London-based crypto startup Skew has closed Seed funding worth $2 Mn led by First Minute Capital

Over 30 French retailers to accept Bitcoin as a means of payment

Bitmain to launch World Digital Mining Map this October

In spite of its very limited legal existence in the Indian market, Bitcoins acceptability across the world has been gradually on the rise. Recently, in France alone, over 30 retails brands are now reportedly accepting Bitcoin for Payments.

According to reports, Global POS, the firm offering the EasyWallet service, will, through a partnership with payment firm, Easy2Play, enable retailers to accept Bitcoin as a means of payment in France

This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to enter the world of the 3.0 economy safely. Stphane Djiane, CEO, founder-Global POS

Meanwhile, after the US has banned Venezuelas fiat cryptocurrency Petro, its another sanctioned state North Korea which seems to be creating its own cryptocurrency, reported Business Insider. North Koreas new digital currency will be more like Bitcoin or other cryptocurrencies, said Alejandro Cao de Benos, a North Korean official.

Venezuelas central bank is, however, running tests to determine if it could hold cryptocurrencies as reserves. According to a Bloomberg report, Petrleos de Venezuela, S.A. the Venezuelan state-owned oil and natural gas company, is seeking to send Bitcoin and Ethereum to the central bank and have the monetary authority pay the oil companys suppliers with the tokens.

The Dark Knight, Bitcoin, on the other end has plunged to its 4-month lowest. After losing $2K price this week, Bitcoin is currently trading at $8.2K

Lets take a look at leading crypto news of the week!

In connection with the massive GainBitcoin scam, the Supreme Court of India (SC), on September 27, rejected the GainBitcoin founder and key accused in the scam Amit Bhardwajs application seeking to deposit INR 2 Cr instead of INR 10 Cr as directed on April 3, this year.

The SC, while granting bail, also directed Bhardwaj to co-operate with the ongoing investigation. However, yesterday sourced told Inc42 that the Enforcement Directorate (ED), Mumbai investigative officer and representative submitted in the court that despite having served three summons in the last six months.

Following the intimation, the two-judge bench, comprising of Justice Rohinton Fali Nariman and Justice V Ramasubramanian, rejected the application seeking to deposit INR 2 Cr. However, the apex court has extended the submission deadline of INR 10 Cr by three months.

San Francisco-based fintech startup SoFi, known for offering variable and fixed-rate parent, personal, and MBA loans, mortgage refinancing, has now added crypto trading to its SoFi Invest platform.

SoFi Invest claims to be the first platform to offer automated and active investing with stocks, ETFs, and crypto through a single app.

SoFi CEO Anthony Noto said,

Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,

London-based, barely a year-old crypto startup, Skew which offers institutional-grade data analytics to the digital asset space has closed Seed funding worth $2 Mn. Led by First Minute Capital, other players like Kleiner Perkins, Kima Ventures and Seed Camp also participated in the round.

With the funding, the startup has announced to launch a data analytics platform called skew Analytics dedicated to the fast-growing crypto derivatives markets.

Chinese major Bitmain has announced plans to launch a platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map (WDMM). To remain price-efficient, owners of mining hardware are regularly on the lookout for locations with the right conditions and power resources for cryptocurrency mining. The WDMM will be the first global resource to connect them with mining farms who have the available power resources to host them for a fee, said the company.

Matthew Wang, Director of Mining Farm of Bitmain commented,

The WDMM will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardwares lifetime and to support the sectors overall growth.

Read more here:

Cryptocurrency This Week: Bitcoin Plunges $2K, SC Rejects Amit Bhardwajs Latest Plea And More - Inc42 Media

Sophomore finance majors Evan Thorell, William Turner and Peter Rasmussen connected with each other throughout high school and their freshman year of college because of their mutual interest in cryptocurrency.

Evan Thorell is the president of the Cryptocurrency Club. He said the club has 25 members and meets biweekly on Tuesdays from 5:30 p.m. to 6:30 p.m. Other officers include treasurer and graduate student William Turner, primary programmer Peter Rasmussen and advisor Steve Hegemann, an assistant professor of accountancy. The three students said they founded the club because of their mutual interest in cryptocurrency. More specifically, they all want to educate UNL students about this new and exciting form of commerce.

According to Thorell, a typical meeting of the Cryptocurrency Club starts out with the explanation and discussion of a large topic within cryptocurrency like mining, blockchain or trading techniques. The group also covers current events such as a recent development in France.

Thorell also said there is a Coin of the Week segment during the meetings where students interested in investing in cryptocurrency can learn the differences between scams and legitimate cryptocurrency.

The Cryptocurrency Club is one of a kind, Rasmussen said. The club hopes to inform and teach members the basics of different coins and the technology behind them.

Thorell said he originally became interested in cryptocurrency after joining a club at the University of Arizona, and he decided to carry this interest over to UNL when he transferred.

I realized its potential with tech and innovation, he said. In a way, it is really mimicking the Internet, where it is only being used by criminals and nerds.

Thorell said that the club tries to avoid using difficult vocabulary for new members, but they often have in-depth discussion when questions arise.

Cryptocurrency is very interesting to me because it is an unknown, Thorell said. Its new, different and challenges ideas. If you know the potential in it, you could be the next Amazon.

Turner said he joined the club because he had some previous experience with cryptocurrency and margin trading.

I havent really been involved with clubs in the past, so I was really excited, he said. [Evan] told me the overview of the club, and I agreed with what he wanted to make of it.

Turner also said he sees a lot of potential in the future of cryptocurrency.

It will be very important in the future, he said. In five to ten years, the world will revolve around crypto, or it will be a lot bigger in the eyes of users.

Thorell said he is passionate about cryptocurrency as a future market. Even so, he said he has hopes for the long-term existence of the Cryptocurrency Club and its continuation after he graduates.

If youre joining the club, youre a believer in change ... you want to change something about society, he said. Its a place for motivated people to do something and find other motivated people.

news@dailynebraskan.com

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Cryptocurrency Club created to educate students on new form of commerce - Daily Nebraskan

WELLINGTON, New Zealand--(BUSINESS WIRE)--BitHarp Group Limited ( http://www.BitHarp.com ), an experienced manufacturer of crypto mining hardware, is now a favorite name amongst individuals interested in profitable crypto mining from the comforts of their home. The companys recently launched products Lyre Miner and Harp Miner have initiated a new age in cryptocurrency mining, offering low heat and noise mining hardware that can be placed within limited spaces at home. Users can start earning profits immediately as the pre-configured mining rigs just require plugging in, choosing the preferred coin, and entering the pool data.

The most attractive benefit of Lyre Miner and Harp Miner is the ability of these products to generate quick return on interest for all users. This has been made possible by delivering high hash rate powers that are second to none in the market. Hash rate is a general measure of the processing power of crypto mining rigs. For the miners, a higher hash rate means increased profit-making opportunity and receiving block reward. Moreover, Lyre Miner and Harp Miner support profitability with their low energy consumption.

