Online Cash Bitcoin Could Challenge Governments, Banks

guest · Nov 14, 2019

PayPal’s Axing of PornHub Model Payments May Boost Verge Crypto
November 14, 2019
https://www.coindesk.com/paypals-axing-of-pornhub-model-payments-may-boost-verge-crypto

Top adult entertainment site Pornhub has revealed that PayPal has abruptly cut its payments service to the large numbers of live performers using its platform.
In a blog post Thursday, PornHub wrote: [...]

Pornhub announced it would accept verge payments in April of last year, saying it offered users privacy and convenience. The site also said it would accept tron and zcash last June, although these options don’t seem to have been passed on as payout options to performers.
With PayPal now withdrawn, it may be that Pornhub performers will increasingly turn to the cryptocurrency option, especially as bank accounts may be frozen if banks get a hint that porn is related to the payments.

The thread is further littered with crypto community members calling for Pornhub to widen its payment options to other coins such as bitcoin, litecoin and others.
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guest · Nov 14, 2019

OneCoin Co-Founder Pleads Guilty, Faces up to 90 Years in Jail
November 14, 2019
https://cointelegraph.com/news/onecoin-co-founder-pleads-guilty-faces-up-to-90-years-in-jail

Konstantin Ignatov, co-founder of alleged crypto scam OneCoin, has pleaded guilty to participation in the multi-billion dollar fraud. According to a BBC report on Nov. 14, Ignatov signed a plea on Oct. 4 and now faces up to 90 years in prison. The news was made public on Nov. 12, the BBC says.
OneCoin raised $4.4 billion in Ponzi scheme
As previously reported, OneCoin is known as a major crypto exit scam alongside famous crypto scam BitConnect.
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ronjor · Nov 15, 2019

U.S. to strictly enforce anti-money laundering rules in cryptocurrencies: FinCEN chief

Gertrude Chavez-Dreyfuss November 15, 2019
NEW YORK (Reuters) - The U.S. government will strictly enforce a rule that requires cryptocurrency firms engaged in money service businesses such as digital asset exchanges and wallet service providers to share information about their customers, Kenneth Blanco, director of the Financial Crimes Enforce, said on Friday
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guest · Nov 16, 2019

Railway workers caught mining Bitcoin with state electricity in Ukraine
November 15, 2019
https://thenextweb.com/hardfork/201...ng-bitcoin-with-state-electricity-in-ukraine/

Employees at the Ukranian Railways have been caught red-handed secretly running a Bitcoin mining farm, costing the state more than $40,000 in power.

According to an announcement by Ukrzaliznytsia, the country’s state-owned rail transport provider, the surreptitious cryptocurrency mining operation was reported by Oleg Nazaruk, the company‘s director of the department of economic and information security.
In its notice, Ukrzaliznytsia highlighted that devising and circulating cryptocurrency is prohibited by the country’s central bank.
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guest · Nov 17, 2019

Bitcoin ATMs Top 6,000 Worldwide
November 17, 2019
https://www.cryptoglobe.com/latest/2019/11/bitcoin-atms-top-6000-worldwide/

According to data compiled by CoinATMRadar, there have been 6,003 crypto-based ATMs installed worldwide as of Nov. 17.

The United States continues to lead the rest of the world in bitcoin ATMs, with more than 3,900 machines installed. Canada has the second most 653, followed by the United Kingdom with 272 crypto ATM installations.
As previously reported, bitcoin ATMs have experienced a resurgence in growth throughout 2019, alongside the rising price of crypto-assets
Many members of the crypto community have looked at the rise in ATMs as a positive indicator of growing demand.
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ronjor · Nov 20, 2019

Roughly $400 million of Ripple tokens tied to illegal activity: Elliptic

Gertrude Chavez-Dreyfuss November 20, 2019
NEW YORK (Reuters) - About $400 million of XRP tokens, the currency for the Ripple payment network, is tied to illegal transactions, according to findings released on Wednesday by London-based Elliptic, a provider of risk management systems for the cryptocurrency industry.
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guest · Nov 21, 2019

mood said: ↑

OneCoin lawyer on trial for role in 'crypto-scam'
November 4, 2019
https://www.bbc.co.uk/news/technology-50289982
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OneCoin lawyer found guilty in 'crypto-scam'
November 21, 2019
https://www.bbc.com/news/technology-50509299

A New York jury found that Mark Scott helped to perpetrate the scheme, routing approximately $400m (£310m) out of the US while working to conceal the true ownership and source of the funds.
Prosecutors said he made about $50m.

