Category Archives: Cryptocurrency

Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments response to the growing use of cryptocurrency. He predicts that central banks will not let uncontrolled money be used.

Famous investor Jim Rogers shared his prediction about the future bitcoin and cryptocurrency in an interview with Asahi Shimbun Singapore branch manager Koji Nishimura, published on Friday. Rogers cofounded the Quantum Fund in 1973 with billionaire investor George Soros, which was considered one of the most successful hedge funds in its heyday. They earned a 4,200% return over 10 years through 1980 compared to 47% for the S&P 500.

Rogers believes that if cryptocurrency succeeds in being used as money, instead of primarily for speculation, governments will intervene, making it illegal in order to stop its use. For this reason, I believe that the [value of] virtual currencies represented by bitcoin will decline and eventually become zero, he told the publication. It is hard for us to move money without the control of the government, Rogers said, elaborating:

The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be eliminated.

Rogers explained that cryptocurrency markets are volatile, particularly during the global economic crisis. Even though cryptocurrencies did not even exist a few years ago, in the blink of an eye, they become 100 and 1,000 times more valuable This is a clear bubble and I dont know the right price, he opined, emphasizing that cryptocurrency is not an investment but gambling.

He proceeded to talk about electronic money. Governments like electronic money because with electronic money, you can keep track of when, where, who spent and how much. Governments will have more control over people through electronic money, the investing guru described. Electronic money has a low issuing cost. Cash must be printed, carried and counted. It is expensive for the government.

However, cryptocurrencies beyond the control of governments will not be accepted as money, Rogers believes, adding that those who work on cryptocurrencies think they are smarter than the government. However, the government has something that those who work with virtual currencies dont have. Its a gun. For this reason, he said, I believe that virtual currency will disappear eventually.

He believes that governments will never let bitcoin be used as money. Only 100 years ago, we could use whatever we liked as money. You could use coins, gold, silver, or shells. Banks could also print the bills themselves. That was legal, he was quoted as saying. However, in the mid-1930s, the Bank of England declared that using any type of money other than the money it issued was illegal, Rogers pointed out. As a result, no one used money other than that issued by the Bank of England, he described, predicting that the same will happen to cryptocurrency.

While admitting that a society where governments know too much about our actions is unfavorable, he believes that cryptocurrency beyond the control of the government will not be widely distributed as money.

While Rogers is not bullish on cryptocurrency, many institutional investors are increasingly interested in investing in this asset class. Fidelity Digital Assets recently conducted a survey of about 800 institutional investors in Europe and the U.S. and found that 80% of them find cryptocurrency appealing, while 60% feel cryptocurrencies have a place in their portfolios. Grayscale Investments also sees increasing demand for crypto investments.

Well-known hedge fund managers such as Paul Tudor Jones have been growing their bitcoin holdings. Jones said he has about 2% of his assets in bitcoin. Other billionaire investors who are bullish on bitcoin include Virgin Galactic chairman Chamath Palihapitiya and Galaxy Digital CEO Mike Novogratz.

What do you think about Jim Rogers view of bitcoin? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto | News - Bitcoin News

The South Korean government is set to announce the final details of taxing income generated from cryptocurrency transactions after years of discussion about the virtual asset that yet remains in a grey area.

Quoted by South Koreas Yonhap news agency, Finance Minister Hong Nam-ki said his ministry will announce the details next month.

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The government has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year, Nam-ki added while speaking before the parliamentary finance committee.

Personally, I believe a digital tax needs to be imposed as a new type of tax, and the government too is considering moving in that direction, said the minister.

The South Korean government was said to be considering imposing a 20 percent tax on crypto income. Although no specific taxation standards for crypto assets have been put in place, but the finance ministry was reportedly considering re-classifying returns made on cryptocurrencies as a type of other income. This places crypto profits it in the same category as those earned from lotteries which has a 20 percent tax rate.

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Despite the high tax tag levied on other income but it remains better than being taxed as a form of capital gains, as it is currently treated, which calls rates of up to 42 percent.

