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  2. Delhi police are reportedly investigating a cryptocurrency exchange and its executives allegedly duping Indian investors after receiving multiple complaints. The complainants further say the company has moved office overseas without returning their investments. Police Investigate Crypto Scam After Multiple Complaints Forty-three people have filed complaints with the Delhi Police regarding a cryptocurrency investment scheme based out of Connaught Place, a financial hub in New Delhi, local news outlet Millennium Post reported this week. The Economic Offences Wing of the Delhi Police subsequently launched an investigation into Pluto Exchange and seven of its executives, whom investors have identified as being behind the scheme. According to the police, one of the suspects told a complainant, Joginder Kumar, about his crypto trading and mining business operating under the name “f2poolminin,” and a cryptocurrency he and another suspect had launched. He urged Kumar to invest in the cryptocurrency, assuring him that it had a fixed return of about 20% to 30% per month. “[He] told me that if he brought more clients to his company he will give me a commission,” the publication also quoted Kumar as saying. After investing Rs 5 lakh ($6,780) but never received any payouts he was promised, Kumar took the matter to an official of Pluto Exchange. However, he was told that due to the falling price of bitcoin and the size of his account, the company was unable to pay him through its bank. Kumar was told to wait a few more months. However, after waiting a long time, he was still not paid anything. Kumar then went to the exchange’s office near Connaught Place and discovered that it has moved from India to Dubai. “I found that [there are] lots of people like me who invested their money in the company. The director collected approximately Rs 50 crore [$6.78 million] in the name of the cryptocurrency business,” Kumar described. According to the police, 43 people have filed complaints with the Economic Offences Wing police station so far. Preliminary inquiries and evidence submitted by the complainants show that they have invested more than Rs 2 crore in the cryptocurrency scheme operated by Pluto Exchange’s proprietors. In December 2017, the Dubai-based Pluto Exchange announced that it was launching a crypto trading app in India. While there is a listing for Pluto Exchange on the Google Play Store, several users complained that the app was not working back in 2018 and there has not been a newer review since then. At the time of this writing, the exchange’s website is no longer live. Pluto Exchange CEO and founder Bharat Verma told The Hindu Businessline in February 2018 that his exchange offered crypto-to-crypto trading for major cryptocurrencies, such as BTC, BCH, LTC, ETH, and DASH, with a plan to provide rupee support linked to bank accounts in the future. However, India’s central bank, the Reserve Bank of India (RBI), issued a circular that banned banks from providing services to crypto businesses in April 2018. It caused all crypto exchanges in India to suspend INR support and began offering peer-to-peer (P2P) trading services. The RBI banking ban on crypto businesses was quashed by the supreme court in March. Meanwhile, cryptocurrencies, including bitcoin, were never banned in India. What do you think about this crypto scam? Let us know in the comments section below. The post Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam appeared first on Bitcoin News. View the full article
  3. VANCOUVER / SEPTEMBER 25, 2020 — Blockparty—the New York-based rare digital collectibles marketplace that launched last month to foster more meaningful fan engagement for artists, musicians, and sports teams—today announced a partnership with Dapper Labs, the company behind CryptoKitties and NBA Top Shot, who will bring Blockparty onto Flow, their user-centric blockchain built for mainstream adoption. Digital collectibles offer an alternative form of engagement to the in-person experience of art shows, concerts and games, and help artists and athletes incentivize long-term relationships with their fans. By showcasing their work in Blockparty’s digital collectibles marketplace, content creators can access new initial and recurring revenue streams and gain access to new markets of fans. They can also expand their creative mediums and branded assets into digital and mixed reality, and create more integrated fan experiences. Using this curated digital collectibles marketplace, fans can own, sell, and trade valuable digital art, music and sports assets. The collectibles also provide users with insider benefits including access to unique rewards and giveaways such as VIP concert access or free swag. To date, Blockparty has featured works from 3LAU x Slime Sunday, Tommy Wilson, Matt Szczur, Mark Paul Deren (MADSTEEZ), Ryan Keeley and Harif Guzman (Haculla), which have all been sold out in a matter of hours. “With the Blockparty marketplace on Flow, we have an incredible opportunity to showcase a new league of digital assets by creators with an established fanbase, and to broaden the appeal of this new form of engagement. Our partnership with Blockparty will be an important step towards creating a vibrant ecosystem of crypto-enabled value creation and exchange on the internet,” says Mickey Maher, Head of Partnerships at Flow Known for building accessible gaming and entertainment consumer experiences on blockchain technology, Dapper Labs is driving the mainstream adoption of blockchain technology through the power of play and Flow. Flow is the only layer one blockchain built by a team that both understands the importance of reducing complexity for ecosystem developers and possesses proven expertise in eliminating on-boarding friction for mainstream users. Flow not only provides the stability and scalability necessary for blockchain products to support mass market adoption, but also provides payment rails for credit cards and cryptocurrency ensuring ease of use for consumers on all fronts. By lowering barriers of entry, Flow ensures that anyone can join this new digital economy. “The genesis of Flow is rooted in the need for an exceptional user interface, and that is what the musicians, producers, artists and clients working with Blockparty are seeking,” says Franklin Fitch, Director of Marketing & Curation at Blockparty. “One of our goals is to expand digital art and sell art that is powered by crypto—not ‘crypto art.’ Flow is the best solution to achieve this goal.” About Blockparty Blockparty has created a new class of digital collectibles across art, music, and sports to enable users to share and earn value together. Leveraging the NFT Token (NFT), Blockparty will enable fans to fully own, sell, and trade digital assets while allowing creators to build more valuable relationships with their fans by offering incentives, rewards, and giveaways through digital collectibles. Blockparty is headquartered in New York City, NY, and available to users across the globe. For more information, visit https://www.blockparty.co/ and https://www.nft.org/ About Dapper Labs Dapper Labs is the company behind CryptoKitties and the Flow blockchain as well as upcoming titles like NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to fans around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-announced Dapper Labs partners include the NBA and NBPA, Warner Music Group, Ubisoft, and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Dapper Labs and Blockparty Join Forces to Bring A New Breadth of Digital Collectibles onto Flow appeared first on Bitcoin News. View the full article
  4. Bloomberg cryptocurrency analyst Mike McGlone says bitcoin is greatly undervalued, suggesting that its fair value price should currently be somewhere around $15,000. The price of bitcoin (BTC) has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts. The latest rout saw BTC crash more than 8% within days from over $11,000 to $10,100. At Press time, each bitcoin is trading for $10,695, up nearly 2% in the last 24 hours. McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report. The Bitcoin hashrate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017. According to the latest data from charts.Bitcoin.com, BTC’s seven-day average hashrate rose past 140 exahash per second (EH/s) this week, an all time high. On July 28, the figure averaged 127 EH/s, a record at the time. Hashrate is a measure of the power of the computers linked to the Bitcoin blockchain, which determines their ability to produce new coins. Increasing hash power suggests miners are optimistic about making profits. This tends to influence the price of BTC higher, given the strong correlation between the two. But the relationship is not exactly as linear, because it is difficult to gauge future price changes based on hashrate alone. Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700. When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average. McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value. In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.” What do you think about Mike McGlone’s predictions? Let us know in the comments section below. The post Bitcoin Is Undervalued, Fair Value Price Should Be $15,000, Says Analyst appeared first on Bitcoin News. View the full article
  5. This week Bitcoin Cash fans have been discussing the milestone of over 10,000 Simple Ledger Protocol (SLP) tokens created since the infrastructure was first introduced. Moreover, tokens built on Bitcoin Cash are nearing 1 million transactions to-date. Bitcoin Cash (BCH) community members have noticed there are now 10,679 SLP tokens created since the Simple Ledger Protocol’s inception. The discussion concerning the SLP milestone took place this week on the popular Reddit forum r/btc. In addition to the 10k+ SLP tokens created, the number of transactions is nearing 1 million. Bitcoin.com token data page indicates there’s been 960,346 SLP-based transactions. Statistics show 2,250 SLP transactions were recorded in the last 24 hours. Currently, the top five most popular tokens in the last 24 hours have been Refund Token, Mistcoin, MAZE, Spice, and Zapit. However, 30-day stats show the top five SLP tokens by use was Mistcoin, MAZE, Refund Token, TBS, and Zapit. In addition to the 10k SLP tokens minted so far, there’s been 13,353 token burns to-date as well. Burning is the act of taking the SLP tokens out of circulation. Since the project was introduced, the SLP team is working with a number of projects and infrastructure providers. This includes exchanges, stablecoin issuers like Honestcoin and Tether, Bitcoin.com, an SLP hardware wallet, games like Realmx, the digital advertising marketplace Tribeos, the Spice Token ecosystem, SLP payments for Woocommerce, and many more. SLP development is bringing decentralized finance (defi) to Bitcoin Cash (BCH) as well with the upcoming introduction of the derivatives product Anyhedge, a project developed by the General Protocols team. Additionally, the SLP exchange Cryptophyl is restructuring into a decentralized exchange (dex) for BCH and is working with General Protocols as well. Moreover, a while back the SLP development team published a number of bounties to further the SLP ecosystem. For instance, the bounty is for building one or more smart-contracts that provide additional security to token issuers and paid out 500+ honestcoin (USDH). Additionally, during the last six months the SLP project formed the SLP Foundation and described how people can leverage multi-signature management with SLP tokens. Furthermore, since the Simple Ledger Protocol was invoked a number of tokens have gathered real-world value. Bitcoin.com’s SLP token index shows a total of eight market caps including tether (USDT). There are 6 million SLP-based USDT in existence but tether’s are also minted on a number of other chains. Other top SLP tokens featured in the market cap index include flexcoin (FLEX) with $29 million, gocrypto (GOC) with a $4 million market cap, Brave Sound Token (BRST) has an overall valuation of $3.3 million. This is followed by honestcoin (USDH – $2.7M), ACD Coin (ACD – $2.3M), sai (SAI – $882k), and spice coin (SPICE – $332k). The SLP Foundation also announced a partnership with the Blockhack Global 2020 event scheduled for October. “[Six] weeks. BIG education [and] investment partners,” the SLP Foundation tweeted on September 18. The Blockhack event is hosted by Bitbay and it’s a six week virtual hackathon that starts on October 5 through November 14. What do you think about the growth of the SLP token universe built on Bitcoin Cash so far? Let us know what you think about this subject in the comments section below. The post The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash appeared first on Bitcoin News. View the full article
