Bitcoin & Cryptocurrency

Four Ukranians Charged for Running Fake Cryptocurrency Exchanges

Four Ukranians Charged for Running Fake Cryptocurrency Exchanges

Ukrainian authorities announced this week that they have caught four suspects responsible for running six fake cryptocurrency exchanges. The police revealed that the criminals were highly skilled programmers and were able to create their own CMS-system for managing the content of exchange sites. Six exchanges had already been identified by the police as fake –  moneycraft.info, wowex.online, swapex.net, myexchanger.lv, iconvex.net, and likechange.biz. However, the Ukrainian National Police says that the list is not yet complete and there may be others more online. Source: Bleeping Computer

Tether Releases Official Report Confirming US Dollar Reserves

Tether Releases Official Report Confirming US Dollar Reserves

Cryptocurrency firm Tether announced this week that it had enough U.S. dollar reserves to back its virtual coins in circulation, as confirmed by a report from Washington-based law firm Freeh, Sporkin & Sullivan LLP. The report was made in response to investor doubts on whether the company actually has a dollar in reserve for every token that it issues. While the report was not a full audit of Tether, it did include sworn and notarized statements from two banks which attested that the company had approximately $2.55 billion in its accounts on June 1. It was noted however, that former […]

Biggest South Korean Crypto Exchange Hacked, $30 Million Stolen

Biggest South Korean Crypto Exchange Hacked, $30 Million Stolen

Coin Telegraph Japan reported this week that leading South Korean cryptocurrecny exchange Bithumb had been hacked and approximately $30 million in funds had been stolen. Considered to be the sixth largest crypto-exchage in the world, Bithumb tweeted an apology and said that that all deposits and withdrawals have been suspended for the meantime. Resident officials from the Sentinel Protocol, a project specializing in hacking, scam, and fraud detection, says that the hot wallet was hacked last June 19 where the culprits stole various coins including Ripple. Source: Coin Telegraph

CFTC Urges Judge to Rule Virtual Currency as Commodity

CFTC Urges Judge to Rule Virtual Currency as Commodity

Last Thursday, the U.S. Commodity Futures Trading Commission implored a federal judge to rule that an obscure virtual currency called My Big Coin is a commodity subject to its oversight. In a lawsuit filed against My Big Coin Pay Inc., CFTC lawyer Jonah McCarthy said that the virtual currency is similar to gold and other precious metals such that it amounts to a good that falls within the Commodity Exchange Act’s broad definition of commodities. However, Randall Crater’s lawyer Katherine Cooper argued that My Big Coin does not have future contracts trading on it and is not a commodity the […]

Walmart Obtains Patent for Crypto-Powered Electrical Grid

Walmart Obtains Patent for Crypto-Powered Electrical Grid

U.S. retail giant Walmart won this week a patent for the development of an energy consumption management system that will be powered by digital currency. The patent, which Walmart applied for last December 2017, was published June 14 by the U.S. Patent and Trademark Office (USPTO). The system is expected to aid companies manage energy consumption better and regulate demand on an electrical grid using a public blockchain. The patent also says that devices on the network, which will be alloted cryptocurrency funds to purchase power from a utility vendor, will be able to share funds between each other should […]

SEC Expected to Clarify Position on Cryptocurrency This Week

SEC Expected to Clarify Position on Cryptocurrency This Week

SEC’s point-person in policy regarding bitcoin and blockchain, William Hinman, is expected to clarify the agency’s position on cryptocurrencies on his speech this Thursday at Yahoo’s All Markets Summit: Crypto in San Francisco. It is said that Hinman will confirm whether ICOs, alt-coins, and ether are securities which are required to register with the SEC. JJ Kinahan, chief market strategist for TD Ameritrade, remarked that everybody is currently uncertain as to what the rules are, and clarity on what is allowed and what is not would be of help to the markets. Source: CNBC

New Research Says Crypto-Theft Now a Million Dollar Economy

New Research Says Crypto-Theft Now a Million Dollar Economy

In its new report called “Cryptocurrency Gold Rush in the Dark Web”, cybersecurity company Carbon Black said that the market for malware for stealing cryptocurrency is rapidly growing. They estimated that approximately $1.1 billion in cryptocurrency had been stolen in six months alone, and there are around 34,000 products and services available online, mostly in the dark web, for stealing cryptocurrency. The price can range from a dollar to around $250, which puts the average cost of an app at around $10. The researchers also said that cryptojackers such as GhostMiner and Loapi seem to be the malware of choice […]

Central Bank of Russia: Crypto Assets Not a Threat to Global Financial Stability

Central Bank of Russia: Crypto Assets Not a Threat to Global Financial Stability

In a report released last May 30, the Central Bank of Russia said that the global volume of crypto assets is still too low to disrupt global financial stability. The paper defined crypto assets as a financial asset based on the application of cryptography and distributed ledger technology. Such assets can only be a risk if if the market grows further, or if retail and institutional investors, banks, and other market players get involved in a larger scale. The CBR further said that the high volatility of crypto assets prevent them from being a reliable standard of value, means of […]

Chinese President Praises Blockchain Technology

Chinese President Praises Blockchain Technology

In a speech last Monday, Chinese President Xi Jinping called blockchain “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” Beijing is still prohibiting the trading of Bitcoin domestically, as well as the sales of new digital tokens through the “initial coin offering” process. Despite this, the country is growing as a hub for blockchain development, with several startups partnering with the local Chinese governments to research or implement the technology. The technology was also mentioned twice in the Chinese State Council’s 13th five-year economic plan which […]

21 Fintechs Set to Bring Fresh Investments Into CEZA

21 Fintechs Set to Bring Fresh Investments Into CEZA

CEZA Administrator Raul L. Lambino revealed this week that 21 fintech firms are expected to invest around Php 2 billion in the freeport within the next two years. The Secretary said that the startups, which are mainly engaged in blockchain and cryptocurrency operations, will be committing 1 million each for infrastructure, aside from application fees, license fees, probity checks and integration fees. Lambino said that the 54,000 hectare CSEZFP is being poised to be a new Asian hub which will combine the best of nature and of cutting-edge technology for the world’s leaders in the burgeoning global currency of the […]