Cryptocurrency News Today TheBitTimes.com

Justin Sun has taken to X (formerly Twitter) to explain that “all exchanges in the industry have already implemented proof of reserves (PoR).” He followed up this pronouncement by further emphasizing that “there is only one explanation for why” exchanges have yet to do it — “they are unable to meet the requirements.” This reveal was somewhat surprising as Poloniex, a cryptocurrency exchange owned by Sun, has not implemented PoR, and as such we are forced to conclude that Poloniex is also “unable to meet the requirements.” Poloniex has a page on its website that claims to be a “Proof of Reserves,” but this page only shows how much Tron is on Poloniex, neglecting every single other asset.  Poloniex proof-of-reserves and WBTC backing missing These issues become especially interesting in light of the fact that Sun has recently focused so many of his criticisms on the newly launched cbBTC, Coinbase’s wrapped-Bitc...

BitGo announced on Friday that it’s transforming its wrapped bitcoin (WBTC) product into a new partnership with BiT Global (or maybe it’s BitGlobal. The company — formerly Bithumb — switches between the names on the English version of its website) and Justin Sun.  Having previously operated the product, BitGo will now be a “minority shareholder” in the new venture. BitGo’s WBTC WBTC is offered on several different chains, with the largest and most important being the assets on Ethereum. There are currently over 154,000 WBTC on Ethereum from this product, worth over $9 billion.  It is also offered on Base, Kava, Osmosis, and Tron, but those products are a tiny fraction of the size of the WBTC on Ethereum.  MakerDAO delegates have reacted to the news about the change by suggesting that the limits for WBTC as collateral be reduced. Mike Belshe, the founder and CEO of BitGo, jumped in to the discussion but was unable to share B...

Poloniex , a Justin Sun -owned exchange, offers a wrapped bitcoin ( WBTC ) product on Tron that is currently trading at a more than 20% discount on Poloniex .  The WBTC pair traded against BTC on Tron has WBTC worth only 79% of BTC, currently on 0 volume over the last 24 hours. Poloniex has previously refused to disclose to Protos where it holds the bitcoin for this WBTC product and has yet to complete a promised ‘proof-of-reserves.’ Protos has again reached out to Poloniex to attempt to determine where the reserves for this product are held, what the timeline is for the exchange to finish its promised proof-of-reserves, and for clarification on the relationship between Sun-owned Poloniex and Sun-advised HTX. Poloniex proof-of-reserves and WBTC backing missing Read more: Where is Justin Sun ’s money? The last part is important because the WBTC on Tron product offered by Poloniex is a massive portion of the bitcoin held at HTX , formerly Huobi.  The most recent p...

HTX and Poloniex are about to resume deposits and withdrawals, and Justin Sun announced an airdrop for affected users . Following the recent cybersecurity breaches of HTX and Poloniex, Justin Sun has announced an “epic airdrop ” for users with assets on these platforms. The move comes as a gesture of goodwill and support to those affected by the hacks. As HTX and Poloniex approach opening deposit and withdrawal, we will initiate an epic airdrop for users with assets. Please stay tuned! My deepest apologies to the users affected by the hacker attacks on HTX and Poloniex. We will cover the loss and All assets are are SAFE. — H.E. Justin Sun 孙宇晨 (@justinsuntron) November 24, 2023 You might also like: Customers left confused as HTX reportedly struggle to resume withdrawals The airdrop is part of a broader strategy to mitigate the financial impact on users after Poloniex’s hot wallets were compromised, leading to an estimated loss of $114 million. ...