is aimed at coordinating the work of various organizations on the "healthy development of the blockchain industry".

The security alliance of China's blockchain will include Tencent Security unit, as well as the Blockchain Case Study Center, the Association of China's Technology Markets and more than 20 public and private institutions.

The decision to form the structure was made against the backdrop of an increase in the number of crimes related to the blockchain in China. In April, the state edition of Xinhua reported that the Xi'an city police in the central part of the country suspended the activity of the financial pyramid, in the promo materials of which the developing technology was mentioned. The victims of the scheme are over 13,000 investors who invested about $ 13 million in 17 days.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.