Mr Scott's lawyers had said he did not know that OneCoin was worthless.
They said he was simply doing the job asked by Dr Ruja Ignatova, a co-founder of the Bulgaria-based OneCoin.

The federal jury in Manhattan rejected those arguments, finding Mr Scott guilty of conspiracy to commit money laundering and bank fraud.
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ronjor · Nov 22, 2019

Cops nab fraudster by tracing phone number linked to Bitcoin purchases

A 25-year-old woman who spent $300,000 using credit card and bank account information bought with Bitcoin BTC has pleaded guilty to wire fraud.
Briana Burford, of Fort Lee, transferred Bitcoin to accounts linked with carding websites four times between October and December 2018. Such websites typically host stolen or otherwise illegally obtained financial and personal identification information.
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guest · Nov 24, 2019

Bitfinex Under Legal Attack: Another Class-Action Lawsuit Filed in Washington
November 24, 2019
https://cryptopotato.com/bitfinex-u...her-class-action-lawsuit-filed-in-washington/

The controversy around Bitfinex and Tether continues. Apparently, the company is under legal attack as yet another “copycat” class action lawsuit has been filed against it with the US District Court for the Western District of Washington.
Bitfinex Responds Against A Mysterious Complaint
According to an official statement, “mercenary” lawyers continue to attack Bitfinex and Tether and they have filed a class-action lawsuit against the company with the US District Court for the Western District of Washington.

The announcement didn’t really share any information about the lawsuit itself, but it revealed that the new claim is similar to those from back at the beginning of October. At that time, Bitfinex and Tether were the subjects of a study which claimed that Tether issuances are responsible for manipulating the cryptocurrency market.
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guest · Nov 26, 2019

Another Crypto Exchange is Dropping Privacy Coin Monero Over Compliance Risk
November 26, 2019
https://www.coindesk.com/another-cr...ping-privacy-coin-monero-over-compliance-risk

Estonia-based BitBay announced Monday that monero (XML) will no longer be tradeable from Feb. 19, 2020. However, the crypto exchange is to cease deposits of XML as of this Friday, Nov. 29, and will block withdrawals temporarily from Friday to Dec. 5 around the time of a planned monero hard fork.

Explaining the move, BitBay said monero is being delisted due to its privacy features. The cryptocurrency uses tech called ring signatures that jumble up small groups of transactions to obfuscate individuals' identities.

"As a licenced exchange, BitBay has to follow the market standards. Compliance with market standards and regulations allows us to provide our clients with legal security and convenience of using the exchange, with the participation of a friendly banking system and the availability of payment operators," BitBay said.
The flurry of delistings has developed since global money-laundering watchdog, the Financial Action Task Force, released international guidance on crypto assets in July.
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guest · Nov 26, 2019

Crypto Booking Firm Travala Partners with Travel Giant Booking.com
November 25, 2019
https://cointelegraph.com/news/crypto-booking-firm-travala-partners-with-travel-giant-bookingcom

Travala, a service that allows its users to pay for hotel stays with cryptocurrency, will now let its customers reserve any hotel that is bookable through Booking.com.

Travala announced in a press release on Nov. 25 that it has already integrated Booking’s accommodations to its platform. The new feature will purportedly allow users to book 90,000 different destinations using cryptocurrencies.
Pay for your stay with crypto
“This partnership allows our users to access Booking.com’s accommodation listings, as well as the listings from several other leading travel suppliers, which is a fantastic use case for our own AVA token and another huge step towards mass cryptocurrency adoption.”
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guest · Nov 27, 2019

Upbit cryptocurrency exchange loses $48.5 million to hackers
Ethereum has been stolen from the company's main hot wallet
November 27, 2019
https://www.zdnet.com/article/upbit-cryptocurrency-exchange-loses-48-5-million-to-hackers/

On Wednesday, Upbit suspended its deposit and withdrawal service, saying in a statement that 342,000 in Ethereum (ETH), approximately $48.5 million at the time of writing, had been stolen from the Upbeat Ethereum hot wallet to a previously unknown wallet address.

The wallet in question shows a total of 17 transactions, and at the time of publication, the reportedly stolen ETH remains in storage.
However, the "abnormal transaction" has raised questions. The prevalence of attacks against cryptocurrency exchanges means that it is not recommended that so many coins are kept in hot storage and potentially accessible by threat actors, and no information has been released on how the alleged cyberattack took place.

