Rho Markets, a liquidity layer and lending protocol on Scroll, has suffered a significant breach, losing over $7.6 million in USD Coin and USDT.
This incident is another major setback for the cryptocurrency industry.
The breach occurred when a malicious actor gained access to the protocol’s blockchain oracle, according to a July 19 post on X by blockchain security firm Cyvers.
Cyvers reported, “@RhoMarketsHQ has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform! Root cause of this incident seems to be an oracle access control by a malicious actor!”
READ MORE: German Government’s Rapid Bitcoin Sales Impact Market, Price Recovers After Supply Depletion
This attack follows closely on the heels of a hack on Indian cryptocurrency exchange WazirX, which lost $230 million worth of cryptocurrency, making it the second-largest crypto heist of 2024.
This week has proven particularly profitable for cryptocurrency hackers, marking the second most lucrative week for stolen funds in 2024.
On July 18, WazirX was hacked for over $230 million, with the attacker converting $149 million worth of Shiba Inu tokens and other altcoins into Ether.
Just two days prior, on July 16, the Li.Fi protocol was exploited, resulting in over $10 million worth of cryptocurrency being drained through a smart contract exploit. This incident has since been contained.
Further compounding the week’s challenges, players of the viral Telegram-based game Hamster Kombat were targeted by phishing attacks and fake cryptocurrency airdrops, designed to steal user credentials, according to cybersecurity firm Kaspersky.
Crypto hacks remain a significant issue in the decentralized finance space, impeding the broader adoption of cryptocurrencies.
Over the past 13 years, nearly $19 billion worth of digital assets have been stolen in 785 reported hacks and exploits since the first known crypto hack on June 19, 2011.
In February 2024, PlayDapp experienced a $290 million security breach, the largest single crypto heist in the past two years.
Additionally, 2024 may surpass 2023 in terms of stolen funds, with $542.7 million worth of cryptocurrency stolen in the first quarter alone, representing a 42% increase compared to the same period in 2023.
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The International Association for Trusted Blockchain Applications (INATBA) released a report revealing that European Union blockchain projects have moved past the hype phase, now focusing on practical applications across various industries and the public sector.
The report highlights significant public infrastructure initiatives, including the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF), both crucial in shaping Europe’s digital future.
Projects enhancing transparency and efficiency in EU supply chain management are now concentrating on Supply Chain and Digital Product Passports (DPP).
On July 12, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions for DPPs.
Industry experts also propose blockchain-based ZK-proofs as solutions for the EU’s proposed digital IDs.
INATBA’s findings suggest that the next decade will be “pivotal” for blockchain in enhancing security, automation, governance, and efficiency.
It advises public institutions and corporations to “invest robustly” to remain competitive and sustainable.
Over the past 30 years, the industrial sector has witnessed rapid technical innovation, including advancements in connected data exchange, cloud computing,
READ MORE: Metaplanet Buys $1.2M in Bitcoin Amid Rally, Shares Soar 25%
Internet of Things, and now blockchain and AI. These developments facilitate the digital execution and planning of industrial services but also pose challenges for legacy systems and potential AI threats.
In the last five years, industrial priorities have shifted towards resilience and adaptability.
The report emphasizes that blockchain must be considered a “fundamental” element in this context.
It states, “Innovation is no longer optional but essential for navigating future challenges, requiring continuous pursuit of excellence.”
However, the report also acknowledges challenges accompanying innovation. Short-term challenges include the efficient organization and management of industrial processes and resources leveraging blockchain and AI.
Europe remains one of the most proactive regions globally in addressing emerging technologies such as AI, blockchain, and cryptocurrencies, issuing regulations for these industries to ensure they are effectively managed and integrated into the economy.
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Asset management firm BlackRock has announced a fee of 0.25% for its spot Ethereum exchange-traded fund (ETF) ahead of its potential launch next week.
BlackRock’s S-1 registration statement, filed on July 17, outlines that the fee will accrue daily at an annualized rate of 0.25% of the fund’s net asset value.
This fee is payable at least every three months in US dollars, in-kind, or a combination of both.
The firm also mentioned it might waive all or part of the fee for certain periods and plans to do so upon the fund’s launch.