The hash rate powers delivered by Lyre Miner and Harp Miner are mentioned below.

Bitcoin: 335 TH/s (Lyre Miner) & 2000 TH/s (Harp Miner)

Litecoin: 55 GH/s (Lyre Miner) & 300 GH/s (Harp Miner)

Ethereum: 14 GH/s (Lyre Miner) & 75 GH/s (Harp Miner)

Dash: 9 TH/s (Lyre Miner) & 50 TH/s (Harp Miner)

BitHarp is one of the earliest companies in this market to create products that are suitable for casual crypto enthusiasts mining from their home without much knowledge or experience," said Daniel Cox, Engineering Director from BitHarp. Lyre Miner and Harp Miner were designed to make crypto mining easy and affordable for them. It is a great pleasure for us to see many beginners earning profits using BitHarp mining rigs from home.

To find out more about Lyre Miner and Harp Miner, please visit https://www.bitharp.com/

About BitHarp: BitHarp is a New Zealand based cryptocurrency manufacturer of the most high-performance and flexible Mining rigs built with the goal of making mining easier and more profitable for investors.

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Fast ROI in Home Cryptocurrency Mining With BitHarp - Business Wire

Following what can only be described as a gut-wrenching August for ether holders, Ethereum now appears to be on the road to recovery, having gained more than 5.5% in the last 24 hours.

Ethereum has been witnessing back-to-back gains since the beginning of September, growing by more than 18.4% in this time. As it stands, ether is now teetering above the $200 price point, currently sitting at $201.27up 12% in a single week.

Ether is currently up more than any other top 10 cryptocurrency in terms of 24-hour gains, though practically the entire market is also in the green. Outside of the top ten coins by market cap, Cosmos (ATOM), Tezos (XTZ) and TRON (TRX) are performing particularly well, gaining at least 5% in the last 24-hours.

Besides its incredible price growth, Ethereum has also been growing in other areasone of which is daily transaction fee revenue. Since around June 2019, the Ethereum network has been gradually catching up to Bitcoin (BTC) in this area.

According to Coin Metrics, Ethereum recently hit $182,899 in daily transaction fees, which is just shy of the $185,993 achieved by the Bitcoin network. This is notable because back in 2017, Bitcoin usually had around 10-25x higher fees than Ethereum, showing that Ethereum has gained significant ground in the past two years.

However, this is largely due to Tether's increasing use of Ethereum as it switches over from Bitcoin. But can the network handle the massive influx of transactions?

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Ethereum leads cryptocurrency market over past week - Decrypt

India is seeing the first signs of an anticipated brain drain, as the government mulls stark legislation that would criminalize domestic cryptocurrency investments.

A Sept. 16 Economic Times report has taken the measure of industry sentiment on the ground, as aproposed blanket ban currently still in the form of draft legislation awaits its formal review process by lawmakers.

As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.

The severity of the proposed penalty and the extreme position reflected in the document whether or not and in what form it eventually becomes national law is already prompting local crypto businesses to take pre-emptive measures to protect themselves.

Rahul Jain an employee at formerly domestic exchange Bitbns told the Economic Times:

As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.

Nischal Shetty, CEO and founder of well-known Indian exchange WazirX has meanwhile argued that the proposed bill is poised to erode the wealth of over five million Indians who own crypto assets worth thousands of crores.

The executive said that the arbitrary decision to criminalize crypto-asset investment would destabilize existing businesses that have been operating legitimately and make the country an unfortunate pioneer in its role as the first large democracy to ban an innovative technology such as crypto.

While local opinions differ as to whether or how the bill will evolve into a definitive statutory shape, the Economic Times sources were unanimous in viewing the summers developments as a retrograde move for the country. Shetty said:

As a country largely reliant on the services sector, India will lose its edge as a technological power if the ban on crypto is enforced. Shunning this industry will mean massive job losses and a brain drain [...] Crypto is predicted to be a $10 trillion industry in the next five years, and if we are to achieve our Prime Ministers goal being a $5 trillion economy, then crypto is integral to that vision.

As reported this August, Sidharth Sogani CEO of crypto and blockchain research firm Crebaco Global Inc - has forecast that India will lose around $12.9 billion worth of market if cryptocurrency is eventually banned in the country.

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Bitcoin Ban Means Massive Brain Drain for India, Crypto Industry Warns - Cointelegraph

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion; an average daily trading increased to $67 billion, while Bitcoin's market dominance retreated to 67.4%, which is the lowest level in more than a month.

North Korea wants to create its own digital currency to escape international sanctions and bypass the dollar-based financial system

Read more: North Korea builds its own version of Bitcoin

At the time of writing, BTC/USD is changing hands at $9,870, having recovered from the intraday low registered at $9,600. The first digital coin has lost about 3.5% of its value in recent 24 hours and settled below critical $10,000 amid high market volatility.

Ethereum, the second-largest digital asset with the current market capitalization of $22.4 billion has lost over 3% in recent 24 hours and 1.7% since the beginning of the day to trade at $208.87. A strong growth above critical $200.00 improved the longer-term technical picture; however, we will need to see a recovery above $210.00 to mitigate the immediate bearish pressure.

Ripple's XRP dropped below critical $0.30 amid strong technical correction from the intraday high of $0.3127. The coin is down 6% since the beginning of the day and 2% in recent 24 hours.

Read more from the original source:

The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red - FXStreet

(From left to right) Vince McPhilip M.B.A. 18, Chengdiao Fan Ph.D. 14 and Nicolas Kokkalis Ph.D. 13 cofounded the cryptocurrency network Pi Network with visiting student researcher Aurlien Schiltz. (Photo: Benjamin Mattingly)

Though it began just this year, the Pi Network already has more than 500,000 users, and it aims to be accessible to everyone with a smartphone. Nicolas Kokkalis Ph.D. 13, Chengdiao Fan Ph.D. 14, Vince McPhilip M.B.A. 18, and visiting student researcher Aurlien Schiltz launched the network on March 14.

People generally rely on third parties to guarantee safe and reliable financial transactions. Often the third party is a bank or service such as PayPal, which costs consumers money and often places limitations on transactions. A purpose of cryptocurrencies such as bitcoin is to remove the need for a third party and its rules or fees, making financial interactions more free and beneficial for both parties involved. Bitcoin served as one of the inspirations for the Pi Network, which set out to re-imagined bitcoin as a social, mobile-first currency.

Cryptocurrency and blockchains have the potential to decentralize financial and legal services in the same way that the internet decentralized information and media, Fan wrote. Unfortunately, in their current state, most cryptocurrencies remain out of reach of the everyday people who could most benefit from the technology.

Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community. The team believes this meritocratic principle, as well as Pis inclusivity, are positioning it to become the worlds most widely used cryptocurrency.

We have dedicated our careers to unlocking human potential, the team wrote in a statement to The Daily. We were drawn to blockchain by its potential to achieve this goal on a global scale.