On Reddit, some users have questioned the authenticity of the hack claim, which is no surprise given how often exchanges will say they have suffered a cyberattack, only to perform an exit scam.
[...] previous cases of suspected exit scams include BitConnect, Benebit, and LoopX.
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guest · Nov 27, 2019

Cryptocurrency: Thailand plans to change its regulatory framework in 2020
November 27, 2019
https://www.ibtimes.sg/cryptocurrency-thailand-plans-change-its-regulatory-framework-2020-35023

Thailand is about to adjust the Royal Decree it had previously issued regarding the activities of crypto-assets. This move should allow the country to better adapt to the crypto industry.

The Thai Stock Exchange Officer is currently studying whether the current regulatory framework, adopted earlier in 2018, is still appropriate and if it does not hinder the development of digital asset trading in Thailand, reports Bangkokpost yesterday. As China confirms its support for blockchain technology, Thailand is considering amending its existing laws to include the digital asset sector in its economy.

The decision of the Thai SEC to amend the trade laws governing cryptographic assets is a step in the right direction to foster the progress of the digital industry in the country. Thailand has always depended on China for political direction.
Today, five local platforms have been licensed to offer cryptocurrency trading. However, only two of them are active.
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hawki · Nov 27, 2019

mood said: ↑

Bitcoin ATMs Top 6,000 Worldwide
November 17, 2019
https://www.cryptoglobe.com/latest/2019/11/bitcoin-atms-top-6000-worldwide/
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"Bitcoin ATM Firm Partners With Largest Shopping Mall Operator In US

Miami-based Bitcoin (BTC) automatic teller machines (ATM) firm Bitstop has partnered with the largest shopping mall operator in the United States, Simon Malls, to install Bitcoin ATMs at several locations..."

https://cointelegraph.com/news/bitcoin-atm-firm-partners-with-largest-shopping-mall-operator-in-us

guest · Nov 28, 2019

mood said: ↑

Upbit cryptocurrency exchange loses $48.5 million to hackers
Ethereum has been stolen from the company's main hot wallet
November 27, 2019
https://www.zdnet.com/article/upbit-cryptocurrency-exchange-loses-48-5-million-to-hackers/
Click to expand...

All Upbit Stolen Cryptocurrency Funds Moved, Security Firm Says
November 28, 2019
https://newslogical.com/all-upbit-stolen-cryptocurrency-fund-moved-security-firm-says/

Chainsguard, a cryptocurrency firm based in Beijing, China, has alerted the general public that all Ethereum stolen funds from Upbit have been transferred in a multistep manner.

Meanwhile, security experts are noticing that the hackers are moving the hacked funds in bits. According to the Chainsguard, the said hackers are now moving the stolen fund in phases, and the first-phase transfers were done to disturb monitoring.
According to Chainsguard, the stolen funds were moved from three separate addresses in multiple amounts of 10, 1,000, 10,000 and 100,000, respectively.
For now, the hackers are moving the fund in bits to make it impossible for people to monitor.

According to another source, the funds are already landing on Binance, Huobi and some other exchanges.
However, the CEO Changpeng Zhao of Binance has promised to work with Upbit to see that those funds will not go out of Binance in case they land on the exchange.
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guest · Nov 30, 2019

Prosecutors: Noted American coder taught North Korea how to evade sanctions with cryptocurrency
November 29, 2019
https://eu.usatoday.com/story/news/...arged-teaching-north-korea-crypto/4333685002/

A U.S. programmer known as "Romanpoet" has been criminally charged for traveling to North Korea to teach cryptocurrency and blockchain technology to evade economic sanctions, the Department of Justice announced Friday.

In April of this year, Griffith gave a presentation called "Blockchain and Peace" at the Pyongyang Blockchain and Cryptocurrency Conference, despite that fact that the State Department had denied him permission to travel to North Korea, according to the federal complaint.

“Griffith provided highly technical information to North Korea, knowing that this information could be used to help North Korea launder money and evade sanctions. [...]"
Griffith was also planning to facilitate the exchange of cryptocurrency between North and South Korea, the complaint says.

