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Showing posts from May 31, 2021

Cryptocurrency Related Scams Flood Tribunals in Spain

Spain has not been a stranger to the popularity of cryptocurrencies, and with this popularity, also comes the attention of people and organizations wanting to capitalize on the subject. Spanish tribunals have been flooded lately with lawsuits involving cryptocurrency scams related to bitcoin and ethereum based platforms, and the people using these to scam other users for millions of euros. Cryptocurrency-Related Scams Flood Tribunals in Spain Tribunals from Spain are now being flooded with cryptocurrency scam-related cases, that are affecting thousands of citizens, according to local reports . With the recent price increase of cryptocurrencies, scammers are always looking to do a quick buck, and they have been successful in Spain. One of the biggest scams reported is the one associated with a company named Algorithms Group, which scammed more than 280 million euros from 300+ investors. The brain behind this scam is a man called Javier Biosca, who acted as a broker buying and sellin...

Miami crypto conference predicts attendance exceeding 50,000

Miami is expanding as a crypto hub by hosting this year’s Bitcoin 2021 event. The Bitcoin 2021 conference in Miami has been touted as the largest Bitcoin event in crypto history, with organizers expecting a huge turnout. The event, running for three days from June 3 at the Mana Convention Center in Miami’s Wynwood neighborhood, will play host to a number of industry executives and personalities. Crypto luminaries schedled for attendance include former congressman Ron Paul , MicroStrategy CEO Michael Saylor, pro-crypto Wyoming Senator Cynthia Lummis, Square co-founder Jack Dorsey, and cryptographer Nick Szabo, among others. The organizers are expecting more than 50,000 attendees, according to a Fox Business report . Miami has emerged as a major tech hub in recent years, with the Wynwood neighborhood, in particular, evolving into a hub for technology and innovation. The crypto conference was previously held in Los Angeles but organizers decided to move it due to venue availability ...

Thailand to target DeFi in latest regulatory clampdown

A new DeFi yield farming platform in Thailand has rattled regulators. In their latest effort to regulate the cryptocurrency industry, Thailand’s financial regulators have turned their sights towards decentralized finance, or DeFi. According to a June 1 report from Bangkok Post , Thailand’s Securities and Exchange Commission (SEC) has announced that any activities related to DeFi may require a license from the financial regulator in the near future. The SEC specifically stated it will target DeFi protocols that issue tokens. The latest regulatory push comes after the launch of the native token for Thai DeFi protocol, Tuktuk Finance, on the smart contract platform operated by popular local crypto exchange Bitkub on Sunday. The report noted that prices had skyrocketed to “several hundred dollars” before collapsing to $1 within just a few minutes. According to the platform’s official website, the protocol has attracted a total value locked, or TVL, of $18 million, with the TUK to...

Singapore’s DBS Bank launches digital bond security token

Institutional or accredited investors signed up to the DBS Digital Exchange will be able to access secondary markets for DBS’s digital bond. Singapore-based multinational banking corporation, DBS Bank, has launched its first-ever security token offering, or STO, by issuing a digital bond. The DBS digital bond has been priced at $11.35 million and comes with a six-month tenor and coupon rate of 0.60% annually. The offering was carried out through a private placement hosted by DBS Digital Exchange, or DDEx, marking DDEx’s first STO. To encourage investor engagement, the bond is set to be traded in board lots of 10,000 Singapore dollars (roughly $7,560) — a dramatic reduction compared to the 250,000 Singapore dollar board lots that traditional wholesale bonds are traded in. The digital bonds will be available for secondary trading to clients of DDEx who are accredited or institutional investors. DBS hopes its offering will pave the way for other issuers to launch security token off...

Community members integrate play-to-earn features into Dark Forest game

Players can now earn xDAI by broadcasting planet locations in the space strategy game. Players of the decentralized real-time strategy game, Dark Forest, have introduced new and innovative ways of earning cryptocurrency within the virtual ecosystem. The play-to-earn plugin “Broadcast Market” was integrated into the game on May 31, according to a tweet by programmer Blaine Bublitz. The developer noted that Broadcast Market is the first plug-in featuring its own smart contract that directly communicates to Dark Forest. This is the first plugin that has its own smart contract that talks directly to Dark Forest. It allows you to broadcast a planet to receive a reward or, if you are in need of extra broadcasts, you can post a bounty to the board! — Blaine Bublitz (@BlaineBublitz) May 31, 2021 Bublitz added that he and collaborator Jacob Rosental, "Project Sophon," intend to develop additional plug-ins for the game in future, thanking Dark Forest for supporting their work...