Instead of relying on the energy-intensive algorithm used by Bitcoin to verify users, Pi secures its ledger when members vouch for each other as trustworthy.By using social security circles instead of an intense algorithm, Pi can be used through a free application on a typical smartphone. These interlocking security circles create a global trust graph showing who can be trusted to record transactions. This approach allows users to contribute to crypto mining directly from their phone by leveraging their existing social connections, with no financial cost, minimum battery drain and a lighter footprint on the planet.

Though Stanford did not provide any resources to the project, Pis founders note that it was largely shaped by experiences the team had at Stanford, including advice from and interactions with Stanford faculty such as computer science professors Michael Bernstein and David Mazieres, as well as bioengineering professor Jan Liphardt.

When Kokkalis taught CS 359B: Decentralized Applications on Blockchain in spring 2018, Fan helped organize the lectures and Schiltz was a teaching assistant for the class. The group wrote that, during that course, they saw how inaccessible blockchains were to mainstream audiences, as well as the difficulty decentralized application developers faced in reaching users. McPhilip added that his experience building the Stanford Blockchain Collective demonstrated to him that many people failed to see the relevance of blockchain.

Bioengineering professor Liphardt believes there may be applications for blockchain in healthcare, identity, and law, such as for more efficiently storing and transacting medical data. Liphardt worked with Kokkalis in Stanfords Distributed Trust Initiative, which focuses on understanding the possible real-world uses of blockchains and related technologies.

However good your technology is, if people cant or dont use it, its not going to have much impact, Liphardt told The Daily. Whats notable about the Pi team is their focus on usability and broad adoption they are making the technology easy to use and are exploring ways of incentivizing people to keep using it.

The team members wrote that their common goal in making cryptocurrency more accessible, along with their diverse backgrounds, enabled them to bring the concept into reality.

Toward the end of Kokkalis postdoc with Bernstein, he and other members of the team began researching how to make blockchain accessible to mainstream audiences, specifically relating to human computer interaction. They met regularly, beginning with work on low-fidelity and software prototypes.

HCI is all about identifying unstated needs and assumptions in the computational systems that we inhabit, and rapidly iterating our way toward a solution that addresses them, Bernstein wrote. In addition, our research thinks deeply about how to design systems that encourage massive online participation I think this project is, in some sense, a marrying of his original research interests in distributed systems together with his [Nicholas] more recent Ph.D. and postdoc in HCI and social computing.

According to Fan, building the worlds most widely distributed and used cryptocurrency is a multifaceted problem, involving distributed systems, cryptography, economics, law, politics and social sciences. She believes Stanfords interdisciplinary collaboration and approaches will provide the talents needed to achieve this vision.

I like to joke that an anthropologist, two computer scientists, and a businessman walked into a bar and asked, How do we bring the power of cryptocurrency to everyday people? We all then decided to start a company together and eventually launched Pi Network on Pi Day 2019, McPhillip wrote.

The Pi project is currently in Phase 1, as outlined on the projects website, and the team is also looking for students to help in the areas of distributed systems, back-end and frond-end development, social scientists, economists and businesspeople.

Contact Siddhant Gupta at siddhantg.me at gmail.com.

We're a student-run organization committed to providing hands-on experience in journalism, digital media and business for the next generation of reporters.Your support makes a difference in helping give staff members from all backgrounds the opportunity to develop important professional skills and conduct meaningful reporting. All contributions are tax-deductible.

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Stanford grads develop cryptocurrency for smartphone users to increase its accessibility - The Stanford Daily

The Libra Association likely has a lot more hurdles ahead according to one expert. (Photo by Chesnot/Getty Images)

The Libra Association, the group behind Facebooks Libra digital asset, publicized its intentions and actions to obtain certification from Switzerlands financial regulating body, FINMA, last week on September 11. On the same day, FINMA published its view on stablecoins (digital assets pegged to currencies), while also acknowledging the Libra Associations efforts for approval. The Libra Association and its digital asset are clearly deep in the woods of uncertainty in terms of regulation, according to Forrester Research vice president and principal analyst Martha Bennett.

The key take-away from the guidance issued by FINMA is confirmation that the Libra Association really has a steep hill to climb, Bennett said to me in an email.

Based in Geneva Switzerland, the non-profit Libra Association, formed of 28 sizable companies, will be in charge of the "Libra Reserve," the multiple financial assets and products that will back the Libra digital asset, Libras whitepaper stated. The whitepaper also included plans to increase the number of companies in the Libra Association to 100.

Since Facebook published Libras whitepaper earlier this year on June 18, the project has faced significant regulatory resistance, starting with government representative Maxime Waters calling for a halt on the endeavor, made public the same day the whitepaper saw release, according to a CNBC report.

The Libra Association published a press release on September 11, detailing its recent request with the Swiss Financial Market Supervisory Authority FINMA. The Libra Association has submitted a request for a ruling to clarify the regulatory status of the Libra Association and the Libra Coin and intends to file an application for a license as a payment system, the press release detailed.

Also on September 11, FINMA published a set of guidelines concerning regulation of stablecoins, also noting it received a request from the Geneva-based Libra Association for an assessment of its Libra project under Swiss supervisory law.

Bennett referenced FINMAs published guidelines, drawing a few conclusions. FINMA has made it clear that a) all applicable regulations regarding KYC and AML would have to be observed (this was already obvious), and b) a payment system license from FINMA may not be enough. FINAMA particularly noted the latter in its guidelines, stating, "Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system and therefore be subject to such additional requirements."

FINMAs guidance also included specific terminology that might complicate Libras regulatory journey, Bennett explained. The use of the phrase bank-like risks also provides a hint that Libra - depending on how the token is structured and administered, and how the fund is managed - could end up being regulated like a bank. This is something Libra (and Facebook) would want to avoid, she said.

A stablecoin is cryptocurrency and blockchain industry jargon for a digital coin or token backed by a currency, seeing value pegged to said underlying currency. In Facebooks case, the Libra can be classified as a stablecoin of sorts, although, the FINMA guidelines also make it clear that calling something a stablecoin makes no difference, Bennett said. [E]ach and every construct will be assessed and judged on its own merits, she added.

Facebooks Libra Had A Weak Spot In Its Technology

According to Bennett, it is important to keep in mind that the technology developed by Facebook is still early-stage, as shown in the discovery of a vulnerability in the new scripting language (Move), which Facebook/Calibra developers [have] been working on for the Libra blockchain, Bennett said. It was quite a serious vulnerability, and it's of course been patched. But it serves as a useful reminder that writing bug-free code is difficult; the stakes are of course much higher when moving into uncharted territory, with a lot [of] value at stake.

France Doesnt Want The Libra

A member of the finance department in France also spoke out against the Libra at a Paris Organization for Economic Co-operation and Development (OECD) conference on September 11, a CNBC report said. French Finance Minister Bruno Le Maire said Thursday Facebooks proposed cryptocurrency libra would put the sovereignty of governments at risk, CNBC reported. In these conditions, we cannot authorize the development of [L]ibra on European soil, Le Maire said, as reported by CNBC.

