SatoWallet has revealed details of the challenges facing the exchange platform. The details were made known by the CEO of Satowallet, Samuel Benedict.
According the “report” published on Medium, the CEO gave revealing account of the journey so far. SatoWallet gained global attention immediately it was founded in May, 2017 due to the commitment of the team in improving the project by adding new features.
Satowallet revealed that exchange community grew so large and thus Customer Support became a great priority as users had to be satisfied at all times.
In the mid of 2018, the exchange decided to transit from a mobile wallet to a mobile exchange allow users to exchange crypto assets with their mobile phones. This was available in iOS, Android and PC devices.
This upgrade according the Satowallet necessitated the increase of the staff capacity to a quarter of a 100. While there had been cyber attacks on the platform, these were not successful as the security of the platform was continually worked upon.
A year after the transition from mobile wallet to mobile exchange, Satowallet had another major development achievement. Based on users’ feedback, it decided to have a web exchange platform which was to be connected to the mobile App already in the market.
During the period of the upgrade, scammers impersonated Administrators of the exchange of Telegram and were able to collect user login details. This was used to drain the account of users when the platform went live. Though the stolen fund was refunded by Satowallet, this resulted in the enforcement of KYC as an extra security measure for securing users accounts.
“This has done so much damage to my company, satowallet and her users and my personal life and finance.” – Samuel Benedict, CEO, SatoWallet.
The institution of KYC created a stable system for months according to the Report and then, seeing the stability of the system, the KYC policy was reviewed and removed allowing users to transact easily. The removal brought again another wave of scammers tricking users to provide their login details and 2FA and withdrawing their funds.
The scammers’ activities made Satowallet to make withdrawals from the platform manual but this was met with complaints from users of the platform.
In August, 2019, CEO, Samuel Benedict said he woke up to several messages from users saying they couldn’t access the platform. This was confirmed when the developer team discovered that 9 servers (for wallet nodes, app and web) were down.
“That server is no more”
The data center OVH.com which houses the dedicated server that cost $6500 monthly and SatoWallet has been using for about 2 years was reached out to. That was the beginning of the challenges which SatoWallet is currently facing.
Satowallet reached out to OVH.com to get to know what was happening but until a days was something done to get the platform online. The platform came back online but some database data was lost.
Refusing to give up, Samuel Benedict continued saying Satowallet started installing the wallet nodes of all crypto assets on the platform through the “wallet.dat” backups so the platform can get up running.
Once the installation was complete, Satowallet noticed that the cryptoassets on the platform were no longer there from the backups and private keys, this was when it contacted the OVH.com again hoping to get access to the main servers.
Satowallet revealed it also accused OVH.com of fraud and trying to steal the server containing the wallet servers.
OVH.com replied via a representative as seen on a Skype chat screenshot presented by Samuel Benedict that the server is no more due to accusation and they will publish post.
OVH.com stopped reply messages to give further explanations and this was when the exchange attorneys were contacted on the best approach to the issue. But all details of their location have been removed from their website, Satowallet said.
Describing the issue as the most traumatic experience in his life, CEO, Samuel Benedict said they tried to contact several investors to see if they could remedy the situation but there was no positive response. Adding to issue on ground, the CEO said upon getting to the office few days later, 70% of its workers had tendered their resignation expressing fear their salaries might not be paid based on the challenges on ground.
Sam Benedict said “it’s hard for me to even believe what happened,” and for the next step forward, he said “therefore I decided to seek merger while our lawyers are working to track down OVH team as they were not responding on any social media or contact.”
On the 23rd of September, 2019, Satowallet revealed that OVH.com disabled the new web and app server after the accusation of fraud by the exchange platform. Similar complaints was also found upon checking the Facebook page of OVH.com
Ending the “detailed report”, SatoWallet called everyone to join hands to help in tracking OVH.com and seeing the saga come to an end. He commented saying “this has done so much damage to my company, satowallet and her users and my personal life and finance.”
Samuel Benedict continued saying
“I am totally open to every positive contact as I still do not believe our funds are lost. I will never scam anyone of $1; if I wanted to do that then i would not have made my personality public from day one running my company for 8 years now.”
I see no reasons why I would want to scam, Samuel Benedict concluded.
OVH is a French cloud computing company that offers VPS, dedicated servers and other web services. The company was founded in 1999 by the Klaba family and is headquartered in Roubaix, France. OVH is incorporated as a simplified joint-stock company under French law.
Enhancing Protection, Bittrex Secures $300m Digital Asset Insurance
Cryptocurrency exchange Bittrex, Inc announced it had secured a $300 million digital asset insurance.
The insurance obtained secures named crypto assets in its cold storage system.
The blockchain technology and cryptocurrency exchange firm said it worked closely with the world’s leading insurance broker and risk adviser, Marsh, in placing the coverage with Arch Syndicate 2012, an organization which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.
The approval for insurance coverage according to Bittrex comes after successfully demonstrating its extensive internal security and compliance protocols.
The coverage is up to $300 million in assets in cases of external theft and internal collusion.
The underwriters were not disappointed upon learning of the ‘best-in-class‘ technology Bittrex has. And the fact that ‘a growing number of cryptocurrency exchanges around the world are also built on the Bittrex’ technology owing to the confidence in the platform, Bittrex claims.
Speaking on the insurance coverage, the CEO of Bittrex, Bill Shihara, was quoted saying “Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,”.
