Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jun 2, 2019

Facebook in talks with U.S. derivatives regulator over digital currency plans: FT
June 2, 2019
https://www.reuters.com/article/us-...-over-digital-currency-plans-ft-idUSKCN1T30TF

The regulator is in the early stages of talks with Facebook in an effort to understand whether the company’s plans for digital coin would fall under the CFTC’s scope, the FT reported, citing Christopher Giancarlo, the head of the CFTC.
In May, Facebook set up a financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing.

Facebook declined to comment on the FT report.
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FT (Paywall): Facebook talks to US regulator over digital currency

guest · Jun 4, 2019

John McAfee To Roll Out ‘Freedom Coin’ Cryptocurrency This Fall
June 3, 2019
https://cointelegraph.com/news/john-mcafee-to-roll-out-freedom-coin-cryptocurrency-this-fall

Crypto enthusiast, bitcoin (BTC) bull, antivirus software namesake and 2020 United States presidential campaigner John McAfee is releasing his own independent cryptocurrency, according to an official Twitter post on May 29.

According to his website on the announced cryptocurrency, the “McAfee Freedom Coin” will roll out some time this fall. The McAfee Freedom Coin appears to aim for total isolation and independence from traditional currencies, assets and exchanges in an effort to reach “the Holy Grail of cryptocurrency — economic freedom.”
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ronjor · Jun 4, 2019

Cryptocurrency exchange Blockport goes bankrupt after failed STO

by Matthew Beedham
Perhaps STOs aren't the answer
An Amsterdam-based cryptocurrency exchange is facing an uncertain future. Blockport has declared bankruptcy after its security token offering (STO) failed to meet its minimum expectations last month.
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ronjor · Jun 4, 2019

FBI asks victims of bankrupt QuadrigaCX cryptocurrency exchange to start snitching

Story by Matthew Beedham 03 June 2019
The Federal Bureau of Investigation (FBI) is stepping up its probe into defunct Canadian cryptocurrency exchange QuadrigaCX.
In an announcement yesterday, the FBI asked victims affected by the QuadrigaCX collapse to come forward and complete a questionnaire to aid with its “ongoing investigation.”
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ronjor · Jun 4, 2019

The SEC Is Suing Kik for Its 2017 ICO

Nikhilesh De Jun 4, 2019
The U.S. Securities and Exchange Commission (SEC) is suing Kik for allegedly running an unregistered securities sale when it launched an initial coin offering (ICO) for its kin token in 2017.
In a filing submitted Tuesday in the Southern District of New York, the SEC said Kik violated Section 5 of the Securities Act of 1933, which requires offerings to be registered.
“By selling $100 million in securities without registering the offers or sales, we allege that Kik deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions,” said Steven Peikin, co-director of the SEC’s Division of Enforcement. “Companies do not face a binary choice between innovation and compliance with the federal securities laws.”
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guest · Jun 4, 2019

Russia: Supreme Arbitration Court Judge Urges for Inclusion of Crypto in Civil Law
June 4, 2019
https://cointelegraph.com/news/russ...ge-urges-for-inclusion-of-crypto-in-civil-law

A judge at Russia’s Supreme Arbitration Court has argued that the term digital assets should be included in the Russian Civil Law, local state-backed media agency Federal Press reports on June 4.

Novoselova expressed confidence that the Russian Civil Code should include the notion of digital money, pointing out that there is no understanding of the basic aspects of the industry. The judge elaborated that objects associated with the digital assets field require regulation, since the tax system and overall legality of associated operations remain vague.
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ronald739 · Jun 5, 2019

The FBI wants help from victims of QuadrigaCX's cryptocurrency collapse

the exchange went under with hundreds of millions in assets unaccounted for

Remember that wild cryptocurrency story from earlier this year? The one where a Canadian exchange shut down shortly after co-founder and CEO Gerald Cotten died, claiming he was the only one who could access its wallets. Wallets that should've stored assets for 76,000 customers with a value of around $200 million (CAD). If any of that was your digital money then yeah, you probably do remember.
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https://www.engadget.com/2019/06/05/quadrigacx-bitcoin-fbi-ir/

ronjor · Jun 5, 2019

Vancouver mayor suggests Bitcoin ATM ban to stop money laundering

by David Canellis 05 June 2019
Vancouver has cryptocurrency growing pains. The city’s police labeled Bitcoin ATMs an “ideal money laundering vehicle,” and its mayor has even suggested a complete ban.
Experts and local businesses have instead called for federal money services regulations to be changed to include Bitcoin BTC ATMs, reports The Star.
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ronjor · Jun 5, 2019