The French [f]inance [m]inister also said at the same event that Facebook had apparently not responded to any of the concerns voiced by any of the European regulators and government representatives, Bennett said. To operate within the EU, Facebook would need to obtain a license in at least one of the EU countries, she added. So far, no application appears to have been made.

A breaking development just one day later revealed France and Germany officially banning the Libra asset, a September 13 Reuters brief noted. [N]o private entity can claim monetary power, which is inherent to the sovereignty of nations, a joint statement from France and Germany said, according to Reuters coverage.

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FINMA Application From Facebooks Cryptocurrency Libra Might Not Be Good Enough To Satisfy Regulators - Forbes

The cryptocurrency market is back to the recent default settings; painted red everywhere. This comes after corrected higher three days in arrow. Ethereum, the largest altcoin in the market tested $215 resistance after a period of being lethargic between $190 and $180. Ripple broke above several resistance levels to trade close to $0.32 while Bitcoin Cash hit new September highs above $320.

Among the biggest daily losers on Thursday during the Asian session is Ripple. The crypto left $0.32 untested during the unique rally staged earlier in the week. Failing to break the above resistance level left a gap that the bears are wasting no time to explore. After opening the session at $0.3137, the selling action hit a low at $0.2956. A minor correction adjusted the price to the current $0.3045 but Ripple is still faced with a 3.94% loss on the day.

NEO was not left behind by what was termed as the beginning of the altcoin season. However, just as quickly and surprising the gains hit the market, it is the same way a retreat has grappled NEO. A significant increase in trading volumes has been witnessed from $221 million on Sunday to the current $354 million. Although, the market capitalization rose to $716 million it has corrected to $691 perhaps to the current drop in price.

NEO is currently trading at $9.75 following a 3.6% lower correction on the day. It hit highs of $10.15 on Wednesday amid the general bullish pressure among the altcoins. For now, the path of least resistance is to the south. However, a correction above $10 will ensure NEO avoids further drop.

Monero, on the other hand, is also caught up in the retracement from the short-lived recovery. Down 3.96% on the day, the crypto is exchanging hands at $77.93. XMR touched highs around $81.65 before extending the bearish arm to lows of $77.21. The prevailing trend is generally bullish with the buyers fighting to pull back above the key $80.00 level.

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Cryptocurrency market update: Ripple, NEO and Monero dump as altcoins' short-lived boom takes a breather - FXStreet

The Securities and Exchange Commission (SEC) has sued ICOBox, and its founder Nikolay Evdokimov, for allegedly running an illegal token sale worth more $14.6 million.

According to the complaint, ICOBox raised the funds in 2017 to create a platform for issuing initial coin offerings (ICOs). The SEC says the firm sold its ICOS tokens to more than 2,000 investors without registering them as securities.

Defendants allegedly claimed the tokens would go up in value upon trading and that ICOS token holders would be able to swap them at a discount for other tokens available on the ICOBox platform.

The complaint says the ICOS tokens are virtually worthless and further alleges that ICOBox failed to register as a broker, but operated as one by facilitating ICOs for other startups. In total, these raised over $650 million for dozens of clients.

By ignoring the registration requirements of the federal securities laws, ICOBox andEvdokimov exposed investors to investments, which are now virtually worthless, without providing information that is critical to making informed investment decisions, said Michele Wein Layne, regional director of the Los Angeles Regional Office.

ICOBox and Evdokimov are charged with violating the registration requirements of the federal securities laws. The SEC is seeking injunctive relief, disgorgement with prejudgment interest, and civil money penalties.

As you might expect, this isnt the first time the SEC has takenaction against outfits it deems are operating outside the confines of its rules and regulations.

In November last year, itchargedthe founder of cryptocurrency trading platform EtherDelta, Zachary Coburn, with running an unregistered national securities exchange.

At the time, the order claimed EtherDelta facilitated more than 3.6 million trades for ERC20 tokens, many of which purportedly fall under local federal securities laws.

More recently, the SEC settled a fine with a Russian firm that was pushingICOswithout disclosing the fact that it had accepted payment to do so.

ICOs may no longer be in fashion these days, but the SEC is still doing its best to make sure the dodgy ones face the music.

Want more Hard Fork? Join us in Amsterdam on October 15-17 to discuss blockchain and cryptocurrency with leading experts.

Published September 19, 2019 09:58 UTC

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SEC sues cryptocurrency startup ICOBox for selling $14.6M worth of unregistered tokens - The Next Web

EOS is a big deal in the world of cryptocurrency: It had the largest Initial Coin Offering so far in history, at $4 billion last year.

It's also the primary challenger to leading cryptocurrency project Ethereum's supremacy.

The blockchain platform is currently ranked 7th among all cryptocurrencies, boasting a market cap just above $3.8 billion. Its Cayman-based parent company, Block.One, took a year to raise the ICO funds -- which is akin to an IPO in the business world -- that were ultimately used to launch the network.

The platform has drawn criticism, however, mainly for the 21 delegates who validate transactions on the network, as the model is quite centralized. Much like its primary competitor, Ethereum, EOS aims to become a scalable and an efficient platform, supporting the creation of decentralized applications (DApps).

EOS' Fundamental Crypto Asset Score (FCAS) climbed 0.77% over the last 3 weeks, driven by a 27-point (2.96%) spike in User Activity. Developer Behavior is down 7-points (-0.76) and Market Maturity fell 2-points (-0.26%). Price is up 14.93% over the same time period.

The trailing three weeks have been an interesting time for the EOS team, underscored by some beneficial developments for the protocol, as well as a pair of troublesome trends. Positive news first emerged on Aug. 25, with the announcement that crypto custodian BitGo would be supporting EOS with the launch of a multisignature wallet and custody services. As one of the leading custody providers in the space, BitGo support will greatly improve the liquidity and accessibility of the EOS asset.

Then about a week later, "ICS Money Talks," an English-language business program in China, ran a segment focused on a major EOS-based gaming DApp, extolling the great potential of blockchain-based gaming. This was a major boon for EOS awareness overall, increasing demand for the asset and further establishing the platform as a foundation for DApp development.

This up-streak seemingly came to a halt, however, on Sept. 14, when a hacker managed to exploit a bug in an EOS-based gambling game, EOSPlay, making off with about $110,000 in the cryptocurrency. Conflicting reports emerged that the attack had overwhelmed and halted the blockchain, while others denied the full-stop occurred. Ironically, the attack pushed EOS' price to balloon more than 8% in the trading hours that followed.

Now, news emerged that LiquidApps, an emerging second-layer solution meant to improve the EOS scalability, has only managed to raise $2.8 million in its own year-long ICO. The lack of funds is an indication that ICOs as a vehicle for fundraising are becoming less effective, as well as the public's understanding and demand for Layer 2 solutions on top of EOS is lacking.

Navigating a public blockchain project onto the uncharted waters of the cryptoverse is a daunting task. Balancing volatile market dynamics, solving development challenges, finding product market fit, and driving user adoption can often feel like spinning plates upon thin-whittled sticks. What makes the journey easier, of course, is capital, and EOS has plenty of it. Its $4 billion ICO has provided the project with the means to drive development through extensive support for developers and open-source initiatives aimed at fostering a supportive and cohesive community.

