2023 Fintech and Financing Conference & Expo

Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown

Forbes | | Oct 29, 2018

maple exchange hack - Bitcoin Prices Hold Steady After Sudden Canadian Exchange ShutdownBitcoin prices, along with the wider cryptocurrency market, have held steady following the sudden shut down of a relatively minor cryptocurrency exchange in Canada yesterday.

MapleChange revealed via Twitter that a software "bug" had allowed all of the 913 bitcoin (worth some $6 million at current exchange rates) it was holding to be stolen.

MapleChange attempted to reassure users that it would be conducting a “thorough investigation” but warned it would be unable to make refunds before deleting its social media accounts and taking its website offline. Users now attempting to access maplechange.com are met with a timeout error.

The bitcoin price was little moved on news of the loss, with the market trading sideways over the last 24 hours, according to CoinDesk data.

See:  Cryptocurrency exchange Coinsquare announced it is set to expand into Europe in Q4 2018

The price of bitcoin and other major cryptocurrencies have remarkably stable over recent months, as investors and traders await decisions by regulators, signs of growing user adoption, and interest from some of the world's biggest banks.

Bitcoin exchange hacks remain common around the world despite attempts to better regulate the industry and protect users and investors.

In the UK, where the cryptocurrency sector has been branded a "wild west", the government has promised to improve protections for users by moving bitcoin companies and exchanges under the remit of the Financial Conduct Authority, which looks after the country's extensive banking industry.

While bitcoin and cryptocurrency exchange hacks are never good news, MapleChange's small size will mean the damage is somewhat contained. The MapleChange Twitter account had fewer than 2,000 followers, compared to Binance's 880,000.

Prominent bitcoin and cryptocurrency experts and industry leaders were quick to weigh in on the supposed hack, warning users to avoid smaller or unknown exchanges.

Changpeng Zhao, the chief executive of the world's largest crypto exchange by volume Binance, advised consumers to not use exchanges if they do offer cold wallets.

It was also suggested that MapleChange may have pulled off a so-called exit scam, building up reserves of bitcoin before claiming its funds have been lost or stolen.

See:  FINTECH FRIDAY$ (EP.15-Oct 26): Gearing up Hyperion Exchange, Hybrid Models and Security Tokens with Michael Zavet, CEO and Founder, Hyperion Technologies

Many others repeated the mantra: "If you don't control the private keys, it's not your bitcoin," a phrase used to warn people that keeping their cryptocurrencies with businesses often means they have little proof of ownership.

Continue to the full article --> here


NCFA Jan 2018 resize - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Bitcoin Prices Hold Steady After Sudden Canadian Exchange ShutdownFF Logo 400 v3 - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdowncommunity social impact - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown




Decrypt | Alys Key | Dec 1, 2022 The CFTC chief has proposed that the average crypto investor should get different protection from professional and high-net-worth individuals. In remarks prepared for a conference in Singapore, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said the current regime’s definition of a “retail investor” is too broad, covering everything from average households to millionaires and hedge funds. She added that she was not seeking to cut off the average investor’s access to the markets altogether but would seek public input on what kinds of extra protections should be afforded to these users. Initial ideas include easy-to-understand disclosures and limitations on leverage. See:  CSA releases 2022-2025 Business Plan focused on investor protection She was critical of the shift towards giving users direct access to the markets via trading apps, saying that a broker traditionally adds an extra layer of protection for the customer.  I caution against market structures that remove a broker’s duties to retail customers without a full assessment of what will be lost,” she said. Romero also called for her agency to invoke “heightened supervision” of crypto exchanges, adding she had been calling for such a move internally for months ...
Read More
Pixabay geralt investor protection - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
AUM Law | Nov 30, 2022 The Ontario Securities Commission (OSC) has released its most recent draft statement of priorities (SoP) in OSC Notice 11-797 – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2024. The draft SoP is open for comment until December 22, 2022, and describes the OSC’s key priority initiatives, broken down into one of the following four strategic goals for the year: Building Trust and Fairness in Ontario’s Capital Markets; A key priority under the first goal relates to advancing work on environmental, social, and governance (ESG) disclosures for reporting issuers. Strengthening Investor Safeguards; set out in the draft SoP is to strengthen investor safeguards. One key priority under this goal relates to the Ombudsman for Banking Services and Investments (OBSI). As indicated earlier this year by press release, the CSA is developing a proposal that will provide OBSI with binding decision making authority. See:  ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada Adapting Regulation to Align with Innovation and Evolving Markets; and The first key priority continues to refer to the crypto asset sector. Actions next year will involve continued application of regulatory ...
Read More
OSC statement of priorities feedback - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
Blakes | Karine Russell and Christopher DiMatteo | Nov 23, 2022 While a virtual-reality parallel universe is likely several years away, entirely new areas of law have developed to address the online world. Cyberattack or data breach class actions have become common. Privacy litigation:  If the metaverse develops as anticipated, it will involve the collection of an unprecedented amount of data about users. Platforms could (as they do now) collect data about what users buy in the metaverse, what they look at, and their conversations with other users. However, because a user’s access to the metaverse would be through a headset, much more data could be collected – for example, relating to user movements, physiological responses and perhaps even brainwaves – that will give platforms a deeper understanding of their users’ thought patterns and behaviours. Tort of intrusion upon seclusion where a defendant intentionally intrudes into the plaintiff’s private affairs in a manner that would be highly offensive to a reasonable person.  In addition to a data breach scenario, it is possible to envision other metaverse cases of intrusion upon seclusion. If it is possible to buy virtual real estate in the metaverse, for example, a defendant could be liable ...
Read More
Image Unsplash Javier Peñas virtual reality - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
Dec 6, 2022 The Portable Document Format, also known as PDF, is widely used. A PDF is an excellent format for distributing documents all over the world. The Portable Document Format (PDF) is extremely useful, allowing papers to be accessed from any device. Furthermore, it mixes written papers, images, and technological elements such as links, scales, graphs, and other critical components into a unified format. When there are photographs in a document, however, making changes becomes more time-consuming for the user, which is where TIFF comes in. TIFF, or Tag Image File Format, is an archaic bitmap image format. Aldus Corporation developed it as an unofficial standard for scanned documents in the 1980s. These photos are viewable and usable on all platforms. Many people are opting to convert PDF to TIFF for free online, and you can click to convert your files with a few simple steps. Technology has made things more uncomplicated than ever, and your files will experience the most satisfactory conversion procedure. Why Choose An Online Tool For Conversion? The quantity of file conversion applications available on the market nowadays is mind-boggling. Because of the increased interest, the availability of these instruments has been brought to light, ...
Read More
Laptop and device not art its science - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
US House Subcommittee on Covid | Release | Dec 1, 2022 Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP)—may have themselves committed PPP fraud In May 2021, the Select Subcommittee initiated an investigation into the role of fintech companies Kabbage, Inc. and Bluevine and partner banks Cross River Bank and Celtic Bank in facilitating PPP fraud following public reports they were linked to disproportionate numbers of fraudulent loans. The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud. The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud. See:  Consumer Protection: Fintech Complaints Have Been Rising Chairman Clyburn released the following statement about today’s report: “As today’s report details, many fintechs, while promising to help disburse billions of Paycheck ...
Read More
