Huobi to Halt Stablecoin Trading

It is temporary measure in order to launch HUSD version 2.0, which brings a lot of new
25 January 2019   609

On January 24, the Huobi cryptocurrency exchange will launch the second version of the HUSD tool exchange tool. For the period of renewal, the site will temporarily suspend the input / output of stablcoins, the company said in an official statement.

The new version of HUSD eliminated the fixed exchange rate (1: 1) and the automation of this procedure. Now, the stablecoins are exchanged at the market rate in US dollars in accordance with the fiat-cryptocurrency pairs of the largest stock exchanges. The exchange time and the volume of the transaction are determined by the users themselves.

So, if the user exchanges 1,000 PAX for HUSD while the PAX / HUSD rate is at 0.9998, he gets 999.8 HUSD, and not 1000, as before. In the same way, the exchange works in the opposite direction.

Work of HUSD V2.0 in test mode will continue until February 25. During this time, the exchange will analyze user feedback on the functioning of the updated tool.

Note that HUSD allows to exchange PAX, TUSD, USDC and GUSD stablecoins, and the tool itself is not and cannot be withdrawn from the exchange.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   88

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.