Online Cash Bitcoin Could Challenge Governments, Banks

guest · Apr 26, 2019

Tether Hits Back at Claims Its Reserves Were Used to Cover $850 Million Loss at Bitfinex
April 26, 2019
https://cointelegraph.com/news/teth...re-used-to-cover-850-million-loss-at-bitfinex

Stablecoin operator Tether has responded to allegations that its funds were used to cover an $850 million loss at the crypto exchange Bitfinex — using a statement on April 26 to claim court filings by the New York Attorney General’s office are “riddled with false assertions.”

Tether’s statement, also released by Bitfinex, said:

“The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million ‘loss’ at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded. [...]"
The joint statement claimed the New York Attorney General’s office “seems to be intent on undermining efforts” to get the funds released and warned this would ultimately be to the detriment of their customers.
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guest · Apr 27, 2019

E*Trade Is Close to Launching Cryptocurrency Trading
April 26, 2019
https://www.bloomberg.com/news/arti...-be-close-to-launching-cryptocurrency-trading

E*Trade Financial Corp. is getting ready to let customers trade cryptocurrencies on its platform, according to a person familiar with the matter.

The firm will start by adding Bitcoin and Ethereum, and will consider adding other currencies in the future, said the person, who asked to remain anonymous because the matter is private. A spokesman for E*Trade declined to comment.
E*Trade would be one of the largest securities brokerages to allow crypto trading.
The arrival of E*Trade could help to legitimize cryptocurrency trading for wary investors.
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guest · Apr 28, 2019

India's HDFC Bank Warns Customers Who've Bought Cryptocurrencies
April 28, 2019
https://www.cryptoglobe.com/latest/...arns-customers-who-re-using-cryptocurrencies/

Twitter user Indian CryptoGirl (@DesiCryptoHodlr) recently revealed that the Housing Development Finance Corporation (HDFC) Bank, which is India’s largest private sector lender in terms of total assets, has been sending threatening emails to local residents who purchased cryptocurrencies.

According to her tweet, posted on April 27, 2019, HDFC requires that users clarify the nature of their cryptocurrency-related transaction “within 30 days” at any of the financial institution’s offices.
Failure To Report Transactions Will Result In Assets “Being Frozen”
Failure to report crypto transactions could result in the account holder’s assets being frozen “without further reference,” HDFC’s management warned. Commenting on the matter, the Indian crypto enthusiast said it makes her even more confident digital assets will allow users to truly take control of their own money.
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guest · Apr 28, 2019

Jaguar Land Rover planning to allow helpful car drivers to earn cryptocurrency
April 28, 2019
https://www.reuters.com/article/us-...-drivers-to-earn-cryptocurrency-idUSKCN1S40UD

Jaguar Land Rover, Britain’s largest auto manufacturer, said on Monday it is testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data.

The company is developing what it calls “smart wallet” technology to be installed in its automobiles.
Drivers could also earn rewards if the car participates in a ride-sharing program, Jaguar said. The tokens earned could be used to pay for tolls, parking and charging for electric cars.
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ronjor · Apr 29, 2019

Australian cryptocurrency scams earned $4.3 million last year, up 190%

Story by David Canellis 29 Apr 2019
There was no bear market for Bitcoin fraud
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guest · Apr 29, 2019

Failure to Implement Proper Crypto Regulations May Cost U.S. 'Hundreds of Billions,' Block.one CEO Says
April 28, 2019
https://www.cryptoglobe.com/latest/...-implementing-progressive-crypto-regulations/

Brendan Blumer, the 32-year-old CEO of Block.one, a Cayman Islands-headquartered firm which publishes open-source software, including that which now powers EOS, one of the world’s largest platforms for deploying decentralized applications (dApps), has argued that the US is “unnecessarily falling way behind” when it comes to adopting the latest technology.

