Month: April 2019

$850 Million Bitfinex Bombshell Disproves Crazy Bitcoin Conspiracy

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By CCN: ShapeShift CEO Erik Voorhees made a valid observation on Twitter today, pointing out that there’s some degree of irony in the charges potentially facing embattled Bitcoin exchange Bitfinex: Tether had the cash reserves, despite wide speculation that the company had issued far more crypto tokens than it could settle. Ironically, this latest Bitfinex drama may be the one thing that disproves the “Bitfinex’ed” conspiracy theory. If USD in that amount was seized/stolen/held by Crypto Capital, then the USD backing Tether DID actually exist after all. @Bitfinexed claim was…

Bitfinex Needs ‘A Few Weeks’ to Unfreeze Funds, CFO Tells Shareholder

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Two Bitfinex shareholders said they were unconcerned by the New York Attorney General’s allegations that the cryptocurrency exchange lost $850 million of client and corporate funds. Zhao Dong, a Bitfinex shareholder who has tried to reassure the crypto community that the exchange is solvent and operational numerous times in the past, told CoinDesk Friday that he remains “supportive” of both Bitfinex and Tether, the stablecoin issuer with overlapping management and ownership. Giancarlo Devasini, Bitfinex’s chief financial officer, personally assured Zhao that this is a temporary situation, Zhao said. Indeed, Devasini…

Marco Polo Onboards Three New Members to Its Trade Finance Network

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Distributed ledger technology (DLT)-based trade finance network Marco Polo has onboarded three new members for piloting and evaluating purposes, Cointelegraph auf Deutsch reports on April 26. Marco Polo Network is a joint undertaking with tech firm TradeIX, enterprise software company R3, and other 20 international financial institutions. The initiative provides a multi-asset class platform that offers broker dealer services, multi currency transactions, including equities, options, futures, and other related services. In an official announcement, the company revealed that it was joined by financial services provider for the Bavarian and German…

Crypto Wallet Startup Ledger Detects Phishing Malware Targeting Desktop App

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Hardware cryptocurrency wallet manufacturer Ledger has detected malware targeting its desktop application, according to a tweet on April 25. Ledger warned its users that the malware locally replaces the Ledger Live desktop app with a malicious one, and advised to follow security practices published on its blog. The company’s Twitter announcement specifically reads: “WARNING: we’ve detected a malware that locally replaces the Ledger Live desktop application by a malicious one. Users of infected computers are asked to enter their 24-word recovery phrase after a fake update.” In the comments to…

KuCoin Exchange Blocks Crypto Wallet Allegedly Involved in RChain Token Scam

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Singapore-based crypto exchange KuCoin has blocked a crypto wallet that is allegedly involved in a recent RChain (RHOC) token scam, RChain wrote in a blog post on April 26. RChain, the blockchain firm behind RHOC coin, informed its users that the company suffered a scam involving an escrow transaction containing counterfeit money. In the apparent deal, RChain was set to send 11 million RHOC tokens to its partners who expressed an interest in putting money into an escrow account. Once the money was in escrow, RChain sent RHOC tokens to…

Insurance Broker Marsh Rolls Out Proof of Insurance Blockchain App to US Clients

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Canada-based global insurance broker Marsh will soon roll out its proof of insurance (POI) blockchain platform to American commercial clients, the firm announced in a press release on April 25. First launched as a Proof of concept (PoC) in April 2018, Marsh’s POI platform will purportedly provide more certainty of insurance coverage as well as speed up business processes. Marsh clients will soon be able to acquire certificates of insurance via a blockchain-powered digital application, as the firm announced in a tweet. The app will initially be available to a…

Pro-Bitcoin Ohio Bill Promotes Government Adoption of Blockchain

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By CCN.com: A bill introduced this week in the Ohio House of Representatives urges government entities to adopt blockchain, the technology underpinning bitcoin. Republican state representative Rick Carfagna sponsored the bill. The legislation, called House Bill 220, is part of Ohio’s plan to provide a legal framework for distributed ledger technology such as blockchain (see text below). Rep. Carfagna did not return CCN’s calls for comment. The legislation would enable the establishment of a decentralized online record for transactions such as car titles or hunting licenses, according to Cleveland.com. Ohio…

Tether (USDT), A Blip and Another Opportunity For Bitcoin (BTC) Bulls

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Bitcoin (BTC) shed $4 billion after NY OAG sue iFinex Tether controversy force Bitcoin liquidation The OAG of New York is after iFinex, and from their documents, officials say the Hong-Kong based exchange, BitFinex are contravening NY Laws and therefore suing them. With additional evidence that the exchange “raided” Tether’s coffers and probably affecting the peg, clients are worried. Even so, Bitcoin (BTC) is stable, reversing earlier losses. Bitcoin Price Analysis Fundamentals There is sell pressure, and if we check the reaction of the crypto and the Bitcoin market, then…

DAI Has Been Struggling to Maintain Its $1 Peg, but the MakerDAO Community Believes It Will Soon Be Crypto’s ‘Default’ Stablecoin

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Stability has become a holy grail for the crypto market, and right now, one of the biggest stablecoins is MakerDAO‘s DAI. Launched in December 2017 as an ERC-20 token, it’s pegged 1:1 with the United States dollar, with its peg being maintained via over-collateralization with ether (ETH). In other words, users receive the equivalent of $1 in DAI by depositing more than $1 in ETH, and they can later reclaim their collateral by repaying the DAI they’ve received plus a “stability fee” in MKR, MakerDAO’s other (nonstablecoin) token. By charging…

Crypto Markets Slump, Oil Prices Report Losses

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Friday, April 26 —  After breaking above the $5,500 mark yesterday, bitcoin (BTC) has reported a loss of around $260 to press time. All of the top-20 cryptocurrencies other than bitcoin SV (BSV) are in the red, according to data from Coin360. Market visualization from Coin360 BTC is trading around $5,247 at press time, dropping 5% over the day and forming a new weekly low. Bitcoin’s monthly gains remain in positive territory, at about 32%, while its weekly chart reports a loss of 0.84%. Bitcoin 7-day chart. Source: CoinMarketCap The…