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Cryptocurrencies have been a cause for concern in Teheran as the digital assets have attracted capital from other, traditional markets. The parliament’s leadership has now asked the tax agency to profile the owners of Iranian platforms facilitating cryptocurrency trading and report to the Majlis. Parliament Speaker Asks Tax Agency to Report on Crypto Trading Platforms The Islamic Consultative Assembly, Iran’s legislative body also called the Majlis, has joined the debate over how to regulate decentralized financial assets such as bitcoin. Cryptocurrencies have enjoyed a growing popularity among Iranians in the past year, amid rising crypto prices and plunging Iranian stocks. Calling for a cautious approach to dealing with related issues, the parliament’s speaker Mohammad Baqer Qalibaf stated: Imposing a ban on crypto trade in and of itself is not enough. The Central Bank of Iran is in charge of authorizing exchange shops. The CBI needs to develop precise regulations vis-à-vis the function of crypto exchanges and block their access to payment gateways until the rules are finalized. In a letter addressed to financial regulators including the CBI and the Ministry of Economic Affairs and Finance, Qalibaf called on the Iranian National Tax Administration (INTA) to profile the owners of trading platforms that exchange cryptocurrencies. The revenue agency is expected to file a report with the parliament as soon as possible, the speaker of the Majlis emphasized. Public Broadcaster to Raise Awareness About Cryptocurrencies and Trading According to the Financial Tribune business daily, the parliament has also ordered the Islamic Republic of Iran Broadcasting (IRIB) and the Ministry of Culture to do what’s necessary to spread public awareness about cryptocurrencies and details regarding the operation of digital asset exchanges. Interest towards decentralized money has been rising rapidly over the past several months and Iranians have been investing more and more into bitcoin and other cryptos. Last week, the CBI issued a warning against cryptocurrency trading, telling citizens that investments would be at their own risk. However, in April the regulator authorized local banks and exchangers to use cryptocurrency mined in Iran in payments for imports. The move is an attempt to circumvent U.S. sanctions and according to the Iran Fintech Association, the use of cryptocurrency has helped Iranian companies to bypass restrictions on banking, shipping, and insurance services. Experts with knowledge of the industry have warned government officials against taking hasty measures and lawmakers have urged capital market regulators to create investment vehicles facilitating legal crypto trading. According to a recent statement by Mohammadreza Pourebrahimi, head of the parliamentary Economic Commission, lawmakers are already working on a framework to regulate cryptocurrency trade in the Islamic Republic. Do you expect Iran to legalize the trading and exchange of cryptocurrencies? Tell us in the comments section below. View the full article

A popular international music festival, Exit, is now accepting cryptocurrency for tickets, products, and services. This year’s 20th-anniversary edition of the European event will be held in early summer and the festival’s online store already offers discounts for impatient music fans and visitors. Fans to Pay With Crypto for Festival Passes and Accommodation Bitcoin, the organizers say, is a fast and secure currency that has dramatically challenged the current norms of finance and governance. That’s why the festival now offers crypto enthusiasts among music fans the option to pay for tickets and passes, airport transfers, camping accommodation, and more using their digital coins. In a press release on the introduction of crypto payments, Exit stated: With the growth of blockchain, digital currency and non-fungible tokens, Exit recognizes that festivals should adapt and embrace new technologies to cater for their audience needs. “The potential of blockchain, digital exchange, and currency is exciting and we wanted to make sure we are at the forefront, utilizing new technologies and able to engage with our tech-savvy audience as technology evolves and changes,” Exit CEO Dušan Kovačević was quoted saying. To spend some BTC, customers need to select the items they want to buy in the festival’s store and proceed to checkout, where they’ll be offered the “Pay with Bitcoin” option. Exit to Be Held in Early Summer Despite Covid Exit is not only among the first music events of this caliber to accept cryptocurrency but also on course to become the first major music festival of the 2021 season in Europe. Its 20th-anniversary edition will be held July 8 – 11 at the Petrovaradin Fortress in Serbia’s second-largest city, Novi Sad. It will feature famous music artists in the region and beyond, creating in various genres including rock, techno, metal, hip hop, and punk, who will perform on 40 different stages. The festival was first held in 2000 when it was organized as a pro-democracy event by the Serbian student movement. It has since grown into a major international summer music festival with numerous awards over the years, including for Best Major Festival at the European Festivals Awards in 2013 and 2017. Exit was also recognized as a Champion of Regional Cooperation by the Regional Cooperation Council of South-Eastern Europe. At least 200,000 people from dozens of countries attended the festival in 2019. Last year, Exit was planning five major events across the region but all of them were canceled due to the spreading coronavirus epidemic. This year, the organizers have expressed confidence that the festival will take place on the scheduled dates. The team is following closely the Covid-19 situation in Europe and is preparing the event in accordance with government guidelines to ensure the health and safety of all visitors and artists. Do you know of other major music festivals selling tickets for cryptocurrency? Tells us in the comments section below. View the full article

This week a great number of bitcoin supporters and skeptics have been arguing over whether or not bitcoin mining is harmful to the global environment. However, crypto supporters have been saying that concerns over the Bitcoin network’s energy supply are absurd, in contrast to the carbon used and the military violence that backs a number of fiat currencies including the U.S. dollar. One could even go as far as to say that the American dollar alone has left boot prints on large groups of humans over the years and desecrated entire countries. Musk and Dorsey Still Use US Dollars When They Know the Currency Leverages Massive Amounts of Carbon and Military Force Elon Musk and his electric car company Tesla ignited a ferocious debate over bitcoin mining and how it affects the global environment. Similarly, the founder of Square and Twitter, Jack Dorsey, added fuel to the argument when his company’s CFO said the payment firm has no current plans to buy more bitcoin (BTC). Dorsey then tweeted that “changes *everything*…for the better” and further added, “we will forever work to make bitcoin better.” However, people have been questioning Musk and Dorsey’s stance, as the two have not discussed the carbon used by the U.S. dollar or the military violence that is tethered to the American currency. Despite the dollar’s obvious problems, Musk and Dorsey’s companies have accepted USD without hesitation. Moreover, Musk himself has been called out over hypocrisy. The popular stock-to-flow creator “Plan B” shared a photo with Musk of a Tesla car using energy that derived from power stemming from a coal facility in North Dakota. While ASIC miners are used to process blocks via Bitcoin’s proof-of-work (PoW) system, many people believe the U.S. dollar’s PoW system is backed by a massive carbon footprint and military violence. It is well known that the U.S. dollar is tied to violence and manipulation that is bolstered by the military-industrial complex. In fact, most people believe the American military occupation abroad and more specifically in the Middle East has been kept there to maintain the U.S. hegemony and petro-dollar. After Franklin D. Roosevelt (FDR) quite literally flipped the American economy upside down, global financiers invoked the Bretton Woods pact which was the first step in establishing the petro-dollar. These days a great number of economists and analysts have said on multiple occasions that the petro-dollar and the U.S. hegemony is over. Many people believe that the U.S. military maintains its force to keep the U.S. dollar going strong. In order to do so, the U.S. military consumes more carbon than most entities on earth. People should ask if Musk and Dorsey have contemplated the proof-of-work behind the U.S. dollar and the petro-dollar’s effects on the global economy. It’s well documented that the American dollar’s consensus algorithm is backed by violent measures and sanctions. The U.S. dollar has made it so America has been a bully of other nations and feels the need to step in as the world police. But environmentalists have added zero concerns about the U.S. dollar and they gladly accept USD to fund their goals. The founder of Watchdog Capital, Bruce Fenton tweeted about this hypocrisy on Friday. Fenton said: An M1 Abrams tank uses jet fuel that costs $5 a gallon (3-10x delivered). It burns a gallon a minute when driving, a gallon every 5 min when idle. In Afghanistan, they leave the tanks on all night. The war has been going for two decades. Don’t @ me about Bitcoin energy usage. Study Shows the Protector of the Petro-Dollar Is a Bigger Polluter Than as Many as 140 Countries Fenton’s critique is quite valid, but people like Elon Musk or Jack Dorsey have yet to address such subjects. The U.S. military, which keeps the dollar going strong, depends on massive amounts of fuel and has one of the largest carbon footprints on earth. This fact is well documented and the U.S. military cannot escape the massive amounts of carbon it uses on a daily basis. “U.S. military spending is greater than the total military spending of the next seven countries combined: China, Saudi Arabia, India, France, Russia, United Kingdom, and Germany,” explains data from Street Smart Economics. In fact the “price we pay for militarism” is colossal but the U.S. government sweeps it all under the rug. “This kind of information is readily available,” Street Smart Economics’ author Martin Hart-Landsberg details. “The military’s contribution to global warming is not. One reason is that because of U.S. government pressure, the governments negotiating the 1992 Kyoto Protocol agreed that emissions generated by military activity would not count as national emissions and would not have to be reported. As a consequence, the Intergovernmental Panel on Climate Change, which produces one of the world’s most trusted reports on the rate at which climate change is occurring, does not include national military emissions in its calculations.” The U.S. military not only leverages carbon every second of the day, but it also burns enormous amounts of chemicals and trash. When the burn pit story broke in October 2008,” explains Kelly Kennedy. “The military burned 250 tons of trash a day in an open pit at Joint Base Balad in Iraq, dioxin, the same Agent Orange chemical notorious for sickening service members during the Vietnam War, drifted through the air in a black plume to poison the air of troops living nearby.” On June 24, 2019, the website theconversation.com tried to initiate a conversation about U.S. military spending and its carbon footprint. The three authors Benjamin Neimark, Oliver Belcher, and Patrick Bigger show data that indicates “the U.S. military is a bigger polluter than as many as 140 countries.” The researchers’ study highlights how the U.S. military leverages carbon-based fuels more so than any entity in history. “The U.S. military is one of the largest polluters in history, consuming more liquid fuels and emitting more climate-changing gases than most medium-sized countries,” The researchers’ study insists. “If the US military were a country, its fuel usage alone would make it the 47th largest emitter of greenhouse gases in the world, sitting between Peru and Portugal.” There is countless evidence that shows the U.S. military is used to bolster the country’s currency and keep it in place as the world reserve currency. Historical records show that the U.S. government’s proof-of-work system for the U.S. dollar was not a fairly distributed peer-to-peer currency system. For 300 years or more now the global elite has manipulated ledgers and created an immoral social and financial ranking system. Elon Musk and the rest of the so-called environmentalists speaking out against the Bitcoin network should really consider what the U.S. dollar has done and what the fiat currency continues to do. Do you think concerns over the Bitcoin network’s energy use are overblown? Do you think people should be discussing the carbon and violence that backs USD? Let us know what you think about this subject in the comments section below. View the full article