According to the complaint, Griffith was employed by an organization that functions as an open-source platform for the development of blockchain and cryptocurrency.
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Minimalist · Nov 30, 2019

If Bitcoin Price Drops — an Opportunity for Crypto Tax Planning

After many countries around the world such as the United States, the United Kingdom, France, and Portugal published their own cryptocurrency tax guidelines this year, it is only reasonable they will expect to see an increase in crypto tax filing. They may even follow suit with the U.S. Internal Revenue Service and begin their own crypto tax compliance campaign.
Click to expand...

https://cointelegraph.com/news/if-bitcoin-price-drops-an-opportunity-for-crypto-tax-planning

Minimalist · Nov 30, 2019

Criminal Activity in Crypto: The Fact, the Fiction and the Context

It’s the clichéd rhetoric of choice for anyone seeking to discredit crypto. An ace in the hole for any argument against its proliferation. The go-to thesis for those who know very little about cryptocurrency but wish to appear otherwise.
Click to expand...

https://cointelegraph.com/news/criminal-activity-in-crypto-the-fact-the-fiction-and-the-context

Minimalist · Dec 1, 2019

US Lawmakers Want to Brand Libra a Security, Association Disagrees

A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle.

Meanwhile, lawmakers sponsoring the bill say stablecoins should be classified as securities to protect U.S. consumers. If passed, stablecoin projects like Libra will potentially fall under the purview of stringent U.S. securities regulations.
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https://cointelegraph.com/news/us-lawmakers-want-to-brand-libra-a-security-association-disagrees

Minimalist · Dec 1, 2019

What the HEX: A Look at Richard Heart’s Controversial New Crypto

HEX is a new financial tool and cryptocurrency launching on the Ethereum network via a Bitcoin UTXO snapshot on December 2. Critics are questioning HEX’s legitimacy, calling it a colossal cash grab and privacy compromise. Devout fans can’t wait to claim their tokens and start staking. So who’s right and who’s wrong?

Richard Heart, the outspoken man behind HEX, sat down with Cointelegraph to talk about the upcoming launch and counter a few of the criticisms surrounding the project.
Click to expand...

https://cointelegraph.com/news/what-the-hex-a-look-at-richard-hearts-controversial-new-crypto

Minimalist · Dec 1, 2019

Binance Collaborates With TravelbyBit, Launches Crypto-backed Travel Rewards Card

Binance has now revealed a partnership with the crypto travel startup, TravelByBit and launches a cryptocurrency backed travel reward card.

Users have to register for the TravelbyBit Travel Card. This collaboration will allow the users to pay the cryptocurrency at the time of booking flights on some of the major sites, reads the announcement.
Click to expand...

https://www.techsutram.com/2019/12/binance-travelbit-crypto-card-travel-rewards-launch.html

guest · Dec 2, 2019

Cryptocurrency exchange locks its cold wallet as CEO “goes missing”
December 2, 2019
https://www.grahamcluley.com/cryptocurrency-exchange-locks-its-cold-wallet-as-ceo-goes-missing/

Users of the Chinese cryptocurrency exchange IDAX must be feeling a little anxious right now.
Just over a week ago, the exchange told users that withdrawals had “increased dramatically”, and that investors should “please wait patiently”.

Now IDAX has officially announced that it has locked its cold wallet, suspending all deposits and withdrawals, after its CEO Lei Guorong allegedly disappeared: [...]
You can decide for yourself whether the problems with IDAX Global’s cold wallet might be in any way associated with the mysterious disappearance of the company’s CEO.
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guest · Dec 2, 2019

A Failed Hack: Hackers Attempted ‘51% Attack’ on Vertcoin
Bittrex was first targeted to breach the coin’s network
December 2, 2019
https://www.financemagnates.com/cry...hack-hackers-attempted-51-attack-on-vertcoin/

Vertcoin (VTC) network, a fork from the original Bitcoin network, was attacked by hackers on December 1, but fortunately, the security measures stayed intact.

Revealed today by James Lovejoy, Vertcoin’s lead maintainer, hackers attempted to pull a 51 percent attack on the network but ended up paying for the privileges.

“Based on the market prices during the attack’s preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack,” Lovejoy explained.
To gain control on the Vertcoin’s network, the attackers targeted crypto exchange Bittrex first.
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ronjor · Dec 2, 2019

Cryptocurrency Crime for 2019 Cost $4.4 Billion

December 2, 2019
Cryptocurrency theft and scams stands at $4.4 billion, the lowest it has been in two years, according to the Ciphertrace Q3 2019 Cryptocurrency Anti-Money Laundering Report.
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hawki · Dec 3, 2019

"British Virgin Islands Announce US Dollar-Backed Digital Currency

Blockchain startup LifeLabs announced that it is developing a digital currency dubbed BVI~LIFE in partnership with the British Virgin Islands (BVI)...."

https://cointelegraph.com/news/british-virgin-islands-announce-us-dollar-backed-digital-currency

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