Online Cash Bitcoin Could Challenge Governments, Banks

guest · Mar 2, 2020

Iranian commander promotes crypto usage to circumvent US financial sanctions
March 2, 2020
https://www.fxstreet.com/cryptocurr...ircumvent-us-financial-sanctions-202003022156

The commander of Khatam-al Anbiya Construction, Saeed Muhammad, has reportedly called for the use of crypto to evade sanctions.
According to a recent Iranian Labour News Agency (ILNA) report, Muhammad said:

"We are demanding a more sophisticated mechanism to circumvent sanctions, and we are calling for the activation of the use of cryptocurrencies, and we want bilateral or multilateral monetary agreements."
For over three decades, Iran has been a target of US sanctions.
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guest · Mar 3, 2020

LINE shutters BitBox, rolls out global crypto exchange
March 3, 2020
https://coingeek.com/line-shutters-bitbox-rolls-out-global-crypto-exchange/

Japan’s messaging giant LINE Corporation has launched a global cryptocurrency exchange. Known as BITFRONT, the new exchange will be based in the United States and will serve users globally, with the exception of Japan and a few states in the U.S. LINE also announced that it had shut down BitBox, its Singapore-based crypto exchange.

It will provide a fiat-to-crypto market, for the U.S. dollar, as well as a crypto-to-crypto market.
BITFRONT will be entering a very competitive U.S. market, one dominated by Coinbase.
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guest · Mar 3, 2020

Facebook 'rethinks' plans for Libra cryptocurrency
March 3, 2020
https://www.bbc.com/news/business-51730772

It is now considering a system with digital versions of established currencies, including the dollar and the Euro, according to Bloomberg and tech site The Information.

The Libra Association, which Facebook founded to create the currency, will continue its work, the reports said.
The plan will include Libra, the company said in response.
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The Information: Facebook Revamps Libra Plans, Bowing to Regulators [paywalled]

Facebook is scaling back its ambitious plan to upend the global financial system with a new digital currency.

Succumbing to pressure from regulators, Facebook has decided to offer its users digital versions of government-backed currencies, including the U.S. dollar and the euro, in addition to the proposed Libra token, according to three people familiar with the matter. Facebook still plans to go ahead with the launch of a digital wallet that would allow users to make purchases and send and receive money, though it will delay the rollout by several months.
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guest · Mar 4, 2020

India’s Supreme Court Lifts Banking Ban on Crypto Exchanges
March 4, 2020
https://www.coindesk.com/indias-supreme-court-lifts-banking-ban-on-crypto-exchanges

According to a report from Bloomberg, a three-judge bench of the court ruled on Wednesday in favor of petitions by crypto exchanges and startups that opposed the decision made by the Reserve Bank of India in April 2018, which banned domestic financial institutions from providing banking services to crypto exchanges.

The central bank's decision at the time forced crypto exchanges in the country to either close, relocate to other jurisdictions or shift their business model to crypto-to-crypto and over-the-counter trading.

"The uplifting of the ban by Supreme Court is going to open new opportunities for India in terms of investments, economy, and a market as a whole," said Sumit Gupta, founder and CEO of exchange aggregator CoinDCX.
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guest · Mar 5, 2020

Malta-based crypto-fund suffers data breach; 10K user records affected
March 5, 2020
https://eng.ambcrypto.com/malta-based-crypto-fund-suffers-data-breach-10k-user-records-affected/

Malta today reported the first case of privacy breach wherein the Trident Crypto Fund was the victim of a large-scale data leak, according to reports. According to the Technical Director of cybersecurity firm, DeviceLock, Ashot Oganesyan, the breach resulted in the leak of 10,000 users’ records and took advantage of vulnerabilities found on the foundation’s website.

According to the information provided by the Technical Director, the data of about 266,000 people registered with the fund was posted on numerous file sharing websites, post the hack.

“…this is the largest data leak on crypto depositors from the Russian Federation. The database contains e-mails and passwords of customers, with the help of which fraudsters can log into their personal account and withdraw money invested in their electronic wallets.”
This database was posted online on 20 February and on 3 March, the hackers were able to decrypt and publish a list of 120,000 passwords.
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guest · Mar 5, 2020

mood said: ↑

Facebook 'rethinks' plans for Libra cryptocurrency
March 3, 2020
https://www.bbc.com/news/business-51730772

The Information: Facebook Revamps Libra Plans, Bowing to Regulators [paywalled]
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Facebook denies reports it is backing away from Libra cryptocurrency
March 4, 2020
https://arstechnica.com/tech-policy...it-is-backing-away-from-libra-cryptocurrency/

Facebook is poised to shelve its own Libra cryptocurrency proposal, two media reports indicated on Tuesday. But Facebook said it remained committed to the project—and one of the two media outlets has partially walked back its initial report.

