Another Crypto Exchange Halts Withdrawals on Heels of FTX Collapse: Details

u.todayPublished on 2022-11-14Last updated on 2022-11-14

Abstract

As reported by Wu Blockchain, a worrisome drama is playing out on the Hong Kong-based crypto exchange, BitCoke.

As reported by Wu Blockchain, a worrisome drama is playing out on the Hong Kong-based crypto exchange, BitCoke. The issue started when its users reported experiencing difficulty with withdrawals.
BitCoke issued an announcement saying that the person in charge of finance was cooperating with public security in an investigation and could not provide the private key authorization.
The exchange BitCoke experienced difficulty in withdrawing coins, many users were unable to withdraw coins for more than 24 hours. At the beginning of 2022, BitCoke issued its own platform coin and received 20 million investment from more than ten capitals including Huobi and LD.
— Wu Blockchain (@WuBlockchain) November 13, 2022
Consequently, BitCoke suspended withdrawals on Nov. 13, 1 p.m. Hong Kong time.
The BitCoke exchange case is surprising, as it revealed in May this year that it had raised $20 million in a strategic private round. The financing deal was reached with a group of investors led by the Huobi exchange, which also includes other notable institutions such as Redline DAO, Krypital, LD Capital, Hotbit and several others.
A month later, the exchange announced the launch of BitCoke Ventures, its affiliated investment arm, and a $300 million investment fund to foster exchange outreach.
The past week was a chaotic one that saw the collapse of the FTX empire and the ouster of founder Sam Bankman-Fried.
FTX halted withdrawals earlier this week, though certain customers in countries including Turkey, Japan and the Bahamas were still able to withdraw on Friday. On Thursday, the FTX U.S. subsidiary informed users that it might suspend trading soon, but said that withdrawals would not be affected.
Binance delists FTT pairs
Binance, the leading cryptocurrency exchange, announced that it will remove and delist FTT from some of its products — Simple Earn, its isolated and cross margins and perpetual contracts — to protect users.
Binance says it will cease trading FTT pairings with BUSD, USDT and BTC on both cross and isolated margin platforms on Nov. 13 at 11:30 a.m. UTC. Binance Simple Earn will delist FTT from Flexible Products on Nov. 14 at 4:30 a.m. UTC.
Likewise, Binance Liquid Swap will delist FTT/USDT, FTT/BUSD, FTT/BTC and FTT/BNB pairs on Nov. 14; the same holds for Binance Auto-Invest, which will delist FTT on the same date.

Trending Cryptos

ctr
CitreaCTR
wstusdt
wrapped stUSDTWSTUSDT
apr
aPrioriAPR
ctx
Cryptex FinanceCTX
audio
AudiusAUDIO
mantra
MantraMANTRA
waxl
AxelarWAXL
bill
Billions NetworkBILL
pyth
PYTH (Pyth)PYTH
rune
THORChainRUNE
velodrome
Velodrome FinanceVELODROME
brev
BrevisBREV
zrx
ZRX（0X）ZRX
cake
PancakeSwapCAKE
jst
JUSTJST

Related Reads

The Most Important Decision by the Fed Tomorrow! What Are the Expectations? It May Not Be as Final as Previous Ones!

The Federal Reserve (Fed) is set to announce its latest interest rate decision tomorrow. Markets widely expect the Fed to hold rates steady, with an 80% probability of no change and a 19% chance of a 25-basis-point hike. The Fed has kept its benchmark rate at 3.50–3.75% since December. Recent energy price increases and hawkish comments from some Fed officials have raised the possibility of a hike. However, softer-than-expected inflation data and a lull in US-Iran tensions suggest the bar for a rate increase this week might be higher than markets anticipate. Economists note that if the Fed hikes after a long pause, it likely wouldn't be a one-off move. Historically, when the Fed begins a rate cycle, it continues in the same direction for several meetings. A potential hike could signal further increases ahead. Yet, officials are believed to be unprepared to commit to a series of hikes now. Former St. Louis Fed President James Bullard echoed this, stating the Fed typically avoids single, isolated rate changes and that policymakers must decide if they are ready to start a hiking series, which he doubts they are for this meeting.

cryptonews.ru9m ago

The Most Important Decision by the Fed Tomorrow! What Are the Expectations? It May Not Be as Final as Previous Ones!