Grayscale, one of the largest cryptocurrency fund managers, has declared it is trying to morph the bitcoin trust GBTC into an exchange-traded fund (ETF) to solve its price woes. The exchange rate is now at a 20% price discount compared to its bitcoin holdings, a fact that has many worried about the overall sustainability of their business model. Grayscale Hints at Becoming an ETF Grayscale, the biggest cryptocurrency fund manager in the world, has declared its Grayscale Bitcoin Trust (GBTC) is in the process to become an ETF to get rid of some of the problems it is facing. Grayscale’s CEO, Michael Sonnenshein, declared that morphing GBTC into an ETF would solve many of the inefficiencies that investors are experiencing now when it comes to pricing, a process he said they were 100% committed to doing. Shares of GBTC, the Grayscale Bitcoin Trust, have underperformed its digital counterpart significantly this year, and have reached lower lows during selloffs. This imbalance could negate the advantages that institutional investors see in this kind of indirect exposure investment vehicles, making them move to other more profitable investments. However, Sonnenshein thinks this price imbalance could be solved when converting GBTC to an ETF. Sonnesheim argued in favor of this in an interview on Bloomberg, stating: “It is our belief looking at the arbitrage mechanism built in ETFs that any discount or premium of where shares may trade relative to the product’s net asset value would be arb’ed away,” A Bitcoin ETF Might Still Be Far Away But, becoming an ETF is easier said than done for Grayscale. While the cryptocurrency community has big hopes in the possibilities of a bitcoin ETF happening now that Jay Clayton abandoned his position at the SEC, recent statements from Gary Gensler, the new chairman, seem to point in the opposite direction. Gensler has stressed publicly that cryptocurrency markets could benefit from greater investor protection. The institution also released a public statement last week where it announced it would be ramping up controls for funds that were invested in bitcoin futures markets. Grayscale filed a bitcoin-based ETF proposal in 2016, being one of the first firms to do so. But it withdrew the following year, citing the absence of a clear regulatory framework to bring this product to the market, as the key reason for dropping it. Several ETF proposals have been filed this year, but no answer has been produced yet by the United States’ SEC. What do you think about Grayscale discount issues and its intention of becoming an ETF? Let us know in the comments section below. View the full article

Bridgewater Associates founder Ray Dalio has warned that cryptocurrency’s biggest risk is its own success. He explained that it could attract regulators to come down tough on the crypto industry because “as a storehold of wealth no government wants to have an alternative currency.” Crypto’s Success May Attract Tough Regulation Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, warned about the success of cryptocurrencies at the Wall Street Journal “Future of Everything Festival” this week. Dalio is the co-founder and chief investment officer of Bridgewater Associates, whose clients include endowments, governments, foundations, pensions, and sovereign wealth funds. The Bridgewater chief said: Its own biggest risk is its success, because as a storehold of wealth no government wants to have an alternative currency. Dalio has long voiced concerns about regulators coming after bitcoin and other cryptocurrencies if they feel their monetary sovereignty is threatened. His warning came amid warnings by regulators, such as the governor of the Bank of England (BOE) and the president of the European Central Bank (ECB). BOE Governor Andrew Bailey said last week that bitcoin has no intrinsic value and investors should be prepared to lose all their money if investing in this asset class. ECB Chief Christine Lagarde concurred, emphasizing money laundering risks. Meanwhile, the U.S. is reportedly working on crypto regulation. The Securities and Exchange Commission (SEC) has a new chairman, Gary Gensler, who has stressed the importance of a regulatory framework with strong investor protection. Nonetheless, Dalio believes that the future of cryptocurrencies is “exciting and unknown.” He opined: Crypto as a digital clearing mechanism and so on, very exciting, very bullish. Crypto as a storehold of wealth, very interesting. Probably will be important for us. In March, Dalio said there is “a good probability” of the government outlawing bitcoin, adding that the government could also restrict bitcoin investments by imposing “shocking” taxes. Nonetheless, he sees the cryptocurrency as an alternative investment to gold in portfolios. What do you think about Ray Dalio’s warning? Let us know in the comments section below. View the full article

