Bitcoin & Cryptocurrency

New Blockchain Technology Developed by University of Sydney

Red Belly Blockchain, named after one of Australia’s deadliest snakes, is the new blockchain technology being developed by the University of Sydney (USYD).   The system aims to allow the swift and secure transfer of virtual currencies around the globe. Dr. Vincent Gramoli, an academic from USYD said that in their recent blockchain testing, Red Belly was able to transact above 440,00 times on 100 machines in a mere 1 second. Card Giant Visa is able to process about 56,000 transactions per second while the Bitcoin network can muster around 7 transactions given the same time. At least two other […]

Gene-Chain Raise $824K Pre-ICO Closure

A blockchain that promises to push the boundaries of genomics data protection has successfully acquired $824,000 in an Initial Coin Offering (ICO) round. The project called Gene-Chain aims to provide individuals a secure way of keeping their genomic data private, but at the same time making it accessible to scientists who have obtained permission from the owner Gene-Chain. Gene-Chain was developed by Encrypgen, who attracted investments from the public through an ICO to help fund the project. As soon as the token sale is completed, token wallets will be distributed. Source: News BTC

US Charges British Businessman on Fake Bitcoin Site Scam

The US charged a British businessman with securities fraud last Friday for scamming investors with a Bitcoin trading platform that turned out to be fake. UK citizen Renwick Haddow was accused by the Securities and Exchange Commission (SEC) of funnelling invested funds from a bogus bitcoin site and Bar Works, a flexible workspace, to bank accounts in Morocco and Mauritius. SEC said Haddow used names of senior executives as people behind ghost operations and gave false details on the success stories the companies he represented. Bar Works in Florida faces a similar case filed by a different investment group. Source: […]

Bitcoin Processing Man in Florida Sentenced to 5 Years in Prison

A man from Florida is now facing 5 ½ years of prison time after being found guilty of boosting a business that assisted criminals in processing illegal bitcoin transactions. Anthony Murgio from Florida was sentenced by a New York judge last Tuesday. He pleaded guilty early this year, apologizing to friends and family for the scheme. Prosecutors revealed that from April 2013 to July 2015, Murgio has processed as much as $10 million worth of illegal bitcoin transactions. Source: Business Insider

Ransomware Attack Causes Global Disruption

Companies around the globe report that they have been hit by a cyber-attack that freezes the computer until a ransom in Bitcoin is paid. British ad agency WPP, Ukrainian state power company, and Kiev’s main airport were some of the more prominent targets. The Chernobyl nuclear power plant also had their Windows-based sensors incapacitated. Ransomware works by encrypting files in a network, making them inaccessible, then soliciting payment to decrypt infected computers. Russian Kaspersky Lab reports that they believe this is a new version of a malware that they have not seen before, dubbing the attack “NotPetya”, in reference to […]

Bitcoin Drop Crashes Ethereum By 20%

Cryptocurrency Etherium plunges Monday despite efforts to increase user confidence by declaring credit for customers who lost money on last week’s flash crash. Bitcoin rival Etherium, also known as ether briefly dropped in a flash crash last week from more than $300 to 10 cents on Coinbase’s GDAX exchange. According to Coin Desk, Ether traded 20.9 percent lower at $239.63 on Monday afternoon. Source: CNBC

Barclay Discusses Bringing Bitcoin “Into Play” with Regulators

Barclay is in talks with regulators and financial technology firms about bringing bitcoin and other cryptocurrencies “into play”, Ashok Vashani, the bank’s U.K chief executive tells CNBC this Monday. Banking giant Barclay reveals meeting with Britain’s Financial Conduct Authority (FCA) discussing how to make Bitcoin safe. “We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play.” says Vashani at the Money 20/20 fintech conference in Copenhagen, Denmark. Source: CNBC

Phishing Email Pretends to be BitPay

A recent phishing email claiming to be from bitpay.org has been going around, seeking to scam virtual currency owners. The company BitPay, released an announcement through Reddit to warn users after receiving a number of reports from users. The announcement indicates that “This is not a legitimate BitPay email and is a clear phishing attempt. If you receive this email do not open its contents and certainly do not click on any link, button, or attachment.” Users receiving similar emails are encouraged to report these attempts to email providers. Source: Coin Telegraph

Google to Stop Scanning Gmail to Create Personalized Ads

In a recent post on Google’s blog, the company’s cloud computing chief Diane Greene outlines the company’s decision to stop scanning Gmail content for targeted ads. The tremendous growth of the company’s G Suite, a product for enterprises, prompted Google to align G Suite’s Gmail and consumer gmail, enabling consumer users to opt out of being shown personalized ads.  Privacy concerns have risen from Google’s practice of analyzing incoming and outgoing emails from its free consumer Gmail users. Source: Reuters

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

In its resolution dated 19 January 2017, the Monetary Board approved a new set of rules and regulations that would govern the operations of virtual currency exchanges in the country. The guidelines are to be incorporated in §4512N of the Manual of Regulations for Non-Bank Financial Institutions. The guidelines were made in recognition of the potential of virtual currencies in revolutionising the delivery of financial services and the risks that accompany it including consumer protection and the susceptibility to be used in illegal activities. The guidelines define the term a virtual currency, such as BitCoin, as any type of digital […]