Category Archives: Cryptocurrency

Thieves have ransacked the Fusion Protocol, a blockchain-powered platform for exchanging stablecoins and other tokens, stealing roughly $6.4 million worth of cryptocurrency.

[On] September 28th 2019, the Fusion swap wallet was compromised, resulting in theft of 10 million native FSN and 3.5 million ERC20 FSN token, reads a Fusion Foundation blog dated September 29.

The post then confirms the platforms own wallet was the only one affected, as the firm had received no reports of compromised user wallets.

Cryptocurrency traders reacted immediately to a prior announcement in the firms Telegram channel. The value of FSN halved, dropping from around $0.50 to below $0.25 over a seven-hour period.

Later investigations revealed abnormal wash-trading behavior, and discovered the perp(s) had sold some of the stolen funds on obscure exchanges Bitmax and Hotbit.

Cryptocurrency exchanges OKEx, Huobi, Citex, Bitmax, and Hotbit have since suspended deposits and withdrawals of FSN tokens.

Curiously, the firm suspects this was an inside job. The announcement noted the private key of Fusions wallet had been stolen, and that the technology powering the platform remains secure.

The Foundation deeply regrets this incident and its impact on the path of Fusions innovation, said the firm. While private key theft is an industry-wide risk and occurrence, we clearly must strengthen the protection around our private keys.

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Published September 30, 2019 12:09 UTC

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Fusions $6.4M cryptocurrency theft could be an inside job, firm says - The Next Web

Algorand, the much-hyped project of Silvio Micali, a professor at MIT and a recipient of the Alan Turing Award, promised speed, security, and a new proof-of-stake mechanism.

But since its native token, the ALGO, launched in June, it has dropped like a stone. The coin launched at a high price of $3.28, saw an initial sell-off in the first few days and then slumped over the long term down to just $0.20. Thats a drop of 94 percent. In the last 24 hours alone, ALGO fell 27 percent. So what happened?

Well it largely seem to be bad timing. The crypto markets peaked in June, and then have been on a downhill slide since then. And the pain was exacerbated yesterday when the crypto markets took a sudden turn for the worse.

Its possible that its fundraising method may have had a part to play too. Many cryptocurrencies raised all their funds via ICOs (whether legally or in violation of securities law) resulting in a bunch of people invested in the coin, talking about it on social media, in short, a community.

Instead, Alogrand only raised half of its funds through an ICO that brought in $60 million after a previous funding round delivered $66 million. This may explain why there was very little grassroots movement around the ALGO, and an eerie silence on social media.

Worse, not even an innovative real-world use case could save the day. Earlier this month, real estate platform Assetblock tokenized $60m worth of shares in its hotels on the Algorand blockchain. But the price has fallen 40 percent since then. Is there any hope left for the nascent coin?

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Algorand cryptocurrency lost 94% of its value in its first three months - Decrypt

Hundreds of thousands of pounds worth of bitcoin seized from TalkTalk hacker Elliott Gunton have been auctioned off in the first-ever case for UK police.

Bitcoin, Ether and Ripple amounting to more than 240,000 were sold to bidders in an auction last week, set up through the Eastern Region Special Operation Unit's (ERSOU) asset recovery programme.

It's the first-ever auction of cryptocurrency as the result of police instruction in UK history, with officials saying the proceeds will go back into fighting crime.

Wilson's Auctions hosted the bidding for the cryptocurrency last week; only individuals approved by the police could bid for the digital assets to ensure the coins wouldn't be reinvested into crime.

"This historic auction should help us instil the public's confidence in our open, transparent system to recoup the proceeds of crime in a secure and innovative way," said detective chief inspector Martin Peters, ERSOU Cyber Crime Unit.

"Asset recovery in a digital world has evolved, so it's really important that, working alongside commercial partners, we have a clear process for the storage and sale of cryptocurrency.

"This goes to show there is no place to hide criminal assets - we are constantly developing our techniques and capabilities to ensure that proceeds of crime are either given back to the rightful owner or, as in this case, are reinvested in crime."

Gunton was sentenced in August 2019 to 20 months in prison for hacking offences, money laundering and breaching a Sexual Harm Prevention order issued to him in 2016 for a separate offence.

The teenage hacker was also ordered to pay back 407,359 and was given a three-and-a-half-year community order, which restricts his use of IT.

Gunton, of Old Catton, Norfolk, hacked TalkTalk when he was 16 years-old and sold the data he stole from the telecoms company on the dark web, specifically for fraudulent purposes.

He charged dark web criminals $3,000 (2,469) in bitcoin for the data he held so they could use it for activities such as intercepting phone calls and texts to commit fraud.

Gunton's parents were later charged with helping their son move some of the cryptocurrency he earned form dark web dealings out of a seized police-bitcoin wallet.

