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Goodbye Bitcoin: One More Canada’s Crypto Exchange Bogarts Its Clients’ BTC

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Tue, 11/19/2019 - 14:03
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  • Following the trouble with QuadrigaCX in early 2019, Vancouver-headquartered Einstein exchange says it cannot return its customers’ Bitcoin worth several million USD

Cover image via 123rf.com

One more Canada-based company, Einstein crypto exchange, took its traders to the cleaner's this year. As reported by Global News, the platform was shut down by the local BCSC regulator after multiple customers contacted their office complaining that they cannot withdraw their Bitcoin.

Grant Thornton Limited was legally appointed to get the money from the trading venue and return it to the investors. However, Einstein proved to have only $45,000. $15,000 of it is crypto. The clients assure that the exchange owes them $16 mln in total.

One customer claims Einstein owes him several million USD. Another one says the platform has got half a million USD of his money.

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Earlier this year, another Canadian exchange failed to pay out the funds to its customers. The CEO of QuadrigaCX exchange all of a sudden passed away in December 2018 in India on a journey. He stored all the crypto on his encrypted laptop and was the only one who had access to the password.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
Contents

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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