The CEO of Square Inc. says that “bitcoin changes everything for the better.” His comment followed one from Square’s CFO reaffirming the company’s corporate bitcoin strategy. The CEO also made a commitment to “forever work to make bitcoin better.” Meanwhile, Square and Ark Invest have published a report arguing “for bitcoin as a key driver of renewable energy’s future.” ‘Bitcoin Changes Everything for the Better’ Following a comment from Square’s chief financial officer, Amrita Ahuja, stating that the company has not changed its bitcoin strategy, CEO Jack Dorsey tweeted Friday: “Bitcoin changes ‘everything’ … for the better. And we will forever work to make bitcoin better.” Dorsey’s statement followed CFO Ahuja’s tweet that says: “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy initiative.” She emphasized that “as shared in February, Square continues to access its bitcoin investment strategy on an ongoing basis.” Dorsey then participated in a discussion thread that started with a tweet stating: “Neither Jack, nor Elon, nor anyone else can change Bitcoin. Bitcoin will change Jack, Elon and everyone else.” Another Twitter user asked about institutions, questioning: “Is that the threat that we all are concerned about?” Dorsey responded by saying: No single person (or institution) will be able to change it, or stop it. This week, Tesla CEO Elon Musk announced that his electric car company has suspended accepting bitcoin for payments. The company cited environmental issues, stating, “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” The price of bitcoin took a hit following Musk’s comment. In April, Square and Ark Invest authored a white paper “to argue for bitcoin as a key driver of renewable energy’s future,” Square explained. If bitcoin needs anything, it’s more white papers. In this one, @Square and @ARKInvest team up to argue for bitcoin as a key driver of renewable energy’s future: https://t.co/UmayxNtCFJ Hate reading? Here’s the nutshell version: — Square Crypto (@sqcrypto) April 21, 2021 In the report, Ark wrote: “With real-world data, we (Ark Invest) demonstrate that bitcoin mining could encourage investment in solar systems (solar grid + batteries), enabling renewables to generate a higher percentage of grid power with potentially no change in the cost of electricity.” What do you think about the Square CEO’s comments about bitcoin? Let us know in the comments section below. View the full article

Police in China’s Jiangxi province have reportedly recovered bitcoins stolen from a victim and returned them to the owner. The case involves the theft of 8.236 bitcoins, worth approximately 3 million yuan. Police Return Bitcoin to Theft Victim Police in China’s Jiangxi province have reportedly solved a case involving the theft of bitcoins worth almost 3 million yuan ($466,000), local media reported this week. A man, referred to only by his last name Shan, filed a police report stating that he was unable to access his email account linked to his cryptocurrency wallet after someone changed his password. His account contained 8.236 BTC, worth approximately 2.96 million yuan. At the time of writing, this amount of bitcoin is worth $406,949. Preliminary investigations showed that the email account was linked to more than 20 telephone numbers that had been illegally obtained by the suspect to avoid police detection, the authorities say. However, the police eventually located the suspect, who is referred to only by his surname Zeng, from East China’s Jiangsu province through mass data screening and analysis, He was arrested on April 20 in Nanning, South China’s Guangxi Zhuang Autonomous Region. Zeng confessed that he got greedy when the price of bitcoin soared. The publication described that he then conspired with others to trick the victim into giving him the password to the email account allowing him to gain access to the victim’s bitcoin. The police said that Zeng has been put under criminal detention while the case is still pending. What do you think about this bitcoin theft case? Let us know in the comments section below. View the full article

Crypto markets have been very volatile in recent times and a great number of digital assets have dropped more than 30% in value during the last three days. Although, not all the coins in the crypto economy are doing badly, as coins that do not leverage proof-of-work (PoW) consensus algorithms have actually done well after the recent Tesla controversy. Distributed ledgers that use delegated validation nodes and proof-of-stake (PoS) blockchains have made double-digit gains in recent days. Green Energy Gains: Cardano, Polkadot, and Polygon Shine As soon as Elon Musk and Tesla sparked the proof-of-work (PoW) consensus algorithm controversy, a few blockchains that use less energy and alternative consensus algorithms have seen massive gains. For instance, cardano (ADA) tapped an all-time high at $2.37 per unit on Saturday. ADA is up a whopping 4,362% against the U.S. dollar during the last 12 months. Seven-day stats show ADA has gained 40% and more than 18% during the last 24 hours. The Cardano network leverages proof-of-stake and the project is backed by the Ethereum cofounder Charles Hoskinson. Meanwhile, XRP, which also does not use a PoW consensus algorithm, hasn’t gained massive percentages but has remained stable during the downturn. Ripple Labs cofounder Chris Larsen recently explained that BTC would lose its dominance if it didn’t address the energy problems just before Elon Musk stirred the controversy. Polkadot (DOT) is also a proof-of-stake blockchain and it has remained profitable after Musk’s environmental concern statements. The PoS crypto-asset DOT has seen a 40% gain during the last seven days. Crypto Industry’s First PoS Coin Comes Back to Life Stellar (XLM) has done well, polygon (MATIC) is up 25% today, and dogecoin (DOGE) markets held steady because Musk recently said he was working with DOGE developers. The biggest gainers on Saturday include kicktoken (KICK +132%), stakenet (XSN +91%), origin sport (ORS +42%), and peercoin (PPC +40%). Peercoin (PPC) is a cryptocurrency that uses both proof-of-stake and proof-of-work and is the first blockchain to pioneer this technology. Like the Bitcoin network inventor Satoshi Nakamoto, the Peercoin network was also created by an anonymous developer named “Sunny King.” In fact, the Peercoin project is the first PoS blockchain to pioneer distributed ledger systems without using massive energy. The token peercoin (PPC) was invoked in 2012 and the website calls it a “green cryptocurrency for a sustainable future.” For years now PPC floundered as an old and mostly forgotten PoS coin but since the recent concerns over PoW, the Peercoin project has made a strong comeback. What do you think about all the PoS coins that are seeing gains because they don’t leverage PoW? Let us know what you think about this subject in the comments section below. View the full article

A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments. The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.” City Government Accepts Crypto Payments The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.” The city’s finance director, Hercules Cummings, explained that Williston has partnered with Bitpay to accept cryptocurrencies, elaborating: We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service. The announcement clarifies: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency. Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.” Bitpay currently supports payments made in “bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), wrapped bitcoin (WBTC), dogecoin (DOGE), and 5 USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD),” the company’s website details. These cryptocurrencies are accepted by the city alongside traditional payment methods, including cash, checks, credit cards, and automatic payment plans (ACH). Furthermore, Williston city’s announcement adds: There is a cost savings to paying via cryptocurrency as well, with Bitpay charging a one percent fee to pay online, versus a three percent fee for Google Pay, Apple Pay, and Paypal. Recently, two other cities in the U.S. have been working on some bitcoin initiatives. The city of Miami, Florida, has passed a resolution that would allow employees to get paid in bitcoin, residents to pay for fees in bitcoin, and for the city to have BTC on its balance sheet. Meanwhile, the city of Jackson, Tennessee, is exploring payroll conversions for employees in BTC as well as bitcoin mining to add to its balance sheet. Do you think all cities should accept cryptocurrencies for payments? Let us know in the comments section below. View the full article