BlackRock’s spot Ether ETF will initially trade at a 0.12% fee until either 12 months pass or the fund accumulates $2.5 billion in net assets, whichever occurs first.
This approach mirrors the fee structure of the iShares Bitcoin Trust.
Other firms have also detailed their proposed fees and waiver periods in their S-1 registration forms. Franklin Templeton’s spot Ether ETF will charge the lowest fee at 0.19%.
The Bitwise Ethereum ETF and VanEck Ethereum ETFs are set at 0.20%, while the 21Shares Core Ethereum ETF’s fee is 0.21%.
Both Fidelity and Invesco Galaxy will offer a 0.25% fee, similar to BlackRock.
However, several firms, including Bitwise, Fidelity, Franklin Templeton, 21Shares, and VanEck, have proposed waiving their fees initially.
VanEck will waive its fee for the first 12 months or until the fund reaches $1.5 billion in net assets. Bitwise will waive its fee for the first six months or $0.5 billion in net assets.
Franklin Templeton has set a waiver until January 31, 2025, or $10 billion in net assets.
Fidelity’s fees will be waived until January 1, 2025, after which they will increase to 0.25%.
Meanwhile, Grayscale will maintain a fee of 2.5% for its spot Ether ETF but will offer a more competitive fee of 0.25% for its newly approved Grayscale Ethereum Mini Trust.
Grayscale plans to use 10% of its spot Ethereum ETF to establish the Ethereum Mini Trust, providing $1 billion in seed funding.
Reports indicate that BlackRock, Franklin Templeton, and VanEck have already received preliminary approval from the United States securities regulator.
Bloomberg ETF analyst Eric Balchunas expects the S-1s to be signed off next Monday, allowing the spot Ether ETFs to start trading on Tuesday, July 23.
Bitwise’s chief investment officer, Matt Hougan, speculated that the spot Ether ETFs could attract up to $15 billion in inflows within the first 18 months of trading, similar to the spot Bitcoin ETFs’ performance since their launch six months ago.
If approved, the spot Ether ETFs will be listed on the Nasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.
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Ethereum‘s price may decline after the initial excitement surrounding spot Ethereum exchange-traded funds (ETF) fades, especially if its supply continues to grow at the current rate, according to an analyst.
“If the supply of ETH keeps increasing by ~60k/month like it has been since April, then by Dec the supply will be back to what it was at the merge,” noted crypto trader and Into The Cryptoverse founder Benjamin Cowen in a July 19 X post.
This refers to the period when Ethereum transitioned to its proof-of-stake consensus model in September 2022.
Post-Merge, Ethereum became deflationary, reducing its supply by approximately 455,000 ETH by April 2024.
However, since then, the supply has increased by about 150,000 ETH. Cowen suggests that if this trend continues, Ethereum’s supply might revert to pre-Merge levels.
“If the supply of ETH keeps increasing at 60,000 ETH per month, then we will see the supply revert to what it was back at the merge,” Cowen reiterated.
He also highlighted, “If it follows 2016, then ETH/BTC final capitulation will not start until September 2024, which would be enough time for the novelty of the spot ETF relative to BTC to potentially wear off.”
Cowen predicts Ether’s price might drop within the next “3-6 months,” despite his belief that in 1.5 years, the price will “likely be higher” than its current value.
READ MORE: Worldcoin Faces Allegations of Price Manipulation Amid Token Unlock Delay
At the time of publication, Ether is trading at $3,507, according to CoinMarketCap.
Onchain analyst Leon Waidmann recently highlighted a “supply crisis” for Ethereum, pointing out that exchange balances have dropped to 10.2% while 39.3% of ETH is locked in smart contracts.
“Most investors don’t realize how tight the ETH supply side is,” Waidmann noted in a July 16 X post.
Meanwhile, the Chicago Board Options Exchange (CBOE) announced on July 19 that five spot Ethereum ETFs would begin trading on July 23, pending regulatory approval.
These include the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
On May 23, the United States Securities and Exchange Commission (SEC) approved rule changes allowing the listing of several spot Ether ETFs.
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According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.
