Day: May 31, 2019

Report: Ethereum (ETH) DApps Not Being Used Productively

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A new report claims that Ethereum-based Decentralized Applications (dapps) are not being used productively. While the industry of crypto has rightly been excited about the development of dapps, Ernst & Young reports that 83 percent of applications on Ethereum’s network are “not in the most productive uses.” The report was given by EY’s head of innovation Paul Broady at the Fintech Forum on May 31, an event hosted by the United States’ Securities & Exchange Commission (SEC). Fintech Forum was organized by the SEC’s Strategic Hub for Innovation and Financial…

Vanguard’s $1.3 Trillion Blockchain Makes Bundesbank Look Foolish

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By CCN: Vanguard, the world’s largest provider of mutual funds, is using blockchain to power their enterprise. The investing giant, which popularized mutual funds and exchange-traded funds (ETFs) for the common investor, has been using distributed ledger technology to manage $1.3 trillion worth of index funds, Forbes reports. Vanguard’s Blockchain Manages More Than $1 Trillion in Assets Since February, Vanguard has used blockchain to manage financial data for one-quarter of its assets, valued at $1.3 trillion. More than just a one-off trial, the service is operating live for millions of…

North Korean Hackers Target UpBit Users in Bitcoin Scam

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North Korean hacking group, “Kim-Soo-ki,” have allegedly orchestrated a phishing attack targeting users of South Korean cryptocurrency trading venue, UpBit, in a bid to steal their bitcoin, according to a report by The Next Web on May 31, 2019. North Korea Phishing for Bitcoins Per sources close to the matter, North Korea’s notorious hacking group, Kim Soo-ki, have conducted a phishing attack aimed at stealing the digital assets of users of South Korea’s UpBit exchange. Reportedly, the rogue actors allegedly sent a phishing email to bitcoin traders on the UpBit…

Brazil Establishes Committee for Cryptocurrency Regulation

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The President of the Chamber of Deputies of Brazil has ordered to establish a commission to consider cryptocurrency regulation in the country, Cointelegraph Brasil reported on May 31. The Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil, and consists of representatives of the states elected every four years. The Chamber discusses and approves proposals for economic and social areas such as education, health, transport, and housing. On May 30, the President of the Chamber of Deputies, Deputy Rodrigo…

Little-Known Cryptocurrency Surges 80% While Bitcoin Flounders

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By CCN: Monacoin bills itself as Japan’s first cryptocurrency, and it’s gained significantly during the recent bull market activity. The cat meme cryptocurrency surged more than 80% in just 24 hours, leaving it with a per-token value of more than $2. Previously, Monacoin’s price was closer to $1. The rally came even as the Bitcoin price struggled to regain momentum after a sizable sell-off. Japanese Crypto Traders Drive Demand for Monacoin Nice $MONA pump today after its listing on @coincheckjp #Monacoin is not listed on @binance and many other big…

Most Ethereum Decentralized Apps Not Used Productively

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83% of decentralized applications (DApps) on the Ethereum network are “not in the most productive uses,” according to Ernst & Young’s (EY) head of innovation. Paul Brody, Global Innovation Leader for blockchain at Big Four audit firm EY, spoke about developments in the blockchain and digital asset industries during a Fintech Forum hosted by the United States’ Securities and Exchange Commission’s (SEC) on May 31. The event was organized by the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub, which) launched in October 2018 to facilitate the commission’s engagement…

Coinbase Loses Another C-Suite Exec amid Mass Exodus at the Exchange

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By CCN: The hits just keep on coming for popular U.S.-based cryptocurrency exchange Coinbase. Asiff Hirji took to Twitter to reveal that after less than two years as the Coinbase president and chief operating officer in San Francisco, he was calling it quits. Incidentally, Hirji, who is a TD Ameritrade alum, joined Coinbase during bitcoin’s last bull run and endured throughout the crypto winter. It’s unclear why he had a change of heart when bitcoin is in the middle of a stretch that many believe will be its best performance…

Crypto Exchange Bitfinex Temporarily Shuts Down Deposits and Withdrawals

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Cryptocurrency exchange Bitfinex has temporarily shut down its services, according to a tweet published on May 31. The tweet specifically says that the change has temporarily paused deposits and withdrawals “due to the outrage of one of [their] network providers.” “Funds are safe in cold storage. Situation should be restored ASAP (ETA 3/4h). Apologies for the inconvenience,” the company further states. Bitfinex CTO Paolo Ardoino has posted links to the exchange’s hot wallets, so as to insure the community that there are no outgoing tokens and that user funds were…

Report: Despite the Resurgence in Price, Bitcoin Sees Little Adoption

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According to a Bloomberg report published May 31, 2019, bitcoin’s use for economic transactions is still tremendously low despite the recent surge in its price. Not so Bullish Behind the Price It would be fair to say that the recent spike in the price of bitcoin has been largely successful in lifting the morale of the cryptocurrency industry. The charts are dominated by green candles and the general outlook towards the cryptocurrency is bullish. However, behind this renewed optimism, the grim reality of bitcoin’s low adoption continues to persist. Citing…

Coinbase President and COO Departs From the Company

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American major cryptocurrency exchange Coinbase’s president and chief operating officer (COO) Asiff Hirji has left the company, Bloomberg reported on May 31. A source familiar with the issue told Bloomberg that Coinbase named Emilie Choi, vice president of business, data and international, as its new COO. Prior to the appointment, Choi — who served at Yahoo Inc. and worked on the original Alibaba investment and Flickr acquisition — worked on potential partnerships and acquisitions at Coinbase. Hirji’s previous work experience is marked with over 15 organizations, including IBM Canada, venture…