Quadriga CX, the Canadian exchange which has been generating headlines ever since Gerald Cotten, CEO, was declared dead in India without ever revealing the codes to access the funds, is now seeing a quite predictable development.
Yesterday, a Nova Scotia Supreme Court allowed the troubled exchange to move from court-approved creditor protection to a full bankruptcy process.
As surprising as it might be, there is an opportunity for the business to come back to live, according to a report from Ernst &Young from the 1st of April. The appointed creditor appears to consider that there is a “remote” chance for re-emergence after restructuring.
The bankruptcy option appears to be preferred by the company in order to facilitate the investigation that aims at recovering assets. The trustee would have more powers in such case, such as compelling production of documents and examining parties under oath. Moreover, that format would also allow the sale of assets.
The next chapter of this event will unfold on the 18th of April, as that is the date for the next hearing.
JP Morgan CEO “wouldn’t spend too much time on” Libra
In a recent interview with CNBC, the head of JP Morgan has claimed that he doesn’t see the release of Libra as a major issue. Discussing how to deal with the threat it potentially poses, Jamie Dimon said that he “wouldn’t spend too much time on it”.
Dimon has been deeply critical of Bitcoin and the cryptocurrency space in the past, but recently his attitude towards crypto seems to have changed slightly.
A few months ago, his own bank launched its own token, JPM Coin. This institutionally-focused remittance system was received with very little enthusiasm from the crypto community, and many pointed out that it was entirely centralized and didn’t count as a crypto at all. However, these same criticisms have been levelled at Facebook’s upcoming Libra stablecoin, and the two could potentially compete for some clients.
The JP Morgan CEO insisted that he didn’t perceive Libra as a threat at all: “To put it in perspective, we’ve been talking about blockchain for 7 years and very little has happened,” he said during a conference call with analysts. “We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”
As for regulations concerning Libra, Dimon said that AML and KYC rules will need to be followed by everyone: “The request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.
Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor
Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org.
Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different from other cryptocurrencies and how it was focused on making “Point-of-sale” for users a more seamless process.
With the implementation of Chainlock on the Dash network, it can now settle payments instantly and can quickly be re-spent without any risk to the receiver.
In the interview, Taylor also spoke about the issues Proof-of-Work-based chains face. According to him, these chains follow the block that has “the most work associated with it,” and always go with the first block they see, even when there are two potential blocks. The validity of a block is confirmed only after the next few blocks are formed in the network.
He then spoke of projects using a checkpoint system, a system that carries its own cons. Taylor said that Dash had solved these issues. Dash has created a network that votes by itself on the blocks created. It does so through developed layers of a network called “Master Nodes.” These master nodes then randomly select 400 nodes to form a “Quorum,” members of which then vote when a block is sighted. The purpose of the voting is to term a block valid for it to be added to the network.
A block is only valid if 60% of the members agree to it. Later, a message is sent via the network and mentions the details of a block at a particular height, while also informing about any other block which is rejected.
When asked about the importance of Chainlock and reducing the chance of a 51% attack, Taylor said,
“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”
Binance CEO Hosts Fifth Live AMA On Company’s Latest Objectives For Futures And Smart Contracts
Binance head CZ sat down for his latest edition of his famous AMA where he addressed numerous rumors and questions around Binance.
He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year’s rally, individual investors are still playing a key role in driving the dramatic price gains. While both institutional and retail trading is growing at Binance, individual investors account for about 60% of trading volume which is the same proportion as the last year. This growth comes in part thanks to greater availability of margin trading.
Expanding on this, CZ said:
“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”
He even said that there is a possibility of a Future launch:
“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”
He was proud of the fact that the Binance DEX has been received with open arms by the crypto community.
“I think Binance DEX offers many many advantages. I mean in terms of technology, it is faster, cheaper etc, etc but also in terms of economics, when a project is on Binance, we help it market and provide a lot of service around it, which also helps promote the growth of our Binance DEX.”
Binance team is all set to burn off all the BNB tokens that were allocated to them in order to burn a mountainous 100 million BNB in total. CZ said that rather than linking BNB with market projects or holding BNB buybacks, the Binance team will be burning all of their tokens first, all the 2.4 billion USD.
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