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Karken CEO, Jesse Powell responds to AG Schneider’s letter

Laira Rebecca



Karken CEO, Jesse Powell is reluctant to respond to AG Schneider’s letter
Source: Wikimedia Commons

A recent tweet by Jesse Powell, the CEO, and Co-Founder of Kraken shows a negative comeback in return to the New York Attorney General’s letter to all the exchange platforms.

The San Francisco based cryptocurrency exchange platform is one among the 13 firms targeted by AG. Schneiderman. Some of the exchange platforms responded positively to the letter, however, Powell decided to go against it.

Jesse Powell tweeted:

“Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry. The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting.”

In 2015, Kraken announced that it would leave New York due to the BitLicense’s cryptocurrency regulatory framework.

Jesse added:

I realized that we made the wise decision to leave New York three years ago and that we can dodge this bullet.”

Jesse believes that this is not the way to address such issues and the Kraken team is happy to help the government understand the whole business process directly. He also thinks that New York is belligerent to cryptocurrency and many other businesses.

A Bitcoin Enthusiast says:

“What a stroke the NY Ag will have when Dexs and Atomic Swaps will operate and Entities like the NY Ag and SEC will have nothing to say about it.  The AG and SEC are only good at closing the door after the horse is glue. Bitcoin will change finance in ways not yet understood.”

A supporter of US government on Twitter says:

“Jesse, why not answer the questions instead of beating around the bush about lunch invitations and phone calls? These are important questions that require detailed written answers. We can’t have rampant financial fraud that funds hostile regimes and crime gangs. @AGSchneiderman

Theo Chino, a Twitterati commented:

“You going to have to explain how running away is the right choice? Switzerland had to change his bank secrecy laws because of NYDFS. You should join me instead. New York is like a cyclone, anyone away from the center of the eyes is dangerous. I am in that center.”

According to the officials at AG’s office, the questionnaire contains legitimate points and all the credible platforms must have the basic information which should be disclosed to their customers.

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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla



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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