Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Feb 16, 2020

Exclusive: Chinese Group Looking to Buy One of Latin America's Largest Bitcoin Mines

Rocelo Lopes, CEO of Stratum, CoinPY, and one of the leading names in the Bitcoin and cryptocurrency market in Latin America, is negotiating the sale of Brazilian-owned, Paraguay-registered mining farm CoinPY, once a leading crypto company in Latin America.
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https://cointelegraph.com/news/excl...y-one-of-latin-americas-largest-bitcoin-mines

Minimalist · Feb 16, 2020

40 German banks apply to offer crypto custody services

Over 40 German banks have applied for the new crypto custodian license necessary for the provision of professional custody services.
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https://bravenewcoin.com/insights/40-german-banks-apply-to-offer-crypto-custody-services

Minimalist · Feb 16, 2020

Binance Applied for Singapore’s New Crypto License, CEO Says

Binance Holdings Ltd., operator of one of the world’s largest crypto exchanges, has applied for an operating license in Singapore under the government’s new payments legislation.
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https://www.bnnbloomberg.ca/binance-applied-for-singapore-s-new-crypto-license-ceo-says-1.1391180

guest · Feb 16, 2020

IRS removes guidance on Fortnite game currency: report
February 13, 2020
https://thehill.com/policy/technology/technology/483010-irs-removes-rule-on-fortnite-game-currency

The IRS has removed guidance from its website that said in-game virtual currency in video games such as Fortnite could be subject to a new reporting requirement on federal tax returns.

IRS Chief Counsel Michael Desmond said the video game currencies should not have been included in the guidance alongside bitcoin, according to a report by Bloomberg Tax.
He described their inclusion as a mistake, but provided little clarity on how the error occurred.

The language had identified V-bucks, the currency used in Fortnite, as an example of a convertible virtual currency. [...] the language was removed from the IRS's website shortly after Bloomberg Tax inquired to the agency.
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guest · Feb 17, 2020

mood said: ↑

IOTA forced to suspend network after wallet hack
February 14, 2020
https://coingeek.com/iota-forced-to-suspend-network-after-wallet-hack/
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IOTA Updates Trinity Desktop Wallet to Partly Address Recent Hack
February 17, 2020
https://cointelegraph.com/news/iota-updates-trinity-desktop-wallet-to-partly-address-recent-hack

According to a Feb. 17 update post, IOTA should update their Trinity apps to securely check their balances and transactions via Trinity 1.4.1, a new version that is designed to remove the recently detected vulnerability from the wallets.
IOTA’s network coordinator is still paused for an upcoming token migration
Released on Feb. 16, the new version of the wallet doesn’t apparently represent the full solution of the recent breach because the IOTA’s dedicated network Coordinator, is still on hold.
The foundation noted that IOTA will release the seed migration tool in “upcoming days,” noting that the action will be another important measure to protect user funds.
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guest · Feb 17, 2020

Russia Drafts New Guidance to Banks on Crypto Transactions
February 17, 2020
https://www.financemagnates.com/cry...new-guidance-to-banks-on-crypto-transactions/

In an effort to foster regulatory clarity in the Russian cryptos pace, the nation’s central bank has proposed fresh guidelines to govern market participants and stakeholders.

As reported, the proposed legislation explains how banks can apply the broader AML framework, dubbed ‘375-P protocol,’ to tackle money laundering related to cryptocurrency activities. Based on a new set of rules, the updated guidance lists 100 signs that would allow banks to label crypto transactions as suspicious.
CBR’s senior officials indicated that they would support a national ban on crypto payments, claiming they “carry significant risks, including criminal money laundering and the financing of terrorist activities.”
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guest · Feb 19, 2020

Korean ICO Project Shuts Down, Says ‘Negative Perceptions’ of Crypto Made Business Impossible
February 19, 2020
https://www.coindesk.com/korean-ico...erceptions-of-crypto-made-business-impossible

Content-sharing platform Contents Protocol announced Wednesday that following numerous attempts to turn its business into a success, the firm is closing down and refunding investors as much as $7.5 million-worth of the ether (ETH) raised in its initial coin offering (ICO).