Dutch 'Big Brother' creator sues Facebook over fake Bitcoin ads June 5, 2019

AMSTERDAM (Reuters) - Dutch billionaire businessman John de Mol filed a lawsuit against Facebook in an Amsterdam court on Wednesday, saying the social media giant had allowed fake ads on its platform using his name and image to perpetrate Bitcoin-related fraud.
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guest · Jun 6, 2019

23 million XRP stolen from users on GateHub due to ‘potential security breach’
June 6, 2019
https://ambcrypto.com/23-million-xrp-stolen-from-users-on-gatehub-due-to-potential-security-breach/

Thomas Silkjær, the creative director at 2K/DENMARK, outlined a “potential security breach” at GateHub might have caused users to lose approximately 23 million XRP.
GateHub is a wallet and gateway for to safely store/transact XRP. In a Medium article, Silkjær wrote that the breach was noticed on June 1 in a transaction of approximately 201,000 XRP sent between two wallets.

The first victim was stolen of 10,000 XRP via a transaction that took place on May 30, 2018, at 12:25 UTC.
Cumulatively, an approximate of 23,200,000 XRP has been stolen so far by the attacker[s] from over 80-90 victims and 13 million XRP from these stolen funds, according to Silkjær, have already been laundered through exchanges and other cryptocurrency mixing services available.
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ronjor · Jun 6, 2019

ronjor said: ↑

The SEC Is Suing Kik for Its 2017 ICO
Click to expand...

New SEC lawsuit could decide the fate of dozens of blockchain projects

Timothy B. Lee - 6/6/2019
The SEC says Kik's initial coin offering was an unregistered sale of securities.
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guest · Jun 6, 2019

mood said: ↑

Facebook plans to launch 'GlobalCoin' currency in 2020
Facebook is finalising plans to launch its own crypto-currency next year
May 24, 2019
https://www.bbc.co.uk/news/business-48383460
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Facebook’s Cryptocurrency GlobalCoin Will Reportedly Be Announced This Month
June 6, 2019
https://www.cryptoglobe.com/latest/...coin-will-reportedly-be-announced-this-month/

Social media giant Facebook is reportedly planning to announce its cryptocurrency, GlobalCoin, later this month, June 2019, and could even allow employees working on the project to accept payment in the cryptocurrency, which is said to be a stablecoin pegged to the US dollar.
According to The Information (via CNBC), the company will let users trade, store, and exchange its cryptocurrency for fiat currency through Facebook’s apps, including messaging platforms Messenger and WhatsApp.

Per the report, the firm is also planning to deploy physical “ATM-like machines” that will allow users to buy its cryptocurrency GlobalCoin. This would allow its over 2 billion users to easily get access to its cryptocurrency, and to exchange money between countries in a seamless way.
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guest · Jun 6, 2019

Influential think tank recommends national crypto for Switzerland
June 6, 2019
https://coingeek.com/influential-think-tank-recommends-national-crypto-for-switzerland/

One of the most influential think tanks in Switzerland believes that it’s time for the country to launch a national cryptocurrency. In its latest report, Avenir Suisse has also recommended the adoption of distributed ledger technology (DLT) in the country.
In the report dubbed ‘Blockchain after the Hype,’ the think tank blasted the common outlook on blockchain, saying it focuses more on the risks and ignores the opportunities. However, the adoption of this technology in Switzerland could greatly benefit the country, the authors of the report argued.

Switzerland has been one of the early adopters of blockchain technology. The adoption has especially been boosted by the country’s Crypto Valley of Zug where many blockchain startups have set up operations.
"[...] Switzerland now has to take the next step in the development of DLT, morphing from the much-vaunted “Crypto Valley” into a fully-fledged DLT nation.”"
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guest · Jun 8, 2019

Stolen Bitfinex BTC Is on the Move
June 7, 2019
https://www.coindesk.com/stolen-bitfinex-btc-is-on-the-move

Stolen bitcoins have been spotted moving on the blockchain after three years of lying dormant.

