Connect with us

News

Binance announces 200,000,000 BTT giveaway via trading competition

Namrata Shukla

Published

on

Binance announces 200,000,000 BTT giveaway via trading competition
Source: Pixabay

Since its launch, BitTorrent Token [BTT] has seen considerable adoption amongst major exchanges. The token’s launch on Binance’s launchpad was a huge success and Tron Foundation has been actively promoting the token by carrying out various activities, including airdrops. Binance too has now joined the foundation in promoting the token by designing a BTT trading competition.

The exchange made the announcement on February 21 via Twitter.

Source: Twitter

Source: Twitter

Binance stated that the competition is being hosted to celebrate the successful launch of the BTT token and the team committed a total of 200,000,000 BTT in prizes. Binance has divided the giveaways into four categories, including Deposit Promotion, Trading Competition, Reward Calculation, and Lucky Draw. The competition will start on February 22 and will go on till March 1.

The exchange has also laid down certain norms like disqualifying trades which are believed “to be wash trades or display attributes of market manipulation”.

However, some Twitter users feel that this is an orchestrated attempt to pump the market. Twitter user @Brad2pointO tweeted on the same thread saying:

“Attempts to pump it so they can dump it at new ATH’s lol.”

Another Twitter user, @bitcorn__ also, joined the bandwagon and said:



“I don’t like this token, but even I think it’s gonna pump now, actually I’ll probably buy some now ffs”.

Some users seemed concerned about the giveaway as they believe that it could negatively impact the coin’s price. @harake_hussein opined:

“I do not like giving away competition, it reduces the value of the coin. How would you convince me to invest in something that you are giving away 200,000,000 for free”.

There were a handful of users like @Kumar62399018, who looked at this competition with a positive outlook and said:

“This is what we were waiting, let’s do it. I converted some of my BTC to BTT. Waiting for tomorrow to start trading.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

News

HitBTC responds to allegations of insolvency, refutes claims made by Redditors

Avatar

Published

on

HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending