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Huobi Heads for Oz, Boosting Chinese Altcoins With New Fiat Trading Exchange

The world’s third largest crypto exchange by trade volume, Huobi, has opened a fiat to cryptocurrency exchange in Australia. The move could give a boost to some obscure home-grown altcoins.

Shanghai founded Huobi currently handles just over a billion dollars a day in volume. It has been aggressively expanding overseas since China’s heavy handed crypto clampdown last year. Following a move to Singapore the exchange has now opened a trading platform in Australia enabling users to buy cryptocurrencies in AUD.

According to the official announcement trading will only be permitted from 10am to 5pm Sydney time. The ten trading pairs however are interesting and could provide a boost for some lesser known altcoins. Naturally the ‘big four’ have been included so AUD to Bitcoin, Ethereum, Bitcoin Cash and Litecoin is available. The exchange has followed the decision made by Coinbase to adopt Ethereum Classic as well as five more altcoins.

Power Ledger (POWR) has been included as it is an Australian company providing solar energy sharing on the blockchain. There have already been partnerships in Japan, Thailand and in its home country so adding POWR was an obvious choice.

Aelf (ELF) is the next altcoin Huobi will allow users to trade with fiat. This is a Chinese founded decentralized cloud computing blockchain network. A bizarre choice since it is not in the top 30 traded tokens on Huobi and has no obvious links with Australia.

Cortex (CTXC) has also been included, another Chinese made blockchain. This one provides a decentralized AI autonomous system and is the 11th most popular altcoin on Huobi. The next listing is Data (DTA), a low market cap ranked blockchain based digital data authentication protocol powered by AI & P2P mobile storage infrastructure. The common them here is Chinese developed blockchains.

Finally there is IOST, a scalable, secure and decentralized blockchain app platform in which Huobi has invested in. Founded of course by Chinese tech entrepreneurs, it is the ninth most popular token on the exchange.

It seems then that Huobi is attempting to promote Chinese blockchain projects and pick the top cryptos already traded. The two obvious omissions under the latter criteria are EOS and XRP. The exchange did add that “In the future, Huobi Australia will open more trading pairs to all users,”.

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Bithumb Announces a List of 11 Crypto Lost During The Hack and Reduces Loss To $17 Million

Popular South Korean exchange, Bithumb, announced on Thursday the 11 cryptocurrencies that were stolen last week as well as the corresponding amounts of each.The 11 cryptocurrencies that Bithumb claims were stolen, and their corresponding values in South Korean Won can be found below:

Doing the conversion to the popular USD yields a total combined value of $17 Million. This amount is $13 Million less than it was initially reported by the cryptocurrency exchange. The exchange would also explain why there was a reduction in the value of the lost coins when it issued the following statement:

The main reason for the reduction of the damage is due to the ongoing participation, support and cooperation of cryptocurrency exchanges and cryptocurrencies foundations across the world. Also our quick response to the cyber-attack by removing cryptocurrencies from hot wallet to cold wallet effectively contributed to reducing the overall damage.

The exchange has also initiated plans to fully compensate its users who lost any funds from the June 20th hack. However, users who lost funds must apply for compensation from the theft to be eligible for the distribution of the funds. The exchange is also offering another form of compensation in the form of interest earned on the lost funds from the time of the hack to the time of the application. The interest rate will be 10% calculated annually and applied to the time frame mentioned.

Bithumb will also go ahead and issue free-trading coupons on the platform beginning June 28th. These commission free coupons will be available each day and be valid for 24 hours from when the traders on the exchange use the coupon.

All these plans by the exchange to compensate with interest as well as to offer free trading coupons, can be lauded and used as an example to other exchanges when they are faced with a similar hacking event. But further hackings can only be avoided if stringent cyber security measures are implemented and improved almost on a daily basis. Perhaps it is time for each exchange to offer bug bounties on their platforms to tap into the vast wealth of developer skills in the crypto-verse.

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