This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated.
The report, which focuses on the period through June 30 but includes more recent data, added, “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
Another bullish signal identified by ARK is investors’ sustained appetite for BTC exchange-traded funds (ETFs).
The report highlighted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs.
By June 30, the drop in BTC’s spot price had overshot the 30-day percent change in BTC ETF flows by 17.3%.
READ MORE: CrowdStrike CEO Clarifies Downtime Cause: No Security Breach, Stock Drops 15%
July saw billions of dollars of net inflows into BTC ETFs, with about $1.35 billion entering the funds in the week ending July 15, according to CoinShares.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo.
Despite these positive signals, there are risks to BTC’s continued strong performance from global economic data.
ARK noted that corporate profits are steadily falling as pricing power diminishes, indicating economic weakness.
Bitcoin prices also face potential challenges from the defunct cryptocurrency exchange Mt. Gox’s repayment of approximately $9 billion in BTC to creditors.
However, unlike Germany’s abrupt sell-off, industry analysts believe that creditors may opt to hold onto their BTC, which could soften any potential negative impact on the broader market.
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Creditors of the hacked cryptocurrency exchange Mt. Gox are not rushing to sell their Bitcoin payouts, according to a Reddit community vote.
A recent poll on the Mt. Gox Insolvency subreddit revealed that most Mt. Gox creditors plan to retain their Bitcoin payouts.
These payouts are being received nearly 11 years after the Mt. Gox hack.
Mt. Gox Insolvency is a subreddit for those affected by the 2014 collapse of Mt. Gox and participating in the official insolvency process in Tokyo through the Japanese court system.
According to the poll, which closed on July 13, approximately 260 creditors (56% of 467 participants) plan to hold onto their Bitcoin.
This decision aligns with the Bitcoiner strategy known as hodl, where investors hold onto BTC despite price fluctuations.
Conversely, 88 respondents (about 20%) indicated they would sell 100% of their BTC payouts. Around 14% said they would sell up to 25% of their BTC, while about 6% planned to sell up to 50%.
While the poll may reflect investor sentiment on the subreddit, it doesn’t paint the full picture.
Discrepancies in payout amounts and the fact that only a fraction of creditors participated in the vote are significant factors.
“This is all good fun, but doesn’t mean anything,” one Redditor commented, highlighting the variance in BTC holdings among creditors.
Another poster added, “You cannot take the results of this survey and calculate the percentage of Bitcoin that will be sold and be anywhere near accurate unless you get lucky.”
READ MORE: Fairspin’s Innovative Crypto Gaming: Changing the Future of Online Gambling
Despite these limitations, some believe the polls are useful.
“The polls about receiving fiat from the trustee changed every week with the increased disbursement and showed how many creditors were compensated,” a Mt. Gox creditor told Cointelegraph.
Mt. Gox was once the world’s largest Bitcoin exchange, handling approximately 70% of all BTC transactions before its collapse in 2014.
The exchange lost 850,000 BTC (4% of all issued Bitcoin) in a security breach. Over the years, the Mt. Gox trustee has recovered about 141,000 BTC to repay creditors.
As of July 17, more than 36% of the owed BTC had been distributed. Over 13,000 creditors received repayments in Bitcoin and Bitcoin Cash as of July 16.
According to Mt. Gox Balance Bot, the trustee’s current balance is 47,228 BTC, worth about $3 billion. Since May 30, 94,457 BTC has been moved from these addresses.
Django Bits, the creator of Mt. Gox Balance Bot, noted that recent transactions to Kraken might require adjustments to the bot.
“Last week, the trustee sent a big chunk, but it turned out that most of it was sent to a change address,” he told Cointelegraph.
“I did not yet have time to check the movements but I might need to adjust the bot again,” he added.
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South Korea’s ruling People’s Power Party has proposed delaying the country’s tax on crypto trading profits.
On July 12, the party submitted the proposal, highlighting a negative sentiment towards crypto assets. The proposal stated that rapidly imposing taxes on virtual assets is “not advisable at this time.”
The party argued that crypto assets have higher risks compared to stocks, and imposing income tax could drive investors away from the market.