Update: In a subsequent tweet, The Information's Alex Heath wrote that he spoke to Facebook and now believes that the company "will support the original Libra token concept in its wallet. But expect it to emphasize the new digital government currencies it plans to introduce."

In a Tuesday email to Ars Technica, a Facebook spokeswoman strongly denied reports that the social media giant was backing away from Libra.

"Reporting that Facebook does not intend to offer the Libra currency in its Calibra wallet is entirely incorrect," she wrote. "Facebook remains fully committed to the project."
A spokesperson for the Libra Association also told Ars Technica that nothing had changed.
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guest · Mar 7, 2020

Newly-approved South Korea bill paves way for crypto regulation
March 6, 2020
https://coingeek.com/newly-approved-south-korea-bill-paves-way-for-crypto-regulation/

The legislature of South Korea has passed a new bill that looks set to legalize cryptocurrency in the country, introducing a legal basis for regulating exchanges and other crypto businesses.

The National Assembly of South Korea’s legislation and judiciary committee approved the bill Thursday, following a series of delays and setbacks to the process. The new law introduces a framework for licensing and regulating crypto operators for the first time, which lawmakers hope will energize the country’s emerging crypto sector.
The new digital currency bill has been welcomed across the crypto sector in Korea, as an important step towards structuring and legitimizing the crypto industry in the country.
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Minimalist · Mar 7, 2020

India's Crypto Industry Still Threatened by Ban as Pending Bill Looms

A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill" from 2019, Business Insider reported on March 7.
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https://cointelegraph.com/news/indias-crypto-industry-still-threatened-by-ban-as-pending-bill-looms

guest · Mar 7, 2020

IOTA Founder Confirms He Will Repay Victims of $1.97 Million Hack
March 7, 2020
https://cointelegraph.com/news/iota-founder-confirms-he-will-repay-victims-of-197-million-hack

On Feb. 12 Iota (MIOTA) suffered an attack targeting its official desktop wallet. The Iota network went offline on the same day, and has remained down since.

On March 6, David Sønstebø, the founder of Iota, revealed that he will personally fully repay all 46 victims of last month’s Iota hack to the tune of 8.52 million MIOTA — worth roughly $1.97 million at the time of writing.
Cointelegraph spoke to David directly, who confirmed that he will reimburse all affected users from his own pocket, and that the Iota Foundation remains on track to relaunch the network on March 10th.

He also shared the lessons he has learned from being hacked, the Iota team’s previous success catching an Iota thief, and offers advice to aspiring crypto developers.
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Minimalist · Mar 8, 2020

Steem Scandal, Blockchain Voting Fiasco & More: Bad Crypto News of the Week

https://cointelegraph.com/news/stee...oting-fiasco-more-bad-crypto-news-of-the-week

guest · Mar 8, 2020

Users Suspect Crex24 Exchange Hack Following 1.3 Billion Coin Withdrawal--Report
March 8, 2020
https://www.cryptoglobe.com/latest/...following-1-3-billion-coin-withdrawal-report/

Users suspect that Estonia-based cryptocurrency exchange Crex24 has suffered a hack following the sudden withdrawal of 1.3 billion in HTMLcoin.

According to a report by Livecoins on Mar. 6, the news outlet has received anonymous information that points to the exchange covering up for a potential hack, with a number of users affected in the process. Users say the exchange has frozen more than sixty altcoin trading pairs, with withdrawals and deposits being suspended for certain coins without warning or explanation.

a complete theft. SCAMMER. they cannot provide account security. and they stole the coins, even they deliberately stole them. They have now undone all trades traded on the Crex24 exchange. They stole our money. PAY ATTENTION SCAMMMM
— abdullah egemen (@abdullahegemen) February 29, 2020
Users have been critical of the exchange for promoting its platform and new coin listings in spite of the ongoing issues.
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Minimalist · Mar 8, 2020

Crypto wallet app ZenGo launches savings mode

ZenGo is expanding beyond the basic features of a cryptocurrency wallet — letting you hold, send and receive crypto assets. You can now set aside some of your crypto assets to earn interests. In other words, ZenGo now also acts like a savings account.
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https://techcrunch.com/2020/03/08/crypto-wallet-app-zengo-launches-savings-mode/

ronjor · Mar 9, 2020

Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

Arjun Kharpal@ArjunKharpal Mar 8 2020
The value of the entire cryptocurrency market fell over $26 billion on Monday.
Bitcoin, the biggest cryptocurrency by value, fell 10% in 24 hours.
Other big digital coins ethereum, XRP and bitcoin cash, posted double-digit losses.
The sell-off in digital coins followed a plummet in oil prices.
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guest · Mar 9, 2020