Nevertheless, as a public blockchain with the ultimate goal of becoming decentralized, EOS has its work cut out for it. The efficiency of the current blockchain relies heavily on the 21 delegates who process transactions, many of whom are concentrated in China. However, the protocol does select these delegates through on-chain voting, so there are ways to better distribute influences on the network moving forward. Regardless, EOS is here to stay and stands as a premier platform for the creation of decentralized applications.

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Cryptocurrency in Focus: EOS Has Deep Pockets, but Faces Challenges Ahead - TheStreet.com

Newly appointed officials in the Internal Revenue Services Small Business/Self-Employed division plan to make changes in the agency's strategy for dealing with collections and enforcement in the area of cryptocurrencies like Bitcoin and Ethereum.

Eric Hylton, who was recently named commissioner of the SB/SE Division, along with Darren Guillot, the new deputy commissioner for collection and operations support in SB/SE, and De Lon Harris, the deputy commissioner for examination in SB/SE, spoke during a conference call with the media last week about their plans. They began their new roles at the IRS on September 1, but they all previously worked in various parts of the IRS before being promoted to top jobs at SB/SE.

Hylton said cryptocurrency would be one focus, as well as syndicated conservation easements and micro-captive insurance. The IRS announced this week that it has begun sending letters to taxpayers who have been under audit for participating in micro-captive insurance tax schemes (see IRS offers to settle with insurance tax scammers).

As weve been looking at things initially, we are formulating our priorities, but obviously cryptocurrency is an area that we want to look at, and take a strong look from an examination and collection standpoint as well, he said. We are also thinking about syndicated conservation easements, and microcap insurance. Those are the areas where I think we will be taking a look at, but we will be solidifying priorities in the coming months. But cryptocurrency is an emerging issue, and we are collaborating with the Large Business & International office on that, as well as to the extent possible [Criminal Investigation].

Pamela Au/wingedwolf - Fotolia

Guillot explained that the IRS has been training its revenue officers in how to determine the value of cryptocurrency and to ask taxpayers whether they have any. From a collection standpoint, we have spent a considerable amount of time and effort over the past year making sure that the revenue officers throughout the country have training on how to detect, evaluate and determine the value of virtual currencies, and also where taxpayers are not in compliance, he said. Enforcements our last resort. Its never our first resort. But where taxpayers are not working to resolve their tax balances with us amenably, or are in possession of virtual currency, we have trained our employees on how to value those assets and seize them.

The IRS has been taking advantage of data analytics technology to determine whether taxpayers own any cryptocurrency. We have a number of analytical tools that have given us access to learning about taxpayer cases, where they are potentially the owners of a virtual currency, said Guillot. We will routinely ask taxpayers as part of a financial interview whether or not they possess virtual currency. Its important that theyre forthcoming with us and tell us whether they have that virtual currency. The IRS treats virtual currency like an asset. It doesnt mean that theyve done anything wrong. Its just important when we ask you about whether you have virtual currency to be straightforward with us and let us know that you have that virtual currency.

Harris has plans for further leveraging data analytics at the IRS. Data analytics is playing a big role, not only here at the IRS, but out in the world in general, he said. I plan on looking at how we can more effectively use data analytics to make sure that we are getting the right work out there to the revenue agents to do examinations. I kind of look at that as also being a taxpayer service initiative. We certainly dont want people out there knocking on doors doing audits where theres nothing to find, but we want to make sure that we are looking at the returns with the highest risk for noncompliance. So well be looking at how were using data analytics at SB/SE and Ill be getting briefed on that and how we can strengthen that in the selection of casework.

Taxpayers should still be careful that they are dealing with genuine IRS agents and revenue officers when they open their doors to a potential examiner. With the proliferation of impersonation schemes, and concern about whether people are meeting with authentic revenue officers or revenue agents out in the field, the revenue officers almost always make unannounced field visits thats really important and carry sufficient forms of identification with them so that taxpayers can verify that they really are with the Internal Revenue Service. And theres more information at IRS.gov about how to do that.

The IRS plans to focus on cases where there appears to be genuine evidence of fraud, whether its in the cryptocurrency area or another. Consistently, were looking for quality cases, whether its audit, collection or different things of that nature, said Hylton. If you see that theres badges of fraud that are associated with a particular audit for a collection case, what we want to do is emphasize that could be potentially a referral to CI. There is no set percentage that were striving for. We want to increase that relationship with CI going forward, but as the Commissioner [Charles Rettig] has expressed before, if there are abuses of the tax law, we will pursue them and we will pursue them vigorously. Thats really our emphasis.

Read the original:

IRS small business unit pivots to cryptocurrency enforcement - Accounting Today

Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China.

According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Polices Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11.

Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China.

Immigration Commissioner Jaime Morente said that the Chinese government cancelled the passports of all the employees, which made them illegal workers in the Philippines. Officials arrested 277 employees of the firm, all of whom are Chinese nationals.

An unnamed source told Inquirer.net that Grapefruit is an authorized service provider of Golden Millennial Quickpay Inc. Ltd., which operates under a special license from the Cagayan Economic Zone Authority (CEZA).

CEZA a government-owned corporation oversees the Cagayan Special Economic Zone and Freeport, which is a special economic area in the north of the country. Also known as the Cagayan Freeport, the zone aims to attract foreign and local investment. The Philippine government began allowing cryptocurrency firms to operate there in April 2018.

Inquirer.net states that the firm was operating outside of the designated zone, and thus had run afoul of Philippine financial regulations.

At the beginning of this year, the Philippine Securities and Exchange Commission (PSEC) postponed the issuance of final regulations for initial coin offerings (ICO), having introduced a draft version in August 2018.

In the draft, the PSEC stated that the tokens emitted during an ICO should be classified as securities, and therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.

In February 2019, CEZA introduced a set of rules governing digital asset token offerings. The rules were designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of utility and security tokens.

Read this article:

Report: Philippine Police Raid Alleged Cryptocurrency Scam, Arrest 277 - Cointelegraph

HELSINKI (Reuters) - France and Germany said on Friday that Facebook Incs (FB.O) Libra currency posed risks to the financial sector that could block its authorization in Europe, and backed the development of an alternative public cryptocurrency.

FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

The criticism came as the European Central Bank said it was working on a long-term plan to launch a public digital currency that could make projects such as Libra redundant.

Virtual currencies pose risks to consumers, financial stability and even the monetary sovereignty of European states, Frances finance minister, Bruno Le Maire, and his German counterpart, Olaf Scholz, said in a joint statement issued at a meeting of euro zone finance ministers in Helsinki.

France and Germany consider that the Libra project, as set out in Facebooks blueprint, fails to convince that those risks will be properly addressed, they said.

The 19-country euro zone bloc is united in pursuing a tough regulatory approach should Libra seek authorizations to operate in Europe, officials said at the meeting.