Originally, the tax on cryptocurrency gains was set to begin on Jan. 1, 2025. However, if the proposal is approved, the implementation will be postponed until Jan. 1, 2028.
As part of its campaign before South Korea’s general elections in April, the People’s Power Party promised to delay the crypto gains tax by two years.
On Feb. 19, the party emphasized the need to establish a comprehensive crypto framework before diving into taxation.
They stressed that crypto should only be taxed once a solid framework is in place.
A party representative pointed out that, unlike the stock exchange, there are no mandated entities to oversee crypto transactions.
Therefore, the party believes that spending two years to develop such a system is necessary.
The Korea Economic Daily reported that the plan to tax crypto gains was initially set to be implemented in 2021.
However, due to backlash from crypto industry leaders and stakeholders, the government delayed the tax implementation to 2023, and later to Jan. 1, 2025, to address investor concerns.
If the new proposal is accepted, the crypto gains tax will be delayed by nearly seven years from its original schedule.
Currently, South Korean investors must pay a 20% capital gains tax if their annual gains exceed 2.5 million won (approximately $1,800).
This threshold is much lower than that for stocks, where only gains exceeding 50 million won (about $36,000) are subject to taxation.
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Ava Protocol has successfully launched its mainnet on Ethereum, positioning itself as an EigenLayer Actively Validated Service (AVS) that facilitates smart contract automation. This significant development introduces enhanced transaction automation, privacy, composability, and cost-efficiency for developers integrating Ava Protocol into their decentralized applications (dapps), ensuring extensive compatibility across the Ethereum Virtual Machine (EVM) ecosystem.
The protocol’s event-driven activation model is designed to simplify complex on-chain operations by autonomously executing “super-transactions” when specific predefined conditions such as time, price, and smart contract updates occur. This innovation not only minimizes friction for developers and users but also addresses a major hurdle in web3 adoption by offering a user-friendly solution comparable to Stripe. Notably, these super-transactions do not require custom code, simplifying implementation for developers.
Ava Protocol, as an AVS on EigenLayer, benefits from not being confined to the limitations of the Ethereum Virtual Machine’s architecture. This allows it to extend new capabilities to developers that are not inherently possible on Ethereum and other EVM-compatible chains. It supports a variety of applications, including scheduling future and recurring payments, stop-loss and limit orders, streaming rewards, dynamic NFT minting, and more, making it a versatile tool for dapps.
Chris Li, the founder of Ava Protocol, expressed his enthusiasm about the launch: “With the support of our partners and community, we’ve reached a pivotal moment in our mission to deliver automated super-transactions on Ethereum. The launch of Ava Protocol’s mainnet will unlock new use cases for autonomous transactions that power smart contracts. We’re excited to showcase the versatility of EigenLayer’s AVS technology while addressing critical web3 automation challenges.”
Ava Protocol is among the first 15 projects to deploy an AVS, leveraging pooled security from Ethereum validators through EigenLayer’s innovative restaking mechanism. The protocol has commenced operations with 20 EigenLayer operators sourced from the top 100 by Total Value Locked (TVL), including EigenYields, InfraSingularity, Kukis Global, Coinage, and Staking4All.
Alex from EigenYields commented on the collaboration: “We see immense potential in Ava Protocol’s automated super-transactions, and are thrilled to provide a secure and resilient foundation for this innovative technology. This aligns with our mission to maximize value for our delegators by pushing the Ethereum ecosystem forward.”
Sam Shev, Head of Marketing at Ava Protocol, highlighted the significance of the mainnet launch: “We’re excited to bring Ava Protocol’s technology to a live environment for the first time and to see what our community will build using super-transactions. Thanks to the EigenLayer operators who have joined us on this mission, Ava Protocol will launch with a strong foundation to anchor everything that comes next.”
Following a successful testnet that engaged 10,000 wallets and facilitated over 1,000 automated transactions daily, Ava Protocol is gearing up to announce a detailed plan for AP token incentives aimed at initial operators.
Over the past few months, the crypto community went through several significant security breaches. One of the most widely reported was the hack of the Kraken centralized exchange (CEX). In June 2024, a zero-day vulnerability allowed attackers to exploit a flaw in Kraken’s website, resulting in the theft of $3 million in crypto assets.
