Month: August 2019

Only 8% of Mixed Crypto Coins Tied to Illicit Activity: Report

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Stolen funds represent only 8.1% of all funds sent to cryptocurrency mixers, according to New York-based blockchain analytics firm Chainalysis. Primary use for privacy reasons According to a recent Chainalysis webinar, the majority of funds sent to cryptocurrency mixing services or tumblers comes from exchanges, which indicates that such funds are primarily used for privacy purposes rather than for illicit activities. Conducted on Aug. 14, the webinar called “Cryptocurrency Typologies: What You Should Know About Who’s Who on the Blockchains” covers a large number of risk typologies in crypto industry,…

$10K Holds for Now as 50% of CME Futures Set to Expire

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Bitcoin (BTC) price was still testing support at $10,000 on Aug. 27 as all eyes began focusing on the upcoming futures expiration set for Friday. Market visualization. Source: Coin360 Bitcoin price retests five-figure support Data from Coin360 showed a fresh dip for BTC/USD over the past 24 hours, with markets dropping from local highs of $10,400 to bounce at around $10,100.  Bitcoin remains down around 6% versus the same time last week, having reversed all but 6% of its monthly gains which briefly saw the largest cryptocurrency pass $12,000. Bitcoin…

Craig Wright Ordered to pay $5 Billion in Bitcoin and Fifty-Percent of his Intellectual Property to Kleinman Estate

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The court drama has finally come to an end with Magistrate Bruce Reinhart recommending that Wright must pay 5 billion dollars to Kleiman’s estate as well as give up half of his intellectual property held before December 31, 2013. Details of the case have not been published for the public yet, but those familiar with developments have commented on Twitter, August 26, 2019. Wright Found Guilty, Offers His Views The Southern District of Florida has found Craig Wright guilty of falsifying documents, making up the Tulip Trust, and has been…

US Air Force Will Use SIMBA Chain to Secure Its Supply Chain

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The United States Air Force chose smart contract startup SIMBA Chain to provide the blockchain which will be used to secure its supply chain. SIMBA Chain announced that it will secure the supply chain of the U.S. Air Force in a press release published on Aug. 26.  USAF hopes blockchain will make its data more tamper-proof The company explains that long value chains are a security issue “especially critical in military applications, where hostile entities would attempt to obtain or modify critical data.” The aim of the project is to…

Bitcoin Price Trends Weakly but Analysts Predict Strong $8,000 Support

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After a flash surge to $10,800 on BitMEX, the most widely utilized margin trading platform for cryptocurrency traders, the bitcoin price has slipped back to the $9,900 to $10,300 range. Bitcoin price falls by nearly $400 after a flash surge to $10,650 (source: coinmarketcap.com) On major spot cryptocurrency exchanges like Bitstamp and Coinbase, the bitcoin price rose to as high as $10,650 on Monday, following the liquidation of nearly $52 million worth of short contracts on BitMEX. Support at $8,000 Becoming More Likely For Bitcoin Price According to technical analysts,…

Kleiman Estate Will Now Dump $2 Billion in Bitcoin

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Bitcoin (BTC) prices could face fresh volatility after Craig Wright was ordered to pay 500,000 BTC to the brother of Dave Kleiman, his late business partner. The payout — worth more than $5 billion at the time of writing — could attract an estate tax rate of 40%, which Kleiman’s estate will have to pay. There are now fears that 200,000 coins could be dumped on the market in order to settle $2 billion bill, potentially causing a crash. In an interview with fintech magazine Modern Consensus, Wright said he would comply with…

Everything You Need To Know About the OneCoin Crypto Ponzi Scheme

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Many investors who wanted to jump on the cryptocurrency wagon had thought that they found the perfect opportunity for that in the crypto investment scheme OneCoin. Unfortunately, OnecCoin turned out to be nothing more than a scam. In this in-depth article, we will review everything about the OneCoin crypto Ponzi scheme. Cryptocurrency has always been considered to be a risky business. Investing in it requires a certain amount of trust, and in the worst case, losses could definitely turn out to be huge. This puts a certain amount of responsibility…

US: IRS is sending additional CP 2000 notice letters to cryptocurrency investors

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The U.S. Internal Revenue Service (IRS) has again sent out compliance letters to investors of virtual currencies such as Bitcoin, whose tax return information did not match data reported to the IRS by third parties such as employers and banks. The CP 2000 notice letters will give individual investors detailed information about the mismatch the IRS identified and provide steps to be taken to resolve the issues. Phone numbers of IRS telephone assistors are also provided in the letter for the investors to interact with them to resolve any discrepancies.…

Report: Bitcoin most Profitable Cryptocurrency, Real Dominance Above 90%

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According to a news published by The Business Times on August 26, 2019, a new report by Arcane Research shows that the real Bitcoin dominance is more around 90 percent rather than the 70 percent mark, as indicated on CoinMarketCap. Why it Matters Bitcoin is the world’s largest cryptocurrency by market capitalization and commands a large portion of the trading volume in the cryptocurrency markets. Generally, most people are well aware of how Bitcoin has always been looked at as the dominant cryptocurrency but, over the past few years, the situation slowly came to…

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

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A far-right party in the United Kingdom has published what it describes as the country’s first coherent cryptocurrency policy. On Aug. 24, the National Liberal Party (NLP) wrote a post on its website arguing that the U.K.’s current cryptocurrency policy is non-existent — and alleged the government has failed to take a stance on regulation. Failures of the political mainstream The NLP struck an alarmist tone in its post — claiming “UK Citizens have been defrauded by crypto criminals to the tune of billions” and that fraudulent cryptocurrency schemes continue to target consumers and…