Historically, South Korea is one of thehottest investing and trading marketsfor cryptocurrencies. However, authorities have been hesitant to regulate the virtual asset class, due to their belief that cryptocurrency regulation could lend legitimacy to the sector.

Separately, the central bank is taking a wait-and-see approach over the issue of a government-controlled cryptocurrency, or a so-called central bank digital currency (CBDC), as of now.

Recently, there have been numerous reports emerging oftax authoritiesclamping down and going after cryptocurrency traders. The US Internal Revenue Service (IRS) also sent letters to taxpayers who might have failed to report income and pay the resulting tax from cryptocurrency transactions.

At the very core, the IRS still deems crypto assets to be property rather than currency for income tax purposes, the same as its regulatory guidance came out five years ago. That means the authority will continue to tax crypto profits and losses like those for stocks, at capital gains rates.

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South Korea to Unveil Rules of Cryptocurrency Taxation in July - Finance Magnates

PETROSANI, Romania (PRWEB) June 23, 2020

Evorese.com, a crypto payment, and exchange, opens the doors for cryptocurrency users globally. The payment portal launched from the beautiful Jiu Valley, Romania, promising to offer solutions for both solving volatility for established merchants and friendly payments, but also to come up with an ultimate model of Initial Exchange Offering in order to protect investors and the projects success in the long term.

Initial Exchange Offering (IEO) is a token sale supervised by our cryptocurrency exchange. The IEO enables investors to get new cryptocurrencies and raise funds for promising crypto projects.

The startup is partnering with Ledger to store the raised funds in custody securely, releasing them based on certain achieved milestones.

Being a decentralized exchange is advantageous since users are not required to transfer their assets to the exchange, running a significantly lower risk of theft from the hacking of the exchange.

In addition, Evorese.com will also integrate a P2P Cryptocurrency Lending Platform that lets users lend and borrow loans in cryptocurrencies. The aim of the startup is to develop a user-friendly and intuitive P2P Crypto Platform that, by letting the user deposit their crypto assets, will allow them to sanction loans without any bank or legal formalities.

Some cryptocurrencies are more volatile than others, their fluctuating prices being a source of financial insecurity. On this platform you can find Crypto Swapping, a service used for exchanging assets in a volatile currency into one that is stable, making sure that both parties give and receive what they agreed upon.

Our goal is to create a trust-worthy platform for exchanging digital assets. We will create a safe space for investors to invest in crypto projects and hope to get back a large part of the crowd that has been lost in 2017. Furthermore, we aim to solve the volatility problem which is a major issue these days with friendly and merchants payments," says Ciprian Filip, Co-Founder and CEO at Evorese.

Even if, at this time, this market is a highly competitive space, the Evorese portal plans to integrate a bundle of services that will give us an edge over the competitors and to satisfy our clients full needs while saving time and resources.

Find out more about us at evorese.com, or you can contact us directly at pr@evorese.com

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Evorese.com, a new and promising cryptocurrency exchange - PR Web

Following a5.25m seed funding round, Ziglu has entered the cryptocurrency platform landscape with a simple promise to make purchasing and trading the likes of Bitcoin easier than ever before.

Founded by Mark Hipperson, who has made a name for himself in finance having successfully established Starling Bank, Ziglu is now available as a download from Apples App Store, with an Android version launching on Google Play shortly.

Ziglu will be looking to muscle in on a range of established competitors, but it may have found a key to success thats going to be hard for rivals to replicate in the current crypto climate: accessibility.

The mystique surrounding cryptocurrencies has built an appeal among younger investors but has also led to a feeling of exclusivity among many older and less technologically-fluent audiences.

Hipperson hopes that Ziglu helps to bridge the gap between those able to invest and those who are fearful of some of the more complex crypto platforms.

In 2020, we think the 25-45 demographic will want easy, safe access to crypto. Only about 1% of people go to the large platforms to buy crypto and we think we can do better, and perhaps get them better prices as well,Hipperson explained.

