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Ethereum News - McAfee-Hated HitBTC Tweets About Supporting ETH Constantinople Upgrade

  • Yuri Molchan
    📰 News

    The crypto exchange opposed by John McAfee spreads word it will second the approaching Ethereum fork that is to happen within several days

McAfee-Hated HitBTC Tweets About Supporting ETH Constantinople Upgrade
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On Saturday, 12 January, HitBTC announced through its Twitter account that it is up for supporting the coming and long-expected upgrade of the Ethereum’s network.

In its blog, HitBTC gladly welcomes the approaching Constantinople hard fork, reminding users that it will consist of Ethereum Improvement Proposals (EIPs) and will help Vitalik Buterin’s brainchild to switch from the costly PoW consensus protocol to the PoS one, thus increasing the network’s scalability and making ETH transactions cheaper than now.

HitBTC reminds its customers that if they wish to make any ETH deposits, they must leave enough time for them to be processed before the block at which the hard fork will happen, is achieved. The block height mentioned above is 7,080,000.

The exchange also mentions to its users that it has always seconded all major blockchain upgrades, including Bitcoin Cash and Ethereum Classic.

The Ethereum upgrade is most likely to happen on January 16.

HitBTC is just one of the nineteen crypto exchanges around the world that are also offering their support to the Constantinople fork. Huobi and OKEx were the first to agree to provide support for the hard fork. Binance is supporting it as well.

👉MUST READ TrueUSD Added by Nauticus, McAfee Curses HitBTC Ahead of Proof-of-Keys Day

HitBTC exchange

In the summer 2018, HitBTC became wide famous thanks to the controversial figure in the crypto world – John McAfee, who has now joined a run for the coming US presidential elections.

Back then, McAfee first began to war tweet against HitBTC for its, allegedly, bad treatment of the Docademic coin, which at the time was one of McAfee’s favourites.

Finally, McAfee decided to sue HitBTC, claiming that the fees it charges from traders are too high for regular unbanked and poor people, thus not giving them a chance to get out of poverty in the emerged crypto world.

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Ethereum News - OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

  • Alex Morris
    📊‍ Infographics

    🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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