The mysterious creator of bitcoin has always been a topical conversation and over the years, a great number of self-proclaimed blockchain inventors have said that they once played the role of Satoshi Nakamoto. Of course, none of these so-called Satoshis have ever proven this to the greater cryptocurrency community, but it hasn’t stopped lots of people from trying. Many Satoshis With Little Proof Satoshi Nakamoto, the inventor of the Bitcoin blockchain, has always been one of the crypto community’s most popular subjects because the story is a thought-provoking mystery. Nakamoto could be an individual or a group, and there have been many theories that have caused people to suspect a number of known candidates. Then there have been individuals that have outright proclaimed that they created the Bitcoin protocol, and they also produce wild stories that are used with the intent to sway people’s minds. There are also a few people who haven’t really said they once filled Satoshi Nakamoto’s shoes out loud, but have left so-called clues behind so they may be caught. Interestingly, in 2021 there hasn’t been any new self-styled Satoshi Nakamotos, but a few years prior, there was a bountiful amount of ostensible Bitcoin inventors. The Hawaiian Nakamoto In June 2018, armchair sleuths noticed a resident from Hawaii had filed trademark requests for the name “Bitcoin Cash.” The “Bitcoin Cash” trademark requests were filed by a Hawaiian resident named Ronald Keala Kua Maria. At that time, Kua Maria was sitting on a myriad of BCH and Satoshi Nakamoto-related web domains. Ronald Keala Kua Maria is not really in the public eye, but his websites still claim that he created the Bitcoin network and the sites say he owns certain rights and trademarks. Kua Maria filed the trademark requests with the United States Patent and Trademark Office (USPTO) that year, and his websites still exist to this day. The self-proclaimed Satoshi Nakamoto, Ronald Keala Kua Maria’s website satoshinakamoto.ws still says that he is Bitcoin’s creator. The web page states: I Ronald Keala Kua Maria also known as Satoshi Nakamoto inventor of Bitcoin and blockchain technology hereby affirm that all my copyrights including an equity based electronic reserve currency peer-to-peer electronic cash system. Phil Wilson ‘Scronty’ In September 2018, Bitcoin.com News spoke with a man named Phil Wilson, otherwise known online as “Scronty.” Wilson also said he created the Bitcoin protocol and in 2017 he published a story called “Bitcoin Origins,” asserting he is 1/3 of the Satoshi Nakamoto group. Wilson claimed at the time that he worked with David Kleiman and Craig Wright. Phil Wilson or ‘Scronty’ is still around today but doesn’t speak about the “Bitcoin Origins” story as much as he did a few years ago. Despite his “Bitcoin Origins” story, Wilson has no verifiable proof that he invented the blockchain protocol. Moreover, David Kleiman passed away and Craig Wright denies Wilson was involved. Wright himself has also never convinced the greater crypto community that he invented the Bitcoin protocol. Wilson is still on Twitter to this very day, but he doesn’t speak about his alleged involvement with the so-called Satoshi Nakamoto ‘team’ as much as he did three years ago. Debo Jurgen Etienne Guido Back in 2019, a Belgium native called Debo Jurgen Etienne Guido made a few headlines for claiming to be Satoshi Nakamoto. Debo still says he’s Satoshi Nakamoto to this very day as well and operates a Twitter account under the name @realsatoshin. The self-proclaimed Bitcoin inventor has also never proven he created the technology, but he’s managed to capture 5,017 followers on Twitter. Debo Jurgen Etienne Guido is still around today and people can see what he has to say these days on Twitter. Interestingly, Debo did send testimony by written letter to the court dealing with the Klieman v. Wright case. In the letter, Debo said he was the “genuine and only originator/creator of the genesis block of the Bitcoin blockchain.” This week, Debo even responded to Elon Musk’s criticisms over Bitcoin’s effect on the global climate. “Once a bitcoin is generated, the transactions are far lower in electricity compared to mining,” Debo said to Musk. “No doubt, China has a big issue with respect (abuse) of the natural environment to generate electricity, but to mine bitcoin on green energy plants is a win-win on ROI.” Bilal Khalid In August 2019, a marketing and public relations agency specializing in fintech, Ivy McLemore & Associates published a press release about a man called Bilal Khalid. Even though Khalid had zero proof that he was Satoshi Nakamoto, Ivy McLemore further announced a three-part blog post with a wild story that insists Khalid invented blockchain technology. Khalid’s blog posts stress that during the 2008 crisis, he felt it was the perfect time for the “final push for Bitcoin to be created.” Hey @ivymclemore, just so you're aware, Bilal Khalid is not Satoshi Nakamoto. Have fun promoting his "reveal" whilst your name gets dragged through the mud! — Riccardo Spagni (@fluffypony) August 18, 2019 Khalid of course has no proof and said that the cryptographic proof he once had was lost forever. The self-proclaimed Bitcoin inventor from Pakistan has not made any appearances since the announcement two years ago, and Ivy McLemore stopped tweeting altogether on November 4, 2019. The Pakistani native has been awfully quiet since this announcement and probably realizes no one believes him. Jörg Molt During the same week Ivy McLemore stopped tweeting, another self-styled Satoshi Nakamoto appeared on the scene claiming to be a “Co-founder of BitCoin.” The German Jörg Molt told participants who attended the 2019 WCC Vegas Blockchain Week that he was Satoshi. The German native Jörg Molt believes he was a co-creator of Bitcoin. Molt also got a photo opportunity with the bitcoin evangelist Andreas Antonopoulos and was sharing the picture around as if Molt and Antonopoulos were close compadres. Antonopoulos immediately declared this was not true and said he had absolutely no relationship with the long-haired pretender. “Apparently, a German person called ‘Jörg Molt’ has been showing a selfie taken with me and telling people that we are friends — This is a LIE,” Antonopoulos tweeted. “I don’t know him at all — I have heard from others that he claims to be the founder of Bitcoin and has thousands of BTC — A LIE.” No one has seen Jörg Molt at any conferences and events since 2019, and his Satoshi Nakamoto claim is now a laughable memory. Self-Proclaimed Satoshis Are Becoming Rare There has been a great number of self-proclaimed Satoshi Nakamotos over the last decade but none of them have been convincing. Even Bloomberg financial columnist, Matthew Leising, led a number of people to believe that Satoshi Nakamoto was allegedly writing a book. Leising’s story wasn’t verifiable at all, and these days he hasn’t mentioned this wild story he pushed into the public eye back in the summer of 2018. But at that time, the so-called Bitcoin inventor published a web portal called Nakamotofamilyfoundation.org with a cryptogram puzzle. Whatever the case may be, pretending to be Satoshi Nakamoto comes with some perks and notoriety. This list barely scratches the surface when it comes to all the ostensible Nakamotos that have come out of the woodwork. However, since 2019 we haven’t seen any new individuals stepping out to claim Nakamoto’s throne. But that doesn’t mean they won’t appear again. What do you think about all the Faketoshi’s that have appeared during the last few years? Let us know what you think about this subject in the comments section below. View the full article

DBS Group, Southeast Asia’s largest bank, has launched a trust service for cryptocurrencies for its private banking clients. The service allows clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, the bank explained. DBS’ New Cryptocurrency Trust Service DBS Group said Friday that its private banking arm, DBS Private Bank, has started offering a trust service for cryptocurrencies. The service allows private banking clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, DBS Group explained. The offering applies only to cryptocurrencies supported by the bank’s crypto exchange launched in December last year for institutional clients and accredited investors. They are bitcoin, ether, bitcoin cash, and XRP. Lee Woon Shiu, regional head of family office, wealth planning and insurance solutions at DBS Private Bank, commented: International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them. Earlier this month, DBS said that its first-quarter numbers for its digital asset exchange “have been encouraging.” The bank added: “There are $80 million in assets under custody, trading volumes have gone up 10 times to $30 million – $40 million … We have 120 customers with a pipeline of hundreds more. We hope to do the first security token offering in the second quarter.” What do you think about DBS offering crypto trust services? Let us know in the comments section below. View the full article

The Brooker Group has reportedly become the first publicly listed company in Thailand to hold bitcoin on its balance sheet. The company has disclosed that it has bought 122.3158 bitcoins worth $6.6 million or 200 million baht. Thai Public Company Invests in Bitcoin The number of public companies investing in bitcoin is growing worldwide. In Thailand, The Brooker Group (BROOK) has become the first listed company in the country to announce its cryptocurrency holdings, the Bangkok Post reported Thursday. The Brooker Group provides independent advisory services to private and public sector clients in Thailand and overseas. Before The Brooker Group’s disclosure, a small number of Thai publicly traded companies accepted cryptocurrencies as a means of payment, such as Ananda Development and Major Cineplex Group. None had declared that they were holding any bitcoin or other cryptocurrencies on their balance sheets. SEC Secretary-General Ruenvadee Suwanmongkol explained: Listed companies’ decisions to invest in any asset class, including digital assets, is entirely up to the company’s board of directors who must make investment decisions with caution and responsibility. The Brooker Group disclosed its cryptocurrency investments earlier this week in its filing with the Thai Securities and Exchange Commission (SEC). The company said it has bought 122.3158 BTC worth US$6.6 million or 200 million baht through U.S.-listed crypto exchanges in the first quarter of this year via its subsidiary in Hong Kong. The company further noted that its board of directors has approved a maximum investment of $48 million or about 1.5 billion baht. The company says it may invest up to 50% in digital assets in the future. The Brooker Group also plans to diversify its cryptocurrency holdings to include other cryptocurrencies besides bitcoin, as well as stablecoins. Do you think more Thai public companies will invest in bitcoin? Let us know in the comments section below. View the full article