It is also considering a common set of rules for virtual currencies, which are currently largely unregulated.

The currency union has worked in past years on several plans to make digital payments cheaper and faster, but none of them has properly taken off so far.

The Libra Association, a 28-member organization Facebook is setting up in Switzerland to manage the currency, said it welcomed the feedback.

Members are committed to working with regulatory authorities to achieve a safe, transparent and consumer-focused implementation of the Libra project, Dante Disparte, the groups head of policy and communications, said in a statement.

WAKE-UP CALL

Plans unveiled in June by U.S. social media giant Facebook to launch its own digital currency, Libra, for payments among its hundreds of millions of users in Europe and around the world have triggered a rethink.

Libra was a wake-up call, European Central Bank (ECB) board member Benoit Coeure told a news conference in Helsinki after a meeting of euro zone finance ministers.

He said Libra had revived efforts to widen the uptake of an ECB-backed project for real-time payments in the euro zone, known as TIPS. The project, launched last year, has been met with caution by banks.

We also need to step up our thinking on a central bank digital currency, he added, unveiling a so far little-known plan.

An ECB official said the project could allow consumers to use electronic cash, which would be directly deposited at the ECB, without need for bank accounts, financial intermediaries or clearing counterparties.

These actors are all needed now to process digital payments, but may no longer be necessary if the ECB took over their functions, slashing transaction costs. Libras plan also would do without financial intermediaries.

Work on the ECB project started before the launch of Libra and could last months or even years, Coeure said. The technical feasibility remains to be seen and opposition from banks is likely. He will present a report on virtual currencies to G7 finance ministers next month, officials said.

Le Maire said one of the purposes of this initiative was to make sure that banks reduce fees on international payments.

We encourage European central banks to accelerate work on issues around possible public digital currency solutions, Le Maire said in the joint statement with Germanys Scholz.

While euro zone ministers seem united on a tough regulatory line on Libra, it is less clear whether they agree to set up common rules for virtual currencies.

The EUs financial services commissioner, Latvias Valdis Dombrovskis, is always careful to underline that cryptoassets are an opportunity as much as a threat.

The EU does not have specific regulations on cryptocurrencies, which until Libra was unveiled had been considered a marginal issue by most decision-makers because only a tiny fraction of bitcoins or other digital coins are converted into euros.

New EU-wide rules came into force last year to increase checks on virtual currencies trading venues with the purpose of reducing risks of money laundering and other financial crime.

But apart from that, virtual currencies move in what is largely a legal limbo in the EU, as regulators have not yet managed to agree on whether to treat them as securities, payment services or currencies in themselves - the latter option being ruled out by most.

In the absence of specific regulations, EU officials are assessing whether existing rules governing financial instruments could apply, but have so far reached no conclusion.

When asked whether Libra would need a license to operate in the EU, a spokeswoman for the European Commission told Reuters that an authorization would likely be necessary. But with the publicly available information on Libra, it is currently not possible to say which exact EU rules would apply, she added.

In Switzerland, Libra is applying for a payment service license, although it could face rules that typically apply to banks, regulators in the non-EU Alpine state said on Wednesday.

The EU-wide legal vacuum has paved the way for smaller states to fill it. Tiny Malta, which already hosts the blocs largest online gambling industry and an outsized finance sector, has devised its own framework to attract virtual currency operators.

It is unclear whether Malta and other smaller EU states would agree with Le Maires tough stance on Libra and cryptocurrencies.

Reporting by Francesco Guarascio; Additional reporting by Joseph Nasr in Berlin and Katie Paul in San Francisco; Editing by Louise Heavens and Matthew Lewis

The rest is here:

France, Germany blast Facebook's Libra, back public cryptocurrency - Reuters

American e-commerce giant Overstock hopes to liberalize its planned digital dividend shares trading.

According to a Sept. 18 news release, Overstock is working with regulatory authorities on making its digital asset-based dividend freely tradable by non-affiliates following distribution.

As such, the company will not have to put its dividend shares on the six-month holding period as required under Rule 144 enforced by the United States Securities and Exchange Commission. Commenting on the development, interim CEO of Overstock Jonathan Johnson said:

We have received a great deal of interest surrounding our Series A-1 dividend from shareholders, broker-dealers, regulators, and the general market. [...] It also introduces blockchain technology to enhance the investor experience. It is an important step on the journey to demonstrate that blockchain technology has enormous potential to transform society for the better.

The record date for the dividend was initially set for Sept. 23, while the distribution date for the dividend was scheduled for Nov. 15. In light of the latest developments, these plans are being postponed.

As previously reported, Overstock's digital dividend will be payable at a ratio of 1:10, which means that one share of Series A-1 will be issued for every 10 shares of common stock. Existing Series A-1 shares can now be traded on the Pro Securities alternative trading system, powered by technology owned by Overstocks blockchain subsidiary tZERO.

A recent report by the New York Post claims that Overstocks former CEO, Patrick Byrne, designed the digital asset-based dividend in an effort to thwart short sellers. The newspaper reported thatshort sellers did not want to get stuck with blockchain-based dividends and began to unwind their short positions ahead of the previously planned dividend date, driving up Overstocks stock price.

In August, tZERO announced plans to allow the public to trade its security tokens. At the time, CEO Saum Noursalehi saidthe company was expecting as many as 50,000 new investors, who had already bought Overstock shares, to begin trading their digital security tokens.

See the original post:

Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend - Cointelegraph

In a Nutshell: The idea of cryptocurrency is more widespread among the general public than it was just a couple of years ago. But many people are still unaware of the technical aspects of how it works, much less how to use it. The Divi Project is working to reduce those barriers by creating a user-friendly experience that allows nearly anyone to set up a master node and begin earning with the click of a button. And its forthcoming smart wallet will remove the pain points of the crypto transaction process so users can focus on their end goals and not the technical details that get them there. The company is working hard to promote the widespread adoption of cryptocurrency in the coming years, through both its innovative technology and its strong community of supporters.

Cryptocurrency is in a strange place.

On one hand, digital currencies seem ubiquitous in the news as price fluctuations are met with a deluge of articles featuring experts speculating on the staying power of crypto.

On the other hand, any action beyond purchasing and holding crypto is a mystery to many consumers.

Thats why the Divi Project is working to make the benefits of cryptocurrency accessible to anybody. In fact, the companys motto is Cryptocurrency made easy.

Think of it this way: cryptos currently are like MS-DOS in the early 1980s. The Divi Project is bringing the user experience of Apple with the social genius of Facebook in its blockchain/smart-wallet system, according to the company white paper.

We recently spoke with Divi Co-Founder and CIO Nick Saponaro about the companys background, the innovative technology its introducing to the blockchain ecosystem, and the future of Divi.

We started out in 2017 with one goal in mind, which was to make digital finance more accessible to everyone specifically cryptocurrency, of course, which is still, to a pretty major extent, inaccessible to non-technical users, Saponaro said.

With more traditional companies such as PayPal providing a pristine user experience, companies like Divi must strive to make something as good or better, he said.

