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Grant Thornton

Bitcoin.com Exchange Reveals Role in the Cryptopia Rescue Group

31/10/2020 by Idelto Editor

Bitcoin.com Exchange Reveals Role in the Cryptopia Rescue Group

The world-class trading platform, Bitcoin.com Exchange announced it’s participating in the Cryptopia Exchange rescue consortium in order to help redistribute coins to customers. Bitcoin.com’s trading platform will provide an exchange environment in order to bolster the Cryptopia Rescue redistribution plan.

Back in January 2019, the New Zealand cryptocurrency trading platform Cryptopia Exchange suffered a major breach and it affected 2.3 million account holders from all around the world. Estimates note that roughly $860 million worth of cryptocurrency was held on the exchange before the hack. Bitcoin.com is pleased to announce that our exchange will assist a rescue program dedicated to helping Cryptopia account holders.

Bitcoin.com Exchange Reveals Role in the Cryptopia Rescue Group

Bitcoin.com Exchange has joined a consortium called the “Cryptopia Rescue” program, and it will produce a platform to distribute coins to Cryptopia Exchange Account Holders. The group formed in order to create a class action against the Liquidator, Grant Thornton.

Victor Cattermole, a Cryptopia Rescue spokesperson said:

The liquidator was proposing to write off more than 50% of the coin holdings. In our alternative plan, we have established a relationship with Bitcoin.com to provide an exchange environment to emulate the Cryptopia model so that all coins can be redistributed.

Currently, the Cryptopia Rescue team is working to connect with as many account holders as possible. The plan is to do everything possible to provide the best resolution to Cryptopia’s former customers. Since launching on September 2, 2019, the premier Bitcoin.com Exchange has provided customers with a professional trading engine combined with top-of-the-line security practices.

Speaking about joining the Cryptopia Rescue effort, Danish Chaudhry, CEO of Bitcoin.com Exchange explained the exchange team looks forward to helping the crypto community.

“We take this role very seriously within the consortium,” Chaudhry stressed. “[Bitcoin.com Exchange] will do everything we can as a united group to provide the best-in-class platform to redistribute Cryptopia account holders their coins via our exchange,” he added.

There are five limitations Cryptopia Exchange Account Holders need to take into account.

  • The Cryptopia trustee is independent of Bitcoin.com Exchange.
  • Claim information is stored only on the trustee’s servers, not on Bitcoin.com Exchange’s servers.
  • Claim information is private between clients and the trustee.
  • Bitcoin.com Exchange is not involved in approving or denying claims.
  • Bitcoin.com Exchange does not determine when claims are distributed.

When the Cryptopia Exchange trustee completes the claim approval process and selects a distribution date, a provided payout support plan for distribution may be added. Customers that have any questions or issues with the Cryptopia claim process will need to contact Cryptopia support.

What do you think about the Bitcoin.com Exchange providing support to Cryptopia account holders? Let us know what you think about this subject in the comments section below.

The post Bitcoin.com Exchange Reveals Role in the Cryptopia Rescue Group appeared first on Bitcoin News.

Filed Under: Bitcoin.com Exchange, claims, crypto exchange hack, cryptocurrency, Cryptopia Exchange Account Holders, Cryptopia Rescue, Cryptopia Rescue Group, Danish Chaudhry, English, Grant Thornton, liquidator, News Bitcoin, Promoted, redistribution, support, Victor Cattermole

Grant Thornton Attests USDC Is Backed by Fiat, Huobi Sets Up Communist Party Branch

22/11/2018 by Idelto Editor

Grant Thornton Attests USDC is Backed by Fiat, Huobi Establishes Communist Party Branch

In exchange news, we look at a major accounting firm’s attestation that all USDC tokens issued by Circle are fully backed by fiat dollars. We also focus on a Huobi Group subsidiary that has set up a Chinese Communist Party branch, as well as Bakkt, which has listed the reasons behind its move into bitcoin.

Also Read: US Bank That Serves 483 Cryptocurrency Companies Is Seeking an IPO

Accounting Firm Supports Circle’s USDC Claim

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchCoinbase has published a post on its blog announcing that accounting firm Grant Thornton LLP has issued an attestation report vouching for Circle’s assertion that its USDC tokens are fully backed by fiat reserves. The firm said that Circle “correctly stated” that the 127,408,827 USDC tokens it had issued by Oct. 31 were backed by $127,412,240,89 held in its custody accounts. It also said that the examination “was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.” The attestation does not constitute an audit.

Huobi Creates Communist Party Committee

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchA subsidiary of Huobi Group has established a Communist Party committee in China, making it the first known distributed ledger technology company to set up a party branch. The charter of the Chinese Communist Party states that any enterprise in China that employs at least three party members shall establish a party branch tasked with promoting the official party line.

The subsidiary, Beijing Lianhuo Information Service, reportedly set up its party branch late last week. The company was established in April of this year and has registered capital of 20 million yuan ($2.9 million). The founder and chief executive of Huobi, Li Lin, holds a 99 percent stake in Beijing Lianhuo.

Bakkt States Motivations Behind Move Into Bitcoin

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchBakkt, the forthcoming cryptocurrency platform owned by Intercontinental Exchange, recently took to Twitter to address the motivations behind its decision to launch a BTC product. It stated that BTC accounts for over half of the total capitalization of the cryptocurrency market. Further, it said that BTC is legally recognized as a commodity, with corresponding derivatives markets under regulation by the U.S. Commodity Futures Trading Commission. The tweet also stated that customer demand for bitcoin will facilitate the creation of “a liquid product on which to build a futures contract.”

Do you think that other stablecoin issuers will seek to attain formal attestations of their fiat reserves from major accounting firms? Share your thoughts in the comments section below!


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The post Grant Thornton Attests USDC Is Backed by Fiat, Huobi Sets Up Communist Party Branch appeared first on Bitcoin News.

Filed Under: accountant, Attests, backed, Bakkt, beijing lianhuo, Branch, BTC, China, chinese, communist, English, Establishes, Exchanges, Fiat, Grant Thornton, Huobi, Huobi group, ICE, Intercontinental Exchange, motivations, N-Economy, News Bitcoin, party, USDC

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