  6. Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation. The day after March 12, otherwise known as ‘Black Thursday,’ the Makerdao project made headlines after between $4 to $6 million worth of the stablecoin DAI was left underwater due to an auction failure. A vote held this Tuesday indicates that the Makerdao project doesn’t plan to compensate any of the victims from the black swan event on March 12. The vote had a few options that would pay victims a percentage of the losses, and one option that called for zero compensation. Out of the 38 votes, over 65% voted for the zero compensation option, which means victims will get nothing for the losses. The news follows the recent class-action lawsuit against the Makerdao project for $28 million that was filed in mid-April. The plaintiffs claim that the Makerdao team did not explain the extreme risk of loss to investors. After the Tuesday vote, on Thursday morning, Makerdao cofounder Rune Christensen was asked about the poll decision. “I wish I could speak freely about it, but unfortunately I can’t comment on it because of the on-going lawsuit,” Christensen tweeted. A number of crypto enthusiasts didn’t take too kindly to the vote’s ultimate decision to not compensate the victims and conversed about it on social media. The popular Twitter account @chainlinkgod tweeted some harsh criticism toward Makerdao and DAI to his 26,000 followers: 56% of the collateral backing DAI is centralized nonbearer assets. So not only is DAI not decentralized, governed by MKR whales, and unable to maintain its $1 peg, but they also refused to compensate users who got their liquidated for $0 on Black Thursday. Future of finance? One person said that the vote was delayed purposely for months, so people forgot about the liquidations. A Makerdao team member called ‘Monetsupply’ described how the decision came to happen, and stressed that the “Maker protocol was designed to recapitalize system debt, but had no such guarantee for vault collateral.” In response to the Monetsupply’s thread concerning the vault compensation poll, one person asked if the class-action lawsuit was “factored in the decision.” No one responded to the question asked. Financial columnist William Foxley discussed the class-action against Makerdao with the Harris Berne Christensen LLP attorney Adam S. Heder via email. Despite the recent zero compensation decision, Heder explained to Foxley the lawsuit against Maker for $28 million would continue. What do you think about the Makerdao’s recent vault compensation poll decision? Let us know what you think in the comments section below. The post Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism appeared first on Bitcoin News. View the full article
  7. The world’s largest auction house, Christie’s, will be presenting Bitcoin artwork for the first time. Block 21 of “Portraits of a Mind,” an art project showcasing the original Bitcoin code by Satoshi Nakamoto, will include a painting and a unique digital non-fungible token. Bitcoin Artwork Arrives at Christie’s Robert Alice, a blockchain art project, announced Wednesday the sale of a key artwork in the series entitled “Portraits of a Mind” at Christie’s, the world’s largest auction house. Portraits of a Mind is “a global art project to decentralise the founding code behind Bitcoin into 40 fragments,” its website describes. “With 40 paintings stretching more than 50 meters long,” this work of art forms “a complete hand painted transcription of the 12.3 million digits of code (v0.1.0) that launched Bitcoin,” the announcement details, adding that this artwork is the largest in the history of blockchain technology. “A symbolic expression of decentralisation, once globally distributed, the project will draw up a global network of 40 collectors where no one individual will hold all the code.” On Oct. 7, Block 21 of Portraits of a Mind, which includes a physical painting and a unique digital non-fungible token (NFT) representing the work, will be auctioned at Christie’s New York. It will be offered at an estimated $12,000 to $18,000. Prior to the auction, the piece will be exhibited from Oct. 1 to Oct. 6 in New York. alongside works by Monet, Picasso, Warhol, and Jackson Pollock. Block 21 of Portraits of a Mind to be auctioned by Christie’s New York on Oct. 7. The piece will be exhibited in New York from Oct. 1-6. Source: The Robert Alice blockchain art project. The Robert Alice art project was founded in 2018 by London-based artist Benjamin Gentilli with the aim to “promote blockchain culture within the visual arts.” He solely created Portraits of a Mind over three years. It is the first work of art from the project. Christie’s Post-War and Contemporary Art Specialist Vivian Brodie commented, “Christie’s and I are thrilled to be supporting this landmark blockchain art project with the sale of Block 21 from Portraits of a Mind in our October Day Sale in New York,” adding: This is Christie’s first time presenting a work that explores crypto culture at auction and, as ever, we are very excited to welcome new audiences and collecting communities across the globe to Christie’s. Blocks 0 through 20 of the series were offered privately early this year to select collectors, including Binance CEO Changpeng Zhao, Bloq chairman Matthew Roszak, Kinetic founder Jehan Chu, Digix founder Shaun Djie, and Coinscrum founder Paul Gordon. Block 21 is the first work from the project to be exhibited and offered for sale publicly. “The work is also linked to the Bitcoin blockchain, via a unique Opendime key in the reverse of each painting,” the announcement notes. What do you think about this Bitcoin art auction? Let us know in the comments section below. The post Leading Auction House Christie’s Listing Bitcoin Art for the First Time appeared first on Bitcoin News. View the full article
  8. After reaching an all-time high of $19.20 on August 14, the Chainlink token now trades lower after losing more than 50% in value in just over a month. The token, which briefly overtook Bitcoin Cash as the fifth-ranked crypto in market capitalisation terms, was ranked 9th on Markets.Bitcoin.com at the time of writing. On the surface, the token’s fall appears to be in sync with the rest of the crypto market, which has been dropping since Monday, September 6. Yet opponents of Chainlink insist there is more to Link’s fall than just the current bearish market trends. They point to the magnitude of the token’s fall when compared to other Defi related projects in the past 30 days. In August, one prominent Chainlink opponent and Twitter user, Cryptowhale argued that the price of Link “had shot well beyond its intrinsic value through DeFi hype, and greed.” However, in a recent tweet, the Cryptowhale reminds his followers of the death threats he received from Link Marines after publicly advising token holders to sell. The Cryptowhale had predicted Link’s fall and since then, the token has been retreating. Opponents insist this is happening because there is nothing else left to artificially pump the price. Also reiterating the message that Link’s rise is a bubble is Chainlink’s nemesis-in-chief, Zeus Capital LLP. The controvesial asset management company has been engaged in a very public campaign to discredit the Chainlink project claiming it is a pump and dump scheme to enrich founders. On its Twitter handle, Zeus Capital LLP regularly posts evidence of what terms token dumps by some of Chainlink’s 9 leading whales. Link whales account for 70% of all tokens in circulation according to Cryptowhale. With Link’s continued fall, Zeus Capital LLP, which got liquidated in August after shorting the token, appears to have seized the initiative from Chainlink Marines. Still, accusations that Zeus Capital LLP is spreading FUD for its own selfish ends is not going away. For instance, a Twitter user, Chainlinkgod.eth reminds Zeus Capital LLP followers that the asset management company “is a fake entity who pushed a fraudulent ‘research’ report to manipulate retail investors through a short and distort disinformation campaign with paid Twitter ads.” Another Twitter user counters Zeus Capital LLP’s evidence of Link crashing with one that shows the token’s positive performance in the first, second and third quarter of 2020. According to this info, Link is up 84.4% in the third quarter. Meanwhile, after briefly dropping to $7.54 on Wednesday, September 23, the Link token had recovered to $8.33 at the time of writing. The 24 hour traded volumes stood at $582 million. What do you think of Link’s current downward trend? Tell us what you think in the comments section below. The post Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst? appeared first on Bitcoin News. View the full article
  9. Developed by the team behind some of the most successful crypto applications in the world, Flow is a blockchain re-designed from the ground up to be user- and developer-friendly as well as modular and future-proof. The network is already being used to develop digital collectibles offerings for top global brands like the NBA and UFC who partnered with Dapper Labs to serve their billions of fans. You can now take part in the revolution of the digital assets space by joining the FLOW community token offering. Top Global Brands Trust the Flow Blockchain Dapper Labs, the company behind CryptoKitties and NBA Top Shot, a year ago revealed that it developed a new blockchain called Flow. Designed to bring digital assets and decentralized apps to the mainstream, Flow is built for scale, speed and security like no other blockchain available today. The network is expected to have a large built-in user base from day one as Dapper Labs already have impressive partners it is developing digital collectibles solutions for including the NBA, Warner Music Group, Dr. Seuss, Ubisoft, and UFC. It is no surprise that top global brands choose to work with the developers of Flow as it is the only protocol layer team that has a proven track record of developing great consumer blockchain experiences. The Flow team is composed of leading researchers and experienced production engineers who have worked together for years defining a novel approach to blockchain architecture. And with over $40M in financing, notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures and Samsung. The Flow network is powered by a balanced native token design and novel distribution mechanics. The FLOW token enables participation on the platform, with the opportunity to earn rewards through network participation. Demand for FLOW token directly increases with activity on the platform as well as demand for secondary tokens minted on top such as stablecoins or governance tokens. To bolster decentralization Dapper Labs will hold a FLOW community token offering on CoinList. A Solution Built for the Digital Metaverse The amazing success of CryptoKitties proved that non-fungible tokens (NFTs) and crypto games are here to stay, but also that a new approach to blockchain is needed to make sure they can scale for mainstream adoption. In late 2017, when the collectibles game exploded in popularity, it congested the Ethereum network – causing gas prices to skyrocket and transaction times to become unbearably long. For blockchain solutions to reach billions of people as mobile apps and the internet does today, an underline infrastructure network will have to be able to scale seamlessly without such limitations. In addition to Ethereum’s scaling limitations, most of the scaling solutions developed simply push complexity to developers or compromise on decentralization. Additionally, available blockchain platforms are unusable by most users because of onboarding barriers. These are some of the reasons why Dapper Labs decided to build the Flow blockchain for the past couple of years. Flow’s novel four-node architecture achieves massive improvements in speed and cost that scale with hardware capacity without compromising decentralization or breaking up the network into shards or “layer two” solutions. Many in the community believe that the combination of NFTs and DeFi will be the key to unlock the next wave of mainstream crypto adoption. With a developer-first approach, Flow makes building new apps and protocols safe, fast, and efficient.