One of the Divi Projects most innovative contributions to the crypto space is its creation of master nodes that anyone can use. Saponaro said this is an important component because it gets to the heart of what many crypto users are interested in earning.

Weve developed the first one-click master node deployment, Saponaro said. The concept of master nodes is very similar to mining. Youre basically running a computer program that pays you back in cryptocurrency in this case DIVI (the companys crypto token) for supporting the network and helping verify and secure transactions on the blockchain.

Saponaro said the Divi Projects master node implementation makes the whole process much simpler.

We created a mechanism that allows you to not have to learn any of that, he said. You just click a button, pay a monthly fee, and youre off to the races earning crypto in about 12 minutes.

The companys master nodes system features five levels of increasing awards as well as lottery blocks once a week a block is mined that awards a jackpot to several Divi stakers.

Divis solution has held its ground in the crypto market as the best approach for deploying a master node, Saponaro said.

Our 100% PoS master node technology is leagues ahead of anyone else. For the first time, anyone without technical skills can set up a master node at home or in the cloud with a click, according to the white paper. Its like Uber for your computer and anyone can earn an income by joining and supporting the Divi network. Using this technology, we build a strong network to process DIVI transactions.

Saponaro said the company will be implementing an updated version of the master node technology that will make it even faster and simpler in the near future.

The Divi Projects next contribution to simplifying crypto will be its user-friendly smart wallet. The company is planning to launch the wallet in early 2020 but is not announcing an official date at this time, Saponaro said.

Our new blockchain allows us to socialize and humanize financial experiences by hiding the crypto underneath a sweet user interface, according to the company white paper This Smart Wallet is being designed to remove all the pain points that currently prevent ordinary people from getting excited about cryptocurrencies.

The wallet will not only be easy to use but according to Divi, will include more powerful features than a bank.

Divi is a true crypto wallet, not just an account service, according to the company website. Take advantage of powerful features such as the option to secure your personal funds with multiple signatures.

The wallet will also feature multi-language support. Divi knows crypto is a global monetary revolution. Thats why we approach the building of and support for our app from a global perspective, according to the company.

Users will also be able to switch views to see the value of their holdings in 150 different currencies.

Divi has also planned for an easy payment flow.

Cryptocurrencies are the future of money, according to the website. Thats why we designed our smart wallet with features essential to the high-paced world of e-commerce like recurring payouts, and automatic division of payments.

The wallet includes a piggy bank feature, security vaulting, subscription payments, auto-splitting of payments between partners, and a method to collect and pay taxes. Users can send transactions to an email address and encrypt it themselves with a PIN.

Youll never need or want a brick-and-mortar bank again, according to the white paper.

We believe that cryptocurrencies are an unstoppable wave that will replace current monetary systems, according to the white paper. Although this process will take several years, the benefits to users make this inevitable.

The companys technical road map and marketing plan are designed to keep Divi on the cutting edge, according to the company, while the crypto ecosystem helps to create tens of trillions of dollars in new wealth.

The Divi community will play an important role in leading to the mass adoption of cryptocurrency as well.

Community is absolutely paramount to success, Saponaro said. Weve worked really, really hard to cultivate a really strong community that has a culture of integrity and respect. When new people enter, everyone is very welcoming and informative.

He said there are around 7,000 people in Divis Telegram feed and about 10,000 people in the companys Twitter community.

The community has been an incredible resource, Saponaro said. Most of Divis QA beta testers have been community members rather than employees. The company has been able to receive fast and impactful feedback from the community on new features and updates, he said.

I think a lot of companies in the traditional tech world dont have that sort of direct line of communication with their users, Saponaro said. Its been incredible especially as a very small startup in the beginning. We really needed that help.

In the end, promoting the mass adoption of cryptocurrency is Divis biggest focus.

There has never been a bigger financial opportunity in history, and the Divi Project will be first to market with a truly viable solution, according to the white paper.

Saponaro said Divi is already making waves in certain parts of the world.

Were already seeing a fair amount of adoption in Africa, he said. We have pretty large communities in Nigeria and South Africa. In Venezuela as well were seeing some merchants even accepting DIVI as opposed to the Bolvar, which is pretty much worthless at this point.

He said because the Divi Project is lowering barriers to entry into the crypto space, it is actually helping new economies to begin to form in certain areas.

The rest is here:

Divi Helps Reduce Barriers to Entering the Cryptocurrency Ecosystem and Promote Earnings with One-Click Masternodes and a User-Friendly Interface -...

Bitcoin revolutionized the trading universe two years ago when it reached a staggering price of over $20 thousand. After that, the cryptocurrency market quickly became a popular solution among business persons who wanted to diversify investment portfolios.

By Jacob Dillon

Today, Bitcoin and other cryptocurrencies are worth over $300 billion in total, so grabbing just a small piece of the cake can earn you a fortune. However, trading the likes of Ethereum and other digital coins comes with a few risks of its own.

The biggest threat comes from hackers because they steal almost $3 million worth of assets from exchange networks daily. Its an obvious signal that you need to take care of safety risks and learn how to protect your assets.

In this article, we will show you how to secure your cryptocurrency in case of emergencies. Lets take a look!

There are several ways to protect your cryptocurrencies, but you should also learn why security breaches happen in the first place.

Most crypto owners use electronic wallets to store and trade digital coins. Such wallets come with two types of keys:

The problem occurs when you rely on third-party providers (the so-called exchange networks such as GDAX or Coinbase) because they store both of your keys. Although reliable exchange platforms take care of security, no one is immune to malware attacks and there is always a risk of hackers acquiring your keys.

This is not only a theoretical possibility but rather a real-life threat. A few months ago, Japan-based cryptocurrency exchange Bitpoint, has been hacked for $32 million in crypto assets.

Now, the biggest questions are how to react to hacker threats and what to do in case of emergencies. There is no perfect solution here, so we prepared five highly practical tips for you.

The average person might think that crypto administration is 100% digital, but this is not exactly the case. You can use a hardware wallet to store coins and keep them out of reach of online hackers. As physical devices, hardware wallets are resistant to malicious software and viruses.

Jake Gardner, a data security analyst at Forex Broker, adds that physical wallets make you a sole owner of the private key, so you dont have to share it with anyone: Wallets also build a strong security mechanism to prevent thieves from discovering your private keys even if they steal the actual device.

If for whatever reason you are not interested in hardware wallets, you can choose between these three alternatives:

One of the most reasonable things you can do for all accounts and services (crypto-related or not) is to set up two-factor authentication. Cryptocurrencies are by no means an exception here, so we strongly encourage you to use Google Authenticator and maximize the safety of your digital assets.

While Google Authenticator is certainly a nice option, control freaks will demand even more protection for their crypto transfers. YubiKey is the most convenient option because it forces cryptocurrency owners to insert a physical device (USB) into the PC in order to gain access to their online accounts.

YubiKey is small and you can carry it around on a keychain, so you can hardly ever lose it. The bottom line is that YubiKey represents a simpler and much safer solution than Google Authenticator.

