Day: July 14, 2019

Bitcoin Cash Merchant Adoption Grows and Exchange Supports BCH in the Weekly Video Update

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Businesses around the world continue to adopt bitcoin cash as a payment method and an exchange adds support for trading BCH. Watch these and other developments discussed in this week’s video update hosted by Roger Ver on Bitcoin.com’s Youtube channel. Also Read: Win 2019 Rugby World Cup Tickets When You Play at Games.Bitcoin.com Bitcoin Cash Adoption Grows Around the World In the weekly video update, Bitcoin.com CEO Roger Ver talks about some of the work that is happening to onboard new merchants to BCH around the world, from Venezuela to…

Hacked Bitpoint Exchange Finds $2.3M in Stolen Crypto

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Japanese cryptocurrency exchange Bitpoint has discovered over 250 million yen ($2.3 million) in cryptocurrency — part of a $32 million sum that was stolen last week, local English language daily The Mainichi reports on July 14. According to The Mainchi, Bitpoint found the stolen cryptocurrency on overseas exchanges that were using a trading system provided by Bitpoint Japan. Bitpoint told The Mainchi that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million). The exchange was initially…

Oops! Tether ‘Accidentally’ Created $5 Billion in Crypto Out of Thin Air

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Due to human error and fat fingers, Tether accidentally printed $5 billion of its fiat-pegged cryptocurrency out of thin air. Oops. The mistake occurred when the Tether team was in the process of moving tokens from the Omni Layer to the Tron blockchain. What was meant to be a $50 million transfer became $5 billion after someone misplaced a decimal point. Tether Accidentally Printed 5 Billion Tokens – Here’s What Happened Next Crypto exchange Poloniex clarified that the problem occurred after it requested Tether’s assistance to conduct a token swap.…

Oops! Tether ‘Accidentally’ Created $5 Billion in Crypto Out of Thin Air

boss

Due to human error and fat fingers, Tether accidentally printed $5 billion of its fiat-pegged cryptocurrency out of thin air. Oops. The mistake occurred when the Tether team was in the process of moving tokens from the Omni Layer to the Tron blockchain. What was meant to be a $50 million transfer became $5 billion after someone misplaced a decimal point. Tether Accidentally Printed 5 Billion Tokens – Here’s What Happened Next Crypto exchange Poloniex clarified that the problem occurred after it requested Tether’s assistance to conduct a token swap.…

Who Is Heath Tarbert, What He Thinks of Crypto?

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July 15 will mark the first day in the office for the United States Commodity Futures Trading Commission’s (CFTC) new chairman, Heath Tarbert. As the crypto community is bidding farewell to the regulator’s outgoing head, J. Christopher Giancarlo, his successor’s stance on digital assets remains unknown. Turning to Tarbert’s record as a civil servant and attorney in the financial markets field could shed some light on the direction that the agency might take under his leadership. Giancarlo’s five-year tenure saw the rise of cryptocurrency derivatives as an object of regulatory…

Binance Announces Burn of Team’s BNB Token Supply

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Major cryptocurrency exchange Binance announced that it completed the eighth Binance Coin (BNB) token burn and that it intends to also burn the tokens allocated to its team in an announcement published on July 11. Per the announcement, 808,888 BNB (equivalent to over $23.7 million at press time) of the Binance’s team allocation have been burned in the event. The exchange notes that the burn is part of the firm’s commitment to burn a total of 100 million BNB tokens and that the team’s supply equates to 40% of the…

Pundi X Integrates Crypto Payments Into Traditional Sales Terminals

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Cryptocurrency payments startup Pundi X announced that it has integrated its crypto payments system into a device made by American Point of Sale (POS) systems producer VeriFone in a press release July 12. Per the release, the startup has integrated its XPOS crypto payments module on the X990 Android-based POS terminal by VeriFone, which is reportedly one of the world’s major producers of such devices. The initiative aims to allow a wider network of retailers to accept payments in cryptocurrencies. The startup states: “With this integration, shops and retail outlets…

Europe May not Need Bitcoin to Circumvent U.S. Sanctions

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The Trump administration has been responsible for the recent wave of economic sanctions placed on several countries. The most notable on this list has been Iran. The two country’s tense history around the accumulation of resources needed for atomic weapons has also added an element of global concern.  But as reports roll in of Iranians using bitcoin to circumvent these blockades, Europe has proposed an alternative. The European SWIFT: INSTEX in Action The greatest pain point in the abrasive politics of Trump has indeed revolved around the nuclear deal with…

Tether Mistakenly Minted 5 Billion USDT and Immediately Burned Them

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Stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens, Whale Alert tweeted on July 13. Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them. Then, Tether minted another 50 million USDT on the same chain, burned another…

Major Korean Firms Partner to Launch Blockchain Mobile ID System

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A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14. Per the report, the participants are financial services firms KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers SK Telecom, KT, LG UPlus, and technology behemoth Samsung Electronics. The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions. The service aims to…