Carlie and Jason Gunton pleaded guilty to transferring criminal property, with his father admitting to the additional charge of perverting the course of justice. The pair are due to be sentenced at Norwich Crown Court on Wednesday.

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TalkTalk hacker's crypto assets auctioned off by police - IT PRO

Justin Sun, the founder of blockchain platform TRON, and current CEO of BitTorrent, is appearing a little desperate for the attention of US Democratic presidential candidate Andrew Yang.

Sun reinforced his desire to work with Yang to make Universal Basic Income (UBI) a reality during a livestream on Tuesday, just after promising to reschedule his $4.6 million charity lunch with Warren Buffet very soon.

Yangs plans to establish a UBI wererevealed on September 12, when he announced plans to give away $120,000 through the course of the next year as part of a pilot program for this key policy plan.

One day after Yangs announcement, Sun seized on the opportunity to latch onto Yangs popularity by signalling his desire to work with the presidential candidate to help him fulfil his pledge.

The entrepreneur is seemingly looking to position himself as a cryptocurrency luminaire on a mission: becoming the link between the world of digital currencies and institutional investors, but really, its seems to be pure marketing based on latching onto UBI hype.

Suns relentless self-promotion has surely helped him grow his own profile far beyond the digital currency space (for better or worse), but its fast becoming tiring for the rest of us.

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Published September 26, 2019 10:12 UTC

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Justin Sun seeks Andrew Yangs attention with another cryptocurrency UBI pitch - The Next Web

A senior Russian official has thrown his support behind a state-backed cryptocurrency.

In an interview with Russian broadcaster RBC, First Deputy Prime Minister Igor Shuvalov said that he is in favor of a "crypto-ruble" provided that certain measures are put in place on the security front.

"This theme will develop," he said in translated statements. "But it should develop in such a way that the national economy cannot be put under attack, but rather make it stronger."

Shuvalov isn't the first Russian official to opine on the subject of a blockchain-based ruble. Indeed, the deputy chief of the Bank of Russia remarked in February that the implementation of a national cryptocurrency was "only a question of time." Skorobogatova stated that, after extendeddiscussions withinthe centralbank they were finally ready to move forward with initiative.

The Russian government is exploring blockchain on multiple fronts, including work by health officials to test possible methods that utilizethe tech for exchanging patient information. And earlier this summer, President Vladimir Putin briefly met with ethereum creator Vitalik Buterin.

During the RBC interview, Shuvalov confirmed that the government is considering investing in cryptocurrency mining resources, a disclosure that comes after word emerged that an advisor to Russian President Vladimir Putin is putting together a bitcoin mine of his own.

The idea that Russia would potentially fund construction of cryptocurrency mining facilities is in itself notable, given that at one point, lawmakers in the countryonce debated harsh measures including prison terms to deter the creation and spread of so-called "money surrogates".

Still, movement on this front is in the earliest stages, accordingto Shuvalov.

"But while this is a discussion, there are no concrete projects yet. In order to develop such centers, it is necessary to prepare appropriate legislation and its regulation," he told the broadcaster.

Image Credit:ID1974/Shutterstock.com

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Russian Deputy PM Says He Supports a State-Backed Cryptocurrency - CoinDesk

Ethereum founder Vitalik Buterin speaks at TechCrunch in December of 2015.

By John Phillips/Getty Images.

After catching the eye of both the Singapore government and Russian President Vladimir Putin, Ethereumthe second-biggest cryptocurrency in the world, after Bitcoincontinues to skyrocket. On Monday morning, the cryptocurrency was trading at a record-high level of $407.10, more than a 5,000 percent rise since the beginning of 2017, when it was trading at $7.98.

Ethereums founder, Vitalik Buterin, recently met with Putin during the St. Petersburg International Economic Forum, a signal that the country may be interested in using digital currency to move its economy beyond gas and oil. The digital economy isnt a separate industry, its essentially the foundation for creating brand-new business models, Putin said at the forum. (Russian entities, like the state development bank VEB, have agreed to use Ethereum to help implement blockchain technology in the country). As investors look for a place to put their assets amid mounting geopolitical instability, some are turning to cryptocurrency. Singapores government has released a report saying it has carried out a test using ethereum blockchain technology to create a national digital currency. Regulators in Japan are issuing new rules that make cryptocurrencies like Ethereum a valid form of payment. And companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.

Ethereum, which has a total valuation of $36 billion, trails only Bitcoin (valued at $49 billion) in terms of market capitalization. Bitcoin has been rallying all year, reaching a high of above $3,000 for the first time on Sunday as a growing number of people turn to virtual currencies as a safer, faster way to exchange money. But Ethereums rally may still have a ways to go: Pavel Matveev, the co-founder of banking start-up Wirex, tells CNBC that Ethereums price could reach $600 by the end of the year.