 Flow also includes many features that take care of the inherent complexity of decentralized systems. This will allow any interested decentralized app developers to easily adopt Flow for their needs and thus unlock a rich ecosystem (metaverse) that intertwines entertainment and true digital economy like never seen before. To learn more about the Flow blockchain and what you can build on it visit the project’s site at onflow.org, and make sure to join the vibrant community on Discord. To take part in the opportunity to revolutionize the digital assets space check out the FLOW community token offering on CoinList. This is a sponsored post. Learn more on how to reach our audience here. Read disclaimer below. The post Why Top Global Brands Like the NBA and UFC Choose Dapper Labs’ Flow Blockchain appeared first on Bitcoin News. View the full article
  10. Reports say Venezuela has now legalized bitcoin mining following the decree recently issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency. According to a report, the decree will result in the creation of a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” Meanwhile, the decree document, which was signed by Joselit Ramirez the superintendent of Sunacrip, does not specify “how much it will cost to obtain these licenses.” However, to ensure miners conform with these new regulations, the decree reportedly states that: The authorities will supervise both the creation and importation of mining equipment. Similarly, mining farms for bitcoin and other cryptocurrencies will be able to operate with the support of the State, but only if they are inspected by Sunacrip. As reported by News.bitcoin.com in July, Venezuela banned bitcoin mining operations in “any low-income neighborhoods with subsidized housing” due to what authorities termed “an excessive amount of power consumption.” Before that, the Venezuelan military had seized approximately 315 Bitmain Antminers. However, according to regulations, which came into effect after September 21, Venezuela now wants “those who are operating ASIC equipment for mining bitcoin and other cryptocurrencies” to connect to NDMP. Authorities now appear less concerned about excessive power consumption. Miners operating outside the pool will be subject “to the measures, infractions, and sanctions as set forth in the decree document.” Meanwhile, the report explains that if Venezuelan authorities insist on controlling and managing the NDMP, this will leave the government in charge of distributing rewards to miners. This, however, creates risks for miners as the pool operator can arbitrarily freeze funds or delay payments. The crisis-torn country tops peer-to-peer bitcoin trading volumes in the region alongside Brazil, while it remains a key bitcoin mining territory. With a share of the hashrate around 0.42%, Venezuela is the only Latin American state to feature in Cambridge University’s top ten list of countries with the highest bitcoin hash rate. However, now that the government has formalized bitcoin mining, Venezuela’s share of the total hash rate is likely to increase. What do you think of this latest move to regulate bitcoin mining in Venezuela? Tell us what you think in the comments section below. The post Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool appeared first on Bitcoin News. View the full article
  11. Just recently a new project called Polkadot joined the top ten crypto coin list almost immediately after the project officially launched. Today, the Polkadot network is the sixth-largest blockchain in terms of market capitalization. The blockchain is considered an Ethereum competitor by a few individuals, and some crypto proponents speculate it will be amongst the top three market caps in the near future. Crypto proponents have noticed a new top ten crypto-challenger in the world of digital assets, as the Polkadot (DOT) blockchain has recently joined the leading ranks. A number of people never heard of Polkadot and wonder how this coin made it into the top ten so quickly. The top six crypto assets in terms of market valuation on Wednesday, September 23, 2020. The project was conceived by Ethereum cofounder Dr. Gavin Wood and the developer has worked on the protocol for the last four years. The project also stemmed from the initial coin offering (ICO) period and was one of three blockchain protocols (Dfinity, Filecoin) with a lot of hype behind them. The Polkadot project’s light paper notes that the protocol is a heterogeneous blockchain. “Polkadot is a next-generation blockchain protocol that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale,” the light paper further details. “It connects several chains together in a single network, allowing them to process transactions in parallel and exchange data between chains with security guarantees.” Essentially, any type of arbitrary data can traverse across Polkadot’s multi-chain application environment like real-world assets and tokens. Any blockchain can join the Polkadot infrastructure, which is basically an aggregated set of validators that leverage heterogeneous shards. The three main components of the Polkadot protocol include the Relay Chain, Parachains, and Bridges. Heterogeneous sharding has been discussed within the blockchain development community for quite some time. Sharding is basically breaking up the workload (data) peer-to-peer nodes deal with and so nodes essentially hold their own shards of data. Every shard is shared amongst the network of nodes. Like traditional sharding techniques, the network offers interoperability between multiple chains, but heterogenous sharding allows every chain to remain unique. There are three main parts to the Polkadot network, which include the main relay chain (Polkadot blockchain), parachains, and bridges. The parachains are made up of the heterogeneous blockchain shards and everything is secured by the main Polkadot Relay Chain. The parachains can mint native tokens, transfer tokens, and connect to external chains via bridges. Bridges leverage Polkadot shards in order to communicate with blockchains like Ethereum (ETH) or Bitcoin (BTC). For instance, a startup called Interlay plans to create tokenized BTC product called “PolkaBTC” on the Polkadot blockchain. “Interlay has released the proof-of-concept for a trustless bridge from Bitcoin to Polkadot: the BTC Parachain,” the Interlay team details. “Once online, users will be able to mint 1:1 Bitcoin-backed assets onto Polkadot, so-called PolkaBTC, and use these across a wide range of applications, including decentralized exchanges, stablecoins, and lending protocols.” The Interlay team further adds: Under the hood, the BTC-Parachain implements XCLAIM, the only cross-chain framework that is financially trustless, permissionless, and censorship-resistant — and backed by top-tier research. Since Polkadot was first announced a great number of people have been waiting for the project to unfold. The Asia-based digital asset fund, Spartan Black, thinks that Polkadot (DOT) will someday be a top-three market cap contender in the future. “Within a year DOT will be top 3 market cap on Coingecko/CMC,” Spartan Black recently tweeted. The fund manager continued by saying that Polkadot was “arguably the most important crypto project since the launch of Ethereum in 2016.” Spartan Block wrote: Think of it as ETH2.0 without all of the activity that Ethereum currently has yet. With all the hype swept aside, there have been a number of criticisms against the Polkadot project as well. Tom Shaughnessy the cofounder of Delphi Digital has written about Polkadot’s promises, but also some of the project’s problems as well. Shaughnessy highlights how Polkadot has a “rocky history” and was born from members of Ethereum, particularly Gavin Wood, itching to implement sharding right away. Just recently, Polkastarter’s version of a decentralized exchange (dex) launched and the project is built for cross-chain token pools and auctions. The Delphi Digital executive also notes how Polkadot’s parent, the firm Parity, also had a “rocky history.” Shaughnessy also details how “voting on Polkadot could face hurdles” and “Polkadot’s council of 6–24 people (could be less or more over time) could be a centralization risk for the entire network.” News.Bitcoin.com reported on a number of Parity’s blunders during the last few years. At the time of publication, Polkadot (DOT) is the sixth-largest blockchain in terms of market cap as the native currency trades for a touch over $4 per coin. Market data shows there is over 852 million DOT in circulation giving the project an overall valuation of $3.6 billion today. Seven-day DOT/USD chart on September 23, 2020. Over 80% of the DOT being traded on September 23 is swapped with tether (USDT). This is followed by pairs such as BTC (13.4%), USD (1.9%), TWD (1.2%), EUR (1.2%) and BUSD (0.7%). Ethereum (ETH) trades only represent 0.65% of DOT trades on Wednesday. People find value in DOT because it promises to provide significant interoperability between a number of blockchains, while also highlighting the benefits of sharding. Despite the Polkadot project being worked on for years, it was just launched and still has a long way to go to catch up with a number of cross-chain competitors. A number of crypto proponents are also not fans of sharding and they believe the process can ultimately lead to vulnerabilities. For instance, a research paper published by Cornell University explains that the chain can be manipulated by “shard takeovers.” This means a node can be corrupted and the compromised data can lead to severe and permanent losses. “Existing sharding proposals achieve efficiency scaling by compromising on trust,” the paper highlights. What do you think about the Polkadot (DOT) project and how it effortlessly joined the top ten crypto coin list? Let us know what you think about this project in the comments section below. The post A Deep Dive Into Polkadot and How DOT Became a Top Ten Crypto Contender appeared first on Bitcoin News. View the full article
