Day: September 1, 2019

North Korea Denies It Stole $2 Billion From Crypto Exchanges and Banks

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North Korea is denying accusations of obtaining $2 billion through hacking banks and cryptocurrency exchanges. North Korea accuses the United States of spreading rumours On Sept. 1, the country’s official state media, the Korea Central News Agency (KCNA) denied allegations of massive theft by North Korean agents.  As Cointelegraph previously reported, the United Nations Security Council North Korea sanctions committee said that “Democratic People’s Republic of Korea cyber actors were raising money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two…

Crypto News From Asia: Aug. 24–31 in Review

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In the crypto space in Asia last week, new data concerning Bitcoin (BTC) use in Hong Kong shows that residents are using crypto to hedge against the possibility of capital restraints, while the Japanese Financial Services Agency (FSA) is undertaking new regulatory actions. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Japan. Hong Kong bitcoiner explains local BTC demand On Aug. 31, Cointelegraph Japan reported that Leo Wies, chairman of the Bitcoin Association of Hong Kong, said that he is buying…

Bitcoin’s Lightning Network Is Shriveling Due to Terrible Incentives – CCN Markets

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Lightning Network payment channels on Bitcoin declined 23% in the past five months. Are the incentives there to make it a viable scaling solution? | Source: Shutterstock By CCN Markets: Usage of Bitcoin’s Lightning Network underwent a sizeable decline in 2019. According to data from BitcoinVisuals, 23% of Lightning Network payment channels closed down in the past five months alone. Meanwhile, the amount of Bitcoin locked up on the network for use in making payments fell 22% in the same time period. Shockingly, node operators have admitted to making just…

Lightning Network Proving Less Electric for Bitcoin Than Promised

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Bitcoin (BTC) turned 10 years old recently, and if someone were to tell its founder, Satoshi Nakamoto, in 2008 that the new decentralized currency would still be thriving in 2019, he/she/they may assume that the experiment succeeded. However, an idea like Bitcoin is capable of existing even if it isn’t very effective at delivering on its promises, and it just so happens that a decade later, everyone is still knocking their heads against the very first criticism made in response to its white paper. After Satoshi published Bitcoin’s white paper in 2008, the…

Company Behind Zcash Reports Losses in Q1 2019

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Electric Coin Company (ECC), the firm behind privacy-centric cryptocurrency Zcash (ZEC), reported financial losses in Q1 2019. According to the Q3 2019 report published on Aug. 29, the firm operated at an average monthly deficit of $186,000 during the first quarter of the year. Operating at a loss The company reportedly was receiving 6,157 ZEC per month and 2,000 ZEC for employee compensation. Considering the average coin price during that time frame, it is equivalent to about $449,000. The firm’s monthly expenses, on the other hand, were “approximately $635,000 including…

Should Crypto Stay Decentralized or Are CBDCs Better? Experts Answer

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There are several countries around the world that are developing national blockchain-based digital currencies — such as Venezuela and its state-owned Petro (PTR), China and its plans to issue a government-backed digital currency, etc. We reached out to experts in the crypto and blockchain industries, central bank officials and researchers to answer whether or not we need a blockchain-based national digital currency if decentralized cryptocurrencies already exist. Related: Central Bank-Issued Digital Currencies: Why Governments May (or May Not) Need Them At the beginning of 2019, the Bank for International Settlements…

New Report Sheds Light on how Terrorists Exploit Cryptocurrency

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A first of its kind 250-page report by Middle East Media Research Institute (MEMRI) revealed how cryptocurrency is being used to operationalize terrorism around the globe by supporting the fighters, their families, purchasing equipment. The report was published at a critical time when the Financial Action Task Force, under the wing of the G20, has asked member countries to act on its new guidelines on how to handle cryptocurrencies. The comprehensive report chiefly focuses on terrorist’s growing use of cryptocurrencies. It reveals a dense network of the terrorists who use…

Elwood Asset Management Wants to Draw More Institutional Investors to Crypto

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Elwood Asset Management, the company of the UK billionaire Alan Howard, is planning to introduce a variety of products to get international investors interested in crypto assets. Elwood is a firm that specializes in digital assets and finance to find solutions and opportunities for global investors. On a phone interview with Bloomberg, the company’s CEO Bin Ren talked about the company’s future plans. According to him, Elwood Asset Management is already underway towards offering such crypto projects. One of the examples was its recently launched exchange-traded fund for companies which…

Telegram’s TON Blockchain to Be Compatible with Ethereum DApps

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Telegram Open Network’s (TON) blockchain will allow developers to port their Ethereum (ETH) smart contracts. As industry news outlet CoinDesk reported on Aug. 30, software startup TON Labs managed by Telegram’s token offering investors is building a Solidity compiler for its blockchain. This programming language is primarily used to develop smart contracts in the Ethereum network. Assembly might be required Per the report, the tool would allow developers to port their Ethereum smart contracts over to TON, but it is not specified whether some changes in their code would be…

Bitcoin and Gold Attract More Investors as US-China Trade War Intensifies

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As two largest world powers, the US and China, tussle for economic hegemony, investors are drawing closer than ever to Bitcoin(BTC)trade and gold to shelter themselves from the turbulent stock market, a recent report from the US-based multi-asset investment firm eToro, said. On August 26, an article was published by The London Economic which contained data from eToro, showing that retail investors were betting their capital on both Bitcoin and gold. Both are standards of monetary systems that share remarkable closeness in terms of similar characteristics that define them. For…