cryptonews.ru9m ago

Visa outlines stablecoin strategy during Q3 earnings call

Visa's fiscal third-quarter revenue grew 14% year-over-year to $11.6 billion, supported by strong growth in payments volume, cross-border transactions, and processed transactions. During its earnings call, the company detailed its expanding stablecoin strategy, emphasizing investments across the entire stablecoin ecosystem, including blockchain infrastructure, issuance, wallets, and applications. Visa highlighted progress in issuance and application layers, and announced its participation in the OpenStandard consortium, which plans to issue the OpenUSD stablecoin for global money movement. The Visa stablecoin platform is designed to allow partners to settle with Visa using stablecoins, provide onchain wallet services, and facilitate conversions between fiat currency and stablecoins, starting with OpenUSD. The platform will also integrate with Pismo to support financial institutions' tokenized deposits, with plans to add more infrastructure providers. Visa further described stablecoins and artificial intelligence as complementary long-term growth technologies, suggesting that while stablecoins reshape the backend of commerce, AI is transforming the frontend.

cointelegraph14m ago

Visa outlines stablecoin strategy during Q3 earnings call

cointelegraph14m ago

3% Cashback, 6% Annual Interest, and a Debit Card: Elon Musk Launches X Money in the US

On July 27, 2026, the social media platform X (formerly Twitter) launched its integrated financial service, X Money, initially available only to US-based Premium and Premium+ subscribers. Founder Elon Musk emphasized the launch's significance for the platform. US residents over 18 with a verified X account can use the service. X Payments LLC is not a bank; user funds are held in FDIC-insured accounts at Cross River Bank, with insurance potentially extended up to $10 million through a cash sweep program across partner banks. The core of the service is the X Card, a virtual or physical metal Visa debit card. Key features include: 3% cashback on most purchases (with some exclusions), free instant peer-to-peer payments, worldwide ATM fee reimbursement, no foreign transaction fees, and support for Apple/Google Pay. The service offers interest on account balances, up to 6.00% APY. Premium+ users get this rate immediately, while Premium users must meet a qualifying direct deposit requirement. Additional features include early direct deposit, wire transfers, bill pay, and paper check ordering. Security features include passkey login, customizable transaction limits, and Visa's Zero Liability Policy for fraud. The public launch followed a limited beta test with select Premium+ users in late June 2026. The launch marks X's continued evolution from a social network into a broader digital platform combining communication with everyday financial operations.

cryptonews.ru59m ago

3% Cashback, 6% Annual Interest, and a Debit Card: Elon Musk Launches X Money in the US

cryptonews.ru59m ago

$134 Million in Bitcoin Long Positions 'Evaporated' as BTC Price Dropped Below $63K Ahead of Critical Fed Meeting

Bitcoin's price tumbled below $63,000 on Tuesday, leading to a sharp spike in leveraged long position liquidations totaling $134 million and bringing total BTC-related liquidations over $156 million. The drop, which saw BTC briefly hit a daily low near $62,684, extended its monthly losses to 4%. Market experts are pointing to a pivotal week ahead, highlighted by the upcoming Federal Open Market Committee (FOMC) meeting, core PCE inflation data, and major earnings reports from companies like Apple and Amazon. According to analysts, the tone from Fed Chair Kevin Warsh's press conference will be crucial. A dovish Fed stance coupled with strong AI capex forecasts and positive PCE data could propel Bitcoin toward $68,000-$70,000 in August. Conversely, hawkish signals alongside disappointing corporate earnings could quickly bring the $58,000-$60,000 range back into view.

cryptonews.ru1h ago

$134 Million in Bitcoin Long Positions 'Evaporated' as BTC Price Dropped Below $63K Ahead of Critical Fed Meeting

cryptonews.ru1h ago

The 'Clarity Act', a pro-crypto bill, has flaws: Action is needed today

The likelihood that the U.S. Senate will vote on the CLARITY Act, a bill aiming to establish a regulatory framework for the cryptocurrency market, before the August summer recess appears low. Crypto journalist Eleanor Terrett reported that expectations are diminishing for Senate Majority Leader John Thune to file cloture to end debate and initiate a voting process this week. According to Senate procedures, Thune needed to file the motion to proceed on the bill today for a potential Thursday vote. However, sources close to the process indicate priority is expected to be given to legislation involving sanctions against Russia and Iran. Consequently, the crypto sector's focus has shifted to next week. Industry representatives argue that even if a final vote on the CLARITY Act does not occur before the holiday break, it is crucial for the Senate leadership to at least begin the cloture process prior to the August recess. Failing to initiate this process before the break could delay the bill's consideration until the fall legislative session, further postponing comprehensive cryptocurrency market regulation in the United States.

cryptonews.ru1h ago

The 'Clarity Act', a pro-crypto bill, has flaws: Action is needed today

cryptonews.ru1h ago

Trading

Spot

Hot Articles

What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

1.1k Total ViewsPublished 2025.05.13Updated 2025.05.13

What is $BITCOIN

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of BTC (BTC) are presented below.

活动图片

Top Questions

Hot Categoriesright-arrow

Hot Tagsright-arrow