  12. Reports that global banking giants helped criminals launder money for close to two decades helped spark the crash of global stock markets on Monday, September 21. Also tumbling in tandem with stocks were cryptocurrencies thus leading to renewed concerns that digital assets are intertwined with the global financial system. However, these concerns are dismissed by Max Keiser, a bitcoin pioneer and a Wall Street analyst who insists that bitcoin behaves differently. Keiser’s latest comments about bitcoin were prompted by remarks made by one Twitter user who questions the commonly held view that cryptocurrencies are immune from the global financial system. In a tweet, the user expresses concern that each time “when stock markets go down bitcoin gets pummeled.” The user insists that “if bitcoin is ever going to be successful it needs to break away from bankings thumb. Until then.” In his response, Keiser argues that “bitcoin, like gold, is inversely correlated to the $USD – *not* the stock market.” In a warning to bitcoiners, Keiser says “don’t be fooled by randomness.” Just like Keiser, many bitcoin supporters are adamant that the top cryptocurrency follows a different path to that of company stocks. They point to the movement of the crypto shortly after crashing by 40% on March 12, the so-called black Thursday. At the time of the crash, global markets were also in the red yet it is bitcoin which appears to have recovered and grown at a much faster pace than stocks. To illustrate, an observation of data available on Markets.bitcoin.com shows that bitcoin nearly doubled in value between March and September 2020. Specifically, on March 21, bitcoin, which dominates the crypto market, traded at $5,792. Yet by end of day on September 21, the leading digital asset traded at $10,499. In comparison, the Dow Jones Industrial Average, the widely-watched benchmark index in the U.S. for blue-chip stocks, closed March 20 at 19,173 points. However, exactly six months later, the index closed the day on September 21 at 27,147 points, representing growth of 41.5% from March. It is seemingly this data that convinces some bitcoiners that the cryptocurrency has an inverse relationship with fiat currencies like the USD. What do you think of Keiser’s assertions about bitcoin’s relationship with the USD? Tell us what you think in the comments section below. The post Keiser Insists ‘Bitcoin Inversely Correlated To USD Not Stock Markets’ After Crypto Market Tumble appeared first on Bitcoin News. View the full article
  13. In 2017, the gaming world was revolutionized by the massive success of a simple blockchain game called CryptoKitties. It enabled players to breed and trade unique digital cats via a series of smart contracts on the Ethereum blockchain. That simple concept led to a game that now boasts millions of dollars’ worth of user transactions, spawned a blockchain company that attracted serious venture capital investment, and garnered near-constant media coverage for months after launch. It also showcased blockchain gaming as a force to be reckoned with in the future gaming space. But in the years since, developers have had a hard time building on the early success. Part of the problem has been a lack of a viable financial model to support long-term blockchain game development. And that’s exactly what Team3D aims to create with the recent announcement of the public listing of their new VIDYA cryptocurrency. What is VIDYA? VIDYA is the opening move in Team3D’s broader campaign to create a thriving new blockchain gaming ecosystem. The goal is to use VIDYA to accomplish several vital tasks to further that effort. First, it will serve as a cross-game currency and inventory system that will enable developers to build multiple linked games that feature item sharing and other cross-connected gameplay mechanics. It will also serve as a bolt-on escrow system that developers can use to create wager-based game lobbies for their player-versus-player and multiplayer games. But most importantly, VIDYA is to serve as a funding mechanism to provide game creators with the financial support necessary to do the kind of long-term development that will result in revolutionary new blockchain gaming concepts. To begin, 30% of the total minted VIDYA will remain reserved for game development costs, which will provide seed funding for several games, at least one of which is already in the late stages of development. But the long-term funding will come from small staking fees assessed upon the successful completion of any VIDYA-connected game match. That means that players of each new game will become the financial fuel for others in the ecosystem. Who is Team3D? To understand how the idea for VIDYA came to be, it’s important to understand who its creators, Team3D, are. They’re a Toronto, Canada-based group of digital artists, game developers, and blockchain programmers who have been building dApps on the Ethereum blockchain for almost as long as it has been publicly available. Between them, they already have a plethora of decentralized games and tools to their credit, including notable dApp titles like TronGoo, TronFarms, and 0x60. They’ve also experienced firsthand what it’s like to try and develop groundbreaking blockchain-ready games for serious gamers. What they encountered was a blockchain gaming environment that’s set up to reward simple revenue-generating games rather than fostering innovation and experimentation that blends tokenomics with engaging gameplay elements. It was an ecosystem that incentivized developers to create safe, carbon-copy games in the shortest possible time. And that’s where the idea for the new VIDYA ecosystem had its genesis. According to a Team3D representative, the whole point of VIDYA is “To sustain an economy built for real games that have been in development for over two years, that touch on different aspects of tokenomics that we have seen so much of lately, such as deflationary and proof-of-liquidity models.” In other words, it aims to turn the traditional blockchain gaming financial model on its head – and to give developers what they need to build games that serious gamers will love, instead of building mass-market carbon copies of earlier games. What to Expect from Team3D and VIDYA The public sale of VIDYA began on August 22nd, but that’s not the end of the story. It’s only the beginning. That’s because Team3D is already hard at work building out the other elements of their platform to turn their blockchain game ecosystem concept into a reality. They’re already knee-deep into the development of VIDYA’s cross-game inventory and equipment system as well as its staking mechanism. The inventory system will be a game-changer because it will allow players true ownership of in-game purchased items. Unlike traditional in-game purchases which may be modified or discontinued by publishers at any time, items in the VIDYA system are immutable. That means they will form the basis for a viable secondary market where gamers can buy and sell the items they’ve acquired as often as they choose. And the system won’t be under the control of a publisher, giving the player total control over their assets. Owners can also opt to invest their VIDYA in the platform’s liquidity staking system, known as Generator. It offers investors the chance to earn additional VIDYA by contributing to the currency’s liquidity. In exchange for their stake, participants will receive a daily percentage of the system’s earnings from its varied operations. It’s a risk-free way to become a supporter of the concept while earning a tidy sum. Team3D is also about to begin testing on a blockchain-connected FPS game concept that will represent a major gaming breakthrough and a milestone in blockchain game development. If all goes well, Team3D expects to launch a completed VIDYA-connected game within the fourth quarter of 2020. It will function both as a proof-of-concept as well as a symbol of their ongoing commitment to keep innovating in the space for the long term. And at the same time, they’ll be bringing all of these developments together into a central management platform, known as TeamOS. It will give all stakeholders, be they VIDYA holders, game item owners, or even participating 3rd-party developers a single location to manage all of their VIDYA assets. It will be the culmination of the many development threads covered here, and a living symbol of the breadth and depth of the VIDYA concept as a whole. How to Learn More about VIDYA Since the ongoing development of the VIDYA ecosystem is still a work-in-progress, there’s bound to be even more developments coming from Team3D in the coming months. And as passionate gamers and developers, they’re more than happy to discuss their future plans and progress with anyone who’s curious about them. Team members are always easy to find via their official Telegram account and their Discord channel. And of course, the Team3D website will be updated frequently as development work progresses on VIDYA and its connected projects. Also, the site is going to serve as a hub for the upcoming VIDYA cross-game inventory system as well as for all of the games that will eventually become a part of the platform. So, remember to check out the site as frequently as possible to stay up to date on all things VIDYA as the work continues – and to witness the birth of a new era of cutting-edge blockchain gaming, unlike anything that’s come before it. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. The post VIDYA’s Public Sale Marks the Dawn of a New Blockchain Gaming Era appeared first on Bitcoin News. View the full article
  14. The price of SBTC plunged by nearly 98% in just over an hour on September 21 as devs announced the dissolution of the token. The dissolution announcement came more than a month after the token reached an all-time high of $5.07. At the time of writing, the token was quoted at $0.007 down from $0.64. In a short announcement issued via a Discord group, the SBTC team said they are no longer proceeding with the project while thanking those that stuck with the project until the end. According to information on Coinmarketcap, creators of the SBTC aimed to peg the token price to 0.0001 BTC or 100,000 Satoshi by utilizing the built-in smart contract token contraction & expansion algorithm, variable staking policies, and SBTC Foundation reserves. This would then ensure that one SBTC will be mathematically guaranteed to be worth 0.0001 BTC in the short/medium term regardless of circumstances. Meanwhile, in a message left of the SBTC website the team explained the steps holders of the token had to take before receiving the ETH airdrop: In order to receive the airdrop of ETH/ULU, you are required to hold SBTC in a wallet that you control the private key to or at an exchange that supports SBTC airdrop. Do not hold SBTC in any other form other than SBTC the very basic token, holding it via liquidity pool or via contracts will not receive the airdrop. You should have done the above before September 21st regardless of what time zone you are in. At the time of the announcement, the SBTC team said the “best effort estimation of airdrop is still around 0.002 ETH + some ULU tokens per SBTC. You will only receive airdrop if you hold more than 30 SBTC.” At the time of writing, the airdrop had been completed and another announcement in the discord then concludes that the “SBTC token is now useless, you should all sell it if it pays for gas and time.” The ULU airdrop “will not happen unless it becomes more worthy” adds the announcement. What are your thoughts about the dissolution of SBTC? Tell us what you think in the comments section below. The post SBTC Plummets by 99% as Devs Announce Dissolution of Token appeared first on Bitcoin News. View the full article