A group of Chinese investors has filed a lawsuit against an alleged crypto fraudster based in New York, United States, who ran a Wechat group where he handled the scheme. The scammer reportedly promoted the bogus investment opportunity by promising earnings of “$200,000 in one day.” Scam Allegedly Ran From 2016 to 2020 According to the Epoch Times, the six plaintiffs – residents of China, Canada, California, Washington State, and Georgia – accused the individual, named in the documents just as “Sun,” of running a stock trading academy where he sold courses and provided investment tips. The lawsuit was filed in the Federal Court for the Eastern District of New York, where the victims demanded Sun to return their initial investments, which they didn’t disclose publicly, plus the profits promised by him. Sun claimed to operate a blockchain and digital asset-related investment group that ran from 2016 to March 2020. The alleged fraudster falsified bitcoin (BTC) trading statements and distributed them through the Wechat group to add some sort of credibility to his expertise in the crypto sphere. Alleged Fraudster Always Had Excuses Such as Tax Issues to Avoid Paying His Investors He claimed to have been an active bitcoin trader who placed orders every single day of the week, said the court documents cited by the Epoch Times. From June to July 2020, Sun flooded the chat with claims that he has been “easily making money” with cryptocurrencies, while his victims praised the fake trades simultaneously, even calling him “god.” One excerpt of the indictment reads: On August 1, 2020, the day before the start of raising bitcoin and investment capital, Sun released two screenshots, showing that the trading gains of his closed positions were 558.9% and 763.75%, respectively. He explained that this operation ‘received 15 bitcoins.’ After a while, he posted another screenshot showing that the transaction income of the other contract was 330.06%. The money was enough for him to go to the shipyard to see the yacht and buy a boat. He said: ‘Withdraw the money and go to see the yacht tomorrow.’ However, by the end of 2020, things started to get shady for the investors who trusted Sun. When they asked him for their investments back, the alleged scammer always had excuses to not send them the money, such as “tax issues, problems with anti-money laundering measures, identity verification, among others.” As of now, there has been no proof of Sun returning funds to any of his victims. What are your thoughts on this alleged crypto-related fraud case? Let us know in the comments section below. View the full article

Galaxy owners will be able to connect hardware wallets to their smartphones and transfer coins to the built-in wallet that comes with most devices in the popular lineup. Samsung says that makes it easier for users to access their cryptocurrency and make transactions. Update Allows Galaxy Users to Link Their Crypto Wallets to Cold Storage Devices Samsung has released an update that will increase the utility of its cryptocurrency wallet, first introduced with the Galaxy S10 series two years ago. The app can now link to select hardware wallets such as Ledger Nano S and Ledger Nano X. The new functionality facilitates the transfer of crypto funds from cold storage to the mobile app. In a press release, Samsung emphasized: The update makes it easier for blockchain users to access and process transactions by importing virtual assets stored on select cold hardware wallets to the Samsung Blockchain Wallet. Galaxy devices running Android OS 9.0 or above will support the new feature, although availability may vary depending on the model. Support for the third-party hardware wallets varies by market as well, with Samsung noting that Bluetooth features of Ledger Nano X may be limited when connected to the Samsung wallet. New Feature Adds to Galaxy’s Appeal for Cryptocurrency Users In 2019, the South Korean tech giant announced the integration of a secure platform in the Galaxy S10 smartphones where crypto enthusiasts can store and manage their digital assets. The private keys used to authorize cryptocurrency transactions are encrypted and stored in an area that is isolated from the main operating system and all other apps. The data in the Samsung Blockchain Keystore can only be accessed after verification through PIN or fingerprint and is protected by Samsung’s Knox security software. The keystore can be found under Settings – Biometrics and Security. Once you set it up, you’ll be invited to create a new crypto wallet or link an existing one. The Samsung Blockchain Wallet supports a number of cryptocurrencies including bitcoin (BTC), ethereum (ETH), ERC tokens, tron (TRX), and TRC tokens. The app also allows users to explore decentralized applications (dapps) using blockchain technology to authenticate the exchange of digital assets, Samsung details. Samsung Electronics was among the first smartphone manufacturers to introduce support for cryptocurrencies and tokens to their devices. At first, the Samsung Blockchain Keystore was available in a limited number of markets, with the original announcement listing only South Korea, the United Kingdom, and the U.S. Initially, bitcoin (BTC) was not among the coins supported by the Samsung Blockchain Wallet but the cryptocurrency was later added. Are you going to use the new crypto feature on your Samsung Galaxy smartphone? Let us know in the comments section below. View the full article

As Coti ramps up efforts to bring a decentralized fear index to crypto, it has enlisted the help of Professor Dan Galai, one of the pioneering brains behind the Cboe Market Volatility Index (VIX), to help the organization develop a crypto-oriented version. VIX Co-Creator to Join Coti-Backed Volatility Project Since exchanges for cryptocurrencies first arose, the market and accompanying price action have proven to be among the most volatile around. Intraday swings of double-digit percentage rates are regular occurrences. While it might seem like outsized volatility given the market’s dramatic movements and momentum, volatility in and of itself is not unique to crypto. Volatility has also been a key metric for understanding certain markets, especially the options market. One of the foremost barometers for volatility in stock markets is the Chicago Board Options Exchange (Cboe) Market Volatility Index, or VIX as it’s more commonly known. The VIX tracks 30-day implied volatility in S&P 500 options. Cboe’s Market Volatility Index (VIX) on May 13, 2021. The idea for the VIX was originally developed by Professor Dan Galai and Menachem Brenner in the late 1980s before it was introduced to the options exchange in 1993. Since then, it has become a ubiquitous barometer for trader sentiment and those seeking protection during calamitous times. Often surging during periods of intense pickups in trading volumes and downward momentum in underlying stock prices, the VIX, which is also colloquially known as the “fear index,” represents how traders assess risk, fear, and stress in a market at any given point in time over the next 30 days. Now Coti, short for “currency of the internet,” is pioneering its own version for the crypto markets, filling an important need as cryptocurrency continues to mature. A New Means to Track Expectations and Hedge Cryptos Cryptos’ inherent volatility has presented Coti with a unique opportunity to fill a similar niche the VIX already controls in options markets. The organization, which aims to empower both centralized and decentralized finance through fast, scalable, efficient, inclusive digital infrastructure, is building a crypto fear index of its own, titled the “Crypto Volatility Index” or CVI for short. Crypto Volatility Index (CVI) on May 13, 2021. The volatility index, which represents 30-day implied volatility in bitcoin (BTC) and ethereum (ETH), will grant traders the ability to hedge against rising volatility or leverage it in their strategies. It is designed to echo the functionality of the VIX but in a completely decentralized format. High volatility is generally a sign that a market downturn could be around the corner, but correlation does not always equate to causation as evidenced by the VIX and its corresponding history. To bring its idea to fruition, Coti is adding Professor Dan Galai to its board of advisors. Galai, who commands deep expertise in risk management and financial derivatives, will help oversee the CVI project as it gradually rolls out the decentralized protocol. Professor Galai had this to say: As advisor to the Crypto Volatility Index project, I’m looking forward to helping design advanced risk management tools for investors in this new, and often wild asset class. I am confident the CVI team has the knowledge and capability to put theory into practice and build a truly useful product in the cryptocurrency space. Does the CVI risk management tool increase your confidence in crypto trading? Let us know in the comments section below. View the full article

