Poloniex Crypto Exchange Forced to Roll Back Trades After Update Error

The firm said in a tweet on Tuesday it had rolled out a change that accidentally included a bug that “briefly caused trades to be executed erroneously.”

Cryptocurrency exchange Poloniex, which was recently acquired by an investment group including Tron founder Justin Sun, has been forced to roll back trading activity after it introduced an error in its system.

Poloniex said its automated audits spotted the error and put the site into maintenance mode. “We have identified the bug and deployed a fix,” according to the message.

In other tweets the firm explained that, due to possible accounting errors arising from the bug it had had to undo 12 minutes of platform activity, affecting trades between 17:53 UTC and 18:05 UTC on Monday.

The platform also cancelled all pending withdrawals for a time, though the latest tweet in the thread indicates that these have been reinstated, as is normal trading.

Poloniex was acquired from crypto finance firm Circle in October. Sun admitted weeks later that Tron was one of the investors, but added at an event that the exchange would maintain its independence.

Polychain, Bain Capital Join $3M Series A Round for Indian Exchange CoinDCX

Prominent backers have joined a $3 million funding round for Mumbai-based exchange CoinDCX just weeks after a banking ban for cryptocurrency businesses was overturned.

CoinDCX said Tuesday that investment firms Bain Capital and Polychain Capital as well as BitMEX-owner HDR Global Trading were among those that participated in the Series A round.

Funding in hand, the exchange plans to promote cryptocurrency adoption in India and further boost product development and marketing, said the firm. Specifically, CoinDCX will introduce financial products and support algorithmic-based trading later this year.

“The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India, and we are confident that there is huge potential growth in this market”, said Sumit Gupta, CoinDCX’s co-founder and CEO, following Tuesday’s announcement.

The news marks a remarkable change in fortunes for an exchange that, for most of its history, relied on peer-to-peer crypto trading to keep itself afloat after the Reserve Bank of India (RBI) imposed a blanket ban on banks providing services to cryptocurrency businesses in April 2018.

CoinDCX told CoinDesk user signups have increased 10-fold since the RBI ban lifted. And although trading volumes prior to the ban are not being disclosed, the platform is now seeing $10 million to $15 million in transaction volume a day on average.

Polish Police Arrest Head of Payment Processor Tied to Bitfinex Crypto Exchange

Polish police have arrested Ivan Manuel Molina Lee, president of Crypto Capital, on accusations of money laundering.

According to reports in Polish newspaper W Polityce and news portal RMF24, the crypto entrepreneur was extradited to Warsaw, Poland under police escort. Polish authorities claim that Molina Lee is wanted in Poland for laundering up to 1.5 billion zloty or about $390,000,000 “from illegal sources”, according the the Polish report.

Authorities wrote that Molina Lee’s crimes included “laundering dirty money for Columbian drug cartels using a cryptocurrency exchange.”

Polish prosecutors claim that Crypto Capital held accounts in Bank Spółdzielczy in the town of Skierniewice and that Molina Lee and BitFinex laundered illegal proceeds through the country.

The company has been in trouble before. Molina Lee is directly connected with a U.S. Department of Justice claim that charged two individuals with running a “shadow banking” service that provided bank accounts for crypto companies. His company, Crypto Capital, allegedly lost $850 million of Bitfinex’s cash, leading to a $1 billion token sale this year.

“This the largest effort by Polish prosecutors to secure losses associated with illegal activity”, wrote Polish prosecutors. “The effort was a combined effort between Polisha and international special forces. The proceedings were conducted by prosecutors from the Lower Silesian Branch of the Department for Organized Crime and Corruption of the National Prosecutor’s Office in Wrocław and officers who closely cooperated with Europol, Interpol and US services, including the DEA.”

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