XRP Price Collapses by 40% on Beaxy Exchange Following Major Sell-off

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million price

Ripple News Today – Against all odds, Beaxy unveiled on June 2019, the platform which is a cryptocurrency token was issued on the Ethereum platform. The launching came to reality after having faced hitches after an attempted attack to hack its foundation eventually proved abortive, as they were unable to gain access to funds or other important data. However, Know Your Customer (KYC) has undertaken it upon themselves to help trail those responsible for the attempted hack.

Ripple News Today – XRP News Today – Beaxy Exchange Gets Hacked

According to Ripple latest update, the recently launched cryptocurrency exchange Beaxy has Newly-launched cryptocurrency exchange Beaxy has barred trading after some users purposely crashed the price of altcoin Ripple (XRP).

As on August 12, Ripple News update reported Beaxy has faced an unexpected surge in XRP trading volumes, with a massive sell-off declining XRP/BTC TO 40% of its price on other exchanges. The report went thus: “As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate.” As gathered by XRP News Today, the Beaxy Administrators are rest assured the culprits of the XRP crash can be recognized courtesy of Know Your Customer (KYC) system. Although they promised action will transpire, however, they didn’t state if the culprits will be brought to book or not. “We feel confident we can reclaim misplaced funds,” one of the tweets reads, adding that the suspect transactions would be reversed,” they stated. According to XRP latest update, the tragedy occurred a week after Binance experienced a publicity trauma when it was rumored they lost control of their KYC data. Although, Ripple is yet to comment on this recent event.

XRP News Today – Ripple News Update – XRP Vs. BTC Drops 40%

Following the launch of Beaxy on June 11, 2019, the company announced they were live in 43 United States states and 185 countries. According to Beaxy, an exclusive partnership with OneMarketData conveys trading proficiencies across nine order types, with transaction speeds of 225,000 per second for each trading pair. The platform allegedly has more than 60,000 pre-registered users, following two years of development.

Separately, In May, Beaxy CEO Artak Hamazaspyan confirmed the hacking of the platform on Twitter. He stated that the platform was hacked on May 22, 2019, though the invaders tried to steal valuable information, he insisted that “no KYC data was compromised, no code was compromised, and no funds were stolen.” He further stated that “This was not the first attack on Beaxy, it will not be the last. For example, we were also attacked the day we opened beta.”

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.291
0.876%

Beaxy’s CEO, Artak Hamazaspyan, in a report stated that regardless of the technical glitches in May, “I couldn’t be happier with the product this incredible team has built. Through prioritizing user experience, security, regulatory guidance, and seamless functionality, I am confident we’ve built a best-in-class trading platform.” On May 8, Binance, one of the largest crypto exchanges by trading volume experienced a significant security breach that allowed hackers to withdraw 7,000 bitcoins (BTC) worth $54.6 million.

Crypto wallet provider Komodo last week has revealed it had successfully hacked itself to prevent swindlers from stealing user’s funds worth $13 million. Beaxy (BXY) price analysis today is $0.04397542 with a 24-hour trading volume of $120,107. Price is down -13.8% in the last 24 hours. It has a flowing supply of 164 Million coins and a maximum supply of 500 Million coins.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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