"We inform you that due to continued regulatory uncertainties in cryptocurrency and lack of business prospect, we have decided to end our project," reads an announcement that has now wholly replaced Contents Protocol's website.
The company said anti-crypto attitudes were unlikely to improve in the short term, and would impact how digital assets would be regulated in the future.
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guest · Feb 21, 2020

Shopify to join Facebook-led Libra currency group
February 21, 2020
https://uk.reuters.com/article/us-f...cebook-led-libra-currency-group-idUKKBN20F294

Canadian e-commerce company Shopify Inc (SHOP.TO) said on Friday it would join Libra Association, a group that manages Facebook Inc (FB.O) led efforts to launch a global digital currency, Libra.

"We will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere," Shopify said in a statement bit.ly/2PfrwKl.

Several companies including Vodafone Group PLC (VOD.L), Paypal Holdings Inc (PYPL.O) and Mastercard Inc (MA.N) have exited the association in recent months.
Facebook announced in June last year its plan to launch Libra in partnership with other members of the association, but the project soon ran into trouble with skeptical regulators around the world.
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Shopify: Shopify joins Libra Association

guest · Feb 22, 2020

Bitcoin Whale Hacked, Losing $45 Million worth Of BTC And BCH To A SIM Swap Hacker
February 21, 2020
https://coinpedia.org/news/bitcoin-whale-hacked-losing-45-million-btc-bch-sim-swap-hacker/

Bitcoin Whale Hacked – An Unfortunate Hack
Earlier today, bitcoin Whale suspected to be twitter user, @zhoujianfu took to Reddit to alert the community that both his bitcoin and bitcoin cash wallets had been hacked and funds worth millions of dollars had been stolen. During the act, bitcoin worth $15 million and bitcoin cash worth of $30 million were altogether stolen.

Depressed by the situation, the victim, who supposedly is the founder of Dreamhost and also worked on bitcoinbuilder, begged the community of bitcoin miners for help while promising a substantial reward in the process. He wrote on Reddit,
The Redditor attached his bitcoin address and private keys to his Reddit post for further clarity. According to investigations, $30 million worth of (around 100,000 coins) and $15 million worth of bitcoins (1,550 coins) were stolen. The stolen funds were also seen to have been distributed in bits among several addresses.
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guest · Feb 22, 2020

BitGrail victims won’t be allowed to receive compensation in crypto
February 22, 2020
https://coingeek.com/bitgrail-victims-wont-be-allowed-to-receive-compensation-in-crypto/

Victims who lost money from the BitGrail hack, and subsequent bankruptcy of the cryptocurrency exchange, in 2018 need to resubmit applications for compensation if they want to be reimbursed for their losses.

The claims will now be calculated in euros based on the holdings registered on the day the exchange declared bankruptcy.
Anyone who had tried to make a claim to be reimbursed in Nano, or who had their request denied, now has the ability to refile a claim. The liquidators have set a new deadline of March 6 for claims submissions and modifications, not giving some users a whole lot of time to make the necessary changes.
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Minimalist · Feb 23, 2020

Researchers develop crypto ID tag to spot counterfeits

Massachusetts [USA], Feb 22 (ANI): Supply chain counterfeiting costs companies billions of dollars annually. Now, researchers at the Massachusetts Institute of Technology (MIT) have developed a cryptographic ID tag that can identify a product's authenticity without being bulky.
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https://www.aninews.in/news/tech/co...to-id-tag-to-spot-counterfeits20200222232916/

Minimalist · Feb 23, 2020

GMO Internet announces a decrease in sales and an increase in profit for its crypto businesses

GMO Internet, Inc., a major Japanese internet-related services company announced its business results for FY2019 (January–December 2019) on February 12. Cumulative sales grew to \196.17 billion, an increase of 5.9% year on year, and operating income was \25.27 billion, an increase of 16% year on year. GMO Internet’s subsidiary GMO Coin, Inc. also reported an increase in operating income in its cryptocurrency exchange business and mining business.
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https://bravenewcoin.com/insights/g...se-in-sales-and-an-increase-in-profit-for-its

guest · Feb 24, 2020

Drug dealer loses $58M in bitcoin after landlord accidentally throws codes out
The codes were printed onto a piece of paper and stuffed into a fishing rod case
February 23, 2020
https://www.cnet.com/news/drug-deal...after-landlord-accidentally-throws-codes-out/

The Irish Times reports that Collins was arrested in 2017 for growing and selling marijuana and was subsequently hit with a five-year prison sentence. Following this, his landlord sent many of Collins' possessions to a local dump during the process of clearing out Collins' room. One such item was a fishing rod case, which housed a piece of paper with €53.6 million ($58 million) in bitcoin codes printed onto it.