In a series of transactions beginning at 06:00 UTC Friday, 172.54 BTC or about $1.37 million moved from a wallet that had previously held funds taken in the 2016 Bitfinex hack. The theft, which cost the exchange $60 million, remains unsolved.
Given the anonymous nature of bitcoin wallets, these moves are the only evidence of hacker activity after the theft. They can be used for forensic analysis by blockchain sleuths but often instead result in money laundering activity to hide the funds’ ultimate destination.
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guest · Jun 8, 2019

India’s cryptocurrency ban? Experts weigh in on ‘draft bill’ that proposes 10-yr prison term for dealing in crypto
June 8, 2019
https://ambcrypto.com/indias-crypto...oses-10-yr-prison-term-for-dealing-in-crypto/

The regulatory clarity surrounding Bitcoin and other cryptocurrencies has been lacking in many countries. China and India have always shunned away from cryptocurrencies while encouraging blockchain.

A recent post by Bloomberg Quint regarding a draft bill that calls for the sentencing of one to ten years in jail if caught dealing with cryptocurrencies has turned a lot of heads. However, the authenticity of the draft bill has not yet been validated [...]"
In addition, the “bill” makes it clear that the above-mentioned offense will be non-bailable. The news caused a lot of panic and turned quite a lot of heads as prominent people in the space responded negatively to the draft bill.
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guest · Jun 9, 2019

Polish Cryptocurrency Exchange Shuts Down Overnight, Taking Funds With It
June 8, 2019
https://www.coindesk.com/polish-cryptocurrency-exchange-shuts-down-overnight-taking-funds-with-it

A polish cryptocurrency exchanged called Coinroom shut down on April 2, 2019, taking multiple customer accounts worth up to $15,000. The site is currently down and there is no way to contact the founders.
“We don’t know how much they took,” said one user named Maciej. “But it is definitely a lot of cash.”
Polish news site Money.pl first discovered the exit scam on May 31.

One former user thinks the cash is long gone.
“There are some very interesting indicators that the cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown,” he said. “On the blockchain nothing disappears.”
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guest · Jun 13, 2019

Chainlink Cryptocurrency Spikes 60% After Surprise Google Shout-Out
June 13, 2019
https://finance.yahoo.com/news/dark-horse-cryptocurrency-spikes-60-185827342.html

Google Sends Chainlink Cryptocurrency Into the Stratosphere
That cryptocurrency, Chainlink (LINK), enjoyed a parabolic swing that launched its price as high as $2.00 on Binance. Just hours earlier, LINK had traded below $1.10.

As of the time of writing, the Chainlink cryptocurrency was priced at $1.86 on Binance, which translates into a 24-hour gain of 62%.
How to Use Chainlink to Connect Ethereum to Google Cloud
The cryptocurrency’s sudden rally began immediately after Google Cloud developer advocate Allen Day published a blog post demonstrating how developers could use Chainlink to enable Ethereum smart contracts to communicate with BigQuery, Google’s enterprise cloud data warehouse.
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ronjor · Jun 14, 2019

Binance begins to restrict US users ahead of regulatory-compliant exchange launch

Jon Russell@jonrussell 14 June 2019
The world’s largest crypto exchange is going legit. Binance, which processes over $1 billion on a daily basis and for so long has embodied crypto’s wild west culture, announced that it will launch a U.S-based service — but, in the meantime, it is implementing restrictions for U.S. passport holders worldwide and those based in the country.
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guest · Jun 14, 2019

WSJ: Facebook's cryptocurrency finds backing from PayPal and Uber
They're reportedly investing $10 million each in Project Libra
June 14, 2019
https://www.engadget.com/2019/06/14/facebook-cryptocurrency-backers-uber-paypal/

Facebook has secured some pretty big backers for Project Libra, according to The Wall Street Journal. PayPal, Uber, Visa and Mastercard are reportedly investing around $10 million each in the social network's cryptocurrency.
It's not yet clear, however, if Facebook has already managed to raise the $1 billion it was hoping to in order to fund the coin's creation.

