Day: November 16, 2018

“Bitmain Is Restructuring,” But Jihan Wu Still a Board Director: Source

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Bitmain has denied reports that its CEO Jihan Wu was ousted as the mining firm’s board director while confirming that the board has undergone restructuring. Setting the record straight, Nishant Sharma, international marketing manager of Bitmain Technologies Limited, told Bitcoin Magazine that, instead of losing his position, Wu will continue on as a co-director of the board amidst a wider reorganization. “As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the…

Canadian Court Takes Custody of Crypto Exchange’s Frozen Funds

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The Ontario Superior Court of Justice has recently moved to take custody of a large sum of assets from a crypto exchange currently frozen in accounts at the Canadian Imperial Bank of Commerce (CIBC). According to a recent court document, the CIBC had frozen several accounts of some disputed assets at the crypto exchange QuadrigaCX, including $25.7 million CAD and $69,000 USD. The bank was allegedly unable to identify who the exact owner of these accounts was along with millions that were deposited by the exchange’s various clients, so it…

Target and Google Official Twitter Accounts Hacked, Used for Crypto Scams

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In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies. Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways. Target’s Twitter account, which is followed by nearly 2 million users, posted a tweet, confirming the hack which occurred on November 13, 2018. The retailer stated: “Early this morning, our Twitter account was…

IMF Head Makes Case for Central Bank Digital Currencies In Recent Speech

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With contributing reporting from Jimmy Aki. Christine Lagarde, head of the International Monetary Fund (IMF), suggested a new course of action for central banks around the world: turn their fiat currencies digital. The IMF chair gave a speech at the Singapore Fintech Festival on November 14, 2018, titled “Winds of Change: The New Case for Digital Currency.” In it, Lagarde stated, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” She continued to…

New York Department of Financial Services Issues 14th BitLicense

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Today, November 14, 2018, the New York State Department of Financial Services (DFS) announced that it has approved the application of NYDIG Execution LLC, a subsidiary of NYDIG LLC, for a virtual currency license and a money transmission license. The approval of this so-called “BitLicense” or “Virtual Currency License” application is the 14th of its kind and is required under New York State law in order for a company to engage in “any Virtual Currency Business Activity.” Under the BitLicense, NYDIG Execution LLC is allowed to offer secure custody and…

Korea’s KAIST University Adds Blockchain Application Courses to Curriculum

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South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.   “We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told Bitcoin Magazine. “We’ll also start a student club focused on the Theta…

Op Ed: Cryptocurrency’s Unrealized Opportunities for U.S. Tax Professionals

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The market for cryptocurrency tax services is growing rapidly, and it is providing forward-thinking tax professionals with an opportunity to capture oversized profits. While we’ve seen the market cap of bitcoin and other cryptocurrencies dramatically fall from around $800 billion at its height to around $200 billion today, the number of developers, traders, companies and professionals joining the larger cryptocurrency and blockchain ecosystem has continued to increase in spite of this “crash.” What Does This Mean? For starters, it means that blockchain and crypto are very real technologies that aren’t…

OKCoin Adds the Argentine Peso as It Eyes Expansion Into Latin America

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Despite a prolonged cryptocurrency bear market and regulatory uncertainties, OKCoin, one of the largest cryptocurrency exchanges in the world, is expanding to Latin America launching a new exchange platform headquartered in Buenos Aires, Argentina. Already active in 110 countries and 21 U.S. states, OKCoin USA CEO Tim Byun told Bitcoin Magazine that he is not worried about market volatility as they launch on a new continent: “Overall, we are very bullish on the cryptocurrencies markets throughout the world and in Latin America in particular. The growth might not be perfectly…

Binance Will Support USDC Trading Starting November 17

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Binance — one of the most popular digital currency exchanges across the globe — has announced that it will be adding the fiat-collateralized stablecoin USD Coin (USDC) to its trading platform on November 17, 2018. USDC will be grouped into trading pairs with bitcoin and Binance’s own token, BNB. The company made the announcement on its official blog, making particular note of the auditing process USDC undergoes to prove that each coin is backed 1:1 with the USD. “For increased transparency, USDC has engaged a top-ranking auditing firm to release…

Bitcoin Price Analysis: Yearly Support Breaks as Bitcoin Tests …

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After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $5000s for the first time since 2017: Figure 1: BTC-USD, Daily Candles, Broken Support Bitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter. The high volume and wide candle spread does not bode well for the bulls as we are currently witnessing an excess of supply in the market. We have blown through two levels of support…