The last advice on our list is to use common sense and act the way it seems safest and most natural. What does it mean? Well, we can mention a few basic tricks here:

Following these rules, you should be able to defend your accounts and cryptocurrency transactions 365 days a year and it will be easier to react in unplanned or emergency situations.

Cryptocurrency trading can be one of the most profitable investment solutions for clever investors, but the industry is still full of risks that can make or break their business plans in seconds. Security breaches are the biggest threat of all, thus making it fundamental to focus on state of the art safety measures.

In this post, we showed five ways to secure your cryptocurrency in case of emergencies. Do you already use some of these mechanisms? Which one do you consider to be the safest for your trading habits? Share your opinions in comments we would love to see your experiences with cryptocurrency trading!

AUTHOR BIO

Jacob Dillon is a blockchain developer and a part-time blogger from Australia. Jacob is a passionate cryptocurrency analyst, but he is no stranger to other topics such as self-branding and personal development. Jacob is a father of two lovely kids and an amateur long-distance runner.

Im Not a Writer Im a Blogger : A New Way to Express Yourself https://t.co/turyITvHKK

Jacob Dillon (@JacobDi44311642) December 12, 2018

See more Cryptocurrency articles here.

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Originally posted here:

How To Secure Your Cryptocurrency In Case Of Emergencies, 5 tips - Irish Tech News

Cybersecurity researchers have profiled a hacking crew named Panda believed to have amassed roughly $90,000 worth of cryptocurrency via remote access tools (RATs) and illicit mining malware.

The Cisco Talos Intelligence Group noted that while Panda isnt exactly sophisticated, it has persisted as one of the internets most active attackers in recent years.

Talos researchers highlightedthe groups willingness to continuously exploit vulnerable web applications worldwide as key to its success. By October last year, a configuration file featured in Panda malware had been downloaded more than 300,000 times.

They also frequently update their targeting, using a variety of exploits to target multiple vulnerabilities, and is quick to start exploiting known vulnerabilities shortly after public POCs become available, becoming a menace to anyone slow to patch, said the firm.

Pandawas first detected in mid-2018 during the wildly successful MassMiner campaign. This was powered by aworm which leveraged multiple in-built exploits, and even brute-forced access to Microsoft SQL servers, to mine the alternative cryptocurrency Monero (XMR).

Now, Panda reportedly utilizes Mimikatz, an open-source program for stealing sensitive information from compromised systems, such as usernames and passwords.

Researchers also found Panda operates with exploits previously used by Shadow Brokers, a hacking crew that gained its reputation by publishing information taken from the US National Security Agency.

To date, Talos has confirmed that Panda has hit organizations in the banking, transportation, telecommunications, IT services, and healthcare industries.

Whoever is behindPandadoesnt really caretoo much about operational security. For example, the group got its name as one related domain had been registered to a Chinese-speaking actor who went by the name Panda.

An analyzed malware sample also requesteddata using anIP geolocation service which provided the machines IP address and location in Chinese.

Even more curious, Talos analysts found Panda had been exploiting a vulnerability in the ThinkPHP web framework to spread its malware. Researchers report this software is particularly popular in China.

Pandas operational security remains poor, with many of their old and current domains all hosted on the same IP and their TTPs remaining relatively similar throughout campaigns, wrote the firm. The payloads themselves are also not very sophisticated.

Still, Pandas efforts are said generated around 1,215 XMR in profits, which today is worth around $90,000 but the exact amount earned is dependent on when they sold their cryptocurrency.

Thats one prolific hacking panda.

Published September 18, 2019 12:12 UTC

Read more:

Meet Panda, an illicit cryptocurrency mining crew terrorizing organizations worldwide - The Next Web

Companies that use Phunware will be able to rebrand Phun for their users, who can spend it on goods, services and offers

PhunwareInc () is launching an Initial Exchange Offering (IEO) for its own new currency called Phun tokens.

The coin is designed to power the companys Blockchain-Enabled Data Exchange and Mobile Loyalty Ecosystem which launched in June, allowing customers to unlock improved functionality and be rewarded for their engagement.

Companies that use Phunwares Multiscreen-as-a-Service offerings will be able to rebrand Phun within their own mobile apps for their users. In turn, users will be able to earn Phun tokens for completing surveys, watching videos, or sharing content.

Once theyve received Phun tokens, people will be able to spend it on goods, services and offers in a branded marketplace.

Blockchain enables us to extend our MaaS platform by deploying an ecosystem to reward consumers for meaningful engagement that fiat currency just cant replicate due to its inherently high transaction costs, CEO Matt Aune said in a statement.

The coin will Launch on the cryptocurrency trading platform Liquid Global, and only members of the exchange are able to participate.

Kai Kono, Head of Asia Pacific, business development and sales at Liquid, is excited about what Phun brings to the table.

Phun represents one of the more professional and promising cryptocurrencies weve encountered since launching in 2014, Kono said in a statement. Were excited to offer our members a chance to buy into a cryptocurrency that can help drive mainstream adoption because it is backed by a publicly-traded US company with a proven track record that has raised more than $100 million from well known investors including Samsung, and World Wrestling Entertainment (WWE).

The company's stock increased 4.6% Thursday to $1.84.

Updated to include closing price

Contact Andrew Kessel at [emailprotected]

Follow him on Twitter @andrew_kessel

Originally posted here:

Phunware to hold Initial Exchange Offering for its cryptocurrency Phun tokens - Proactive Investors USA & Canada

Security researchers at Palo Alto Networks have discovered a new malware threat that targets Macs in what appears to be a sophisticated attempt to raid cryptocurrency wallets. The malware, which researchers have dubbed CookieMiner, has a variety of weapons in its armory that could make it particularly worrisome for cryptocurrency investors.

According to security analysts Yue Chen, Cong Zheng, Wenjun Hu and Zhi Xu, the macOS-based malware can steal browser cookies from users Google Chrome and Apple Safari browsers. Specifically, cookies associated with the following cryptocurrency exchanges are targeted:

The cookies are grabbed from the infected users browser, zipped up and then uploaded to a remote server under the control of the criminals.

The researchers explain that these details are most likely being stolen to assist them in their attempts to breach accounts:

Web cookies are widely used for authentication. Once a user logs into a website, its cookies are stored for the web server to know the login status. If the cookies are stolen, the attacker could potentially sign into the website to use the victims account. Stealing cookies is an important step to bypass login anomaly detection. If only the username and password are stolen and used by a bad actor, the website may issue an alert or request additional authentication for a new login. However, if an authentication cookie is also provided along with the username and password, the website might believe the session is associated with a previously authenticated system host and not issue an alert or request additional authentication methods.

In addition to stealing cookies, CookieMiner had no qualms about raiding the Chrome browser to extract saved passwords and credit card details.

But Cookie Miner doesnt stop (Read more...)

Excerpt from:

CookieMiner malware targets Macs, steals passwords and SMS messages, mines for cryptocurrency - Security Boulevard