BitMEX Ventures Invests in a Philippines-Based Cryptocurrency Exchange

Siamak Masnavi

BitMEX Ventures, the investment arm of crypto derivatives exchange BitMEX, which is owned and operated by Seychelles-based HDR Global Trading Limited, has invested in a cryptocurrency exchange called PDAX that is based in the Philippines.

The Republic of the Philippines (or "The Philippines" for short) is an archipelagic country in Southeast Asia with a population of around one hundred million. PDAX, which stands for Philippine Digital Asset Exchange, was founded in 2018 by people with experience from "MIT, Goldman Sachs, HSBC, and the United Nations SDG Initiative." According to PDAX, it is a full regulated centralized crypto exchange that has been approved by the central bank of the county, Bangko Sentral ng Pilipinas (BSP). PDAX says that over half of the people in the Philippines do not have bank accounts and even the ones who do "have limited access to investments."

PDAX is currently operating in beta mode, and there is a waitlist for people who gain access to this trading platform. Here is what the interface looks like:

PDAX Interface.jpg

Earlier today, PDAX announced on its Medium blog that it has partnered with BitMEX Ventures. This investment (the amount has not been disclosed) from BitMEX Ventures should help PDAX with the official launch of its platform. Furthermore, it says that it hopes to "create a digital financial market, not just for cryptocurrencies but all kinds of digital investment products and securities." Examples are commodities, real estate equities, and debt securities in token form.

According to a report in BlockTribune, Nichel Gaba, co-founder and CEO of PDAX, had this to say:

“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth. With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”

As for Arthur Hayes, Co-Founder and CEO at BitMEX, BlockTribune's report quotes him as saying:

“We see a substantial amount of trading volume from users in the Philippines and want to further empower traders with an affordable and seamless bitcoin transfer platform without the previous charges that made financial transactions so cumbersome. We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets."

Over on Twitter, he sent out a tweet to welcome PDAX to "the BitMEX sphere of influence."

Featured Screenshot Image via PDAX

$3.2 Million Worth of Ether from the Upbit Hack Have Reportedly Been Laundered

A total of $3.2 million worth of ether stolen from the popular South Korean cryptocurrency exchangE Upbit have reportedly already been laundered via small transactions sent to various other cryptocurrency exchanges.

According to a recently published report, citing data from Uppala Security’s Sentinel Protocol, a total of 20,520 ETH that was stolen from the cryptocurrency exchange has already been laundered, as the address to which the stolen funds were initially sent to has moved them and sent small transactions to various other trading platforms.

Per the report, these trading platforms including exchanges like Binance, Huobi, Bittrex, Bitfinex, and several decentralized exchanges. Uppsala’s President Patrick Kim was quoted in the report saying it believes the hackers are still looking to launder the rest of the 342,000 stolen ETH.

We believe that the hackers continue to launder money through exchanges without any sanctions standing in their way.

As CryptoGlobe reported, in November of last year the South Korean exchange Upbit confirmed hackers managed to steal about $49 million worth of Ethereum from its hot wallet, and quickly reacted to the situation by moving all cryptoasset from its hot to its cold wallets.

The exchange also suspended deposits and withdrawals to look into the situation, and only reopened them for Ethereum earlier this week after improving its security. Users were told to update their wallets and not send them to the old address as it could lead to a complicated and costly recovery process.

The original address the hacked ETH was moved to now holds less than $10 worth of the cryptocurrency, while some addresses associated with the theft still hold large amounts. While some speculated the small transactions to exchanges were simply a test, Kim claimed the transactions had the sole purpose of laundering the funds.

Featured image via Pixabay.