  15. Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, they didn’t realize that the Ethereum network would solidify its role as Bitcoin’s main sidechain during the last year. Five years ago, bitcoiners relentlessly argued over scaling the Bitcoin (BTC) blockchain and a number of proponents said that sidechains and offchain solutions would help. Moreover, a number of solutions like Blockstream’s Liquid and the RSK network launched. Many supporters assumed those two sidechains combined with the Lightning Network would help alleviate the issues. However, none of these bitcoin enthusiasts expected to see the Ethereum network take over as BTC’s main sidechain. The situation was discussed this week when the investment partner at Paradigm, Arjun Balaji, tweeted about Ethereum’s massive growth in this area. “Over the last year, Ethereum has emerged as the first working Bitcoin sidechain, growing from ~0 to 91.8K BTC ($1B notional, 0.5% of circulating supply),” Balaji wrote on Twitter. “Users have choice across the trust spectrum, from centrally issued (WBTC), trust-minimized (tBTC) to purely synthetic (sBTC).” Data from Dune Analytics and @eliasimos Financial commentator and cryptocurrency lead at Cinnober, Eric Wall, responded to Balaji’s tweet and said it was more like 20 months, as opposed to a year. Wall also shared a tweet he sent back when the Wrapped Bitcoin (WBTC) project officially launched in January 2019. The cryptocurrency lead at Cinnober said: “Big day in crypto. Ethereum is now officially a Bitcoin sidechain.” When Wall tweeted this statement in 2019, a number of people didn’t agree with his assessment, so Wall further described his perspective of the sidechain definition. “A sidechain is a different chain that uses the same native asset as another chain, where that asset can be locked/unlocked on the respective chains via a 2-way peg,” Wall tweeted last year. “[RSK], [Paul Sztorc’s] Drivechain [and] Blockstream’s Liquid are examples of these. Now Ethereum is another example.” Ethereum proponent, Anthony Sassano, at first did not agree with Wall’s definition and said: “Ethereum doesn’t rely on the security of the Bitcoin blockchain so it’s not a ‘sidechain to Bitcoin’. WBTC is simply a tokenized representation of BTC.” Wall responded to Sassano by stating: The Liquid sidechain doesn’t rely on the security of Bitcoin mainnet either, it just makes the assumption that the bitcoins that get locked on the mainchain (and gets converted to LBTC on Liquid) can be unlocked again when the Liquid functionaries redeems them. Data from Dune Analytics and @eliasimos. When Wall tweeted those statements, WBTC had initially announced locking 65 BTC into the protocol, as the Wrapped Bitcoin team considered the first lock-in in to be a milestone. At the time of writing, there is approximately 107,101 tokenized BTC or $1.1 billion using today’s exchange rates circulating on the ETH chain. WBTC’s meager 65 BTC start is nothing compared to the growth the project has seen to-date, as the Wrapped Bitcoin project is the largest issuer of tokenized bitcoins today. Wrapped Bitcoin captures over 72% of the tokenized bitcoin in existence with 77,161 WBTC to-date according to Dune Analytics data. WBTC is followed by renBTC (20,525), hBTC (4,810), sBTC (3,528), imBTC (1,390), and pBTC (136). Additionally, crypto proponents are gearing up to witness the first trustless BTC-ETH bridge, as the tBTC project re-launched on Tuesday. “Launched with unprecedented security measures in place and ready to be used at tbtc.network, tBTC is fully audited and open-source,” the project’s blog announcement reads. The current number of BTC held on Ethereum, out of the 21 million that will be ever issued, is currently 0.510% of the capped supply. Tokenized bitcoins are also traded on various decentralized exchanges (dex) like Curve.fi and Uniswap and centralized exchanges (cex) as well. With the re-introduction of the tbtc.network, the sum of bitcoins held on Ethereum will likely continue to grow. The token tBTC will have a graduated supply cap and start at 100 BTC in the first week. “Each week, the contracts will loosen the deposit restriction based on a pre-committed schedule,” the project creators detail. The other contenders who started developing sidechain solutions years before the massive tokenized BTC migration to Ethereum; RSK and Blockstream have a long way to go to catch up to the network effect the ETH chain currently holds. The RSK sidechain has a circulating supply of 270 rBTC ($2.8M), while the Liquid Network has 2,594 BTC ($27M) in circulation. The supply of tokenized BTC on Ethereum, RSK, and Liquid combined is close to 110,000 BTC in total. Tokenized bitcoins on the Ethereum network eclipses these projects by 97.4% of all the tokens combined. What do you think about Ethereum becoming Bitcoin’s main sidechain in 2020? Let us know what you think about this subject in the comments below. The post Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain appeared first on Bitcoin News. View the full article
  16. A new Coingecko survey has found that a large number of yield farmers do not know how to read smart contracts despite claiming they understand the risks that come with such investments. According to the survey, which polled 1,347 people, around 40% of decentralized finance (defi) users cannot comprehend the smart contracts they use for farming. Some 33%, it says, have never heard of ‘impermanent loss’ – a temporary loss of funds that occurs when providing liquidity. This “implies that they (farmers) don’t know their real return on investment (ROI) and are extreme risk-takers for the sake of the high returns,” concluded Coingecko, a data aggregator for the crypto industry. Smart contracts are at the heart of defi protocols. Through them, investors can move their assets across different protocols looking for the best possible return in a process that has become to be known as ‘yield farming’. Some of the most popular farming pools include compound (COMP), balancer (BAL), yearn.finance (YFI), curve.finance (CRV) and sushiswap (SUSHI). As of September 21, a total of $9 billion of value was locked in the entire defi market, up 300% since July, figures from Defipulse show. Per the survey, more than half of farmers put up under $1,000 in capital to farm – but the returns have been astounding, as high as 500%. About 93% of respondents said they have earned as much profit from their ‘meager’ investment capital. For Coingecko, this was not unexpected. The result is not a surprise find as many of the current new pools provide insanely high APY of over 1,000%. Our opinion is that these high yields offered are not sustainable as it comes with high risk, and the spike in gas fees will be a barrier to entry and exit for farmers. Coingecko observed “a behavior where farmers would ‘farm and dump’ after accumulating a substantial amount of reward tokens in the pool, which indicates that yield farming tokens are not being held long-term.” Around 68% of users claimed they do not leverage their positions to minimize risk, and 49% said they would not invest in unaudited protocols, instead, relying on auditors to check the safety of the smart contract. The majority of yield farmers hold ethereum (82.7%), with bitcoin accounting for 74%. Farmers holding chainlink reach around 26% with litecoin, polkadot, and tron each accounting for between 15% and 20%. What do you think about yield farmers failing to interpret smart contracts? Let us know in the comments section below. The post Survey: Large Number of Yield Farmers Can’t Read Smart Contracts Despite High Risk appeared first on Bitcoin News. View the full article
  17. On Monday afternoon, Judge Beth Bloom, from the District Court of Florida, denied Craig Wright’s summary judgment and the infamous billion-dollar bitcoin lawsuit will go to trial in January. The court published a 93-page decision on the matter, as Judge Bloom detailed that “a genuine dispute of material fact exists” for a number of the complaints. Since Valentine’s Day in 2018, Craig Wright, the Australian who claims he invented Bitcoin, has been involved in a billion-dollar lawsuit. The case concerns the rightful ownership of an alleged 1.1 million BTC worth roughly $11 billion using today’s exchange rates. The plaintiff Ira Kleiman initiated the case and Ira’s lawsuit accuses Wright of manipulating his late brother’s bitcoin assets after his brother David Kleiman passed away in 2013. Representatives of David Kleiman’s estate say Craig Wright “perpetrated a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology.” Just recently Wright’s lawyers put in a motion for a summary judgment, which would have stopped the Kleiman’s from bringing the lawsuit to trial. However, Judge Beth Bloom completely denied Wright’s summary judgment motion on Monday. Wright’s summary judgment motion attempted to argue that the Florida court had no jurisdiction over the matters but failed. “Upon review, [Craig Wright] presents no record evidence to support a defense that the court lacks personal jurisdiction over him,” Bloom wrote in her order. The order shows that the trial will take place on January 4, 2021. After the judgment, the attorney Stephen Palley, partner at Anderson Kill, discussed a number of pages and the opinions from Judge Beth Bloom’s 93-page order on Twitter. “Wright made 6 arguments, all of which the judge ultimately says are losers,” Palley wrote. “Next, the judge will get into the facts, and identify ones that are not ‘genuinely in dispute.’” Palley further added: There’s no dispute (at least based on the evidence) that Wright described himself and Kleiman as Satoshi on multiple occasions. These statements doesn’t mean that when made they were true (that he is Satoshi), btw; let’s see if the Courts get there (doubtful). A number of people on social media and cryptocurrency forums discussed Judge Beth Bloom’s decision to deny Wright’s summary judgment. Longtime bitcoiner, Daniel Krawisz, said on Twitter that the court decision will be meaningful for the entire crypto market. “Whatever happens to Craig Wright in court will matter for everybody in the whole crypto market,” Krawisz tweeted. “You can’t escape him just by staying away from BSV,” he added. A few people did not believe Krawisz’s statements as a number of crypto advocates think Craig Wright is completely irrelevant in regard to the digital currency ecosystem in general. “I won’t be affected, at all,” one person responded to Krawisz, and another person replied “exactly zero.” What do you think about Judge Beth Bloom denying Craig Wright’s summary judgment? Let us know what you think about this matter in the comments below. The post Craig Wright’s Summary Judgment Denied – Billion Dollar Bitcoin Lawsuit Heads to Trial appeared first on Bitcoin News. View the full article