In what's likely little consolation, Collins wouldn't have been able to cash in his bitcoin even if the paper hadn't been lost to the dump. Ireland's Criminal Asset Bureau seized the cryptocurrency, on the grounds that its purchase was funded by illicit activity, The Irish Times reported Friday.
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The Irish Times: Drug dealer loses codes for €53.6m bitcoin accounts

guest · Feb 24, 2020

IOTA Foundation to Reopen Mainnet by March 2 after $2 Million Hack
February 24, 2020
https://www.cryptoglobe.com/latest/...open-mainnet-by-march-2-after-2-million-hack/

The IOTA Foundation, the non-profit organization behind the IOTA network, has announced it plans to reactivate the IOTA Network by March 2 after halting it over a $2 million hack.

In a post-mortem report, the Foundation detailed the vulnerability was the result of an integration with a fiat-to-crypto onramp platform called MoonPay that was being used with the Trinity wallet. Its investigation found a hacker was able to take over MoonPay’s content distribution network, and using it infiltrated the Trinity Wallet to distribute malicious Software Development Kits (SDKs).
The IOTA Foundation was, according to the report, only able to identify 50 victims from the attack, and doesn’t know exactly how many users were affected by the attack. As such, it’s asking those who used the Trinity desktop wallet to use a migration tool.
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ronjor · Feb 24, 2020

Warren Buffett: Cryptocurrency ‘has no value’ – ‘I don’t own any and never will’

Jessica Bursztynsky@jbursz Feb 24 2020
The Berkshire Hathaway CEO and chairman told CNBC he’s staying away from cryptocurrencies.
“Cryptocurrencies basically have no value and they don’t produce anything,” he told CNBC’s Becky Quick in a Squawk Box interview.
“I don’t own any cryptocurrency and I never will,” he added.
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guest · Feb 27, 2020

Ukraine Justice System Employee Caught Mining Crypto at Work
February 27, 2020
https://www.coindesk.com/ukraine-justice-system-employee-caught-mining-crypto-at-work

The prosecutor’s office of Kyiv reported Wednesday on its Facebook page that, together other agencies, it has completed an investigation into the employee who worked in the data systems division of the court administration department.

The unnamed individual is said to have taken advantage of the equipment and internet bandwidth allocated for Ukraine’s court documents database and the Judiciary web portal to mine cryptocurrency from January to May 2018. He is additionally alleged to have used workplace servers to host external websites, including three online stores and a website for motorcycle fans, the prosecutors office said.
The news follow a handful of other cases of illegal mining by government employees in the country.
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guest · Feb 27, 2020

Steven Seagal settles with SEC over 2018 cryptocurrency promotion
The action star will pay $314,000 for touting the ICO on social media
February 27, 2020
https://www.theverge.com/2020/2/27/21156024/steven-seagal-sec-cryptocurrency-settles-promotion

Steven Seagal [...] has settled a case with the Securities and Exchange Commission over promoting a cryptocurrency on social media. The action star will pay $314,000, and won’t be allowed to promote any security — digital or otherwise — for three years.

Seagal “failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions,” which included posts plugging Bitcoiin2Gen and its initial coin offering in 2018, the SEC says. “Bitcoiin” is not a typo.

“These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased,” Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, said in a statement.
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Seagal’s promotion of the coin came a few months after the SEC issued a report that categorized ICOs as securities.
Under federal law, anyone who promotes a “virtual token or coin” also has to say how they’re being compensated for the promotion, the SEC notes in its announcement. According to the SEC, Seagal didn’t do that.
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guest · Feb 27, 2020

ronjor said: ↑

Microsoft engineer allegedly used Bitcoin mixers to hide $10M gift card fraud, gets fired
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Microsoft Engineer Pleads Guilty to $10m Fraud Scheme
February 27, 2020
https://www.infosecurity-magazine.com/news/microsoft-engineer-pleads-guilty/

A former Microsoft engineer faces 20 years behind bars after being found guilty of attempting to defraud his ex-employer of $10m.

Ukrainian citizen Volodymyr Kvashuk, 25, from Renton, Washington, was initially a contractor for the tech giant before going full time there from August 2016 until he was fired in June 2018.
He was convicted on Tuesday of 18 federal felonies: five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns and one count each of mail fraud, access device fraud and access to a protected computer in furtherance of fraud.