BitMEX and Human Rights Foundation provide $150K grant to Bitcoin scaling researcher

BitMEX has collaborated with a non-profit Human Rights Foundation to provide a $150,000 grant to Korean-based Bitcoin scaling researcher, Calvin Kim. Popular crypto derivatives exchange BitMEX has announced a $150,000 grant for Calvin Kim — a Korean-based Bitcoin scaling researcher. The grant comprises the second instance in which BitMEX has backed Kim’s research, with the exchange donating $30,000 to Kim in August 2020. For his current research, Kim plans to implement Utreexo into Bitcoin deployments using the Go and Rust programming languages respectively, while also working on “improving the initial block download time in Bitcoin.” Utreexo is a Bitcoin scaling solution and hash accumulator that Kim has been working on since mid-2019, with the protocol's design having first been proposed by MIT Digital Currency Initiative researcher Thaddeus Dryja — who also co-authored the Lightning Network whitepaper. The new grant was issued by BitMEX in collaboration with the non-pro...

BNY Mellon Sets Up Crypto Unit in Ireland as Central Bank Says Bitcoin Is ‘of Great Concern’

U.S. banking corporation BNY Mellon is gearing up to offer crypto custody services out of Dublin where it has just established a digital hub. The news coincided with a stark warning issued by a top central bank official in Ireland who said people should only buy bitcoin if they’re prepared to lose money. BNY Mellon to Provide Custody for Digital Assets Through Dublin-based Unit Following a decision to enter the cryptocurrency space announced in February, the Bank of New York Mellon has now created a “Digital Innovation Hub” in Dublin. The unit will act as a custodian for crypto assets, the Business Post reported, noting that with the move, “the banking giant, is betting on the future of bitcoin and other cryptocurrencies.” The hub will allow clients to hold, transfer and issue digital assets, the Irish publication detailed. Custodial services will be provided for a variety of assets including the cryptocurrency with the largest market cap, bitcoin ( BTC ), non-fungible tokens ( NF...

More Than 5 Million in Ethereum Worth $13 Billion Rests in the Eth2 Staking Contract

Statistics now show the Eth2 deposit contract has more than 5.2 million staked ether worth over $13 billion locked into the smart contract. The contract launched on November 4, 2020, and three weeks later, the contract met the required threshold to initiate the Beacon Chain. It’s not cheap to become a validator these days, as today’s exchange rates show the 32 ether to get started will run a user more than $84k. More Than $13 Billion Worth of Ether Locked Into the Eth2 Deposit Contract Ethereum users have added quite a bit of ether to the “ Eth2 deposit contract,” as it’s called on Etherscan as 5,210,370 ETH has been deposited to-date. That’s $13.6 billion worth of ether locked into the Beacon Chain contract, which was invoked six months and three weeks ago. At the time of writing, there’s more than a dozen 32 ETH-sized transactions waiting to be confirmed. In order for an individual to become a staking validator, 32 ether worth over $84k today is required. Dune Analytics statist...

Binance NFT Marketplace looks to capture market share via ‘100 Creators Campaign’

In an effort to attract users, Binance is casting a wide net to bring in artists, celebrities, and athletes. In an increasingly crowded marketplace for marketplaces, Binance is going on the offensive with a business development push aimed at bringing “100 Creators” to their forthcoming NFT platform. In a press release today, Binance announced a drop from Misha Most, a noted street artist who currently holds the world record for the largest wall mural. Most will be making 10 NFTs made in collaboration with other artists, and the pieces will be available for sale in the first week of launch of the marketplace, currently scheduled for June 24th. “Digital art is imbued with the spirit of the community, as a street artist, it's very close to me, and I'm used to working in a team with other creators,” said Most in the press release. “Working on NFT is a unique opportunity for me to collaborate with digital artists. For me, the transformation of familiar works into digital art is...

