US Government Arrests The Owner of BitFunder

According to U.S. Attorney's Office Southern District of New York a founder of BitFunder, a bitcoin-denominated stock exchange was arrested
22 February 2018   1084

Today, the U.S. Justice Department following an investigation that involved the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC) unveiled the charges against Jon Montroll.

According to the SEC press release, the commission is pursuing civil charges against Montroll in a separate action, alleging that he operated an unlicensed securities exchange and defrauded investors.

The case goes back to an earlier period in bitcoin's history when websites like BitFunder were more common. BitFunder was shuttered in late 2013 and acted as a service to cryptocurrency exchange WeExchange.

According to the Department of Justice's complaint, BitFunder was the target of a hacking effort that enabled those behind the attack to credit themselves funds. As a result, roughly 6,000 BTC were withdrawn from WeExchange.

According to the agency, it alleges Montroll operated BitFunder as an unregistered online securities exchange and defrauded exchange users by misappropriating their Bitcoin, and also for failing to disclose a cyber attack on BitFunder’s system that resulted in the theft of roughly 6,000 BTC.

Contemporaneous digital evidence, including chat logs and transaction data, revealed that the Balance Statement was a misleading fabrication. Three days into the Exploit, Montroll had participated in an internet relay chat with another person in which he sought help in tracking down "stolen coins." When that did not work, Montroll transferred some of his own bitcoin holdings into WeExchange to conceal the losses. The Exploit, however, continued. By the time of the Balance Statement, WeExchange actually held thousands of bitcoins less than Montroll had asserted through the false Balance Statement.

The Justice Department

According to the statements, Montroll is accused of further misleading SEC staff after being confronted by SEC investigators.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.