Indian Crypto Exchanges to Suspend Trading

BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading from March 5 and March 1 respectively
01 March 2018   363

As Economic Times portal reported, Indian cryptocurrency exchanges BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading. 

BTCXIndia is a famous India’s crypto token exchange, and a venture backed company based out of Hyderabad. It used to provide real time trading of crypto tokens and INR and operating at the high levels of security and reliability with an XRP wallet and exchange.

It has recently emerged that BTCXIndia sent emails to its users stating that it stops accepting deposits from January 1, 2018, and halts trading from March 5, 2018. The same message appeared on the main page of the exchange.

Btcxindia exchange announcementBTCXIndia announcement

ETHEXIndia cryptocurrency exchange has posted a similar message on its website stating that customers should withdraw their funds before February 28 as the exchange stops ETH trading from March 1, 2018.

ETHExindia trading announcementETHEXIndia announcement

Such announcements of Indian exchanges may apperar in the aftermath of complicated relations between government regulators, banks, crypto exchanges. For instance, the Reserve Bank of India issued a statement in December comparing cryptocurrencies to ponzi scheme and warned people to stay away from virtual currencies such as bitcoin.

In the beginning of February 2018, we have reported that 100,000 tax notices were sent to investors by the income tax authorities of India, as cryptocurrency is not considered legal tender in the country, but still requires taxes to be payed for any operations with it.

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   48

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.