Month: January 2019

Report: New Zealand Cryptopia Exchange Hack Continues

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Two weeks after it first reported a hack, New Zealand-based cryptocurrency exchange Cryptopia is still compromised by cyber criminals, according to a blog post from blockchain infrastructure firm Elementus on Jan. 29. The exchange suspended services after detecting a major hack that reportedly “resulted in significant losses” on Jan. 15. Cryptopia stated that the hack occurred the previous day on Jan. 14. The platform initially stated that it was undergoing unscheduled maintenance, issuing several brief updates before disclosing the breach. On Jan. 20, Elementus reported that as much as $16 million…

JPMorgan Notes Marginal Improvements to Payment System With Blockchain Technology

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Experts at financial services giant JPMorgan say that blockchain technology will provide benefits to banks and payment systems, Bloomberg reports on Jan. 29.   JPMorgan’s chair of global research, Joyce Chang, said, “Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements. The most meaningful impact will probably be three to five years away and mostly on trade finance.” A recent report led by Chang purportedly states that blockchain applications in trade-finance are more common because of the high potential gains from efficiency through digitization.…

Gemini Crypto Exchange Undergoes Security Compliance and Data Protection Audit

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Gemini crypto exchange, founded by brothers Cameron and Tyler Winklevoss, completed a SOC 2 Type 1 security compliance review, according to a post made on their Medium blog on Jan 29.   An organization that undergoes a Service Organizational Control (SOC) 2 audit aims to ensure that it has met the service criteria set by the American Institute of Certified Public Accountants (AICPA). These criteria pertain to standards of confidentiality, security, privacy, processing integrity and availability. According to the announcement, Gemini is the first in the cryptocurrency industry to undergo such an…

Wall Street Demand For Bitcoin Surging? Fidelity Plans Crypto Custody

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Fidelity Plans Bitcoin Custody Launch For March On Tuesday, reports arose that Fidelity Investments, the Boston-based finance giant with trillions of dollars worth of assets under management, revealed that its crypto-centric subsidiary, Digital Asset Services (FDAS), has plans to launch its Bitcoin (BTC) custody service by March. LATEST: Fidelity is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter https://t.co/IjaZm93aQ3 — Bloomberg Crypto (@crypto) January 29, 2019 According to the report, which cited three individuals familiar with the matter, the…

US Blockchain Firm Introduces Wallet for Digital Assets and Securities

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San Francisco-based blockchain firm TokenSoft has rolled out a beta version of its wallet for digital assets and digital securities, according to a press release published on Jan. 29. The new product called Knox Wallet provides cold storage and a self-custody platform for managing multiple assets, including both cryptocurrencies such as Bitcoin (ETH) and Ethereum (ETH), as well as tokenized assets such as real estate, equity, or debt. The wallet is now undergoing a testing phase, while the general availability launch is set for the first quarter of 2019. CEO…

From Mar-a-Lago to Coinbase, Dubious Claims Follow Doc.com Token Sales

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A health startup tied to a public cryptocurrency is using overstated language about some of its industry relationships and its affiliation with crypto exchange Coinbase as it seeks to sell tokens to investors, a CoinDesk investigation has found. Mexico City-based Doc.com, which offers an app that provides healthcare and psychology consulting to underprivileged communities, also features a built-in wallet for the startup’s cryptocurrency, MTC. The venture-backed startup raised over $1.8 million in an initial coin offering (ICO) in 2018, then integrated MTC into its app in July of that year…

World’s Largest Gun Auction Site GunBroker.com to Add Stablecoin ‘FreedomCoin’

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Major United States-based firearms marketplace GunBroker.com will integrate a new stablecoin dubbed “FreedomCoin” as a payment method, according to a press release from the coin’s developers, Jan 29. Blockchain startup ICOx Innovations announced the coin today as a “new regulatory compliant corporate currency.” According to the firm’s press release, the token will be used to make purchases on GunBroker.com — reportedly the world’s largest website for hunting and sport shooting firearms. The site has reportedly 4.7 million customers and sees $600 million in transactions annually. FreedomCoin is a stablecoin pegged…

Fidelity Sets March Launch Date for Bitcoin Custody Service

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American investment firm Fidelity, which administers over $7.2 trillion in client assets, will purportedly launch its Bitcoin (BTC) custody offering in March, Bloomberg reports on Jan. 29 Citing unnamed sources familiar with the matter, Bloomberg states that this is the next step in a plan that started in October 2018, when Fidelity announced the launch of a new company, Fidelity Digital Asset Services. The new company will purportedly offer custody and trade execution services for digital assets, targeting institutional investors like “hedge funds, family offices and market intermediaries,” but will…

Ukrainian Crypto Exchange Liqui Shuts Down, Cites Lack of Liquidity

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Ukraine–based crypto exchange Liqui is shutting down its services, citing a lack of liquidity, Cointelegraph Japan reports today, Jan. 28. Liqui said it decided to close all accounts and stop providing services because it currently does “not see any economic point in providing” them in a statement posted on its official website, Jan. 28. The crypto exchange claimed that it has informed its clients about the issue, and stated that withdrawal of digital assets will be available within 30 days after the message was posted. Liqui further noted that the…

US Congress Passes Bill to Require Study of Crypto in Sex, Drug Trafficking

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The United States House of Representatives has passed a bill to commission a study into how cryptocurrencies and online marketplaces can be used to facilitate sex and drug trafficking. The bipartisan bill — known as “the Fight Illicit Networks and Detect (FIND) Trafficking Act of 2019 (H.R. 502) — passed 412-13 yesterday, Jan. 28. As Cointelegraph previously reported, the bill was sponsored by Representative Juan Vargas, D-Calif., and first introduced in June of last year. H.R. 502 will require the Comptroller General of the U.S. to investigate how cryptocurrencies and…