New York power plant mines Bitcoin using excess energy
March 8, 2020
https://www.engadget.com/2020/03/08/new-york-power-plant-mines-bitcoin/

A natural gas power plant can't always send excess energy into the grid, frequently leading to waste as the gas is flared or vented away. However, a plant in Dresden, New York thinks it has a solution: use that surplus to generate some digital cash.
Greenidge Generation has revealed that it's using "behind-the-meter" energy at the facility to mine Bitcoin, with 7,000 mining systems producing up to 5.5BTC (about $45,000 as of this writing) per day.

It's a logical fit, at least, as cryptocurrency mining often depends on large amounts of energy -- something that won't be a problem at a power plant.
There are limitations.

There's also the nature of Bitcoin itself to consider. It gets more and more difficult to generate bitcoin over time, so the windfalls you see today might not be possible in the years ahead. If this proves successful enough, though, you might see other natural gas plants follow suit.
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guest · Mar 9, 2020

Belgium to Auction off $125,000 Worth of Seized Bitcoin
March 9, 2020
https://www.cryptoglobe.com/latest/2020/03/belgium-to-auction-off-125000-worth-of-seized-bitcoin/

The Federal Government of Belgium is set to auction off about $125,000 worth of seized bitcoin and bitcoin forks via an Ireland-based auction house, Wilsons Auctions.

According to an announcement from Wilsons Auctions, Belgium will auction off the seized cryptocurrency on March 24 at noon GMT with no reserve, meaning there won’t be a minimum price required to win. The auction will see seized bitcoin (BTC), bitcoin cash (BCH), and bitcoin gold (BTG) be sold off.
Mark Woods, Asset Recovery Executive at the auction house, was quoted as saying:

"The format has proven popular with our customers, who are able to bid online and purchase cryptocurrency from an established and trusted auction house instead of utilising online exchanges, which can be a risky and daunting process."
This is notably not the first cryptocurrency auction Wilsons Auctions will be holding.
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Wilsons Auctions to host first public cryptocurrency auction in Ireland!

Online auction will see over €110,000 worth of bitcoin going under the hammer with no reserve, hosted by Wilsons Auctions Dublin from 24th March.

Wilsons Auctions, Ireland and the UK’s largest independent auction company, will host Ireland’s first public auction of seized cryptocurrency managed by its Dublin branch on behalf of the Belgian Federal Government on Tuesday 24th March.
The crypto assets, which have a fluctuating total value of over €110,000, will be split across Lots ranging from 0.25 to 1 bitcoin while other cryptocurrency will contain larger number of coins including Bitcoin Cash and Bitcoin Gold.
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guest · Mar 10, 2020

IOTA is finally back on track after switching off the network for almost a month to deal with the fallout from the $2 mln hack
March 10, 2020
https://u.today/iota-is-finally-back-online-after-damning-hack

IOTA has finally resumed its coordinator node that is designated to confirm all transactions and fend off attacks.
A $2 mln hack
As reported by U.Today, the Tangle-based network was effectively switched off on Feb. 13 after bad actors exploited a vulnerability in the Trinity Wallet and walked away with nearly $2 mln. Such a drastic measure was necessary to prevent further losses.
It took IOTA almost a month to reactivate the coordinator, which explains why the price of MIOTA cratered by almost 40 percent over the last month.

Now that IOTA has dealt with the aftermath of the black swan hack, it can fully focus on removing the centralized coordinator. The Coo grants the IOTA Foundation with such superpowers as halting transactions, which is exactly what happened last month.
IOTA is currently working on the implementation of the Coordicide protocol upgrade to make the network decentralized without sacrificing its security.
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guest · Mar 10, 2020

Cops in Belarus wants authorization to seize crypto from criminals
March 10, 2020
https://coingeek.com/cops-in-belarus-wants-authorization-to-seize-crypto-from-criminals/

The U.S. has no problem seizing and selling cryptocurrency if the government feels it has been used for illicit activity. Other countries, like Finland, are a little confused about what to do, believing that selling digital assets will only allow them to fall back into the hands of criminals.
However, with potentially millions of dollars at stake, selling the seized assets like property makes perfect sense, and law enforcement officials in Belarus apparently feel the same way. A national organization of state law enforcement departments is getting behind federal legislation that would authorize them to legally seize crypto from criminals.