Given that American lawmakers appear to not be moving fast enough when it comes to formulating crypto regulations, Vulture’s Pick noted that it would be a “next to impossible task to convince governments of third world countries” to embrace innovative tech such as cryptocurrencies and blockchain-based platforms.
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guest · Apr 29, 2019

mood said: ↑

Electrum Bitcoin wallets under siege
April 16, 2019
https://blog.malwarebytes.com/cybercrime/2019/04/electrum-bitcoin-wallets-under-siege/
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Electrum DDoS botnet reaches 152,000 infected hosts
April 29, 2019
https://blog.malwarebytes.com/cybercrime/2019/04/electrum-ddos-botnet-reaches-152000-infected-hosts/

Since our last blog, the amount of stolen funds has increased to USD $4.6 million, and the botnet that is flooding the Electrum infrastructure is rapidly growing. Case in point, on April 24, the number of infected machines in the botnet was just below 100,000 and the next day it reached its highest at 152,000, according to this online tracker.

Crooks wasted no time in exploiting a vulnerability in Electrum wallets to phish unsuspecting users. What followed next with retribution attacks on Electrum servers was unexpected but logical, considering what is at stake.
While these DDoS attacks have not been publicized much by mainstream media, they have undoubtedly caused millions of dollars in losses over the span of just a few months.
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ronjor · Apr 30, 2019

Australia’s taxman is clamping down on cryptocurrency traders
Surprise!

Story by Yessi Bello Perez 30 Apr 2019
The country’s tax office is collecting bulk records from Australian cryptocurrency service providers as part of a data matching scheme to make sure traders are paying the correct amount of tax. https://thenextweb.com/hardfork/201...n-is-clamping-down-on-cryptocurrency-hodlers/
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guest · May 1, 2019

Mixed Cryptocurrency Transactions Up 300% as Crypto Users Pursue Anonymity
April 30, 2019
https://cointelegraph.com/news/mixe...tions-up-300-as-crypto-users-pursue-anonymity

Mixed cryptocurrency transactions now represent 4.09% of all bitcoin (BTC) payments, according to data published by Longhash on April 29.
So-called “CoinJoins” have risen by 300% in the space of nine months. By blending multiple transactions together before they are sent to the recipient, the technique is regarded as a way of obscuring the sender’s details.

CoinJoins have become more popular as governments around the world begin to step up their monitoring of transactions on blockchain, with law enforcement agencies often using specialist companies such as Chainalysis to pursue hackers and criminals dealing in crypto.
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guest · May 2, 2019

Grayscale Launches Ad Campaign Telling Investors to Drop Gold, Buy Bitcoin
May 2, 2019
https://www.cryptoglobe.com/latest/...n-telling-investors-to-drop-gold-buy-bitcoin/

The campaign, called “Drop Gold,” will feature a 39-second commercial showing a man and a woman racing around a financial district, while seeing people burdened by the weight of bulky gold they’re carrying around.

The company’s goal is to get new buyers to put their money into its Grayscale Bitcoin Trust (GBTC) fund, which allows investors to gain exposure to the flagship cryptocurrency without actually managing bitcoin. Grayscale manages it for a fee.
According to Fortune, Grayscale CEO Barry Silbert believes investors will drop gold for BTC thanks to the ad campaign, as he believes it’s a superior store of value for being more practical and lighter than gold.
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ronjor · May 2, 2019

Everything you wanted to know about cryptocurrencies but were too afraid to ask

John R. Quain @jqontech 05.1.19
Initially hailed a rebellious technology that would upend the world’s financial institutions and free people from the onerous fees and controls of the banking establishment, cryptocurrency has since been tarnished by criminal activity and wild market speculation. And while everyone has heard of crypto names like Bitcoin, very few people understand the fundamentals of how cryptocurrencies actually work — especially in the context of personal finance. Here’s what you need to know to prevent you from getting ripped off, and also help you determine if cryptocurrencies are for you:
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guest · May 3, 2019

Facebook's new crypto platform could rival Apple Pay
May 3, 2019
https://www.engadget.com/2019/05/03/facebook-crypto-payment-platform/

Back in 2018, Bloomberg revealed that Facebook was developing a cryptocurrency backed by the US dollar that users can transfer to each other via WhatsApp. According to a new report by The Wall Street Journal, though, Facebook has bigger plans for its "stablecoin."