0x launches DEX liquidity API on Polygon

Polygon’s decentralized finance footprint continues to grow, with 0x releasing a version of its decentralized exchange liquidity aggregator API on the “Ethereum scaler.” 0x has released a Polygon version API for its decentralized exchange (DEX) liquidity aggregator, opening up the 0x API tool to the expanding Polygon market. The DEX liquidity bridge service announced the move via a release issued on Monday, marking another milestone for the burgeoning decentralized finance (DeFi) scene on Polygon. According to the announcement, the 0x API on Polygon features major Ethereum-based DEX liquidity channels like SushiSwap, Dfyn and Curve, as well as Dodo, mStable, QuickSwap and Cometh. Detailing the ease of using the 0x API on Polygon, the announcement reads: “Developers are able to access the open source 0x API and accompanying documentation to start building on Polygon instantly. The API has been designed to make it easy for DeFi devs to tap into DEX liquidity in a fast, reliable, an...

Indian central bank clarifies regulations as local banks shun crypto

Banks like HDFC and the State Bank of India reportedly cautioned customers against crypto, citing the RBI’s quashed crypto circular. India’s central bank has issued an official notice regarding the fact that local banks are reportedly cautioning customers against using cryptocurrencies like Bitcoin ( BTC ). Published Monday, the notice points out that the Reserve Bank of India is aware of media reports that certain banks have cautioned their customers against crypto by referring to the RBI’s quashed, three-year-old circular . “Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 4, 2020 in the matter of Writ Petition,” the notice reads, emphasizing that the circular is no longer valid and cannot be cited. However, banks and other regulated financial institutions can still carry out customer due diligence processes related to Anti-Money Laundering and Know Your Customer standards un...

Druckenmiller: Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'

Those with skin in the game are reiterating that comparing Bitcoin to Ethereum is a pointless and potentially costly exercise. Bitcoin ( BTC ) is at risk of a “flippening” from Ether ( ETH ), mainstream media claims as some familiar FUD — fear, uncertainty and doubt —returns to the spotlight. As BTC/USD continues to flag below $40,000, an old argument has resurfaced — but major investors are fighting back. Bloomberg: ETH "will likely exceed Bitcoin" In an article on May 31, Bloomberg cited multiple sources claiming that in the future, Ether will overtake Bitcoin as the world’s cryptocurrency of choice. The largest altcoin “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest,” Tegan Kline, co-founder of Blockchain firm Edge & Node, told the publication. Another executive added that Ethereum has a “better growth story.” The argument is far from new and has appeared regularly throug...

Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

The Japanese government’s Financial Services Agency (FSA) has issued a warning to the crypto derivatives exchange Bybit claiming that the trading platform is allowing residents of Japan access to the exchange. The news follows the Bank of Japan Governor Haruhiko Kuroda criticizing digital currencies for speculation. Japan’s FSA Warns Bybit Fintech Limited Japan’s top regulator that handles banking, securities and exchange, and insurance sectors within the economy has recently issued a warning to Bybit Fintech Limited. Bybit is a crypto derivatives exchange that offers digital currency futures, perpetual swaps, and other types of contracts to crypto asset traders. The FSA’s warning claims that Bybit’s operators are allowing Japanese citizens to leverage the platform and notes that the exchange has not registered with the regulator. The news has been spreading like wildfire on social media and people discussed how Binance was warned about the same thing three years ago. In 2018, J...

Japanese watchdog issues warning to crypto derivatives exchange Bybit

The warning comes in response to Bybit’s marketing campaign that reportedly targeted Japanese investors. Singapore-based Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, has allegedly been running unregistered crypto services in Japan, according to an official warning. The Japan Financial Services Agency issued a formal warning letter to Bybit stating that the firm is not registered to operate crypto services in the country. The warning comes in response to Bybit’s marketing campaign that reportedly targeted Japanese investors, according to Norbert Gehrke, founder and representative director of tech hub Tokyo FinTech. “Such public reprimand for running an unregistered business has not occurred for a while, so one is to assume that the FSA has witnessed aggressive marketing by Bybit to Japanese investors that goes beyond the common transgressions of presenting their website in Japanese and not blocking Japanese IP addresses,” Gehrke wrot...

Bitcoin.com Wallet Adds ETH

The Bitcoin.com team is excited to announce integration of Ethereum into the Bitcoin.com Wallet . That means anyone can now buy, receive, store, trade, and send ether ( ETH ) with the convenience and security of the industry’s most user-friendly, non-custodial wallet. How It Works When you open the Bitcoin.com Wallet , you’ll now see the Ethereum section in your home screen. Tapping the “ BUY ” button will prompt you to enter a purchase amount. If you’ve already set up your payment method, your purchase will go through instantly. It’s that easy! If you have other cryptocurrencies in your Wallet, you can now swap any amount for ETH – or vice versa. You can also send and receive ETH using the Bitcoin.com Wallet , just like you do with any other asset. You also have the option to import an existing Ethereum wallet. Just tap the “ ADD/IMPORT ” button on the home screen and scan the QR code or enter the 12-word secret phrase from your existing wallet. Your Digital Assets, i...