The Central Bank of Liberia (CBL) has warned against a local crypto startup’s plan to proceed with the introduction of a digital financial product without adhering to the required regulation. According to the CBL, this act will not only be illegal but this will likely “undermine the country’s financial system.” The CBL’s warning follows an announcement by an organization known as The Abundance Community Coin (TACC) that plans to launch a crypto asset on May 14. According to a report, TACC claims that its token “has been created to help enrich people through the use of task coins.” However, in its press statement, the CBL dismisses suggestions that TACC’s crypto offering has its blessings. The central bank states: The CBL clarified that at no time has the Bank approved any license for the above-mentioned company to transact any financial business in Liberia, in accordance with Section 3 (1) of the New Financial Institutions Act of Liberia. The central bank adds that if TACC actually proceeds with the token launch, then the “CBL will have no other alternative but to pursue legal recourse in accordance with the law.” In the meantime, the CBL warned members of the public “to exercise due caution in transacting with such illegal financial institution.” According to a May 6 edition of a local newspaper, the TACC official token launch will be held at the Antoinette Tubman Stadium in Monrovia. What are your thoughts on this warning by the CBL? You can share your views in the comments section below. View the full article

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an opposition lawmaker in Seoul. In the correspondence with Choo Kyung-ho from the People Power Party, the regulator turns attention to Article 87 of the Bank of Korea Act and states: We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts. By law, the Bank of Korea (BOK) is authorized to acquire records and various other materials from financial institutions when the Monetary Policy Committee considers it necessary for the implementation of its monetary and credit policies. The bank’s statements suggest that it’s recognizing certain developments in the crypto space as potential threats for these policies, the Korean Herald reported in an article. Bank of Korea Worried by Crypto Price Volatility and Rapid Market Growth South Korea’s central bank is concerned about both the volatile nature of cryptocurrency prices and the rapid expansion of the digital assets market. In April, the Korean price of the leading cryptocurrency by market capitalization, BTC, reached a record high, trading around $72,000 per coin. Cryptocurrencies have gained significant popularity in East Asia and Koreans have a plethora of choices when it comes to trading platforms and investment opportunities. On this backdrop, BOK now warns: The market has been growing at a fast pace and this could negatively affect the stability of the financial system. In the document sent to Rep. Choo Kyung-ho, the regulatory authority also notes that “Cryptocurrency has high price volatility and is a high-risk asset that shifts on issues irrelevant with the real economy.” Crypto markets in South Korea and elsewhere were just recently hit by Elon Musk’s announcement that Tesla will no longer accept bitcoin. The CEO of the U.S. electric car manufacturer justified the decision with concerns over the increasing use of fossil fuels for cryptocurrency mining. Other government agencies have already taken steps to increase the monitoring of crypto-related activities in South Korea. The Financial Intelligence Unit has been tracking illegal money flows in the sector and the Financial Services Commission is now requiring financial institutions and digital asset exchanges to intensify the screening of cryptocurrency transactions. Furthermore, crypto trading platforms will be required to submit receipts to the country’s tax authorities starting next year. What do you think about Bank of Korea’s plan to obtain financial records to monitor crypto transactions? Share your thoughts on the subject in the comments section below. View the full article

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized finance (defi) protocols. The information, that comes from its latest “Cryptocurrency Crime and Anti-Money Laundering Report,” examines data from the first four months of the year and exposes an interesting picture of how crypto-related crimes have evolved compared to last year. The company found that, on the whole, the cryptocurrency sector has become a lot more secure, with only $432 million being stolen as a result of illegal activities in the space. In fact, the projection is way lower than the $1.9 billion Ciphertrace found were taken during 2020. In contrast, these attacks are now pivoting to a sector that is easier to tackle: decentralized finance. The scams and exploits in the defi sector pulled $156 million in the period studied by the report, already surpassing the number that was taken during 2020. This increase is related to the rise of defi, which is now gobbling more than a third of the whole Ethereum activity. Scammers also find end-users more vulnerable to their influence, due to the exploitability of smart contracts, and the execution of the now common rug pulls in these platforms. Grand Theft Defi Ciphertrace also provided a list of the biggest scams and exploits that happened in the period. The biggest defi-related scam was the exploit of PAID network, which allowed hackers to mint $150 million worth of the currency. The project acknowledged the scam and pulled liquidity to mint another currency, but PAID lost more than 85% of its value, affecting all holders. Easyfi, a Polygon-based defi protocol, lost $80 million due to a security vulnerability that allowed hackers to steal the private keys of the wallet from the computer of a member of its team. Another significant hack (suspected to be a rug pull) was the one concerning Meerkat Finance, which took $31 million worth of BNB after the team modified the logic of its smart contract. These hacks and exploits will likely keep happening even at a higher scale due to the defi sector acquiring more and more relevance in the crypto industry in the future. What do you think about Ciphertrace’s last cryptocurrency report? Tell us in the comments section below. View the full article

The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims to produce a “durable, low energy” Bitcoin Proof-of-Work (PoW) system. A Low Energy PoW Proposal Submitted to the Bitcoin Developer’s Mailing List This week Tesla’s Elon Musk ignited the conversation surrounding bitcoin mining and the effects on the global environment. Musk’s company also said that it was choosing not to accept bitcoin (BTC) for electric car purchases. Following the statements from Tesla, the fintech payments firm Square told the public it would not purchase bitcoin going forward and also cited environmental concerns. Then Musk tweeted that he truly cared about the crypto ecosystem and said: “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.” Although, this tweet was followed by responses showing a Tesla car being charged by electricity which obtained power from coal in North Dakota. Meanwhile, a great number of developers, from alternative blockchains that utilize little to no energy to secure and confirm transactions, shilled their projects. Programmers behind proof-of-stake (PoS) projects and other types of blockchains that are less energy-intensive. But after Musk tweeted about his concerns about coal, he also said he was working with the developers behind the Dogecoin network. “Working with Doge devs to improve system transaction efficiency. Potentially promising,” he said on Friday. On the same day, Michael Dubrovsky cofounder of the nonprofit Powx tweeted that his team submitted a low-energy PoW proposal to the Bitcoin developer’s mailing list. “We (at powx.org) have had a draft of a Bitcoin Improvement Proposal— Durable, Low Energy Bitcoin PoW—for a while now,” Dubrovsky remarked on Twitter. “Looks like the energy issue is finally getting some attention. Bitcoin can be made compatible [with] low-energy optical compute,” the Powx cofounder added. Heavyhash- Bitcoin Mining and Photonics Bitcoin.com News has reported on the Powx project before, back when Michael Dubrovsky, Marshall Ball, and Bogdan Penkovsky published a paper that described a “novel PoW algorithm.” The researcher’s paper details how the algorithm dubbed “Optical Proof-of-Work (OPOW)” could annihilate energy dependency by leveraging photonics. The project’s website says Powx is a nonprofit “dedicated to developing PoW cryptography compatible with ultra-energy-efficient optical computing.” In Powx’s BIP summary the developers’ note: From a practical perspective, bitcoin adoption by companies like Tesla (which recently rescinded its acceptance of bitcoin as payment) has been hampered by its massive energy consumption and perceived environmental impact. The team has developed a cryptographic algorithm called “Heavyhash,” which would take the place of Bitcoin’s SHA256 algorithm. The BIP summary written by Powx further says that the algorithm Heavyhash is compatible with “ultra-energy-efficient photonic co-processors.” The products are specifically developed for machine learning, Powx’s proposal details. “Heavyhash uses a proven digital hash (SHA3) packaged with a large amount of MAC (Multiply-and-Accumulate) computation into a Proof-of-Work puzzle,” the proposal adds. “Although Heavyhash can be computed on any standard digital hardware, it becomes hardware efficient only when a small digital core is combined with a low-power photonic co-processor for performing MAC operations.” Likewise, the OPOW mining rigs would be equipped with a “small digital core flip-chipped onto a large, low-power photonic chip.” The solution Dubrovsky and the Powx team created has been discussed in the past and so far, it hasn’t gained much traction. Further not everyone agreed with Dubrovsky’s recent tweet and one individual said: “Wasting chips is also bad for the environment.” However, Bogdan Penkovsky, a “researcher in brain-inspired/neuromorphic computing,” disagreed with the individual’s wasting chips response. “Accelerating development of low-energy computing can be hardly called a waste,” Penkovsky replied. “This technology has potential to drastically reduce data centers energy use in the future,” the researcher who co-authored the “Optical Proof-of-Work” paper added. What do you think about the Powx project and Michael Dubrovsky’s recent tweet? Let us know what you think about this subject in the comments section below. View the full article