WSJ says Facebook has been working on the venture codenamed Project Libra for over a year. It reportedly designed the system to be used for personal transfers and purchases not just on its own platform, but also on other websites. The system would work like other checkout options, such as PayPal, that people could use across the internet.
If the company plays its cards right, it could have a huge userbase in no time, seeing as it has over 2 billion monthly active users.
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guest · May 4, 2019

'It's Not Possible to Ban Decentralized Cryptocurrencies,' Indian Crypto Exchange Owners Argue
May 3, 2019
https://www.cryptoglobe.com/latest/...-india-s-digital-asset-exchange-owners-argue/

The main reason for proposing a ban on cryptos was concern over their use to finance illicit activities such as money laundering and terrorism.
Banning Cryptocurrencies, Ensuring Investor Protection
According to the Economic Times of India (ET), various departments of India’s government suggested that “an immediate blanket ban” be enforced under the nation’s Prevention of Money Laundering Act 2002 (PMLA).
Not Possible To Ban Cryptos Due To Their Decentralized Nature
However, certain members of India’s crypto and IT industry believe that it may not be possible to ban or restrict the use of cryptocurrencies due to their decentralized nature. Moreover, a ban on blockchain-based digital assets may not be in India’s best interests.
According to the founder of an Indian crypto exchange:

None of the advanced economies in the world [except] China have banned [cryptocurrencies,] as these countries have [realized] that banning the exchanges may result in proliferation of these currencies through illegitimate sources such as [the] dark web and [various other] underground marketplaces.
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guest · May 7, 2019

Bitcoin has nearly 100,000 nodes, but over 50% run vulnerable code
Running Bitcoin means keeping it updated
May 6, 2019
https://thenextweb.com/hardfork/2019/05/06/bitcoin-100000-nodes-vulnerable-cryptocurrency/

On May 5, the Bitcoin BTC network briefly boasted over 100,000 ‘full nodes,’ but most are still running out-of-date versions of the software.

The security of the Bitcoin network can be gauged by the number of nodes that keep a complete copy of its blockchain.
A higher number of nodes increases the overall security of Bitcoin by making double-spending more difficult for malicious miners.
Old Bitcoin vulnerabilities are still hanging around
One concerning statistic is that over half of the Bitcoin network is running out-of-date versions of the Bitcoin Core software.
In particular, almost 58 percent of Bitcoin nodes are vulnerable to exploit CVE-2018-17144, which allows malicious miners to crash the Bitcoin network with a costly denial-of-service attack.
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ronjor · May 7, 2019

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

Nikhilesh De May 7, 2019
Hackers stole more than 7,000 bitcoin from crypto exchange Binance, the world’s largest by volume, the startup reported Tuesday.
Binance announced that a “large scale security breach” was discovered earlier on May 7, finding that malicious actors were able to access user API keys, two-factor authentication codes and “potentially other info,” the exchange’s CEO, Changpeng Zhao, said in a letter. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange, according to a transaction published in the security notice.
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guest · May 7, 2019

Cryptocurrency Firm OneCoin Sued Over Multibillion-Dollar Fraud
May 7, 2019
https://www.bloomberg.com/news/arti...m-onecoin-sued-over-multibillion-dollar-fraud

The company that allegedly ran a multibillion-dollar international pyramid scheme based on the cryptocurrency OneCoin was sued by an investor who’s seeking to represent others who claim they were defrauded.
Christine Grablis says in the complaint that she lost about $130,000 that she invested in OneCoin. In addition to asking her suit be certified as a class action, Grablis is also seeking unspecified damages.
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ronjor · May 9, 2019

ronjor said: ↑

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance
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Binance hackers shift stolen bitcoin, identity still unclear: researchers
Tom Wilson May 9, 2019

ronjor · May 10, 2019

Binance pledges to ‘significantly’ increase security following $40M Bitcoin hack

Jon Russell@jonrussell 10 May 2019
The company — which is widely believed to operate the world’s largest crypto exchange based on trading volumes — said today that it will “significantly revamp” its security measures, procedures and practices in response. In particular, CEO Changpeng Zhao wrote in a blog post that Binance will make “significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident.”
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guest · May 12, 2019

Questions emerge about the truth of Binance’s hacker story
May 10, 2019
https://coingeek.com/questions-emerge-about-the-truth-of-binances-hacker-story/

He points again to a hack that happened in 2018, when an almost identical amount of Bitcoin Core (BTC) was stolen. During that hack, Binance shut down trading and conducted 24 hours of maintenance. With nearly the same amount of BTC stolen this time, Binance is asking for a week’s worth of maintenance, but is allowing trading to continue. This doesn’t add up, Swope argues.

