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‘Gemini is now the first licensed Zcash [ZEC] exchange’ triggering the prices with 48% gain post listing

Sthuthie Murthy

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'Gemini is now the first licensed Zcash [ZEC] exchange' triggering the prices with 48% gain post listing
Source: Pixabay

Another coin in the market to follow a sudden price surge lane is Zcash, following the trend similar to Bytecoin a few days ago. After the Binance listing, Bytecoin had shot up by more than 166% and now its Zcash’s turn to take the spotlight after being listed on Gemini exchange, owned by the most popular twins in town – The Winklevoss.

Zcash [ZEC] has gone up an extravagant value of almost 48% in the past 24 hours following its listing on the Gemini exchange. It is now summing up to an overall gain of 28.33% for the entire week. ZEC is now trading at $366.01 with a market cap of $1.43 billion placing it in the 23rd position. The landing of the privacy coin on the exchange has surely turned the tables for this currency as Gemini is now termed the World’s first licensed Zcash exchange.

The Vice-President of Engineering at Gemini, Eric Winer mentioned the recently acquired title in his blog post where they announced their support for Zcash trading and custody. Customers can start depositing from May 19th at 9.30 am EDT and the trading will go live from May 22nd at 9.30 am EDT.

List of Trading pairs that will be available on Gemini

They explained the process stating:

“We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company.”

Adding on:

“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets.”

Zcash supports both unshielded addresses – t-address, and shielded addresses – Z-address and the new listing will support deposits from both as well. But, the withdrawals will be supported only for unshielded as they still work on the other type.

Vitalik Buterin, the co-founder of Ethereum [ETH] tweeted replying to zooko’s post regarding the announcement:

“Make Zcash proof of stake!”

William Lehnertz, a Twitterati says:

“It would be great, as you guys investigate future coins, to add #BTCP (Bitcoin Private). The team is hard at work building out a great product in preparation for mass adoption. Expect to see great things. The community is great and needs a US-based exchange.”

Btc_joe, a crypto enthusiast says:

“exactly what I want out of my privacy coin…a professional team that can be worked with.”

The London Block Exchange [LBX] mentioned about this in one of their medium blog posts stating:

“Zcash’s ZEC, a privacy crypto asset touted by Edward Snowden, appreciated over 20% after the Winklevoss brothers disclosed Gemini, the exchange they lead, is listing ZEC.”

They further stated:

“The key point is those who claim to have 0 privacy was deemed compliant for Gemini, an NY-licensed exchange, so other reputable exchanges may consider listing it in the future too.”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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