This incident is part of a larger trend of vulnerabilities plaguing centralized exchanges. According to Immunefi, losses from hacks and security breaches in the crypto sector have skyrocketed in 2024, with more than $656 million stolen in the first half of the year. Specifically, in the second quarter of 2024, two projects account for 62.8% of the losses alone: DMM Bitcoin and BTCTURK, both CEXs. There’s a significant increase from previous years which highlights the growing abilities of cyber criminals and the need for more secure trading and exchange solutions.
More and more users are looking for non-custodial solutions to protect their assets. As a non-custodial exchange, StealthEX operates on a fundamentally different model than centralized platforms like Kraken. Here’s a closer look at how StealthEX is setting the standard for secure and private crypto swapping in 2024.
TL;DR
StealthEX is an instant cryptocurrency exchange that focuses on privacy and works directly between wallets. Renowned for its non-custodial approach, registration-free exchanges, and unlimited and effortless cross-chain swaps, StealthEX allows users to exchange digital assets across different blockchains securely, anonymously, and without the need for complex bridging mechanisms.
| HighlightsNon-custodial service with no registration requiredClean security recordNo verification for crypto-to-crypto exchangesFiat-to-crypto transactions are KYC-free, except for crypto purchases exceeding $700Supports over 1,500 cryptocurrencies and 900,000 exchange pairsIntegrated with several on-ramp providersIntuitive UI and accessible UXHigh customer support satisfactionProvides affiliate tools | RisksTransaction speed may be affected by external blockchain network performance during periods of high congestion |
1. Is StealthEX Safe?
StealthEX key focus
StealthEX is a leading non-custodial crypto exchange that prioritizes user control and security. By removing registration requirements and avoiding custodial holdings, StealthEX significantly reduces the risk of third-party intrusion while allowing users to maintain full control over their assets.
- User Privacy and KYC: StealthEX handles regulatory compliance while respecting user freedom. Unlike CEXs, it doesn’t require KYC processes for crypto-to-crypto transactions. Users can swap cryptocurrencies without revealing personal information.
- Fiat-to-Crypto Swaps: StealthEX simplifies fiat-to-crypto purchases through third-party partners. Users can buy crypto without KYC for amounts under $700 (or equivalent in other currencies).
- Security: StealthEX’s custody-free approach ensures that user funds are never stored on the platform. Transactions happen directly between wallets, minimizing security breaches. As a result, StealthEX boasts a clean record with no reported incidents of asset theft or hacking.
Remember that KYC and AML procedures may still apply if a user’s wallet is blacklisted by liquidity providers (LPs) or if suspicious activities are detected by StealthEX’s risk prevention system.
2. Industry Recognition
StealthEX boasts a TrustPilot rating of 4.6 out of 5 stars. It also benefits from extensive press coverage in top publications like Benzinga, Coincodex, and NewsBTC.
StealthEX’s media partnerships, including the ones with Crypto Daily and Coinpedia, further add to its reputation.
Plus, StealthEX CEO Maria Carola is a regular contributor to Bitcoin Magazine, The Daily Hodl, and CoinChapter, and is often asked for her expert insights on current market trends by major outlets like Cointelegraph.
3. StealthEX Services
StealthEX’s web app makes it simple for users to swap 1500+ cryptocurrencies in a private manner. The platform’s user-friendly interface is designed to meet the needs of both experienced traders and those new to crypto. It allows everyone to swap their assets with confidence, regardless of their level of expertise.
Plus, Android users can swap on the go with a dedicated mobile app, while an iOS app is underway to make the StealthEX platform accessible to more users.
Currently, StealthEX offers over 900,000 exchange pairs, including popular combinations such as SOL to ETH, BTC to ETH, ETH to BNB, and BTC to XMR. You can swap as many coins as you want with its limitless cross-chain swapping capabilities.
StealthEX also simplifies the process of purchasing digital assets by enabling direct transactions with fiat currencies such as the Pound Sterling (GBP), US Dollar (USD), Euro (EUR), and 30+ others. You can pay with Visa, Mastercard, Google Pay, or Apple Pay.