  18. New research from the digital currency insurance firm, Evertas, shows that a surveyed group of investors managing roughly $78 billion in collective assets believes that during the next five years, institutional investors will “dramatically” increase their crypto asset holdings. This week the crypto asset insurance company Evertas published a cryptocurrency survey that included a number of institutional investors who collectively manage $78 billion in assets. The survey’s participants included ultra-high net worth individuals, custodians, traditional financial institutions, exchanges, funds, and family offices. The research reveals that 90% of the surveyed respondents believe institutional investors will increase their allocation of digital currencies during the next five years. The study published by Evertas says that participants said that they had a number of concerns about the investment into crypto assets. Some of which included the quality of trading desks and custodial services within the crypto ecosystem. The data from the Evertas survey shows 56% of the respondents are “very concerned” about the lack of insurance within the digital currency economy. 54% said they were also “very concerned” about compliance procedures for services who deal with institutional investors. Interviewees also told a few reasons as to why institutional investors will increase crypto asset exposure. 80% of survey respondents detailed that it was because the market was growing more robust and able to provide “greater liquidity.” 84% said that the increased exposure will be fueled by the improvement of regulatory infrastructure. “Our research shows that institutional investors are enthusiastic about increasing their exposure to cryptocurrencies and crypto assets in general,” J Gdanski, CEO and Founder of Evertas noted after the company published the crypto institutional investment survey. “There are clearly many issues regarding the infrastructure that supports these markets that still concerns them. These clearly need to be addressed if the full potential of investment from institutional investors in crypto assets is to be realised,” Gdanski added. According to the Evertas crypto investment survey, the company worked with a market research firm called Pureprofile. Out of the group of institutional respondents who manage billions worth of assets, 25 were based in the United Kingdom and another 25 stemmed from the United States. Evertas also detailed that the survey was conducted during the month of July 2020. What do you think about the survey respondents saying they believe institutional investors will increase exposure to crypto assets? Let us know in the comments section below. The post Execs Managing $78B in Assets Say Institutional Investors Plan to Allocate More Cryptocurrencies appeared first on Bitcoin News. View the full article
  19. The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions regarding the application of stablecoin-related bank activities. It says: As the OCC recently reaffirmed, national banks may provide permissible banking services to any lawful business they choose, including cryptocurrency businesses, so long as they effectively manage the risks and comply with applicable law, including those relating to the [Bank Secrecy Act] and anti-money laundering. Stablecoins are cryptocurrencies underpinned by another asset such as a commodity or fiat currency like the U.S. dollar. They are designed to minimize the impact of price volatility. Tether (USDT) is the most widely used stablecoin worldwide. Others include USD Coin and DAI. In a statement, Acting Comptroller of the Currency Brian Brooks noted that federally chartered banks are “currently engaged in stablecoin related activities involving billions of dollars each day.” “This opinion provides greater regulatory certainty for banks within the federal banking system to provide those client services in a safe and sound manner,” he stated. Jeremy Allaire, chief executive officer of Circle, issuers of the USDC stablecoin, said the new OCC guidance represents significant progress for the advancement of digital dollar stablecoins in the U.S. financial system. “With this clarity…fintech firms and banks can have more confidence in building on this innovation, while also ensuring that the guardrails and risk management expected from the U.S. banking system can be applied to this new age of internet money,” he said in a statement shared with news.Bitcoin.com. The OCC recently allowed federally chartered banks to hold custody of crypto assets. What do you think about the OCC’s new guidance on stablecoin reserves? Share your thoughts in the comments section below. The post US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking Regulator appeared first on Bitcoin News. View the full article
  20. September 22, 2020 – Global Hash Power Exchange today announced the launch of GHPEX.com, the world’s first crypto exchange devoted to trading hashpower futures, signaling the next evolution of crypto trading. Designed for traders and miners in mind, GHPEX.com offers traders the ability to increase their leverage to take short and long positions, earning higher returns, and for miners to mitigate risk through selling future contracts at attractive prices. Although a relatively new commodity in the trading world, hashpower is the essential component necessary for mining both Bitcoin and alt coins. Hashpower, also referred to as hash rate, is the amount of computing power miners use to validate blockchain. The more power it has directly results in greater amount of security the blockchain possesses. “We recognized crypto traders were limited in options to diversify their portfolio. Hopefully, this introduces a new alternative to trading that goes beyond the traditional buy and hold mentality,” says Eno Chen, CEO of Global Hashpower Exchange. “Coins will come and go, in this highly volatile market; however, the one constant that will be around is hashpower. We’re excited to create the first platform dedicated to trading such an essential commodity.” GHPEX.com offers traders a number of options to choose from on its platforms from trading hash power that delivers BTC or ETH with a monthly contract to start. In support of its launch, GHPEX.com is offering traders a free 200 USDT deposit and 10-free trades upon sign-up. Simply type in the promo code, “Launch” to receive the free deposit. “Recent data has shown that a growing number of first-time investors are on the rise this year due to Covid-19,” says Chen. “This fact combined with hashrate hitting an all-time high makes now a perfect time to start trading hashpower futures. Giving away a free deposit is to make it easier on traders to get their feet wet without any risk.” About Global Hashpower Exchange GHPEX is the world’s first exchange platform dedicated to hashpower futures. Our solution allows investors and miners alike to trade futures tied to the value of blockchain mining hashpower. We offer investors the ability to capitalize on the volatility of crypto without needing to immerse themselves in an altcoin-saturated market and provide miners with a solution to mitigate the risk involved in their operations by buying cheaper hashpower to offset costs. Contact Email victor@ghpex.com Supporting Link https://www.ghpex.com/register/launch This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Global Hashpower Exchange Launches World’s First Exchange Dedicated to Hashpower Futures – GHPEX.com appeared first on Bitcoin News. View the full article
  21. The bitcoin ATM industry has reached a milestone as the number of machines installed worldwide has surpassed 10,000 after seven years since the first machine was installed. There are now 10,162 bitcoin ATM locations spread across 71 countries. Number of Bitcoin ATMs Exceeds 10K The number of cryptocurrency ATMs has grown significantly over the years, surpassing 10K last week. “It took industry roughly 7 years to reach this point since the first permanent bitcoin ATM installation in the end of 2013,” cryptocurrency ATM tracking website Coinatmradar wrote. “After the first 3.5 years, there were 1,000 active bitcoin ATMs in operation, over the next 3.5 years this figure has increased by 9,000 ATMs more.” According to the site, 10,162 cryptocurrency ATMs have been installed in 71 countries. There are also 211,270 other locations that sell bitcoin such as mall kiosks and convenience stores. Coinflip CEO Daniel Polotsky has shared some insights into the bitcoin ATM industry with news.Bitcoin.com. “With 10,000 machines placed globally, bitcoin ATMs have become the go-to service for those participating in the cash-to-crypto market, including a significant amount of the unbanked and underbanked,” he began. The CEO added that his company is installing between 30 and 50 bitcoin ATMs per week and is on track to have 3,000 bitcoin ATMs by the end of next year. Bitcoin ATM installation growth. Source: Coinatmradar The U.S. is still in the lead with the most bitcoin ATMs installed (8,004 locations), followed by Canada with 879 locations, the U.K. with 281 locations, Austria with 152 locations, Spain with 105 locations, and Switzerland with 81 locations. Genesis Coin tops the list of bitcoin ATM manufacturers, with 3,574 of its machines installed, followed by General Bytes with 2,964 machines, Bitaccess with 1,040 machines, Coinsource with 632 machines, and Lamassu with 518 machines. There are also many bitcoin ATM operators. The top 10 operators run 5,263 crypto ATMs (52%). There are 545 other operators, running 4,857 crypto ATMs, according