(Chart:AMB Crypto)

As the chart above shows, cryptocurrencies are still an alien concept for older generations, with the vast majority of people aged 45 or older greeting digital finance with suspicion.

Despite the wildly impressive triumphs of Bitcoin over the past decade, cryptocurrencies still appear to be the preserve of the expert. However, the arrival of Ziglu could be well-timed as individuals look for a greater level of financial inclusivity.

While the crypto app marketplace is becoming increasingly congested with more and more intuitive services, Ziglus focus is wholly on turning the process of buying cryptocurrencies effortless.

Purchasing the likes of Bitcoin, Ether, Litecoin and Bitcoin Cash is instant, and Ziglus USP stems from the app routing requests in order to find the best deal for customers. For instance, if Kraken has the best price for Bitcoin in British Pounds at the time a request is made, Ziglu will present that deal ahead of any others.

Another key reason behind the widespread scepticism towards cryptocurrency platforms comes from a lack of transparency. Hidden costs can be severe in some crypto market places, but Ziglu promises a fresh approach that presents clarity and convenience in terms of pricing, with user funds held in a segregated account.

This launch marks the beginning of an exciting journey for Ziglu to deliver transformational financial services for our customers. By offering immediate and safe access to best-price crypto, customers can spend, exchange and send their money, regardless of the currency, where, when and how they want, said Hipperson.

Ziglu has successfully created an app that offers flexible, scalable and banking levels of security within its technological makeup. If the platform delivers on its pledge of fair and transparent pricing, it could act as a significant step towards more universal cryptocurrency adoption.

Fundamentally, cryptocurrencies offer users access to banking in regions where such infrastructures dont exist.

(Image:Medium)

With 100s of millions unable to set up bank accounts virtually every continent on earth, the necessity of digital platforms and decentralised cryptocurrencies is imperative.

The harsh reality of a recession will be set to hit deprived nations hard as businesses feel the strain of widespread losses from early 2020 and the emergence of COVID-19. With global economies forecast to struggle in the short term, leading to a loss ofwealth and depreciation of assets, having easy access to a store of finance that is free of the influence of central governments could be a key development in ensuring the long term recovery of investors who would otherwise suffer from the economic downturns.

Ziglu is certainly saying all the right things, but theres a long way to go for cryptocurrencies to develop into a fully accessible and inclusive alternative unit of finance across the world.

Impressively for such a famously unstable and speculative market, its clear that cryptocurrencies are here to stay. Now the onus is on developers to create platforms that can be transparent and trustworthy enough to see usage from investors with varying levels of technological literacy.

At a time when communities and businesses around the world alike are readying themselves for a period of significant financial hardship, the successful development and scaling of apps like Ziglu could ultimately provide users with a tangible route away from their ailing national economies should the worst occur.

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Accessible crypto: Will the arrival of ziglu drive new levels of cryptocurrency adoption? - FXStreet

Many people are familiar with blockchain technology, but did you know that Ethereum has the largest and most active blockchain community in the world?

Unlike many other blockchain networks, Ethereum is programmable. This customizable feature has enabled developers to solve problems ranging from digital identification and privacy, to corporate ownership and data security.

When the blockchain community disagrees on what changes the network needs to function smoothly or when such changes should take place, developers plan for a fork (an offshoot) of the underlying code rules.

Todays graphic maps out the major Ethereum blockchain forks that have occurred to date, highlighting key events that surrounded each of these updates. It also includes details on the highly anticipated Istanbul hard fork, planned for December 2019.

Forks are common practice in the software industry, and happen for one of two reasons: split opinions within the community, and required changes to the blockchain code.

When either reason is discussed, four major types of forks can occur.

There are currently three types of hard forks:

Lets dive into the timeline of major Ethereum forks, and explore a few of their defining moments and characteristics.

Below are some of the most prominent and important forksboth hard and softon the Ethereum blockchain since its launch.

Vitalik Buterin, founder of Ethereum, and his team finished the 9th and final proof of concept known as Olympic in May 2015. The Ethereum blockchain, also known as Frontier, went live shortly after, on July 30, 2015.