“Kvashuk’s grand scheme was thwarted by the hard work of IRS-CI’s Cyber Crimes Unit. Criminals who think they can avoid detection by using cryptocurrency and laundering through mixers are put on notice…you will be caught and you will be held accountable.”
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guest · Feb 27, 2020

How Crypto Currencies Are Helping Players Go Private
February 27, 2020
http://www.marketoracle.co.uk/Article66658.html

Many online casinos started accepting Bitcoin as a valid form of payment after the skyrocket of 2017. Now, more online casinos have started accepting various other forms of Cryptocurrency like ripple and etherium. But other than casino websites now accepting Cryptocurrencies as a form of payment, casinos that only use Cryptocurrencies – crypto casinos – eventually came into play.

You start from free bonus or free credit playing and finish by safe paying, using cryptocurrency.
Why safe?
Crypto Casinos: Regular Online Casinos but Better
Decentralized means that there is no specific place where these websites store the financial information of their players. So by only accepting Cryptocurrencies, they can keep a player's financial information secure. Moreover, thanks to the implementation of Cryptos, these online casinos no longer have to deal with banks. This essentially takes out the middleman and allows for a direct link between the player and the company.
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Minimalist · Feb 28, 2020

SEC Commissioner ‘Crypto Mom’ Calls for Blockchain Safe Harbor

SEC Commissioner Hester Peirce, nicknamed “Crypto Mom” by the blockchain community, has outlined a formal proposal to provide a three-year safe harbor for token projects.
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https://hackernoon.com/sec-commissioner-crypto-mom-calls-for-blockchain-safe-harbor-pw9p3204

Minimalist · Feb 28, 2020

Crypto Derivatives: A Precursor

In traditional spot and derivatives markets, recent trends in user experience such as zero fee trades, robo advisors, and high yield brokerage accounts are becoming commonplace. Younger demographics like millennials, who started working during the great recession, are now able to dip their toes into stock, bond, and ETF investing at their own pace.
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https://hackernoon.com/crypto-derivatives-a-precursor-n52d32pp

Minimalist · Feb 28, 2020

Euro agencies to develop blockchain forensics

Two defence agencies in Austria and France are joining forces to improve cryptocurrency security and tackle the rising rate of crime in the crypto market.
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https://www.finextra.com/newsarticle/35371/euro-agencies-to-develop-blockchain-forensics/risk

Minimalist · Feb 28, 2020

Crypto Exchanges OKEx and Bitfinex Suffer Simultaneous DDoS Attacks

Cryptocurrency exchanges OKEx and Bitfinex are suffering multiple denial of service attacks. It is unclear as of now if the attacks are connected, though OKEx CEO blamed competitors on his personal Weibo page.
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https://cointelegraph.com/news/crypto-exchanges-okex-and-bitfinex-suffer-simultaneous-ddos-attacks

guest · Feb 29, 2020

Finland officials confounded over confiscated crypto
February 29, 2020
https://coingeek.com/finland-officials-confounded-over-confiscated-crypto/

Finland has a problem many people wish they had. Finnish authorities are sitting on millions of dollars’ worth of cryptocurrency and they don’t know what to do with it. The currency was seized from criminals years ago, and the government is debating over the best way to liquidate the proceeds. So far, it can’t figure out the best way to do it.

According to local media, the Finnish Customs Service has 1,666 BTC that it confiscated from drug dealers several years ago. It doesn’t specify when the seizure(s) may have occurred, but says that the confiscated amount was worth around $760,000 at the time. Today, that amount would be worth around $15 million. While other countries find ways to liquidate seized crypto, the Customs Service isn’t sure it wants to, but it’s logic for hesitating leaves a lot to be desired.

In other parts of the world, government agencies are more than willing to sell confiscated digital currency.
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guest · Mar 2, 2020

BaFin Classifies Crypto as Financial Instrument
The regulator mandated licensing of all crypto custody by November
March 2, 2020
https://www.financemagnates.com/cryptocurrency/news/bafin-classifies-crypto-as-financial-instrument/

Germany’s Federal Financial Supervisory Authority, popularly known as BaFin, released guidance on Monday, classifying digital assets as financial instruments.

Per the financial regulator, virtual currencies are “a digital representation of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically.”
Clarifying crypto regulations
This came after the regulator updated its existing anti-money laundering (AML) laws, mandating companies offering crypto custody to obtain licenses. It also clarified that it will not penalize any unlicensed entity already offering such services.
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