He continued further saying “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies”
Co-leader of the global leader in insurance and risk management firm, Marsh’s Marsh’s Digital Asset Risk Transfer (DART) team also commented saying “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,”
“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.
Waves.Exchange launches Secure Decentralized Staking offering up-to 30% Annual returns
Waves.Exchange has launched its decentralized staking allowing users to securely stake their tokens and earn passive income of up-to 30% annually.
The exchange rewards users with profits made based on the proportion of tokens staked on the platform.
According to Waves.Exchange, many crypto exchanges currently offering staking services but argued that only decentralized staking can guarantee users’ security and true control over their crypto assets.
In centralized exchanges, staked tokens become working capital for the exchanges since the tokens are transferred from the wallet of users to the exchange’s wallet thus losing control over the asset.
Waves.Exchange emphasized that its decentralized staking offers users control over their crypto assets yet allows earning. The service is unique because Waves platform uses the POS consensus algorithm and pays out rewards with the generation of every block.
“the exchange has no access to users’ funds: no one can block staked assets or interfere with users’ ability to collect passive income in any other way.”
It works by letting users to simply sign a special transaction that allows their WAVES to be used by a specific Waves node to generate new blocks. In return, users collect a percentage of the resulting block rewards.
Neutrino Dollar as an alternative
The exchange also offered alternatives, this comes in the package of the Waves decentralized stablecoin, the Neutrino Dollar. The Neutrino Dollar is described as 0″an algorithmic stablecoin pegged to the US dollar and underpinned by Waves’ PoS network.”
According to the exchange, all Neutrino coins are held in a smart contract and users can send their Waves to the smart contract and exchange them for the stablecoin at any time.
The transferred Waves are used by a Waves node as part of a generating balance with users getting daily payments earnings in the Neutrino Dollar.
The exchange boast of higher rates, security and control of funds than traditional financial tools. Quoting the exchange, it said “While daily earnings will fluctuate based on WAVES’ price dynamics — which, in turn, depend on a number of wider factors affecting the crypto markets — USDN staking can still bring annual returns of up to 30%.”
Naijacrypto Announce Support for XRP Days After Paystack Integration Allowing Buying of Crypto Easier
Nigerian cryptocurrency exchange Naijacrypto has added support for Ripple XRP on its platform. The announcement comes days after the exchange integration of paystack into the exchange.
Naijacrypto is one of the several Nigerian owned cryptocurrency exchanges offering locals the ability to easily buy and sell cryptocurrency.
Founded in March, 2019 and has grown offering unique services to users, as well as providing access to an OTC market for a wide selection of digital assets.
The Paystack integration allows customers to purchase cryptocurrency using their debit card thus eliminating the friction existing in buying and trading cryptocurrencies.
In a video, Chiagozie Iwu of Naijacrypto also mentioned certain changes already carried out in the exchange platform and several more to come.
According to the video update, changes such as in KYC has seen improvement and is more user-friendly.
Users are not mandated to submit identifying documents until the point of withdrawal. In security of the platform has also seen some improvement as users can now choose between available authentication methods.
According to Mr.Chiagozie Iwu, “This is to give you more security features or based on your preferences basically”
Buy Bitcoin Page & Naijacrypto Academy
Naijacrypto also talked about the creation of a page that will allow users to quickly buy bitcoin with few clicks thus simplify the whole process of getting bitcoin.
The update also the intention of the crypto exchange to launch the Naijacrypto Academy.
The Naijcrypto academy will serve as a platform for educating new users in crypto generally. According to the CEO, Chiagozie Iwu, more details will be coming out soon.
And in the coming days, New cryptocurrencies will be added to the platform and one of such being Bitcoin Cash.
Huobi Launches Brokerage Platform Targeted at Institutional Clients
Huobi Group, parent company of Huobi cryptocurrency exchange has launched a cryptocurrency brokerage platform, Huobi Brokerage. The brokerage platforms aims to attract institutional investors, especially those with great appetite for crypto products.
The announcement came at me World Economic Forum #WEF at Davos on Tuesday, 21st January, 2020. The platform named Huobi Brokerage is currently available in major jurisdictions where the exchange is currently present with exception to the People’s Republic of China.
Global Institutional Business (GIB)
The new service from Huobi is a part of Huobi’s Global Institution Business (GIB), an arm of Huobi with special interest to control its institutional-oriented businesses. It was established in November, 2019.
Huobi in a statement stating the function of the GIB said “The initiative, named Global Institutional Business (GIB), will see the creation of a team to offer and support services including contracts, exclusive benefits for VIP traders, and a dedicated fiat desks for institutional clients, as well as additional plans for custody services.”
According to Huobi, the firm since the third quarter of 2019 has seen an increase of up-to 400% growth in institutional clients with about 1,700 investors onboarded already.
With offices across a couple of continents, the Huobi GIB aims to be at a top priority for Huobi as it continues to grow globally.
According to Huobi Group vice president Ciara Sun, “2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand. As we enter the next phase of crypto, Huobi staking an active role in setting new standards for institutional and retail clients alike,”
The race for institutional clients continues to grow increasingly stronger as the industry grows in maturity. Coinbase is also expanding its custody business across the world.
However, as Huobi plans to initiate its custody business in the coming months, it hopes to through its venture aims to set new standards for institutional clients in the industry.
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