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Cryptocurrency

Fate of $2.3 billion worth of Bitcoins in Limbo

Ongoing investigation by law enforcement officers has left $2.3 billion worth of Bitcoin in limbo.

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Fate of $2.3 billion worth of Bitcoins in Limbo, Big mistake: Ripple's CTO sold his Bitcoin for $750, Best time to cash in on Bitcoin

Bitcoin holders are definitely watching the OKEx story with keen interest as crypto experts estimate that an ongoing investigation by law enforcement officers has left $2.3 billion worth of Bitcoin (BTC) in limbo, at a once leading cryptocurrency exchange, OKEx.

Digital asset withdrawals at the OKEx remain frozen, as reports reaching Nairametrics reveal OKEx’s founder, Xu Mingxing, was arrested by the police a couple of days ago. That has led to global investors being a bit jittery about the happenings of the ever-changing crypto market.

READ: Ethereum whales move over $50 million of Ether to Uniswap

However, OKEx assured its clients that their crypto assets remained safe and that the crypto exchange’s secondary functions remain stable for now.

Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Funds and assets are safe and not affected.

READ: Ethereum miners earning more than their Bitcoin rivals

READ: CBN Cashless Policy: Emiefele regrets decision, insists on the policy 

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The popular crypto analytic firm, Glassnode, recently showed that OKEx holds hundreds of thousands of BTC worth over $2 billion dollars.

“According to our data, around 200,000 BTC (1.1% of the circulating Bitcoin supply) are currently held in OKEx wallets. That is around $2.3 billion worth of $BTC stored in the exchange’s vaults,” Glassnode tweeted.

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READ: Google faces probe over $2.1 billion Fitbit acquisition

READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

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OKEx issued a press release on the ongoing investigation with law enforcement officers,

“One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.

READ: CBN reacts to videos, pictures of new N2,000 and N5,000 in circulation

“Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend, or terminate the service at any time with or without prior notice. In order to act in the best interests of customers and deliver exceptional longtime customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals as of [October 16, 2020, at 11:00 (Hong Kong Time)].”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Business

Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

“The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

In case you missed it 

Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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