4. StealthEX Rates and Fees
StealthEX exchange rate options
StealthEX integrates with multiple LPs, guaranteeing competitive prices and rates. Users can choose between floating and fixed exchange rates based on their risk profile:
- Floating Exchange Rate: Adjusts in real-time according to crypto price dynamics.
- Fixed Exchange Rate: Provides stability in volatile markets, protecting against sudden fluctuations.
No matter the selected rate type, StealthEX calculates the fee and provides a transparent estimate to their customers before starting a transaction so that they can make an informed decision to exchange their crypto assets.
Users can expect the StealthEX fee between 0.4% and 1% for each executed swap. The fees vary depending on the currencies you choose and the amount you want to swap. StealthEX never adds any extra or hidden fees on top.
5. Mobile App
The StealthEX mobile app makes it easier for Android users to access and use the non-custodial platform, even when they’re on the move.
The app has a simple, easy-to-use interface that mirrors the web version, making it a great tool for newcomers and experienced users.
StealthEX Android app
The app also benefits from the core features of the StealthEX platform, including 1500+ cryptocurrencies, registration-free exchanges, and unlimited swaps with support for both floating and fixed rates. Moreover, it enables users to seamlessly connect with their wallets via a WalletConnect feature and has a built-in support chat for reporting any exchange-related issues.
StealthEX Android app
The app has the same rigorous security measures while ensuring user privacy and anonymity. Additionally, integration with payment processors makes buying cryptocurrency in-app with fiat more convenient.
6. Customer Support and Reviews
StealthEX support page
StealthEX provides a comprehensive support hub where users can access a consolidated repository of helpful articles. This resource includes step-by-step guides that cover a range of potential issues that might come up during the exchange process. If you need more personalized assistance, you can submit a detailed ticket to the support team.
User feedback on StealthEX
The effectiveness of StealthEX support is reflected in the consistent positive feedback from users. Customers acknowledge the prompt and professional customer service that operates 24/7, the human touch in responses, and the exceptional response times. StealthEX’s commitment to transparency in issue resolution, alongside its avoidance of cumbersome KYC procedures, further enhances user satisfaction.
7. Tools for Affiliates
StealthEX extends its affiliate program to anyone, whether they’re a content creator, web developer, or crypto enthusiast, who wants to leverage their online presence for financial gain.
The program includes several user-friendly tools:
- a public API to seamlessly integrate StealthEX’s exchange services into web applications,
- referral links to generate passive income from transactions by referred users,
- an exchange widget that allows affiliates to embed a full crypto exchange experience directly into their websites,
- buttons for streamlined transactions that turn referrals into profit,
- and customizable banners to visually promote and earn crypto from visitor exchanges.
8. Reviewing StealthEX Alternatives
There are several advantages and trade-offs when comparing StealthEX to similar platforms like Changelly and ChangeNOW.
Both StealthEX and Changelly claim that they offer crypto exchanges without the need for identity verification. However, while StealthEX operates in accordance with its privacy-centric model, Changelly is often noted for imposing a selective KYC process. One user shared on TrustPilot: “I have used Changelly for many years, but now their KYC checks are active, it makes the platform completely unusable. You provide all the identity checks required, but they then expect you to try and identify the source of the funds. This is potentially fine if you’re new to crypto, but not if you’ve been invested for years.”
Moreover, some report long wait times for resolution when selected for identity verification, with another user stating “I have been disputing with the support for over 1 month.” Not to mention that there are customers who find their accounts locked even despite providing all the required KYC documentation.
Comparing StealthEX to ChangeNOW also reveals differences. While ChangeNOW supports over 1,000 assets and 50,000 currency pairs, StealthEX offers a selection of 1,500 assets and 900,000 pairs, giving users more variety and flexibility. In addition, ChangeNOW’s customer support seems to be inferior to that of StealthEX, as evidenced by reviews from users who experienced poor assistance with their exchanges: “It turned out to be a three-day adventure for a relatively small amount from Hashpack to reach Solflare. What’s worse is that no one gave me any meaningful information on where you got to, instead I got evasive answers.”
