Cryptocurrency exchanges

Bitsgap Reinventing Automated Cryptocurrency Trading

Bitsgap Reinventing Automated Cryptocurrency Trading

The idea of cryptocurrency trading platforms has been around for a few years now, but rarely do they offer much flexibility for their users. Recently unveiling a redesigned, next generation platform that lets users connect their account with 30+ top crypto exchanges, Bitsgap provides clients with top-notch automated crypto trading bots, opening a vast opportunity to start both trading and earning money passively.

This is the main trading screen for exchanges connected to Bitsgap by the user via exchange API. It basically allows users to conduct trades on all their exchanges at once instead of having to manually log in to all of them. It features an orderbook, interactive chart screen, list of coin pairings, recent trades, order screen, and open orders, along with the user’s balance on the exchange, open positions, and trade history. The current exchange can be changed by clicking on the name of the exchange found above the chart screen. This will bring up a list of the 30+ exchanges that can currently be connected to Bitsgap.

In addition to the basic market and limit order types, some of the more advanced orders that can be placed through Bitsgap include:

  • Stop-loss/take profit orders. Using this type of order will make sure that orders are executed upon reaching a certain price limit. These orders are used to minimize losses or maximize gains.
  • Shadow orders. This allows users to place orders that are not reflected in the exchange order book. The order still exists per instructions sent via API connection but cannot be seen by other traders.
  • Smart orders. This is an advanced order which sets a simultaneous combination of stop-loss and take profit orders, available to those with upgraded plans only.
  • This is where Bitsgap’s selection of trading bots can be found. Once a platform user has a coin balance on an exchange and has successfully connected that exchange’s API to their Bitsgap account, they can activate the bot of their choice to start making automated trades for them. To the right of the coin pairing chart are different options for selecting the bot, exchange, coin pair, configuration options, and maximum amount to be traded by that bot.

    Below that is a list of the most successful trading strategies for the particular bot selected based on backtest data, which is a simulation of how the bot would have performed when trading different coin pairings offered by the selected exchange. The backtest result can be displayed according to returns delivered in the last month, week, or 3 days.


    Researchers Find Flaws in Security Protocols Developed by Major Crypto Exchanges

    Researchers Find Flaws in Security Protocols Developed by Major Crypto Exchanges

    Home Blockchain Researchers Find Flaws in Security Protocols Developed by Major Crypto Exchanges

    • Blockchain

    August 10, 2020



    Web Traffic on Global Crypto Exchanges Surged 13% in July

    Web Traffic on Global Crypto Exchanges Surged 13% in July


    Crypto analytics startup ICO Analytics reveals the fastest growing crypto exchanges and DeFi protocols in terms of web traffic.

    Global crypto exchanges have reportedly seen a significant increase in web traffic in July as cryptocurrency prices gained momentum.

    According to data from crypto analytics startup ICO Analytics, web traffic on global crypto exchanges increased by 13% on average in July 2020. 

    Illia Kmez, head of content at ICO Analytics, told Cointelegraph that centralized crypto exchanges added 26% in web traffic since December 2020. In order to provide calculations, the startup analyzed web traffic of around 100 exchanges including international trading platforms and exchanges that only operate in one country, Kmez said.

    While the average stands at 13%, some crypto exchanges have recorded a more notable monthly increase, with traffic surging over 60% ,as was the case with and KuCoin.

    What future awaits cryptocurrencies?

    Binance, the world’s largest crypto exchange, reportedly saw 24.9 million visits in July, with traffic surging nearly 10%. Coinbase, the largest crypto exchange and wallet service in the United States, recorded 22.5 million visits during that month, with traffic seeing an 18% increase.

    Other popular exchanges like BitMEX and OKEx saw their traffic drop in July. According to the data, BitMEX’s traffic dropped 1.6%, while OKEx saw a 6% decline.

    Web traffic dynamics of crypto exchanges in July 2020. Source: ICO Analytics‘ Twitter

    In another Aug. 9 tweet, ICO Analytics provided similar statistics regarding decentralized finance, or DeFi. According to the data, decentralized exchange Uniswap is the largest in terms of web traffic with more than 1.4 million visits in July. Uniswap is ranked the ninth largest DeFi environment in terms of total value locked in the protocol, according to data from major industry website

    According to ICO Analytics, DeFi liquidity provider Balancer Pool saw the largest increase in web traffic, up 193% in July.

    ICO Analytics also noted that, despite significant growth of DeFi markets-related traffic, none of DeFi platforms have reached the level of top 20 centralized exchanges.

    Earlier in July, crypto market analytics firm Messari said that DeFi makes up only 1.5% of the entire crypto market. As of press time, total value locked in DeFi markets accounts for $4.7 billion, according to

    The post Web Traffic on Global Crypto Exchanges Surged 13% in July appeared first on BTC Ethereum Crypto Currency Blog.


    Author: By TeamMMG

    The best way to hide something, is in plain sight. Crypto laundering.