Home Crypto Mining Spikes in Brazil Amid Record High Unemployment

With rising unemployment rates and rampant economic uncertainty, in the wake of the Covid crisis, a growing number of Brazilians are finding an alternative income source in cryptocurrency mining. GPU rigs have been spotted even in favelas as a relatively small investment can return more than the average salary in Brazil. Pandemic and Uncertainty Turn More Brazilians to Cryptocurrency Mining The ongoing coronavirus pandemic has taken a heavy toll on Brazil and the country ranks among the hardest hit, with over 450,000 deaths due to Covid-19 . South America’s largest economy shrank by more than 4% in 2020 resulting in a record high unemployment for almost a decade – 14.3 million citizens are jobless, the national statistical office announced earlier this year. Low or no salaries, along with bleak economic perspectives, have pushed Brazilians to find new ways to make ends meet. According to a recent report by Portal do Bitcoin, a growing number of people in the country have been tur...

How artificial intelligence can enhance blockchain platforms

AI and blockchain are rarely utilized together — but combining these technologies could unlock a plethora of use cases. Artificial intelligence and blockchain are both touted as technologies that will lead our future. But here’s the problem: They’re like oil and water. While innovative in their own right, there’s a noticeable lack of interconnectedness — projects that tightly combine AI and blockchain, unleashing the full potential of both emerging technologies. Technical hurdles have been largely to blame for this. Integrating AI into the smart contracts that exist today is practically impossible. The two often rely on entirely different programming paradigms — and while smart contracts use data sparingly to reduce transaction fees, many AI models process vast amounts of data as well as a large amount of computing resources to make decisions. Smart contracts are also incredibly strict, meaning that an outcome can only be achieved when a range of strict parameters are met. As...

Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’

Long-term Bitcoin holders remain unfazed by the recent sell-off, but there is still one alarming sign. A recent run-down in Bitcoin’s ( BTC ) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows. The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing. Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply started declining in recent sessions. New Bitcoin supply squeezed-in by miners and long-term holders. Source: Glassnode Short-term Bitcoin holders — the entities that hold the flagship cryptocurrency for less than a week after accumulating it — were the biggest sellers during the BTC/USD rate decline. Glassnode data suggested that newer market entrants panic-sold BTC during the May downtu...

Coincheck crypto exchange announces Japan’s first ever IEO

The Hashpalette token sale on Coincheck is set to become Japan’s maiden initial exchange offering event. Coincheck’s goal of conducting the first-ever initial exchange offering in Japan is moving closer to becoming a reality. According to a release issued on Monday, the Japanese crypto exchange announced that the Hashpalette (HPT) initial exchange offering will take place in the summer. IEOs are a modified form of initial coin offering, where a crypto exchange platform acts as an intermediary between token issuers and investors. Coincheck partnered with Hashpalette back in August 2020, with plans for HPT to become the first IEO-issued utility token in the Japanese crypto market. At the time, the plan was coming on the heels of newly passed cryptocurrency laws in Japan , creating a clear-cut legal framework for token sale events among other market segments. IEOs have also been the subject of regulatory uncertainty , especially concerning whether IEO tokens qualify as securities....

Court denies SEC access to Ripple’s legal advice

Ripple’s legal battle with U.S. regulators continues. Ripple has scored another win in its ongoing legal battle against the United States Securities and Exchange Commission as the court has denied the SEC access to Ripple’s legal advice. Magistrate Judge Sarah Netburn of the District Court for the Southern District of New York ruled Sunday to deny the SEC’s motion to compel Ripple to produce memos discussing XRP sales with the firm’s lawyers. According to the SEC, Ripple could have been aware that XRP could be a security from its legal advisors before moving forward with its token sale back in 2013. The SEC filed a motion on May 7 to compel Ripple to produce all communications discussing any legal advice Ripple sought or received as to whether its offers and sales of XRP would be subject to federal securities laws. In the latest ruling, Netburn referred to the attorney-client privilege that is meant to “encourage full and frank communication between attorneys and thei...