Also known as Frontier Thawing, this was the first (unplanned) fork of the Ethereum blockchain, providing security and speed updates to the network.

Homestead is widely considered Phase 2 of Ethereums development evolution. This rollout included three critical updates to Ethereum: the removal of centralization on the network, enabling users to hold and transact with ETH, and to write and deploy smart contracts.

The Decentralized Autonomous Organization (DAO) event was the most contentious event in Ethereums short history. The DAO team raised US$150 million through a 2016 token salebut an unknown hacker stole US$50 million in ether (ETH), prompting the developer community to hard fork in order to recover the stolen funds.

Widely regarded as the only Ethereum fork of any significance, this hard fork was based on the controversial DAO event. The original chain became known as Ethereum Classic, and the new chain moved forward as the main Ethereum chain.

This September 2019 hard fork event required all software users to upgrade their clients in order to stay with the current network. Enhancements included better security, stability, and network performance for higher volumes of traffic.

Regarded as the third phase of Ethereums evolution, the Metropolis-Byzantium soft fork functioned more like an operating system upgrade, rather than a full split.

Constantinople is the current version of the Ethereum blockchain. This hard fork occurred concurrently with the St. Petersburg update. Important changes included closing a major security loophole that could have allowed hackers to easily access users funds.

Constantinoples most notable improvements include smart contracts being able to verify each other using only the unique string of computer code of another smart contract, and reduced gas feesnamely, the price users pay to process transactions more quickly.

The Ethereum community is preparing for the next hard fork event Istanbul, scheduled for release on December 4th, 2019.

Ethereums 4th and projected final stage of development is Serenity, which has yet to be scheduled. Community members have speculated what changes will come with Serenity, but many agree that the Ethereum blockchain will shift focus from Proof of Work to Proof of Stake.

Proof of Stake means that there is less competition for completing blocks of data, significantly reducing the energy required to process data. Currently, a single Bitcoin transaction consumes the same electricity as 1.75 American households do in a day.

Ethereum continues to be a leading blockchain platform, with the highest number of decentralized apps (dApps) and a massive, engaged community.

To date, cryptocurrencies have largely been the focus of news headlines. However, weve only begun to scratch the surface of what blockchain can offer, and the value it will create beyond the financial world.

[Blockchain] could be the foundation of a whole new era whereby our basic right to privacy is protected, because identity is the foundation of freedom and it needs to be managed responsibly.

Don Tapscott, Executive Chairman of the Blockchain Research Institute

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Cryptocurrency: Redefining the Future of Finance - Visual Capitalist

An anonymous user paid approximately $2.6 million in transaction fee to transact small amounts of money in the Ethereum (ETH) cryptocurrency two times over the last 24 hours at press time.

The first transaction of 0.55 ETH, or $136.26, according to ETH's price at press time, was made at 5:47 am on Wednesday, according to data from Etherscan.

To make this transaction, the user paid 10,668.73 ETH, or $2.6 million, in "gas," as the transaction fee at the Ethereum network is called. A similar transaction was repeated at 11:30 PM later in the day. This time 350 ETH, or $86,712.5, were transferred for the exact same fees.

Gas is charged by miners on the Ethereum blockchain network based on the amount of computing it takes to verify a transaction. If the users agree to pay a higher gas price, the transaction becomes more lucrative to minersand is completed rapidly.

ETH Gas Station recommends paying $0.155 for a standard transaction that can take up to five minutes and $0.2 for a fast transaction that will be expected to complete in less than two minutes.

Paying $2.6 million for a transaction is extremely unusual and doesn't make operational sense, giving rise to speculation of accidental error, money laundering, or a technical glitch.

Some cryptocurrency community members on Twitter suggested that the transaction was more likely to be a technical error since the ETH transaction fee in both cases was exactly the same, which would be extremely unlikely to be an accident.