Local news outlet CTV reports that the Investigative Committee of the Republic of Belarus, an organization comprised of state law enforcement agencies, is supporting a new legal push that would give them the right to seize digital assets as a result of criminal arrests and prosecution.
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Minimalist · Mar 14, 2020

Ripple Court Ruling May Expand Legal Action Potential Against Crypto

A California court has argued that cryptocurrencies that are not securities may be subject to federal laws targeting unfair, deceptive, or abusive acts or practices (UDAAP) during a Feb. 26 hearing for a consolidated class action against Ripple Labs Inc.
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https://cointelegraph.com/news/ripple-court-ruling-may-expand-legal-action-potential-against-crypto

Minimalist · Mar 14, 2020

Court Backs County for Electricity Price Hike Targeting Crypto Mining

A Washington court has ruled against one individual and five companies that sued the Grant County Public Utility District No.2 for suddenly creating a new electricity pricing schedule for power consumed by “emerging industries” in December 2018.

On March 12, Judge Rosanna Peterson of the U.S. District Court for the Eastern District of Washington found that the plaintiffs were unable to demonstrate that the country violated federal electricity laws.
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https://cointelegraph.com/news/court-backs-county-for-electricity-price-hike-targeting-crypto-mining

Minimalist · Mar 14, 2020

Rhode Island Blockchain Act Seeks Regulatory Clarity for Crypto, Representative Place Explains

Although Rhode Island’s recent Blockchain Act does not explicitly reference cryptocurrencies, the bill aims to provide regulatory clarity for them.

“If you look at the legislation, it doesn’t necessarily mention crypto specifically, but when it talks about complex financial instruments and things of that nature, that’s what it’s referring to — it’s referring to cryptocurrency,” Rhode Island state representative David Place told Cointelegraph in an interview.
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https://cointelegraph.com/news/rhod...rity-for-crypto-representative-place-explains

Minimalist · Mar 15, 2020

BTC Plunge, YouTube Ban & Other Challenges: Bad Crypto News of the Week

Bitcoin has been on a downward streak for the last week, down around 15 percent over the last seven days. That’s bad but it could be worse. You might have put your money in stocks. Some people, though, remain optimistic. RT’s Max Keiser predicts that the coronavirus will push Bitcoin up to $100,000, and JPMorgan’s CEO Jamie Dimon will be begging the Fed for money to buy coins. Dimon might want to diversify though.
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https://cointelegraph.com/news/btc-plunge-youtube-ban-other-challenges-bad-crypto-news-of-the-week

Minimalist · Mar 15, 2020

India Can Use Yes Bank Debacle to Chase China in Crypto

Confidence in the Indian financial system has been breaking down for some time. Instead of trying to restore trust, it may be time to require less of it — with the help of an official rupee cryptocurrency.
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https://www.bnnbloomberg.ca/india-can-use-yes-bank-debacle-to-chase-china-in-crypto-1.1405995

Minimalist · Mar 15, 2020

CoinDCX exchange investing $1.3M in crypto education

Just days after the Supreme Court of India overturned a ruling banning banks from serving the digital currency industry, efforts to educate Indians on digital currencies are in high gear. One of the country’s largest exchanges CoinDCX has now invested 10 crores INR ($1.3 million) in a campaign geared towards supporting the growth of the digital currencies industry.
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https://coingeek.com/coindcx-exchange-investing-1-3m-in-crypto-education/

Minimalist · Mar 15, 2020

US Sanctions Strategy and Crypto: The Cracks Are Showing in Iran

Running up against limited experience and resources for monitoring potentially illegal use of digital assets, United States authorities delegate sanctions monitoring to cryptocurrency exchanges and industry players. But do current practices do more harm than good?
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https://cointelegraph.com/news/us-sanctions-strategy-and-crypto-the-cracks-are-showing-in-iran

guest · Mar 16, 2020

BitMEX breaks down botnet exploit; refunds affected users
March 16, 2020
https://eng.ambcrypto.com/bitmex-breaks-down-botnet-exploit-refunds-affected-users/

The cryptocurrency market that anticipated a bull-run before bitcoin halving, has been staring at the falling market for the past couple of weeks.
However, the fall witnessed on 13 March was followed by BitMEX announcing a “hardware issue” due to which it had to go offline for 45 minutes as BTC price continued to plunge.

BitMEX’s Chief Technology Officer [CTO], Samuel Reed provided an explanation for the abrupt break down of the exchange on 13 March. The CTO claimed that the exchange was under an attack from a botnet. This botnet has also been responsible for an attack taking place on the exchange on 15 February.
According to Reed, the botnet attack in February was absorbed by BitMEX’s DDoS mitigation strategies.
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