    The best way to hide something, is in plain sight. Crypto laundering.


    During the last week of July, an interesting story surfaced in the news. CWT, a travel management company, paid $4.5 million to hackers who stole reams of sensitive corporate data. CWT that makes $1.5 billion in annual revenues, agreed to pay 414 BTC in ransom to the hackers on July 28 to regain access to two terabytes of files and to stop them from exposing the information. The files included employee data, financial documents, and other information. One of the interesting things of the story was that the ransom negotiations took place in an online chat group. The second was that the hackers used an exchange to launder the money. The hackers, who are still at large, tried to launder their money through some of the largest cryptocurrency exchanges in the world, including Binance, Coinbase and Huobi. 

    Ilias Louis Hatzis is the Founder and CEO at Mercato Blockchain AG.

    According to Reuters, the attackers used a ransomware strain called Ragnar Locker, which encrypts computer files and renders them usable. The $4.5 million in Bitcoin ransom was paid for a decryption key in a bid to restore the files.

    The Ragnar Locker ransomware and its strategy is well known: when it infects a computer or an entire network, it encrypts its files to prevent its rightful owner from accessing its content. To regain control of the information and return to normality, the victim is forced to pay a “ransom” in a cryptocurrency so that the transaction cannot be traced.

    Looking at the timeline of events, initially CWT sent 1 BTC to the hackers’ address. After the hackers confirmed they received  the money and the remaining 413 BTC were transferred. Twenty minutes after the entire ransom was paid, the hackers split the Bitcoin into two addresses, the first with 102 BTC and the second with 310 BTC. Then they did one more split, taking the 310 BTC and splitting it into two equal parts, each with 155 BTC. The first of the 155 BTC was sent to an address on Binance to launder $1.5 million. The hackers completed over 20 transactions within 30 minutes to launder the initial 155 BTC. The remaining 155 BTC was moved to other crypto exchanges, including Coinbase, Huobi and Poloniex.

    Whats even more bizarre is the channel and language, during the negotiations between CWT and the hackers. They communicated on a publicly accessible online chat group. In the farewell, both parties cordially thank each other, as if they closed a legitimate business deal. In fact, hackers compliment CWT and thank the head of the company for his professionalism. Surreal!


    Personally I was surprised at how professional and collegial the whole conversation was. From beginning to end, this was treated a business transaction for both parties

    — Jack Stubbs (@jc_stubbs) July 31, 2020

    Getting the crypto is only the first step to any hack. In the second which is even more crucial, otherwise the whole exercise is pointless, criminals must exchange their cryptocurrency for fiat currency.

    Criminals often use multiple intermediate wallets and mixer services to launder stolen cryptocurrencies. They create layers of transactions to make tracing difficult before converting funds into fiat or other cryptocurrencies.

    In many cases, hackers would use a something like Bitcoin tumbler to mix stolen with legitimate Bitcoin. Mixers involve lots of people mixing anonymously their funds together. Then the mixer takes all those funds and sends them to addresses owned by those people, crediting them with the amounts they put in.

    But to mix $1.5 million, would require plenty of time and a huge source of liquidity and hackers, usually want the easiest way to get their money.

    Now we are seeing more hackers push stolen funds through large exchanges, using a method called “chain-hopping” (From Money Mules to Chain-Hopping).

    With chain-hopping, digital assets are converted from one cryptocurrency into another, across digital currency exchanges, the less-regulated the better, to create a money trail that is almost impossible to track. Converting stolen Bitcoin into Ethereum is difficult to trace. Now if you couple coin-hopping with decentralized exchanges (DEX), that are mostly unregulated, then you have a huge challenge.

    Splitting a huge amount into small deposits and converting from one crypto to another might not sound very practical or scalable, but from an investigative standpoint it’s a resource-intensive nightmare.

    Exchanges have emerged as the leading destination for illicitly-gained cryptocurrencies. While they have always been a popular off-ramp, since the beginning of 2019, $2.8 billion in Bitcoin were moved from criminal entities to exchanges.

    According to a report by Chainalysis, Binance and Huobi, account for more than 50% of all the illicit Bitcoin received by exchanges, an amount totaling $1.4 billion.


    Also, in the same report, many criminals launder their cryptocurrency with the assistance of over-the-counter brokers. OTC brokers are agents or firms that facilitate trades between buyers and sellers who do not want to (or cannot) transact on a cryptocurrency exchange.


    While cryptocurrencies get a bad rep for money laundering, the real challenge, for the bad guys is liquidating digital assets, without getting caught. Regardless of methods and tactics they follow to achieve anonymity, today crypto always needs to be exchanged into fiat currency, if they want to use somehow. Monitoring crypto transactions, within and across blockchains, can lead to the de-anonymization of criminals.

    But, it’s amazing how we always seem to forget that the final path from stolen cryptocurrency to clean fiat money is existing banking system. They are the real movers and shakers in the global money laundromat.

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    Author: Ilias Louis Hatzis

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