The transactions on blockchain can't be reverted, but the mining pool which verified the transaction can choose to return the money to the original owner by creating a new transaction. The first transaction was approved by Chinese mining pool "Spark Pool," and the second by "Ethermine."

Sparkpool said in a statement that it "has had the experience of handling similar issues properly. There will be a solution in the end."

Ethereum traded 1.2% higher at $247.75 at press time on Thursday. The apex cryptocurrency Bitcoin (BTC) was up 1.1% at $9,873.64.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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A Cryptocurrency User Paid $2.6M In Transaction Fee To Send $136 Twice - Benzinga

NEW YORK, NY / ACCESSWIRE / June 14, 2020 / The concept of blockchain and thus, Bitcoin, came riding on the advantage of the anonymity of transactions, defiance to authority, lack of centralization and overseer authority among other advantages. Cryptocurrencies became popular because their programmers touted them as anonymous. It has, however, emerged that they are not and that transactions undertaken using altcoins can be traced.

Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe.

A tech startup called, CryptoMixer is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency mixing platform that obscures your cryptocurrency transactions, making it hard for anyone to trace your dealings. CryptoMixer reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use.

How Does Coin Mixing Work?

Coin mixers work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then sending them smaller units of cryptocurrency to an address of their preference, with total the amount that you put in minus 1-3%. The 1-3 % is generally taken as a profit by the coin mixing company. This is how they make money.

A cryptocurrency mixer (also known as a blender) allows you to spend, store and share cryptocurrencies, without your transactional data becoming public. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you, as the link between the sender and the receiver is broken.

Crypto Mixer: The crypto mixing solution

CryptoMixer is a unique cryptocurrency mixer/blender that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the clean mixing of the currency. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a 'smart code' to avoid the same currencies from reaching a user on multiple occasions.

Features of Smart Mixer Platform

Zero Post-Transaction Logs - CryptoMixer platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction.

Full Anonymity - The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that mix cryptocurrency on the platform do not even need to input their information. Instead, only the recipient altcoin address is necessary.

Customizable Process - Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to mix, the commission to pay for the mixing, and the delay period you prefer.

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CryptoMixer.bz: Bitcoin Mixer for your anonymity in the Crypto World - Yahoo Finance

A new survey of about 800 institutional investors in the U.S. and Europe shows strong cryptocurrency adoption, particularly bitcoin. About 80% of institutions said they find cryptocurrency appealing, and 60% believe cryptocurrencies have a place in their portfolios.

Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, announced Tuesday the results of a survey to better understand institutional interest and adoption of cryptocurrencies as well as key barriers to investing in them. It was conducted from November 2019 to March 2020. Fidelity Digital Assets offers a full-service, enterprise-grade platform for securing, trading and supporting cryptocurrencies.

A total of 774 institutional investors participated in the survey, 393 of which were in the U.S. while 381 were in Europe. Respondents include financial advisors, family offices, pensions, crypto and traditional hedge funds, high net worth investors, endowments, and foundations. This is the second consecutive year Fidelity has surveyed U.S. institutions but it is the first time it surveyed European investors. According to the results:

Almost 80% of institutional investors find something appealing about digital assets.

Breaking down the number, 74% of U.S. institutional investors find cryptocurrency appealing, while 82% of European investors do. A notable contrast is that 25% of European investors find the fact that certain digital assets are free from government intervention to be appealing, whereas only 10% of investors in the U.S. feel this way, the report further reads.

Moreover, 36% of respondents 27% in the U.S. and 45% in Europe revealed that they are currently invested in digital assets. Bitcoin continues to be the cryptocurrency of choice with over a quarter of respondents holding BTC while 11% have exposure to ETH. Looking out five years, 91% of respondents who are open to exposure to digital assets in a portfolio expect to have at least 0.5% of their portfolio allocated to digital assets, the report adds.

Three characteristics of cryptocurrencies are most compelling to both U.S. and European institutional investors. 36% of respondents said uncorrelated to other asset classes, 34% are compelled by innovative technology, and 33% by the high upside potential. The report notes:

The majority of institutional investors (6 in 10) feel digital assets have a place in their portfolio, though opinions vary on precisely where.