On Friday, the bitcoin mining operation Greenidge Generation has announced that starting June 1st, the firm will be “carbon neutral” for the rest of 2021 and beyond. Greenidge’s announcement follows the recent statements from Tesla and Square after the companies cited environmental concerns over bitcoin mining. New York-based Bitcoin Miner Aims to Be Carbon Neutral by June 1st and Beyond Ever since Tesla cited environmental concerns over bitcoin (BTC) mining and told the public it would not be accepting BTC for electric cars, the topic has spread widely across social media and crypto forums. After Tesla’s announcement, the fintech payments firm Square also told the public it would not make future bitcoin purchases. Now a mining operation based in Dresden, New York has announced that it plans to be “carbon neutral” after June 1, 2021. Greenidge Generation Holdings Inc. detailed on Friday that the company will offset all greenhouse gas emissions from BTC mining through a portfolio of fully accredited offset credits this summer. Moreover, Greenidge is exploring alternative green energy sources and other locations across the nation that showcase a strong environmental reputation. Basically, Greenidge aims to buy “voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.” Further, the New York company says it plans to invest portions of BTC mining profits into renewable energy projects. The company highlights that each reduction project “has been reviewed and certified by one of three well- recognized Offset Project Registries, the American Carbon Registry (ACR), the Climate Action Reserve (CAR) and Verra, ensuring that any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.” Leading in Environmental Efforts Jeffrey Kirt, the CEO of Greenidge Generation Holdings believes that the firm is demonstrating the ability to keep BTC mining green. “Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses,” Kirt said during the announcement. “By taking the bold and unique step of making our cryptocurrency mining fully carbon neutral immediately – as opposed to at some distant date in the future — Greenidge is once again leading in environmental efforts,” he added. The Greenidge executive continued: We are demonstrating we can provide the same critical transaction verification and processing services to secure the bitcoin network while maintaining a fully carbon neutral footprint. We call on others to join us in significantly reducing greenhouse gas emissions now. The company remarked that Greenidge is also participating in the Regional Greenhouse Gas Initiative (RGGI). The RGGI program allows states to engage in CO2 allowances via auctions and renewable energy benefit programs. “The reason our Finger Lakes region loves Greenidge is simple: we are part of the community and we care,” the CEO of Greenidge’s Upstate New York site, Dale Irwin concluded. We have kept our commitment to stop running on coal forever, we operate a clean natural gas plant with modern emissions controls, and we have created a data processing center that offers high-paying tech jobs and spends millions on businesses across our state.” What do you think about Greenidge Generation going carbon neutral by June 2021? Let us know what you think about this subject in the comments section below. View the full article

The global oil market was shaken by news from the United States as a ransomware attack hit the largest oil infrastructure operation in the country. A recent report claims hackers asked Colonial Pipeline to pay for an undisclosed amount in ransom to unlock the firm’s system – a demand the company allegedly fulfilled. Darkside Gang Is Allegedly the Author of the Ransomware Attack According to Bloomberg, Colonial Pipeline paid almost $5 million worth in “difficult-to-trace” cryptocurrencies to hackers allegedly from Eastern Europe. The report contradicts initial claims from the oil firm that it didn’t intend to arrange the ransom payment. The media outlet also cites that the ransom was paid in “difficult-to-trace” virtual currency. However, CNN said on Wednesday that the group of cybercriminals known as Darkside demanded bitcoin (BTC). As of press time, CNN updated the original article, confirming Bloomberg’s information, and removing bitcoin’s mention, thus leaving on the air the specific digital asset used for the payment, nor the date it was made. Both CNN’s and Bloomberg’s reports source anonymous people that are “familiar with the matter.” After receiving the ransom, hackers proceeded to send Colonial Pipeline a decrypting tool to restore its entire systems, allowing them to resume fuel shipments and routine operations. Investigations from the FBI point to Darkside as to the alleged authors of the extortion, who are mainly based in Russia and Eastern Europe. The attack on Colonial Pipeline obliged the company to temporarily shut its pipelines down as the systems were compromised, as well as the billing infrastructure to deal with the clients nationwide. Should the Affected Companies Pay for the Ransoms? Companies attacked by ransomware often deal with the dilemma of whether to pay for the extortion or not, as authorities recommend not doing so. Anne Neuberger, the White House’s top cybersecurity official, addressed the matter, although she didn’t advise that firms directly pay for ransoms: We recognize, though, that companies are often in a difficult position if their data is encrypted and they do not have backups and cannot recover the data. Furthermore, law enforcement encourages companies and entities to not negotiate with hackers because they cannot provide enough guarantees to deliver what they promise. What do you think about this news? Let us know in the comments section below. View the full article

One of the ringleaders of the largest crypto Ponzi schemes, Onecoin’s Ruja Ignatova, otherwise known as the “Cryptoqueen,” allegedly owns 230,000 bitcoin worth over $11 billion today. Court documents filed by victims of the Onecoin scheme indicate that she received the bitcoins from a member of an Emirati royal family in Dubai. Onecoin’s Cryptoqueen May Have $11 Billion in Bitcoin Onecoin’s Ruja Ignatova is a mysterious woman who has been on the run for over three years now. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin Ignatov. The Onecoin Ponzi was a multi-level-marketing (MLM) venture that featured packages that were ostensibly tethered to a blockchain network. Ignatova and her cohorts told the public that Onecoin would be the most dominant crypto asset and eventually be a “bitcoin killer.” Due to its organizational structure and fraudulent claims, the crypto community immediately warned people about Onecoin’s operations. Onecoin’s Ruja Ignatova, otherwise known as the missing ‘Cryptoqueen.’ Onecoin started on September 16, 2014, and by 2015, Bulgaria’s Financial Supervision Commission (FSC) issued a warning about the project. The Ponzi’s headquarters was Bulgaria-based, however, it was registered as an offshore company in Dubai and its subsidiary Onelife Network was registered in Belize. At the end of 2016, cracks started to show and investigators said the project never used any type of blockchain technology. In 2017, U.S. law enforcement sent a secret warrant for Ignatova’s arrest and the Cryptoqueen disappeared. Onecoin’s Ruja Ignatova and fellow cofounder Sebastian Greenwood. Sebastian Greenwood was arrested in 2018 and her brother Konstantin Ignatov was arrested in Los Angeles in March 2019. Since then, the founders have been dealing with a few court cases as U.S. prosecutors alleged Onecoin fraudulently took in $4 billion from global participants. Konstantin Ignatov pleaded guilty to fraud and money laundering in November 2019 but the Cryptoqueen has never been caught. Now a court filing from victims of the Onecoin scheme shows that Ruja Ignatova may have billions in bitcoin. Ruja Ignatova’s Dubai Perks and Her Alleged Relationship With a Member of an Emirati Royal Family Reports indicate that the Cryptoqueen may have an account in Dubai worth $500 million but documents also allege that Ruja Ignatova could have obtained 230,000 BTC. The reports claim that she got the $11 billion worth of bitcoins from Sheik Saoud who is the son of one of the wealthiest individuals in Dubai. Pictures obtained by Behind MLM and the court filing indicate that the Cryptoqueen’s ostensible relationship with Sheik Saoud made it easier for her to travel abroad. The exact details of the transactions are unclear but the deal allegedly took place in October 2017 when BTC was trading for around $6k per unit. Behind MLM says that the Cryptoqueen’s alleged relationship with Sheik Saoud “came with perks.” The so-called Onecoin contract for 230,000 BTC. Ruja Ignatova had been able to obtain “Diplomatic credentials” from the Intergovernmental Collaborative Action Fund for Excellence (ICAFE) and the United Arab Emirates (UAE). Behind MLM’s report stresses “Ignatova was able to travel with impunity.” An article published by financial columnist Rick Steves explains that former real estate agent Mimoun Madani was also involved. “The Ponzi scheme funneled billions to banks and real estate in Dubai where they were allegedly aided by His Excellency Sheikh Saoud bin Faisal Al Qassimi and a former real estate agent Mimoun Madani,” Steves wrote. The reporter also described the transaction between the wealthy individuals based in the UAE who allegedly gave her thousands of bitcoins. The article notes: Sheikh Al Qassimi, in a well-documented and witnessed transaction, handed four hard wallets (USB devices) containing 230,000 Bitcoins then worth about $50 million in exchange for the now frozen [Onecoin] bank accounts, other assets, and real estate in the UAE worth perhaps $1 billion. Behind MLM researchers say that Ignatova’s disappearance has been attributed to a few locations and possibly death. A myriad of reports over the last few years assume Ignatova could be located in the UAE region, Russia or Greece. The researchers further explain that the United Arab Emirates and the United States do not share an extradition treaty. The attorney representing the victims Dr. Jonathan Levy blames the situation on the digital currency ecosystem in general. “Regulators seems oblivious to the fact the cryptocurrency’s main purpose is to facilitate and reward criminals like Ruja Ignatova. It is no coincidence that Ignatova is the main beneficiary of the Bitcoin bubble,” Levy, the plaintiff’s attorney stressed. What do you think about Onecoin’s Ruja Ignatova possibly owning 230,000 bitcoin? Let us know what you think about this subject in the comments section below. View the full article