9. How to Exchange Crypto on StealthEX
StealthEX exchange process
- Select the cryptocurrencies you wish to exchange and specify the amount, with the option to choose fixed-rate swaps for precise transactions.
- After clicking “Start Exchange,” continue by entering the wallet address where you want to receive the exchanged cryptocurrency. It’s crucial to ensure the accuracy of the address and any required extra ID (e.g. Memo, Tag) before clicking “Next”.
- Transfer the deposit to the provided address, in the exact amount displayed. Once StealthEX receives the deposit, it immediately processes the exchange.
- Then, StealthEX completes the transaction by sending the exchanged coins directly to your wallet.
10. How to Buy Crypto on StealthEX
StealthEX crypto purchase process
- Begin by navigating to the “Buy Crypto” section on the StealthEX website.
- From there, select your desired fiat currency and the cryptocurrency you wish to acquire.
- Enter the amount of fiat currency you want to exchange and view the estimated amount of cryptocurrency you will receive.
- Once you’re ready, initiate the exchange by clicking on “Start Exchange.
- Next, you’ll need to choose a preferred payment provider and enter your crypto wallet address.
- Review all the transaction details carefully and proceed to the Confirmation page.
- Click “Next” to move forward to the Exchange page where you’ll be prompted to accept the Terms of Service and continue with the selected payment provider.
- If required by the payment provider, complete any necessary identity verification steps.
- Once the purchase is confirmed and processed, the cryptocurrency will be transferred to your wallet.
- You’ll receive an email containing transaction details such as the debited fiat amount and the cryptocurrency received.
Final Words – What’s Next for StealthEX?
In a volatile market environment riddled with security breaches on centralized exchanges, StealthEX as a non-custodial platform offers a great solution to this pain point. By prioritizing user control and security through direct wallet-to-wallet transactions, StealthEX ensures that assets remain safe from the vulnerabilities that plague some exchanges.
With a commitment to transparency, extensive asset support, and intuitive usability, StealthEX not only meets but sets new standards for secure and private crypto swapping in 2024. Future plans for the platform include fine-tuning partner tools, introducing more liquidity providers, and expanding the list of available fiat and crypto assets.
John Bigatton, a prominent promoter of the defunct cryptocurrency exchange Bitconnect, has been convicted by the Sydney District Court for providing unlicensed financial advice.
Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media without the required financial services license, as reported by the Australian Securities and Investments Commission (ASIC).
Due to this conviction, he is now disqualified from managing corporations for five years.
Bitconnect, founded in 2016, offered a digital token called BitConnect Coin, which could be exchanged for Bitcoin.
Bigatton made bold claims during seminars, suggesting that BitConnect was superior to traditional term deposits and predicting that BitConnect Coin would reach a value of at least $1,000.
ASIC Deputy Chair Sarah Court highlighted the gravity of Bigatton’s actions, stating, “The unlicensed financial advice provided by Bigatton undermines trust in Australia’s financial services industry.”
In 2020, ASIC banned Bigatton from providing financial services for seven years due to his misleading promotion of Bitconnect.
READ MORE: Nigerian Court Sets Verdict Date for Binance Tax Evasion Trial
BitConnect has had a tumultuous regulatory history. Its founder, Satish Kumbhani, was sued by the United States Securities and Exchange Commission (SEC) in 2021 for fraudulently raising around $2 billion from investors.
Despite the US District Court for the Southern District of California ordering the restitution of $17 million for fraud victims, Kumbhani’s whereabouts remain unknown as of 2024.
In a significant move in 2018, ASIC applied to the Federal Court to freeze Bigatton’s assets, including his cryptocurrency holdings, marking the first instance of the Australian regulator obtaining freezing orders over digital assets.
On May 17, Bigatton pleaded guilty to his role in promoting BitConnect, admitting to providing financial advice without proper authorization or the necessary license.
ASIC stated that Bigatton had advised on six occasions across different locations in Australia, noting that he “undertook promotional activities for BitConnect and the Lending Platform.”
Bigatton’s conviction underscores the importance of regulatory compliance in financial services, serving as a reminder of the consequences of providing unlicensed advice.
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