Despite growing interest among institutions, obstacles remain to cryptocurrency adoption. 53% of respondents cited price volatility as the main reason, 47% said market manipulation, and 45% said lack of fundamentals to gauge appropriate value.

Fidelity Digital Assets president Tom Jessop commented on the survey findings: These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class. This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions.

What do you think about institutional interest in cryptocurrency? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey - Bitcoin News

In order to profitably trade in a highly volatile market like cryptocurrency trading, the trades have to be on top of all the expert quotes and forecasts they can find on a daily basis.

Cryptocurrencies are the revolutionary digital alternatives to the physical currencies regulated by the central banks around the world. Unlike traditional currencies like dollars, pounds, or euros, cryptocurrencies cant be converted to cash. However, they can be bought, exchanged, and traded on specialist platforms available online. The currencies themselves only exist digitally, with all the ownership information stored in encrypted ledgers.

The first successful cryptocurrency is Bitcoin and it was launched back in 2009. Within a couple of years, a few other cryptocurrencies were introduced, making the possibility of exchanging the digital currencies with one another. It works similarly to the traditional stock and forex markets and requires the use of a cryptocurrency exchange. On some platforms, you can also exchange or trade cryptocurrencies against dollars.

Trading and Exchanging Cryptocurrencies

Between 2017 to 2018, major cryptocurrencies such asBitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc. saw a massive surge ininterests from investors, which eventually pushed the Bitcoin value to as highas $20,000 each. It came down to $3,000 level in the following year, and now,experiencing a slow but steady upturn.

As you can see, cryptocurrencies are highly volatile assets. Their value goes up and down on a massive scale and is prone to speculative news and information. Therefore, traders in the cryptocurrency market need to be very careful. There are a number of technical analysis tools available, with many daily resources to learn about the latest quotes and forecasts.

Latest Forecasts on Major Cryptocurrencies

At the time of writing, Bitcoin (BTC) the most important cryptocurrency in terms of value is moving in the $9,000 marks, while Ethereum (ETH) is moving in and around $200. So, borsainside.com, tells us what lies ahead for the top three digital currencies in terms of value.

Bitcoin (BTC/USD)

After the halving in the second week of May this year, Bitcoin prices are experiencing some optimism from the investors. The price is moving just above $9,000 levels. With some analysts predicting a nine percent chance for the price to reach an all-time high, investors should be looking at the $10,050 level, breaking through which may lead to a consistent upward movement for a few days.

Ethereum (ETH/USD)

In light of Bitcoin halving and the launching possibility of Ethereum 2.0; analysts are mainly bullish about this coins value. If it holds the $190 level, and push upwards, all the technical signs suggest for the value to reach between $330 to $360, the level previously seen in 2019.

Ripple (XRP/USD)

December last year saw the value of XRP drop by amammoth 13%. While it somewhat recovered at the beginning of this year, thevalue continues to move around $0.15 $0.20. Analysts see some more downwardmovements, which may turn bullish only if it reaches $0.28 mark.

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Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies - FinSMEs

Fifteen people entered guilty pleas for involvement in an international scam that posted fraudulent auctions online and laundered money through cryptocurrency exchanges, according to the Justice Department.

One expert says the case could serve as a template for nation-state actors using cryptocurrency exchanges to cover their tracks more in the future.

Todays modern cybercriminals rely on increasingly sophisticated techniques to defraud victims, often masquerading as legitimate businesses, said Assistant Attorney General Brian A. Benczkowski of the Justice Departments Criminal Division in a press release Thursday. These guilty pleas demonstrate that the United States will hold accountable foreign and domestic criminal enterprises and their enablers, including crooked bitcoin exchanges that swindle the American public.

Law enforcement officials have noted that increased use of cryptocurrencies like Bitcoin has made it especially challenging to nail down cybercriminals. But while cryptocurrency exchanges encode transactions hiding the identity of the parties, those codes are permanently and publicly recorded across a large number of computers. Its possible to study them and identify patterns in transactions that could eventually lead to the identity of a suspect, and law enforcement might be getting better at this.

