Day: December 17, 2019

How a Whale Crashed Bitcoin to Sub-$7,000 Overnight

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Bitcoin lost billions of dollars worth of valuation within a 30-minutes timeframe as a Chinese cryptocurrency scammer allegedly liquidated its steal via over-the-counter markets. The initial sell-off by PlusToken caused a domino effect, causing mass liquidations. PlusToken, a fraud scheme that duped investors of more than $2bn, dumped huge bitcoin stockpiles from its anonymous accounts, according to Chainalysis. The New York-based blockchain consultancy cited an internal investigation that showed PlusToken scammers on a systematic crypto liquidation spree. Some of them have been actively selling bitcoin since June – right after the cryptocurrency…

UN to Use Blockchain to Tackle Exploitation of Migrant Workers in Hong Kong

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“Using the U.N.’s IRIS standards as the benchmark for reputable agencies, we are confident that the tool can help to strike out these unethical practises,” said Mark Blick, Diginex’s head of government solutions. “In Hong Kong, foreign domestic workers are some of the most economically vulnerable people in our society and pay approximately HK$700,000,000 [approximately $89.9 million] each year in placement/recruitment fees.” Source If You Liked This Article Click To Share BlockchainExploitationHongKongMigrantTackleWorkers CryptoX Portal

Venezuelan Bolivar Trading Volumes on LocalBitcoins Hits New Record High

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The volume of Venezuelan bolivars traded against Bitcoin (BTC) on the LocalBitcoins platform another all-time high last week amid rampant hyperinflation in the country. According to Bitcoin statistics website Coin Dance, bolivar volumes on peer-to-peer exchange LocalBitcoins exceeded 209 billion during the week ending Dec. 14. The new all-time high comes after a sharp volume spike in the preceding week ending Dec. 7. According to Coin Dance, bolivar volumes have been gradually breaking new records in December, surpassing the previous all-time high of 205 billion bolivars. Weekly LocalBitcoins Volume in…

Gemini, State Street Launch Cryptocurrency Reporting Pilot

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A new collaboration between financial services firm State Street Corporation and the Winklevoss’ Gemini cryptocurrency exchange will launch a reporting pilot for cryptocurrency holdings under custody.  Per a press release published on Dec. 17, the two entities launched a new pilot that would combine Gemini Custody — the exchange’s custody wing — with State Street’s back-office reporting. The project enables users to consolidate the reporting of their digital assets processed by Gemini with their traditional assets serviced by State Street. Small, but growing demand Initially, the pilot will produce reports…

South Korean Co-Working Space Operator SparkPlus Turns to Blockchain

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Seoul-based co-working space operator SparkPlus has partnered with blockchain funding platform Kasa Korea, according to a Dec. 17 report from The Investor. The partnership will aim to innovate the city’s sharing economy by means of a decentralized platform that reduces the barriers to entering the real estate market by promoting collective and indirect fundraising. Tokenizing real estate According to the report, SparkPlus plans to open co-working centers at properties listed on Kasa Korea’s blockchain platform. The latter’s platform has been designed for the tokenization of real estate beneficiary securities in…

OKEx Debuts Dai Stablecoin Staking Bonus as Tether Dwarfs Volumes

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Malta-based cryptocurrency exchange OKEx has added support for a new feature that allows users of stablecoin Dai (DAI) to earn interest by staking their holdings. In a blog post on Dec. 17, OKEx confirmed users can now stake their Dai via its in-house mining pool, Pool. In return, they will earn 4% interest via the so-called Dai savings rate (DSR), along with an added incentive from OKEx itself. OKEx lures Dai investors The move makes the exchange the first major trading platform to integrate DSR, and the feature will go…

UK’s Oldest Crypto Exchange to Delist Ethereum and Focus Solely on Bitcoin

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Coinfloor, which is licensed by the U.K. Financial Conduct Authority (FCA) and has access to the country’s Faster Payments Service for instant fiat deposits and withdrawals, waited for regulatory certainty around ethereum before finally listing the token around the end of last year. Trading in ethereum comprises a tiny fraction of the exchange’s volume which is predominantly bitcoin, Nwosu said. Source If You Liked This Article Click To Share BitcoinCryptoDelistEthereumExchangeFocusOldestSolelyUKs CryptoX Portal

State Street Teams up With Winklevoss-Founded Gemini Exchange for Digital Assets Trial

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“There is small, but growing demand from our clients for solutions of this type and many technical, operational, regulatory, and legal considerations to be addressed,” said Ralph Achkar, managing director of Digital Product Development and Innovation at State Street. “That is why we have opted for an open model, and started a pilot with Gemini as an established, regulated player in the digital asset space.” Source

Bitcoin Tanks Below $7000 as PlusToken Scammers Cash Out

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In yet another major sell-off Bitcoin price crashed below its crucial support of $7000 on Monday, December 16. As per blockchain researcher Chainalysis, this dumping is part of another major scam brewing in the crypto industry. In its report, Chainalysis mentions a China-based Ponzi scheme PlusToken which is dumping its crypto holdings to cash out. PlusToken, a cryptocurrency wallet, trapped investors by promising high returns to those purchasing their native PLUS cryptocurrency against Bitcoin and Ethereum. PlusToken scammers promised its investors high returns through “exchange profit, mining income, and referral…