Bitrue merges CeFi & DeFi – First hybrid crypto exchange

Bitrue merges CeFi & DeFi – First hybrid crypto exchange

Leading digital financial services platform Bitrue has today announced upgrades to its existing services that will introduce the benefits of Decentralized Finance (DeFi) products to its existing Centralized Finance (CeFi) products. This will allow Bitrue to become the world’s first hybrid exchange, with further pushes into DeFi products planned for the future.

The first DeFi service will be a peer-to-peer matching engine connecting borrowers and lenders, with borrowers receiving interest on the coins they add to the liquidity pool. The service is expected to launch in Q1 2021.

Bitrue Financial Services will be supported through a new cryptocurrency token, Bitrue Finance Token (BFT), which will be distributed to Bitrue users starting this week and listed in mid-September.

In keeping with the spirit of DeFi, Bitrue will also be implementing upgrades to their existing loan service​, starting with a move to make publicly viewable the wallets that contain collateralized funds. The increased transparency will be a step towards giving users as much power over their finances as possible.

DeFi products have seen stratospheric growth in 2020 and represent a clear future for the digital asset industry. In this nascent stage activity has focused almost exclusively on Ethereum-based ERC20 tokens, which excludes 70% of digital assets, including major coins such as XRP. Bitrue’s new hybrid model will progressively facilitate cross-chain interaction of all major blockchains, thereby providing users with a one-stop shop for all of their coins.

“The inherent trustless nature of DeFi means that our users can always be 100% satisfied that they are getting fair deals. It fits perfectly with the very reason that we started Bitrue – to provide financial services that bring equitable opportunities to all people, instead of enriching the elite few at the top. At Bitrue we have users with a wide range of backgrounds and requirements – from ordinary users who are building up nest eggs to large institutions looking to control their risk. These people all have different requirements and expectations towards cryptocurrencies, and the new capabilities we can offer as a result of this hybrid model will be able to satisfy these wide-ranging needs.” said Curis Wang, CEO of Bitrue.

About Bitrue

Launched in July 2018, Bitrue is a diversified financial services platform with support for trading, loans, and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. They have offices worldwide and continue to develop new features at a rapid speed to fully service the new wave of the digital economy.

Source: Cointelegraph

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Chainlink Acquires Blockchain Oracle Solution From Cornell University

Chainlink has made its second acquisition with Cornell University’s privacy-preserving oracle solution DECO for an unrevealed amount. 

Deco Co-Founder Ari Juels will be joining Chainlink as a Chief Scientist. Since 2014, he has been teaching at Cornell University, one of the premier blockchain hubs in the world. He took leave to focus on Chainlink’s work.

The term “proof-of-work”, was coined by Jeuls and Markus Jakobsson, his research partner. DECO also claims to leverage how HTTPS/TLS data is transmitted for more secure web practices. 

As per DECO’S website reads, “DECO is also useful for users who want to monetize their own data (and therefore prove that they are indeed providing correct data) without giving away anything but the data that they are selling.”

As per Chainlink’s co-founder Sergey Nazarov, the integration of DECO will potentially create new use cases apart from an increase in the security of the project’s infrastructure.

Nazarov said,

“DECO-enabled Chainlink oracles will have big implications for smart contracts across the enterprise, consumer, and even DeFi applications. Basically, any smart contract that was previously limited by private data will soon be able to function on a public blockchain like Ethereum without revealing any confidential information to the blockchain.”

Nazarov mentioned DECO can be used as a basement for some crypto wish list items, such as decentralized identification or permissionless credit. For example, he said by pulling data from a DMV while hiding the individual’s birth date DECO can prove a person is over 18.

Nazarov said that DECO will one day allow a smart contract to check off-chain credit data such as banking records without overreaching into personal data. He also said that in the DeFi space, DECO can create endless possibilities.

South Korean Crypto Exchange Coinbit Seized for $84 M in Wash Trade Allegations

South Korea cryptocurrency exchange Coinbit seized by police for allegedly making false transactions to obtain 100 billion won ($84m).

As per the report from Seoul Shinmun, South Korea’s oldest newspaper, police accused Coinbit Owner Choi Mo and other managers for handling multiple accounts, controlling cryptocurrency prices, and raising transaction volume. 

Authorities disclosed that the exchange has divided into two functional accounts. The first account consists of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT). Here using ghost accounts the trading was done to inflate the trading volumes.

The second account contains only smaller crypto and altcoins, wherein crypto transactions with other exchanges were stopped, enabling Choi and his team to control the supply. With this strategy, they were able to directly analyze the market margin by trading large amounts of coins at certain times.

The report findings were withheld to the public until the police completed their investigation. As of press time, Coinbit declined by -2.16% (7d) in terms of trading volume. 

A wash trade is generally a form of market manipulation in which an investor simultaneously sells and buys the same asset to create misleading and artificial activity in the marketplace deemed illegal in most jurisdictions.

Coinbit only had 252,000 visitors within the last three months, being overtaken by Bithumb and Upbit. The number of affected customers by the incident were still unknown at this time. As South Korea continues to draft crypto laws, there is concern that more attacks like these could follow.

Likewise, the executives of UPbit, also one of South Korea’s largest cryptocurrency exchanges, have made fraudulent transactions using a fake corporate account to make fake orders worth 254 trillion won ($226.2 billion) to inflate trading volume back in December 2018.

Russia’s Top Crypto Exchange Website was Blocked by Telecom Regulator, an aggregator of over-the-counter (OTC) cryptocurrency suppliers in Russia, is being blocked by the country’s internet censorship agency, Roskomnadzor.

According to the popup announcement on, the website is still available to the users through VPN or websites like

Website block announcement is made on local social media, stating that website was blocked alongside a bunch of other industry sites. As per the public court records, Roskomnadzor blocked alongside websites like and 

As per the SimilarWeb data, BestChange saw almost 3.3 million traffic in July, with most of them coming from Russia, Ukraine, and Turkmenistan.

Although the court-approved BestChange website blocking on Jan. 22, the company only notified on July 23.

BestChange Head of Public Relations Nikita Zuborev said,

“We always hear about the lawsuits accidentally, we never get a subpoena [in time] and our lawyers always have to request a time extension to appeal first and then get to the lawsuit itself.”

The lawsuit also targeted cryptocurrency news websites and even an online shop was offering bitcoin for sale or goods in exchange for bitcoin.

The website was first blocked in 2017, but the website remains available through a VPN. Again the website was blocked in 2019.  

Bitcoin is not illegal in Russia, but it may not be used as a means of payment. On July 31, Russia’s President Vladimir Putin signed that starting from January 2021 payments in cryptocurrencies like Bitcoin are going to become illegal.

290 Hacks Have Robbed The Crypto Industry Over $13 Billion

According to blockchain security firm Slowmist, hackers have looted the crypto industry of more than $13 billion in 290 different hacks.

As the crypto industry grows, the exploits seem to happen weekly either on an exchange, a blockchain, or a crypto wallet. The crypto users and investors must take precautions on storing their crypto assets.

The market is entering the bullish territory and the size of malicious attack is expanding, only in August there are several issues, such as the exploitation of the DeFi option provider, Failure of YAM v1 because of a rebase bug, and two attacks on Ethereum Classic.

More than $142 million worth of hacks happened in Ethereum based protocols, and over $1.15 billion damage resulted due to ERC-20 exploit. The centralized exchange has given up $4.6 billion to hackers. CISO Jason Lau said,

“Unfortunately, like the mainstream/traditional finance industry, crypto is not immune to hacking. Bad actors and hackers follow the money, and the recent strong performance of crypto markets has made exchanges especially attractive targets.”

With 115 has EOS DAPPS leads the way. Ethereum DAPPS has been hacked 21 times and TRON DAPPS hacked 20 times, respectively. Still, each hack helps the industry grow stronger with long-term security measures.

One recent hack to be noted is the Ryuk ransomware hack, in which over $1 million worth of bitcoin was sent as payments to controllers and passed through a wallet on the Binance exchange platform.

Bitmex Restricts Ontario Residents As Mandated By Candian Regulators

Bitmex, a cryptocurrency derivative exchange will restrict access to users from Ontario, Canada, starting from Sep. 1, 2020, restrictions are mandated by the Ontario Securities Commission (OSC).

The Ontario Securities Commission (OSC), an independent Crown corporation,  responsible for regulating the capital markets in Ontario. OSC’s statement comes not long after BitMEX authoritatively announced that the platform will be confining access to users in Ontario.

Bitmex said,

With effect from 00:00:00 EST on 1 September 2020, we are restricting access to users who are Ontario (Canada)…The restrictions are mandated by the Ontario Securities Commission.

Bitmex refused to give more information about the regulatory status of its operations in Canada, staying hazy whether the trade works legitimately across the nation.

According to the exchange’s terms of service, any attempt to register or trade on the exchange after Sep 1 will be considered as a breach of the company’s.

The exchange says that it will continue to work with the OSC and will keep its users updated.

OSC has always been active in the crypto industry. It was given preliminary approval in late July, for the initial public offering (IPO) of the 3iq Corp company’s Ether Fund. The IPO of 3iq’s Bitcoin Fund was also approved by the regulator.  

OSC also started the proceedings against the cryptocurrency exchange Coinsquare last month for market manipulation and wash trades worth 590K Bitcoin, as well as other charges. 

Bitmex not only restricts service in Ontario. As per the exchange’s terms of service, residents of Québec also are not allowed to access the platform.  

The exchange is also restricted from operating in the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Crimea and Sevastopol, Iran, Syria, Cuba, North Korea, and Sudan.

Ryuk Ransomware Hack Wreaked $1M Bitcoin Withdrawal on Binance Exchange

Ryuk Ransomware Hack Wreaked $1M Bitcoin Withdrawal on Binance Exchange

Researchers have traced over $1 million worth of bitcoin sent as payments to Ryuk ransomware controllers and passed through a wallet on the Binance exchange platform.

According to an article from Forbes, the researchers said they had analyzed a sample of 63 transactions, linked to the Ryuk malware that was worth around $5.7 million in total, in which the FBI estimated that over $61 million have been stolen using Ryuk ransomware. 