Fintechs and covid payments fraud investigation - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
NCFA Canada | Mahi Sall | Dec 5, 2022 Thought Leadership Series of Expert interviews and insights related to a made-in-Canada open banking regime The National Crowdfunding & Fintech Association of Canada (NCFA), true to its mission of providing education, industry stewardship, networking, growth, and funding opportunities for innovative financial technologies and related sectors, is pleased to launch a brand new thought leadership series on Open Banking led by Berlin-based NCFA ambassador and independent expert in Fintech-Bank Partnerships Mahi Sall. NCFA is proudly contributing this thought leadership series to help shape a system that will bring profound changes in how financial services will be created, distributed, and consumed in Canada over decades to come.  Our hope is that Canada’s Open Banking system will improve economic outcomes, improve market efficiencies and competitiveness, and enable consumers to access new and innovative financial services in a way that is secure, efficient, and consumer-centric. The series is called ‘Canada’s Open Banking Journey’ and aims to aggregate international and domestic perspectives of Open Banking/Finance expert practitioners from around the globe to advance dialogues, key considerations, and explore potential solutions for the development of a made in Canada open banking regime with the following timeline: Sep ...
Read More
NCFA OB Series Steve Bom FDATA  - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
TechMonitor | Afiq Fitri and Greg Noone | Dec 5, 2022 CBDCs are on the march From China to the UAE, the Bahamas to Nigeria, countries around the world have started trialling the use of central bank digital currencies as a way to translate their national fiat currencies into a means of digital exchange. One of the drivers of these state-backed digital currencies is the dramatic decline of physical cash usage which, according to McKinsey, has plunged by approximately one-third in Europe between 2014 and 2021. As the popularity of physical money diminishes, central banks are eager to introduce CBDCs to reassert their roles as the anchors of capital. Reserve Bank of India (RBI) to officially begin piloting its own CBDC, the e-rupee, last week. The product of two years of research by the central bank, the RBI explained in a concept note published in October that the project would ‘bolster India’s digital economy, enhance financial inclusion, and make the monetary and payment systems more efficient.’ See:  According to CBDCTracker, these Central Banks have Launched a CBDC or Pilot Initiative as of Today X-Border Payments: European Central Bank Report says CBDCs Could Be ‘Holy Grail’ Adoption with CBDCs low in ...
Read More
CBDC adoption Africa and Caribbean - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
Leger | Dec 1, 2022 What do Canadians think about fintech in Canada? Do they trust online banks? How much do they know about fintech? And how likely are they to use different financial technologies in the future? We conducted a large-scale online survey to find out. Survey: A total of 1,544 Canadians were surveyed from November 3 to 6, 2022. The respondents were randomly selected from Leger’s LEO panel. Banks still dominate yet 2 in 5 would consider an online bank for their next financial product. Canadians who are likely to consider an online bank place the highest value on low account fees, the ability to manage everything online, and a user-friendly website/app. User profile: Those likely to consider an online bank are more likely to be under 55, male, employed, have an annual income of over $60,000, and have a university education. See:  Fintech Leaders Say Regulatory Challenges No. 1 Concern Digital banks will need to different offerings from traditional banks A strong majority trust traditional banks to adopt the newest technologies (82%), and also want their bank to adopt the newest technologies (80%). More education is required:  Many Canadians are aware but few are knowledgeable Among those ...
Read More
Leger survey whats important to Canadians for financial services - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
New York Times | Dec 1, 2022 Sam Bankman-Fried, co-founder of the cryptocurrency firm FTX, gave his first live interview since his company filed for bankruptcy. Andrew Ross-Sorkin of The New York Times asked Bankman-Fried to address allegations of fraud and mismanagement and whether the people and organizations who are owed money will get any of it back. Watch the full interview from the DealBook Summit event. The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org ...
Read More
SBF interviewed at NYT DealBook Summit - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown
Guest Post | Dec 4, 2022 As time passes, the word leadership becomes more and more relevant as a competency in the global arena. This is why leadership in students is becoming more and more important every day, and we need to take care of developing this potential among students so that their path through the institution is meaningful, and equip them with the necessary tools to continue their studies at university. Of course, leadership is not achieved immediately, but college professors should encourage the development of this quality by reinforcing self-esteem as well as by using character-enhancing tools that can be applied both in and out of the classroom. The Importance of Leadership You don't have to wait until you start your professional studies to start stimulating your leadership skills. The best dissertation writing services claim that to have a good working future, you need to develop knowledge and skills that will help reduce the feeling of insecurity when implementing projects and achieving more ambitious goals. These days, personal development is not only through learning but also through some social competencies that will allow you to take strategic positions in the future. How to Develop Your Leadership Skills as ...
Read More
Importance of leadership - Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown

 

Leave a Reply

Your email address will not be published. Required fields are marked *

two × 5 =