An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, Bloomberg reported. This clarification was made at a virtual conference hosted by the American Bar Association’s tax section. He referenced the IRS notice published back in 2014 which states that “For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.” As with all other types of property, cryptocurrencies can be seized, the official reiterated. Wearing was quoted as saying: Bottom line: The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection. Carolyn Schenck, a national fraud counsel in the IRS Office of Chief Counsel, said Thursday that the agency has boosted its revenue by more than $20 million from enforcing crypto taxation, the publication conveyed. About $13 million were generated from tax assessments based on returns amended after the IRS sent warning letters to more than 10,000 cryptocurrency holders in July 2019. The IRS recently obtained court approvals to serve John Doe summonses to cryptocurrency exchanges Kraken, Circle, and Poloniex, similar to what it previously served Coinbase. The tax authority seeks information on crypto traders who “conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020.” What do you think about the IRS preparing to seize cryptocurrencies from investors to pay past due taxes? Let us know in the comments section below. View the full article

The banking subsidiary of the national postal service of Switzerland, Postfinance, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more. The software allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks. Swiss Post’s Bank Offers Clients Access to Crypto Assets and Stocks The new application called Yuh is the product of a partnership between Postfinance and the online trading platform Swissquote. The collaboration was established late last year and the software was unveiled at a virtual launch event on May 11, the bank said in a press release. Anyone who wants to test it is welcome to download and install the app on either an iOS or an Android device. Postfinance emphasized: With the Yuh app, you can not only execute payments and save for future projects or goals, but also make small or large investments, all from your smartphone. Users can invest in over 100 of the most popular stocks like those of Apple, Nike, Tesla, or Coca-Cola, as well as exchange-traded funds (ETFs). The two financial companies also revealed that their customers will be able to buy and sell 13 cryptocurrencies from the app, including bitcoin (BTC) and ethereum (ETH). “With Yuh we place the entire financial world in the palm of their hands. Everyone should be free to decide when, where and how they manage their money,” commented Yuh CEO Markus Schwab. The platform launches with a promise to maintain “low to no fees” and provide “full transparency at all times” regarding applicable charges. Payments and peer-to-peer transfers are free of charge, for example. However, fees apply to the purchase or sale of equities, 0.5%, and crypto assets, 1%. The costs for these transactions will be clearly displayed within the app. Furthermore, Yuh account holders who deposit 500 Swiss francs or more will receive 500 swissqoins, the app’s cryptocurrency, which Yuh users will be able to trade. Yuh to Help Postfinance Attract Needed Customers Postfinance embarked on implementing a new digital banking strategy after registering a serious decline in some of its key indicators last year. Its profit fell from 246 million to 131 million Swiss francs ($145 million), while operating costs increased by 18 million francs (close to $19.9 million) in 2020, Swissinfo detailed in an article reporting on the announcement of Yuh. In the midst of a global pandemic limiting international travel and spending, Postfinance’s banking clients fell to 2.69 million, from 2.74 million in 2019. Switzerland’s negative interest rates contributed to the trend. Besides, the bank is majority-owned by the Swiss state and as such, it’s not allowed to offer mortgages or corporate loans to compete with private Swiss banks. The partnership with the online financial services provider Swissquote, which led to the launch of the new mobile app, is part of efforts to adapt to the rapidly changing environment in the country’s banking sector. Digital banking is closing more and more physical branches in Switzerland. With attractive features, such as the option to buy even fractions of company shares and trade a variety of cryptocurrencies at relatively low fees, Yuh is likely to attract new and different customers. Do you think Postfinance will succeed in expanding its customer base with its new banking app supporting cryptocurrencies? Tell us in the comments section below. View the full article

While most cryptocurrency markets are down today in value, dollar-pegged stablecoins have seen significant demand during the last 24 hours. Currently, the entire market valuation of all the stablecoins in existence is roughly $96 billion. The Rise of Fiat-Pegged Stablecoins Crypto assets like bitcoin (BTC) and ethereum (ETH) can be volatile and this has caused demand for stablecoins in recent years. Since July 2017, the stablecoin market has swelled considerably but after April 2020, it skyrocketed. One of the main use cases for stablecoins is so people can hedge their funds when crypto prices become extremely volatile. Top ten stablecoins by market capitalization on May 13, 2021. Since the recent market downturn, demand for stablecoins increased dramatically. As most people know, tether (USDT) is by far the largest stablecoin in existence and today it commands a $58 billion market valuation. Tether also captures the most volume, in terms of all the trade volume across the entire crypto economy. Besides the colossal tether market capitalization, the second-largest stablecoin market valuation in the crypto economy is held by usd coin (USDC). The stablecoin USDC commands a $15 billion market capitalization and has seen $5.4 billion in global trade volume during the course of the last day. Stablecoin Issued by Binance Gains Traction, Other Crypto-Based Fiat Tokens Swell in Volume and Capitalization The stablecoin issued by Binance called BUSD or binance usd, has a lower market cap than USDC, and is the third-largest stablecoin by overall valuation. Although, BUSD beats USDC in global trade volume with $14.3 billion in swaps during the last 24 hours. $14.3 billion in global trades is quite large, but tether (USDT) has seen $265 billion in 24 hours as far as reported volume, according to Coingecko’s “Top Stablecoins by Market Capitalization” aggregator. Stats from messari.io show a similar metric for tether’s reported volume, but “real volume” data from Messari Research shows it may be only $78 billion worth of global USDT trades on Thursday. Other lesser-known stablecoins have seen volume increases and market caps swell as well. Coins like dai (DAI), terrausd (UST), liquidity usd (LUSD) and paxos standard (PAX) have all seen growth in terms of market caps and trade volume during the last year. With the entire market valuation of all the stablecoins in existence (48) nearing the $100 billion zone and digital currency prices being as volatile as they are, crypto-based fiat tokens will remain in demand. What do you think about the stablecoin market cap nearing $100 billion? Let us know what you think about this subject in the comments section below. View the full article