Of the $5.7 million, hackers were able to withdraw $1 million from a Binance wallet into cash. Researchers found that hackers are still holding the remaining $4.7 million on non-exchange wallets. 

 In the Forbes article, Binance admitted,

“Unfortunately, when it comes to tracking illicit activity on-chain, attribution is not always black and white… The recipient may be completely unaware of the fraudulent source of the transaction”

Binance has numerous security systems in place, using various techniques to identify scams. The system is under continuous improvement to ensure the utmost vigilance. For such scamming activities and minimizing the risk of false-positive results.

Binance recently partnered with law enforcement in Ukraine to help identify a gang of cybercriminals who are trying to launder $42 million through the exchange.

In recent times, these ransomware hackers have been targeting hospitals and healthcare providers amid the COVID-19 pandemic, according to Interpol. These hackers would encrypt their victims’ data before demanding cryptocurrencies such as Bitcoin to unlock them.  

Ryanair CEO Says, “I Have Never, and Would Never, Invest One Cent in Bitcoin”

European low-cost airline giant Ryanair CEO Michael O’Leary has come out very bearish on Bitcoin, adding that everyone should avoid the world’s number one cryptocurrency Bitcoin  “like a plague”.

O’Leary said,

“I would strongly advise everyone with any shred of common sense to ignore this false story and avoid bitcoin like a plague.”

O’Leary recently told The Sunday Times he would never invest “a cent” in Bitcoin and compared this to a Ponzi plan. He continued showing harsh criticism on Bitcoin after he was inadvertently involved in promoting a cryptocurrency scam called Bitcoin Lifestyle.

A fake interview with “The Late Late Show” host Ryan Tubridy in which O’Leary encourages the audience to invest their money in fake projects is featured on numerous high-traffic websites to draw potential investors.

Along with O’Leary, many well-known personalities Simon Cowell, Sir Philip Green, Holly Willoughby, Lord Sugar, and Jeremy Clarkson are the latest high-profile personalities to feature in a bitcoin scam, operated by fraudsters who steal celebrities’ images to lure crypto investors.

As probably the most notable recent incident, back in July, major social media giant Twitter suffered a major security breach that compromised the accounts of 130 high profile individuals including Microsoft’s Bill Gates, Tesla’s Elon Musk, and Kim Kardashian West, among others.

The underlying motive of these scams is to use these high profile individual’s public image to gain trust in the public and make them part with their funds to the benefit of the scammers. Sometimes their attempts fail, but unfortunately, often they succeed.

CoinBase-Apple-Crypto Exchange

Coinbase CEO Says Apple Still Restrictive and Hostile Towards Cryptocurrency

On Aug 23, Coinbase CEO Brian Armstrong Tweeted about the $2 trillion tech giant Apple for being very restrictive and hostile to the cryptocurrency in the past few years.

Brain said,

“Apple has been very restrictive and hostile to cryptocurrency over the years. They’re still blocking some functionality right now, including the ability to earn money with cryptocurrency by completing tasks, and unrestricted dapp browsers.”

Through Coinbase Earn platform users can earn cryptocurrency by just learning about cryptocurrency by watching videos and answering quizzes. Brain says that Apple now wanted to block the earning platform. 

Apple seems to have a long history of hostility towards crypto. In December 2019, both Apple and Google’s Android app store Google Play removed DAPPs in its application, since Coinbase wanted to comply with the rules of Apple’s App Store.  Apple users are unable to use DAPPs unfortunately.

In 2018, Coinbase was also instructed to remove access to cryptocurrency collectibles from its iOS app. In 2013, just one month after the launch of Coinbase’s app, it was pulled from the App Store without any explanation.

Although Apple remains on the sidelines of the cryptocurrency boom, last year Vice President of Apple Pay Jennifer Bailey said crypto had long-term potential.

Bailey said,

“We think it’s interesting. We think it has interesting long-term potential.”

Apple is an American multinational technology company that develops, designs, and sells consumer electronics, online services, and computer software. It is one of the Big Tech companies, like Amazon, Microsoft, Google, and Facebook.

Elliptic Partners with Binance, Adds BNB to Blockchain Analytics Platform

On August 18, Elliptic added Binance Chain to its blockchain analytics and crypto asset risk monitoring platform to track any possible illegal activities committed on its blockchain.

Elliptic was the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.  

Binance Chief Compliance Officer Samuel Lim said,

“This partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD.”

Elliptic now provides the broadest coverage of any crypto transaction screening solution with over 97% of all crypto assets monitored by trading volume.

This news follows the addition of 89 new crypto assets to Elliptic’s blockchain analytics platform, including BUSD, Zcash, and ZEN.

In the future, Elliptic will provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain. Binance Coin (BNB) also powers the Binance Decentralized Exchange (DEX) which, in turn, is powered by Binance Chain.

Since 2019, Binance has been using Elliptic’s blockchain analytics solutions and services for its global compliance operations.  The service functions in all regions where Binance operates to help them comply with global and local anti-money laundering (AML) regulatory requirements. 

Elliptic is the global leader in crypto asset risk management solutions for crypto businesses and institutions worldwide. On the other hand, Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite.