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Coineal chosen as CoinBene’s replacement for facilitating IEO amidst reports of suspicious activity

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Coineal chosen as CoinBene's replacement for facilitating IEO amidst reports of suspicious activity
Source: Pixabay

RedFOX Labs, a Vietnam-based blockchain Venture Builder, has replaced Coinbene with Coineal to run an IEO [Initial Exchange Offering].

The Komodo-backed project announced,

The latest development comes weeks after an original announcement by the firm stated the use of CoinBene’s Launchpad for the IEO. RedFOX announced the revocation after several crypto news portals reported suspicious activities associated with CoinBene, including delay in processing withdrawals and deposits. After community members feared another big profile hack, the exchange took to social media to announce a wallet upgrade to help users and partners on its platform avoid market risks in the light of multiple cases of asset theft.

Soon, RedFOX announced its decision to discontinue the IEO on CoinBene Launchpad, and tweeted,

“In light of recent events and due to community request, we will no longer be going through Coinbene. We will be going live on the 12th of April on a top 10 exchange to be announced tomorrow.”

Speaking about the switch from CoinBene to Coineal, the CEO of RedFOX Labs, Ben Fairbank, said that it was important to listen to the community and collaborate with a new “local partner” and move ahead with the IEO.

According to the official post, the IEO will now commence from April 12 to April 19. The official statement released by the firm also stated that the South Korean exchange was strongly “developing a global layout”.

The post also deemed Coineal as an ideal platform for RFOX’s token launch in the Southeast Asian market, citing the exchange’s strong regional footprint [with a stronghold in China, Japan, Korea, Vietnam and more] and a record of successful IEOs.

At press time, Coineal stood 11th on CoinMarketCap in terms of adjusted volume, accounting for $1.12 billion in trade, below Coinbene, which recorded an adjusted volume of $1.14 billion.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit

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Binance Chain testnet to receive 'Galileo' update via a hardfork; mainnet to follow soon
Source: Unsplash

Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.

The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.

The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.

The testnet changes will be followed by changes on the mainnet. The blog added,

“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”

Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.

While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.

A Twitter user, @rallyqt, commented,

“- Galileo upgrade
– Margin
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”

CZ replied,

“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”





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