The social network is allegedly so serious about the project, it held talks with the Winklevoss twins about using the cryptocurrency exchange they founded.
In the future, Facebook users could transfer personal payments and purchase goods and services not just on the company's platform, but also on other websites, using the currency.
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ronjor · Jun 14, 2019

Europol is developing a ‘game’ to teach officers how to trace cryptocurrency

Matthew Beedham 14 June 2019
Cryptocurrency crime fighters are about to have a lot more fun after Europol has revealed its developing a game to help law enforcers learn how to trace and investigate illicit uses of digital currencies.
Europol declared its intentions to help authorities with the announcement of what it’s calling the “cryptocurrency-tracing serious game” at the sixth Cryptocurrency Conference held from June 12-14 at Europol’s HQ, an announcement reads.
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guest · Jun 15, 2019

Crypto Exchange Bittrex Delists 40+ Altcoins for US Clients: Regulatory Pressure
June 15, 2019
https://ethereumworldnews.com/crypto-exchange-bittrex-delists-40-altcoins-us-clients-pressure/

Crypto Assets Delisted En-Masse on US Exchanges
As Bitcoin (BTC) has returned, regulatory pressure on crypto assets and their respective industries have begun to rapidly mount.

Last week, Bittrex, a well-known regulated crypto exchange centered around altcoins, revealed that it would soon be disallowing users in the United States from trading 32 cryptocurrencies. [...] all popular ICOs during 2017 and 2018’s mania.
And today (Friday), the Seattle-based startup continued to delist altcoins en-masse. In the firm’s latest blog post, it revealed the delisting of 42 cryptocurrencies [...]
Tumultous Regulatory Scene
In fact, when Poloniex revealed that it would be delisting the aforementioned coins for its U.S. market, the Goldman Sachs-backed firm wrote: “Today’s action is a result of regulatory uncertainty in the US market. [...]"
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Minimalist · Jun 15, 2019

Appetite for Blockchain Tech Builds Among Korean Banks, but Without Crypto

In recent weeks, major South Korean financial institutions have rolled out a number of services incorporating blockchain technology, especially in the areas of Know Your Customer (KYC) procedures and security. Fintech has become a buzzword for local banks trying to keep up with the change of the times.

The banks, however, are not looking into an important part of blockchain, which is digital assets, says one influential Korean advocate of alternative currency. In order to assess the Korean blockchain space, it is important to understand how the trend affects existing players and the cryptocurrency market.
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https://cointelegraph.com/news/appe...-builds-among-korean-banks-but-without-crypto

guest · Jun 16, 2019

New Milestone for Bitcoin: Over One Million Daily Active Addresses
June 16, 2019
https://www.cryptoglobe.com/latest/...coin-over-one-million-daily-active-addresses/

The number of active addresses on the Bitcoin blockchain has recently surpassed one million, a figure the flagship cryptocurrency hasn’t seen since late November of 2017, when it was on its way to an all-time high close to $20,000.
The number of daily active addresses essentially defines the number of unique “from” or “to” addresses being used in a single day, and doesn’t mean there are one million users transacting BTC per day.

While the number of unique daily active addresses seems to not show much at first, it indicates that most transactions in the cryptocurrency space aren’t just being made by large cryptocurrency exchanges, and that adoption is slowly growing.
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guest · Jun 17, 2019

Russians (not North Koreans) thought to be behind $530M Coincheck hack
June 17, 2019
https://thenextweb.com/hardfork/2019/06/17/russian-hackers-coincheck-hack/

The $530 million hack that blighted Japanese cryptocurrency exchange Coincheck in January 2018 may have been carried out by Russian hackers.

The hackers allegedly emailed employees with malicious files, including the known Mokes and Netwire malware, which grant attackers remote access to infected systems.
The attack was previously thought to be the work of the North Korean hacking group Lazarus.
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guest · Jun 17, 2019

Bitcoin rises above $9,000 for first time in 13 months as Facebook's crypto nears
June 17, 2019
https://www.techspot.com/news/80539-bitcoin-rises-above-9000-mark-first-time-13.html

What just happened? We know that Bitcoin had been in steady decline following its peak of almost $20,000 in December 2017, but the world’s largest crypto has seen a resurgence in recent times. Now, it’s passed the $9,000 mark for the first time in 13 months, and it’s partly thanks to Facebook.

It appears Bitcoin’s recent revival is due to renewed optimism in cryptocurrencies, helped in no small part by Facebook’s upcoming crypto launch.
Bitcoin isn’t the only crypto to have seen gains over the last seven days. Ethereum, Bitcoin Cash, and Litecoin all increased over the last week, too. Let’s hope this doesn’t result in mining becoming popular again and video card prices spiking.
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