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A Mysterious New Cryptocurrency Is Surging After Being ...

Ben Bernanke, former chairman of the Federal Reserve, will be the keynote speaker at a blockchain and banking conference in October hosted by Ripple, the startup behind the fourth largest digital currency.

The three-day event, called Swell, starts Oct. 16 in Toronto, Ripple said in a statement on its website. Bernanke, who has criticized cryptocurrencies in the past, will be interviewed by Gene Sperling, the former national economic adviser under Presidents Bill Clinton and Barack Obama.

Bernanke wrote that virtual currencies could have long-term promise in a 2013 letter to Congress. However, in a 2015 interview with Quartz, he said bitcoin has some serious problems, including its anonymity and lack of stability. Bernanke was not immediately available to comment.

Since the former Fed chairmans remarks, the largest cryptocurrency has skyrocketed in value, fueling excitement among enthusiasts but skepticism among critics worried that the digital coin is in a bubble.

Related: Ripple Is Seeing More Volume in Fiat Currencies, Less in Bitcoin

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Bernanke to Give Keynote Speech at October Cryptocurrency Event - Bloomberg

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How to Learn About Cryptocurrency In The Bitcoin Era - Daily Beast

AImwise announces upcoming crowdsale as the platform works towards creating standards for ICO in the industry.

The startup ecosystem, especially those related to cryptocurrency and blockchain technology have found ICOs and token sales to be the easiest and the most efficient form of fundraising methods. In the past few months alone, the world has witnessed some of the highest grossing ICOs which raised over a hundred million dollars equivalent in cryptocurrency.

The ease of setting up an ICO and the lack of minimum requirements or regulations make it easier to misuse the process to raise funds for fraudulent projects. With no effective due diligence method in place, those investing in the ICOs take a huge risk. Besides, projects opting for a crowdsale usually rely on ICO hosting platforms, many of which are not completely decentralized and hence not entirely trustless.

Aimwise, a blockchain project has taken into account all the issues surrounding the ICOs and the cryptocurrency ecosystem to come up with a solution. The Aimwise platform, which by itself is based on blockchain protocol aims to create a fair and transparent system that benefits everyone involved in crypto-projects, irrespective of whether they are the creators or funders.

The Aimwise ecosystem is comprised of three different parts an ICO hosting platform, crowdsourced idea incubator and portfolio management tool. It is an initiative of a group of enthusiasts from various industry segments including fintech, banking, corporate law, finance, and blockchain industry.

The Aimwise project is attempting to set high disclosure standards for projects that are opting for an ICO so that there is enough, verified information available for investors to make an informed decision. The decision to whether support the project on Aimwise ICO hosting platform will be taken by third party rating agency and the cryptocurrency community themselves.

Similarly, the platform also aims to help the community members, entrepreneurs and teams to pitch their idea to each other and a wider cryptocurrency community (including experts in various fields) and conduct necessary background research to come up with innovative, validated cryptocurrency projects that can solve real problems. The Aimwise crowdsourced idea incubation program will accelerate the rate of innovation in the industry.

Aimwise will also introduce a portfolio management tool, which will come in handy for investors, as they manage funds and investments by taking well-informed decisions. These decisions are enabled by sophisticated big data algorithms that analyze various data points form the entire Aimwise ecosystem and beyond to suggest profitable investments.

Altogether, Aimwise is attempting to standardize the project fundraising and token sale process in the entire cryptocurrency ecosystem. In order to come up with a complete product, the Aimwise team will soon launch its own ICO. The platform will implement most of the best practices during the crowdsale and utilize the funds raised for further development, marketing, and operations involved in making it successful.

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Aimwise to Create Standards for Cryptocurrency Crowdsales - newsBTC

Estonia wants to issue its own virtual currency with the help of Ethereum founder Vitalik Buterin.

The cryptocurrency, called "estcoin," could be launched via the digital coin community's version of crowdfunding an initial coin offering (ICO).

ICOs enable start-ups to raise funds by selling off cryptocoins, such as bitcoin and ether, in return for cash. They are similar to initial public offerings (IPOs), but differ in that they deal with supporters of a project, making the investment more personal.

The small eastern European country is no stranger to digital innovation. It was the first country to offer citizens of the world "e-residency," a digital ID for non-Estonians that offers access to services like banking, payment processing and taxation.

Kaspar Korjus, managing director at e-Residency, Enterprise Estonia, said that the initiative was about creating a "borderless digital nation".

"A government-supported ICO would give more people a bigger stake in the future of our country and provide not just investment, but also more expertise and ideas to help us grow exponentially," Korjus said in a blog post on Monday.

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Estonia wants to launch its own government-backed cryptocurrency called 'estcoin' - CNBC