Satoshi Pie liquidation

Satoshi Fund reports on liquidation of recently hacked Satoshi Pie
31 July 2017   1508
Ethereum

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

Despite the fact that the hackers from the White Hat Group returned the funds they have saved to Satoshi Pie (about $7m as ethers and tokens back), the investment fund stops registering new accounts and accepting funds. 

As the company reports, one of the reasons for such a decision is that The Securities and Exchange Commission has declared The DAO tokens as securities. Thus, it increases the risks related to the token issuance.

Blockchain

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

Besides, taking into consideration that the best part of customers does not acknowledge the risks of investing to blockchain assets and that the token issuance risks have increased, Satoshi Pie team have decided to give up storing the customers’ blockchain assets under control and switch from custodian to software manufacturer.

Therefore, having considered all pros and cons, we have decided to liquidate Satoshi Pie.
 

Satoshi•Pie team

Therefore, part of the customers had invested at a higher price than now and the immediate Satoshi Pie elimination will hurt them as they expected to put money under management for the investment period of about 18 months upon the recommendation. Consequently, Satoshi Pie is planning to fulfill its obligations of fund management within the following 18 months. However, due to the increased risks, the management fee will be raised, the company details. 

The goal of the transformation is to enable future changes of fund management that will allow Satoshi Pie not to hold the customers’ assets under direct control. 

The transformation plan

  1. Satoshi Fund stops registering new accounts and accepting funds for Satoshi Pie token issuance.
  2. The redemption of tokens will be held weekly within the next 18 months. The company removes the redemption limit planned before.
  3. On the 31st of January, 2019 the Pie will be liquidated. All non-redeemed funds will be sent for charity purposes to communities like White Hat Group.
  4. Till the 31st of January, 2019 Satoshi Pie is planning to launch an investment product of the next generation, which will not require any trust to them as private key keepers.
  5. For the next 18 months the company is setting a monthly management fees of 0.2%. They are increasing the trading fees to 0.25%.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   109

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.