Foxbit Exchange to be Offline Until March 26

At first, Foxbit reported that it should be back online by March 14, but now the exchange changed the date stating that the platform will be offline until March 26
19 March 2018   1196

The headlines were recently hit by the news regarding Foxbit, Brazilin cryptocurrency exchange, which went down after the bug which allowed its users to withdraw their BTC balances twice. The total loss was estimated at 30 Bitcoins. 

The company founders held a livestream on March 13, stating that the users's funds are protected, and that they have a special fund to cover possible losses and the funds in Portugese national currency are safe in bank accounts. They stated that the platform was neither hacked nor robbed.

At first, Foxbit reported that it should be back online by March 14, but now the exchange changed the date stating that the platform will be offline until March 26.

The platform will come back, but it is not in our interest to hold any user’s balance, be it in real or bitcoin. It is a solvent company and there is no problem if all users make withdrawals.
 

Foxbit Founders

The representatives of Foxbit exchange recommended its users not use the exchange as a wallet, and to store funds in their own separate cryptocurrency wallets in order to avoid loss of funds.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   114

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”