Gemini exchange to begin daily ETH auctions

Gemini exchange is going to begin hosting daily Ether auctions
25 July 2017   3371
Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

Digital currency exchange Gemini is to begin hosting daily Ether auctions starting on Friday, July 28th. In prospect the auctions are to be held each business day at 4:00 pm ET.

As Gemini team claims on its blog, such daily auctions increase price discovery and transparency, and they reduce costs across the board by making sure that buyers and sellers don’t miss each other during the trading day. In addition, the auction is to bring its participants the benefits of over-the-counter (OTC) trading without the overhead, hassle, and lack of transparency.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

According to the Gemini team, the actions work pretty simple. Thus, all eligible orders are filled at the final auction price. The final auction price of each Auction is determined by finding the price at which the greatest aggregate buy demand and aggregate sell demand from all participating orders can be filled (i.e., the price at which the largest quantity can trade). The mechanics of this auction are very similar to the closing auction (or “closing cross”) on the major electronic U.S. stock exchanges (e.g., Nasdaq, NYSE Arca, Bats). 

 

This provides an opportunity for both buyers and sellers to trade in an instant of elevated liquidity and price discovery.
 

Gemini Team

As Gemini details, indicative auction prices will be broadcasted through its market data API and website 10 minutes before the auction time, during which it will be updated every minute until the final 60 seconds, with the price refreshing every 15 seconds after that point.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   213

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.