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Bitfinex: Exchange on the verge on concluding LEO audits; movement on chain delayed till Wednesday




Source: Pixabay

Bitfinex, the controversy-riddled cryptocurrency exchange is on the verge of beginning its historic IEO token sale. The LEO tokens are pegged to begin trading on May 20, however, the chain movement will only start on May 22.

As confirmed by the exchange’s CTO Paolo Ardoino, Bitfinex is on the verge of finishing up its audit activities for the UNUS SED LEO smart contracts, in addition to other “related procedures. The CTO added that trading on Finex would commence as scheduled, but moving on chain “won’t likely” happen for two more days.

His May 19 tweet read:

“. @bitfinex is in the process of finalising the audit of Unus Sed $LEO smart contracts and related procedures on the different supported chains. Trading will be enabled tomorrow on Finex but moving on chain won’t likely happen until Wed 🦁🦁🦁”

Ardoino further confirmed that the token issuance would be on a Liquid Chain, and that one of the chains under consideration was Blockstream Liquid. He contended that this inclusion was “really exciting”. The CTO further added that one of the chains would be Ethereum.

On May 17, the exchange stated via an official blog, that trading would commence on Monday, May 20th at 0800 UTC against Bitcoin [BTC], Ethereum [ETH], Tether [USDT] and EOS [EOS], in addition to the fiat pair of the US dollar [USD].

The confirmation of trading comes days after the exchange released their official whitepaper for the LEO issuance, which was pegged to raise $1 billion. Only days after the token sale began exclusively for private investors, for USD, Tether of USDT, worth of Bitcoin, Bitfinex confirmed their $1 billion mark had been reached, a feat which has been questioned on ethical terms due to its short-span of completion.

LEO and the need to go down the path of an IEO came after Bitfinex was accused of fraudulent behavior by the New York Attorney General’s Office [NYAG]. The exchange allegedly covered up $850 million in undisclosed losses with their USDT reserves, and the ownership proximity between Bitfinex, its parent company iFinex which also operated Tether Limited, has also been called into question.

Bitfinex responded, first by stating that they would go down the IEO path in order to retrieve the lost money and pay-back stakeholders, and then by responding to the NYAG, questioning the latter’s authority, jurisdiction, legal standards and ethics.

Recently, it was revealed that the exchange’s top executives still might hold important positions with Canadian Banks. Peter Warrack, the Chief Compliance Officer at Bitfinex allegedly still holds a senior position with an opponent of the crypto-industry the Royal Bank of Canada [RBC]. Interestingly, the current Chief Compliance Officer at Tether Limited Leonardo Real was an AML Quality Control Manager at Bank of Montreal, another anti-crypto financial institution.

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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

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