Segwit also plays a role, Swope thinks. Analysis of the hack shows the hackers withdrew the 7000 BTC to a Segwit address. As far as we know, Binance is still incompatible with Segwit wallets.

“[...] plain out incompetence by their employees. They were testing out Segwit integration and almost got the funds lost forever. They sent the Bitcoin from Binance’s hot wallet to Segwit addresses that aren’t necessarily compatible.”
He added that once the hackers withdrew the money, the funds didn’t move for hours from the hackers’ wallet. He thinks when the funds finally did move, it may be because Binance finally found a developer who could fix the situation.

This explanation for the hack doesn’t seem crazy at all, and if it turns out to be true, then there never really was a hack.
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guest · May 13, 2019

eBay to Start Accepting Crypto? Community Stirred by Twitter Rumours
May 13, 2019
https://ethereumworldnews.com/ebay-...unity-stirred-by-unconfirmed-twitter-rumours/

Photos have leaked from preparations for the coming Consensus 2019 conference that eBay, one of the sponsors, might hint that the company plans to start accepting crypto soon and it will not be Bitcoin
eBay is rumoured to start taking crypto payments soon
These advert photos, which have leaked into the web, have sparked a massive speculation on Twitter. Users are curious whether the world-famous e-commerce platform is headed towards crypto payments in the near future.
Should this be true, eBay, which is one of the largest market places on the planet with 180 mln regular users, will give cryptocurrency a major push towards global adoption.
The rumours have it that the crypto eBay is allegedly eying is Binance Coin (BNB).

Some in the crypto community are pointing out to the fact that a former executive of PayPal and eBay, Sanja Kon, already works for the UTRUST crypto payments service and is in charge of Global Partnerships. Quite possibly that Kon would try to get eBay as a strategic partner.
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ronjor · May 13, 2019

Bitcoin climbs back above $7,000 and is now up 90% year to date

Ryan Browne@Ryan_Browne_ 13 May 2019
Bitcoin climbed close to $7,600 on Sunday, according to industry website CoinDesk.
The world’s most-valuable cryptocurrency is now up nearly 90% since the start of the year.
One analyst says bitcoin could soar as it’s still only “in the early part of its cycle.”
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ronjor · May 13, 2019

Microsoft Launches Decentralized Identity Tool on Bitcoin Blockchain

Leigh Cuen May 13, 2019
The open source project, called Ion, deals with the underlying mechanics of how networks talk to each other. For example, if you log onto Airbnb using Facebook, a protocol deals with the software that sends the personal information from your social profile to that external service provider. In this case, Ion handles the decentralized identifiers, which control the ability to prove you own the keys to this data.
Christopher Allen, a crypto veteran and the co-founder of the World Wide Web Consortium (W3C) working group for decentralized identity (DID) solutions, told CoinDesk that Microsoft’s move could impact the entire tech industry.
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hawki · May 13, 2019

"Whole Foods, Nordstrom and other retailers now accepting cryptocurrency in stores..."

https://www.marketwatch.com/story/w...rrency-in-stores-2019-05-13?mod=mw_latestnews

ronjor · May 14, 2019

PayPal snitched on bullish movie pirate who bought $1M in cryptocurrency from Coinbase

Story by Mix 14 May 2019
US authorities have seized over $4 million worth of cryptocurrency and cash following a movie piracy investigation conducted by Homeland Security Investigations (HSI) and Motion Picture Association of America (MPAA). But here’s the saucy part: it was PayPal that tipped off the detectives to the case.
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ronjor · May 14, 2019

You can now pay with cryptocurrency at Whole Foods

Mike Orcutt 14 May 2019
Cameron and Tyler Winklevoss want you to pay for groceries, movies, ice cream, and many other everyday retail products using cryptocurrency.
Users can now use an app called Spedn to pay with Bitcoin, Bitcoin Cash, Ether, or Gemini’s dollar-backed stablecoin called the Gemini dollar for items at retailed including Whole Foods, Regal Cinemas, Baskin-Robbins, Starbucks, and others, according to Fortune.
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