to Coinatmradar. Coin Cloud tops the list, followed by Coinflip, Bitcoin Depot, Rockitcoin, Coinsource, and Bitcoin of America. Top bitcoin ATM operators. Source: Coinatmradar “There will be an influx of new investors that need help getting started during the next bull run. By stressing simplicity and personalized service, bitcoin ATMs will be vital in converting interest into adoption,” Polotsky explained. “As blockchain-based financial services develop as an industry, ATMs will become an essential gateway for the underbanked. These populations can benefit the most from a more inclusive financial system, and bitcoin ATMs are among the few gateways they can use.” The Coinflip CEO also revealed that “There has also been a surge of first-time retail investors who need a simple buying process and personalized support.” In his view: Bitcoin ATMs have gained an edge over the competition within specific demographics due to the onramp’s speed and ease of use. Customers don’t need to be tech-savvy to locate a machine, call a support representative, and get through a transaction within five minutes. Polotsky also noted that among the users of Coinflip’s bitcoin ATMs, one group stands out. “A significant portion of our user base is the underbanked and low-income communities who transact primarily in cash,” he said. “These groups use our machines to transfer money, pay bills, invest, and more. We take pride in the fact that we’re the gateway into crypto for many people who prefer our security, convenience, and ease of use.” He pointed out that “Aside from the ATMs buying process’s benefits, there are many individuals with a strong cash preference.” Moreover, he asserted, “Exchanges are some of the most influential companies in the sector, but they have a blind spot: they can’t serve customers who wish to pay in cash,” adding that “Bitcoin ATMs were created to fill this gap in the market.” “We believe that cryptocurrency and blockchain have the potential to accelerate financial inclusion across the world,” he opined, noting that “Bitcoin ATMs are one part of the solution.” As for his company’s future plans, he said Coinflip is planning a global expansion as the U.S. market gets more saturated, concluding: We believe that crypto adoption will outpace the move away from cash and that bitcoin ATMs will be around globally for years to come. What do you think about the growth rate of bitcoin ATMs? Let us know in the comments section below. The post Bitcoin ATMs Surpass 10,100 Worldwide: Expert Shares Industry Outlook appeared first on Bitcoin News. View the full article
  22. A South African group calling itself “Anonymous ZA” has published fresh information that seemingly supports long-standing allegations that Mirror Trading International (MTI), an ostensible bitcoin investment company, is running a multi-level marketing scam. The new information, which was reportedly obtained after a breach of MTI internal systems, shows that the investment company is “entirely structured around a tree/pyramid scheme.” According to a report, the leaked data suggests that MTI has a practice of distinguishing between “normal members and founder members.” Assessing the data, Anonymous ZA says it would appear that while “deposits made by founder members are not easily traceable yet they (founders) seemingly get better ROI than regular members.” The data also shows that “founder members are also at the top of the pyramid scheme and earn more money from their binary bonuses than ROI or any other source.” Perhaps in revelations that may lend credence to allegations often leveled against MTI, the report quoting Anonymous ZA says: “The database further shows payouts of $ 86.25 million (8,171.6 BTC) to normal members, with $21.4 million (2,036.5 BTC) in the form of bonuses for referring new members. Payouts to founding members amount to $18.45 million (1,744 BTC).” The report confirms that members are paid to recruit new members but it fails to provide the number of founding members. Earlier in July, the Texas State Securities Board (TSSB) accused MTI of running a multi-level marketing scam as well, as it operated in the state of Texas without a license. The TSSB subsequently issued a cease and desist order against MTI and some of its employees. Afterward, the South African regulator, the Financial Sector Conduct Authority (FSCA) issued its own public statement which repeats allegations made by TSSB. However, the FSCA statement goes further by asking investors to withdraw their funds from MTI. Anonymous ZA closes its statement in which it says “unless MTI can display or prove control of a Bitcoin wallet, or another storage facility to the value 17k BTC, it will stand by its view that: MTI is a Ponzi scheme.” Meanwhile, following the latest revelations, the MTI management moved to confirm the breach in a fiery response. Cheri Marks, one of MTI’s founding members and spokesperson, suggests a criminal offense was committed by those behind the breach which occurred September 18. Marks then goes on to threaten legal action against the perpetrators as well those publishing stories based the illegally obtained information: Yes, we had a security breach of our administration portal. Yes it was a criminal act. Yes we will be pressing charges and everyone publishing the personal information illegally obtained we will refer to our legal council. Marks then attacks assumptions that MTI had stopped trading claiming that “in August over 34,000 withdrawals were effected to the tune of 5,933 bitcoin without so much as a hiccup.” Throughout the rant, Marks challenges the media to name a single disgruntled investor out of the “170,000 that are growing their bitcoin with MTI.” Still, Marks fails to adequately deal with concerns that founders are possibly getting larger payouts than the rest of investors. Instead, Marks chooses to boast about her status as founder saying: “The fact that MTI has founder members is nothing new. Yes there is an extra profit share for them and this does not affect the company or the members in any way, nor is it a state secret.” Throughout the seventeen-minute video, Marks complains of media bias and the “intention to slander, not to provide a decent and informed view of MTI, its founders, shareholders or members.” Marks also briefly discusses MTI’s interactions with FSCA but fails to provide a satisfactory answer to why the regulator still went ahead and asked investors to withdraw funds even after the MTI “CEO opened our live trading account and BTC balance for the FSCA to see.” Surprisingly, just after the encounter with FSCA, the investment company made the decision to invest in bitcoin only. Critics argue the move was intended to remove MTI from the tutelage of regulators. Meanwhile, reports say the FSCA has been made aware of the data leak and is looking into it. What are your thoughts about the latest revelations on the MTI scam? Tell us what you think in the comments section below. The post Leaked Data Outs Bitcoin Investment Company as Scam: Founders Deny the Allegations appeared first on Bitcoin News. View the full article
  23. Iran has granted bitcoin miners exclusive access to electricity generated from three power plants for their mining activities, according to state power utility Thermal Power Plant Holding Company (TPPH). Mohsen Tarztalab, managing director of TPPH, told a local news agency on Monday that the “necessary equipment has been installed in three power plants of Ramin, Neka and Shahid Montazeri.” The government firm, which is responsible for the development and operation of thermal-based electric power plants, will now proceed to issue out tenders for the three projects, whose “documents will be uploaded on the SetadIran.ir website in the near future,” said Tarztalab. It is important to note that crypto miners will only receive excess electricity from expansion turbines that are to be built at the target power plants for this specific purpose. Tarztalab explained this is because the turbines “do not consume liquid fuels like gas oil, and only natural gas”, which burns cleaner compared to coal. “These turbines are not connected to the national grid and the electricity generated by them is only used by the power plant itself,” he stated. However, it is not clear how much electricity will be produced or dedicated to crypto mining from the three facilities. As news.Bitcoin.com reported in the past, Iran issued permits to 14 crypto mining farms in July, each with a capacity of 300 megawatts. But it also recently shut down 1,100 illegal bitcoin miners. Some 1,000 miners had already been licensed in January. Until now, no power plant, or a part of it, could exclusively extract digital assets, even though the country’s Ministry of Energy in July gave power plants the greenlight to mine. One of the biggest motivations for Iran’s continuing open-mindedness to virtual assets is the potential that the industry brings to boosting falling government revenues. Tarztalab, the TPPH head, detailed: Unfortunately, constant price hikes and the obligation for supplying electricity with stable prices to subscribers have caused a large gap between revenues and expenditures in the country’s electricity industry, and we need new sources of income to fill this gap. Bitcoin mining is cheap in Iran – something that has drawn scores of miners, both legit and shady, to the nation’s shores. According to official data, mining farms in Iran pay as little as 4,800 rials ($0.01) per kilowatt-hour (kWh) of electricity but rates increase four-fold to 19,300 rials ($0.05) during the peak summer season, from June to September. What do you think about Iran allocating three power plants for exclusive bitcoin mining? Let us know in the comments section below. The post Iran Grants Bitcoin Miners Exclusive Access To Electricity at Three Power Plants appeared first on Bitcoin News. View the full article
