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.
$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn
Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.
CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.
According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.
For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.
Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.
He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.
CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”
He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”
According to Binance, following the burn, there are still 185,474,825 BNB remaining
Kubitx Exchange now listed on Coinmarketcap
Cryptocurrency exchange Kubitx has now been listed on cryptocurrency market data aggregator, coinmarketcap.
The data aggregator has only added few information on the exchange. There is currently no data showing assets tradable on the exchange, the trading volume has also not been added.
As a new addition, the only information available on the cryptocurrency market aggregator for Kubitx are the URL to the; website, to the official Telegram group, to the Medium account and to the Twitter social media account.
In addition to the links, coinmarketcap also added a description of the exchange.
“Launched on 20/12/2018, KuBitX Exchange is a centralized exchange based in Seychelles and Malta. It supports OTC/IEO. It is reportedly connected to African payment gateways.”
KubitX is a digital asset marketplace designed to be elegant, advanced, fast and secure for trading digital assets. It has its native token, the KBX.
It’s also has the KBX Payments Remittances & OTC Wallet (PROW) which lets users earn passive income on every spending they or their referrals make. It also enables users to enjoy discount when payment is made with the KBX token.
Earlier this year, in the month of May, KubitX revealed it had attracted seed investments, thought it didn’t reveal the investors, KubitX mentioned it was “some” operational funding.
In September, after the seed investment, KubitX unveiled its ambassadorship program which commenced operations on the 10th of the month. The program lets what it called “foot soldiers” to market the project to the African continent showing people what they can do with the KBX.
Binance Launches Ninth Phase of Binance Lending
Leading cryptocurrency exchange Binance has launched the ninth phase of its lending product.
The ninth phase which is scheduled to commence from the 16th day of October, 2019 will carry a 14-day fixed term with six lending products offered.
Like previous phases, subscription for this ninth phase will be a first come first served basis. Subscription is expected to commence from the 16th of October at 12:00 PM (UTC) to 0:00AM on the 17th.
For the ninth phase, Binance offers six lending products to the public.
The BNB Lending product carries a total subscription cap of 1, 000,000 BNB with individual cap set at 5,000 BNB at an interest rate of 6%.
Bitcoin BTC Lending product carries a subscription cap of 1,000 BTC with individual cap set at 20 BTC generating interest rate of 3%.
BUSD and USDT has a total subscription cap of 10,000,000 and individual cap of 1,000,000. However, interest rates are 10% and 6% respectively.
ETH Lending products offers total subscription cap of 10,000 ETH at 6% interest rate with personal subscription cap set at 1 ETH.
MATIC Lending product bears a 6% interest rate with 20,000,000 and 200,000 total and individual subscription cap.
CZ, CEO of Binance has revealed that funds received from lenders are used by Margin traders while the interest paid to lenders are obtained from fees paid by traders on its margin trading platform.
Interest calculations begins from the commencement of the subscription period to the 30th of October, 2019 at 12:00 PM (UTC).
Payment of interest is immediately after loan term matures.
Binance revealed that the BNB balanced committed into Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.
Tokyo-based Cryptocurrency Exchange Adds 5 New Altcoins to Its Europe and US Platforms
Bitflyer, a Japanese cryptocurrency exchange based in Tokyo made this announcement very recently. It recently announced the addition of new cryptocurrency offerings on its trading platforms. The five new altcoins will be added to its Europe and Us platforms. The European platform will have access to: Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). The US customers will have immediate access to three of these coins: BCH, ETC and LTC.
Bitcoin anticipates that by adding these new Altcoins, it is expanding its buy/sell offer. This will, therefore, give its customers instant access to some of the largest altcoins in the world. These coins have already been made available to its Japanese customers. The firm admits that the response from its Japanese customers was tremendous. This is possibly a motivation for the extension of two of its most significant customer bases- US and Europe. With Bitflyer’s experience in Japan, it believes it can offer the same to its European and US customers. Its standards of simplicity, efficiency and transparency to current Bitcoin and Ethereum traders would be maintained.
Bitcoin has made efforts to upgrade its products and services. It joined forces with Tpoint Japan last month to launch a Tpoint program. This program enables users to acquire T-point rewards while making Bitcoin purchases. The T-points acquired can then be used to earn Bitcoin.
Bitflyer partnered with Sumitomo Corporation in July to transform the real estate industry in Japan. With this project, the rental customers can complete a house renting process using their smartphones. The Miyabi blockchain which is driven by smart contracts will bring about a revolution in the country’s rental processes. Thus, reducing time and administrative costs incurred in handling such issues. It is obvious that Bitflyer is out to provide service upgrades to its customers this year.
FEATURED4 days ago
An open-source map to the Pan-African Blockchain Ecosystem
Exchange2 days ago
Kubitx Exchange now listed on Coinmarketcap
Press Release4 days ago
CampusBCAT2019 Train Moves to OAU after a Spectacular Uniport Event
News2 days ago
Nile University has partnered with Cryptography Development Initiative in Nigeria (CDIN)