Daily fraud update: 10th March

Estonian crypto exchange hit with accusations over hacking

A cryptocurrency exchange based in the Baltic nation of Estonia has become embroiled in a row over its handling of a hacking case.

Crex24 has been accused of hiding information about the supposed hack.

The firm, which has put a temporary suspension on trading for a double-figure number of altcoin pairs, has been publicly accused of sharing very little information about the problems.

It is understood that traders are finding that they are unable to either withdraw from their accounts or invest in further coins.

It was reported recently that a customer of Crex24 uncovered price volatility information about an altcoin called Htmlcoin.

This report, which was made on the crypto news website Livecoin, went on to claim that Crex24 refused to let him access his funds.

This supposedly led to the customer losing over $30,000 in cryptocurrency.

Crex24 later made a public statement claiming that a large amount of Htmlcoins had been taken from its site and that it would endeavour to get the value back.

The exchange also said that it had changed its “know your customer” (KYC) criteria.

On Twitter, however, customers were not happy.

One Twitter user accused the firm of having “deliberately stole” coins.

Crex24 took to the social networking site towards the end of last month to appeal to coin developers who may be interested in listing their coin on the exchange.

“In this hard time for many projects added to #TradeSatoshi, we want to offer the developers of these projects to list their coins on CREX24 on favorable terms”, it wrote.

“If you want to list your coin on CREX24, please fill in our listing request form”, it added.

However, users responded with anger.

“a complete theft. SCAMMER”, wrote a user called @abdullahegemen.

“they cannot provide account security. and they stole the coins, even they deliberately stole them. They have now undone all trades traded on the Crex24 exchange. They stole our money. PAY ATTENTION SCAMMMM”, the user added.

Entrepreneur describes bitcoin as having no “intrinsic value”

A leading entrepreneur has hit out at bitcoin, saying that it doesn’t have “intrinsic value”.

Mark Cuban, who operates in fields like sport and entertainment, made the comments while speaking to Kevin O’Leary on the Ask Mr. Wonderful show.

He went into some detail on his views about bitcoin.

“You have to ask how to value it and people value it in different ways, particularly Bitcoin”, he said.

“So with Bitcoin, some people value it as a store of value which makes it like baseball cards, art, gold.

“They have value because people see value in them, not because they have intrinsic value”, he added.

However, he did go on to share his view that blockchain technology may well be valuable.

“Blockchain, effectively, is software. It’s a distributed database that’s managed independently and that inherent combination makes it a utility, makes it software effectively that has value and utility”, he said.

Chris Lee

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