  24. Markets are expected to be volatile this week, as a great number of bitcoin and ethereum options are set to expire this Friday. Data shows more than 87,000 bitcoin options will expire and 77% of the action is held on the Deribit exchange. U.S. stocks dropped hard on Monday, as the Dow Jones Industrial Average dropped more than 700 points during the stock market’s afternoon trading sessions. Meanwhile, bitcoin (BTC) took a hit on spot markets dropping over 4% in value. A number of other cryptocurrencies like ethereum (ETH -8%) lost even bigger percentages on Monday. However, crypto analysts are eying this Friday’s crypto options expiries, as there’s a large number of derivatives contracts across Deribit, Okex, Ledgerx, CME Group, Huobi, Bakkt, and Bit.com that will expire. Data from Deribit shows there are over 87,000 BTC options that are set to expire this Friday. The exchange also details that 67k worth of those options (77%) are held on Deribit. Moreover, 459k worth of ETH options are set to expire on the same day and 414k or 90% is also held on Deribit. The other three competitors, that pale in comparison to Deribit’s numbers, include; CME Group, Okex, and Ledgerx respectively. On Monday morning (ET), Deribit’s Head of Risk and Product, Shaun Fernando, spoke about BTC’s volatility and the coin’s price action this month. “In the month of September, we have seen the BTC price trading between USD $10k and $12k,” Fernando said. “The 1 month ATM volatility hit a high of 70% before falling to its level of 46% and we have seen volatility in the skew.” Fernando further added: The Deribit Index is currently trading more than 2.5% below the settlement of nearly 4 hours ago which could suggest some interesting realised vs implied strategies. If the trend carries, expect a run on vol. If we bounce back, we could see some interesting moves around the 11k strike where over 10% of the Sep open interest is stacked. The researchers from Skew.com spoke about the cryptocurrencies implied volatility as well on Twitter. “Some capitulation in bitcoin,” Skew wrote. Options market as trading remains rangebound, one-month implied vol There’s been a number of occasions where crypto derivatives produced volatile crypto spot markets, while other times expiry dates can be lackluster. What do you think about the number of BTC and ETH options that are set to expire on Friday? Let us know what you think in the comments section below. The post Turbulent Crypto Markets Expected – 87K Worth of Bitcoin Options Set to Expire on Friday appeared first on Bitcoin News. View the full article
  25. The trouble with many current DeFi projects is that while they eliminate traditional institutions from the mix, they instead transfer ultimate control over to a select group of insiders who have their financial motives and agendas. It’s an arrangement that’s ripe for abuse, and something that should be anathema to anyone who believes in the real promise of DeFi. But now, there’s a DeFi solution that’s on a mission to deliver where so many others have failed. It’s called the Defito (DTO), and Defi Shopping Stake (DSS) is designed to be a platform that is a Bridge between Defi and E-Commerce. About DTO: A DTO token controls the Defito Ecosystem. Defito is a decentralized finance (Defi) platform with the goal of providing a solution for Defi to access e-commerce such as : Shopping Mining Shopping Staking Automated Shopping Making DTO is the native token in the Defito platform. Users can earn it by contributing liquidity to Defito’s liquidity pool and use the token for Platform Governance and Online Shopping. About DSS (Defi Shopping Stake): We are proud to introduce DSS to the public for the first time. We believe that the Defi Shopping Stake (DSS) model will be used more widely in e-commerce companies in the near future. DSS is a Defi-oriented enhancement of the Loyalty program system. As usual, each customer will have to show loyalty cards (also known as Rewards cards, Points cards, or Club cards) and Present them after each successful purchase (including online shopping) to collect the Reward Points. From now on, each wallet address used for payment will automatically be used for bonus recognition after each order is completed. The customer’s rewards points will be recognized with the smart contract and available for Spending at any time. Burn Mechanism & Governance Token Vote: The community has some right to vote for a burning token from the shopping treasury. If they want token keep for further development of the reward system or Burning for the growing value of DSS. Burn Mechanism Burning Mechanism works only for DSS, Not for DTO. DSS reward will be spent in Uquid Digital Shopping for Payment. The same Amount in the Uquid Shopping treasury will burn. Governance Burning Mechanism is work based on governance (Annual Voting). DTO holders have the right to vote for burning DSS in the treasury. How to Stabilize DSS Value? – The number of DSS tokens generated by staking and mining is limited. – If the community votes for DSS token burning, the number of tokens will become scarce. – When the amount of tokens in the shopping fund is burned. A further amount of tokens will be repurchased from the market. This process continued over time and will significantly increase the DSS value. About Uquid: On May 28, 2020, the digital currency and blockchain company Uquid has announced that the Uquid Shop is now live and accepting cryptocurrencies like bitcoin cash for payments. The team at Uquid has dubbed the market the “world’s biggest digital shop for crypto users is ready to launch with 30,000 digital products.” To know more, visit: defi.uquid.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Uquid Launch the Defi Shopping Stake (DSS) and Defito Finance (DTO) appeared first on Bitcoin News. View the full article
  26. According to the International Consortium of Investigative Journalists (ICIJ), five major global banks have been exposed funneling trillions of dollars in criminal funds in the recently leaked FinCEN Files. The massive leak is 2,100 documents spanning from 2000 to 2017 which shows fraudulent funds flowed almost effortlessly through JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon. The world’s regulators are supposed to be regulating the ‘tainted’ dollars that flow through the financial system and the United States has a number of financial regulation entities. However, the recently leaked FinCEN Files indicates that Financial Crimes Enforcement Network (FinCEN) and other regulators rarely prosecute the world’s banking cartel. The FinCEN Files is the perfect example of the corruption between the American bureaucracy’s regulators and the world’s leading banks. 2,100 documents implicate New York Mellon, JPMorgan, HSBC, Deutsche Bank, and Standard Chartered in facilitating a number of sketchy financial transgressions. The documents were revealed to 108 news organizations in 88 countries and the ICIJ and Buzzfeed broke the story. “$2.4 trillion in illicit funds are laundered each year,” the story notes, “but authorities detect less than 1%.” So far the leaks sent to ICIJ and Buzzfeed have uncovered over $2 trillion in fraudulent funding that was processed by the world’s leading banks. Moreover, the investigative journalists have found even more evidence and the tallied number of illicit funds continues to climb. The leak is quite large and investigative journalists from the ICIJ and other members of the media are still uncovering these financial crimes. The journalist Alicia Tatone says that there are many cases where U.S. regulators warned these five banks, but they continued to process illicit funds for criminals. “JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal,” Tatone notes. There is also a significant list of “confidential clients” that are often associated with “mobsters, fraudsters or corrupt regimes.” The FinCEN Files indicate that over the last decade, the five major financial institutions have no problem dealing with the world’s shadiest characters. The same American bank moved over a billion in USD for someone they claimed to not know in London, while the individual ultimately turned out to be on the FBI’s 10 Most Wanted list. “In all, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including $514 billion at JPMorgan and $1.3 trillion at Deutsche Bank,” Tatone writes. Files show HSBC allowed fraudulent organizations to move billions while Deutsche Bank is accused of moving funds for terrorists and drug cartels. Interestingly FinCEN and the Treasury Department did not respond to a bulk of questions sent by ICIJ and various journalists. Despite being threatened with fines and sometimes even getting paltry fines much smaller than the transactions processed, the banking cartel did whatever it wanted with no shame. A former financial crimes prosecutor and U.S. Justice Department official, Paul Pelletier, told ICIJ during the investigation that the banks “operate in a system that is largely toothless.” After being caught so many times, Deutsche Bank who settled $258 million with the Federal Reserve and promised to clean up its act, continued to participate in moving criminal funds. Year after year, the FinCEN Files reveal how Deutsche Bank helped shady individuals and fraudulent shell companies proliferate. The Bank of New York Mellon (BNY Mellon) is accused of helping the “Cryptoqueen” and the Onecoin crypto Ponzi move $137 million in 29 transactions. The FinCEN Files show that the Bank of New York Mellon (BNY Mellon) helped the Onecoin crypto Ponzi move roughly $137 million. Back in 2017, BNY Mellon flagged the 29 Onecoin transactions but U.S. regulators did nothing. According to a spokesperson from BNY, the bank detailed to ICIJ that the institution takes financial regulation seriously. When members of the ICIJ sent questions to Deutsche Bank they declined to answer questions about certain individuals like Ukrainian business tycoon Ihor Kolomoisky. The report written by Alicia Tatone says that Deutsche Bank told ICIJ they are aware of the bank’s “past weaknesses” and “We are a different bank now,” Deutsche Bank stressed. In fact, all five banks have responded to the FinCEN files since they were leaked this past weekend, and most of the banks pass the blame to financial regulators. It is interesting the world’s banking cartel never gets in trouble for money laundering, dealing with drug cartels, hired murderers, and associating with known mobsters. Besides Bernie Madoff, not one major bank CEO has been jailed to-date, and the only reason why Madoff was burned was because he robbed the elite. Meanwhile, law enforcement officials and financial regulators were told by Donald Trump to “go after bitcoin” in 2018 or asked to dismantle the decentralized network in 2012. Localbitcoins traders are arrested and thrown in jail for “illegal money transmission” and the IRS continues to be very focused on ordinary citizens paying their digital currency taxes. What do you think about the FinCEN Files? Let us know what you think in the comments below. The post 5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels appeared first on Bitcoin News. View the full article
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