A popular cryptocurrency trading and investment venture, identified as Bitrue recently announced the temporary suspension of all SAITAMA-related operations. The crypto firm made the revelation in a Twitter post shared on her handle on Tuesday. According to the post, all SAITAMA activities remains suspended throughout the hours of today.
Bitrue said the move became necessary in the bid to assist the SAITAMA team with their forthcoming token migration. As revealed, the suspension which begins today shall be implemented at 4:00 UTC. Some of the suspended operations includes trading, deposits, and withdrawal. Also, all pending orders on SAITAMA trading pairs will be automatically terminated.
Now, Bitrue intends to circulate refurbished SAITAMA tokens obtained from SAITAMA teams to its users. With this development, users need not to put anything in place to finalize the migration process. In addition, the sum of new tokens acquired by users tends to become allocated using an already designed formula. According to the post, the formulae appears as Amount received= Amount of V1 SAITAMA owned at migration time/Total V1 SAITAMA held by Bitrue at migration time *Total V2 SAITAMA received by Bitrue in the migration.
More so, Bitrue plans to restore all previous SAITAMA features after the successful of the token migration. The firm, however enjoined users to abstain from making deposits using any old SAITAMA tokens to Bitrue. According to the investment venture, depositing such tokens tends to lead to an nonrefundable loss.
Things you may not know about Bitrue
In 2018, Bitrue manifested as a Singapore-based cryptocurrency trading and investment outfit. The platform avails users with varieties of offerings for spot trading. As programmed, newly registered users enjoy easy trading, particularly with the simple cryptocurrency purchase form.
Furthermore, Bitrue charges withdrawal fees when delivering cryptocurrencies to other exchanges or wallets. As for Fiat withdrawals to bank accounts, the platform charges no fee. Also, uncommon account demands, like International Wire Transfers require additional fees on Bitrue.
In 2019, the firm experienced a security breach that almost sank its prominence. According to a report, Cybercriminals pilfered over $4 million worth of cryptocurrency funds in the attack. Although, the trading firm refunded their customers who lost their funds to the cyber attack. Now, the firm utilizes and sustains strong security practices. These practices, however include; two-factor authentication, cold wallet storage for client assets, account lockouts, and emailed safety codes in all its communication. More so, it possesses a robust and reliable insurance fund of 38million XRP and 40million BTR to compensate users in event of future hack that result from Bitrue negligence.