Day: January 3, 2020

Bitmain Co-Founder Starts Legal Battle to Regain Control

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Bitmain co-founder Micree Zhan Ketuan has initiated legal proceedings to regain control of the company with the filing of a summons in the Cayman Islands. Bitmain Technologies is one of the largest crypto mining firms in the world and has been caught in turmoil since October when the company’s other co-founder, Jihan Wu, announced Zahn’s departure from the firm, saying, “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.” Zhan responded by saying he had been ousted from…

China Continues to Streamline Its Blockchain Patent Application Process

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The National Intellectual Property Administration (NIPA) in China continues to clarify the guidelines for blockchain patent applications, which are set to become effective as of Feb. 1. At the end of December 2019, the NIPA announced the revised guidelines to patent applications for new emerging technologies such as blockchain, artificial intelligence, big data, and business rules and methods. One example of the revised guidelines is a method and device for secure communication between blockchain nodes. The invention patent application proposes a blockchain node communication method and device that solves the…

Longfin CEO Reaches $400,000 Settlement With SEC Over Fraud Charges

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The U.S. Securities and Exchange Commission (SEC) has reached a settlement with fintech firm Longfin’s CEO, Venkata S. Meenavalli, on charges of fraud. According to an SEC press release Friday, Meenavalli has agreed to pay $400,000 in both disgorgement and penalties related to a 2017 Regulation A+ offering the SEC deemed fraudulent. Longfin delisted from the Nasdaq in May 2018 and shut down the following November. As CoinDesk reported in October 2019, the SEC alleged Longfin lied to potential investors relating to its public offering and Nasdaq listing, concluding with…

StrainSecure Seed-to-Sale Blockchain Cannabis Tracker Is a Gamechanger

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Medical cannabis companies are rushing to sign up for the world’s first blockchain-secured platform for tracking product from seed-to-sale, according to a report from ProActiveInvestors on Jan. 3. The StrainSecure platform, developed by TruTrace, provides testing, DNA-based validation and product guarantees for patients and customers. Seed-to-sale tracking The immutable, cryptographically-secure platform enables cannabis producers to foster enhanced trust among customers in an industry famous for unreliable supply chains. “By focusing on granular genetic, chemical and contaminant data, as well as motion and movement information and then merging that into a…

Compared to Gaming and Gambling Dapps, DeFi Is Still Behind

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Despite the ongoing hype surrounding the growth and popularity of decentralized finance (DeFi) applications last year, gaming and gambling remain the most popular use cases for blockchain apps.  According to blockchain analytics site Dapp.com, there are approximately four times as many users for both gaming and gambling decentralized applications (dapps) than DeFi across seven different smart contract platforms as of Dec. 31. The growth of DeFi applications was primarily concentrated this year on the ethereum blockchain. According to Dapp.com, over 75 percent of DeFi applications are active on ethereum, while…

Bitcoin Mining Giant Bitmain Ready to Fire Half of Its Employees

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Chinese state media Sina is reporting that Bitcoin mining behemoth Bitmain is considering laying off up to half of its employees as the company envisages economic consequences of the coming Bitcoin halving event. Meanwhile, the legal tussle between the co-founders of the firm continues with ousted chief Micree Zhan filing for control of Bitmain with a court in the Cayman Islands. Another Downsizing Round for Bitmain Reports coming out of China say major Bitcoin mining company Bitmain is considering a “personnel optimization plan.” Sources like Dovey Wan of Primitive ventures…

Hong Kong Institute of Bankers Onboards Six Virtual Banks as Members

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The Hong Kong Institute of Bankers (HKIB) has onboarded six virtual banks as corporate members, according to a Jan. 2 press release. The HKIB is a non-profit institution that provides training and certification to the banking organizations in Hong Kong. The last banks joining the HKIB are Airstar Bank Limited, Fusion Bank Limited, Livi VB Limited, Ping An OneConnect Bank (Hong Kong) Limited, SC Digital Solutions Limited and WeLab Bank Limited. New era in Hong Kong’s banking sector Commenting on the news, Carrie Leung, CEO of the HKIB, said that…

US Citizen Accepting Bitcoin for Narcotics Indicted by DOJ

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A U.S. citizen has been indicted for selling drugs on the dark web in exchange for bitcoin. Joanna De Alba of Tijuana, Mexico, has been arraigned in federal court in Brooklyn, New York, for the illegal sale and disbursement of narcotics, according to a Department of Justice (DOJ) press release Thursday. “As alleged, De Alba dispensed heroin and methamphetamine from the shadowy corners of the internet, believing that it provided anonymity to her and her customers,” said DOJ Attorney Richard P. Donoghue. “A bright light has been shined on her…

YouTube, Tron and the Dream of Decentralization

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The past few weeks have seen multiple instances of large, centralized tech giants censoring crypto-related content and activity. Noticed in the context of the Coinbase Wallet, Apple is pushing back against anything having to do with decentralized applications (dapps). YouTube caused even more of a stir when it took down hundreds of crypto-related videos from prominent influencers without any warning. It later reversed the action, claiming an error, but it was enough to get many to ask: Are decentralized alternatives possible?  As if on cue, Justin Sun popped up to…

How Blockchain Can Improve Globalization

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The birth of blockchain technology and its quick adaptation have left many people stunned, with famous CEOs, investors, entrepreneurs and financial experts often talking about how it will change the way we go about our daily financial activities. One of the most important aspects to consider in blockchain technology is how this relatively new technology can help improve globalization — i.e., the process of interaction and integration of people, companies and governments worldwide. How cryptocurrency transactions can improve globalization One of the most important things in the global economy is…