Compared to 2016, in 2019 and 2020, were seeing more cases where its clear that law enforcement is following this stuff and is not totally dumbfounded because something involves a Bitcoin address, Yaya Fanusie, a former CIA analyst and current senior fellow at the Center for New American Security told Nextgov. It gives us the assurance that at least U.S. federal law enforcement is capable of doing an investigation that involves cryptocurrency.

In the case Justice highlighted Thursday, the defendantsindividuals in their 30s based both in Romania and the United Statesadmitted their involvement in a scheme where they established their own cryptocurrency exchange and used it as a passthrough for traditional payments they got from advertising non-existent high-value items such as cars on auction sites such as eBay and Craigslist.

According to court documents, members of the conspiracy created fictitious online accounts to post these advertisements and communicate with victims, often using the stolen identities of Americans to do so, the press release noted.

The defendants also used IP addresses anonymizing services, according to court documents. Fanusie said cryptocurrency exchanges are part of an ecosystem primed for cyber malfeasance.

Cyber services like domain names, [virtual private networks], servers, that infrastructure is ready-made to be leveraged through cryptocurrencies, he said. Its already an environment that invites anonymous use. Cryptocurrencies are the native money of the internet. So if we know that were going to have more cyber threats, it makes sense that cryptocurrencies are going to play a part.

So its good that law enforcement doesnt seem daunted by the changing landscape of criminal activity, he says, because this time [a cryptocurrency exchange] was being used by criminal fraudsters, but there are definitely parallels in what weve already seen from nation-state actors.

Fanusie has written about how cryptocurrency exchanges were used to launder and steal money and delay law enforcements identification of suspected hackers in high-profile cases involving persons affiliated with China and North Korea and Russia.

He said the 2018 indictment leading up to Thursdays guilty pleas is almost a blueprint for how nation-state actors could be thinking about running their operations, adding that the case confirms that the main thing to look out for is not so much fundraising, the biggest thing is that cryptocurrency is one part of a laundering process. Its to move the money to somewhere else so you lose the trace.

For now, law enforcement officials seem empowered by their success after an investigation that involved the U.S. Secret Service, Kentucky State Police, Lexington Police Department, IRS Criminal Investigation, and U.S. Postal Inspection Service, the Justice Departments Organized Crime Drug Enforcement Task Forces and International Organized Crime Intelligence and Operations Center, as well as the Romanian National Police Service for Combating Cybercrime and the Romanian Directorate for Investigating Organized Crime and Terrorism.

Through the use of digital currencies and trans-border organizational strategies, this criminal syndicate believed they were beyond the reach of law enforcement, said Assistant Director Michael DAmbrosio, U.S. Secret Service, Office of Investigations. However, as this successful investigation clearly illustrates, with sustained, international cooperation, we can effectively hold cybercriminals accountable for their actions, no matter where they reside. I commend the hard work and perseverance of all those who joined together in this investigation and prosecution. This includes our partners in Europe, as well as those closer to home.

It was also helpful that Romanian officials secured and coordinated the arrests and extraditions from that country of more than a dozen defendants, the release said.

The 15 defendants who have pleaded guilty in this case have yet to be sentenced, the release notes. Two other defendants in the case are scheduled for trial starting on Sept. 14, 2020, before the Honorable Robert E. Wier of the U.S. District Court for the Eastern District of Kentucky. Three others are fugitives. This case is being prosecuted by Senior Trial Attorney Timothy C. Flowers and Senior Counsel Frank H. Lin of the Criminal Divisions Computer Crime and Intellectual Property Section and Assistant U.S. Attorneys Kathryn M. Anderson and Kenneth R. Taylor of the U.S. Attorneys Office for the Eastern District of Kentucky.

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Justice Gets 15 Guilty Pleas for International Crime Ring that Laundered Money Through Cryptocurrency Exchanges - Nextgov